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Fellwater vs. strategic acquirers.
The fair version of both. A strategic buyer can pay a premium; here's what that premium is usually buying, and what it costs.
What's the same.
Both may pay well for a business that works, and both will diligence it carefully. The question is what happens to the business the day after they own it.
What's different.
A strategic acquirer
- Usually buys the business to fold it into their own.
- Overlapping roles are often eliminated for synergy.
- Brand and independence frequently disappear.
- Sensitive data can sit in a competitor’s hands whether or not the deal closes.
- Bought to be integrated, not preserved.
Fellwater
- The business keeps running as itself, under its own name.
- Your team and customer relationships are the point, not overhead.
- No merging into a competitor’s systems and culture.
- A confidential process — not a competitor learning your books.
- A long-term home, not an integration project.
Where the strategic buyer is the right answer: a business that needs a larger platform's scale now, and an owner comfortable trading the name and the independence for the highest gross number. Ask what survives the integration, and what doesn't.