For the girlies who hear “M&A” and immediately tune out, hold up. You don’t have to be a finance bro or private equity partner to buy or sell a business. M&A just means mergers and acquisitions. That’s it. A fancy term for when someone sells, buys, or restructures a company.
This world might seem exclusive, but it’s not. Real people sell businesses every day. Real women buy them. You don’t need an MBA, a million-dollar network, or a seat at some boys-club table. You just need the right info, the right people, and a little bit of guts.
I’m not a lawyer. I help run a mergers and acquisitions firm in New York, and I’ve supported dozens of deals from behind the scenes. I’m in the mix with CPAs, contracts, timelines, entity documents from 2013 that no one can find. And here’s the truth: it’s not as intimidating as it sounds.
Photo by Anna Shvets on Pexels
Here’s how a deal actually happens
- Someone wants to buy a business. Someone wants to sell
- They sign a letter of intent (LOI) that outlines the basic terms
- The buyer reviews the business in detail. This is called due diligence
- Lawyers draft the formal deal documents
- The rest of the team, like CPAs, lenders, brokers, and ops people, help close it
- Then money moves. Ownership changes. That’s a deal
The Starter Pack: Thinking About a Deal? Start Here
- What do your numbers look like? Revenue, profit, payroll, debt, recurring expenses
- Is your paperwork organized? LLC documents, contracts, tax returns, and customer lists
- What’s your business worth? You can get a valuation or a broker’s opinion, but start with a ballpark idea
- If you’re selling, do you want to stay on for a while or exit completely? Know your ideal
- If you’re buying, what kind of business do you want? Online, brick-and-mortar, service-based, product-based?
- Who’s on your team? Eventually, you’ll want a lawyer, a CPA, and maybe a lender or advisor
- You don’t need to know everything today. Just start asking questions.
Key Terms You’ll Hear and What They Actually Mean
- EBITDA: Earnings before interest, taxes, depreciation, and amortization. It’s how buyers measure business profitability. Often used to calculate price
- Valuation Multiple: The number used to multiply EBITDA and get a price. A business with $200K EBITDA and a 4x multiple would be worth $800K
- Earn-Out: When part of your payout comes later based on performance goals. Can be smart or risky depending on the terms
- Rollover Equity: You keep a piece of ownership in the business after selling. You get paid less upfront, but keep skin in the game
- Working Capital: The cash your business needs to run day to day. Buyers usually want you to leave some in the business
- Letter of Intent (LOI): The early deal document that outlines basic terms before contracts are drafted
- Due Diligence: The buyer’s deep dive into your business before they commit to buying it. Get your files ready
Tips from someone who lives inside these deals
- Don’t count yourself out. You don’t need to be an expert. You just need a business and a team
- Ask every question. Especially the ones you think sound dumb. They’ll save you
- Know your value. If you’re selling, don’t undersell. If you’re buying, trust your gut if something seems off
- Be flexible. Deals never go perfectly. People get emotional. Deadlines shift. Keep moving
- Get your squad right. Lawyer, CPA, lender, and someone who knows how to juggle the operations
- You belong here. Whether you’re buying, selling, or building, you deserve to be in the room
No one gives you a guidebook for this stuff. But if you’re even a little curious about buying or selling a business, start now. Ask the questions. Get your documents together. Learn the terms. This space is more accessible than it looks. The more women who step into it, the better.
Hannah Hembree is a New York–based dealmaker and the non-attorney force behind a healthcare-focused mergers and acquisitions firm. She specializes in helping medspa, dental, and veterinary owners navigate the messy middle of buying and selling businesses. She is passionate about making business ownership more accessible to women and believes empowerment starts with knowledge, both inside and outside the workplace.
