Founder Thesis
Weekly insights on the decisions that determine what a buyer will pay, and what most founders never know until it is too late.
Issue 02
ARR tells a buyer what you earn. These levers determine what they will pay.
Download →Issue 03
The value reductions buyers apply before the founder knows they are being priced.
Download →Issue 04
Why buyers pay more for what they can trust, transfer, and underwrite.
Download →Issue 06
Most founders know their revenue number. Fewer know which revenue a buyer will believe.
Download →Issue 07
Why customer history is not the same as customer transferability.
Download →ISSUE 08
Most founders assume they own their software. Diligence often reveals otherwise.
Download →ISSUE 09
The retention metric that tells a buyer whether your growth is real or recycled.
Download →ISSUE 10
How founder dependency turns from strength into earnout, retention risk, and discount.
Download →ISSUE 11
A buyer does not pay for what you built. It pays for what it can underwrite.
Download →ISSUE 12
Technical diligence is not a bug report. It is a budget for owning the product after closing.
Download →ISSUE 13
The deal was ready to close. Then the seller discovered it could not deliver what the buyer had agreed to buy.
Download →ISSUE 14
Exit preparation is not a presentation exercise. It is an economic one. The prepared business premium is not paid for polish, but for the confidence a buyer can underwrite.
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Sell-side technology M&A advisory. Sydney, Australia.
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