My Merger Didn’t Go the Way I Expected. Here’s What I Learned — and What Every Founder Must Prepare for.

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Key Takeaways Voting rights give you legal control, but relationships determine whether your merger creates lasting value or lingering resentment.

Understand that misaligned expectations will cost you talent, and legal fees can devour deal value fast.

Protect yourself if you’re staying on, and get creative with entity structure to solve legacy problems.

Good faith builds goodwill, but stay prepared for the worst and be willing to make compromises

As M&A activity surged in 2025, with projections showing U.S. M&A volume hitting $2.3 trillion this year, founders across every industry are exploring exit strategies. But here’s the reality check — research analyzing 40,000 mergers over 40 years found that 70-75% of M&A deals fail to achieve their stated objectives, according to The M&A Failure Trap by NYU professor Baruch Lev and University at Buffalo professor Feng Gu. The term sheet you just signed doesn’t guarantee smooth sailing.

I recently navigated my own complex merger at InList, where I founded the company and served as CEO. Past investors wanted to renegotiate terms despite my controlling voting rights. The buyer’s operating approach triggered senior staff departures. Legal fees threatened to spiral as negotiations dragged on. What I thought would be straightforward became a masterclass in managing the unexpected.

Here’s what I learned about protecting yourself, your team and your business when mergers don’t go according to plan.

1. Voting rights matter on paper; relationships matter in reality

Past investors wanted to renegotiate the terms of the deal, even though they were greatly outnumbered by my voting rights. These were people who had contributed large sums of money when InList needed it most, even if their equity stakes had become relatively small over time.

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