Five hard truths exit buyers won’t tell you

Strategic buyers and PE investors are already forming opinions about which healthtech companies are acquisition-ready and which ones aren’t worth the premium.

Most CEOs will leave millions on the table at exit, not because their product isn’t strong, but because they failed to prepare their company the way buyers actually evaluate deals.

Get this right and buyers chase you, not the other way around.

Here are the 5 hard truths, and what legendary companies do differently.

1. Valuation problems are almost never valuation problems.

They’re clarity problems disguised as “market conditions.” Companies without sharp positioning, disciplined messaging, and a compelling corporate story rarely command premium multiples. When buyers can’t instantly see your category position or why customers chose you over competitors, they see risk. And risk crushes valuations.

Premium exits go to companies with:

1. A crisp growth story
2. Defined customer personas
3. Proof that scales (case studies, metrics, adoption)
4. A brand narrative that makes success feel inevitable

2. Your customers will tell buyers the truth, before you get the chance.

Buyers don’t just review your deck. They call your customers. And what kills deals is when customers struggle to articulate why they chose you, what problem you solve, or how you’re different.

That confusion doesn’t come from a weak product. It comes from weak positioning. The companies that earn premiums have customers who sound like evangelists not because they were coached, but because the brand story is so clear it’s impossible to miss.

3. Buyers don’t pay for incremental improvements.

They pay for category-defining advantages. A 20% faster workflow or 15% cost savings gets lost in diligence. Multiples expand when buyers see a company that defines the category and makes competitors react to them.

This isn’t about being first. It’s about being unmistakable.

4. If you can’t explain why you win, buyers assume you’re lucky.

Competitive clarity beats first-mover advantage every time. Buyers already know who’s winning in your space. What they’re testing is whether you know why you’re winning the right deals and whether that edge is repeatable.

Companies that articulate their moat with precision create buyer confidence. Vague answers create doubt. Doubt kills premiums.

5. Growth that depends on the founder is a liability, not an asset.

Buyers want systems, not heroes. If your sales process only works when you’re in the room, or if your vision depends on your personal relationships, that’s not scale, that’s fragility.

The companies that command premium multiples have codified their positioning, messaging, and narrative so clearly that anyone on the team can sell the vision. That’s when growth becomes an engine, not a grind.

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