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What Failed M&As Teach Sellers: 12 Reasons Deals Die (and 5 Ways to Avoid It)

August 21, 2026

Why deals die is a topic most M&A advisors would rather not talk about. But the numbers are hard to ignore: according to Pepperdine, 31% of companies taken to market never reach a signed Letter of Intent — and according to Axial’s Dead Deals Report, roughly one in three that do reach an LOI still…

The Three-Year Rule: How to Build a Premium Multiple Before You Sell

August 11, 2026

Hagen Rogers

Most business owners call an M&A advisor once they’ve decided to sell. By then, the multiple is largely set — built or broken by the three years that came before. Buyers in 2026 aren’t paying for what a business could become; they’re paying for what it has already proven. We call this the Three-Year Rule:…

Selling Your Business in 2026: 9 Factors Buyers Look For

July 8, 2026

Hagen Rogers

Every business owner I speak with starts in the same place: “What is my business worth?” and “Is now the right time to sell?” In 2026, those are the wrong two questions. The lower middle market is not frozen. It is selective. The same market is running competitive auctions for some businesses and going silent…

Regulatory Pressures and Strategic Adaptation in Cross-Border M&A (Part 2)

December 5, 2025

Hagen Rogers

In Part I, we looked at how rising geopolitical tensions have reshaped the global cross-border M&A landscape, affecting deal volumes, valuations, and capital flows. Part 2 turns to another key force shaping these transactions — the growing weight of regulatory and national security oversight. It also explores how companies are adapting, using new deal structures…

Navigating Geopolitical Forces within Cross-Border M&A (Part 1)

November 18, 2025

Hagen Rogers

Cross-border M&A is undergoing significant changes due to heightened geopolitical tensions. While companies continue to pursue these types of transactions to expand markets, gain valuable resources, and achieve synergies, the environment has shifted. Since 2021, the share of cross-border deals in the U.S. relative to total M&A activity has steadily declined and is on track…

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The Rise of Alternative Financial Acquirers Beyond Private Equity

October 22, 2025

Hagen Rogers

The lower middle market M&A landscape is undergoing a significant shift, with private equity now sharing the stage with a broader range of active financial acquirers. Independent sponsors, family offices, and search funds have each emerged as meaningful participants, bringing distinct investment approaches and value propositions to sellers. While private equity continues to play a…

From Bias to Discipline – How to Mitigate Behavioral Risk in M&A Part 2

October 9, 2025

Hagen Rogers

Nearly 70% of M&A deals miss the mark—behavioral biases are a major culprit. In Part 1, we examined how overconfidence, confirmation bias, and herd behavior influence M&A outcomes—and how tools such as devil’s advocates, pre-mortem analyses, and diverse committees can help mitigate their effects. Yet these represent only part of the behavioral challenge. Equally influential…

The Invisible Forces Behind M&A – Why Behavioral Finance Matters Part 1

September 17, 2025

Hagen Rogers

Nearly 70% of M&A deals miss the mark—behavioral biases are a major culprit. Mergers and acquisitions (M&A) are often portrayed as calculated financial maneuvers—numbers on spreadsheets, deal multiples, and strategic rationales. But anyone who has lived through one knows the reality can be far more complex. The world of M&A is a tangled mix of…

An Interview with Robert F. Bruner: Author of Deals from Hell and Applied Mergers and Acquisitions

June 5, 2025

Hagen Rogers

Bob Bruner is a retired University Professor at the University of Virginia, Distinguished Professor of Business Administration and Dean Emeritus of the Darden School of Business. He is the author, co-author or editor of more than 20 books on finance, management and teaching. As a financial economist, Bruner is best known for his research on…

Navigating Turbulence: How Tariffs Are Reshaping the 2025 U.S. M&A Landscape

May 22, 2025

Hagen Rogers

Executive Summary Approaching mid-2025, the U.S. mergers & acquisitions (M&A) market faces heightened uncertainty, driven in part by significant tariff policies implemented under the Trump administration. Tariffs, including the 145% levy on Chinese imports and the 25% duties imposed on Canadian and Mexican goods, have introduced complexities into business decision-making. In May, a temporary agreement…

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