Dear BTF Community,
For many business owners, selling a company is the most significant financial and emotional transaction of their life. Yet too often, preparation begins only when the decision to sell has already been made.
Mike Milani, Executive Managing Director & Principal at Baker Tilly Capital, LLC and Chair of BTF SoCal 2025, has spent nearly four decades advising owners through M&A transactions. His message is clear: the owners who achieve successful exits start thinking years, not months, ahead.
Mike also reminds us that transitions aren’t DIY projects. Just like you wouldn’t remodel your own kitchen without professional help, navigating an M&A transaction requires the right team, the right mindset, and the right preparation.
Key Takeaways for Business Owners:
- Start early. Successful sellers begin planning 2–3 years before going to market.
- Think long term. Run your company as if you’ll own it forever, invest in people, systems, and culture.
- M&A is a team sport. The right advisors are essential to protect and enhance value and close deals.
Enjoy,
Mark
The 2–3 Year Rule
Most owners underestimate how long it takes to prepare a business for sale. Mike is direct about the timeline:
“Most owners that are successful with M&A transactions start thinking about an exit a minimum two to three years out from when they’re going to actually take the company to market.”
That time allows owners to organize financials, strengthen teams, resolve operational gaps, and demonstrate performance that will stand up under buyer due diligence.
Think Like A Forever Owner
Ironically, the best way to prepare for a sale is to act like you’ll never sell.
“You need to think about what would you do if you were going to own this asset or this business for forever… investing in the business, hiring and training talented people and, making sure that you have robust internal systems so that the business can be self-perpetuating.”
This “forever mindset” not only builds resilience but also signals to buyers that the business is sustainable, scalable, and less dependent on the owner, which is a critical driver of valuation.
Misconceptions & Missteps
Perhaps the most dangerous misconception owners hold is that they can sell their business alone.
“The biggest misconception is that selling a company can be a do-it-yourself project… for example I should not be remodelling my own kitchen. That’s why you hire people that do M&A transactions for a living.”
M&A, Mike emphasizes, involves accountants, financial due diligence experts, M&A tax specialists, investment bankers, attorneys, and wealth advisors working in concert.
Without that individual and collective expertise, owners risk leaving significant value on the table or worse, failing to close.
What Attracts Premium Buyers
Premium valuations aren’t accidents; they’re the product of positioning a company for sale. According to Mike, buyers pay most for companies that can show:
- Market leadership (not necessarily the biggest, but a leader in their niche).
- Revenue growth at or above industry averages.
- Sustainable profitability with gross margins and EBITDA margins that benchmark well against peers.
“If you can position yourself to a buyer that you’ve got a well-built engine… a sustainable and profitable model that under new ownership will continue to do quite well, then you’ll attract buyers that can pay a premium for the business.”
M&A As A Team Sport
Even with preparation and positioning, deals are more complex than ever.
“I think about M&A as a team sport… deals have gotten much more difficult to close through the buyer due diligence processes than I’ve ever seen.”
For owners, that means surrounding yourself with a seasoned bench of advisors and ensuring management is prepared to support the process from start to finish.
Why BTF Matters (Even If You’re Not Selling Soon)
For Mike, the value of BTF lies in its authenticity and timing. Unlike sales-driven conferences, BTF is built around real-world experience:
“You’re actually interacting with people that are either business owners or professionals that serve business owners in executing M&A transactions… You’re going to be hearing people talk about their experiences in buying and selling companies and what they did and what they wish they knew beforehand.”
It’s not about theory or sales pitches; it’s about candid dialogue.
“No one’s there to sell you on what they do… Everyone’s there to be in a learning environment.”
That environment is valuable whether you’re preparing to sell soon, thinking about acquisitions, or simply exploring your options.
“Every business owner has a number of options for their company’s future… it’s better to be well-prepared and well-educated so that when you’re thinking about doing something, you’re not learning about it for the first time.”
Even if a transition is years away, attending BTF gives you a head start, helping you avoid costly missteps and ensuring you’re ready when the time comes.
Final Reflection
Mike Milani’s perspective is a reminder that successful transactions don’t start with a “for sale” sign.
They start years earlier with disciplined planning, investment in people and systems, and a recognition that M&A is too important to navigate alone.
For every entrepreneur considering the next chapter, his advice is simple: prepare early, build your business with a forever mindset, and learn from those who’ve already walked the successful M&A path.
We look forward to continuing these conversations with Mike and others at BTF SoCal 2025, where business owners come together not just to plan for transactions, but to plan for the future of their legacies.