The buyer who says he is “being conservative” is often anything but. I hear that word often in transactions. Conservative. It sounds responsible. Measured. Disciplined. Bankable. But in deal language, “conservative” sometimes means: assuming revenue will stay where it is despite recent decline assuming payroll can be reduced without disruption assuming customers will remain after … Continue reading The Buyer Usually Says He Is Being Conservative Right Before Proving That He Is Not
Experience Matters Most: Where Judgement Meets Reality
Experience Matters Most is a collection of observations drawn from years of watching decisions play out beyond the spreadsheet. These posts explore leadership, risk, valuation, and integration through the lens of real-world outcomes—where assumptions are tested, pressure reveals priorities, and judgment determines whether value is preserved or destroyed.
This series focuses on the space between models and reality and is grounded in the belief that judgement is where theory meets consequence. They look beyond price and process to examine what actually drives continuity, erodes goodwill, and determines whether value endures after the ink dries. Because the most important risks—and the most important decisions—rarely appear in the model.
The Deal Usually Starts Sounding Better Right Before It Starts Falling Apart
One of the quiet truths in business valuation is this: The deal often starts sounding its best right before it starts coming apart. That is usually not a coincidence. When the facts are strong, people tend to be calm. The numbers speak for themselves. The explanations are consistent. The documents line up. But when support … Continue reading The Deal Usually Starts Sounding Better Right Before It Starts Falling Apart
The Appraiser Should Not Be the Only Adult in the Room
This may sound blunt, but I believe it is true: The appraiser should not be the only adult in the room. Yet in some transactions, that is exactly what it feels like. By the time the valuation begins, the deal may already have a full emotional infrastructure built around it. The buyer wants it. The … Continue reading The Appraiser Should Not Be the Only Adult in the Room
“The Bank Only Needs It For Compliance”
I have heard some version of this many times: “The bank only needs the valuation for compliance.” That mindset causes real problems. Because when valuation is reduced to a procedural requirement, people stop asking what it is actually there to do. A valuation is not just a document for the file. It is one of … Continue reading “The Bank Only Needs It For Compliance”
Revenue Is Not Value
One of the most persistent mistakes in small business transactions is the assumption that strong revenue must mean strong value. It does not. Revenue tells you the business is moving product, providing service, or generating customer activity. What it does not tell you, by itself, is whether the business is producing a durable, transferable economic … Continue reading Revenue Is Not Value
The Seller Is Not the Only One Emotionally Attached to the Deal
When people talk about emotion in a transaction, they usually focus on the seller. And yes, sellers are often emotionally attached. It is their company. Their history. Their sacrifice. Their identity. But the seller is not the only one bringing emotion to the deal. The buyer often is too. In fact, in many small business … Continue reading The Seller Is Not the Only One Emotionally Attached to the Deal
A Profitable Business Can Still Be Overpriced
This is one of the hardest concepts for people outside valuation to accept: A business can be profitable and still be overpriced. Those two things are not contradictory. They happen together all the time. A company may show a profit. It may have loyal customers. It may have a long operating history. It may even … Continue reading A Profitable Business Can Still Be Overpriced
After 10,000 Valuation, Here is the 1 Red Flag I Never Ignore
There are many red flags in business valuation. But one I never ignore is this: when the adjustments do all the work. If the original financial statements tell one story, and the deal only works after a long series of aggressive add-backs, assumptions, and “one-time” explanations, I slow down immediately. Because that is where a … Continue reading After 10,000 Valuation, Here is the 1 Red Flag I Never Ignore
What Buyers, Brokers & Lenders Each Get Wrong about Value
One of the reasons deals become difficult is that the key parties often use the same word—value—to mean very different things. And that creates problems quickly. Buyers often confuse value with possibility. They see upside, improvements, cross-selling opportunities, better management, or growth they believe they can create. Some of that may be real. But fair … Continue reading What Buyers, Brokers & Lenders Each Get Wrong about Value
10 Reasons an SBA Valuation Comes in Below the Purchase Price
When an SBA valuation comes in below the purchase price, many people immediately assume something went wrong. Often, what actually happened is much simpler: the valuation applied discipline to a number that was built on momentum. Here are 10 common reasons a valuation may not support the agreed price: 1. Earnings are not strong enoughThe … Continue reading 10 Reasons an SBA Valuation Comes in Below the Purchase Price
Highland Global Business Valuations 