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1Resources</h2><ul class="mt-3 space-y-1"><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/resources/saas-acquirers">SaaS acquirers</a></li><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/resources/where-to-sell-saas-3m-ebitda">$3M EBITDA SaaS</a></li><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/resources/saas-valuation-multiples">SaaS valuation</a></li><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/resources/sell-business-without-broker">Sell without broker</a></li><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/resources/glossary">Glossary</a></li></ul></section><section><h2 class="font-sans text-caption font-semibold uppercase tracking-wider text-white/55">Compare</h2><ul class="mt-3 space-y-1"><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/vs/private-equity">Tiny vs PE</a></li><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/vs/brokers-marketplaces">Tiny vs brokers</a></li><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/vs/acquire-com">Tiny vs Acquire.com</a></li><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/vs/fe-international">Tiny vs FE</a></li><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/vs/quiet-light">Tiny vs Quiet Light</a></li><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/vs/saas-group">Tiny vs saas.group</a></li><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/vs/strategic-acquirer">Tiny vs strategics</a></li><li><a class="flex min-h-11 items-center text-sm font-normal text-white/85 transition-colors hover:text-white focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50" href="/vs/venture-capital">Tiny vs VC</a></li></ul></section></nav><div class="mx-auto w-full max-w-[302px] lg:mx-0 lg:justify-self-end"><div class="w-full max-w-[302px]"><h2 class="text-center font-display text-h5 font-bold tracking-[-0.6px] text-white">Andrew's Newsletter</h2><p class="mt-3 text-center font-sans text-base font-normal text-white">Monthly-ish stories on buying businesses, making mistakes, and figuring it out. Read by ~30,000 founders and investors.</p><form class="mt-4 w-full"><div class="relative"><label for="footer-email" class="sr-only">Email address</label><input id="footer-email" type="email" autoComplete="email" spellCheck="false" placeholder="[email protected]..." required="" class="h-[44px] w-full rounded-md border border-white/20 bg-white/10 pl-3 pr-12 text-base text-white placeholder:text-white/50 transition-colors focus:outline-none focus-visible:border-white/40 focus-visible:ring-2 focus-visible:ring-white/30" name="email" value=""/><input type="text" tabindex="-1" autoComplete="off" class="pointer-events-none absolute h-px w-px overflow-hidden opacity-0" style="clip-path:inset(50%)" aria-hidden="true" name="website"/><button type="submit" aria-label="Subscribe" class="absolute right-1 top-1/2 flex h-10 w-10 -translate-y-1/2 items-center justify-center rounded-md text-white transition-colors hover:bg-white/10 focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-white/50 disabled:opacity-60">
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1<script type="application/ld+json">{"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is the real math behind a private equity deal?","acceptedAnswer":{"@type":"Answer","text":"The headline price is often not the same as the founder's cash outcome. Rollover equity, liquidation preferences, preferred returns, earn-outs, escrows, working-capital adjustments, and debt can materially reduce what a founder receives or controls after closing."}},{"@type":"Question","name":"Is Tiny an alternative to private equity for founders?","acceptedAnswer":{"@type":"Answer","text":"Yes. Tiny is a founder-friendly acquirer of profitable software, internet, and other durable businesses. Tiny usually uses simple cash-heavy structures, moves at the founder's preferred pace where possible, lets founders stay or go, keeps teams and brands intact, and holds companies for the long term."}},{"@type":"Question","name":"Why do founders compare Tiny with private equity?","acceptedAnswer":{"@type":"Answer","text":"Founders compare Tiny with private equity because both can buy profitable companies, but the deal mechanics differ. Tiny's default is a simpler cash-heavy structure and long-term ownership, while PE often uses rollover equity, fund timelines, leverage, preferred economics, and resale plans."}},{"@type":"Question","name":"When is private equity better than Tiny?","acceptedA
1nswer":{"@type":"Answer","text":"Private equity may be better for a founder who wants to maximize the highest possible headline price and is comfortable with rollover equity, leverage, operating changes, and another exit in a few years. Tiny is a better fit when certainty, simplicity, culture, and long-term stewardship matter more."}}]}</script>
1<div class="bg-tiny-blue bg-noise pt-32 md:pt-40 pb-16 md:pb-20 px-6"><div class="mx-auto max-w-3xl"><p class="uppercase text-caption font-medium text-white tracking-wider mb-3">The real math</p><h1 class="font-display font-extrabold text-[2.55rem] sm:text-h3 md:text-h2 lg:text-h1 tracking-[-0.02em] md:tracking-[-2px] leading-[1.08] md:leading-[1.05] text-white mb-6">Most versions of a PE deal are designed to work against you.</h1><p class="text-body-lg text-white/85 leading-relaxed max-w-2xl">PE firms offer 60%, 80%, or 100% buyouts. The headline number changes. The outcome doesn't. Here's how each one actually works.</p></div></div><section data-seo-answer-block="true" class="bg-paper px-6 py-16 md:py-24"><div class="mx-auto max-w-6xl"><div class="grid grid-cols-1 gap-6 lg:grid-cols-12 lg:gap-12"><div class="lg:col-span-5"><p class="mb-4 flex items-center gap-3 text-caption font-semibold uppercase tracking-wider text-tiny-blue"><span aria-hidden="true" class="h-px w-8 bg-tiny-blue"></span>Founder exit answer</p><h2 class="font-display text-h5 font-extrabold leading-[1.1] tracking-[-0.5px] text-mono-90 text-balance md:text-h4">Is Tiny a better alternative to private equity?</h2></div><div class="lg:col-span-7 lg:pt-9"><p class="text-body-lg leading-relaxed text-mono-70">Tiny can be a better fit than private equity for founders who want a simpler cash-heavy exit, fewer deal mechanics, and a long-term home for the business. Private equity can maximize headline price, but rollover equity, earn-outs, escrows, leverage, and fund timelines often change the founder's real outcome.</p><ul class="mt-6 border-b border-mono-20 text-body text-mono-70"><li class="flex gap-3 border-t border-mono-20 py-3.5"><svg aria-hidden="true" viewBox="0 0 20 20" fill="none" class="mt-[0.3em] h-4 w-4 flex-shrink-0 text-tiny-blue"><path d="M4 10.5l4 4 8-9" stroke="currentColor" stroke-width="2.2" stroke-linecap="round" stroke-linejoin="round"></path></svg><span>Tiny usually uses simple cash-heavy structures and does not require founders to roll equity.</span></li><li class="flex gap-3 border-t border-mono-20 py-3.5"><svg aria-hidden="true" viewBox="0 0 20 20" fill="none" class="mt-[0.3em] h-4 w-4 flex-shrink-0 text-tiny-blue"><path d="M4 10.5l4 4 8-9" stroke="currentColor" stroke-width="2.2" stroke-linecap="round" stroke-linejoin="round"></path></svg><span>Tiny keeps teams, brands, and operating rhythms intact after closing.</span></li><li class="flex gap-3 border-t border-mono-20 py-3.5"><svg aria-hidden="true" viewBox="0 0 20 20" fill="none" class="mt-[0.3em] h-4 w-4 flex-shrink-0 text-tiny-blue"><path d="M4 10.5l4 4 8-9" stroke="currentColor" stroke-width="2.2" stroke-linecap="round" stroke-linejoin="round"></path></svg><span>Tiny holds for the long term instead of buying around a fund resale clock.