Nicole Vullo on 
Written by Taylor Weber
In a recent internal training, we explored a concept that’s becoming increasingly important for anyone advising clients through a sale: not all buyers are created equal.
Just like sellers have unique goals—some want to maximize their financial return, others care deeply about legacy or employee retention—buyers, too, come to the table with distinct motivations, strategies, and investment theses. The more we understand these buyer personas, the better equipped we are to match the right buyer to the right seller and guide our clients with clarity and confidence.
Big vs. Small: Scale Matters
Large national consolidators often operate with deep financial resources, strict investment criteria, and long-term development strategies. These buyers typically look for strong pre-need programs, growth potential in larger metro markets, or synergies within their existing footprint. Their financial strength allows them to be selective, highly analytical, and competitive in their approach, especially when they see strategic value in a deal.
On the other hand, smaller regional consolidators may prioritize efficiency and margin improvements. These groups tend to focus on geographic plays, such as expanding their presence in specific states or underserved regions. They often find opportunities in businesses that the larger players might overlook. Their agility and focus can be a strong fit for sellers who value hands-on ownership and localized management.
The “Why” Behind the Buy
Beyond size, buyers have different philosophies around growth. Some focus on synergy-driven acquisitions, targeting businesses where operational improvements can drive margin expansion. Others lean heavily on EBITDA growth, targeting firms that can deliver immediate returns to their bottom line. Some buyers have taken a step back to restructure and improve internal systems before re-entering the market, while others are evolving their strategies based on past wins and missteps.
There are also important nuances in what different buyers avoid. Some steer clear of highly regulated states, while others prefer to stay within familiar geographic territories. Some buyers emphasize financial discipline and long-term returns, while others are more opportunistic and driven by short-term growth.
Why This Matters for Sellers
Sellers aren’t just choosing a price, they’re choosing a partner to carry their business forward. That’s why the alignment between buyer and seller matters so much. A mismatch in expectations, timelines, or operating style can derail a deal—or worse, lead to post-sale regrets.
As advisors, it’s our job to bridge that gap. By understanding who’s buying, why they’re buying, and what makes a deal attractive to them, we’re better positioned to help our clients sell on their own terms—whether that’s maximizing enterprise value, preserving culture, or ensuring a smooth transition for their team and community.
The buyer landscape isn’t static. It’s constantly evolving. But with the right knowledge and a thoughtful approach, we can help sellers navigate it with confidence.