Buyers:If you’re in the middle of a deal and the valuation doesn’t support the price, don’t ask, “How do we get the valuation up?” Ask, “What part of this deal is the market refusing to pay for?” Don’t force the valuation to match your price. Make the price match reality. Lenders:If you’re underwriting a deal … Continue reading Deal Attachment Insight #3
SBA 7(a)
Deal Attachment Insight #2
Buyers:If you want to prove you’re ready to own a business, don’t prove it by forcing a close. Prove it by protecting the downside: demanding clean earnings, stress-testing the story, and letting the price adjust to reality. The goal isn’t ownership at any cost. The goal is ownership that doesn’t require hope to make the … Continue reading Deal Attachment Insight #2
Deal Attachment Insight #1
Buyers:Before you push to “make the numbers work,” ask yourself three questions: If this valuation came in higher, would I still do the same diligence? If I had no sunk costs so far, would I still pay this price today? What has to go right for me to be okay—and what happens if it doesn’t? … Continue reading Deal Attachment Insight #1
The Deal You Need Is the Deal That Can Hurt You: Why emotional attachment, moral hazard, and “forced closings” destroy value after the ink dries
There’s a predictable pattern I’ve seen across many acquisitions, especially in small business transactions where buyers are highly motivated and timelines are tight. It starts innocently: A buyer finds a business they love. The story makes sense. The seller is cooperative. The broker is confident. The lender is engaged. Everyone can picture the closing. Then … Continue reading The Deal You Need Is the Deal That Can Hurt You: Why emotional attachment, moral hazard, and “forced closings” destroy value after the ink dries
Throwing Caution to the Wind Isn’t Courage…
There’s a moment in almost every acquisition where the deal stops being evaluated… and starts being protected. It usually happens quietly. The buyer has told people. Time and money have been spent. The finish line is in sight. The dream feels real. And then an independent valuation comes in below the purchase price. What happens … Continue reading Throwing Caution to the Wind Isn’t Courage…
The Deal Didn’t Lose Value. It Was Never Secured.
Buying equity does not buy people.People choose to stay. In many acquisitions, goodwill represents the expectation that earnings will continue — supported by the same people, relationships, and knowledge that created them in the first place. When buyers assume key employees will remain without asking, without listening, and without securing alignment, they don’t just risk … Continue reading The Deal Didn’t Lose Value. It Was Never Secured.
The Warning Signs Were There…
Too often, post-close challenges are framed as unexpected events when, in reality, the warning signs were visible well before closing — in leadership dynamics, retention assumptions, and integration readiness. Those “soft” issues translate directly into goodwill impairment, cash flow disruption, and increased credit risk, even when the valuation methodology itself is sound. The goal is … Continue reading The Warning Signs Were There…
Professionalism Remains the Through-Line
Over the last several weeks, I shared a series of reflections on professionalism—how it shows up, how it erodes, and why it still matters in any field built on trust. The response to those posts has been thoughtful and encouraging. Many people reached out privately to share similar experiences or to say that the observations … Continue reading Professionalism Remains the Through-Line
Professionalism Never Needs an Audience
One of the more reliable tells in professional life is volume. People who are secure in their work tend to be measured. They don’t need to diminish others to establish credibility. They don’t announce who is “replaceable,” “overpaid,” or “obsolete.” They’re too busy building. In contrast, insecurity is often noisy. It shows up as unsolicited … Continue reading Professionalism Never Needs an Audience
The Best Lesson Is a Bought Lesson
My grandmother was born in 1913 and grew up on a farm during the Depression. They didn’t have much — but they had enough. Enough food, enough work, enough responsibility to understand that effort mattered and consequences were real. She knew hard work early. Farm work wasn’t optional, and nothing came easily. She earned a … Continue reading The Best Lesson Is a Bought Lesson
Highland Global Business Valuations 