</span></li></ul></div></div><nav aria-label="Keep reading" class="mt-12 grid grid-cols-2 gap-x-6 sm:flex sm:flex-wrap sm:items-center sm:gap-x-7 sm:gap-y-2 md:mt-16"><span class="col-span-2 mb-1 text-caption font-medium uppercase tracking-wider text-mono-45 sm:mb-0">Keep reading</span><a class="group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue" href="/">Tiny overview<span aria-hidden="true" class="text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none">â</span></a><a class="group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue" href="/about">Our story<span aria-hidden="true" class="text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none">â</span></a><a class="group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue" href="/founders">For founders<span aria-hidden="true" class="text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none">â</span></a><a class="group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue" href="/sell-your-business">Sell your business<span aria-hidden="true" class="text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none">â</span></a><a class="group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue" href="/process">How Tiny buys<span aria-hidden="true" class="text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none">â</span></a><a class="group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue" href="/companies">Our companies<span aria-hidden="true" class="text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none">â</span></a></nav></div></section><div class="mx-auto max-w-3xl px-6 pt-12 pb-20 md:pb-28"><h2 class="font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mt-16 mb-6">Before the math: the process</h2><div class="space-y-6 text-body-lg leading-relaxed text-mono-70"><p>First you talk to an analyst. Then their VP. Then a principal. Then, maybe, a partner. PE firms typically evaluate dozens of companies for every deal they close, roughly<!-- --> <strong class="text-mono-90">80:1</strong> by recent industry surveys. You are one of 80.</p><p>If you survive the filter, expect<!-- --> <strong class="text-mono-90">5â10 meetings</strong> over<!-- --> <strong class="text-mono-90">2â3 months</strong> before you see a term sheet. Then the real work starts.</p><p>Due diligence takes<!-- --> <strong class="text-mono-90">60â90 days</strong>. They want every financial statement, every customer contract, every employee agreement, every cap table entry. It's the equivalent of a<!-- --> <strong class="text-mono-90">second full-time job</strong> for 2-3 months: 15-30 hours a week on top of running your business.</p><p>And after all that? Roughly<!-- --> <strong class="text-mono-90">1 in 4 deals still die</strong> <!-- -->after the LOI is signed (per industry surveys). If yours dies, you've still paid lawyers, accountants, and advisors for months of work, often six figures on smaller deals and far more on larger ones, and lost a quarter of your year. The PE firm moves on to deal #81.</p></div><div class="my-10 grid grid-cols-1 gap-4 sm:grid-cols-2 lg:-mx-24 lg:grid-cols-4"><div class="flex min-h-[12rem] flex-col items-center justify-center rounded-2xl border border-tiny-blue/20 bg-tiny-blue/5 px-4 py-5 text-center sm:min-h-[13rem] md:px-5"><p class="max-w-full whitespace-nowrap font-display font-extrabold leading-none tracking-normal text-tiny-blue tabular-nums text-[3.25rem] sm:text-[4rem] lg:text-[3.75rem] xl:text-[4.25rem]">~80:1</p><p class="mt-5 max-w-[11rem] text-caption uppercase tracking-wider text-mono-45">Companies evaluated per deal closed</p></div><div class="flex min-h-[12rem] flex-col items-center justify-center rounded-2xl border border-tiny-blue/20 bg-tiny-blue/5 px-4 py-5 text-center sm:min-h-[13rem] md:px-5"><p class="max-w-full whitespace-nowrap font-display font-extrabold leading-none tracking-normal text-tiny-blue tabular-nums text-[3.25rem] sm:text-[4rem] lg:text-[3.75rem] xl:text-[4.25rem]">~25%</p><p class="mt-5 max-w-[11rem] text-caption uppercase tracking-wider text-mono-45">Of signed LOIs never close</p></div><div class="flex min-h-[12rem] flex-col items-center justify-center rounded-2xl border border-tiny-blue/20 bg-tiny-blue/5 px-4 py-5 text-center sm:min-h-[13rem] md:px-5"><p class="max-w-full whitespace-nowrap font-display font-extrabold leading-none tracking-normal text-tiny-blue tabular-nums text-[3.25rem] sm:text-[4rem] lg:text-[3.75rem] xl:text-[4.25rem]">~6 mo</p><p class="mt-5 max-w-[11rem] text-caption uppercase tracking-wider text-mono-45">Average time from first call to close</p></div><div class="flex min-h-[12rem] flex-col items-center justify-center rounded-2xl border border-tiny-blue/20 bg-tiny-blue/5 px-4 py-5 text-center sm:min-h-[13rem] md:px-5"><p class="max-w-full whitespace-nowrap font-display font-extrabold leading-none tracking-normal text-tiny-blue tabular-nums text-[2.5rem] sm:text-[3rem] lg:text-[2.5rem] xl:text-[2.75rem]">6 figures+</p><p class="mt-5 max-w-[11rem] text-caption uppercase tracking-wider text-mono-45">Deal costs if the LOI falls through</p></div></div><h3 class="font-display font-bold text-body-lg md:text-h5 text-mono-90 mt-10 mb-4">Then comes the retrade</h3><div class="space-y-6 text-body-lg leading-relaxed text-mono-70"><p>A meaningful share of PE deals see a price adjustment during diligence. The buyer bids at the top of their range knowing they'll use findings to negotiate down. The retrade typically comes 60-90 days in, when you're emotionally committed and have already spent real money on lawyers, accountants, and advisors.</p><p>
1A 1% variance in a single month. An accrual timing difference. A customer who churned during diligence.<!-- --> <strong class="text-mono-90">The exhaustion wasn't a side effect. It was the strategy.</strong></p></div><h2 class="font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mt-16 mb-6">The 60% buyout (the most common structure)</h2><div class="space-y-6 text-body-lg leading-relaxed text-mono-70"><p>At the cocktail party, you say âI sold my company for $26 million.â People nod. It sounds like a life-changing number. What you don't mention is that PE bought 60% and you ârolledâ the other 40% back in as equity. You walked away with $15.6M before tax, and the remaining $10.4M is trapped in a structure designed to make sure you never see most of it.</p><p>Here's what happens to your 40%:</p></div><div class="my-8 space-y-4"><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">2x liquidation preference</p><p class="text-body-sm text-mono-55">PE's shares are senior preferred. In any exit, they get paid back double before you see a dollar on your rolled equity. If the company sells for less than 2x PE's investment, you get nothing on that 40%.</p></div><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">8% annual preferred return</p><p class="text-body-sm text-mono-55">On top of the 2x preference, PE accrues an 8% annual return on their invested capital. This compounds. After a 5-year hold, they're owed roughly 1.47x their investment before your equity participates, on top of the 2x pref.</p></div><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">Participating preferred (âdouble dipâ)</p><p class="text-body-sm text-mono-55">After getting their preference back, PE also participates pro-rata in the remaining proceeds. This reduces your share by 30-40% compared to what you'd expect from a simple 40% ownership stake.</p></div><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">Monitoring fees</p><p class="text-body-sm text-mono-55">PE charges the company $250Kâ$2M per year in âmonitoring feesâ for the privilege of being owned by them. You bear 40% of the cost. PE gets 100% of the revenue.</p></div><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">Dividend recaps</p><p class="text-body-sm text-mono-55">PE loads debt onto your company and pays itself a dividend. Dividend recaps surged through 2024. By some industry trackers they accounted for roughly 40% of US leveraged-loan issuance in early 2024 (PitchBook LCD). The company takes on the risk. PE takes out the cash.