Frameworks, tools, and practitioner questions focused on where value actually gets realized.
The distance between modeled and realized EBITDA.
Explore framework →How much change the organization can actually carry out.
Explore framework →What happens when change is loaded faster than the organization can absorb it.
Explore framework →Why the hold period is partly set at entry, not only by the exit market.
Explore framework →Pay 12x for a company earning $10 million and you didn't just buy a company. You bought a to-do list. The closing piece works the math, shows how the distance becomes initiatives landing on the same six to eight people, and gives five moves before close, one metric to track, and a one-page test for any plan already in flight.
Read on Substack ↗You paid 12x. The market now says 10x. In private equity you can go three years without anyone telling you. This piece examines how marks, re-forecasts, credit lines, continuation vehicles and NAV loans change when a price gets tested, separates four kinds of value, and explains why DPI is the clock no one can engineer.
Read on Substack ↗By 2025 just 19 percent of 2021 buyouts had been sold. The first piece in the series raises the possibility that the exit backlog is a lagging indicator, set years earlier by capital formation, deployment pressure and cheap credit, by people doing what the system paid them to do. It closes with questions for each seat at the table.
Read on Substack ↗New essays and frameworks on private equity operations.
