The full transcript of Episode 4 of What the Numbers Miss, with every figure in the episode and the report it came from.
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Mergers & Acquisitions
The full transcript of Episode 3 of What the Numbers Miss, with every figure in the episode and the report it came from.
Recurring revenue earns a premium, so everything gets called recurring. Most of it is repeat revenue with better marketing.
Diligence checks the things that hold still. In a services business, the risk is in the things that go home at five.
Every add-back is defensible on its own. The question is which of them describe a business that will still exist under new ownership, and the test is simpler than most schedules make it look.
Adjusted EBITDA, customer concentration and invisible operational dependencies. Three patterns that recur across lower-middle-market deals.