M&A

New Deal Checklist

Setting values/metrics/criteria for deals
Ranking/Priorities
Sourcing

LMM M&A - Selling business, liability around reps & warranties, indemnification.
$20mm and under - not common.

Ultimate ETA Directory of Investors, Support, Equity and Debt providers
Search fund investors, family offices and more

SMB owners sharing deal flow, questions and concerns within the broader acquisition and operating spaces.

Working Capital for Deals

Examples, different cases

Solutions

PE moving from LPs to bring inhouse on investments to be able to draw capital whenever they want - Blackstone / Berkshire with access off the balance sheet on permanent capital.

Interesting that as PE has been open to 401k individual investors, it has also become more opaque as governance will typically lack without the intermediary relationship of GP/LPs.

Decada Group - Utah Holdco (stumbled onto it from Michael Girdley’s newsletter)
Community-based holdings, acquisitions and growth around building forever

Sourcing Debt / Equity

Fundraising

Value and Profitability - Damodaran 2025 Exploration into Sectors and levels of Profitability