Business owners who have spent years, sometimes decades, building something from nothing know the decision to sell is rarely just financial. It’s personal, tangled up with identity, legacy, and fear of what comes next.
According to Richard Waryn, a private equity veteran who says he has raised and managed more than $6 billion in emerging-market funds during a three-decade career, some aspects of the current market may create opportunities for owners considering a sale. However, the conditions and potential outcomes vary considerably by company, sector, buyer interest, and access to financing.
Waryn is a founding partner of Ridgefield Partners, a merger and acquisition advisory firm that works with lower middle market companies, generally those valued under 250 million dollars, guiding owners through the process of selling all or part of their business. He also personally acquired and grew LDK Logistics, a Colorado-based high-end logistics company handling first- and final-mile delivery of large equipment, giving him firsthand experience as an operator rather than only as an advisor.
“We bring Wall Street to Main Street,” Waryn said, describing the philosophy behind the firm he built with partners who have experience in private equity and business operations. The phrase captures what he sees as a persistent market gap.
While large companies commonly engage investment banks and specialist advisers during transactions, Waryn believes owners of some smaller and mid-sized businesses may have more limited access to transaction-specific expertise. The appropriate advisory team will depend on the company, the proposed transaction and the regulatory requirements involved.
Waryn argues that private equity firms’ need to deploy committed capital could create opportunities for some business owners. Private equity funds generally invest within defined periods before turning their attention to managing and eventually exiting their holdings. However, independent market analysis presents a mixed picture rather than an unequivocal sellers’ market.Bain & Company’s Global Private Equity Report 2026 describes the industry’s recovery as narrow, noting that distributions remained low and fundraising continued to be difficult for many firms.
This means the presence of investment capital does not necessarily translate into favorable terms for every seller. Financing conditions, differences between buyer and seller valuations, due diligence findings and negotiations over earn-outs or other contingent payments can all affect a transaction. Sellers must also consider legal and tax consequences, and a proposed deal may be renegotiated, delayed, or fail to close.
In Waryn’s view, competition among suitable buyers can support valuations and deal terms for some well-positioned companies. Owners are not always seeking a complete exit: Some may instead sell a majority stake, retain a portion of their equity and continue working with the new investor. Such arrangements can provide continued participation in the business but also expose the owner to future operational, financial and governance risks.
Waryn argues that business owners may benefit from transaction-specific guidance when navigating a sale. Depending on the proposed deal, owners may need additional tax, legal and accounting advice beyond the support used for routine business matters.
Ridgefield’s answer is what Waryn calls an ecosystem approach: connecting clients with outside specialists in tax planning, wealth management, and deal-specific legal and accounting work. Most of the firm’s partners and managing directors have also owned or operated businesses.
“We are not just a bunch of bean counters,” Waryn said.
According to Waryn, Ridgefield has developed a proprietary AI tool intended to assist with preliminary quality-of-earnings analysis.
AI-assisted analysis may help sellers identify questions in their financial information before a buyer begins its review, but it does not replace independent accounting, legal, tax, regulatory, or transaction due diligence. Business owners should engage appropriately qualified professionals to assess the company and the terms and consequences of any proposed transaction.
Waryn’s confidence in the current environment is rooted partly in his own story. The son of parents who arrived in the United States with little money and no connections, he has said their example shaped his belief that people can overcome obstacles with the right guidance and education, something he now tries to pass along to the founders he advises.
For owners who have spent years building a company and are beginning to consider an exit, the current market may justify exploring their options. However, timing alone does not determine whether a sale is advisable. Company performance, valuation expectations, financing availability, transaction structure, tax exposure, and the owner’s personal objectives should all form part of the assessment.
Ridgefield Partners is a lower middle market M&A advisory firm working with business owners across industries who are weighing a full or partial sale. More information is available at ridgefieldpartners.com.
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