Sublime

There’s a lot on the line. When a new product leverages a network effect to build an ecosystem around it, adjacent industries can be disrupted quickly.

What’s interesting about blockchain instead is that it enables “frictionless binding contracts,” to use the language of economics.

Walker explains how to define your search and excel based on opportunity and discretionary earnings, rather than simply following the herd with business search tools that leave many would-be buyers never reaching success. He shares advice on how to navigate a deal, offers insight into what to expect from the seller, and even provides guidance on wh

If economic activity is a language, trade a speech act, and prices the compressed signal of syntax, then entrepreneurship bears a remarkable resemblance to authorship.

The general point is that when relationship and deal execution matter, you should stay clear of auction-like mechanisms, which signal the opposite.

To bid in a disciplined way, you trade the likelihood of winning against the profits from winning. Some sophisticated dealmakers do this instinctively.

If a brand grows, it will gain more additional buyers from bigger competitors, and fewer from smaller competitors. If a brand declines, that brand will lose more additional buyers to those same bigger competitors, and fewer to the smaller competitors (e.g., Romaniuk 2021b).

publicly visible.

Putting MESOs on the table allows you to diagnose what is important to your counterparty, which is then the raw material for identifying value-creating trades across issues.