E286: Deals Don’t Fail on Paper

M&A Begins with Trust: Deals live and die on rapport—not just with the seller, but with the acquired team. Trust is the true currency in successful transactions.

Seller-Financing Wins: Miller's first acquisition was a small, seller-financed deal—highlighting that not every transaction needs SBA debt or a PE fund.

Don’t Skip Culture Fit: A players don’t stick around if you bulldoze culture. Integration takes time, patience, and listening.

Vision Without Execution is Fantasy: Miller emphasizes method + magic = alchemy. Intuition and process must coexist.

Diversification is Learnable: He’s run companies in industries as varied as cannabis, fintech, and fashion. Why? Because business fundamentals—people, process, and trust—are universal.

Buyers Often Move Too Fast: Rushing in to change systems, fire people, or “fix” things too soon leads to resistance and turnover. Observe before acting.

You Might Outgrow Your Business: Founders need to recognize when their business has surpassed their skillset—and decide whether to level up or step aside.

Most M&A Fails Are People Failures: 70% of acquisitions fail, and it’s rarely because of numbers. It’s trust breakdowns, poor communication, and mismanaged change.

E286: Deals Don’t Fail on Paper—They Fail in People