Selling your firm is not just a transaction.

It is a decision that defines your legacy.

It is easy to get caught up in the numbers.

The valuation.

The multiple.

The payout.

But the real question is—who are you selling to?

David C. Baker posed two simple questions.

Why are they buying?

And why are they buying from you?

These questions matter.

Because the buyer is not just acquiring a firm.

They are stepping into relationships.

With your clients.

With your team.

With the trust you have spent decades building.

It is tempting to seek out an unsophisticated buyer.

Someone who does not ask the hard questions.

Someone who is easy to negotiate with.

Someone you can outmaneuver in the deal.

But remember this—your clients will be working with this person later.

So will your employees.

So will your legacy.

Do you really want your life’s work in the hands of someone who was easy to sell to?

Selling a firm is like choosing a successor.

You do not just pick the highest bidder.

You pick someone who will carry the vision forward.

Someone who will honor what you built.

Someone who will make your clients and employees feel at home, not like they have been handed off.

The wrong buyer does not just cost you money.

It costs you reputation.

It costs you trust.

It costs you everything you worked for.

A fool with a checkbook is still a fool.

And one day, you will have to explain why you chose them.

Your exit is part of your legacy.

Make sure it is one you are proud of.