In over two decades of advising on transactions, one pattern holds: the deals that create lasting value aren’t the ones with the highest multiples — they’re the ones with the best structure.
Beyond the Purchase Price
Most founders fixate on valuation. Smart founders fixate on terms. Earn-outs, holdbacks, seller financing, equity rollovers, management retention — these mechanics often determine whether a deal creates wealth or destroys it.
Lessons from $1B+ in Transactions
Oil & Gas: Energy transactions require deep understanding of reserve valuations, regulatory risk, and commodity price assumptions. We’ve seen too many deals fall apart because the buyer’s model couldn’t handle $50 oil.
Real Estate: Recapitalizations and portfolio restructurings demand creative capital stacking — mezzanine debt, preferred equity, JV structures. The best deals use leverage strategically, not aggressively.
Technology: Tech M&A is uniquely complex. IP valuation, team retention, customer concentration risk, and integration planning all matter more than revenue multiples.
Mining: Resource deals live and die on geological confidence, permitting timelines, and commodity cycles. The best operators know that patience in deal timing creates more value than negotiating another point.
What We Look For
Every deal we advise starts with three questions: Is the business defensible? Is the management team staying? Does the structure align incentives for the next five years? If the answer to any of these is no, we keep working until it’s yes — or we walk.
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