But first-time founders can adopt their strategies, too.
Here are six differences in approach that can make or break a successful exit:
First-timers: Ignore premature interest from acquirers.
Second-timers: Proactively build strategic relationships early.
First-timers: Present a generic 'Company Overview' deck to buyers.
Second-timers: Customize their materials to articulate the strategic rationale.
First-timers: Scramble to respond to the acquirer's due diligence requests.
Second-timers: Are always diligence-ready.
First-timers: Get distracted by the deal and take their eye off the business.
Second-timers: Stay focused on execution and key operating metrics.
First-timers: Focus primarily on deal valuation.
Second-timers: Consider the terms of the deal comprehensively.
First-timers: Are devastated when a buyer withdraws.
Second-timers: Know that deals often 'die' multiple times.
What are some other differences you've noticed that first-time founders can emulate?