First-Year CEO Playbook: Preserve, Learn, and Improve Quickly
Lessons from 60+ search fund deals and a few guiding principles for a new CEO’s first year at an acquired company (from seasoned search fund investor Tim Ludwig): 1. Do no harm. You (or the investors) bought a good business. Don’t mess it up. 2. Look for low-hanging fruit, especially things that will make a positive impact on team morale. Can be as simple as fixing an annoying broken light above someone’s desk 3. Learn the business. Spend time with employees, customers, vendors, the seller, your board, etc 4. Develop a 1st cut of KPIs and a system to update them regularly 5. Understand how cash moves through the business and how to understand your financials 6. Identify gaps and weaknesses (people, tech, processes, etc.) and develop a plan to address them with your team. A few short months ago, I was spending a weekend studying Tim and his investment strategies. I hope you learn a lot. Timestamps: 0:00 Buy, run, and compound 2:03 Why study Tim & the origins of search funds 3:40 From MBA case study to investor 5:18 60+ investments 7:59 Search fund 101: traditional vs. self-funded vs. committed capital 10:54 Why search funds work 12:08 First-time CEO profile: EQ is better than IQ, sales, coachability 14:28 What to buy (and avoid) 19:03 First 100 days 24:15 Hold vs. sell; should the seller stay? 24:58 How big is the opportunity? 26:08 Singles & doubles are better than moonshots
Trump's DOJ Shakeup Leads to Ticketmaster Settlement
When the Trump administration canned DOJ antitrust chief Gail Slater, we wrote that all eyes should be on the Live Nation/Ticketmaster case -- watching to see if her ouster paved the way for a settlement. Today: Settlement.
EPF Holds Up RM11B Sunway‑IJM Takeover Amid Val
RM11B Sunway-IJM Takeover: The Great GLC Standoff The Employees Provident Fund (EPF) and major institutional shareholders are officially in a holding pattern, freezing an RM11 billion power shift as the Independent Advice Circular faces strategic delays. This regulatory bottleneck creates a...
Canadian Unicorn Sale Highlights Capital Drain to U.S., Abu Dhabi
Calgary-based tech unicorn CoolIT is speculated to be for sale for more than $3 billion. All of this value creation from this Canadian business will go to the U.S. (KKR) and Abu Dhabi (Mubadala). Sadly, this is par for the course for...
Rapidly Build Credibility and Network in New Markets
Full-speed immersion into a city and industry that is ripe for your search. Step by step on how to be taken seriously and make contacts fast. https://t.co/Dx7qWaKO4P #SmallBusiness & Deal Making #SMB https://t.co/pJ9bixnjax
Construction Stocks Squeezed by Takeover Rumors and Regulatory Scrutiny
Stop scrolling if you hold construction equities. Takeover rumors are actively destroying contract values right now. 1. MACC probe costs IJM a data center deal 2. MoF intercepts Sunway takeover of IJM 3. State funds clash over MRCB mega-merger Detailed Breakdown ↓↓↓ #BursaMalaysia #Equities
Malaysia Sees Major Corporate and Legal Shifts
Major Business News on March 6, 2026: 1. Court of Appeal to rule on RM1.7b pensioners payout 2. Ekovest secures 54-year highway concession 3. Datuk Seri Johari Abdul Ghani nears mandatory offer threshold 4. Datuk Tiong King Sing exits Timberwell at RM12.8 million Source: The...
Byron Allen Buys 10.7% of Starz for $25M
Byron Allen Acquires 10.7% Stake in Starz From Steve Mnuchin’s Investment Firm for $25 Million https://t.co/uuDK84OBQW via @variety
Talent‑First Strategy Powers Decades of Private‑Equity Returns
I started preparing for a research episode on a top private equity firm ($3B+ in AUM), and here are some of the notes I’ve taken so far: >Talent drives returns. >Their model is driven by the search for outlier investment talent. >Most of...
Dunkin's Parent IPO Beats SpaceX and OpenAI
The year's most important IPO isn't for SpaceX or OpenAI. It would be for the parent company of Dunkin' (do I need SpaceX or OpenAI every day? nope. but my iced coffee is a nonnegotiable) https://t.co/6kXbsBReYh
Real Deal Structures Hide in Everyday Business Stories
I Remember years ago I read an article most readers would skim past. It wasn’t about investing. It wasn’t about finance. It was a local business dispute. But buried inside was a real-world deal structure.
NFL Veteran Nets 10x Return on Oura Exit
NFL veteran @thejaylonsmith recently exited his investment in Oura, making a 10x return, his best ever.https://t.co/xHbeBAUc4s
Find Burnt‑Out Profitable Owners Ready to Seller‑Finance
There are businesses generating $600K profit right now with owners who: • Haven’t had a holiday in 3 years • Have no succession plan • Would seller-finance the whole deal just to escape You just need to know how to find them and what...
