Our Approach
A disciplined framework for analysis and decision-making, grounded in intellectual honesty and focused on sustainable value creation.
How We Evaluate Opportunities
Every opportunity presents a unique set of variables, constraints, and potential outcomes. Our approach prioritizes understanding the fundamental drivers of value before forming partnerships or making commitments.
We focus on first principles rather than superficial metrics. This means asking difficult questions, challenging assumptions, and being willing to walk away when the analysis doesn't support action.
Analysis Framework
Fundamental Assessment
We examine the core economics, competitive dynamics, and structural characteristics that determine long-term potential. Surface-level metrics can mislead; we dig deeper.
- Market structure and competitive positioning
- Unit economics and scalability
- Defensibility and sustainable advantages
- Management quality and incentive alignment
Risk Evaluation
Understanding downside scenarios is as important as projecting upside potential. We systematically identify and assess risks that could impair value.
- Operational, financial, and market risks
- Scenario analysis and stress testing
- Second-order effects and dependencies
- Risk mitigation strategies
Strategic Options
We evaluate the range of strategic paths available, considering timing, resource requirements, and opportunity costs of each alternative.
- Growth strategies and capital allocation
- Operational improvements and efficiency
- Partnership and collaboration structures
- Exit strategies and liquidity options
Decision Criteria
Clear decision criteria help us maintain discipline. We consider alignment, conviction level, resource fit, and long-term value potential.
- Strategic alignment with capabilities
- Conviction based on evidence
- Resource requirements and constraints
- Expected value and risk-adjusted returns
Guiding Principles
Intellectual Honesty
We prioritize truth over comfort. Our analysis reflects reality as we see it, not what we wish it to be.
Long-Term Orientation
We focus on sustainable value creation rather than short-term optimization. Good decisions compound over time.
Disciplined Process
Our approach combines systematic analysis with practical judgment, ensuring thorough evaluation of opportunities and risks.
Founder Alignment
We work with founders and owners who value clear thinking and are committed to building enduring enterprises.
Types of Engagement
We structure engagements based on the specific situation, objectives, and constraints. The following represent common engagement structures, though each is tailored to individual circumstances.
Advisory Relationships
Ongoing strategic advisory for founders and business owners facing complex decisions or seeking an independent perspective on critical matters.
- Strategic planning and decision support
- Capital allocation and financing decisions
- Partnership evaluation and structuring
- Operational assessment and improvement
Project-Based Work
Focused engagements with defined scope and timeline, addressing specific challenges or opportunities requiring rigorous analysis.
- Market analysis and opportunity assessment
- Financial modeling and valuation
- Due diligence support
- Strategic alternatives evaluation
Investment Partnerships
Direct involvement as an investor or partner, aligned with founders on long-term value creation and willing to contribute beyond capital.
- Long-term strategic partnership
- Active involvement in key decisions
- Network and resource access
- Aligned incentives and patient capital
Important: We make no representations about the availability of any particular engagement type. Each potential relationship is evaluated independently based on fit, timing, and resource capacity.
How We Work
Initial Discussion
We begin with a conversation to understand your situation, objectives, and vision. This is an opportunity for both parties to assess potential fit and alignment of values.
Mutual Evaluation
If there appears to be potential alignment, we conduct a more thorough evaluation. This typically involves deeper discussion of the opportunity, constraints, and what a successful partnership would look like.
Partnership Structure
For relationships that move forward, we work to structure terms that align interests and create clarity around expectations and objectives. We prioritize straightforward structures over complex arrangements.
Long-Term Collaboration
We believe in direct, transparent communication. Effective partnerships require candid discussion of both opportunities and challenges. We commit to honest dialogue, even when it's uncomfortable.
What to Expect
- Honest, direct communication at all times
- Rigorous analysis grounded in evidence
- Patient, long-term orientation
- Intellectual honesty over convenient narratives
- Confidential treatment of all information
What We Expect
- Transparency about challenges and constraints
- Willingness to engage with difficult questions
- Alignment on long-term objectives
- Commitment to thoughtful decision-making
- Open communication and feedback
Ready to Start a Conversation?
If our approach resonates with you and you're interested in exploring potential partnership opportunities, we'd be interested in learning about your situation.
Get in Touch