Published when there's something worth saying. Not on a schedule.
Every operating company has one. The strategic question that drifts from quarterly review to quarterly review without resolution. We sit with that one.
Founders preparing for a sale almost always start with a deck. That's the wrong artefact. The exit thesis is a written paragraph that survives diligence.
Boards spend most of their replace-or-invest debate on performance metrics. The actual decision usually rests on three things that don't show up on the dashboard.
Most transactions fail in the year before they're announced, not in the negotiation. Strategic clarity belongs before the bank, not next to it.
Board composition gets cleaned up at exit. By then the damage is done. Three NED archetypes that look impressive on paper and reduce enterprise value in practice.
Fractional chair has become a marketing label. The job, when done properly, is structurally hard to do fractionally — and worth understanding why.
Carve-out is the most misunderstood word in M&A. Founders use it loosely, buyers use it precisely, and the gap costs deal value.