Selling Your Technology Company Without an M&A Advisor: Pros, Cons, and How-To

For owners considering an exit, selling your technology company without an M&A advisor can be both an empowering and challenging endeavor.

While advisors can add value in many scenarios, running your own independent process allows owners to preserve confidentiality and reduce fees. But it requires a clear plan, a firm grasp of your business's value, and access to the right network.

Below, we unpack the pros, cons, and a practical roadmap for owners evaluating this path.

Pros of Selling Without an M&A Advisor

1. Lower Transaction Costs

M&A advisors often take a success fee, typically 5–10% of the sale price. Removing that cost can lead to a more favourable net outcome for the owner.

2. Stronger Alignment and Clearer Communication

Engaging directly with a buyer creates a more transparent, collaborative process. It allows you to clearly articulate your company’s story, values, and priorities—helping ensure cultural alignment and shared expectations without the filter of intermediaries.

3. Confidentiality Can Be Easier to Maintain

M&A advisors market your company to find buyers, which can increase exposure. Running a targeted process directly can limit leaks and maintain operational stability during the sale.

Challenges to Be Aware Of

1. Time and Effort Intensive

Managing an end-to-end sale process can be a full-time job. It involves documentation, valuation work, buyer screening, negotiation, due diligence, and legal coordination.

2. Limited Buyer Network

M&A advisors often bring a built-in network of vetted buyers. Without them, you need to rely on your personal connections or strategically identify the right acquirers through research.

3. Emotional Toll

Exiting a business you built can be emotional. Having an intermediary can buffer tension and keep the process on track when negotiations get tough.

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A Practical Roadmap for Selling Without an M&A Advisor

Step 1: Understand Your Business Value

Start with a detailed review of your financials, growth metrics, customer retention, and unique IP or technology assets. Owners can seek advice from others within your industry who have sold to benchmark valuation expectations.

Avoid focusing on public company multiples which are not a good comparison for private companies, but they can provide directional indications if the multiples in the market are growing or shrinking.

Step 2: Identify and Qualify the Right Fit

If you're considering a sale, it's important to determine what kind of partner aligns with your long-term vision. Beyond purchase price, evaluate the prospective buyer’s approach to leadership continuity, employee development, and cultural preservation. A values-aligned partner will not only carry forward what you've built but strengthen it over time.

Step 3: Prepare a Clean, Compelling Diligence Package

Put together a comprehensive information package including financial statements, customer level data, team org charts, and product roadmaps. Clear, accurate documentation builds confidence and speeds up due diligence. Begin this process early, even before you are ready to sell to ensure you have a history of the business when the time comes to sell.

Step 4: Seek Support as Required

Direct negotiation allows for transparent dialogue, but it’s essential to engage an experienced M&A attorney to help you navigate the process. Their expertise is critical when reviewing term sheets and final agreements, helping ensure your interests are properly protected throughout the process.

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Final Thoughts

Selling a business without an M&A advisor isn’t for everyone, but for the right owner, it can be a rewarding path that maintains focus on what matters most and reduces fees. If you're thinking about exploring this route, know that there are experienced acquirers who are ready to work directly with owners. The key is preparation, clarity of intent, and surrounding yourself with the right resources where it matters most.

At Perseus, we regularly partner directly with owners in owner-led deals. If you're considering a sale and want to explore options without the pressure of a traditional advisor-led process, we're here to help.