A buyer reached out. They know your market, they move fast, and they mention that going direct saves everyone the hassle of a process. It sounds reasonable. It isn't. In two behavioral health transactions — one that went from $7.5M to $15M, another from $37M to $52M — the seller's preferred buyer paid significantly more simply because they knew others were at the table. Same buyer. Same company. Same diligence. The only difference was competition.

The recap of Behavioral Health M&A activity is now available in our M&A Report! Read all about the transactions that marked Q1 2026!

A home care agency was approached directly by a well-capitalized buyer. Their offer was $6 million. The seller engaged us instead of signing. Same buyer. Same company. $2.2 million more at close — a 44% increase — and better terms. That's one deal. In another, seven qualified buyers submitted IOIs ranging from $14.5 million to $25 million. The deal closed at $30 million, all cash. The seller's original estimate of value: $14 million. The spread in both cases didn't come from catching anyone in a