A practical seller-side guide to turning valuation work into a marketable asking price. This article explains how buyers underwrite price, how owners should set an anchor and reserve, and how structure, messaging, and proceeds mechanics affect buyer interest and negotiation leverage.
A founder-focused guide explaining how enterprise value becomes equity value, cash at close, and total seller proceeds after net debt, working capital, fees, escrow, rollover equity, seller notes, earnouts, taxes, and timing.
A seller-focused guide to enterprise value, equity purchase price, purchase consideration, transaction value, closing adjustments, and the difference between headline value and cash at closing.
A revenue peg and a working capital peg are two different mechanisms used to determine purchase price adjustments in M&A transactions. While working capital pegs are the standard approach in most middle-market deals, revenue pegs may be used in certain asset-light or recurring-revenue businesses. This guide explains how each method works, when buyers use them, and how they affect the bridge from enterprise value to final seller proceeds.
A practical guide to purchase price adjustments in M&A, including working capital true-ups, net debt, estimated closing statements, caps, collars, escrows, accounting policies, disputes, negotiation, and examples.
“Cash-free debt-free” is a core M&A term that determines what sellers actually receive at closing. This guide explains what cash-free / debt-free means, how buyers define debt-like and cash-like items, and how enterprise value converts to equity proceeds through net debt and working capital adjustments. Includes a full deal example and EV→equity bridge walkthrough.
A middle-market buy-side M&A playbook covering acquisition thesis design, buy-box validation, deal sourcing, target screening, mandate deliverables, buyer underwriting, valuation, financing, LOI structure, diligence, platform and add-on acquisitions, and post-close integration.
A transaction-underwriting guide to engineering firm M&A demand, including buyer motivations, infrastructure end markets, backlog, talent, WIP, accepted EBITDA, valuation signals, transaction structure, seller readiness, and buyer competition.
A middle-market seller’s guide to choosing between a business broker, M&A advisor, boutique investment bank, or larger investment bank based on buyer access, deal size, sector fit, diligence preparation, fees, transaction structure, and execution needs.