One of the things that separates seasoned professionals from undisciplined ones is not just the quality of their analysis. It is the quality of their boundaries. In advisory work, boundaries are not administrative details. They are part of the value. They protect the integrity of the process. They protect the professional relationship. They protect the … Continue reading Boundaries Are Part of the Value

Not every assignment should be won. That is a lesson some firms learn late, and expensively. There is a temptation in professional services to chase the engagement, explain around the risks, and hope the file becomes workable once the formal process begins. Sometimes that happens. Often it does not. The more seasoned approach is different. … Continue reading Sometimes the Most Valuable Answer Is “We Are Not the Right Firm for This File”

There is an interesting dynamic that appears in some transactions. A lender or prospective client decides not to engage. They choose to go elsewhere. And then, almost casually, they ask for the reasons your firm believed the value would not support the deal. In other words, they want the roadmap without hiring the guide. That … Continue reading Going Another Direction Does Not Entitle Anyone to Your Roadmap

One of the subtler traps in professional services is the idea that “just a little insight” is somehow not real work. It is real work. A preliminary reaction based on experience is real judgment. A file-specific explanation of why a deal is unlikely to work is real analysis. A discussion of what is driving the … Continue reading Free Analysis Is Still Analysis

There is a line that professionals in every serious advisory field eventually have to learn to hold: If you want the analysis, engage the professional. That should not be controversial. Yet it becomes controversial the moment a transaction starts to wobble and someone wants insight without commitment. A lender sends over a potential file. The … Continue reading If You Want the Analysis, Engage the Professional

There is a misunderstanding that surfaces from time to time in deal work, and it deserves to be addressed directly: Collateral does not cure an unsupported value conclusion. A lender may feel comfortable with the loan because there are additional assets, guarantor strength, or other forms of support in the broader credit structure. Fine. That … Continue reading Collateral Does Not Cure an Unsupported Value Conclusion

One of the more dangerous attitudes in lending and transaction work is the quiet belief that valuation is just a box to check. It is not. The moment someone says, in effect, “We just need to get through the requirement,” the process is already at risk of being misunderstood. A valuation is not there to … Continue reading A Valuation Is Not a Box to Check

One of the things people outside this profession often fail to appreciate is that some of the most important valuation work happens before the engagement letter is ever signed. That is where experience often shows itself first. A seasoned professional can look at a proposed transaction, review the basic facts, identify the likely fault lines, … Continue reading Some of the Most Important Valuation Work Happens Before the Engagement Letter Is Signed