Why Saying “No” Is the Key to Startup Success
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Finance
A Practical Guide for Founders Preparing for an Exit — Years Before It Happens

Most founders don’t think seriously about M&A until a transaction is already in motion—often when cash is tight, growth is slowing, or an unexpected buyer shows up at the door. By that point, the opportunity to shape the narrative, control the process, and maximize enterprise value has already narrowed.
This checklist distills insights shared during BrightIron’s M&A Series —featuring perspectives from investors, founders, operators, and legal experts—into a practical, founder-friendly guide. These are the foundational elements buyers expect to see and the areas that most often create friction, delay deals, or erode value.
If you’re thinking about an exit within the next 24 months—or even if M&A is simply one of several possible paths—this guide will help you prepare long before diligence begins.

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Why Saying “No” Is the Key to Startup Success
95% of Startups Exit Through M&A — Here’s How to Be Ready