The need for a sales plan is of particular importance to Entrepreneurs-Through-Acquisition (ETAs), who search for, acquire, and run lower-middle-market businesses, in most cases as first-time operators. These CEOs must also navigate the realities of a leveraged environment. Katie Walker, a Principal at Plexus Capital, highlights the added pressure of servicing debt while investing in growth. "Hope is not a strategy," Walker says. "The number of times that you ask a very, very qualified searcher, 'So why has this business been growing? It's been growing great, but why?' Well, you know, it just grows on its own. It's word of mouth. It's just got it and it's going to keep doing it."
