HoldCo Builders How to Win Deals Over Private Equity (Even if They Pay 10-20% More)
Nov 12, 2025
Explore the underrated power of listening in business acquisitions. Discover how Warren Buffett built trust to close a $60M deal and learn from Shopify's success in prioritizing empathy. Understand the importance of conversational cues that can reveal hidden deal signals. Gain insights into how persistent relationship-building can outshine even the best financial offers. Finally, uncover practical tips for mastering listening during due diligence while cultivating rapport with sellers.
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Story Matters As Much As Cash Flow
- Small-business deals are won by human connection as much as numbers.
- Listening reveals the seller's story, values, and hidden signals beyond spreadsheets.
Buffett Bought Trust Over Spreadsheets
- Warren Buffett spent an afternoon listening to Mrs. B's immigrant story and shook hands on a deal.
- He later said, "If you can't trust a person like Mrs. B who can you trust," and the deal became worth $60 million.
Use Conversations As Due Diligence
- During due diligence, listen for language clues like "I still sign every check myself."
- Follow up with specific questions to surface control issues, team dependency, or customer pressure.