The IPO window is reopening. M&A is picking back up. And a backlog of PE-backed companies that delayed exits in 2022 and 2023 are now under real pressure to move. Adam Olsen and Nicole Harger break down the dual-track exit, the strategy of running an IPO process and an M&A process at the same time, and what's driving renewed interest in it right now.

This is part one of a two-part series. Part two goes operational: what the CFO and finance organization need in place, and how far in advance.

In this episode:

• What a dual-track exit actually is, and why running both processes simultaneously creates leverage that neither path generates on its own
• Who uses this strategy: PE-backed companies remain the dominant profile, but corporate carve-outs and growth-stage companies are increasingly exploring it too
• Why most dual-track processes end in M&A, and why that's often the intended outcome rather than a failure of the IPO track
• The market backdrop heading into summer 2026: improving conditions, a buildup of past-hold-period PE portfolio companies, and a more disciplined IPO market than 2020-2021
• Inside the IPO track: the S-1 process, the three-year audited financial statement requirement, PCAOB auditor considerations, carve-out accounting complexity, and realistic 12-18 month preparation timelines
• Inside the M&A track: the CIM process, strategic versus financial sponsor buyer dynamics, quality of earnings diligence, the working capital peg negotiation, and the gap between signed LOI and close
• Why the financial rigor required for IPO readiness is the same rigor that protects valuation in an M&A process, and why there's no shortcut on either side