People imagine value destruction as catastrophe.

In reality, it’s usually slow.

• a few missed targets,
• delayed hiring,
• deferred capex,
• margin compression,
• a bad season you can’t absorb,
• stress decisions made under pressure,
• quality slipping,
• turnover rising.

Nothing explodes.

The business just gradually becomes less resilient.

And that’s the tragedy of overpaying: it quietly reduces optionality.

Great businesses have options.
Over-levered overpriced deals have constraints.

Constraints destroy value.