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Insights

Practical intelligence for the people doing the deal, owners selling, buyers buying. No fluff. No theory. Real frameworks from real deals.

DEAL REVIEW
2026-07-27

The Deal Review

Bring the deal you are looking at. We load it into the system together and walk it like an operator would. Free during the introduction.

FOR OWNERS
2026-07-11

What Is My Business Worth? The Honest Answer for Owners

What buyers have actually paid for businesses like yours, capped by what a lender will finance against your cash flow. How those two numbers get set, and the tool that finds where they meet.

FREE TOOL
2026-07-11

Free SDE Calculator

Calculate your seller's discretionary earnings in two minutes. The number buyers multiply, worked line by line. No signup, nothing stored.

ESSAY
2026-07-10

The Bottleneck Doctrine

Why AI does not replace experts, it relocates them. The new economics of human expertise, drawn from six established theories into one law.

18 min read
2026-08-03

What Kills a Bank Deal Besides DSCR

Debt service coverage is the first test, not the last one. The objections that actually stop acquisition financing below $5M EBITDA are owner dependence, customer concentration, contracts that do not transfer, and earnings nobody can substantiate.

7 min read
2026-08-01

AI in M&A: What Investment Banks Are Actually Doing, and What It Means for Deals Under $5M

Yes, AI is being used on live M&A deals today, but not in the way most coverage suggests. At the large end it assembles documents and models faster while a banker keeps every judgment call. Below roughly $5 million of EBITDA the advisor is there but the analyst bench behind him is not.

6 min read
2026-07-19

What Is Personal Goodwill? Where the Price of a Business Actually Comes From

When a business sells, the price splits into three layers: tangible assets, enterprise goodwill, and personal goodwill. In almost every owner-run company the largest slice is the owner, and it is the slice nobody explains.

22 min read
2026-04-28

Provenance-Constrained Generation: The Architecture for AI in Audit-Required Work

I didn't set out to build an architectural pattern. I built JCoBee because I'd spent more than twenty years in M&A and knew what a silent formula bug costs. The architecture I built turned out to apply far beyond M&A. This essay names the pattern and explains why it is the correct architecture for AI in any audit-required industry.

11 min read
2026-04-06

What You Should Know About a Company Before You Sign the LOI

The CIM is the seller’s best story. But the public domain is nobody’s story — it’s just the record. Here’s what automated intelligence gathering reveals before you commit to diligence.

6 min read
2026-04-06

How to Test Deal Bankability Before You Call the Bank

DSCR tells you one thing. Bankability tells you everything: whether the structure works, where the covenants bind, and what happens when revenue drops ten percent.

8 min read
2026-04-06

M&A Has a Transparency Problem

The buyer commits before they fully understand what they’re buying. Not because anyone is hiding something. Because the system doesn’t have a mechanism for deep analysis at the speed deals require. That’s not a people problem. That’s an infrastructure problem.

12 min read
2026-04-06

CIM vs Bank Statements: Where Every Deal Gets Real

The CIM tells the seller’s story. The bank statements tell the bank’s story. The gap between them is where every deal gets repriced, renegotiated, or walked away from.

12 min read
2026-03-26

How to Analyze a CIM: The Buyer’s Complete Guide

The CIM is the seller’s best story. Your job is to read between the lines. Here’s the systematic framework experienced buyers use to separate signal from narrative.

10 min read
2026-03-26

What Are the Red Flags in Due Diligence That a CIM Will Not Show You?

These aren’t hypothetical scenarios. Every red flag in this article comes from a real deal where the bank statements told a different story than the CIM.

8 min read
2026-03-26

DSCR Explained: Can Your Deal Get Financed?

Before you fall in love with a deal, answer one question: can you afford it? DSCR is how the bank answers that question. Here’s how to calculate it yourself.

5 min read
2026-03-26

What Is SDE and Why It Matters More Than EBITDA

In lower middle market acquisitions, SDE, not EBITDA, is the number that determines the price, the financing, and whether the deal makes sense for a buyer.

11 min read
2026-03-26

How to Use Bank Statements to Verify a Seller’s Claims

The CIM shows you the story. The bank statements show you the truth. Here’s the 6-step framework for extracting intelligence from bank reconciliations.

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