Insights by Candor Advisors

When founders begin talking with investment bankers or private equity buyers, they often hear terminology that has little to do with how they actually operate their business. One of the most important examples is whether a company is viewed as a “platform” investment or an “add-on” acquisition. In this episode, Kirk Michie breaks down what those categories mean, how buyers use them, and why the distinction can materially affect valuation, deal structure, and buyer interest during an M&A process.

The M&A market in early 2026 is not closed, but it is becoming more selective. In this update, Kirk Michie explains what Candor Advisors is seeing across founder-led transactions, private equity activity, buyer behavior, valuation expectations, and market timing. For strong companies in favored sectors, the market may still support strong valuations and favorable terms. For others, buyers may be quicker to pass, which means founders need better data before deciding whether to go to market.

Selling a business is not just a valuation exercise. It is also a tax planning event that can dramatically affect how much money a founder actually keeps after closing. In this episode, Kirk Michie walks through the role CPAs, investment bankers, and estate planning professionals play during founder-led exits. The discussion covers capital gains taxes, rollover equity, transaction timing, state tax exposure, and why founders should avoid making assumptions too early in the process.