Essays & Thoughts
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Past Writings
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COVID-19
- Sep 8, 2022 Build a Better Small Business Budget for 2023 Sep 8, 2022
- Mar 2, 2021 Charting the Economic Recovery Mar 2, 2021
- Jan 15, 2021 Lemons and Mixology: 2020 In Review Jan 15, 2021
- Oct 20, 2020 A Small Business CEO’S Guide To Uncertainty Oct 20, 2020
- May 1, 2020 Employee COVID-19 Impact Survey May 1, 2020
- Apr 23, 2020 Owner / Operator COVID-19 Impact Survey Apr 23, 2020
- Apr 21, 2020 Selling and Buying Businesses in 2020 Apr 21, 2020
- Apr 13, 2020 Build a Better Small Business Budget Apr 13, 2020
- Apr 1, 2020 Small Business Pandemic Response Toolbox Apr 1, 2020
- Mar 31, 2020 What the "CARES Act" Modifies In FFCRA Mar 31, 2020
- Mar 31, 2020 Viral Prohibition, Eminent Domain, and the Path Ahead Mar 31, 2020
- Mar 29, 2020 What The "CARES Act" Expansion of Unemployment Insurance (RWACA) Means for Small Business Mar 29, 2020
- Mar 27, 2020 What The "CARES Act" Paycheck Protection Program Means For Small Business Mar 27, 2020
- Mar 20, 2020 What The "Families First Coronavirus Response Act" (FFCRA) Means For Small Business Mar 20, 2020
- Mar 19, 2020 Q&A: Banking and Liquidity Mar 19, 2020
- Mar 19, 2020 Memo on Small Business Impact of COVID-19 Mar 19, 2020
- Mar 17, 2020 How To Cut Expenses Mar 17, 2020
- Mar 10, 2020 Operating In Limbo, Investing As Usual Mar 10, 2020
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Culture
- Oct 20, 2022 The Greatest Competitive Advantage Oct 20, 2022
- Oct 6, 2022 A Tactical Guide to Tough Conversations Oct 6, 2022
- Sep 22, 2022 Why Plans Don't Work Out Sep 22, 2022
- Jul 6, 2022 Volatility and Durability: 2022 Mid-Year Update Jul 6, 2022
- Jul 5, 2022 Goodbye Boring Businesses. We Invest in Companies That Care What Happens Next. Jul 5, 2022
- May 9, 2022 Finding Fit: Talent's Guide to Big or Small May 9, 2022
- Apr 26, 2022 How Patience Pays Off Apr 26, 2022
- Apr 12, 2021 How To Optimize Your Compensation Plan Apr 12, 2021
- Sep 4, 2019 Investors and Operators: Lessons I've Learned From Both Worlds Sep 4, 2019
- Feb 28, 2018 5 Minutes Early is On Time, On Time is Late, and That's OK Feb 28, 2018
- Dec 29, 2017 Our "No Asshole" Policy Dec 29, 2017
- Oct 22, 2017 Recognizing The Best Workplaces: Values and Virtue Signaling Oct 22, 2017
- Jan 13, 2016 The Little Things Impress Me Most Jan 13, 2016
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Deal-Making
- Aug 4, 2022 The Kingdom or the Crown: Addressing the Owner Dependence Dilemma in Your Company Aug 4, 2022
- Apr 26, 2022 How Patience Pays Off Apr 26, 2022
- Apr 21, 2020 Selling and Buying Businesses in 2020 Apr 21, 2020
- Mar 10, 2020 Operating In Limbo, Investing As Usual Mar 10, 2020
- Feb 26, 2020 Why You Can't Sell Your Business Feb 26, 2020
- Feb 6, 2020 What to Expect If Permanent Equity Buys Your Business Feb 6, 2020
- May 7, 2018 A New Neighborhood May 7, 2018
- Apr 6, 2017 Choosing An Acquirer: Hot Date or Lifelong Partner? Apr 6, 2017
- Feb 6, 2017 Green, Yellow, Red: What Signals Investors Feb 6, 2017
- Feb 3, 2016 Questions Investors Ask on a Management Call - And Conclusions They Draw Feb 3, 2016
