Operator Insights

Operating Lessons

The Operating Metrics Buyers Trust Most

A buyer does not need every metric a company can produce. It needs a small set that explains how the company creates revenue, converts it to cash and protects the result.

How to Build a Business That Can Run Without You—and Sell for More

The best time to make a company less dependent on its owner is well before a sale. The same changes that make a business easier to own today also make it more valuable to the next owner.

How to Sell a Privately Held Business Without Losing Control of the Process

A successful business sale is not one negotiation. It is a managed sequence in which preparation, competition, disclosure and timing preserve the owner’s leverage.

What Is My Business Worth? The Valuation Drivers Behind the Multiple

A multiple is the conclusion of a risk analysis, not the beginning. Two companies with the same earnings can sell for very different prices because buyers are underwriting different futures.

SDE vs. EBITDA: Which Earnings Measure Applies When Selling a Business?

SDE and EBITDA are not competing definitions of profit. They answer different questions about who operates the company and which expenses continue after a sale.

Cash, Earnouts, Seller Notes and Rollover Equity: Comparing M&A Consideration

Two offers with the same headline price can produce very different outcomes. The difference lies in when the seller is paid, what must happen first and who controls the result.

What Happens After the Letter of Intent?

Signing an LOI feels like progress—and it is. It is also the moment when the buyer’s information improves and the seller’s negotiating alternatives become less immediate.

How Buyers Use Quality of Earnings in a Business Acquisition

A quality-of-earnings review does not ask only whether the numbers add up. It asks whether the earnings a buyer is valuing are repeatable, correctly timed and supported by the business.

Business Broker, M&A Advisor, Investment Banker or Direct Buyer?

The right transaction path depends on company size, complexity, buyer universe and the owner’s priorities—not on the title printed on an advisor’s card.