The practitioner
Zhivko Stoychev
Mid-market M&A advisor · sell-side · cross-border
I value businesses for a living. A founder tells me what the company earns, I work out what a buyer would pay for it, and the two numbers are rarely the same. The gap is not in the arithmetic but in things the profit figure never shows, like a client who is 60% of revenue, or a business that stops moving when the owner takes two weeks off. My work is closing that gap in the years before a sale, when closing it is still cheap.
The practice
I run a mid-market sell-side advisory practice. My weeks are spent inside live deals and buyer conversations, and the examination on this site comes straight out of them. When a teardown flags receivables concentration or an unsigned IP assignment, it is because those exact lines have moved real prices in rooms I was in.
The training
The analytical base is institutional: the CFA Program (currently a Level II candidate), university M&A coursework, Damodaran end to end on valuation, Rosenbaum and Pearl on deal mechanics, and a long shelf of practitioner literature on how private companies actually change hands. The point of listing any of this is narrow. The buyer across the table from you will run institutional-grade analysis on your business, and preparation only protects you if it is built to the same standard.
Why online businesses
SaaS, agencies, digital services, e-commerce and content businesses are where the preparation gap is widest. Their founders build transferable assets almost by accident, then lose a turn of the multiple to things a buyer finds in week one: one channel, one big client, books that tell two stories. And they hire remote by default, which makes the advisory relationship honest from the first call. I advise the same way the work will be judged: through the data, not the handshake.
Where I sit
Based in Burgas, Bulgaria. My clients are wherever their businesses are: London, Stockholm, Amsterdam, Berlin. Online founders hire remote advisors. I sell businesses the same way, and the cross-border buyer pool I work in daily is usually exactly the pool their eventual buyer swims in.
The examination I publish is the examination I sell. Reading it costs you nothing. Running it on your data, before a buyer does, is the whole business.
The method says the rest.
Every claim on this page is checkable against the published examination and the teardowns that run it.