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As we enter Day 38 of the conflict, the Strait of Hormuz blockade has stopped being a crisis and started being a condition. There is no visible resolution. The U.S. has made clear it does not intend to be the one to fix it. President Trump's April 1 national address essentially told allies to "build up some delayed courage" and "just take" the...
Read MoreWhat History Tells Business Owners About Oil Shocks (And What It Doesn't) The Strait of Hormuz has been effectively closed for thirteen days. Tanker traffic is down roughly 90% from pre-conflict levels, with over 150 vessels anchored outside the strait rather than risk transit. Brent crude is just around $102. Nobody—not the banks, not the...
Read MorePresident Trump's 2025 IEEPA tariffs—one of his signature protectionist policies targeting Chinese imports of consumer electronics, semiconductors, apparel, machinery, and manufacturing inputs—disrupted lower middle-market M&A throughout the year, driving transaction delays, intensified supply chain due diligence, and sustained valuation...
Read MoreThe middle market M&A landscape is changing. New stability may create opportunities for sellers who understand current dynamics and act strategically. This week, we’re looking at ways sellers can build negotiating leverage going into the new year. Of course, the outcomes of any transaction are contingent on market conditions and a range of...
Read MoreThe M&A market in 2025 has been defined by a sharp, late-year turnaround. After a hesitant start in the lower middle market, conditions “thawed” in the final quarter as two Federal Reserve rate cuts in September and October lowered the target range to 3.75%–4.00%, injecting a much-needed bright spot for dealmaking. Financing conditions have...
Read MoreEven as winter settles in, the M&A market is finally starting to thaw. 2025 opened with hesitation baked into every corner of the lower middle market. Deals were getting done, but only for companies that had cleared an unusually high readiness bar. Buyers had record levels of capital yet approached each transaction as if the downside risk...
Read MoreThe 2025 M&A market isn’t quiet, but it is selective. While the number of global private equity and venture deals is down nearly 6% year-over-year, the total value of those deals is up nearly 19%, according to S&P Global. That tells us one thing: fewer deals, higher premiums. Buyers are showing up. But only for the best-prepared
Read MoreMost business owners assume they will be ready to sell when the time comes. Profitability is strong. The team is capable. Customers are loyal. The number in their head feels reasonable. Generous, even. But in 2025, readiness is not a feeling. It is a discipline. Buyers are no longer rewarding potential; they are rewarding proof. And...
Read MoreHiring a capital advisor can be a game-changing move for your business, but not all advisors are created equal. Before you sign a contract, here are key questions you should ask to make sure you're choosing the right partner for your needs: 1. What experience do you have in my
Read MoreRaising capital is often seen as a major milestone and rightly so. But too often, founders and business owners celebrate a successful raise without fully understanding the long-term cost of that capital. The true cost of capital goes far beyond interest rates or equity dilution. Whether you're funding growth, an acquisition, or a runaway...
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