A Surgeon Never Operates on Family — And That’s the Golden Rule for M&A Too

Even the best business owners shouldn’t perform their own sales. When it’s your life’s work on the table, emotional attachment clouds judgment, and dangerous blind spots appear.

There’s a well-understood principle in medicine: a surgeon never operates on a family member.

The reason is simple. Even the most skilled surgeon, when confronted with someone they deeply care about, loses their clinical objectivity. Emotional attachment clouds judgment, blind spots emerge, and the ability to make clear, critical decisions fades at exactly the moment it matters most.

The same is true when selling your own business.

For many practice owners, DIY M&A feels natural. You’ve built your firm, you know your clients, you understand your financials — surely, you’re the best person to manage the sale?

It’s an understandable instinct. But much like a surgeon in an emotional situation, even the most capable owners can miss subtle warning signs, underestimate risks, or let pride and familiarity shape their choices.

The result? Deals that underperform, disputes that surface post-sale, and — all too often — hard-earned value that quietly slips away.

Emotional Attachment Impairs Judgment

Your business isn’t just an asset; it’s your life’s work. This proximity creates emotional blind spots:

• You may overestimate the strength of client relationships.
• You may trust early buyer enthusiasm too readily.
• You may underplay risks around staff transition, compliance, or integration.

Buyers, however, come to the table with teams of advisers and sharp, unemotional focus. Their goal? To mitigate their risks — and sometimes, to shift those risks quietly onto you.

Without expert representation, sellers face this imbalance alone, with personal investment clouding their judgment just when clarity is most critical.

Blind Spots Appear When You’re Too Close

Much like a surgeon familiar with a family member’s health history might make unconscious assumptions, DIY sellers overlook vital details:

• Hidden client concentration risks
• Cultural mismatches with potential buyers
• Earn-out structures that look fair but tilt dangerously in the buyer’s favour
• Regulatory obligations and post-sale liabilities

These are precisely the areas where an experienced, external adviser shines light on blind spots before they become costly mistakes.

Empirical Evidence: Why Professional Advice Drives Better Outcomes

A substantial academic study of 3,694 U.S. M&A transactions conducted by DeMong, Harris & Williams (University of Virginia) found that transactions involving experienced professional intermediaries consistently achieved higher success rates and lower post-sale risks. Intermediaries played a critical role in navigating deal complexities and protecting seller interests during transitions.

Supporting this, independent research by EdgePoint Capital, which analysed 4,468 private company transactions over two decades, found that sellers who used M&A advisers achieved sale premiums of up to 25% higher than those who managed the process themselves.

“Advisers aren’t just intermediaries — they’re the guardians of your value. They see the risks you can’t, ask the questions you didn’t know to ask, and structure deals in ways that protect your outcome long after the signatures are dry.”

These findings point to a consistent conclusion: in private market transactions, professional advisory involvement materially improves outcomes — not only in headline valuation but in the realised, secured value of the transaction over time.

Because what ultimately matters isn’t the offer you see at signing — it’s the total value you retain after the final instalment is paid and the risks have played out.

References:

1. DeMong, R. F., Harris, I. C., & Williams, S. P. (University of Virginia). Financial and Legal Advisors in Merger and Acquisition Transactions, Journal of Applied Finance.
2. Mueller, T. (2023). The Hidden Value of an M&A Advisor: Why Going It Alone Can Cost You More Than You Think, EdgePoint Capital.

You Don’t Know What You Don’t Know

This is one of the most dangerous realities of DIY M&A.

Inexperienced sellers often assume they’ve thought of everything, but blind spots are invisible by nature. The complexity of deal structuring, regulatory nuances, buyer behaviours, and post-sale pitfalls is vast. It’s not about intelligence — it’s about exposure.

The right intermediary has seen hundreds of transactions, across all types of businesses, with every imaginable twist. They spot risks you can’t, because they’ve navigated them before. When you’re selling your business, you can’t afford to learn by trial and error.

You Can’t Afford to Make Mistakes

In M&A, mistakes are expensive. And they’re often irreversible.

Misjudging buyer intent, overlooking critical terms, or failing to manage transition risks can cost hundreds of thousands — if not millions — of dollars. Worse still, the damage to your legacy and client relationships is far harder to repair.

A seasoned intermediary not only knows what can go wrong but also ensures you avoid the common pitfalls that others have learned the hard way.

The Cost of Mistakes Can Dwarf the Cost of Professional Representation

Some sellers hesitate at the idea of paying intermediary fees, thinking they’re saving money by going it alone. But the difference between a well-structured, expertly negotiated deal and one riddled with unseen risks can dwarf the fee you pay for professional guidance.

