In this From Angel to Exit podcast episode, attorney Chad Williams, Partner at Lamb McErlane, shares insider strategies for founder-CEOs preparing to exit with host Bruce Eckfeldt.

From why every founder needs a dedicated Mergers & Acquisitions (M & A) lawyer to how to handle LOIs, earnouts, and non-competes, Chad walks through the full deal lifecycle. Learn what to do a year before selling, how to protect yourself post-sale, and how to avoid common legal traps that erode value. This conversation is packed with actionable legal insights for founders navigating the complex world of business exits.

Key Takeaways

• Engage a deal-specific lawyer early—ideally 12+ months before selling.
• Build a diligence-ready data room well in advance of marketing the company.
• Always know your walkaway point—emotionally and financially—before starting negotiations.
• Earnouts are risky; structure clear terms or avoid them entirely.
• Get clarity on whether the deal will be structured as an asset or equity sale.
• Use rep and warranty insurance to minimize post-close liability.
• Align internal deal team and external advisors around clear objectives and must-haves.
• Plan early for what comes after the exit—professionally and personally.

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At Lamb McErlane, Chad brings experience as an investment banker, in-house corporate counsel and corporate private practice attorney to his work advising clients on corporate, commercial and transactional matters. He serves as outside general counsel to many companies, providing advice and support throughout their growth, from formation and operational matters to merger and acquisition transactions. Chad has deep experience in mergers and acquisitions, including both buy-side and sell-side representation, including private equity and strategic transactions.