Welcome to this M&A focused podcast series, Mastering the Business Exit Journey, featuring Adam McNair. Designed for leaders on both the buy-side and sell-side of government contracting, the series offers real-world insights, strategies, and lessons learned for scaling, selling, or acquiring businesses. Whether you’re just beginning to plan or actively navigating a deal, this series meets you where you are with expert guidance. Listen to the sixth episode as David Blackburn and Adam tackle a critical question for any business anticipating a transaction: what investments create value, and which ones destroy it? Adam shares lessons from both the buy- and sell-side on how to evaluate spending decisions in people, facilities, platforms, and tools when an exit may be on the horizon.  From avoiding multi-year commitments that can tank valuation, to negotiating flexibility in leases and subscriptions, to distinguishing between true differentiators and “nice-to-haves,” this conversation offers practical guidance for leaders preparing to scale or sell. They also explore the dangers of vanity projects and commingled side businesses that can complicate or derail a deal, and how to unwind them before diligence begins. This episode helps leaders protect downside risk while positioning their companies for maximum upside. To connect with Adam, visit his LinkedIn page here.