Article · 25 min read

How to Sell Your Startup: The Complete Guide to Running an M&A Process as a Founder

First Round Review (with Daniel Debow) · First Round Review Free Intermediate

A repeat founder who sat on both sides of the table lays out how to run a lightweight seller-led process at early stage, and states the core lever bluntly: 'Create the perception (through reality) that there is an alternate bidder, always.' It covers reading real buying signals and building acquirer relationships long before you need them, which is how you avoid letting one buyer set your clock.

• A credible second interested party is the single fastest way to a fair price; never negotiate with only one buyer
• Early-stage M&A is founder-led like founder-led sales; start building relationships with large-company executives years before a sale
• Treat acquirer conversations like a job interview: they scrutinize founder fit far harder than VCs do, so a difficult reputation kills deals