</p></div></div><div class="bg-surface-subtle rounded-2xl p-6 my-8 border border-mono-20"><p class="text-body-lg text-mono-90 font-medium">Net result: your 40% is worth roughly 20-25% in real economic terms. The headline said you kept $10.4M in equity. The math says it's worth $5-6M, if you're lucky.</p></div><h2 class="font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mt-16 mb-6">The 80% buyout</h2><div class="space-y-6 text-body-lg leading-relaxed text-mono-70"><p>Everything from the 60% deal gets worse. Plus new mechanisms appear that didn't exist when you had 40%.</p></div><div class="my-8 space-y-4"><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">Zero governance</p><p class="text-body-sm text-mono-55">At 20%, you lose all board seats. Your shares become non-voting. PE makes every material decision (hiring, firing, budgets, strategy, and when to sell) without your input.</p></div><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">Employment coupling</p><p class="text-body-sm text-mono-55">Your rolled equity is tied to continued employment. If you leave or get fired, the company can repurchase your shares at book value or a discount. Your 20% becomes a golden leash, not an asset.</p></div><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">Preferred return hurdle</p><p class="text-body-sm text-mono-55">PE sets an 8% preferred return. Your 20% doesn't participate in any exit proceeds until PE clears that hurdle plus a catch-up provision. On a 5-year hold, PE needs to earn roughly 1.47x before you see a dollar.</p></div><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">Forced redemption</p><p class="text-body-sm text-mono-55">PE has redemption rights. They can force a buyback of your shares after 5-7 years at a formula price they set. If the company hasn't been sold by then, PE decides what your shares are worth.</p></div></div><div class="bg-surface-subtle rounded-2xl p-6 my-8 border border-mono-20"><p class="text-body-lg text-mono-90 font-medium">Net result: your 20% is worth roughly 5-10% of actual exit proceeds. You gave up control. You're locked into employment. And the number you were promised has two or three trap doors between you and the cash.</p></div><h2 class="font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mt-16 mb-6">The 100% buyout</h2><div class="space-y-6 text-body-lg leading-relaxed text-mono-70"><p>PE almost never buys 100% of a founder-owned business. It's not their model. They want you to have âskin in the gameâ so you're motivated to hit their targets. But when they do offer 100%, the headline number is fiction.</p><p>Here's what a â$20M all-cash buyoutâ from PE actually looks like:</p></div><div class="my-8 space-y-4"><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">Earnouts: 15-50% of the price is deferred</p><p class="text-body-sm text-mono-55">You don't get $20M. You get $10-17M at close, with the rest tied to performance targets over 2-3 years. Targets that the new owner, not you, now controls. Research and practitioner commentary consistently suggest most earn-outs underperform, and a sizeable share pay nothing at all.</p></div><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">Escrow holdbacks: 5-10% locked up</p><p class="text-body-sm text-mono-55">$1-2M sits in escrow for 12-18 months in case anything goes wrong. The majority of deals under $100M include an escrow holdback. Recent SRS Acquiom studies have put the share around 70%. It's your money being used as insurance against claims on your representations.</p></div><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">
1Working capital adjustments: 2-5% haircut</p><p class="text-body-sm text-mono-55">The buyer sets a âtargetâ working capital level. If the business is below it at close (which they'll argue it is) you owe the difference. This is negotiated after the headline price is set.</p></div><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">R&W indemnification: up to 10% at risk</p><p class="text-body-sm text-mono-55">Your representations and warranties survive closing for 12-18 months (longer for âfundamentalâ reps). Up to 10% of the deal value can be clawed back if the buyer finds anything you didn't disclose, or claims you didn't.</p></div><div class="border border-mono-20 rounded-xl p-5"><p class="font-display font-bold text-mono-90 mb-1">Earn-out subordination</p><p class="text-body-sm text-mono-55">Even if you hit your earn-out targets, payment can be blocked if the company's loan covenants are breached. PE loads debt onto the company at close. The debt gets paid before your earn-out does.</p></div></div><div class="bg-surface-subtle rounded-2xl p-6 my-8 border border-mono-20"><p class="text-body-lg text-mono-90 font-medium">Net result: a â$20M buyoutâ delivers roughly $12-15M at close, with another $3-5M you'll probably never see. After tax, a founder walks away with about $8-10M in hand on a $20M headline.</p></div><h2 class="font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mt-16 mb-6">Run the numbers yourself</h2><p class="text-body-lg leading-relaxed text-mono-70 mb-8">Slide to your company's value. Toggle between PE deal structures. Compare to what you'd get from us.</p><div><div class="mb-6"><div class="flex items-baseline justify-between mb-3"><label for="pe-math-deal-size" class="text-body-sm font-medium text-mono-70">Your company's value</label><span class="font-display font-extrabold text-h4 text-mono-90 tabular-nums">$<!-- -->20<!-- -->M</span></div><input id="pe-math-deal-size" type="range" min="5" max="100" step="1" class="w-full h-2 rounded-full appearance-none cursor-pointer [&::-webkit-slider-thumb]:appearance-none [&::-webkit-slider-thumb]:w-6 [&::-webkit-slider-thumb]:h-6 [&::-webkit-slider-thumb]:rounded-full [&::-webkit-slider-thumb]:bg-tiny-blue [&::-webkit-slider-thumb]:shadow-glass-button [&::-webkit-slider-thumb]:cursor-grab [&::-webkit-slider-thumb]:active:cursor-grabbing [&::-moz-range-thumb]:w-6 [&::-moz-range-thumb]:h-6 [&::-moz-range-thumb]:rounded-full [&::-moz-range-thumb]:bg-tiny-blue [&::-moz-range-thumb]:border-0 [&::-moz-range-thumb]:shadow-glass-button [&::-moz-range-thumb]:cursor-grab" style="background:linear-gradient(to right, #1A21FF 15.789473684210526%, var(--slider-track) 15.789473684210526%)" aria-label="Deal size in millions of dollars" aria-valuetext="$20 million" value="20"/><div class="flex justify-between text-caption text-mono-45 mt-1"><span>$5M</span><span>$100M</span></div></div><div class="flex gap-2 mb-6"><button type="button" aria-pressed="true" class="px-4 py-2 rounded-full text-body-sm font-medium transition-colors bg-mono-90 text-white">Sell 60%</button><button type="button" aria-pressed="false" class="px-4 py-2 rounded-full text-body-sm font-medium transition-colors bg-surface-subtle text-mono-55 hover:bg-mono-20/60">Sell 80%</button><button type="button" aria-pressed="false" class="px-4 py-2 rounded-full text-body-sm font-medium transition-colors bg-surface-subtle text-mono-55 hover:bg-mono-20/60">Sell 100%</button></div><div class="mb-6 py-5 px-6 rounded-2xl bg-emerald-50 border border-emerald-200 text-center"><p class="font-display font-bold text-h5 md:text-h4 tracking-tight text-mono-90">You walk away with<!-- --> <span class="text-emerald-600 font-extrabold tabular-nums">$7.8M</span> <!-- -->more by selling to us.</p><p class="text-body-sm text-mono-55 mt-1">Simple, cash-heavy structures. No strings.</p></div><div class="grid grid-cols-1 md:grid-cols-2 gap-6"><div class="rounded-3xl border border-mono-20 bg-paper-tint px-5 md:px-6 py-8 flex flex-col"><h3 class="font-display font-bold text-lg text-mono-90 mb-6">The PE offer (<!-- -->60% buyout<!-- -->)</h3><div class="flex justify-between items-baseline py-3 border-b border-mono-20/40 last:border-0"><div class="pr-4"><span class="text-body-sm text-mono-70">Headline offer</span><p class="text-caption text-mono-55 mt-1">Often a higher valuation that looks great on a term sheet</p></div><span class="font-display font-bold text-body-lg tabular-nums flex-shrink-0 text-mono-90">$26.0M</span></div><div class="flex justify-between items-baseline py-3 border-b border-mono-20/40 last:border-0"><div class="pr-4"><span class="text-body-sm text-mono-70">Cash to you (60%)</span>
