The real risk of DIY M&A
“Nick Katz owned acasa, a company that offered a way to track household expenses,” shares Sam Thompson, a Minneapolis business broker and the president of M&A firm Transitions In Business. “He eventually sold his business. In total it took two years to sell. The first year he tried to sell on his own and realized he was wasting valuable time. He eventually hired an M&A advisor and the process took over and he was able to sell.”
acasa helps people run a shared home without the usual friction. It started as a simple way for housemates to track and split rent, bills, and groceries, then added payments and utility setup so households could manage recurring bills in one place.
When Nick Katz tried to sell acasa on his own, the downside wasn’t just a slow process. It created a setup where buyers had the leverage: they could keep asking for information, keep “exploring,” and never commit to an LOI. With no deadlines and no competitive pressure, there was no reason to act. In this episode, you discover how to:
- Spot when a buyer is gathering intel, not buying
- Structure stage gates that force a yes, a no, or a clear next step
- Control disclosure so access to information is earned
- Build competitive tension without bluffing
- Shift the pitch from vision to “cheaper to buy than build”
- Keep emotion out of the process by using an objective quarterback
- Prevent endless diligence from becoming the default outcome