Operator memos
Value creation, diligence and go-to-market
Essays and playbooks on value creation, diligence, revenue systems and the operating work behind a hold.
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Churn and Net Revenue Retention Diligence: Reading the Signal the Deck Hides
You are reviewing a B2B SaaS target with 92% logo retention. Management presents this as proof of sticky customers. The CIM calls it “best-in-class.” But when…
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Commercial Data Room Readiness: The Evidence Buyers Ask For and Sellers Fumble
The diligence request list lands in your inbox on a Tuesday afternoon. Forty-seven line items. Revenue by cohort, churn by segment, pipeline velocity, contract terms, discount…
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CRM Data Quality Audit: Why Diligence Numbers Fall Apart in the System of Record
The management presentation shows $4.2 million in qualified pipeline. The CRM export shows $6.1 million. Neither number matches the forecast the CFO sent last quarter. You…
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Management Presentation Preparation: Telling the Commercial Story Without Getting Caught Out
The management presentation that falls apart does so in a predictable way. The CEO delivers a compelling growth story. Revenue is up 40% year over year.…
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Pricing Power Diligence: Testing Whether a Business Can Raise Prices
The value-creation plan shows a 12% price increase in Year 2. The model assumes it flows straight to EBITDA. The deal team nods along because the…
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Sales Team Diligence: What to Inspect in the People, Pipeline and Process
You are three weeks from close. The target shows 40% year-over-year revenue growth, healthy gross margins, and a sales team of eight. The model assumes this…
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Sell-Side Commercial Due Diligence: Preparing the Business Before Buyers Do It To You
Sell-side commercial due diligence, also called vendor due diligence, means running a buyer’s commercial diligence on your own business a year or more before a sale:…
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Transition Services Agreement Exit Plan: Getting Off the Parent’s Systems on Schedule
You closed the deal. The platform is yours. But the CRM still runs on the seller’s Salesforce instance. Finance pulls reports from their ERP. Customer data…