1<p class="text-caption text-mono-55 mt-1">You roll 40% equity. PE has a 2x liquidation preference and 8% annual preferred return</p></div><span class="font-display font-bold text-body-lg tabular-nums flex-shrink-0 text-mono-90">$15.6M</span></div><div class="flex justify-between items-baseline py-3 border-b border-mono-20/40 last:border-0"><div class="pr-4"><span class="text-body-sm text-mono-70">Earnout holdback</span><p class="text-caption text-mono-55 mt-1">10% of cash deferred, tied to targets PE sets after closing</p></div><span class="font-display font-bold text-body-lg tabular-nums flex-shrink-0 text-red-600">-$1.6M</span></div><div class="flex justify-between items-baseline py-3 border-b border-mono-20/40 last:border-0"><div class="pr-4"><span class="text-body-sm text-mono-70">Escrow holdback</span><p class="text-caption text-mono-55 mt-1">Locked for 12-18 months against reps & warranties claims</p></div><span class="font-display font-bold text-body-lg tabular-nums flex-shrink-0 text-red-600">-$780k</span></div><div class="flex justify-between items-baseline py-3 border-b border-mono-20/40 last:border-0"><div class="pr-4"><span class="text-body-sm text-mono-70">Transaction & legal fees</span><p class="text-caption text-mono-55 mt-1">6+ months of lawyers, accountants, and diligence</p></div><span class="font-display font-bold text-body-lg tabular-nums flex-shrink-0 text-red-600">-$780k</span></div><div class="flex justify-between items-baseline py-3 border-b border-mono-20/40 last:border-0"><div class="pr-4"><span class="text-body-sm text-mono-70">PE transaction fee</span><p class="text-caption text-mono-55 mt-1">1-2% fee charged to your company at closing</p></div><span class="font-display font-bold text-body-lg tabular-nums flex-shrink-0 text-red-600">-$390k</span></div><div class="flex-grow"></div><div class="border-t border-mono-20 pt-5 pb-2"><div class="flex justify-between items-baseline gap-3"><p class="text-caption text-mono-55 uppercase tracking-wider font-semibold mb-1">Up-front cash in your pocket</p><span class="font-display font-extrabold text-h4 tracking-tight text-mono-90 tabular-nums text-right flex-shrink-0">$12.1M</span></div><p class="text-body-sm text-mono-55 text-right tabular-nums">(<!-- -->46.5%<!-- --> of headline in up-front cash)</p></div><div class="mt-4 pt-4 border-t border-dashed border-red-200 bg-red-50 -mx-5 md:-mx-6 -mb-8 px-5 md:px-6 pb-6 rounded-b-3xl"><p class="text-body-sm text-red-600 font-bold mb-3">Money you might never see</p><div class="space-y-2"><div class="flex justify-between items-baseline"><span class="text-body-sm text-red-700">Earnout</span><span class="font-display font-bold text-body-sm text-red-700">$1.6M</span></div><div class="flex justify-between items-baseline"><span class="text-body-sm text-red-700">Escrow holdback</span><span class="font-display font-bold text-body-sm text-red-700">$780k</span></div><div class="flex justify-between items-baseline"><span class="text-body-sm text-red-700">Rolled equity (face value)</span><span class="font-display font-bold text-body-sm text-red-700">$10.4M</span></div><div class="flex justify-between items-baseline"><span class="text-body-sm text-red-700">Future monitoring fees</span><span class="font-display font-bold text-body-sm text-red-700">$325k</span></div></div><div class="mt-4 pt-3 border-t border-red-200"><div class="flex items-center gap-2 mb-1"><span class="text-body-sm text-red-800 font-semibold">Many earn-outs pay $0.</span></div><p class="text-caption text-red-600">Once PE controls the company, they control hiring, spending, and strategy, all of which determine whether you hit your targets.<!-- --> Your rolled equity (<!-- -->$10.4M<!-- --> face) is realistically worth <!-- -->$5.7M<!-- --> after the 2x pref and 8% hurdle.</p></div></div></div><div class="rounded-3xl border border-mono-20 bg-paper-tint px-5 md:px-6 py-8 flex flex-col"><h3 class="font-display font-bold text-lg text-tiny-blue mb-6">Our offer</h3><div class="flex justify-between items-baseline py-3 border-b border-mono-20/40 last:border-0"><div class="pr-4"><span class="text-body-sm text-mono-70">All-cash offer</span></div><span class="font-display font-bold text-body-lg tabular-nums flex-shrink-0 text-mono-90">$20.0M</span></div><div class="flex justify-between items-baseline py-3 border-b border-mono-20/40 last:border-0"><div class="pr-4"><span class="text-body-sm text-mono-70">Legal fees</span>
1<p class="text-caption text-mono-55 mt-1">15-page agreement, not 150</p></div><span class="font-display font-bold text-body-lg tabular-nums flex-shrink-0 text-red-600">-$100k</span></div><div class="flex-grow"></div><div class="border-t border-mono-20 pt-5 pb-2"><div class="flex justify-between items-baseline gap-3"><p class="text-caption text-mono-55 uppercase tracking-wider font-semibold mb-1">Cash in your pocket</p><span class="font-display font-extrabold text-h4 tracking-tight text-emerald-600 tabular-nums text-right flex-shrink-0">$19.9M</span></div><p class="text-body-sm text-mono-55 text-right tabular-nums">(<!-- -->99.5%<!-- --> of offer in cash at close)</p></div><p class="text-caption text-mono-45 mt-3 pt-3 border-t border-dashed border-mono-20">Same valuation. Usually cash-heavy. Close on a timeline that fits the business. Earn-outs are rare, short and milestone-based when used. No escrow games, no preferences.</p></div></div></div><div class="mt-20 pt-12 border-t border-mono-20"><h2 class="font-display font-extrabold text-h4 md:text-h3 tracking-[-1px] text-mono-90 mb-4">Or you could just sell to us.</h2><div class="space-y-4 text-body-lg leading-relaxed text-mono-70 mb-8"><p>A fair offer through a straightforward process, usually with a simple cash-heavy structure. We close on a timeline that fits the business. Earn-outs are rare. When we use one, it's short, tied to clear milestones, and never designed to claw back the price. No escrow, no liquidation preferences, no preferred returns, no monitoring fees, no dividend recaps.</p><p>We've bought dozens of companies this way. We don't run founders through a 90-day diligence process or change the price at the last minute.</p></div><a class="inline-block bg-tiny-blue text-white font-display font-bold text-body-lg px-8 py-4 rounded-full hover:opacity-90 transition-opacity" href="/founders">See how we buy â</a></div><section class="mt-20 pt-12 border-t border-mono-20"><h2 class="font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mb-4">Sources & References</h2><p class="text-body-sm text-mono-55 mb-6 leading-relaxed">The figures below underpin the specific statistics referenced in this article. Where a precise published source is not available, we use qualitative framing in the body text rather than a hard number. Readers should consult the original sources for full context.</p><ol class="list-decimal pl-6 space-y-3 text-body-sm text-mono-70 leading-relaxed"><li><strong>PE deal-evaluation funnel (~80:1).</strong>Bain & Company,<!-- --> <a href="https://www.bain.com/insights/topics/global-private-equity-report/" rel="noopener" class="text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:
