People spend a lot of time arguing about purchase price. But in many small business acquisitions, that is not the most dangerous number in the room. The most dangerous number is the one underneath it: the cash flow everyone assumes is there. That is where bad deals hide. Not in the headline number. Not in … Continue reading The Most Dangerous Number in a Business Acquisition is Not the Purchase Price
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 Valuation Didn’t Kill the Deal. The Price Did.
One of the most common things I hear when a transaction starts to wobble is this: “The valuation killed the deal.” In my experience, that usually is not true. The valuation did not create the problem. It revealed it. If a business cannot support the agreed purchase price based on its normalized earnings, risk profile, … Continue reading The Valuation Didn’t Kill the Deal. The Price Did.
Time Is The Most Flattering Thing People Can Give You
One of the things I have reflected on lately is how meaningful it is when someone tells you they have been reading your work. Not just because they liked it. But because they gave it their time. And time is no small thing. In business and in life, people can offer compliments, encouragement, introductions, and … Continue reading Time Is The Most Flattering Thing People Can Give You
The Best Writing Does More Than Sound Good
Someone at my club mentioned recently that he had been reading my LinkedIn posts and found them insightful and profound. I was grateful for that. Not because I am trying to sound impressive, but because when I write, my goal is not performance. It is usefulness. There is a lot of polished language in the … Continue reading The Best Writing Does More Than Sound Good
Leadership Is Not Just Direction. It Is Atmosphere.
A colleague said something to me recently that meant a great deal. He told me how much he enjoyed working with me, how much better the environment felt than where he had been before, and that he viewed me as a strong and inspirational leader. I appreciated that more than he probably realized. Because the … Continue reading Leadership Is Not Just Direction. It Is Atmosphere.
What People Remember Is Not Always What You Say
One of the clearest tests of character in business is what you do with information that was never yours to use. Recently, I found myself in a situation where I could have ignored something, benefited from silence, or simply looked the other way. Instead, I did what I believed was right and passed it along … Continue reading What People Remember Is Not Always What You Say
Some Feedback Means More than Praise
Over the last couple of weeks, I received a few comments that stayed with me. Not because they were flattering, but because they spoke to things that matter more than achievement alone: character, leadership, and substance. It made me reflect on what people actually remember about us in business. Usually, it is not the polished … Continue reading Some Feedback Means More than Praise
The Window Is Empty
Charlotte came into my life as a very small cat with very big challenges. I adopted her in 2019 after she had already been through more than most little creatures ever should. From the beginning, she required extra care, extra attention, and extra love. And over time, that care only deepened. There were surgeries, setbacks, … Continue reading The Window Is Empty
Loyalty Is Earned Through Advocacy
Most people misunderstand loyalty. They think loyalty is time served. Years in the seat. Length of association. It’s not. Loyalty is built when someone feels defended. Not flattered. Not tolerated. Defended. Real loyalty is forged in moments like this: When someone criticizes them and you speak up. When their name comes up and you protect … Continue reading Loyalty Is Earned Through Advocacy
The ROI of Doing the Right Thing
In business, people obsess over ROI. Return on investment. Return on time. Return on capital. But there is a quieter return most people underestimate: The ROI of doing the right thing. It rarely pays immediately. It often costs you something up front. And it almost never comes with applause. Sometimes it means: Telling the truth … Continue reading The ROI of Doing the Right Thing
Highland Global Business Valuations 