In this episode of Bundy Group Insights, Clint Bundy and Stewart Carlin explore a critical but often overlooked topic in M&A: how the balance sheet factors into a business sale. While purchase price usually takes center stage, the structure and components of a company’s balance sheet can have a significant impact on deal outcomes. The episode covers key areas such as tangible and intangible assets, real estate ownership, cash-free/debt-free transactions, and net working capital. Using relatable examples and clear explanations, Clint and Stewart provide a framework to help business owners understand what buyers look for and how to prepare their company for sale. Listeners will come away with a better understanding of how balance sheet preparation can influence valuation, negotiations, and closing proceeds. Key Takeaways Balance sheet components—like net working capital—are often deal-critical yet neglected early in M&A conversations. Sellers who understand and prepare their balance sheets proactively often realize better outcomes at closing. Episode Highlights Tangible vs. intangible assets and their role in valuations How to handle operational real estate held in a separate entity The implications of cash-free, debt-free structuring What 'net working capital' really means and how it’s calculated Why having the right advisory team makes a measurable difference Listener Insights How balance sheet structure directly impacts deal proceeds What buyers are really looking for when they analyze financials The meaning and mechanics of a net working capital peg Pitfalls to avoid in real estate and working capital structuring Learn more about the Bundy Group by visiting bundygroup.com.

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