From CEO to M&A Leader: How My Operating Experience Gives Business Owners an Edge in the Sale Process

When I retired as CEO of AAA Arizona in 2017, I thought I was well prepared for the transition into my next chapter. I was coached by a close mentor to mentally prepare. I read Bob Buford’s Half Time and Brian Gast’s The Business of Wanting More, and I had experienced countless transitions throughout my career growing multiple businesses. I was good at this, right?

However, I was surprised how, the day I stepped out, it felt different. While it was a professional milestone, it was also deeply personal. There’s pride in what you’ve built, yes, but also questions: What’s next? Will what I’ve built last? Could I have done more?

That moment of transition is one every founder faces when they decide to sell their business. And having been there myself, I bring that perspective—and years of operational leadership—to every M&A engagement at William & Wall. Because I know firsthand that selling isn’t just numbers on a spreadsheet or an exit strategy. It’s about the people, the legacy of the company, human psychology, and execution discipline all at once.

📊 Understanding What Buyers Really Value

In middle-market M&A, buyers—private equity firms, family offices, strategic acquirers—aren’t buying your past. They’re buying your future cash flows and the systems that can sustain and grow them. When they evaluate your business, they want to see operational strength that aligns with their investment thesis.

As a former CEO, I’ve been on the other side of that equation. I’ve asked the same questions buyers will ask you:

• Can this leadership team deliver growth without the founder?

• Are the systems scalable, or are they duct-taped together?

• Are there hidden liabilities buried in operations that could blow up later?

• How much working capital will really be required to keep this business running post-close?

Because I’ve run a large organization, I know what high-functioning businesses look like under the hood. That perspective allows me to guide sellers in building a stronger narrative, anticipating buyer concerns, and defending enterprise value before diligence ever begins.

🧠 Applying CEO Experience to Sell-Side Preparation

Preparation is where most middle-market sellers lose leverage. Deals stall or valuations get chipped away because the business isn’t packaged to withstand the scrutiny of professional buyers. Here’s where my operating background makes a difference:

1️⃣ Operational Storytelling Buyers Believe
I know how buyers think because I’ve made those calls myself. We shape your pitch to highlight operational strengths and position weaknesses as opportunities with a clear roadmap. This makes your company more compelling and defensible.

2️⃣ Forecasts That Hold Up in Diligence
Running a ten-figure P&L taught me what realistic projections look like—and how buyers stress-test them. We refine your forecasts so they stand up to financial modeling from private equity or corporate development teams, reducing renegotiations late in the process.

3️⃣ Working Capital & Operational Adjustments
Many founders are blindsided by net working capital adjustments or post-close cash requirements. I’ve managed billions in working capital cycles and know how to frame these dynamics favorably for sellers, avoiding silent value erosion.

4️⃣ Leadership Continuity Planning
When buyers worry about “key person risk,” they discount value. Having led large organizations, I know how to build credible transition plans that give buyers confidence—and give owners peace of mind about their legacy.

💡 Lessons from Managing a Ten-Figure P&L

Operating a billion-dollar enterprise means making daily decisions that ripple through thousands of people and millions of customers. Those lessons transfer directly into M&A strategy:

• Scale requires infrastructure – Buyers don’t pay premiums for hustle; they pay for processes that make growth inevitable. We help sellers package their systems to look scalable and disciplined.

• Talent is enterprise value – A good team isn’t a footnote; it’s a headline value driver. We build retention and incentive structures into the story so buyers see stability post-close.

• Cash is king – Understanding true free cash flow generation—beyond accounting EBITDA—is critical. My experience with large, complex P&Ls lets me dissect and present these drivers clearly to buyers.

• Risk has a price tag – Every operational gap—compliance, supplier dependence, tech debt—translates into a lower multiple. We fix or frame risks before they’re exposed by buyer diligence teams.

⚡ Leveling the Playing Field Against Sophisticated Buyers

Buyers today show up prepared. Private equity firms bring ex-operators, consultants, and industry experts to diligence meetings. Strategics deploy full integration teams to analyze every process. Without operating experience on the sell-side advisory team, many founders are outmatched.

At William & Wall, we bridge that gap:

• Anticipation – I know the hard questions that keep buyers awake at night, and we prepare owners with data and solutions in advance.

• Credibility – I’ve been in the CEO seat. When I explain operational realities to a buyer, they know it’s grounded in real-world experience, not theory.

• Negotiation leverage – By controlling the narrative on operations, we reduce the risk of late-stage price cuts or onerous terms tied to perceived uncertainties.

In practice, this means sellers keep more of their headline valuation, avoid unnecessary earnouts, and walk away with a deal that reflects the true value they’ve built.

🔑 Balancing Emotion and Strategy in a Sale

I’ll say this plainly: selling a business is emotional. It’s not just financial planning—it’s identity, family, legacy. I’ve felt it myself.

Having lived through that transition, I make sure our process respects both sides of the decision:

• Strategic clarity – We engineer competitive processes that attract the right buyers at strong valuations.

• Personal readiness – We help owners think about life after the sale so they’re making choices from a place of confidence, not fear.

• Legacy protection – We work to find buyers who align culturally, who will protect what you’ve built for your team and your customers.

Numbers matter. But the best deals balance numbers with humanity. My job is to make sure you never have to trade one for the other.

The William & Wall Difference

When you hire William & Wall, you get more than bankers running a process. You get seasoned operators who understand the complexity of what you’ve built—and how to position it for sophisticated buyers. We bring:

• Wall Street expertise to engineer the right process and competitive tension.

• Operational know-how to package, defend, and maximize your story.

• Empathy from someone who’s lived your journey and understands what it feels like to let go.

Because you only sell once. And you deserve to do it from a position of strength—with a team that knows both the numbers and the reality of running a business at scale.