Field notes

Insights from the buy-side.

One operational or structural idea at a time — how founder risk, management quality and deal structure actually get assessed in live SME deals.

Due diligence · · 6 min

Founder Dependence Risk

Why a strong founder can be a risk factor in SME buyouts — and how buyers price that risk into deal structure and transition terms

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First Post-Acquisition Hire
People & ops · · 6 min

First Post-Acquisition Hire

How a buyer thinks about the first hire after an SME buyout — and what it signals to owners preparing a business for sale.

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Management Team Assessment
People & ops · · 6 min

Management Team Assessment

How a lead buyer assesses management teams in SME buyouts — before the LOI. A practical framework for co-investors and advisors

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Life After Sale
For sellers · · 5 min

Life After Sale

What happens to the owner after the sale? Explore 4 healthy roles—from Advisor to Board Member—that allow you to stay involved without blocking growth.

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Owner Independence Signals
Due diligence · · 5 min

Owner Independence Signals

Buyers pay for independence, not just potential. Learn the three operational signals that prove your business is a transferable asset, not a job.

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Second Line Management
People & ops · · 6 min

Second Line Management

Why a Second Line of management is critical for selling your SME. How to build a transferable team that buyers and banks can trust.

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Seller FAQ
For sellers · · 5 min

Seller FAQ

Top questions owners ask before selling: confidentiality, valuation, deal structure, and what happens after the sale. Honest answers from a buyer

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Deal Discipline
Deal logic · · 5 min

Deal Discipline

I pass on deals with key-man risk, unproven growth, or opaque financials. Why discipline in deal screening protects capital in SME buyouts.

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12-Month Roadmap
Deal logic · · 6 min

12-Month Roadmap

A practical 12-month guide for SME owners to make their business transferable and bank-ready before a sale, focusing on financials, team, and risk.

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Boring & Bankable
Field note · · 8 min

Boring & Bankable

Why boring, predictable SME deals are often the most bankable — and why that makes them more likely to close and survive after acquisition.

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First Buyer Call
Field note · · 6 min

First Buyer Call

How advisors can prepare SME owners for a first serious buyer call and avoid early red flags that quietly kill deals

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Bank-Ready Teaser
Field note · · 6 min

Bank-Ready Teaser

How to prepare a short, bank-ready teaser in Polish that helps credit teams understand SME deals faster and reduces back-and-forth

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Vendor Loan & Earn-Out
Field note · · 6 min

Vendor Loan & Earn-Out

A simple buyer’s explanation of vendor loans and earn-outs: how they work, when they help deals close, and where risks hide for sellers and investors

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Price vs Structure
Field note · · 8 min

Price vs Structure

Why the highest headline price for your business is not always the best offer, and how deal structure changes risk, cash at close and the odds of closing

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First 48 Hours
Field note · · 7 min

First 48 Hours

How a disciplined SME buyer reads owner documents in the first 48 hours: key numbers, red flags and a simple No / Conditional Yes / Priority filter

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Transferability Checks
Field note · · 8 min

Transferability Checks

Three quick checks buyers use to decide if your SME is truly transferable: owner dependence, management “machine” and cash flow strong enough to carry debt

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Deal Documents
Deal logic · · 7 min

Deal Documents

A practical owner checklist of the core documents a serious buyer asks for first, and why having them ready is key to any SME sale or bank-backed deal.

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Transferability Check
Field note · · 7 min

Transferability Check

What buyers and banks really look at to decide if your SME is a transferable asset, from owner dependence and management to cash flow, contracts and reporting.

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Succession Options
Field note · · 8 min

Succession Options

Three main exit paths for SME owners 60+: family succession, management buyout or external buyer, and what each option means for your business.

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Owner-Independent Business
Due diligence · · 7 min

Owner-Independent Business

How SME owners 60+ can turn “I’m out of operations” into a truly transferable business and prepare for a sale based on real, bankable EBITDA.

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Building a Second Line
People & ops · · 6 min

Building a Second Line

How SME owners can build a strong second line of leadership, reduce key person risk, and make their business truly transferable before an eventual exit.

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Search Funds vs Private Equity
Field note · · 6 min

Search Funds vs Private Equity

A clear comparison of search fund operators and private equity buyers for SME owners considering succession, continuity, and real-world value creation.

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ETA Metrics That Matter
Field note · · 4 min

ETA Metrics That Matter

Simple guide to three SME metrics—DSO, retention, OTIF—that drive cash flow, customer loyalty, and valuation, with examples and quick fixes.

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Succession in Polish SME
Field note · · 4 min

Succession in Polish SME

A simple, respectful approach to succession in Polish family SMEs: what buyers look for, how sellers can prepare, and how to keep continuity without drama

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Poland Buyout Pathways
Field note · · 3 min

Poland Buyout Pathways

A simple, lender-friendly teaser structure for Polish SME deals that reduces friction in diligence, financing, and closing.

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Operators vs Advisors
Field note · · 3 min

Operators vs Advisors

The difference between advice and execution in SMEs. Weekly rhythm, decision velocity, and 12–24 months of compounding operator work.

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Pricing Power in B2B
Field note · · 3 min

Pricing Power in B2B

Small price moves in B2B services create big value when service improves. How to raise prices without breaking retention.

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Owner-Independence Premium
Due diligence · · 3 min

Owner-Independence Premium

Owner-independent SMEs command a premium. What buyers actually pay for — and how to prepare in 6–12 months: SOPs, cash discipline, second line

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Profit vs Cash
Field note · · 6 min

Profit vs Cash

In SME deals, profit misleads. Three quick checks—DSO, inventory/WIP, maintenance CapEx—show if EBITDA turns into cash.

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Poland SME Edge
Field note · · 3 min

Poland SME Edge

Why Poland suits ETA now: SME depth, succession tailwinds, and operator levers that compound value

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Search Funds Europe
Field note · · 3 min

Search Funds Europe

Search funds, 40 years on: why Europe looks like the next big opportunity. Simple primer, key Stanford data, and what investors & owners should know.

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Welcome to my blog!
Field note · · 1 min

Welcome to my blog!

This is the first post on my investment-focused site. find market insights, deal breakdowns, and practical stories from my journey as a private investor

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