Independence by Design™ #447: Jeff Buettner | Q2 2025 M&A Update: What Buyers Want, What’s Holding Deals Back, and How Founders Can Prepare
What’s happening in the M&A market right now? Who’s buying, who’s selling, and how should owners think about timing, value, and optionality?
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In this episode, I sit down with Jeff Buettner from ButcherJoseph, an investment banker who specializes in founder-led companies in the lower middle market. We unpack the current state of dealmaking for $2M to $10M EBITDA businesses and talk candidly about what’s really driving—or stalling—transactions in today’s environment.
We cover everything from deal structure, buyer behavior, and interest rate dynamics to why some owners are stuck in “no man’s land” between SBA buyers and private equity funds. Jeff shares the patterns he sees across the market and what business owners can do right now to improve their position and expand their options, even if they’re not ready to sell.
Whether you're prepping for an exit, considering a recap, or just want to understand what drives valuation and interest in the middle market, this episode gives you a grounded, experience-backed view into what's working—and what’s not—in M&A today.
This conversation ties directly into the Elevate phase of the iBD™ Magic Model—helping owners increase strategic value, attract aligned capital, and design a business that’s ready for optionality.
Jeff Buettner is a Managing Director at ButcherJoseph, where he works with owner-led businesses exploring recapitalizations, ESOPs, and strategic exits in the lower middle market. With deep experience across private capital markets, investment banking, and founder transitions, Jeff specializes in helping owners navigate complex deal dynamics while maintaining control and clarity. He is known for his honest, practical approach and his ability to bridge the gap between what founders want and what the market will support.
Chapters:
- (00:00) Welcome to Independence by Design with guest Jeff Buettner
- (00:34) Current M&A market trends and tariff impact conversations
- (02:23) How uncertainty stopped transactions and lending activity cold
- (05:52) Finding pockets of certainty in volatile deal environments
- (09:28) Strategic versus financial buyers in tariff-impacted markets
- (14:02) The five million EBITDA threshold and why it matters
- (25:24) Navigating the no man's land of middle-market businesses
- (33:31) Building management teams and reducing owner dependency risk
- (36:40) Strategic planning three years ahead for better outcomes
- (40:18) When to engage investment bankers for maximum value
- Rate, comment, and share with the owner/operators you know!
Resources:
ButcherJoseph: https://www.butcherjoseph.com
Jeff Buettner LinkedIn https://www.linkedin.com/in/jeff-buettner-8839432/
Ryan Tansom Website https://ryantansom.com/