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The Role of the Quarterback

Most owners will only sell a business once. Buyers, on the other hand, do this for a living. So who can help you sell your business?

Chapter 2 focuses on why having the right “quarterback” matters, how experienced investment bankers protect you from costly mistakes, and why competition—not optimism—is what ultimately drives outcomes. This chapter explains how bankers earn their keep, when they add value, and how to evaluate whether a banker is truly working in your best interest.

Core Lessons

  • Why doing a deal alone is risky: How information asymmetry and buyer experience can quietly erode value when owners negotiate directly.
  • The Power of Competition: Why a well-run process often produces better outcomes than a single-buyer conversation.
  • Understanding Valuation Early: How preliminary valuation guidance shapes expectations, strategy, and leverage before a process begins.
  • Selecting the Right Banker: What separates capable bankers from misaligned ones, and how to evaluate fit beyond brand name or reputation.
  • Engagement Terms That Matter: The key elements of an engagement letter and how they affect incentives, control, and outcomes.

Chapter Objectives

  • 01 Understand the role an investment banker plays in a successful exit
  • 02 Recognize how competition influences valuation and deal terms
  • 03 Identify the criteria for selecting the right banking partner
  • 04 Evaluate engagement structures and incentives before committing

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Sample Adjusted EBITDA

Excel file showing the build from revenue to net income to EBITDA and then removing non-recurring expenses or expenses that wouldn't continue under different company ownership to arrive at Adjusted EBITDA.

Sample Buyer's List

Excel file showing an example buyer's list with sample contacts. Remove those names and begin using this as a repository for unsolicited inbound interest in your company.

Sample CIM 01

Sample CIM taken from public sources. Originally from 2006, this CIM hits on all the major aspects you'd see in a book today.

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