Some deals don’t get done because they’re bad businesses.

They get done because the buyer loves the story.

The turnaround story. The rescue story. The “I’ll take it to the next level” story.

Stories are powerful. They’re also dangerous.

Because stories can turn a valuation into an obstacle instead of a signal.

And when a valuation conflicts with the story, the instinct is to rewrite the valuation.

That’s backwards.

A disciplined buyer uses valuation as a reality check.
An emotionally attached buyer uses valuation as a negotiation battleground.

The difference often determines whether the acquisition becomes an asset—or a lesson.