EBITDA plays a central role in many mergers and acquisitions negotiations. Applying a valuation multiple to EBITDA provides an initial reference for enterprise value and helps compare businesses with different capital structures. Its usefulness, however, does not turn adjusted EBITDA...

Governance often attracts attention when a shareholder dispute, a difficult succession, or a major transaction arises. By then, however, many of its effects have already become apparent. A sound governance framework enables management and shareholders to understand the company’s circumstances,...

Due diligence has always required reviewing large volumes of information within tight deadlines. Contracts, financial statements, commercial data, employment records, tax records, and management responses must be considered together to uncover risks and opportunities that affect a transaction’s price and...

More than two thousand years ago, Plato introduced the allegory of the Ring of Gyges in The Republic. The ring gave its wearer the power to become invisible, raising a question that remains remarkably relevant today. How would someone behave...

Over more than two decades advising business owners on mergers and acquisitions (M&A), I have learned that selling a company is more than a financial decision. The transaction involves the wealth, identity, and legacy of the person who built the...

The global race for artificial intelligence is not just about who builds the most powerful models but about who can keep the minds behind them. The competition for AI talent has reached new heights, with data showing this war is...

The relationship between established companies and digital businesses does not move in just one direction. Startups can challenge established organizations, but they can also become part of their transformation. By acquiring or investing in these businesses, traditional groups seek to...