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After 19 episodes of Beyond the Case, it finally happened - someone from OPM 67 actually said “BATNA” out loud. (Best Alternative To a Negotiated Agreement)

More importantly, this conversation is crucial listening for young entrepreneurs and business owners who rarely get early exposure to the mindset behind selling a business. Most founders focus on building and scaling, but very few are taught how to think about exits before they are forced into one. This episode surfaces the conversations founders usually have too late—about identity, leverage, legacy, and emotional readiness.

Ludimila Mangili is partner at IGC Partners and a veteran M&A advisor with over 22 years of experience advising families and founders across hundreds of transactions in Brazil and Latin America. Drawing from decades of deal-making, Ludimila distills first principles and best practices for preparing for a successful exit—long before a transaction is on the table.

She explains why founders consistently misjudge their negotiating power, largely due to emotional blind spots rather than financial ones. Ludimila emphasizes that the best time to prepare for a sale or capital raise is when you don’t need one, when BATNA is strongest and decision-making is clearest. She reframes transactions as transitions, not endpoints, and highlights why value extends far beyond price to include partners, governance, culture, and life after the deal.

The discussion also covers what makes a company truly sellable, how healthy negotiations are built on trust and shared understanding, and the operational and psychological strain of running a business during a deal process. Beyond M&A, Ludimila reflects on leadership, resilience, her OPM experience, and lessons from negotiation theory applied in the real world.

Here are the Top 10 Takeaways from the conversation:

1. Most founders are unprepared for the emotional side of exits
   Selling a company often means letting go of identity, not just ownership.
2. The best time to prepare for an exit is when you don’t need one
   This is when clarity, leverage, and BATNA are strongest.
3. Great exit outcomes start with great companies
   Low concentration risk, strong cash flow, and sustainable growth matter most.
4. Price is only one component of value
   Partner fit, legacy, governance, and future roles often matter more.
5. Negotiation is not about winning—it’s about understanding
   The best deals come from expanding the pie before dividing it.
6. The highest bid isn’t always the right bid
   Many founders choose buyers who protect the business and its people.
7. M&A is a long, demanding process
   Deals often take a year or more and require endurance.
8. Operating during a deal creates constant ambiguity
   Hiring, investment, and strategy decisions become harder.
9. Founders must define priorities before negotiations begin
   A written hierarchy of goals prevents costly emotional decisions.
10. Resilience and patience compound over a career
    Successful exits are built on long-term discipline, not timing alone.

 Books: 

1. Getting to Yes
2. Never Split the Difference