For many founders, M&A can feel like a mysterious and intimidating process, especially for founder-led companies unfamiliar with private equity.

That’s exactly why we hosted a fireside chat last month with Padraic McConville, Partner at Rallyday, to take the mystery out of M&A and offer founders a real-world, honest take on what the process actually looks and feels like.

Here are a few takeaways:

1. M&A Is Ultimately a Human Relationship Business

• Success depends heavily on trust, authenticity, and genuine connection between buyer and seller.
• Jumping into numbers or due diligence too fast undermines rapport—“don’t say EBITDA in the first meeting.”

2. Founder-to-Scale-Up CEO Is a Critical Evolution

• First-time CEOs often struggle because they stay in “doer mode” instead of becoming leaders of leaders.
• Being open, curious, and not defensive allows CEOs to better evaluate fit and opportunity during M&A.

3. Culture Fit Is a Massive Value Driver

• Rallyday prioritizes culture and people, many potential acquisitions fail because values and leadership styles don’t align.
• Firms that roll up businesses without integration often miss long-term value.

4. Time Kills Deals—Momentum Matters

• M&A fatigue is real; long processes increase the chance that someone gets overwhelmed and walks away.
• Focused diligence and fast, intentional movement help preserve trust and energy.

5. Quality of Earnings (QofE) Breaks More Deals Than Anything Else

• Many transactions die when financials don’t hold up under a closer look around revenue and margins.
• A quick, early QofE check reduces wasted time for both sides.

6. Long-Term Relationship Building Wins the Best Deals

• Some partnerships develop over 3–4 years before a deal is possible.
• It’s never too early to build rapport and a relationship.

7. Independent Sponsors & Searchers Must Lean Into Authenticity

• Humility, self-awareness, and emotional intelligence matter more than financial modeling.
• Local ecosystems—lawyers, CPAs, wealth managers—are critical referral networks.

8. Add-On Acquisitions Work Only With Strategic Clarity

• M&A must serve a clear ambition—expansion of scope, scale, customers, or capabilities.

9. Integration Strategy Depends on Industry Emotion & Brand Sensitivity

• Emotional or consumer-facing businesses (e.g., childcare, eldercare, etc.) often require keeping brands intact longer.
• Back-end systems (ERP, CRM, ops) should usually be integrated to avoid value erosion.

10. The Market Is More Crowded Than Ever—Differentiation Is Key

• PE capital massively outnumbers quality deals, making value proposition clarity essential.
• Operating experience, leadership maturity, and personal development create an edge in today’s environment.