M&A Launchpad Avoiding Buyer Landmines: Quality of Earnings, SDE Pitfalls, and Buying Right with Elliot Holland
In this high-impact episode of the M&A Launchpad Podcast, hosts Feras Moussa and Casey Minshew are joined by Elliot Holland, founder of Guardian Due Diligence and the Business Buyer Masterclass. With decades of experience conducting quality of earnings (Q of E) reviews and advising buyers in small business acquisitions, Elliot brings invaluable insight into the due diligence process that every buyer needs to hear. Whether you're a first-time buyer or a seasoned dealmaker, this episode dives deep into critical financial diligence topics, including working capital, seller discretionary earnings (SDE), recourse strategies, and how to leverage brokers during tough negotiations. Elliot also shares real stories of deals gone wrong and how to avoid the most common buyer mistakes. Don’t miss this one—it might save you millions.
In this podcast episode, we discuss:
• What a Quality of Earnings (Q of E) report really uncovers
• How financial diligence helps avoid catastrophic deal mistakes
• Why EBITDA is often misunderstood (and sometimes misused)
• When SDE becomes a red flag instead of a metric
• How to approach working capital negotiations confidently
• Leveraging brokers the right way
• The importance of seller notes and recourse
• Building your deal team and protecting your downside
• Real-life cautionary tales from Elliot’s deal history
• Elliot’s take on when to walk away—and how to spot deception
Contact Elliot Holland:
Website: https://www.guardianduediligence.com
YouTube: https://www.youtube.com/@GuardianDueDiligence
LinkedIn: https://www.linkedin.com/in/elliotholland/
Additional Resources:
• Sponsored by O’Connell Advisory Group – Work with a trusted Quality of Earnings and Financial Diligence partner who focuses solely on business acquisitions. Visit: https://www.oconnelladvisorygroup.com
• Attend the M&A Launchpad Conference – Upcoming in October 2025. Date and Location TBD. Premier event for entrepreneurs, investors, and dealmakers in the lower-middle market. https://www.malaunchpad.com
• M&A Launchpad Hosts Contact – Casey Minshew & Feras Moussa: info@equitylaunchpad.com
• Looking to buy or sell a business? Connect with the team at Equity Launchpad for expert guidance and hands-on support throughout your transaction. Visit: https://www.equity-launchpad.com
About The M&A Launchpad:
The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.
The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.
Connect with M&A Launchpad:
🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7
🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586
🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/