What We Hold
Three positionswe keep returning to.
We would defend each of these. They are the reason the work is sequenced the way it is.
Personal capability must eventually become organizational capability.
A company is worth more when its economics require fewer assumptions from outsiders.
Growth creates value only when the company becomes stronger as it becomes larger.
Observations
Written when there issomething to say.
The Salary You Never Paid Yourself
Most owners can tell you what the company earned last year. Fewer can tell you what it would have earned if someone else had done their job. The distinction sounds academic. It is worth a multiple.
Read →What Add-Backs Cost You
There is a moment in most sale processes where a seller’s adjusted earnings stop helping them. It usually arrives around the eleventh add-back.
Read →The Roll-Up That Rolls Up Nothing
The arithmetic of buy-and-build is genuinely attractive. It just assumes something that is usually false: that the acquiring company can absorb an organization.
Read →The Next Step
If this is howyou already think.
This is how we look at a company before we say anything about it. If it describes how you already look at your own, the conversation is likely worth having.
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