Notes for owners, written plainly.
Commentary on transaction processes, valuation and succession. Published occasionally, and written for owners rather than for other advisors.
What a controlled auction is, and when it is the wrong choice
The structure behind most successful private company sales, the cases where a negotiated process produces the better outcome, and the honest trade between competitive tension and confidentiality.
How private companies are actually valued in 2026
What a multiple of EBITDA really means, how the multiple is built from sector, size, growth and risk, and the three discounts buyers apply most consistently.
ESOP or third-party sale? A framework for owners
Price, taxes, legacy and timeline: how four questions decide between two very different paths, and where the answer is genuinely both.
Where AI actually lowers overhead in a private company
Most of what is sold as AI transformation never reaches the financial statements. Six places where it does, the order it usually arrives in, and the three mistakes that cost owners the most.
Further pieces are provided directly on request, including what a letter of intent actually binds, what advisory fees run in this market and what they buy, and reconciling an estate plan with a transaction.
The first conversation is a valuation.
It costs nothing and carries no obligation. You leave with a range for what the company is worth today and a specific list of what is holding that number down.