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Signed term sheets don’t guarantee smooth deals — here’s what founders rarely hear about M&A before they sell.
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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.