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Firm Updates
- Jul 6, 2022 Volatility and Durability: 2022 Mid-Year Update Jul 6, 2022
- Jul 5, 2022 Goodbye Boring Businesses. We Invest in Companies That Care What Happens Next. Jul 5, 2022
- Feb 3, 2020 Putting the *Permanent* in PE Feb 3, 2020
- Sep 23, 2019 Introducing "The Messy Marketplace" Podcast Sep 23, 2019
- Jun 12, 2019 Introducing Instant Appraisal Jun 12, 2019
- Oct 4, 2018 Fall 2018 Update: The Last Puzzle Pieces, A Bittersweet Victory, and The Orbit Oct 4, 2018
- Jul 10, 2018 Sweating Hay in the Shining Sun Jul 10, 2018
- May 7, 2018 A New Neighborhood May 7, 2018
- Mar 2, 2018 The Finish and Starting Line Mar 2, 2018
- Aug 17, 2017 #428 on Inc. 500: A Decade In Reflection Aug 17, 2017
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Friends of the Firm
- Mar 2, 2021 Charting the Economic Recovery Mar 2, 2021
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Investing
- Mar 9, 2023 How to Build without Buying Mar 9, 2023
- Feb 15, 2023 Getting In The Room: To Women With Career Ambitions in Investing Feb 15, 2023
- Jan 17, 2023 15 Years In The Trenches of SMB Acquisitions and Operations: 2022 Annual Letter Jan 17, 2023
- Oct 13, 2022 There Is No Medium Risk Oct 13, 2022
- Jul 6, 2022 Volatility and Durability: 2022 Mid-Year Update Jul 6, 2022
- Jul 5, 2022 Goodbye Boring Businesses. We Invest in Companies That Care What Happens Next. Jul 5, 2022
- Apr 26, 2022 How Patience Pays Off Apr 26, 2022
- Apr 18, 2022 How Permanent Funds Work Apr 18, 2022
- Mar 28, 2022 Rule #1: Do No Harm Mar 28, 2022
- Jan 5, 2022 Investments We Make Jan 5, 2022
- Jan 15, 2021 Lemons and Mixology: 2020 In Review Jan 15, 2021
- Apr 21, 2020 Selling and Buying Businesses in 2020 Apr 21, 2020
- Feb 3, 2020 Putting the *Permanent* in PE Feb 3, 2020
- Sep 4, 2019 Investors and Operators: Lessons I've Learned From Both Worlds Sep 4, 2019
- Jun 12, 2019 Introducing Instant Appraisal Jun 12, 2019
- Apr 30, 2019 How To Acquire Your First Small(er) Company Apr 30, 2019
- Jul 10, 2018 Sweating Hay in the Shining Sun Jul 10, 2018
- Mar 2, 2018 The Finish and Starting Line Mar 2, 2018
- Feb 1, 2018 Valuing Companies Feb 1, 2018
- Dec 29, 2017 Our "No Asshole" Policy Dec 29, 2017
- Aug 17, 2017 #428 on Inc. 500: A Decade In Reflection Aug 17, 2017
- Jun 19, 2017 Why I Joined A Public Company Board Jun 19, 2017
- Apr 11, 2017 Three Things Jeff Gramm Taught Us About Shareholder Activism Apr 11, 2017
- Dec 30, 2016 Why We Love to Buy Boring Businesses Dec 30, 2016
- Jan 28, 2016 EBITDA Adjustments From Crazytown Jan 28, 2016
- Oct 13, 2015 The Small Business Crunch Oct 13, 2015
- Aug 24, 2015 How I Evaluate An Investment Aug 24, 2015
- Jul 21, 2015 Why and How Entrepreneurs Should Read Public Company Filings Jul 21, 2015
- Jul 10, 2015 Green Grass, Gratitude, and Things Being Hard Jul 10, 2015
- May 18, 2015 Risk, Return, and the High Wire Act May 18, 2015
- Jan 23, 2015 Winning at the Wrong Game Jan 23, 2015
- Nov 13, 2014 EBITDA is "BS" Earnings Nov 13, 2014
- Oct 30, 2014 What Are Buyers Paying for Main Street Businesses? Oct 30, 2014
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Operating
- Mar 9, 2023 How to Build without Buying Mar 9, 2023
