Notes from the market.
Perspective on lower middle market deals, essential services buy-and-build, and what founders should know before they sell.
Sun Belt Migration and the Coming Wave of Essential Services M&A
Population migration into the Sun Belt is reshaping which essential services markets are attractive to acquire in — and which are quietly becoming structurally harder.
The 100-Day Plan: What Actually Happens After We Close
Founders often ask what changes the day after wire. The honest answer: very little that customers or techs see, and quite a lot in the back office. Here's the plan we run on every platform.
What Recurring Revenue Really Means in Essential Services
Not all recurring revenue is created equal. Here's how buyers actually separate the contracted revenue that supports a premium multiple from the 'sticky' revenue that doesn't.
Technician Retention Is the KPI That Actually Compounds
Revenue growth, EBITDA margin, close rate — every essential services dashboard tracks them. The one that matters most for enterprise value is buried in HR.
Density Beats Diversification: Why We Build Deep in a Few Markets
In essential services, route density compounds margins the way scale compounds tech businesses. Here's why we build platforms deep in a handful of MSAs before we ever expand.
Rollover Equity, Explained: A Founder's Guide to the Second Bite
Rollover equity is the most misunderstood component of a private company sale. Here's how it actually works — and why it often produces a bigger outcome than the initial check.
How We Evaluate an Essential Services Business in 30 Days
A look inside our diligence process: what we test for, in what order, and how we get from first call to indication of value in under ten business days.
Independent Sponsors vs. Traditional PE: What Founders Should Ask
The buyer universe for lower middle market businesses has fragmented. Here's how to tell what kind of buyer is really at the table — and which questions cut through the pitch.