Perspectives · Volume I
Perspectives.
One for each mandate we hold. Each names the reader it was written for.
01Origination Ahead of ProcessBuy-sideA sell-side process is built to find the buyer who will pay the most. What is available before one starts, and what it costs to be there.Written for sponsors and family offices acquiring direct.02The Buy-and-Build SpreadBuy-sideBuy-and-build is underwritten on a spread between the platform multiple and the add-on multiple. The spread has a shape, and it narrows.Written for sponsors underwriting a buy-and-build.03Succession in Owner-Operated BusinessesSell-sideOwner-operated businesses transfer on a personal clock. Price is one term among several, and often it is not the one that decides.Written for owners and families weighing a transfer.04Carve-Outs and Separation CostEither sideCorporate parents dispose on a calendar. The value in a carve-out is created in the eighteen months after close, and the signal arrives well before the process.Written for corporate parents disposing, and buyers of divisions.05Financing the Lower Middle MarketRaiseBetween $10m and $300m there is no clearing price for capital. There is a list of parties who will price this particular risk, and it is shorter than the founder thinks.Written for founders and boards raising capital.06Attribution and AccessRaiseA first-time or emerging manager is underwritten on two things a deck cannot assert: attribution, and access.Written for emerging managers raising a fund.