If you’re buying a business with outside equity, don’t assume majority ownership means you have the final say. Say you own 70% and your investor owns 30%. A year later, you find an add-on you want to buy. The investor says no. Your agreement requires their consent, so you can’t proceed. The investor may have good reasons. But you need to understand that arrangement before you’re trying to get a deal done. Governance rights are part of the price of capital. An attractive valuation may be less attractive if you need approval for decisions central to your business plan. Before closing, ask: What requires investor consent? And what happens if we disagree? For those who have bought businesses with outside equity, have consent rights caused problems in practice, or generally worked as intended?