Business owners who have identified the one party—or handful of likely parties—on the other side of the table often understand they need assistance beyond what their other advisors will provide, but wonder what an M&A advisor will do to add value We’re able to attune our offering to the one-off or targeted transaction because it is our primary focus, not one we default into. We are able to charge less than traditional investment banks because we are not required to utilize and pay for the platform required to execute on full-out auctions.
AI, You Probably Think This Song Is About You
I've written before about my stepfather, Almarin Phillips, the methodical, dry-witted economist who spent most of his career at the University of Pennsylvania. Thanks to him, I developed an early appreciation for Joseph Schumpeter and his principle of "creative destruction” — capitalism's recurring tendency to replace established ways of doing things with better ones, unsettling incumbents in the process.
Creative destruction is easier to appreciate in retrospect than in real time. Every new technology kicks up the concern that this advance is different in kind and not just degree from its predecessors — an unprecedented upheaval.
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I try to avoid overt political commentary. Like everyone else, I’ve got my opinions but they’re no more interesting or qualified than anyone else’s. However, I’ve come to believe that the proliferation of non-diversifiable political risk is a business problem that will not be solved without political intervention.
Over the past two years, I’ve written twice about this evolving dynamic.
From June 2024:
“If you studied corporate finance or portfolio management 20 years ago, 'political risk' tended to refer to a country’s stability in government and the transparency/integrity of its capital markets.
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