- Jan 17, 2023 15 Years In The Trenches of SMB Acquisitions and Operations: 2022 Annual Letter Jan 17, 2023
- Nov 7, 2022 Mistaking Red Flags For Red Carpets: The Trouble with Services for Smaller Businesses Nov 7, 2022
- Nov 3, 2022 How To Do Stuff Nov 3, 2022
- Oct 20, 2022 The Greatest Competitive Advantage Oct 20, 2022
- Oct 13, 2022 There Is No Medium Risk Oct 13, 2022
- Oct 6, 2022 A Tactical Guide to Tough Conversations Oct 6, 2022
- Sep 22, 2022 Why Plans Don't Work Out Sep 22, 2022
- Sep 8, 2022 Build a Better Small Business Budget for 2023 Sep 8, 2022
- Aug 4, 2022 The Kingdom or the Crown: Addressing the Owner Dependence Dilemma in Your Company Aug 4, 2022
- May 9, 2022 Finding Fit: Talent's Guide to Big or Small May 9, 2022
- Apr 26, 2022 How Patience Pays Off Apr 26, 2022
- Mar 28, 2022 Rule #1: Do No Harm Mar 28, 2022
- Apr 12, 2021 How To Optimize Your Compensation Plan Apr 12, 2021
- Mar 2, 2021 Charting the Economic Recovery Mar 2, 2021
- Jan 15, 2021 Lemons and Mixology: 2020 In Review Jan 15, 2021
- Oct 28, 2020 2020 Election Expectations Survey Oct 28, 2020
- Oct 20, 2020 A Small Business CEO’S Guide To Uncertainty Oct 20, 2020
- May 1, 2020 Employee COVID-19 Impact Survey May 1, 2020
- Apr 23, 2020 Owner / Operator COVID-19 Impact Survey Apr 23, 2020
- Apr 13, 2020 Build a Better Small Business Budget Apr 13, 2020
- Apr 1, 2020 Small Business Pandemic Response Toolbox Apr 1, 2020
- Mar 31, 2020 What the "CARES Act" Modifies In FFCRA Mar 31, 2020
- Mar 31, 2020 Viral Prohibition, Eminent Domain, and the Path Ahead Mar 31, 2020
- Mar 29, 2020 What The "CARES Act" Expansion of Unemployment Insurance (RWACA) Means for Small Business Mar 29, 2020
- Mar 27, 2020 What The "CARES Act" Paycheck Protection Program Means For Small Business Mar 27, 2020
- Mar 20, 2020 What The "Families First Coronavirus Response Act" (FFCRA) Means For Small Business Mar 20, 2020
- Mar 19, 2020 Q&A: Banking and Liquidity Mar 19, 2020
- Mar 19, 2020 Memo on Small Business Impact of COVID-19 Mar 19, 2020
- Mar 17, 2020 How To Cut Expenses Mar 17, 2020
- Mar 10, 2020 Operating In Limbo, Investing As Usual Mar 10, 2020
- Mar 5, 2020 How to Manage Change Mar 5, 2020
- Feb 6, 2020 What to Expect If Permanent Equity Buys Your Business Feb 6, 2020
- Jan 7, 2020 Table Stakes: Unblock Your Business Jan 7, 2020
- Sep 4, 2019 Investors and Operators: Lessons I've Learned From Both Worlds Sep 4, 2019
- Jan 11, 2018 View from the Trenches: The 2018 Owner / Operator Survey Jan 11, 2018
- Dec 29, 2017 Our "No Asshole" Policy Dec 29, 2017
- Mar 12, 2016 How To Sell Anything: An Introductory Guide Mar 12, 2016
- Mar 10, 2016 Important Metrics for Small and Mid-Market Companies — Part 5: Investment Mar 10, 2016
- Mar 3, 2016 Important Metrics for Small and Mid-Market Companies — Part 4: Operational Efficiency Mar 3, 2016
- Feb 25, 2016 Important Metrics for Small and Mid-Market Companies — Part 3: Team Feb 25, 2016
- Feb 18, 2016 Important Metrics for Small and Mid-Market Companies — Part 2: Customers Feb 18, 2016
- Feb 11, 2016 Important Metrics for Small and Mid-Market Companies — Part 1: Basics Feb 11, 2016
- Feb 2, 2016 The Ceiling of Brute Force: Small Businesses Don't Stay Small on Purpose Feb 2, 2016
