When it comes to selling a company, the real question is not whether to sell, but to whom. Each buyer type, whether a private equity fund, an industrial partner or a direct competitor, has a unique approach to valuation and distinct goals for the company’s future.

Understanding these differences is essential for choosing the right buyer and ensuring the deal creates lasting value.

Private equity fund: financial performance and return-driven approach

A fund does not buy to hold long term. Its primary goal is to quickly enhance the company’s financial and economic performance and exit within 3 to 5 years.

The valuation focuses on key financial metrics such as EBITDA, profit margins, cash flow and operational efficiency. In the negotiation phase, attention is directed toward business model scalability and short-term improvement of KPIs. This type of buyer is ideal for companies seeking a structural transformation and open to a more rigorous, results-oriented governance.

Industrial partner: shared strategy and operational synergies

An industrial partner enters with a different mindset. It looks beyond the financials, focusing on strategic and operational synergies: complementary markets, technologies, products, and distribution networks.

During negotiations, interest centers on how to grow together, rationalize costs, and define the entrepreneur’s future role. This route is most effective when there’s a shared long-term vision and cultural-operational alignment between the companies. For the entrepreneur, it offers the chance to remain actively involved in a meaningful way within the future management structure.

Competitor: consolidation and market reinforcement

When the buyer is a competitor, the objective is pragmatic and immediate: to strengthen their market position through the acquisition and absorption of the target company.

In this case, value is generated primarily through immediate gains: eliminating redundancies, acquiring clients, and increasing operational efficiency. For the seller, it can mean a fast and well-valued exit—but it almost always implies a full integration of the company into the buyer’s business model and structure.

Conclusion

Each buyer brings a distinct perspective on what constitutes value: the fund seeks financial return, the industrial partner focuses on continuity and synergies, and the competitor aims at efficiency and market strength.

Recognizing these dynamics is not just about negotiating effectively—it’s about deciding what future you envision for the company. True value lies not only in the sale price, but in the strategic alignment between buyer and the company’s next chapter.