Insights
Writing on what moves the value of a founder-owned company, for owners. Every figure names its source.
Who owns Texas collision repair shops
Open map data lists about 4,400 collision repair shops in Texas. Roughly five in six carry an independent name, and the consolidators that own the rest grew in large part by buying shops like them.Who owns Texas HVAC companies
Open map data lists about 6,500 heating and air conditioning companies in Texas, and nearly all carry a local name. A local name no longer means local ownership as reliably as it did.The NDA, explained
What the confidentiality agreement in the sale of a company does, why serious buyers sign one without objection, and what it does not promise.- The sale process, explained, part 1 of 5
How a business is priced
Owner earnings, the multiple, and the short list of things that move them: the arithmetic a first-time seller should be able to follow on one page. - The sale process, explained, part 2 of 5
The language of a transaction: a seller's glossary
The terms a seller will hear between the first conversation and the wire, in one table, with what each means in practice. - The sale process, explained, part 3 of 5
What buyers will request, and why
The documents behind every serious offer: what a buyer expects to see, what each proves, and why assembling them early tends to protect the price. - The sale process, explained, part 4 of 5
Reading a letter of intent
The headline price is the least binding sentence in the document. What a letter of intent commits each side to, and the questions to ask before signing. - The sale process, explained, part 5 of 5
Due diligence and closing
What happens between a signed letter of intent and the wire: what buyers verify, why deals reprice in this period, and how prepared sellers tend to prevent it. Backward-looking multiples and forward-looking risk
Small companies sell on trailing earnings, and trailing earnings say nothing about whether software does the work in a few years. For some companies that gap is a window that closes once.Why many listed businesses do not sell
Many businesses that go to market do not find a buyer. The reasons are typically visible in the listing itself, and nearly all of them are decided long before it is written.
Wild Rose Advisors welcomes conversations with the owners of founder-owned companies.
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