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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Quality of Earnings vs Commercial Due Diligence: What Each One Tells You
You are three weeks from close. The quality of earnings report lands in your inbox, and the accounting firm confirms that EBITDA adjustments are defensible, revenue…
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Software Spend Rationalization After an Acquisition: Cutting Duplicate Stack Without Breaking Revenue
You closed the deal. The platform company and the add-on are now under one roof. Then someone pulls the combined vendor list, and you discover you…
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Working Capital Normalization: An Operator’s Read on the Number That Moves at Close
You closed the deal. The working-capital peg was set at $4.2 million, normalized from the trailing twelve months. Three months in, you realize the seller ran…
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Operational Alpha and the Digital Value-Creation Gap
Multiple expansion and cheap debt are done. In 2026 returns come from operations, and the least-owned lever is the digital build layer. Here is why.
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Value Creation Partnerships in Private Equity
Most private equity deals underperform not because the thesis was wrong, but because the operating partnership never materialized. The fund identifies a solid platform, models the…
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GTM Intelligence for PE-Backed Revenue Teams
I have seen portfolio companies with strong products, capable teams, and adequate capital fail to hit their growth targets. Not because the market rejected them, but…
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The AI Intelligence Fleet Behind Our Private-Equity Value-Creation Work
Update, October 2026: the fleet described below has grown into the AI Ops Hive. The current overview of what it answers is in AI Ops Hive:…
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The First 100 Days After an Acquisition: Commercial and Digital Integration Plan
The 100 day plan in private equity is the execution contract between the deal team’s assumptions and the operating reality you just bought. Get it wrong,…