The Tech M&A Podcast
Episode 97: Sell For Free Fallout
Why It Matters
Understanding the trade‑off between a free, fast sale and a comprehensive, commission‑based search helps founders avoid undervaluing their companies and missing wealth‑building exits. The discussion is timely as tech M&A activity is strong, and many owners are still hesitant to engage professional advisors, risking sub‑optimal deals.
Key Takeaways
- •First Look offers free deal origination for tech sellers
- •Many owners missed market by waiting for free offers
- •Free buyers provide lower offers, but cash is immediate
- •Global search yields ~48% higher returns versus free deals
Pulse Analysis
The Tech M&A Podcast introduces Coram Group’s First Look program, a free deal‑origination platform that connects software and IT sellers with a curated pool of a few hundred active buyers drawn from a 19,000‑strong database. By eliminating upfront commissions, First Look promises rapid exposure and feedback, positioning it as a low‑risk entry point for companies considering an exit. This model taps into the growing demand for swift, cost‑effective transactions while still leveraging the credibility of a seasoned M&A advisor.
However, the episode reveals a significant fallout: many owners clung to the myth that a perfect buyer would appear for free, only to watch market opportunities evaporate. Those who waited for a no‑commission deal often received lower, “bottom‑feeder” offers that, while cash‑rich, fell short of the value achievable through a comprehensive global search. Coram’s data suggests sellers could capture roughly 48% more value by engaging in a full‑scale partner search, even after accounting for typical advisory fees. The narrative underscores how the lure of free can trap companies in suboptimal exits.
The hosts conclude that timing and strategy trump the allure of zero‑cost deals. For businesses of any size, initiating a global partner search now—when market appetite for tech acquisitions is high—can unlock superior pricing, tax efficiency, and employment terms. While First Look remains a valuable tool for qualifying sellers, the broader lesson is clear: don’t let the promise of free delay decisive action, or you risk leaving significant wealth on the table.
Episode Description
What really happens when you try to sell a software company for free?
In this CEO's Desk episode, Corum Group addresses the unexpected fallout from launching First Look—a new tech M&A program designed to help owners sell for free by giving software and IT companies early exposure to qualified buyers.
While First Look attracted the right audience of smaller sellers, the promise of a free exit also triggered a surge of long‑waiting founders—many with established companies—who had delayed action for years hoping their software company exit would simply "happen."
Drawing on decades of experience advising founders through successful business exit strategies, this video explains why selling a tech company requires proactive positioning, competitive pressure, and broad buyer exposure—and why waiting for free often leads to undervalued outcomes.
If you're considering selling a software company, evaluating your exit timing, or navigating today's M&A advisory landscape, this candid discussion offers critical insight into why the best exits are planned, not discovered—and why now may be the strongest market to sell.
Key Takeaways
"Free" is powerful—but dangerous. It often pulls sellers into fast, undervalued deals.\
Companies are sold, not discovered. Passive waiting rarely produces optimal outcomes.
Early, broad buyer exposure matters. A single offer is not a real market.
Many founders wait too long. By the time they act, the market window may already be closing.
The best exits come from preparation. Global search processes consistently outperform opportunistic offers.
Right now, is an unusually strong market for selling quality software and IT businesses.
Chapters
0:26 – Overwhelming Response from Sellers and Buyers
Why demand exceeded expectations—and not just from small companies.
0:45 – The Unexpected Fallout Begins
Why Corum had to hit pause after launch.
1:24 – The Myth: "Companies Are Bought, Not Sold"
Why waiting for discovery is a costly mistake.
3:22 – Why Founders Cave to 'Free'
Speed, convenience, and the emotional pull of no commissions.
4:03 – Why First Look Was Created
Helping companies who aren't ready—or right—for a full global search.
4:26 – First Look vs. a Global Partner Search
Who First Look is for—and who should not use it.
4:57 – Final Warning: Don't Miss the Window
Why this may be the best market founders will see to sell their tech company.
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