I’ve been on both sides of these conversations — as an operator, an advisor, and a buyer. Over time, I’ve learned that most deals don’t fail because of price. They fail because expectations were never aligned in the first place. This letter is my attempt to be clear about how we think, how we show up, and when we’re the right partner — and when we’re not.
We approach acquisitions the same way we approach operations: deliberately, with context, and with respect for what already works. That means asking difficult questions early, being explicit about tradeoffs, and moving forward only when the alignment is real. It’s a slower path by design, but one that tends to produce better outcomes for everyone involved.
I recognize that behind every conversation is a founder who’s invested years of judgment, effort, and personal risk into what they’ve built. Deciding whether—and with whom—to transition that responsibility isn’t trivial. We try to honor that by being clear, patient, and honest at every step.
Not every business, and not every moment, is the right fit for us. That’s as it should be. We’re selective about the situations we engage in, and we encourage founders to be equally selective about who they spend time with. When the alignment is real, the process tends to feel straightforward. When it isn’t, it’s usually best to recognize that early.
If you find yourself nodding along as you read this, that’s usually a good signal. A conversation may or may not make sense—but clarity tends to come quickly when expectations are aligned. Either way, we believe time is best spent honestly.
