Notes on acquisition.
Field notes on small-business acquisitions, thesis, buy-box, diligence, structure, and the operating decisions that follow close.
April 10, 2026
3 min read
The Post-Close 100-Day Plan For An SMB Acquisition
The first hundred days after close determine the next two years. Here is the operating plan I run, designed to land trust before changing anything.
March 10, 2026
3 min read
Customer Concentration Risk In Commercial Services
Commercial services businesses often have heavy customer concentration. Here is how I evaluate whether the concentration is a risk or a feature.
February 10, 2026
3 min read
Earn-Out Structures That Actually Work
Earn-outs solve real valuation gaps when designed well, and create resentment on both sides when designed poorly. Here is what I have learned about getting them right.
January 10, 2026
3 min read
Financing An Acquisition Without A Search Fund
There are more ways to finance an SMB acquisition than the traditional search fund route. Here is how I think about the capital stack on a self-funded deal.
December 10, 2025
3 min read
Distressed SMB Acquisitions: When The Discount Is Real
Distressed acquisitions look like bargains until they are not. Here is how I separate the discounts that come from operating fixability from the ones that do not.
November 10, 2025
3 min read
Healthcare Services Acquisition: Regulatory Diligence In Plain English
Healthcare services acquisitions have regulatory complexity most acquirers underestimate. Here is the plain-English version of what to look for, and why it matters before close.
October 10, 2025
3 min read
The Case For Keeping The GM Post-Close
Most acquirers replace the existing operator within a year of close. I think that is usually the wrong move. Here is when keeping the GM is the right answer.
September 10, 2025
3 min read
Working Capital Traps In SMB Acquisitions
Most first-time SMB acquirers miss working capital in the deal structure. The post-close cash flow problem that follows is avoidable, and expensive.
August 10, 2025
2 min read
What Owner-Operator Sellers Actually Want
Most acquirers diligence the business and pitch the price. The sellers I have closed with were paying attention to something else entirely.
July 10, 2025
2 min read
Search Funds vs Operator-Led Acquisition: The Structural Differences
Both models acquire small businesses, but they make different promises to the seller and behave differently after close. Here is what the difference actually looks like.
June 10, 2025
3 min read
The MSP Buy-Box: What Recurring Revenue Actually Tells You
Managed service providers look great on the surface because of recurring revenue. The diligence questions that matter live underneath the MRR number.
May 10, 2025
2 min read
NEMT Acquisition: What Brokers Won't Always Tell You
Non-emergency medical transportation is one of the strongest verticals for operator-led acquisition, but the diligence has unique traps. Here is what to look for.
April 10, 2025
2 min read
How To Evaluate A Multi-Unit Restaurant Chain Before You Buy
Multi-unit independent restaurants are a different acquisition than a single-unit operator. Here is the diligence framework I use, and the traps I avoid.
March 10, 2025
2 min read
Diligence Questions That Actually Matter For Residential Services
Most residential services diligence is a financial review with a CRM appendix. The questions that decide whether the deal works live somewhere else entirely.
February 10, 2025
2 min read
The Case For Ten-Year Holds In SMB Acquisition
Most search funds run a five-year clock. I think that math is wrong for the kind of small businesses worth buying. Here is why I commit to ten.
January 10, 2025
2 min read
Why I Won't Buy A Business Below $750k EBITDA
The $750k EBITDA floor is the firmest line in our buy-box. Here is the operating math behind why I will not move it, no matter how good the asking price looks.