Preparing for the exit: what operators need to know

The M&A market for convenience services is red hot. Valuations are higher than ever, says business broker Mike Kelner, and with these market conditions, many operators are pondering their options for 2026.

Mike Kelner, owner of VBB Advisors, said he has learned over the years that selling a business is as much a psychological and life-planning decision as it is a financial and transactional one.

In this episode of Automatic Merchandiser’s Vending & OCS Nation, host Bob Tullio sat down with Kelner and asked him to talk about the key questions an operator needs to ask before finding the exit door.

During the podcast, Kelner explains:

• Selling is not purely a financial decision.
• Financial readiness is important: the sale proceeds are often an operator's retirement fund.
• Emotional readiness is equally important.
• Considering how the sale will affect employees, customers, and other stakeholders before signing can help avoid surprises. 

Use the links below to read Kelner's five-part series on best practices for M&A.