Field notes from the middle market.
Periodic write-ups on methodology, deal dynamics, and the working mechanics of middle-market M&A. Written for practitioners and the people who read their reports.
- July 2026Observations
The best price and the best buyer are usually different companies.
The highest headline bid routinely comes from the buyer with the worst fit — and the fit differences are priceable. How to put numbers on structure, certainty, and continuity before choosing between offers. One worked comparison.
- April 2026Observations
The 77% you never see: why headline comps lie by omission.
Only 23% of the 1,544 transactions in our universe disclose an EBITDA multiple — and the deals that disclose are the deals that trade richer. The 'market multiple' a seller is shown is drawn from the visible minority. We quantify the disclosure gap and the direction of its bias.
- February 2026Observations
What 'institutional' looks like for family sellers.
Family and founder-led sellers aren't underserved because banks won't take their calls. They're underserved because the deliverables are built for a different reader.