That is how many boards approach M&A. They treat it as a fallback plan in case growth slows, cash tightens, or strategic options narrow, and an escape route later on when liquidity is needed to pay back LPs. But by then, the company's leverage may already be gone. When revenue is growing rapidly, customers are happy, retention is strong and the leadership team is excited about the future, selling is usually the last thing anyone wants to discuss. Yet this is often when companies command their highest valuations. Strategic acquirers pay premiums for momentum. They want businesses that are winning markets, not struggling businesses trying to survive. Boards should periodically ask themselves a difficult question: If we are currently operating from a position of maximum strength, should we at least understand what the market might pay for the business' In many growth-stage companies, the founder remains the primary driver of vision, product strategy, recruiting, customer relationships...
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