INSIGHTS

Deal Making Intel

An insider playbook about M&A Deal Making for VC-backed companies.

Thomas Tcheudjio

The Deal Starts Before the Engagement

Deal Making Intel #44

In startup M&A, the critical question is not whether an advisor can execute a transaction, but whether they are positioned to generate the insights that make a deal possible.

2026-03-30·4 min read

Thomas Tcheudjio

The Hidden Cost of Beauty Contests

Deal Making Intel #43

Large beauty contests to select M&A advisors can inadvertently destroy shareholder value by creating information leakage that eliminates competitive tension among buyers.

2026-03-09·5 min read

Thomas Tcheudjio

The Valuation Premium Lives in the Roadmap, Not in the P&L

Deal Making Intel #42

Corporate development activities — not financial metrics alone — consistently drive superior exit valuations for sub-scale SaaS companies.

2026-02-10·5 min read

Thomas Tcheudjio

Nobody Cares About the User at Some Point

Deal Making Intel #41

As companies graduate from early stage to growth stage, the pitch must evolve from user-centric storytelling to budget dynamics — because growth investors and strategic buyers operate at a different level of abstraction.

2026-01-26·7 min read

Thomas Tcheudjio

How Buyers Fall in Love With a Deal

Deal Making Intel #40

The element that consistently determines a buyer's reaction after a first meeting is how clearly the seller has institutionalized its Ideal Customer Profile.

2025-12-08·6 min read

Thomas Tcheudjio

Breaking the Gravity of Comps

Deal Making Intel #39

What underdog movies taught me about selling companies.

2025-11-24·7 min read

Thomas Tcheudjio

Seller's Market vs Buyer's Market

Deal Making Intel #38

Understanding whether you are operating in a seller's or buyer's market is the single most important factor in determining M&A outcomes for startups.

2025-11-03·5 min read

Thomas Tcheudjio

The Mindset That Turns Off Buyers Instantly

Deal Making Intel #37

We've built the tech, you just have to scale it

2025-10-20·4 min read

Thomas Tcheudjio

Why VC-backed M&A is Hard

Deal Making Intel #36

Valuation expectations lie more on status than objective value

2025-09-02·5 min read

Thomas Tcheudjio

Playing the 'Right' M&A Game

Deal Making Intel #35

Especially for sub-scale (under €10M ARR) companies

2025-06-23·5 min read

Want to read more?

Subscribe to Deal Making Intel on Substack for notifications.

Subscribe on Substack