Everyone hears the same question in December: “Was it a good year?” Looking back on 2025, it has been a great year for VBB Advisors. Two big takeaways emerged in 2025. #1 – It is a seller’s market. Valuations are higher than ever. #2 – I saw three significant deals fall apart for essentially the same reason, which in every case, was totally avoidable. For operators, it offers a valuable lesson.
Great news for operators
First off, here is some great news: If you are a convenience services operator, especially an operator who is focused on micro markets, congratulations! You are in the right business. The leading operators in the country are keenly interested in buying high-quality, well-run companies with micro markets, vending, coffee service, pantry service and water.
Our process works
Our process, the methodology we use at VBB Advisors, the leading business broker in the convenience services industry, is working better than ever. Example: I have a deal pending right now in the southeast that has generated strong interest from six to eight buyers. Can you guess what happens when a company has that many interested buyers? That’s right, the price goes way up.
Big players are buying
All of the big operators, the usual acquisition leaders, are geared up for growth. Aramark, InReach, Canteen and some of the largest Canteen franchisees are leading the way. For us, as a business broker – this is an exciting time. For operators who are ready to sell – it is a fantastic situation to be in - a classic seller’s market.
The important lesson
That said, while I represented sellers on some life changing deals, I also had three potentially great deals that went sideways. In one case, an operator – very old school, had limited financial records. That might work for a closely held company on a day-to-day basis, but for the kind of sophisticated buyers we are dealing with – poor financial records are unacceptable.
In the other two deals, the financials were in place, but the potential buyers were uncomfortable with those records and frankly, I can’t blame them. Here is the lesson that I referred to earlier: Properly prepared, accurate financial statements are critical to execute a successful sale.
Financials are critical
Incredibly, sometimes I hear operators say, “Why are the financials so important? They are buying my assets.” The answer is simple. While these deals are usually structured as an asset sale, they are buying your business. There is no better metric of your business than your financial statements. It also tells a lot about how you do business. A company that has their ducks in order – that is an important reflection of management and how the company is being run.
Three more lessons learned in 2025
One lesson to be learned in 2025 is that you will be rewarded for planning when you are selling your business. If you want to sell your business in July of 2026, now is the time to start the process. One of the great benefits of starting the selling process well in advance is that the entire experience will be calmer and easier. When the seller knows everythingi s completely in order and their company is perfectly positioned to generate multiple offers, that mitigates a great deal of stress.
Another lesson to be learned – deal only with a “sell side” broker, who represents your interests exclusively. That is what we do at VBB Advisors.
Lesson number three – VBB Advisors has a process that works– in good times and bad – for premium operators and for those who fall a little short of an “A grade.” I can help you improve that grade if you follow my proven formula for M&A success.
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 2025 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
