Some founders get term sheets; others get polite rejections after diligence. Both had strong financials. The difference? Buyers don't evaluate current performance—they underwrite future transferability. Understanding this buyability gap transforms good businesses into premium acquisitions.

Your P&L shows 22% EBITDA. You see success. Buyers see questions about revenue quality, margin consistency, and scalability. Understanding how acquirers actually analyze financials—and the specific adjustments they make—can mean the difference between 4x and 6x multiples.