Matthew Brunstrum is a Chicago-based mergers and acquisitions executive and the founder and chief executive officer of Lakeside Acquisitions, a firm he established in 2023 to advise owners of privately held companies on business sales. His work focuses primarily on the waste and recycling industry, where he helps owners, buyers, accountants, attorneys, and wealth managers structure transactions designed to maximize client value. Matthew Brunstrum has closed more than 100 transactions and personally manages client engagement at Lakeside Acquisitions. Before founding the firm, he served as a senior mergers and acquisitions advisor at a boutique advisory firm and as director of mergers and acquisitions at a multi-billion-dollar waste management company. His experience provides relevant context for understanding what occurs after an offer is accepted and before a business sale officially closes.
What Happens Between Accepting an Offer and Closing a Business Sale
Accepting an offer does not finish the sale. In most business sales, the accepted offer or letter of intent sets the framework for the deal. However, closing still depends on the parties completing diligence, securing financing, finalizing legal documents, and meeting agreed conditions.
Buyers use due diligence to review the company closely before closing. That review usually covers financial statements, tax matters, contracts, operations, employee-related records, and legal issues. At this point, the buyer is trying to confirm that the business matches what the seller presented earlier and that no material problem will disrupt the transfer.
As a result of that review, sellers often receive a long list of requests. The buyer may request tax returns, monthly financials, customer and vendor agreements, payroll information, permits, leases, and explanations for any unusual numbers or one-time events. Some requests are straightforward. Others require coordination across accounting, legal, and operations before the seller can answer clearly.
Attorneys and accountants then turn the deal outline into final transaction documents. Those papers spell out which assets or ownership interests the seller is transferring, what each party must do before closing, how funds will move, and what happens if a key statement about the business proves inaccurate. Owners are often surprised by how much detail enters the deal after the headline terms seem settled.
Several people work on different tracks at once during this stretch. The seller has to provide information and approvals. The buyer reviews the findings and negotiates open points; attorneys draft and revise legal language; accountants test the numbers; and lenders review financing when debt is involved. A transaction usually moves faster when each person knows their role and responds on time.
Sellers help the process when they stay organized, answer accurately, and communicate clearly. Clean records reduce repeat requests, careful explanations reduce confusion, and coordinated communication among the seller and advisors helps keep the transaction moving. Speed matters, but accuracy usually matters more once diligence is underway.
About Matthew Brunstrum
Matthew Brunstrum is the founder and CEO of Lakeside Acquisitions, a Chicago-based mergers and acquisitions advisory firm focused on privately held companies, with an emphasis on the waste and recycling industry. He has closed more than 100 transactions and previously worked as a senior mergers and acquisitions advisor and director of mergers and acquisitions at a large waste management company. He studied business at Indiana University Bloomington.