1decoration-tiny-blue"><em>Global Private Equity Report</em></a> <!-- -->(annual editions); see also Cambridge Associates and Preqin sponsor surveys.</li><li><strong>~25% of signed LOIs never close.</strong> <a href="https://www.srsacquiom.com/our-insights/deal-terms-study/" rel="noopener" class="text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue">SRS Acquiom <em>M&A Deal Terms Study</em></a>; BVR / <em>Pratt's Stats</em> historical break-rate data.</li><li><strong>Escrow holdbacks in ~70% of sub-$100M deals.</strong> <a href="https://www.srsacquiom.com/our-insights/deal-terms-study/" rel="noopener" class="text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue">SRS Acquiom <em>M&A Deal Terms Study</em></a> <!-- -->(most recent edition).</li><li><strong>Earnout underperformance.</strong> <a href="https://www.srsacquiom.com/our-insights/deal-terms-study/" rel="noopener" class="text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:
1decoration-tiny-blue">SRS Acquiom</a> <!-- -->and<!-- --> <a href="https://www.americanbar.org/groups/business_law/about/committees/mergers-and-acquisitions/deal-points/" rel="noopener" class="text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue">American Bar Association<!-- --> <em>Private Target Mergers & Acquisitions Deal Points Study</em></a> <!-- -->both consistently report that the majority of earn-outs pay less than the maximum, with a meaningful share paying nothing.</li><li><strong>Dividend recaps share of leveraged-loan issuance.</strong> <a href="https://pitchbook.com/leveraged-commentary-data" rel="noopener" class="text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue">PitchBook LCD</a>, US leveraged-loan market updates (2024).</li><li><strong>2x liquidation preferences, 8% preferred returns, participating preferred, monitoring fees, R&W coverage.</strong> <!-- -->Industry-standard structures described in<!-- --> <a href="https://nvca.org/resources/model-legal-documents/" rel="noopener" class="text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:
1decoration-tiny-blue">NVCA model legal documents</a>,<!-- --> <a href="https://www.americanbar.org/groups/business_law/about/committees/mergers-and-acquisitions/deal-points/" rel="noopener" class="text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue">ABA Private Target Deal Points Studies</a>, and standard PE practitioner texts (e.g., Rosenbaum & Pearl,<!-- --> <a href="https://www.wiley.com/en-us/Investment+Banking%3A+Valuation%2C+LBOs%2C+M%26A%2C+and+IPOs%2C+3rd+Edition-p-9781119706182" rel="noopener" class="text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue"><em>Investment Banking</em></a>).</li></ol><p class="mt-6 text-body-sm text-mono-55 leading-relaxed">Specific founder-outcome figures (e.g., â$15.6M before tax,â â$5-6M in real economic termsâ) are illustrative scenarios, not historical averages. Actual outcomes depend on deal-specific terms.</p></section><section class="mt-16 p-8 rounded-2xl bg-tiny-blue/5 border border-tiny-blue/20"><p class="text-body-lg text-mono-90 leading-relaxed">If this resonates and youâd rather not run a PE process,<!-- --> <a class="text-tiny-blue underline decoration-tiny-blue/40 underline-offset-[3px] hover:decoration-2" href="/founders">weâd love to talk</a>. Weâve bought <!-- -->21<!-- --> businesses and still own them today. For a deeper look at how we differ from PE, see<!-- --> <a class="text-tiny-blue underline decoration-tiny-blue/40 underline-offset-[3px] hover:decoration-2" href="/vs/private-equity">the alternative-to-PE breakdown</a>.</p></section></div></article><!--$--><!--/$--></div>
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2<script>self.__next_f.push([1,"2d:[\"$\",\"section\",null,{\"data-seo-answer-block\":true,\"className\":\"bg-paper px-6 py-16 md:py-24\",\"children\":[\"$\",\"div\",null,{\"className\":\"mx-auto max-w-6xl\",\"children\":[[\"$\",\"div\",null,{\"className\":\"grid grid-cols-1 gap-6 lg:grid-cols-12 lg:gap-12\",\"children\":[[\"$\",\"div\",null,{\"className\":\"lg:col-span-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"mb-4 flex items-center gap-3 text-caption font-semibold uppercase tracking-wider text-tiny-blue\",\"children\":[[\"$\",\"span\",null,{\"aria-hidden\":\"true\",\"className\":\"h-px w-8 bg-tiny-blue\"}],\"Founder exit answer\"]}],[\"$\",\"h2\",null,{\"className\":\"font-display text-h5 font-extrabold leading-[1.1] tracking-[-0.5px] text-mono-90 text-balance md:text-h4\",\"children\":\"Is Tiny a better alternative to private equity?\"}]]}],[\"$\",\"div\",null,{\"className\":\"lg:col-span-7 lg:pt-9\",\"children\":[[\"$\",\"p\",null,{\"className\":\"text-body-lg leading-relaxed text-mono-70\",\"children\":[null,\"Tiny can be a better fit than private equity for founders who want a simpler cash-heavy exit, fewer deal mechanics, and a long-term home for the business. Private equity can maximize headline price, but rollover equity, earn-outs, escrows, leverage, and fund timelines often change the founder's real outcome.\"]}],[\"$\",\"ul\",null,{\"className\":\"mt-6 border-b border-mono-20 text-body text-mono-70\",\"children\":[[\"$\",\"li\",\"Tiny usually uses simple cash-heavy structures and does not require founders to roll equity.\",{\"className\":\"flex gap-3 border-t border-mono-20 py-3.5\",\"children\":[[\"$\",\"svg\",null,{\"aria-hidden\":\"true\",\"viewBox\":\"0 0 20 20\",\"fill\":\"none\",\"className\":\"mt-[0.3em] h-4 w-4 flex-shrink-0 text-tiny-blue\",\"children\":[\"$\",\"path\",null,{\"d\":\"M4 10.5l4 4 8-9\",\"stroke\":\"currentColor\",\"strokeWidth\":2.2,\"strokeLinecap\":\"round\",\"strokeLinejoin\":\"round\"}]}],[\"$\",\"span\",null,{\"children\":\"Tiny usually uses simple cash-heavy structures and does not require founders to roll equity.\"}]]}],[\"$\",\"li\",\"Tiny keeps teams, brands, and operating rhythms intact after closing.\",{\"className\":\"flex gap-3 border-t border-mono-20 py-3.5\",\"children\":[[\"$\",\"svg\",null,{\"aria-hidden\":\"true\",\"viewBox\":\"0 0 20 20\",\"fill\":\"none\",\"className\":\"mt-[0.3em] h-4 w-4 flex-shrink-0 text-tiny-blue\",\"children\":[\"$\",\"path\",null,{\"d\":\"M4 10.5l4 4 8-9\",\"stroke\":\"currentColor\",\"strokeWidth\":2.2,\"strokeLinecap\":\"round\",\"strokeLinejoin\":\"round\"}]}],[\"$\",\"span\",null,{\"children\":\"Tiny keeps teams, brands, and operating rhythms intact after closing.\"}]]}],[\"$\",\"li\",\"Tiny holds for the long term instead of buying around a fund resale clock.\",{\"className\":\"flex gap-3 border-t border-mono-20 py-3.5\",\"children\":[[\"$\",\"svg\",null,{\"aria-hidden\":\"true\",\"viewBox\":\"0 0 20 20\",\"fill\":\"none\",\"className\":\"mt-[0.3em] h-4 w-4 flex-shrink-0 text-tiny-blue\",\"children\":[\"$\",\"path\",null,{\"d\":\"M4 10.5l4 4 8-9\",\"stroke\":\"currentColor\",\"strokeWidth\":2.2,\"strokeLinecap\":\"round\",\"strokeLinejoin\":\"round\"}]}],[\"$\",\"span\",null,{\"children\":\"Tiny holds for the long term instead of buying around a fund resale clock.\"}]]}]]}]]}]]}],[\"$\",\"nav\",null,{\"aria-label\":\"Keep reading\",\"className\":\"mt-12 grid grid-cols-2 gap-x-6 sm:flex sm:flex-wrap sm:items-center sm:gap-x-7 sm:gap-y-2 md:mt-16\",\"children\":[[\"$\",\"span\",null,{\"className\":\"col-span-2 mb-1 text-caption font-medium uppercase tracking-wider text-mono-45 sm:mb-0\",\"children\":\"Keep reading\"}],[[\"$\",\"$L1f\",\"/-Tiny overview\",{\"href\":\"/\",\"className\":\"group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue\",\"children\":[\"Tiny overview\",[\"$\",\"span\",null,{\"aria-hidden\":\"true\",\"className\":\"text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none\",\"children\":\"â\"}]]}],[\"$\",\"$L1f\",\"/about-Our story\",{\"href\":\"/about\",\"className\":\"group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue\",\"children\":[\"Our story\",\"$L38\"]}],\"$L39\",\"$L3a\",\"$L3b\",\"$L3c\"]]}]]}]}]\n"])</script>
