What we learn running diligence, closes, and investor work, written down. Deals, cash flow, add-backs, and the occasional market update.
Traditional QoE engagements run $15,000 to $50,000 and take weeks. Here is where that money goes, when the full engagement is worth it, and what your alternatives are.
Dylan Jones · 8 min read
Mergers & Acquisitions
Customer concentration reprices more small-business deals than any other single finding. Here is how to analyze it properly, well beyond the seller’s top-ten customer list.
Dylan Jones · 7 min read
Mergers & Acquisitions
The price gets all the attention, but the working capital peg is where buyers quietly lose money after the number is agreed. A step-by-step worked example of how the peg is set and how the true-up moves real cash at close.
Dylan Jones · 8 min read
Mergers & Acquisitions
A section-by-section walkthrough of how a real quality of earnings report is structured, annotated against a fictional HVAC company so you know what each part is doing and what a buyer should look for.
Dylan Jones · 9 min read
Mergers & Acquisitions
The add-back schedule is where small-business deals are won and lost. A field guide to legitimate adjustments, aggressive ones, and the red flags that should reprice a deal.
Dylan Jones · 8 min read
Mergers & Acquisitions
Most searchers either overpay for diligence or under-do it. A clear-eyed look at what you can safely do yourself, what you should never skip, and where the middle path is.
Dylan Jones · 9 min read
Mergers & Acquisitions
What SBA lenders actually require, what they want to see even when it is not required, and how to give your underwriter confidence without a $25,000 diligence bill.
Dylan Jones · 7 min read
The ledger, monthly
What we flagged, what deals taught us, and what changed in the product. No filler.
