n this Masterclass excerpt, Paul Giannamore walks you through the critical pre-planning phase of an M&A process—and explains why no plan survives contact with the market, but planning is still everything.

Continuing the story of the $200M sale of Nomor AB, Paul reveals how he builds out a formal M&A strategy: researching buyer behavior, anticipating negotiation scenarios, and setting a North Star valuation that aims beyond what the market expects. It’s not about predicting the future—it’s about preparing to win.

🔹 Why you should create a plan even if it won’t go perfectly
🔹 How “price” in M&A is subjective and narrative-driven
🔹 What tools like the SIM (Confidential Information Memo) actually do
🔹 Why planning lets you push price higher during the deal
🔹 What a North Star valuation looks like—and why it matters

This is essential insight for business owners preparing for an exit or M&A professionals refining their process strategy.