2<script>self.__next_f.push([1,"2e:[\"$\",\"div\",null,{\"className\":\"mx-auto max-w-3xl px-6 pt-12 pb-20 md:pb-28\",\"children\":[[\"$\",\"h2\",null,{\"className\":\"font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mt-16 mb-6\",\"children\":\"Before the math: the process\"}],[\"$\",\"div\",null,{\"className\":\"space-y-6 text-body-lg leading-relaxed text-mono-70\",\"children\":[[\"$\",\"p\",null,{\"children\":[\"First you talk to an analyst. Then their VP. Then a principal. Then, maybe, a partner. PE firms typically evaluate dozens of companies for every deal they close, roughly\",\" \",[\"$\",\"strong\",null,{\"className\":\"text-mono-90\",\"children\":\"80:1\"}],\" by recent industry surveys. You are one of 80.\"]}],[\"$\",\"p\",null,{\"children\":[\"If you survive the filter, expect\",\" \",[\"$\",\"strong\",null,{\"className\":\"text-mono-90\",\"children\":\"5â10 meetings\"}],\" over\",\" \",[\"$\",\"strong\",null,{\"className\":\"text-mono-90\",\"children\":\"2â3 months\"}],\" before you see a term sheet. Then the real work starts.\"]}],[\"$\",\"p\",null,{\"children\":[\"Due diligence takes\",\" \",[\"$\",\"strong\",null,{\"className\":\"text-mono-90\",\"children\":\"60â90 days\"}],\". They want every financial statement, every customer contract, every employee agreement, every cap table entry. It's the equivalent of a\",\" \",[\"$\",\"strong\",null,{\"className\":\"text-mono-90\",\"children\":\"second full-time job\"}],\" for 2-3 months: 15-30 hours a week on top of running your business.\"]}],[\"$\",\"p\",null,{\"children\":[\"And after all that? Roughly\",\" \",[\"$\",\"strong\",null,{\"className\":\"text-mono-90\",\"children\":\"1 in 4 deals still die\"}],\" \",\"after the LOI is signed (per industry surveys). If yours dies, you've still paid lawyers, accountants, and advisors for months of work, often six figures on smaller deals and far more on larger ones, and lost a quarter of your year. The PE firm moves on to deal #81.\"]}]]}],[\"$\",\"div\",null,{\"className\":\"my-10 grid grid-cols-1 gap-4 sm:grid-cols-2 lg:-mx-24 lg:grid-cols-4\",\"children\":[[\"$\",\"div\",null,{\"className\":\"flex min-h-[12rem] flex-col items-center justify-center rounded-2xl border border-tiny-blue/20 bg-tiny-blue/5 px-4 py-5 text-center sm:min-h-[13rem] md:px-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"max-w-full whitespace-nowrap font-display font-extrabold leading-none tracking-normal text-tiny-blue tabular-nums text-[3.25rem] sm:text-[4rem] lg:text-[3.75rem] xl:text-[4.25rem]\",\"children\":\"~80:1\"}],[\"$\",\"p\",null,{\"className\":\"mt-5 max-w-[11rem] text-caption uppercase tracking-wider text-mono-45\",\"children\":\"Companies evaluated per deal closed\"}]]}],[\"$\",\"div\",null,{\"className\":\"flex min-h-[12rem] flex-col items-center justify-center rounded-2xl border border-tiny-blue/20 bg-tiny-blue/5 px-4 py-5 text-center sm:min-h-[13rem] md:px-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"max-w-full whitespace-nowrap font-display font-extrabold leading-none tracking-normal text-tiny-blue tabular-nums text-[3.25rem] sm:text-[4rem] lg:text-[3.75rem] xl:text-[4.25rem]\",\"children\":\"~25%\"}],[\"$\",\"p\",null,{\"className\":\"mt-5 max-w-[11rem] text-caption uppercase tracking-wider text-mono-45\",\"children\":\"Of signed LOIs never close\"}]]}],[\"$\",\"div\",null,{\"className\":\"flex min-h-[12rem] flex-col items-center justify-center rounded-2xl border border-tiny-blue/20 bg-tiny-blue/5 px-4 py-5 text-center sm:min-h-[13rem] md:px-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"max-w-full whitespace-nowrap font-display font-extrabold leading-none tracking-normal text-tiny-blue tabular-nums text-[3.25rem] sm:text-[4rem] lg:text-[3.75rem] xl:text-[4.25rem]\",\"children\":\"~6 mo\"}],[\"$\",\"p\",null,{\"className\":\"mt-5 max-w-[11rem] text-caption uppercase tracking-wider text-mono-45\",\"children\":\"Average time from first call to close\"}]]}],[\"$\",\"div\",null,{\"className\":\"flex min-h-[12rem] flex-col items-center justify-center rounded-2xl border border-tiny-blue/20 bg-tiny-blue/5 px-4 py-5 text-center sm:min-h-[13rem] md:px-5\",\"children\":[\"$L3d\",\"$L3e\"]}]]}],\"$L3f\",\"$L40\",\"$L41\",\"$L42\",\"$L43\",\"$L44\",\"$L45\",\"$L46\",\"$L47\",\"$L48\",\"$L49\",\"$L4a\",\"$L4b\",\"$L4c\",\"$L4d\",\"$L4e\",\"$L4f\",\"$L50\",\"$L51\",\"$L52\"]}]\n"])</script>
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2<script>self.__next_f.push([1,"55:I[49990,[\"/_next/static/chunks/0w1u53ai4~k1y.js?dpl=dpl_BEQjs6jXUcQWCrw4MRs45s2ysZxE\",\"/_next/static/chunks/0pv3mftc45777.js?dpl=dpl_BEQjs6jXUcQWCrw4MRs45s2ysZxE\",\"/_next/static/chunks/119x1g1mm7.r-.js?dpl=dpl_BEQjs6jXUcQWCrw4MRs45s2ysZxE\",\"/_next/static/chunks/0n5torb0s~.vu.js?dpl=dpl_BEQjs6jXUcQWCrw4MRs45s2ysZxE\"],\"default\"]\n38:[\"$\",\"span\",null,{\"aria-hidden\":\"true\",\"className\":\"text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none\",\"children\":\"â\"}]\n39:[\"$\",\"$L1f\",\"/founders-For founders\",{\"href\":\"/founders\",\"className\":\"group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue\",\"children\":[\"For founders\",[\"$\",\"span\",null,{\"aria-hidden\":\"true\",\"className\":\"text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none\",\"children\":\"â\"}]]}]\n3a:[\"$\",\"$L1f\",\"/sell-your-business-Sell your business\",{\"href\":\"/sell-your-business\",\"className\":\"group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue\",\"children\":[\"Sell your business\",[\"$\",\"span\",null,{\"aria-hidden\":\"true\",\"className\":\"text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none\",\"children\":\"â\"}]]}]\n3b:[\"$\",\"$L1f\",\"/process-How Tiny buys\",{\"href\":\"/process\",\"className\":\"group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue\",\"children\":[\"How Tiny buys\",[\"$\",\"span\",null,{\"aria-hidden\":\"true\",\"className\":\"text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none\",\"children\":\"â\"}]]}]\n3c:[\"$\",\"$L1f\",\"/companies-Our companies\",{\"href\":\"/companies\",\"className\":\"group inline-flex min-h-11 items-center gap-1.5 text-body-sm font-semibold text-mono-90 transition-colors hover:text-tiny-blue\",\"children\":[\"Our companies\",[\"$\",\"span\",null,{\"aria-hidden\":\"true\",\"className\":\"text-mono-45 transition-[transform,color] group-hover:translate-x-0.5 group-hover:text-tiny-blue motion-reduce:transition-none\",\"children\":\"â\"}]]}]\n3d:[\"$\",\"p\",null,{\"className\":\"max-w-full whitespace-nowrap font-display font-extrabold leading-none tracking-normal text-tiny-blue tabular-nums text-[2.5rem] sm:text-[3rem] lg:text-[2.5rem] xl:text-[2.75rem]\",\"children\":\"6 figures+\"}]\n3e:[\"$\",\"p\",null,{\"className\":\"mt-5 max-w-[11rem] text-caption uppercase tracking-wider text-mono-45\",\"children\":\"Deal costs if the LOI falls through\"}]\n3f:[\"$\",\"h3\",null,{\"className\":\"font-display font-bold text-body-lg md:text-h5 text-mono-90 mt-10 mb-4\",\"children\":\"Then comes the retrade\"}]\n40:[\"$\",\"div\",null,{\"className\":\"space-y-6 text-body-lg leading-relaxed text-mono-70\",\"children\":[[\"$\",\"p\",null,{\"children\":\"A meaningful share of PE deals see a price adjustment during diligence. The buyer bids at the top of their range knowing they'll use findings to negotiate down. The retrade typically comes 60-90 days in, when you're emotionally committed and have already spent real money on lawyers, accountants, and advisors.\"}],[\"$\",\"p\",null,{\"children\":[\"A 1% variance in a single month. An accrual timing difference. A customer who churned during diligence.\",\" \",[\"$\",\"strong\",null,{\"className\":\"text-mono-90\",\"children\":\"The exhaustion wasn't a side effect. It was the strategy.\"}]]}]]}]\n41:[\"$\",\"h2\",null,{\"className\":\"font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mt-16 mb-6\",\"children\":\"The 60% buyout (the most common structure)\"}]\n42:[\"$\",\"div\",null,{\"className\":\"space-y-6 text-body-lg leading-relaxed text-mono-70\",\"children\":[[\"$\",\"p\",null,{\"children\":\"At the cocktail party, you say âI sold my company for $26 million.â People nod. It sounds like a life-changing number. What you don't mention is that PE bought 60% and you ârolledâ the other 40% back in as equity. You walked away with $15.6M before tax, and th"])</script>
