2 min read
Perception is reality in M&A
When it comes to company sales, every detail matters, but some matter more than others. Financials and operations will always drive valuation, but one factor is still underused: strategic communication.
In M&A, perception shapes reality, and it is formed long before a buyer sees an Information Memorandum.
“Often when we get involved in M&A transactions, it’s too late,” says Andrew McCallum, CEO of Aspect.
“Companies that think about positioning and communication earlier in the process can materially improve their multiple.”
The cost of waiting too long
Many companies invest in brand presence and thought leadership but forget that a sale process is the most important brand moment of all. The common mistake? Leaving messaging until the deal mechanics are already underway.
McCallum explains: “Management teams often get buried in producing the information memorandum and working with banks and lawyers, then think about how they look and sound to buyers at the last minute.”
The consequences are real. PwC finds companies that begin preparing 12–24 months in advance can achieve valuations 15–25% higher. Harvard Business Review reinforces this, noting that 62% of failed deals cite cultural misalignment and lack of narrative clarity as key factors.
And buyers are already watching. They scan leadership bios, media coverage and digital footprint long before formal engagement. If those signals are weak, strong financials alone will not compensate.
Communications that add real value
A structured approach to messaging delivers:
1. Narrative clarity – A compelling story of what the business does, why it matters and where it’s going.
2. Buyer-centric messaging – Tailoring to resonate with target acquirers.
3. Executive readiness – Coaching management teams for confident, consistent delivery.
4. Visual presence – A strong brand and digital identity that reinforce credibility.
“You’d be amazed how much value is placed on the perceived quality of the management team,” Leona Minellas, Communication Director notes. “Simple actions such as refreshing the website, aligning tone of voice, rehearsing presentations can shift buyer confidence significantly.”
Incremental cost, exponential return
Strategic communication will not turn a mediocre business into a premium asset. But it can lift the multiple, attract better-suited acquirers, and make the process smoother by aligning internal stakeholders, motivating employees and controlling the narrative.
“It’s just like selling your house,” says Minellas. “You tidy the garden, trim the lawn, create curb appeal. It works.”
The takeaway
Start early. Engage a communication consultancy alongside financial advisers. Audit your positioning. Refresh the narrative. Map target buyers and adapt messaging accordingly.
In complex sectors like energy, where regulation and public sentiment shape outcomes, owning the narrative isn’t optional, it’s indispensable.
Strategic communication ensures companies are seen not just for what they have achieved, but for what they are capable of becoming. And that vision, when articulated clearly, is what sells.