- Topic
- Perspectives
- Published
- 28 October 2025
- Reading time
- 3 minutes
- By
- Everston Partners
In short
- Most founders worry about control, time and their people long before they worry about price.
- The honest answer to each question is "it depends on the structure", so we say what it depends on.
- A first conversation commits nobody to anything.
Founders rarely ask us about multiples first. They ask about what will change for them, for their people and for the company they spent years building. Here are the questions we hear most, with the answers as honestly as we can give them.
Will we lose control?
It depends on the structure. In a majority deal the investor takes control and the founder keeps a smaller stake. In a minority deal the founder keeps control, though the investor will want a say on certain decisions. One adviser's blunt warning is to expect a loss of control: a new owner may bring in new executives, cut costs, change culture, or replace the founder sooner than expected.2 We agree which decisions need our consent before anyone signs, and we keep that list short.
How involved will you be?
More than a passive investor, less than a manager. Founders often underestimate the time that reporting takes: the presentations, the calls, the regular updates.2 We agree a rhythm up front, and we get involved in hiring and board work when management asks us to.
What happens to the people who built this with us?
This is often the real question. In a 2025 ideas42 survey of small business owners, over half put preserving their company's legacy and values ahead of financial considerations.1 We keep a meaningful share of the company with management, and we hold part of it back for the people who join later.
Is the price the whole story?
Rarely. Mercer Capital's advice to sellers is to put a good partner ahead of the top price, and to be careful of deals that only work if future earnouts are met.2 In a typical deal the seller takes about 70 percent of the proceeds in cash and rolls the other 30 percent into the new company, so the partner's judgement matters as much as the cheque.2
How long will you hold the company?
Industry practice is five to seven years before resale.2 Ours depends on the plan, not on a fund calendar, and we tell management on day one.
Is it too early to talk?
In the same survey, 63 percent of owners said succession planning felt too early, and in a separate 2023 study, 68 percent of owners had sought advice on transitions, yet 78 percent had no formal transition team.1 A first conversation costs nothing and commits you to nothing. It is a way to find out what you would want to change, if anything, before it matters.
If you have a question that is not on this list, we would like to hear it.
Sources
1. Project Equity, "20 eye-opening statistics about business owners," 29 April 2025, citing ideas42 (2025) and the Exit Planning Institute (2023). Read the article
2. Jason M. Laurie, "5 things to know about selling your business to private equity," Altair Advisers, reposted by Mercer Capital, 13 October 2025. Read the article