The Pillar 

When Jared Ribley, Founder and Managing Partner of Capstone M&A, stepped into the classroom at Washington University in St. Louis Olin Business School as a guest speaker for the ETA (Entrepreneurship Through Acquisition) program, the result was far more than a lecture, it was a defining moment for students.

When business owners think about value, they often focus on revenue and EBITDA. But in mergers and acquisitions, net working capital (NWC) can have just as much impact on deal economics, especially at closing. Net working capital represents the capital required to operate the business on a day-to-day basis. In most transactions, buyers expect the business to be delivered with a normalized level of working capital, ensuring operations can continue smoothly post-close.

In mergers and acquisitions, deals don’t usually fall apart because of a single major issue. More often, they stall or die because of something far more subtle: deal fatigue. Deal fatigue refers to the mental, emotional, and operational exhaustion that builds over the course of a prolonged transaction. As negotiations drag on, diligence requests pile up, and timelines stretch, even well-aligned buyers and sellers can lose momentum. Understanding deal fatigue and how to manag

In mergers and acquisitions, details matter especially the legal ones that can quietly delay or derail a transaction. One of the most common (and most overlooked) is the UCC Filing. Understanding UCC filings is critical for business owners preparing for a sale, buyers conducting diligence, and lenders securing their position. Here’s what it is, why it exists, and how it shows up in real transactions.

As we look ahead to 2026, one thing is clear: exit planning is entering a more complex, competitive, and data-driven era. A convergence of demographic shifts, evolving buyer behavior, regulatory updates, and technological advancements is reshaping how business owners must prepare for and execute a successful sale.

The Year-End Readiness Checkup As the year comes to a close, many business owners shift their focus to planning, budgeting, and personal goal setting. But year-end is also one of the most strategic times to evaluate whether your business is positioned for a successful sale, especially if you are considering going to market in 2026.