Reports, operating models and short notes, drawn from live mandates, published market multiples and the studio floor.
Five documents that work together. The two foundational thesis reports are public and available in full. The three execution papers open with one email; Portfolio OS and The Adoption Gap let you read the first two chapters first.
Why vertical software that runs like a services business is priced like one — around 1–2.6x revenue against 3–3.8x for SaaS in private M&A — and the target operating model that closes the gap as a company grows from 50 to 300 people.
Read the report →Four tiers, nine functions, and exactly what each broken rung costs you at exit.
Read the report →Four functions installed, two aligned. The transition mechanics, the four handover logs, and the engagement economics that tie our return strictly to your EBITDA.
Open Portfolio OS →A constructed vertical B2B software group at $20M revenue taken through resolution line by line: driving 60% to 80% gross margin, with nine sensitivities before the base case.
Open A Modelled $20M Case →Why 89% of companies run AI but only 6% can find it in their earnings. What separates the two at every scale from $1M to $1B+, and the strictly governed model required to scale it.
Open The Adoption Gap →Get the execution files.
One email unlocks all three. They open on this site as soon as you submit.
You have access to all three. Open any of them from its card above.
Every figure in these papers is classed — delivered, modelled or external — and the classes are never summed.
Operating notes drawn directly from the papers and the live mandates behind them. Published roughly weekly.
Delivery is not just a cost line; it is a valuation input. In a company that took on custom work to grow, it is the largest input nobody is actively managing.
Read the note →Systems scale whatever shape is already there. Org design, people, process, systems — the strict order, arrived at by trying it backwards.
Read the note →New research, operating notes, and the occasional strategic exhibit before it reaches a formal paper. Sent roughly weekly.
Next week’s note: The Three-Pile Audit.
No pitching, zero fluff, and one click to leave.
The six indicators and your gross churn. We return the modelled bridge, run on your P&L, within two weeks.