COVID-19: How to Prepare a B2(B2)C Business for the ‘New Normal’
COVID-19 has, in just a few months, shaken and radically disrupted governments, economies and societies alike (even the publication of our GRAPH Papers was disrupted – but we are glad to be back at it).
Winning in the Swing States – Commercial Due Diligence Lessons from Political Strategy
This Thursday, 650 constituencies will go to the polls for the UK elections. But in all likelihood, the election will be won and lost in just 100 or so key marginal seats (or “swing states,” for US readers) - constituencies where the winning margin at the last election was less than 5% of the vote.
Discovering Repeatable Growth
Over the years, I have heard multiple M&A professionals say “we don’t underwrite hopes and dreams,” by which they mean new tactics proposed, but not tested, by Management (and their bankers). What is not discussed as often are the new tactics that have been tested…but that are destined to work just once. These tactics are what we call unrepeatable growth stimulants, UGS (or just,…
Using Diligence and the Ownership Change to Leverage What Matters to Customers
Conducting commercial diligence that matters should equip the new owner and the leadership team with insights that can quickly make an impact on market share and pricing opportunities (among other opportunities).
Commercial Due Diligence and Value Generation via Network Effects
Many attractive investments are predicated on network effects – these are businesses that connect users, buyers, and/or suppliers. Companies like Visa, eBay, and LinkedIn have famously enjoyed the benefits of network effects to accrue immense, highly durable value. Outside of software, businesses such as recruiting, retailing, media, health provider networks, and many others, enjoy network…
In virtually every CIM and VDD doc that I read recently (for B2B business, at least), an early page highlights a set of corporate logos of the target company’s key customers. Logos for large, well-known businesses are great; logos for significant and “cool” customers – those that are recognized as movers and shakers – are expressed boldly to help create “lift.”