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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Portfolio Company Operating Reviews: The Commercial KPIs That Matter
You are three months post-close on a platform acquisition. The CFO sends a board pack that runs 47 slides. Revenue is “tracking to plan.” Pipeline is…
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Commercial Due Diligence Red Flags in B2B Businesses
You are two weeks into confirmatory diligence on a B2B software target. The seller’s QofE looks clean, EBITDA margins check out, and the management presentation told…
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The 100-Day Go-to-Market Plan for a Newly Acquired B2B Business
You closed the deal. The wire cleared. Now you own a revenue engine you cannot afford to stall, yet you must change it. That tension defines…
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The Seventh-Year Portfolio Company: What a Longer Hold Demands of the CFO
I said something to CFO Brew last week that I want to expand on here, because the quote was tight and the reality is not. Reporters…
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Add-On Sourcing Screen: A Repeatable Filter for Bolt-On Targets That Fit
You have a platform, a thesis, and a mandate to grow through add-ons. What you probably lack is a consistent filter. Most operating partners I work…
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Carve-Out Separation: The Commercial and Systems Plan for Standing Up on Day 1
A carve-out separation plan starts with an inventory of what the division uses versus what it owns: the CRM, ERP, billing, analytics, website and domains that…
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Customer Concentration Risk: How to Assess It Before It Kills the Deal
You are two weeks into confirmatory diligence on a $40M ARR B2B software target. The QoE is clean. Growth looks real. Then you pull the customer-level…
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Synergy Validation and Tracking: Proving the Numbers in the Model Are Real
Three months after close, the CFO asks a simple question: “Which synergies have we actually captured?” The room goes quiet. The investment memo promised $4.2 million…