High Broker Fees Signal a Business Acquisition Attempt
If a broker charges rates in line with Realtors, say 5 or 6% then they likely are trying to ‘buy business.’- How to Sell my own Business https://t.co/l2EObkfURN https://t.co/Jq7DIDeNGv
Today's Purchases Teach Float and Discipline
Why today is always the day for my biggest business purchases. Float and Discipline lesson inside. https://t.co/r6DUEVnTtI #SmallBusiness & Deal Making #SMB https://t.co/s6Y0EC0IKN
Skipping Due Diligence: A Straightforward Legal Mistake
Nah. It was cut-and-dried law. He signed the deal and chose not to do the due diligence.
AI Poised to Upend Software, Jeopardizing Private Equity
The Extinction of Private Equity? My latest memo on the potential of AI to disrupt the software industry and its effect on private equity: https://t.co/GMi44JG2PQ https://t.co/oZYyMnfppx
From Associate to GP: $95M Fund, 16 Niche Deals
1. Left an Associate role at a mid-market private equity firm 2. Raised $95 million over three years 3. Completed 16 acquisitions In this episode, I sit down with Kaido, who started his career at a PE fund in New...
Trump Poised to Acquire Media Stakes via Netflix Debt
Did not have President Trump buying Netflix debt on my bingo card. How long until he is taking direct stakes in the media business? Remember Jared's Affinity Partners "pulled out" of part the Paramount investor group in December. $PSKY $WBD...
Blackstone Invests $400M in Teva, Sanofi Gut Drug
Blackstone puts $400M into Teva, Sanofi gut disease drug https://t.co/CkxPaI6CPr @ByJonGardner $TEVA $SNY $MRK $RHHBY
PE‑
Major narrative violation but a private equity-owned SaaS company, financed by *gasp* private credit, is rapidly building out its AI capabilities. https://t.co/DOGvFQyXdN
Vendor Financing Aligns Seller Interest via Business Collateral
Case Study: Effective Vendor Financing in Business Acquisitions This topic was highlighted by a question from Tomo, a follower intrigued by the mechanics behind vendor take-back notes. Challenge: When purchasing a business with vendor financing, one of the key concerns for both...
CP Axtra's RM1.66B Deal Consolidates Malaysia's Grocery Market
The Malaysian grocery landscape just changed forever. 🚨 Thai retail giant CP Axtra (the power behind Lotus’s) is officially acquiring 100% of The Food Purveyor for RM1.66 billion. 💰 By Q4 2026, the group will control 120 stores nationwide, blending the scale...
Software Buyout Lending Shows Near‑zero Default
No wonder direct lending to software buyouts was so popular. Out of 300+ loans that Blue Owl has made since inception, only one has defaulted. That one loan was to finance Vista Equity's $3.5 billion buyout of Pluralsight in 2021. Blue Owl...
Boring Success Gets 120 Views, Steak Grilling Gets Millions
There's an interview with a guy who quit his job and, with no prior experience, raised a $95 million to acquire 13+ "boring" niche businesses. Less than 120 views. Meanwhile, a gentleman grilling a wasabi-marinated A5 wagyu steak has over 7.5...
New Data‑Driven LOI Template Boosts Lower‑Middle‑Market Deal Success
We just released our 2026 Lower-Middle-Market LOI Template. Built from 500+ deals and $1.6B+ in closed (and busted) transactions. It’s designed to reduce retrades, surface deal killers early, and increase close probability. Download it here: https://smblaw.group/services/mergers-and-acquisitions Scroll to the middle of the page to access...
Flexibility to Invest Minority or Majority Drives Success
Talked to a small-cap private equity GP, and he said that from day one, they've always asked LPs for the flexibility to do both majority and minority investments... They’ve seen many great companies where the owners have clear reasons for not...
RedBird Reshapes Streaming Landscape with Major Studio Deals
Friday: RedBird helps Paramount pry Warner Bros. away from Netflix. Monday: RedBird helps Artists Equity ink major streaming deal with Netflix.
Blackstone’s Jon Gray Offers SaaS Loans at 98¢
it’s your promotion year at Blackstone and Jon Gray calls and asks if you wanna buy some SaaS loans at 98 cents: https://t.co/7xdf7c8YNt https://t.co/CvnV13BVpL
Databricks Files Audited GAAPs, Signals IPO Preparation
Databricks today disclosed audited GAAP financials. That's the sort of thing a company does when it's prepping to go public.
