Finder's fee, what's market
Finder's fee ($), what's market: I've recently seen three versions: (1) Lehman formula is the
Hi, Niklas here 🙂📝
This is my journey as an independent sponsor & equity investor.
I publish tactical insights for deal-by-deal private equity.
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I publish tactical insights for deal-by-deal private equity.
Subscribe for my short-form content in your inbox (~3x/wk).
Singular KPIs
Tires per hour 🛞 That was the crucial KPI for Chandos Mahon at his waste management company. He attributes half of
Avoid 1st deal in rollup to be premium valuation
I don't love when the first LOI in a rollup thesis is at a premium valuation. "We&
Buy & Build = Faster exits?
Buy & Build = Faster exits? You might think a consolidation will require more time due to all the M&
Beware addbacks & adjustments
Eugene Polevoy claims there are incentives all-around to get a deal done, which inevitably leads to aggressive addbacks & adjustments
Too much debt chasing too few deals
"Dealflow is getting harder and harder," say several SBICs. Private credit (incl. SBIC) was all the rage in
Dealmakers are a special breed
It's brutally hard to close a deal, both at entry and exit. IYKYK. Congrats to all of you
Transitioning to the next generation (GP)
Transition Capital Partners is a mainstay in Dallas private equity. Jason Faucett and his team are the 4th generation of
Unsolicited inbound offers
If you receive an unsolicited inbound offer for your business, do not accept right away. Inbounds won’t walk away,
"We are not operators."
"We are not operators." Most independent sponsors insist they're (more) operations-focused (than others). It's
M&A attorneys vs. Litigators
M&A attorneys and litigators are two separate species. Many small business owners use the same lawyer for everything,
Investor bringing lender
“My deal has $1.6m of EBITDA. I was looking for a conservative, non-PG senior note, of maybe $2m, which
Timing debt vs. equity
Socialize deals early with lenders, maybe even before the LOI. Gauge their appetite, get feedback to form a sources &
Getting involved on boards
"I would love to get involved as a board member." A lot of successful people love the idea
iGlobal Miami (March 2026)
iGlobal in Miami. 500 people. The independent sponsor space continues to grow and attract top finance talent. Thanks to Robert
Maximizing the multiple
Growing EBITDA is the biggest driver for expanding the valuation, but you also need to build a better & more
Hiring at GP-level for better talent
"You can attract better talent when hiring at the GP level." For independent sponsors with multiple platforms, consider
338(h)(10) tax selection
For tax efficiency, sellers want a stock sale (capital gains tax rate, clean legal transfer) and buyers want an asset
Exit waterfall
From the headline price to the actual carry: here is the looong cascade of deductions and LP hurdles that must
Winter Olympics 2026
The Olympics were really fun, especially for us Norwegians! 18 golds, but really 19 when you include the giant slalom
Narrow independent sponsor buy box
Many believe that independent sponsors acquire whatever they can get under LOI, and that the flexibility of the model enables
Independent Sponsor, Should They Chair the Board?
Should the Independent Sponsor always be the Chair of the Board? Yes, it sounds nice, you control the narrative, and
Selling to an Independent Sponsor
Aaron Stahl recently sold his company to an independent sponsor. Here's why. Why he sold: • Eggs-in-one basket: As
How to Invest in SMBs (Without Buying One Yourself)
* How to build an SMB investing strategy * Ways to generate deal flow * What to look for during diligence * What life