Deal Anatomy
A capability can be the product
The acquisition archive separates buyer-stated strategy from our interpretation. Start with a buyer’s missing workflow, not an assumed revenue multiple.
Moat Watch
Run the weekend-rebuild test
Imagine a capable customer recreates the headline feature. What customer relationships, rights and operating advantages remain?
Owner’s Move
Document one founder interruption
Have someone else fulfill a job and record where they need you. Make one of those dependencies disappear this week.
Buyer’s Brief
Write the exclusions first
Specify the operating burden, model dependencies and evidence gaps you will not accept. A narrow mandate produces more useful research.
Do not ask only “What is my business worth?” Ask “What would make another owner trust it?”
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