- Jan 13, 2016 The Little Things Impress Me Most Jan 13, 2016
- Aug 2, 2015 5 Minutes Early Is On Time; On Time Is Late; Late Is Unacceptable Aug 2, 2015
- Jul 10, 2015 Green Grass, Gratitude, and Things Being Hard Jul 10, 2015
- May 18, 2015 Risk, Return, and the High Wire Act May 18, 2015
- Jan 23, 2015 Winning at the Wrong Game Jan 23, 2015
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Selling
- Mar 9, 2023 How to Build without Buying Mar 9, 2023
- Jan 17, 2023 15 Years In The Trenches of SMB Acquisitions and Operations: 2022 Annual Letter Jan 17, 2023
- Oct 27, 2022 Growth Partnerships & The Preservation of Fun Oct 27, 2022
- Aug 4, 2022 The Kingdom or the Crown: Addressing the Owner Dependence Dilemma in Your Company Aug 4, 2022
- Apr 18, 2022 How Permanent Funds Work Apr 18, 2022
- Mar 28, 2022 Rule #1: Do No Harm Mar 28, 2022
- Jan 5, 2022 Investments We Make Jan 5, 2022
- Feb 11, 2021 Expectations: Entering Due Diligence Feb 11, 2021
- Feb 26, 2020 Why You Can't Sell Your Business Feb 26, 2020
- Jan 7, 2020 Table Stakes: Unblock Your Business Jan 7, 2020
- Jun 12, 2019 Introducing Instant Appraisal Jun 12, 2019
- Jul 16, 2018 Working Capital: Bodies, Blood, and Buckets Jul 16, 2018
- Feb 1, 2018 Valuing Companies Feb 1, 2018
- Apr 6, 2017 Choosing An Acquirer: Hot Date or Lifelong Partner? Apr 6, 2017
- Feb 6, 2017 Green, Yellow, Red: What Signals Investors Feb 6, 2017
- Feb 3, 2016 Questions Investors Ask on a Management Call - And Conclusions They Draw Feb 3, 2016
- Feb 2, 2016 The Ceiling of Brute Force: Small Businesses Don't Stay Small on Purpose Feb 2, 2016
- Jan 28, 2016 EBITDA Adjustments From Crazytown Jan 28, 2016
- Oct 13, 2015 The Small Business Crunch Oct 13, 2015
- Nov 13, 2014 EBITDA is "BS" Earnings Nov 13, 2014
- Oct 30, 2014 What Are Buyers Paying for Main Street Businesses? Oct 30, 2014
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The Market
- Mar 2, 2021 Charting the Economic Recovery Mar 2, 2021
- Sep 25, 2018 Gorilla Games: Q3 2018 Update on What Amazon Means for the Rest of Us Sep 25, 2018
- Feb 20, 2018 Gorilla Battles: Q1 2018 Update on What Amazon Means for the Rest of Us Feb 20, 2018
- Oct 23, 2017 One Day At Amazon: In the Belly of the Beautiful Beast Oct 23, 2017
- Oct 23, 2017 Gorilla Mode: Amazon Appendix - In Bezos' Own Words Oct 23, 2017
- Oct 23, 2017 Gorilla Mode: Our Amazon Filter Oct 23, 2017
- Oct 23, 2017 Gorilla Mode: Amazon - The Threat Oct 23, 2017
- Oct 23, 2017 Gorilla Mode: Amazon - The Engine Oct 23, 2017
- Oct 23, 2017 Gorilla Mode: Amazon - The Foundation Oct 23, 2017
- Oct 23, 2017 Amazon: Gorilla Mode - Introduction Oct 23, 2017
- Sep 1, 2017 Relentless Sep 1, 2017
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Valuation & Due Diligence
- Feb 11, 2021 Expectations: Entering Due Diligence Feb 11, 2021
- Apr 21, 2020 Selling and Buying Businesses in 2020 Apr 21, 2020
- Jul 16, 2018 Working Capital: Bodies, Blood, and Buckets Jul 16, 2018
- Mar 7, 2018 The Micro PE Reality Check Mar 7, 2018
- Jan 28, 2016 EBITDA Adjustments From Crazytown Jan 28, 2016
- Nov 13, 2014 EBITDA is "BS" Earnings Nov 13, 2014
- Oct 30, 2014 What Are Buyers Paying for Main Street Businesses? Oct 30, 2014