We write rarely, and only when we have something worth saying. What follows is a record of how we think about the work, published in the open, for the small number of people it is meant for.
Founders leave value and control on the table. Rarely because of the business; almost always because of the timing of the advice, and who gave it.
Read essay →Most restructurings fail not because the business is unsalvageable, but because the brief was set too late and the advisor had too little to work with.
Read essay →The terms of institutional capital rarely reflect what a founder actually needs. An advisor without a relationship to protect will tell you so.
Read essay →By the time most boards seek independent counsel, the decision has already been made. On why the most valuable advice arrives before the mandate.
Read essay →The discipline of saying no is the whole of the business. A note on selectivity, and why the mandates we turn down protect the ones we take.
Read essay →Treating the handover of a family business as a single transaction is the root of most of its difficulty. The case for advice that begins years earlier.
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