Notes from the deal table

Quality of Earnings

June 15, 2026 · 6 min read

What a quality-of-earnings analysis actually proves

A quality-of-earnings analysis is not an audit. It is the work of separating the number a business reports from the number a buyer can rely on. Here is what it tests, and why it matters most in the lower-middle market.

Add-on M&A

June 8, 2026 · 5 min read

Add-on diligence is broken at the national firms

A platform doing three to six add-ons a year cannot run a six-week QoE on every $3M tuck-in, and cannot afford to skip diligence either. The fix is a different product, not a different vendor.

Disclosure

May 28, 2026 · 5 min read

Disclosure schedules: where lower-middle-market deals quietly lose value

The disclosure schedules are the least glamorous exhibits in a purchase agreement and the most reliable place for a deal to slow down, lose value, or generate a post-closing dispute. Both sides can do better.