2<script>self.__next_f.push([1,"e remaining $10.4M is trapped in a structure designed to make sure you never see most of it.\"}],[\"$\",\"p\",null,{\"children\":\"Here's what happens to your 40%:\"}]]}]\n"])</script>
2<script>self.__next_f.push([1,"43:[\"$\",\"div\",null,{\"className\":\"my-8 space-y-4\",\"children\":[[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"2x liquidation preference\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"PE's shares are senior preferred. In any exit, they get paid back double before you see a dollar on your rolled equity. If the company sells for less than 2x PE's investment, you get nothing on that 40%.\"}]]}],[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"8% annual preferred return\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"On top of the 2x preference, PE accrues an 8% annual return on their invested capital. This compounds. After a 5-year hold, they're owed roughly 1.47x their investment before your equity participates, on top of the 2x pref.\"}]]}],[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"Participating preferred (âdouble dipâ)\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"After getting their preference back, PE also participates pro-rata in the remaining proceeds. This reduces your share by 30-40% compared to what you'd expect from a simple 40% ownership stake.\"}]]}],[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"Monitoring fees\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"PE charges the company $250Kâ$2M per year in âmonitoring feesâ for the privilege of being owned by them. You bear 40% of the cost. PE gets 100% of the revenue.\"}]]}],[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"Dividend recaps\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"PE loads debt onto your company and pays itself a dividend. Dividend recaps surged through 2024. By some industry trackers they accounted for roughly 40% of US leveraged-loan issuance in early 2024 (PitchBook LCD). The company takes on the risk. PE takes out the cash.\"}]]}]]}]\n"])</script>
2<script>self.__next_f.push([1,"44:[\"$\",\"div\",null,{\"className\":\"bg-surface-subtle rounded-2xl p-6 my-8 border border-mono-20\",\"children\":[\"$\",\"p\",null,{\"className\":\"text-body-lg text-mono-90 font-medium\",\"children\":\"Net result: your 40% is worth roughly 20-25% in real economic terms. The headline said you kept $10.4M in equity. The math says it's worth $5-6M, if you're lucky.\"}]}]\n45:[\"$\",\"h2\",null,{\"className\":\"font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mt-16 mb-6\",\"children\":\"The 80% buyout\"}]\n46:[\"$\",\"div\",null,{\"className\":\"space-y-6 text-body-lg leading-relaxed text-mono-70\",\"children\":[\"$\",\"p\",null,{\"children\":\"Everything from the 60% deal gets worse. Plus new mechanisms appear that didn't exist when you had 40%.\"}]}]\n"])</script>
2<script>self.__next_f.push([1,"47:[\"$\",\"div\",null,{\"className\":\"my-8 space-y-4\",\"children\":[[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"Zero governance\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"At 20%, you lose all board seats. Your shares become non-voting. PE makes every material decision (hiring, firing, budgets, strategy, and when to sell) without your input.\"}]]}],[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"Employment coupling\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"Your rolled equity is tied to continued employment. If you leave or get fired, the company can repurchase your shares at book value or a discount. Your 20% becomes a golden leash, not an asset.\"}]]}],[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"Preferred return hurdle\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"PE sets an 8% preferred return. Your 20% doesn't participate in any exit proceeds until PE clears that hurdle plus a catch-up provision. On a 5-year hold, PE needs to earn roughly 1.47x before you see a dollar.\"}]]}],[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"Forced redemption\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"PE has redemption rights. They can force a buyback of your shares after 5-7 years at a formula price they set. If the company hasn't been sold by then, PE decides what your shares are worth.\"}]]}]]}]\n"])</script>
2<script>self.__next_f.push([1,"48:[\"$\",\"div\",null,{\"className\":\"bg-surface-subtle rounded-2xl p-6 my-8 border border-mono-20\",\"children\":[\"$\",\"p\",null,{\"className\":\"text-body-lg text-mono-90 font-medium\",\"children\":\"Net result: your 20% is worth roughly 5-10% of actual exit proceeds. You gave up control. You're locked into employment. And the number you were promised has two or three trap doors between you and the cash.\"}]}]\n49:[\"$\",\"h2\",null,{\"className\":\"font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mt-16 mb-6\",\"children\":\"The 100% buyout\"}]\n4a:[\"$\",\"div\",null,{\"className\":\"space-y-6 text-body-lg leading-relaxed text-mono-70\",\"children\":[[\"$\",\"p\",null,{\"children\":\"PE almost never buys 100% of a founder-owned business. It's not their model. They want you to have âskin in the gameâ so you're motivated to hit their targets. But when they do offer 100%, the headline number is fiction.\"}],[\"$\",\"p\",null,{\"children\":\"Here's what a â$20M all-cash buyoutâ from PE actually looks like:\"}]]}]\n"])</script>
2<script>self.__next_f.push([1,"4b:[\"$\",\"div\",null,{\"className\":\"my-8 space-y-4\",\"children\":[[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"Earnouts: 15-50% of the price is deferred\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"You don't get $20M. You get $10-17M at close, with the rest tied to performance targets over 2-3 years. Targets that the new owner, not you, now controls. Research and practitioner commentary consistently suggest most earn-outs underperform, and a sizeable share pay nothing at all.\"}]]}],[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"Escrow holdbacks: 5-10% locked up\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"$$1-2M sits in escrow for 12-18 months in case anything goes wrong. The majority of deals under $100M include an escrow holdback. Recent SRS Acquiom studies have put the share around 70%. It's your money being used as insurance against claims on your representations.\"}]]}],[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"Working capital adjustments: 2-5% haircut\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"The buyer sets a âtargetâ working capital level. If the business is below it at close (which they'll argue it is) you owe the difference. This is negotiated after the headline price is set.\"}]]}],[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"R\u0026W indemnification: up to 10% at risk\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"Your representations and warranties survive closing for 12-18 months (longer for âfundamentalâ reps). Up to 10% of the deal value can be clawed back if the buyer finds anything you didn't disclose, or claims you didn't.\"}]]}],[\"$\",\"div\",null,{\"className\":\"border border-mono-20 rounded-xl p-5\",\"children\":[[\"$\",\"p\",null,{\"className\":\"font-display font-bold text-mono-90 mb-1\",\"children\":\"Earn-out subordination\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55\",\"children\":\"Even if you hit your earn-out targets, payment can be blocked if the company's loan covenants are breached. PE loads debt onto the company at close. The debt gets paid before your earn-out does.\"}]]}]]}]\n"])</script>
