When 6 Acquirers Say The Same Thing, You Should Pay Attention
Over the past several months, I've been sitting down directly with the CEOs and senior leaders of the most active acquirers in the PT industry right now. Our goal at the start of this series was to find out what makes each acquirer unique, to give potential sellers a chance to make an informed decision about who they want to partner with.
The insights we've gained from this series have been the most valuable yet, and in the coming weeks we will be exploring them further. Today, I wanted to share the first takeaway that owners can use to get real leverage as they begin their journey toward a partnership.
I've asked every single one of them the same question: what is the most common promise sellers hear in this market that is fundamentally unrealistic once the deal closes?
Every single one of them gave me the same answer: that nothing will change once the deal goes through.
These are the people making the acquisitions, the ones writing the checks and inheriting your staff, your culture, and your reputation. As unique and varied as each of their approaches are, they will all tell you that this promise sets everyone up to fail.
One acquirer made the analogy that it's like getting married and promising your spouse that nothing will ever be different. Another told me he used to say it himself, early on, until the people on his own team had to pull him aside and correct him.
The promise isn't always made cynically. But it is always wrong.
If you are considering a transaction in the next year or two, the question isn't whether things will change; it's whether the partner you choose will be honest with you about what changes, and why. That conversation must happen before you sign anything.
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