The Best M&A Deals Start Long Before the Deal: A Conversation on Networking, Trust, and Playing the Long Game

Most people think M&A starts with a deal… with a buyer, a seller, and a process. In reality, the best transactions start years (and sometimes decades) before anyone talks about buying or selling.

In this episode of The Transaction Abstract Podcast, Joe Hellman sits down with Lee Koury, Managing Director of Smart Business Network, most notably known for the Dealmakers Conference Series. Lee discusses the role networking plays in M&A, leadership transitions, and long-term business outcomes.

We’re not talking about networking as a buzzword or a sales tactic, which is where the term can easily lead. Instead, this is a conversation about true networking that’s rooted in trust, consistency, and genuine relationships. What follows is a reminder that strong deals are built over time, often outside of conference rooms. 

Networking Is a Discipline

For Lee, relationships aren’t a function of business development. They’re the foundation of the business itself. As Lee shares, “Networking is at the core of who we are and what we do at Smart Business, so much so that it's in our name. We're Smart Business Network.”

Lee’s mindset about networking has developed over the years. He grew up in an environment where his father set the example. Helping people came first, with no expectation of anything in return. Show up for people long enough, and that always manages to find its way back to you. That philosophy is in Smart Business Network’s DNA, and it has shaped how they’ve developed their internal culture. “It’s served us really well, whether it’s been building new relationships with customers, helping our customers build new relationships, helping our team with their personal relationships, and ultimately, leading up to our deal with Vistage Worldwide.”

A 20-Year Relationship That Became a Transaction

Smart Business Network was acquired by Vistage Worldwide in October of 2025, but the conversation that led to the acquisition started over 20 years ago. The relationship began when Smart Business was running a national magazine portfolio. Vistage Worldwide was an advertiser, and over time, the relationship evolved. As Smart Business Network pivoted from print to marketing services, then from marketing services to events, Vistage Worldwide pivoted with them. At each stage, their collaboration remained relational, never transactional.

When Smart Business launched its Dealmakers Conference Series focused on founders and CEOs navigating acquisitions, exits, and capital raises, Lee reached back out to Vistage. The alignment was obvious. Both shared a focus on CEOs and entrepreneurs, a belief in peer-to-peer learning, and a commitment to helping leaders make better decisions. It was a natural fit, built on a relationship that had matured over years of consistency, not urgency.

The Long Game Always Wins in M&A

One of the biggest misconceptions business owners have, especially those thinking about buying or selling, is that networking is about forcing “the conversation.” Lee’s approach has always been different, rooted in genuine curiosity and connection, never tactics or scripts. Instead of having “the conversation,” true connections are created through years of conversations that build on one another. 

“I genuinely care about other people getting to know them. You know, when I get in an Uber, when I sit on an airplane, if I walk into a restaurant, my four grown kids and my wife all joke with me that I can't go anywhere without striking up a conversation with someone. They feel like, twenty minutes later, I'm great friends with this person, and we’re exchanging numbers. I can always find a common interest or thread. I genuinely look for ways to connect and help other people first.”

It’s this mindset that removes pressure from the interaction. Instead of leading with an agenda, developing a connection creates space for trust to form naturally. Over time, those relationships compound into opportunity. In M&A, opportunity almost always flows through people first.

Why Relationship-First Leaders Close Better Deals

Lee’s background isn’t in sales. After business school, he went to law school and spent years as a corporate M&A attorney. While technical knowledge mattered, what set Lee apart early in his career was his ability to connect with people. You want to get to know people, and you want them to get to know you. For clients and advisors alike, his relationship-building skills translated directly into entrepreneurship.

“Relationship ultimately leads to trust. Trust is going to be the foundation for a great deal.”

That principle applies whether you’re working with advisors, buyers, sellers, or investors. In deals, trust is what keeps things from going sideways when pressure shows up, and it always does. When things get challenging, you don’t want to do business with people you can’t stand talking to, or worse, you don’t trust. A focus on building relationships is essential.

Transparency Builds Value, Not Weakness

Another theme that emerged throughout the conversation between Lee and Joe is transparency.

As Joe shared in the conversation, people often ask, “How forthcoming should I be?” Too often, business owners walk into conversations, putting up walls and trying to present perfection. Everything is fine, with no gaps or challenges. 

The challenge is this: Perfection creates distance. Transparency is the key to creating connection. When leaders are honest about where they’re stuck, where they need help, or what they’re still figuring out, it opens the door for others to add value. It also makes them more relatable and more trustworthy, two traits that matter deeply in transactions.

Yes, it’s a fine line to walk, and you still want to be guarded in some areas. At the same time, transparency will open doors and build connections.

Where Business Owners Should Start Networking Today

For owners thinking about growth, acquisition, or exit, Lee shared a few practical starting points:

• Invest time and energy into attending industry-specific events like the Smart Business Dealmakers Conferences, where entrepreneurs can network and learn from peers and advisors who’ve been through transactions before. 
• Build relationships through peer advisory small groups such as Vistage Worldwide, which create confidential environments for leaders to share challenges, test ideas, and gain perspective from non-competing peers.

Examples like these are excellent opportunities to network, build connections, and gain diverse perspectives.

The Real Takeaway

This conversation reinforced something we see every day in transaction advisory work: Great deals are built on relationships. Yes, the numbers, structure, and diligence all matter… but it all has to be built on a foundation of trust… trust built through conversations that don’t try to sell anything. That’s where the best deals begin.

Listen to the full episode of The Transaction Abstract Podcast to hear Lee Koury and Joe Hellman share more real-world examples and insights into how networking and trust impact the success of transactions.