In today’s advisory world, we talk endlessly about differentiation; how to stand out beyond the numbers. Yet when a practice hits the market, attention often snaps right back to multiples, revenue, and payout structure. What’s too often overlooked are the intangibles, the culture, client experience, and values that define the business.

For buyers, it’s natural to view an acquisition as a financial transaction. For sellers, it’s rarely that simple. Selling represents the culmination of years of client trust, personal identity, and pride in service. That emotional undercurrent often peaks between the Letter of Intent and the Closing Date, the window when “seller’s regret” is most likely to surface. The best buyers recognize this dynamic.

They perform their financial diligence but lead with empathy, seeking to understand what truly motivates the seller. Time and again, sellers tell us their decision is 60-70% emotional, not just financial. First-time buyers who miss that subtlety risk losing deals over something as small as tone, timing, or communication style.

Bottom line: the numbers open the door, but relationships close the deal.