Before the Autumn Rush: How VCs Should Be Supporting Portfolio M&A Now

Most venture firms claim to support their portfolio companies through M&A. Fewer do it well.

We’re entering the part of the year where, if a founder is still exploring an exit or tuck-in strategy, the conversation is likely already behind. Buyers have sharpened their pencils. Advisors are lining up mandates. And if your portfolio company isn’t in motion by September, it’s unlikely to land anything material before Q1.

This is not a crisis. But it is a reminder: if you believe M&A is on the cards in 2025—for an exit, an acqui-hire, or a bolt-on—this is the moment to help your companies move.

What Founders Won’t Tell You (But Should)

Founders often say they’re “thinking about M&A” when what they mean is: we had one conversation, it didn’t go anywhere, and we’re not sure how to proceed.

The truth is that most early- and growth-stage founders don’t have the experience to navigate M&A alone. They don’t know how long it takes, who to speak with, how to price the story, or how to separate genuine interest from polite noise. And in a competitive, buyer-led market, the companies that close are the ones that show up prepared—with a clear story, real numbers, and a smart guide at their side.

What You Can Do in August

1. Surface Opportunities
Have honest conversations with your founders. Who’s in growth mode and should be considering tuck-ins? Who’s under pressure and might be better served with a strategic exit? Don’t wait for them to bring it up. Make it safe to talk about.

2. Structure the Support
Offer more than introductions. Bring in operators or advisors who’ve done this before. You wouldn’t let a founder raise a $30M Series C with no prep—don’t let them walk into a buy-side or sell-side process blind. Execution support matters.

3. Push for Process, Not Just Outcomes
Encourage your teams to start with a light-touch, stage-gated process:

• Validate strategic rationale

• Map realistic buyers or targets

• Shape the narrative and metrics

• Get ready for diligence

Most deals that die in Q4 fail because nobody did this work in Q3.

One More Thing

If you’re not equipped in-house, don’t fake it. Get help. M&A is a discipline—and just like fundraising, there’s real leverage in doing it properly. Whether it’s a structured exit, a secondary-led transaction, or a Series B startup looking to bolt on a small tech team, these deals take time and experience to get right.

In Closing

August is quiet. Founders are catching their breath. Use this moment to steer the conversation. Be the partner who doesn’t just talk about M&A—be the one who actually gets it moving.

If you’d like a second opinion on a potential process, or just want to understand what good M&A support looks like, I’m happy to have that conversation. I’m in London throughout September as well.

Let’s be ready before everyone else comes back online.

Tom C. Schapira
Founder and CEO
Imagine Capital Group
E: [email protected]
Website: http://www.imaginecapitalgroup.com

Securities Offered through Wellesley Hills Securities. Member FINRA/SIPC