The BlackSwan Capital perspective
Let’s start with a provocative truth: tax advisors and auditors don’t make deals. hey accompany them. Sometimes well. Sometimes solidly. Almost always correctly — but they don’t get them done.
This is not a personal attack and not a criticism of professional quality. On the contrary: tax advisors and auditors do critically important work. No deal closes cleanly without them. But this is exactly where many entrepreneurs make a fatal mistake: execution is not dealmaking.
Solid Execution ≠ Deal DNA
Tax advisors and auditors excel at:
- structuring
- accounting logic
- tax optimization
- risk identification
- documentation
All of this matters. But M&A does not start with Excel — it starts with access, timing, and psychology.
A great deal does not happen because the structure is elegant. It happens because:
- the right buyer is approached at the right moment
- trust is built long before numbers are exchanged
- tension is created where others insist on neutrality
- interests are actively played against each other
That is deal DNA. And it is systematically missing from traditional advisory models.
Why the System Works Against Them
Tax advisors and auditors are trained to minimize risk. M&A advisors must be willing to manage and push risk.
Some uncomfortable truths:
- those who audit cannot sell at the same time
- those who insist on neutrality never win auctions
- those who primarily fear liability do not lead tough negotiations
M&A is not an exam. It is a contact sport.
The Big 4: Massive Power, Few Real Deals
Yes — we’ll say it openly: the Big 4 (Deloitte, PwC, EY, KPMG)..
Huge teams. Impressive slides. Clean processes.
But:
- they usually see deals only after they already exist
- they rarely originate proprietary transactions
- they function well in large, obvious, often rather bland deals
- in the mid-market, they mostly play a spectator role
If anything, they accompany transactions that would have happened anyway. Deal-getting is not their core competence.
Why? Because their business model is built on scale, risk mitigation, and standardization — not on personal access, hunger, and opportunism.
M&A Is Sales — on Steroids
What many underestimate: M&A is high-end sales.
- selling control
- selling the future
- selling emotions, fears, and egos
You don’t learn that in tax law. You learn it in the market.
A real M&A advisor:
- has direct access to decision-makers
- knows who wantsto buy, not just who could
- thinks in narratives, not just multiples
- is willing to be uncomfortable
The Most Dangerous Illusion for Entrepreneurs
The biggest risk is not a bad deal. The biggest risk is no deal at all.
And this is where traditional advisors often fail:
- they are brought in too late
- they react instead of initiating
- they wait for mandates instead of creating opportunities
The result: missed windows, suboptimal buyers, and massive value left on the table.
The BlackSwan View: Clear Roles, Clear Strengths
At BlackSwan, our position is simple:
- tax advisors and auditors are essenziell — but not leading in M&A
- they belong at the table, but not at the wheel
- deals require hunters, not inspectors
A successful exit is built through:
- deal origination
- positioning
- tension
- negotiation powers
- only then clean execution
Statement von Stefanie Laura Wurzer, Managing Director BlackSwan Capital
“Most deals don’t fail because of numbers — they fail because they never happen. Tax advisors and auditors secure what already exists, but they don’t create opportunities. M&A is not a review process; it’s a game of power and trust. If you don’t hunt deals, you won’t achieve extraordinary outcomes.”
A Second Perspective: From the Practice of a Deal-Getter
“Over the years, I’ve seen countless transactions where entrepreneurs were perfectly advised — tax-efficient, balance-sheet clean, legally protected. And yet the deal either never happened or closed far below its potential value.
Why? Because no one was willing to actively play the market.
A tax advisor waits for documents. An auditor waits for mandates. A true M&A advisor waits for nothing. He goes out, approaches buyers directly, creates competition, and forces decisions.
The uncomfortable truth is this: the best deals rarely emerge where everyone feels comfortable. They are created where tension is built, interests collide, and someone is willing to take responsibility for the outcome.
That is the difference between accompaniment and leadership. Between risk avoidance and value maximization. Between correct work and real deal DNA.”
Conclusion (Unfiltered)
Anyone who believes their tax advisor or auditor is automatically an M&A advisor confuses safety with success..
Solid execution closes deals.
Deal DNA makes them possible in the first place.
And that is why specialized M&A firms exist — not out of arrogance, but out of realism.
BlackSwan Capital — we find deals where others only see risk.
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