Document everything
If you’ve just acquired a business and things don't feel quite right, start a document where you
2024
117 posts
AI killing office jobs
For years we envisioned that AI robots would kill blue-collar jobs (assembly lines, warehouses, chauffering, cashiers). Instead, in 2024 there
Leap Day
Shouldn’t Leap Day be a public holiday? You work an extra day without pay!
S&P 500 at 21x
The S&P 500 is trading at 21x current earnings (vs. the ten-year average of 17x), suggesting there’s
Financial Times: Deal-by-deal PE
Deal-by-deal private equity is in the wind. The space is maturing in the US, but it is in the early
Diligence vs. Fundraising
There is an inevitable conflict of interest between (1) diligencing & negotiating a deal and (2) raising capital for it.
US Dollar Strengthening
How come the US dollar strengthened versus other currencies while weakening against itself? Weakening against itself is an absolute measure.
Searcher & Sponsor Conferences
Searchers and independent sponsors: Here is a list of the relevant conferences for you (click link in the comments below)
Google Doc for Q&A w/ Seller
When dealing with sellers, create a Google Doc with a Q&A (your questions & their answers). I use
HR in 4 parts
HR consists of 4 parts: Administration, Recruiting, Training, Retention. From left to right, tactical/reactive to strategic/proactive. Sadly, most
US Federal Deficit in 2024
The market has priced in several rate cuts in 2024, but in reality the $1T+ federal deficit may force the
UpWork for CIM-building
If you're a business broker and make a living selling companies, how come your sales prospectus for target
Get in upfront
Major recaps aside - it’s just about impossible to buy into an SMB. Every now and then I’ll
Apprentices at Service Star
Just wrapped up an inspiring session with our new apprentices at Service Star Brands! I met 10 incredible gentlemen selected
Kids blow up deals
Kids can blow up deals. I’ve been at the altar before, only to experience that the kid won’t
Training = Vertical integration
Training is actually vertical integration. One often hears about how companies use M&A to vertically integrate as a
Move on w/o DD
If a deal doesn’t feel right, more due diligence will typically not make it feel better. Move on.
People vs. Profitability
It took me a while to understand the link between people and profitability. I routinely ask our management team how
Commercial Real Estate Crisis
If you’ve heard about the looming commercial real estate (hashtag#CRE) crisis, tonight 60 Minutes had a segment on
Bank of Dave
I stayed up (too late) watching "Bank of Dave" on Netflix last night. A real feel-good movie! I
Freak in the Sheets
Monday morning gift on my desk 🎁 😆 ☕️