2<script>self.__next_f.push([1,"4c:[\"$\",\"div\",null,{\"className\":\"bg-surface-subtle rounded-2xl p-6 my-8 border border-mono-20\",\"children\":[\"$\",\"p\",null,{\"className\":\"text-body-lg text-mono-90 font-medium\",\"children\":\"Net result: a â$20M buyoutâ delivers roughly $12-15M at close, with another $3-5M you'll probably never see. After tax, a founder walks away with about $8-10M in hand on a $20M headline.\"}]}]\n4d:[\"$\",\"h2\",null,{\"className\":\"font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mt-16 mb-6\",\"children\":\"Run the numbers yourself\"}]\n4e:[\"$\",\"p\",null,{\"className\":\"text-body-lg leading-relaxed text-mono-70 mb-8\",\"children\":\"Slide to your company's value. Toggle between PE deal structures. Compare to what you'd get from us.\"}]\n4f:[\"$\",\"$L55\",null,{}]\n50:[\"$\",\"div\",null,{\"className\":\"mt-20 pt-12 border-t border-mono-20\",\"children\":[[\"$\",\"h2\",null,{\"className\":\"font-display font-extrabold text-h4 md:text-h3 tracking-[-1px] text-mono-90 mb-4\",\"children\":\"Or you could just sell to us.\"}],[\"$\",\"div\",null,{\"className\":\"space-y-4 text-body-lg leading-relaxed text-mono-70 mb-8\",\"children\":[[\"$\",\"p\",null,{\"children\":\"A fair offer through a straightforward process, usually with a simple cash-heavy structure. We close on a timeline that fits the business. Earn-outs are rare. When we use one, it's short, tied to clear milestones, and never designed to claw back the price. No escrow, no liquidation preferences, no preferred returns, no monitoring fees, no dividend recaps.\"}],[\"$\",\"p\",null,{\"children\":\"We've bought dozens of companies this way. We don't run founders through a 90-day diligence process or change the price at the last minute.\"}]]}],[\"$\",\"$L1f\",null,{\"href\":\"/founders\",\"className\":\"inline-block bg-tiny-blue text-white font-display font-bold text-body-lg px-8 py-4 rounded-full hover:opacity-90 transition-opacity\",\"children\":\"See how we buy â\"}]]}]\n"])</script>
2<script>self.__next_f.push([1,"51:[\"$\",\"section\",null,{\"className\":\"mt-20 pt-12 border-t border-mono-20\",\"children\":[[\"$\",\"h2\",null,{\"className\":\"font-display font-extrabold text-h5 md:text-h4 tracking-[-0.5px] text-mono-90 mb-4\",\"children\":\"Sources \u0026 References\"}],[\"$\",\"p\",null,{\"className\":\"text-body-sm text-mono-55 mb-6 leading-relaxed\",\"children\":\"The figures below underpin the specific statistics referenced in this article. Where a precise published source is not available, we use qualitative framing in the body text rather than a hard number. Readers should consult the original sources for full context.\"}],[\"$\",\"ol\",null,{\"className\":\"list-decimal pl-6 space-y-3 text-body-sm text-mono-70 leading-relaxed\",\"children\":[[\"$\",\"li\",null,{\"children\":[[\"$\",\"strong\",null,{\"children\":\"PE deal-evaluation funnel (~80:1).\"}],\"Bain \u0026 Company,\",\" \",[\"$\",\"a\",null,{\"href\":\"https://www.bain.com/insights/topics/global-private-equity-report/\",\"rel\":\"noopener\",\"className\":\"text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:
2decoration-tiny-blue\",\"children\":[\"$\",\"em\",null,{\"children\":\"Global Private Equity Report\"}]}],\" \",\"(annual editions); see also Cambridge Associates and Preqin sponsor surveys.\"]}],[\"$\",\"li\",null,{\"children\":[[\"$\",\"strong\",null,{\"children\":\"~25% of signed LOIs never close.\"}],\" \",[\"$\",\"a\",null,{\"href\":\"https://www.srsacquiom.com/our-insights/deal-terms-study/\",\"rel\":\"noopener\",\"className\":\"text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue\",\"children\":[\"SRS Acquiom \",[\"$\",\"em\",null,{\"children\":\"M\u0026A Deal Terms Study\"}]]}],\"; BVR / \",[\"$\",\"em\",null,{\"children\":\"Pratt's Stats\"}],\" historical break-rate data.\"]}],[\"$\",\"li\",null,{\"children\":[[\"$\",\"strong\",null,{\"children\":\"Escrow holdbacks in ~70% of sub-$100M deals.\"}],\" \",[\"$\",\"a\",null,{\"href\":\"https://www.srsacquiom.com/our-insights/deal-terms-study/\",\"rel\":\"noopener\",\"className\":\"text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:
2decoration-tiny-blue\",\"children\":[\"SRS Acquiom \",[\"$\",\"em\",null,{\"children\":\"M\u0026A Deal Terms Study\"}]]}],\" \",\"(most recent edition).\"]}],[\"$\",\"li\",null,{\"children\":[[\"$\",\"strong\",null,{\"children\":\"Earnout underperformance.\"}],\" \",[\"$\",\"a\",null,{\"href\":\"https://www.srsacquiom.com/our-insights/deal-terms-study/\",\"rel\":\"noopener\",\"className\":\"text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue\",\"children\":\"SRS Acquiom\"}],\" \",\"and\",\" \",[\"$\",\"a\",null,{\"href\":\"https://www.americanbar.org/groups/business_law/about/committees/mergers-and-acquisitions/deal-points/\",\"rel\":\"noopener\",\"className\":\"text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue\",\"children\":[\"American Bar Association\",\" \",[\"$\",\"em\",null,{\"children\":\"Private Target Mergers \u0026 Acquisitions Deal Points Study\"}]]}],\" \",\"both consistently report that the majority of earn-outs pay less than the maximum, with a meaningful share paying nothing.\"]}],[\"$\",\"li\",null,{\"children\":[[\"$\",\"strong\",null,{\"children\":\"Dividend recaps share of leveraged-loan issuance.\"}],\" \",[\"$\",\"a\",null,{\"href\":\"https://pitchbook.com/leveraged-commentary-data\",\"rel\":\"noopener\",\"className\":\"text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:
2decoration-tiny-blue\",\"children\":\"PitchBook LCD\"}],\", US leveraged-loan market updates (2024).\"]}],[\"$\",\"li\",null,{\"children\":[[\"$\",\"strong\",null,{\"children\":\"2x liquidation preferences, 8% preferred returns, participating preferred, monitoring fees, R\u0026W coverage.\"}],\" \",\"Industry-standard structures described in\",\" \",[\"$\",\"a\",null,{\"href\":\"https://nvca.org/resources/model-legal-documents/\",\"rel\":\"noopener\",\"className\":\"text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue\",\"children\":\"NVCA model legal documents\"}],\",\",\" \",[\"$\",\"a\",null,{\"href\":\"https://www.americanbar.org/groups/business_law/about/committees/mergers-and-acquisitions/deal-points/\",\"rel\":\"noopener\",\"className\":\"text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue\",\"children\":\"ABA Private Target Deal Points Studies\"}],\", and standard PE practitioner texts (e.g., Rosenbaum \u0026 Pearl,\",\" \",\"$L56\",\").\"]}]]}],\"$L57\"]}]\n"])</script>
2<script>self.__next_f.push([1,"52:[\"$\",\"section\",null,{\"className\":\"mt-16 p-8 rounded-2xl bg-tiny-blue/5 border border-tiny-blue/20\",\"children\":[\"$\",\"p\",null,{\"className\":\"text-body-lg text-mono-90 leading-relaxed\",\"children\":[\"If this resonates and youâd rather not run a PE process,\",\" \",[\"$\",\"$L1f\",null,{\"href\":\"/founders\",\"className\":\"text-tiny-blue underline decoration-tiny-blue/40 underline-offset-[3px] hover:decoration-2\",\"children\":\"weâd love to talk\"}],\". Weâve bought \",\"21\",\" businesses and still own them today. For a deeper look at how we differ from PE, see\",\" \",[\"$\",\"$L1f\",null,{\"href\":\"/vs/private-equity\",\"className\":\"text-tiny-blue underline decoration-tiny-blue/40 underline-offset-[3px] hover:decoration-2\",\"children\":\"the alternative-to-PE breakdown\"}],\".\"]}]}]\n"])</script>
2<script>self.__next_f.push([1,"56:[\"$\",\"a\",null,{\"href\":\"https://www.wiley.com/en-us/Investment+Banking%3A+Valuation%2C+LBOs%2C+M%26A%2C+and+IPOs%2C+3rd+Edition-p-9781119706182\",\"rel\":\"noopener\",\"className\":\"text-tiny-blue underline decoration-tiny-blue/30 underline-offset-2 hover:decoration-tiny-blue\",\"children\":[\"$\",\"em\",null,{\"children\":\"Investment Banking\"}]}]\n57:[\"$\",\"p\",null,{\"className\":\"mt-6 text-body-sm text-mono-55 leading-relaxed\",\"children\":\"Specific founder-outcome figures (e.g., â$15.6M before tax,â â$5-6M in real economic termsâ) are illustrative scenarios, not historical averages. Actual outcomes depend on deal-specific terms.\"}]\n"])</script>
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