The journal

Notes on acquisition intelligence.

Frameworks, market commentary, and deal analysis for private equity professionals, search fund operators, and M&A practitioners.

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Deal Analysis · May 12, 2026

How to Evaluate a CIM Efficiently

A structured approach to reading Confidential Information Memoranda that separates signal from marketing noise and keeps your pipeline moving.

James Whitfield7 min readRead the article

17All entries

Deal AnalysisApril 28, 2026

Common Acquisition Red Flags in Private Market Deals

Experienced investors recognize warning signs early. Here are the most common red flags that surface in LMM deal analysis and what they actually signal.

Sarah Chen

8 min

Deal AnalysisApril 10, 2026

Building a Repeatable Deal Screening Process

Deal volume in the lower middle market demands a disciplined screening framework. Here is how leading search funds and PE firms build a process that scales without sacrificing quality.

Marcus Reid

6 min

Search FundsMay 20, 2026

Search Fund Acquisition Frameworks That Scale

The best searchers combine systematic sourcing with disciplined acquisition frameworks. This piece breaks down the frameworks that produce repeatable outcomes.

Sarah Chen

7 min

Search FundsMarch 15, 2026

Evaluating Proprietary vs. Brokered Opportunities

Not all deal flow is created equal. Understanding the structural differences between proprietary and brokered opportunities shapes both how you diligence and what you pay.

Marcus Reid

6 min

Search FundsFebruary 22, 2026

First-Pass Deal Evaluation Best Practices

A fast, rigorous first-pass evaluation separates high-volume searchers from those who waste months on unqualified opportunities. Here is a proven methodology.

James Whitfield

5 min

Private EquityMay 5, 2026

EBITDA Adjustments Explained for LMM Deals

Adjusted EBITDA is central to LMM deal valuation, but the adjustment methodology varies widely. Here is a rigorous framework for evaluating addbacks.

Marcus Reid

8 min

Private EquityApril 18, 2026

Key Metrics PE Firms Monitor Through Ownership

From acquisition to exit, PE firms track a specific set of operating and financial KPIs. Understanding this framework helps management teams prioritize what moves the needle.

James Whitfield

7 min

Private EquityMarch 28, 2026

Investment Committee Preparation Best Practices

A well-prepared IC memo makes the difference between a confident vote and a prolonged debate. Here is how experienced deal teams structure and present investment decisions.

Sarah Chen

6 min

ValuationMay 28, 2026

DCF Fundamentals for Private Market Investors

Discounted cash flow analysis remains a foundational valuation tool even in private markets. Here is how to apply it rigorously to LMM acquisitions.

James Whitfield

7 min

ValuationApril 5, 2026

EBITDA Multiple Analysis in the Lower Middle Market

EBITDA multiples are the primary pricing currency in LMM transactions. Understanding what drives multiple variation is essential for both buyers and sellers.

Sarah Chen

6 min

ValuationMarch 8, 2026

Valuation Mistakes in Lower Middle Market Deals

Even experienced investors make systematic valuation errors in LMM transactions. Here are the most common mistakes and how to avoid them.

Marcus Reid

6 min

Due DiligenceJune 1, 2026

Financial Due Diligence Checklist for M&A

A rigorous financial due diligence process protects buyers from post-close surprises. This is the checklist institutional investors use on LMM transactions.

Sarah Chen

8 min

Due DiligenceMay 14, 2026

Customer Concentration Analysis in Acquisitions

Customer concentration is one of the most significant risk factors in LMM deals. Here is a framework for measuring, mitigating, and pricing for concentration risk.

Marcus Reid

6 min

Due DiligenceApril 22, 2026

Evaluating Management Teams in Private Market Deals

Management team quality is the hardest dimension of a private company to diligence and the most predictive of post-acquisition outcomes. Here is how to do it well.

James Whitfield

7 min

M&A TrendsJune 10, 2026

Lower Middle Market M&A Outlook 2026

After two years of market adjustment, LMM deal activity is showing signs of durable recovery. Here is what investors should expect in 2026 and beyond.

Sarah Chen

7 min

M&A TrendsMay 22, 2026

Industry Multiples in the Lower Middle Market

Multiple benchmarks vary significantly by sector in the LMM. Here is a data-informed breakdown of where different industry segments trade and why.

Marcus Reid

6 min

M&A TrendsJune 8, 2026

Private Market Trends Shaping Deal Flow

Structural shifts in private markets—from GP-led secondaries to AI-augmented diligence—are reshaping how deals are sourced, evaluated, and transacted.

James Whitfield

7 min

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Notes on acquisition intelligence.

How to Evaluate a CIM Efficiently

Common Acquisition Red Flags in Private Market Deals

Building a Repeatable Deal Screening Process

Search Fund Acquisition Frameworks That Scale

Evaluating Proprietary vs. Brokered Opportunities

First-Pass Deal Evaluation Best Practices

EBITDA Adjustments Explained for LMM Deals

Key Metrics PE Firms Monitor Through Ownership

Investment Committee Preparation Best Practices

DCF Fundamentals for Private Market Investors

EBITDA Multiple Analysis in the Lower Middle Market

Valuation Mistakes in Lower Middle Market Deals

Financial Due Diligence Checklist for M&A

Customer Concentration Analysis in Acquisitions

Evaluating Management Teams in Private Market Deals

Lower Middle Market M&A Outlook 2026

Industry Multiples in the Lower Middle Market

Private Market Trends Shaping Deal Flow

Bring a deal from your pipeline.We’ll run it live.

Bring a deal from your pipeline.
We’ll run it live.