Archive

Jul 28, 2026

Transferable EBITDA: Why Reported Margin Is a Claim, Not a Result

Operating value now carries the return ...but the industry still measures margin as though all of it survives the sale.

Jul 14, 2026

The Ownership Gap Playbook: Assigning Accountability to Unmeasured Cost Lines

Pilot application: HR spend. Built to generalize to any G&A line.

Jul 11, 2026

Nobody Owns This: The HR Line That Grew for Eight Years Without a Return

Why the fastest-growing cost pool in most portfolio companies has no owner accountable for proving what it bought — and what that means for EBITDA quality, buyer confidence, and exit readiness.

Jul 7, 2026

The Multiple Expansion Subsidy

A decade of acceptable returns was never proof of a sound underwriting process — it was proof of a forgiving market

Jul 6, 2026

The Underwriting-Realization Test

Operating Manual for The Operating System of Modern Private Equity

Jul 6, 2026

The Underwriting-Realization Gap

The industry's own research confirms that margin improvement is modeled with rigor and verified with almost none

Jun 20, 2026

The Value Creation Problem Nobody Owns

Why some of the most attractive free cash flow opportunities never make it into the value creation plan.

Jun 13, 2026

Why The Portfolio Value Creation Report Exists

Some opportunities receive less attention than their economic impact warrants.