Last month, we hosted an exclusive discussion with the sellers of Cadcorp, a leading geospatial software business. Trevor Armstrong and Martin Daly sat down with Matt Katz, Head of Corporate Finance at Buzzacott, to unpack the journey behind their sale to NEC Software. Here, we explore what a deal really feels like for those inside it.

When people talk about selling a business, they tend to focus on numbers: valuation multiples, headline prices, completion dates. From the outside, a deal can look neat and transactional. From the inside, it rarely is. It’s a journey defined by judgement calls rather than formulas, by people rather than paperwork, and by resilience as much as strategy. Our experience shows that it’s a far more human experience; shaped by timing, relationships, anxiety, and compromise. And it is often much harder, more personal, and more emotional than sellers expect.

The best time to sell is when you don’t have to

One of the clearest lessons from real-world transactions is that the best deals are rarely driven by necessity. Businesses that sell because they must (due to age, burnout, market pressures, or deteriorating performance), often do so from a position of weakness. In contrast, selling when you don’t have to creates optionality. It allows founders to choose the moment, the buyer, and the terms right for them, rather than react to circumstances.

Selling a business requires a completely different skillset

Founders are used to pitching what they know intimately: their technology, their service, their customers. But selling a business is entirely unlike selling a product. A deal requires something different. It demands that they step back and see their company through a buyer’s eyes – as a financial asset, a growth platform, and an organisational system.

For many founders, this is an uncomfortable experience. Talking about margins, forecasts, and balance sheets can feel unnatural. Early meetings are often the hardest, because founders are still learning how to present their business, rather than just their product. We’ve found that preparation makes a profound difference to the confidence levels of founders. We’ve worked with founders on rehearsals, including role‑playing and tough questioning. Over time, founders get better, and buyers notice.

Good advisers don’t just manage the process: They manage the pressure

Advisers play a critical role in the transaction process, but not just when it comes to valuations or preparing documentation. The right ones act as interpreters, buffers, and stabilisers. They help founders translate their passion for their business into a clear and persuasive narrative. They shield management from unnecessary noise. And, crucially, they provide calm and structure when anxiety spikes.

In our experience, the due diligence phase is where that anxiety tends to peak. By design, diligence is adversarial. It looks for risk, not excellence. Even well‑run businesses can feel under attack as every contract, forecast, and historic decision is scrutinised. Minor issues suddenly feel existential. A small forecast downgrade can feel catastrophic, even if the business remains healthy. This is where honesty matters most: Buyers can handle bad news far better than surprises. Open communication, supported by advisers who understand how to frame and contextualise issues, preserves trust and deal momentum.

You’re not just selling a business, you’re choosing its future

Perhaps the most underestimated part of a deal is buyer selection. Price matters, but when multiple bidders cluster around similar valuations, other factors become the dealbreakers: cultural alignment, decision-making capability, communication quality, and certainty of execution are all key. It’s important to think of this as a long‑term home for both your employees and your customers.

Whilst in the transaction process, employees can experience intense uncertainty. From their perspective, everything changes, but also nothing does. They are still doing the same jobs, with the same colleagues, using the same systems. But they don’t know what the next six to twelve months holds. Fear of redundancies and cultural change is common, even when buyers intend to protect the workforce. This is why transparent, considerate communication to your team matters so much. We’ve found that sellers often underestimate how deeply responsibility for their people weighs on them during a sale. For many, it’s the hardest part of the process.

Selling the business changes everything

Finally, there is the myth of post‑completion relief. While a deal closing is undeniably significant, it rarely brings immediate emotional closure. Integration demands time, energy and patience. In many cases, founders work harder after selling than before, driven by responsibility and a desire to make the transition succeed.

For founders considering an exit, the lesson is clear: prepare early, choose your advisers carefully, prioritise trust over tactics. And remember that selling a business is as much a human process as a financial one. If you’re considering an exit, whether you’re six months or threeyears away, our team of M&A experts can help. Fill in the form below and we’ll be in touch.