Insights
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.
- April 2026Primers
Reading a first-round IOI: five tells the letter gives you before the banker does.
An indication of interest is a document that wants to be read quickly and discussed slowly. Five signals to look for before anyone starts negotiating the number.
- April 2026Primers
When to engage an acquirer assessment — and when not to.
An acquirer assessment is not diligence, and it is not a pitch. It is a written evaluation built for the seller's negotiating posture. Three situations where it earns its keep, and one where it doesn't.
- March 2026Primers
Component-parts valuation, in practice.
A cleaner floor, a more defensible ceiling, and a clearer conversation at the negotiating table. Why we default to component-parts for any business with more than one segment.