Practical M&A Guides
Mechanics first, benchmarks later.
A 15-part series explaining how transactions actually work: what drives value, which earnings a buyer prices, what reaches a seller at closing, and how a disciplined process runs. Each guide teaches the mechanics of a decision rather than publishing market data.
Educational information only. Every company and transaction is different.
Available now
Start with the questions clients ask first
How Buyers Value a Private Company
A credible range uses relevant evidence, normalized financials, and judgment.
Open the guideFrom Reported EBITDA to Adjusted EBITDA
Normalization estimates sustainable earnings. It does not maximize a number.
Open the guideHeadline Price Is Not Seller Proceeds
Enterprise value, equity value, cash at closing, and after-tax proceeds are different figures.
Open the guidePreparing a Business for Sale
The best time to resolve a value issue is before it becomes a buyer surprise.
Open the guideThe Acquisition Process
A disciplined process links strategy, screening, diligence, financing, closing, and integration.
Open the guideAn LOI Is More Than the Purchase Price
Two offers with the same headline price can produce different proceeds and risk.
Open the guideHow an Acquisition Gets Financed
Available financing is not the same as prudent financing.
Open the guideIn development
The rest of the series
Published in waves. Wave 2 covers transaction mechanics and closing economics; Wave 3 covers structure, integration, and strategic alternatives.
The Sell-Side M&A Process
Process discipline protects confidentiality, performance, and negotiating leverage.
M&A Due Diligence: What Buyers Need to Test
Diligence should confirm value, identify risk, and inform price, protection, and integration.
What a Quality of Earnings Review Actually Tests
A QoE tests sustainability and cash conversion. It is not an audit.
How a Working Capital Adjustment Works
The definition and accounting rules can matter as much as the peg.
Asset Purchase vs. Equity Purchase
Tax, liabilities, contracts, approvals, and leverage determine the right structure.
The First 100 Days After an Acquisition
Sequence integration around continuity, the deal thesis, and accountable value creation.
What Affects a Company’s Valuation Multiple?
Value drivers interact. No single improvement guarantees a premium.
Build, Buy, or Partner?
The correct structure follows the strategy.
These guides explain transaction mechanics. They deliberately publish no valuation multiples, cap rates, or market benchmarks: small-business, lower-middle-market, public-company, and SaaS data are measured differently and are not interchangeable. Where benchmarks appear elsewhere on this site, their source, segment, and effective date are shown with them.
Beyond the guides
Want to apply one of these to your own numbers?
The guides explain the mechanics. A conversation applies them to your business, your structure, and your objectives.