Anyone who attended the NAMA Show in Los Angeles will tell you the same thing. This year’s show was all about AI-driven smart market markets. At every turn on the convention floor, there was another smart market to see, each promising better security and improved user experience. For operators who are considering a sale, whether soon or a few years down the road, there is an important lesson to be learned. Consider who the M&A players are and act accordingly. Be smart when you pick a smart market.
Operational and Strategic
I was reminded of this recently while listening to a Vending & OCS Nation podcast conversation with operator Pete Virnig. One comment stood out. He said that technology decisions in this business are no longer just operational, they’re strategic. That observation perfectly captures what many operators are still underestimating.
Too often, smart market decisions are made based on short-term economics. What’s the upfront cost? How quickly will this improve margins? What’s the payback period? Those are all reasonable questions, but they don’t tell the whole story.
Think about the buyer
An important question that we consider at VBB Advisors, the one that matters if you are thinking about an eventual sale is this: How will this decision look to a buyer? Strategic acquirers like Canteen, InReach, and Aramark are not just evaluating your current revenue stream. They are evaluating your infrastructure, your scalability, and how easily your operation fits into their existing ecosystem. And whether we like it or not, the technology you choose sends a very clear signal.
At the NAMA Show this year, there was no shortage of new and emerging smart market providers. Many of them offer compelling value propositions. Lower upfront costs, flexible models, and a promise of innovation that is hard to ignore. For operators focused on near-term profitability, these solutions can look very attractive. But here’s where the disconnect happens.
Friction hurts valuations
When it comes time to sell, buyers don’t look at those decisions the same way operators do. Buyers are focused on risk, standardization, and integration. When they encounter an operation built on lesser-known or unproven platforms, it introduces questions. How reliable is the system at scale? How much effort will it take to convert? Does it align with our current technology stack? Even if the system is performing well, the presence of those questions creates friction. Unfortunately, friction, in an M&A process, almost always translates into a lower valuation.
Contrast that with AI Smart Markets built on widely recognized platforms (you know who they are). These systems have become the industry standard for a reason. They are proven, widely deployed and well understood by the largest buyers in the space. When a strategic acquirer sees those platforms in your business, the conversation changes immediately. There is less uncertainty. Less diligence required around the technology. Less concern about post-acquisition integration. In short, your business becomes easier to understand and easier to buy. That matters more than most operators realize.
Buyers love an easy fit
A common pushback is that everything integrates today, so it shouldn’t matter what system you choose. While that may be true from a technical standpoint, it misses the bigger picture. Integration is not the same as alignment. Buyers are not looking for businesses that can be made to fit. They are looking for businesses that already fit.
If your technology stack mirrors what a strategic buyer is already using, the path to integration is smoother, faster, and less risky. That confidence shows up in how buyers value your business. This is where long-term thinking becomes critical. If you are building your company with the intention of eventually selling, then your decisions today should reflect that goal. Every major investment, especially in technology, should be evaluated not just on its immediate return, but on how it positions your company in the eyes of a future buyer.
Smart markets are no longer just a piece of equipment. They are potentially a core part of your operating platform. They influence your customer experience and ultimately your perceived sophistication as an operator.
Smart markets are here to stay
The 2026 NAMA Show made one thing abundantly clear: AI-driven smart market technology is not just the future - it is the present. Choosing a lower-cost, less-known solution may seem like a good move today, but it can introduce uncertainty tomorrow, when it matters most. On the other hand, aligning with established, highly regarded platforms does more than support your current operation, it positions your company as a strategic fit for the buyers who dominate the M&A landscape.
Because when it comes time to sell, the question won’t be whether your technology worked. The question will be whether it made your business easier or harder to buy. Our goal at VBB Advisors, the leading sell side intermediary in the convenience services industry, is to help you make decisions that will result in a very successful outcome when it is time to sell your business.
Please consider this:
Our VBB Exit Advantage program is a $10,000 value, a tailored exit planning program, ultimately free to operators who works with VBB Advisors on the sale of their business. I’m happy to discuss the VBB Exit Advantage program with any operator, so give me a call.
One of the keys to successful representation is generating multiple offers. Our process at VBB Advisors is built around that concept. Are you ready to take that critical first step? That is often the toughest one to take.
Order my free 2026 Exit Strategy Planner. At the very least, it will provoke some thought, and this is a good time to think about your future.
Whatever your reasons are to sell your company - the timing, a sense of frustration, the desire to enjoy life or an interest in rewarding yourself for years of hard work – VBB Advisors can help you realize your goals.
I am Mike Kelner, the leading sell side intermediary in the convenience services industry. Let’s sit down and have a conversation. Use this appointment scheduler to set up a meeting with me.
Or – give me a call at 704-942-4621
