Brokers play an important role.

But when a deal becomes broker-led instead of buyer-led and lender-led, the risk narrative changes.

Because broker incentives are not the same as long-term ownership incentives.

In forced deals, you’ll hear:

• “This is standard.”
• “That’s how it’s done.”
• “You’re overthinking it.”
• “Another buyer will take it.”

Sometimes those statements are true.

But a mature buyer asks a different question:

Standard for whom—and under what consequences?

Because “standard” can simply mean:c“This is what people accept when they’re trying to win.”

Winning the deal is not the same as winning the business.