In short
- Founders sell to people they trust, so the first approach should be personal and discreet.
- Show what happens to the company and its people after the deal, not only the price.
- Expect questions about staying involved, the brand and employees, and prepare a structure that answers them.
Why founders listen
Owners who are not selling still take calls for good reasons: succession is not settled, growth needs more capital than the business generates, a larger competitor is changing the market, or after decades of running the company they want to share the load.
Understanding which of these applies shapes everything that follows, from the first message to the structure of the offer.
The first contact
A cold letter from an unknown buyer rarely works. The first approach should be personal and discreet, ideally through someone the owner can check and trust, and in Romanian.
- Explain who you are and why this company, without asking for numbers.
- Offer a first meeting in person, at the owner's convenience.
- Keep the approach confidential, inside the company as well as outside.
What founders care about
Price matters, but rarely alone. Founders want to know what happens to their employees, their brand and their customers, whether they can stay involved and how certain the payment is. Buyers who answer these questions early are taken more seriously.
Information comes in stages
Expect information to arrive gradually: public financial statements first, then management accounts after a confidentiality agreement, and detailed contracts only once there is agreement on the main terms. Statutory accounts and management reality can differ, so normalised earnings need to be discussed openly.
Structures that bridge expectations
- A minority stake kept by the founder for an agreed period.
- An earn-out linked to results the founder can still influence.
- Deferred payments or a vendor loan when financing is tight.
- A transition role with clear responsibilities and an end date.
Keep the momentum
Founder-led processes stall when the buyer is slow or decisions move between too many people. Agree a timetable, name one decision maker and respond quickly. We run these conversations for buyers from the first contact, and our free target screening is a good place to start.
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