For owners · FAQ

What owners ask us.

The questions we hear first, answered the way we'd answer them on a call.

Fit

What size business will Fellwater buy?

Roughly $1–3M of EBITDA. Quality matters more than the number. Not sure it fits? Send it.

What industries?

Most of them — trades, services, manufacturing, distribution, software, healthcare services, niche consumer. Not startups, not pre-revenue, not turnarounds. What we buy

Where do you buy?

Pacific Northwest first. Exceptional businesses elsewhere.

Do you buy all of it, or part of it?

Either. A full sale, or a majority sale where you keep a stake and keep leading. Founder-led platforms

Money

How do you come up with a number?

What the business earns for the next owner, times how confident a buyer can be that it keeps earning it. We show you every step. How we value

Is it all cash?

Usually most of it is. When a note, an earn-out or a retained stake is part of our offer, you'll know why it's there and what has to be true for it to pay — before you sign, not after. Every piece of our offer says what it is and why.

A bigger buyer will pay more. Why sell to you?

Sometimes they will. Ask what's in the number — how much is cash, how much is a note or an earn-out, and what has to be true for those to pay. We use those pieces too when they make a deal work. The difference is that you'll know why each one is there before you sign.

How do I know you can fund this?

Ask everyone that. Every deal has a capital structure. Ours is in the LOI, with anything still subject to a lender's approval marked as such. How we fund a deal

If I keep equity, what will I own?

Our preference is simple, aligned economics; the exact security depends on the transaction. Before closing you will know what you own, what entity you own it in, what sits ahead of it, how it can dilute, what rights come with it, and what could create future liquidity. Founder-led platforms

The deal

Who actually decides?

The person you're talking to. Any lender or partner the deal needs is named early.

Will you cut the price in diligence?

A material new fact can change a deal, and we'll show you why. A slow month can't. The timeline is set at the LOI, and diligence stays on what could actually change the deal.

How long does it take?

The market takes ten to twelve months at this size. With a direct buyer, most of the middle disappears. You'll have our timeline before you commit. Our process

Will you sign an NDA?

Yes, before you show us anything sensitive.

Will you ask for exclusivity?

Only after you have a written offer you like, and only for the time it takes to close.

Do I need a broker?

No. If you have one, bring them; we honor fee agreements. If you don't, you don't need one to talk to us. Selling without a broker

Who finds out that I am talking to you?

We do not contact your customers, employees, or competitors without your permission. We may share information with our professional advisers, lenders, and prospective co-investors as needed to evaluate or finance a transaction, subject to appropriate confidentiality obligations.

After

Do I have to stay?

Only if you want to. Stay, ease out, or leave at close — set in writing before close. Your role after

What happens to my people?

We buy the business because it works, and the people are most of why. We don't arrive with a layoff plan, and we plan with you how and when the team hears. After the deal

Will you change everything?

We don't fix what isn't broken. Where scale helps, we bring it; where it doesn't, we stay out of the way. We won't promise nothing ever changes; we will promise you'll know why when something does.

What if my books aren't perfect?

Normal. Most owner-run businesses don't have audit-ready financials. They need to be true, not pretty.

I'm not sure I want to sell.

Most owners who eventually sell weren't sure the first time they thought about it. A conversation now costs nothing and tells you what your options look like when you are. Thinking ahead

About Fellwater

Are you a fund?

No. An independent acquisition firm with a long-term ownership orientation and no predetermined resale date.

What's the first step?

One email. What the business does, roughly what it earns, who runs it, what you'd want after.

Yours isn't here? Ask it.

A sentence or two is enough. It reaches the person who decides, and you'll hear back either way.

Not ready? Thinking ahead

Goes to the person who decides. You'll get a short confirmation by email and can reply to it directly.

Prefer to reach us directly? inquiries@fellwater.com · Call or text (206) 895-7474

What to expect

Then, if it might fit:

  • A short call with the person who decides
  • A written offer after basic financials, not a range
  • A timeline set before you commit, and a call from us if it moves
  • No contact with your people or customers without your say-so