For owners · Our process
How it goes, step by step.
Four steps, what each asks of you, and a few things owners usually find out later than they'd like. To start, an email or a text is plenty.
1
Say hello
What the business does, roughly what it earns, who runs it, what you'd want after. If it might fit, a short call.
What you send: a paragraph. No deck, no financials. Nothing at this step is verified; it's a conversation.
2
An LOI
After basic financials and a real conversation: price, structure, timing, funding, what's conditional.
Worth knowing: an LOI is non-binding on price but usually binds you to exclusivity for a period. Read that part, and have your attorney read it too.
3
Diligence
We tie your numbers to bank statements and tax returns, read the biggest contracts, meet the key people, check the leases and licenses.
Worth knowing: this is where most deals die across the market now — one in four broken deals over numbers that don't tie. It's why we look at the books before the LOI, not after.
4
Close
Documents signed, money wired.
Worth knowing: there's a working-capital adjustment at close — the cash, receivables and inventory in the business move the price up or down against a target set in the agreement.
If the first call goes well
Here's what we'd ask for.
None of this is needed to start. When we get here, it moves under an NDA — not through a website.
- Two to three years of financial statements, monthly if you have them
- The same years of business tax returns
- A rough customer breakdown: top ten by revenue, how long each has been with you
- The main contracts and leases
- An org chart, with who's key
- Twelve months of bank statements
- An hour of your time
How long it takes
10–12
months is what the market takes to close a business this size. Diligence alone runs about five and a half.
With a direct buyer, most of the middle disappears. You'll have our expected timeline before you commit, and a call from us — not a letter from counsel — if something moves it.
IBBA / M&A Source Market Pulse, Q4 2025; Axial, Dead Deal Report 2025.
Ready to say hello?
A paragraph is plenty — no deck, no financials yet. It reaches the person who decides, and you'll hear back either way.
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