22 April 2025
Choosing a private equity partner is a significant step. Whether you are realising part of what you have built or accelerating growth or planning for succession, the right partner can shape the future of your business and your role within it.
While investors come prepared with questions, it is just as important that you ask your own. Here are some worth considering.
Who will I actually be working with?
Relationships matter. Are the people you meet early on the ones who stay involved? Will they be accessible? Have they worked well with other founders?
At Advent, the team you meet at the start is the team that supports you throughout the journey.
Do they understand businesses like mine?
Many private equity firms specialise in certain business models, industries, or stages of growth. It is worth asking whether they have experience that enables them to engage meaningfully with your business. A strong partner should bring complementary skills, help augment your team and offer strategic input when it matters most.
Advent focuses on founder-led businesses with strong growth potential across a range of industries.
What does control look like after the deal?
Clarify how decisions are made post-investment. Will you retain day-to-day control? Where is investor input expected? How is alignment maintained?
We aim to support our partners vision while leaving operational leadership in the hands of the founder. We know that nobody can run a business as well as the founder.
What kind of support can I expect?
Ask what support actually looks like. Is it tailored to your business? Will they offer guidance on strategy, team building and acquisitions?
At Advent, we assist where our input makes a difference, including strategy development, talent recruitment, M&A support and leveraging our networks
How flexible are they on structure and outcomes?
There is no one right way to structure a deal. Founders should understand how open the investor is to different options. That might include how much equity is sold, how much control the founder keeps and what transition pathways exist if the founder wants to move on from day-to-day operations.
A strong partner listens and works with you to shape an approach that suits your goals.
How do they think about culture and people?
Culture is often one of your greatest strengths. Ask how the investor views your values, your team and the heritage of your business. Do they recognise its importance and support initiatives like management equity plans to reward and retain key people?
Equally important is cultural fit between you and the firm. Do you like them? Can you trust them? Have you met others beyond the deal team, including members of the investment committee?
Private equity partnerships often last three to five years or more. You should feel confident not just in their capabilities, but whether you will enjoy working with them.
Can I reference check their approach?
Make it a priority to speak with other founders the firm has partnered with, both past and present. Ask about communication style, responsiveness, support through challenging times and how aligned the relationship felt over time.
At Advent, we actively encourage prospective partners to have open conversations with the founders we have supported. Their experiences are the best reflection of how we work.
What does success look like, and how will we get there?
A shared vision is critical. What is the investment horizon? How do they approach exits and growth? If you are keeping a stake, can they help increase its value?
The right investor should bring more than capital, they should contribute ideas, energy and experience that help take the business to the next level.
A final thought: ask what matters to you
Every founder has a different story. The most valuable questions are the ones that reflect your goals, values and leadership style.
Just as investors will complete due diligence on your business, it is essential that you do the same. Speak with other founders and take time to understand how the investor operates.
A strong partnership should feel like an extension of your leadership. If you are beginning to explore options, we are always happy to share our perspective.
