In software M&A, the biggest risks often aren’t in your numbers—they’re in your team. While founders rightly obsess over ARR, EBITDA, and churn, deals frequently fall apart because of one overlooked factor: poor advisor performance.

We’ve seen it too many times. Accountants deliver inaccurate P&Ls or balance sheets that don’t reconcile. Financial mistakes like these can derail months of buyer interest in a single call.

Lawyers can be equally destructive. Some overreach, trying to run the deal themselves or posturing in negotiations. Others simply lack M&A experience and introduce friction where there should be alignment. We’ve had buyers say, “We’ll only continue if we never have to speak to that person again.”

These aren’t isolated issues. Your legal and financial advisors are critical to building trust and keeping momentum. When they fail—whether through ego, inexperience, or lack of domain-specific knowledge—you pay the price. And of course, you need to be able to trust that your investment banker truly has your best interests at heart and has taken the time to fully understand the nuances of your business.

At Hemisphere Partners, we believe advisor selection is one of the most overlooked aspects of a successful transaction. We work shoulder-to-shoulder with founders throughout the process, and we insist on surrounding you with people who do the same.

Your investment banker can’t carry the deal alone. Everyone needs to be sharp, responsive, and aligned on the outcome.

So before you go to market, ask yourself: Is everyone on my team truly deal-ready? Because in M&A, you’re only as good as your weakest link—and that one link could cost you everything.