In my last blog, I wrote about timing. This entry is about timing, but adds the element of patience. Given the increased activity in software M&A, we are frequently hearing from early stage company founders who are anxious to not miss the current window of opportunity to sell their businesses. In a number of these cases, the companies are still in the product development phase and are pre-revenue. When they tell us about their businesses, they are excited about their products and where they plan to go and we typically get excited, too. However, in most M&A transactions (of course, there are exceptions), companies need to demonstrate actual customer traction to be able to validate their offerings to a potential buyer. This traction needs to come from real and paying customers - and this takes time. Building customers, revenues and a future sales pipeline are typically required to convince someone to buy your business. Be sure to make this part of your plans, and have patience because this wont happen overnight.