Lease Used Equipment to Cut Costs and Risk
"Another great way to do smaller deals and reduce risk is to do leases on used equipment. Just like cars, most of the depreciation on equipment happens in the first few years." –Invest Local (2014) https://t.co/l2EObkfURN https://t.co/X97c95CkJd
MBAs Spot Digital Gap in 27‑Year HVAC Business
How MBAs look at a 27 year old HVAC business in Omaha with no website:
Massive M&A Spree: Premium Deals Across Sectors
Today's M&A notes - $WBD to be acquired by $PSKY for $31.00, 147.2% premium, $110bn - $AES to be acquired by GIP / EQT / CalPERS / QIA for $15.00, 35.5% premium, $33.4bn - $ASCU.to to be acquired by $HBM.to for 0.242x shares,...
Elite Leaders Prove Focus, Long Hours Drive Success
Spent a long weekend with a group of folks in the mountains of Switzerland. All top people in their fields: a senior position in investment banking, CFO of a bank, serial acquirers, PE investors, etc. Some of the obvious observations: 1. Everyone’s busy,...
LBO Debt Market Faces $20B Nerve‑Testing Stress Test
The LBO debt market is freaking out. Here comes a $20B test of nerves https://t.co/MiXTnEB2pK
Use a 1.5× DSCR to Fund $2‑3M Deals
The one number that unlocks business acquisition finance: DSCR — Debt Service Coverage Ratio Formula: EBITDA ÷ Annual Debt Repayments Lenders want ≥ 1.5x What this means: For every $1 you owe the bank, the business earns $1.50. Find a business with $500K EBITDA? You can service...
Retiring Owners Value Trust over Price in Exits
What retiring business owners actually want: • To know their staff will be looked after • To feel proud of who they sell to • A clean exit with no complications • Someone who "gets" their industry • Monthly payments that feel like a pension Notice...
Unlock Hidden Loan Options Through Business Brokers
“Welcome to my special report on how to borrow from #businessbrokers... By the end of this report, you’ll learn how you can negotiate a loan from a lender that many others have never considered.” –Borrow from Biz Brokers (2017) https://t.co/l2EObkfURN...
Bootstrapped SaaS Thrives on Trust, Not Code
Gah such a great take. I don’t invest in large SaaS plays, but on the micro end, especially for bootstrapped founders, it’s still a fantastic place to build.
KKR Founders' First Capital and Early Investor Snapshot
A great one-page overview detailing the KKR founders’ initial capital contributions and the investors they raised from to finance their first leveraged buyouts. https://t.co/JQxW7mzQhZ
Capital Comes Last: Build Board, Seller, Structure First
"You need money to buy a business." False. What you actually need: • A credible board (free to recruit) • A seller motivated to exit • A structure they say yes to • 1,000 cold calls worth of persistence Capital is the last variable. Not the first.
10 Cash‑
. @Travis_Jamison is sharing his story of doing 10 acquisitions in cash-flow-positive, profitable lower middle market businesses, with some deals projected to have an IRR of 25% or more. The best part: he is only getting started. These last 10 deals...
Opaque Private Debt Markets Reveal Growing Financial Fragility
Private debt markets have been struggling for some time. These are nonbank lenders, largely in the private equity space, although they do rely upon bank credit. This is one of many fragilities in the financial market and the economy more...
JPMorgan, Not Stripe, Seen as Viable PayPal Buyer
.@ShenLucinda argues that Stripe isn't a logical buyer for PayPal. But JPMorgan may be. https://t.co/5mg3m05s44
Company Secures Record Private Funding Amid Cofounder Lawsuit
Remarkable that a company raises largest private round ever, while in the midst of being sued by a cofounder who also happens to be the world' richest man.
Revenue Growth Trumps Profit as Companies Form Interlinked Borg
I take @sama point on circular dealmaking concerns -- that the revenue growth is key metric. And will leave profit concerns for another day. But also true that these companies are becoming something of a borg. If one goes down, it's...
Banks Fund Equipment, Not Your Business Goodwill
"Most commercial banks will lend against machines & equipment... Do you know what the bank won’t finance? Goodwill… the intangible value of the fact that you’ve built up a great clientele" –12 Things to Do Before You Consider Selling Your...
Ellisons Pull Off Record LBO of Warner, CNN
The Ellisons nab Warner and CNN in the biggest leveraged buy-out in history. Who's going to run it? https://t.co/KOQeZ3NQTy
Master the ‘Exit’ Strategy to Sell Your Business
This small ‘E’ word secret will help ensure that you’ll be able to sell your business one day. It’s easy, but most never do it. https://t.co/riUdLIn5K2 #SmallBusiness & Deal Making #SMB https://t.co/qh1kcfQ0Jf
PE Shifts From Legend Deals to Low‑Margin Rollup Frenzy
PE in 2009: We tried to be legends but got jammed (Caesars, NXP, IntraWest) PE in 2026: Wheels are coming off our janitorial, car wash, dental clinic and gritty Glengarry glenross-esque insurance brokerage rollups. One fund spotlights PEs problems https://t.co/O0PB4vXT6T