From Mikes Desk

Your Runway Is Not Just Money. It Is The Only Thing Protecting Your Ability To Walk Away.

Only 2,117 Deals Closed Last Quarter. The Ones That Never Closed Are The Real Story.

Cutting The Price Buys You Coverage. Changing The Structure Buys You Cash. Most Buyers Only Ask For One.

If The Business Runs Without The Owner, Ask Who Is Actually Running It. The Answer Changes The Price.

Equipment Depreciates. Buildings Can Be Rented. The Repeat Customers Are The Only Thing You Can't Replace.

Why an Earnout Is Not the Same as a Seller Note | The Buyer's Brief

Why I Walk From 6.6x Marinas and 4.7x Car Washes

I Read the Lease Before the P&L. Here's Why | The Buyer's Brief

A 2.98x Multiple, A 2.0x Stressed DSCR, 58% Margins, SBA Pre-Qualified. And I'd Still Walk.

Working Capital Is the Line Most Buyers Never Read | The Buyer's Brief

One slice of the seller note counts as your cash. The other slice is leverage. Most buyers never split them.

Why Passing On The Right Deals Is The Discipline That Makes The Next Deal Work.

The Five-Minute Call That Decides Which Deals Can Actually Fund.

Five Lease Clauses That Decide Whether You Own A Business Or Rent A Job.

The Structure That Turns A Seller's Promises Into The Buyer's Protection.

If The Listing Says "Turnkey," Ask This One Question First.

The Best Buyers Say No More Than They Say Yes.

This One Email Has Gotten Me Access To Deals I Had No Business Seeing.

The One Question That's Killed More Of My Deals Than Bad Financials.

The Seller Who Couldn't Answer Question Two.

He found the deal. The bank said no. Here's what he missed.

Why I turned down a $2.4M deal last Tuesday

Why I said no fourteen times last month