Selling a business is one of the most consequential decisions an entrepreneur will ever make.

Looking back on my experience selling majority control to private equity, there are lessons I learned:

First: Take control of the process. Do not assume your investment banking advisor will get everything right. Their strengths are financial, not marketing. You need to understand the process deeply and stay actively involved in how your business is presented and sold.

Second: Education is leverage. Speak to people who have been through it. Learn how these transactions really work. The more informed you are, the more effectively you can challenge assumptions and hold stakeholders to a higher standard.

And third: If you sell control, you lose control. If you’re retaining a minority stake, recognize that the new owner may not operate the business as you would – or even the way it should be operated. In some cases, they can do significant damage to the business and to your retained investment.

During negotiations is your moment to act – Push for clear, practical guardrails – simple, measurable protections to help preserve the health of the business.

If I could go back, I would have insisted on stronger safeguards, re-invested less and done deeper due diligence on my new partner.

Hard lessons, but important ones. And if sharing them helps another founder navigate their own exit more confidently and successfully, then they’re worth passing on.