Publications

The thesis, in long form.

White papers and articles from inside the collective. The deepest version of the A27M argument lives here. New writing lands periodically.

Article8 min read

The Price Is Not the Payout

The headline number and the wire transfer are two different numbers

A $6 million offer can wire you $4.2 million on closing day, or it can wire you $2.4 million. Same business, same handshake, and $1.8 million of difference sitting in terms most sellers only read carefully after they have already accepted the price.

selling
deal-structure
exit

July 13, 2026

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Article10 min read

Clean Books Are Quiet Leverage

The most valuable work you will ever do on your agency is invisible until the day someone makes you an offer.

Due diligence runs $15,000 to $25,000 per brand and it is billed by the hour, so every month where the bank activity and the reported revenue do not line up is somebody's billable time. You pay for messy books twice. Once in the fees, and again in the discount a buyer puts on whatever nobody could verify.

selling
finance
exit

July 6, 2026

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Article8 min read

The First Offer Is Not a Valuation

What a buyer is actually pricing when the call comes out of nowhere

A buyer offered me one million dollars for Aerial Canvas the year we did $4.3 million in revenue. That number said more about my situation than about the agency. An unprepared seller lands near fifty cents on the dollar, and the work that closes the gap happens years before the call ever comes.

selling
negotiation
exit

June 15, 2026

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Article10 min read

What Your Agency Is Actually Worth

The number that decides your exit is not on your P&L

Run $75,000 of personal and one-time costs through a P&L built for tax season and you have not lost $75,000 of value. At a 4x multiple you have lost $300,000, and the buyer who spots it before you do has no reason to raise a hand.

valuation
exit
finance

June 1, 2026

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