First-time buyers often believe they can “outwork” risk.

They think:

• “I’ll improve operations.”
• “I’ll grow sales.”
• “I’ll modernize marketing.”
• “I’ll hire better people.”
• “I’ll fix what the seller didn’t.”

Maybe they will.

But that’s not the point.

The point is this:

A plan to improve performance is not the same as proof of historic performance.

Valuation—especially in lender contexts—is usually anchored to what the business has demonstrated it can produce.

Not what a motivated buyer believes they can extract.

Optimism is not a substitute for economics.

It can be a competitive advantage, but only when it’s paired with discipline.