Losing just a fraction of your earn-out, underestimating buyer risks, or mismanaging client transition can cost far more than any adviser’s fee. In M&A, expert advice is not an expense — it’s an investment in protecting the value you’ve worked so hard to build.

 

The Equation: Should You Use an Intermediary? 

Your final proceeds from a sale aren’t just determined by the business itself — they’re shaped by the quality of the sale process you run.

When you go to market without expert representation, you limit access to buyers, reduce competitive tension, and carry hidden risks that eat away at your final result.
When you engage a professional adviser, the process itself multiplies your opportunity to maximise value, mitigate risks, and secure better terms.

Here’s how the true equation works:

Total Realised Proceeds =
Headline price

• Increase through creating entire market coverage
• Increase through creating competitive tension
• Increase through professional presentation
• Increase through formal process and structured negotiation
• Increase if your adviser negotiates upside on your behalf
• Benefit of faster timeline and reduced deal fatigue
• Benefit of expertise and support throughout the process
  – Cost of your time and distraction from running your business
  – Advisory fee (only in advised sale — but offset by gains)
  – Risk of poor second instalment negotiation
  – Risks realised through missed transition terms or client attrition

It’s not just about the business you’re selling — it’s about how you sell it.

The right process unlocks more value, secures better terms, and protects you from risks that quietly erode your final outcome.

Remember: it’s not the headline number that matters — it’s what you take home, secured and realised, once the deal has fully played out.

 

A Cautionary Case Study: When Personal Stakes Clouded Judgment

A successful financial planning firm — let’s call them “Harbour Advisory” — built a strong reputation and loyal client base. Confident in his industry knowledge and personal network, the owner chose to manage the sale himself after being approached directly by a buyer.

The offer felt promising. Conversations were warm. There was trust.

But as negotiations unfolded:

• Transition terms heavily favoured the buyer, with vague retention clauses.
• Timelines were quietly stretched, eroding momentum.
• Without competitive tension, leverage slipped away.
• Fatigue crept in, and the seller conceded terms just to finalise the deal.

Post-sale, client attrition spiked. The anticipated earn-out never fully materialised. What was intended as a cost-saving DIY sale became an expensive lesson in the value of external expertise.

 

5 Quiet Risks DIY Sellers Face

Emotional Decision-Making: Personal investment clouds deal structure, timing, and buyer selection.
Information Asymmetry: Buyers bring expert teams and years of experience; solo sellers face the process alone.
Lack of Competitive Tension: Without multiple bidders, negotiating leverage fades.
Overlooked Deal Complexity: Earn-outs, clawbacks, transition terms — crucial details can go unnoticed.
Negotiation Fatigue: Long processes drain energy, leading to costly concessions.

 

5 Advantages of Professional Representation

Objective Clarity: Just as a surgeon steps back from family, sellers need clear-eyed advisers.
Full Market Reach: Access a broader buyer pool, not just familiar faces.
Process Control: Maintain timeline, structure, and control throughout the deal.
Risk Mitigation: From compliance risks to client migration, experts see what you can’t.
Peace of Mind: Focus on running your business, while trusted advisers run the deal.

Recognising the Moment to Step Back

A surgeon knows when it’s time to hand over care to a colleague for the sake of clarity and objectivity.

For business owners, the sale of your practice demands the same wisdom.

The moment you begin considering a sale is the moment you benefit from experienced, external guidance:

• To surface risks you can’t see.
• To navigate emotions with clarity.
• To protect the value you’ve spent a lifetime building.
  To avoid the mistakes that others have made before you.

Growth Focus Insight: Experience Creates Distance — and Distance Creates Value

At Growth Focus, we act exclusively for sellers. We’ve navigated hundreds of transactions, guiding business owners through the emotional and commercial complexity of M&A with steady, experienced hands.

Our role is to provide:

• Clear, impartial advice.
• Structured, market-wide sale processes.
• Tight negotiation discipline that protects your interests.
• A roadmap to secure your value — and your legacy.
• And above all: the foresight to avoid costly mistakes others have made.

You only sell your business once. Make sure it’s done right.

Final Reflection: Step Back to Move Forward

The sale of your business is not the time to go it alone.

Before you step into negotiations, ask yourself:

Would you perform surgery on a family member? Or would you call in an expert to ensure the best possible outcome?

👉 Planning to sell? Growth Focus is your dedicated sell-side adviser, offering the objectivity and expertise your transaction demands. Contact us today to ensure your sale is structured for success — with clarity, confidence, and control.