When Not to Buy a Business
Why disciplined restraint can create more value than a completed transaction.
In developmentExecutive Insights
Memoranda
for owners.
Concise executive writing on judgment, governance, transactions, enterprise value, and the decisions that shape privately held businesses.
The Discipline of Independent Judgment
Why ownership benefits from an advisor whose incentives are aligned with the enterprise rather than the transaction.
In developmentWhy Enterprise Value Is Lost Long Before a Sale
Governance, capital allocation, leadership, and strategic drift often determine value years before a buyer appears.
In development