Every letter
One real situation, one framework, and the moves you can make on Monday. Every Thursday since 2026.
2026
Adjusted EBITDA is a negotiating position, not a number
Somewhere underneath it is the figure that actually services the debt and funds the distributions. Here is how to find it.
The First Hundred Days: a field guide to the handover nobody prepares you for
Five phases, one hundred days, and the questions that matter in each. The free guide for anyone taking a company on, or handing one over.
Leverage rarely kills a company on its own. Covenants and timing do.
How to read a credit agreement the way an operator has to, rather than the way a spreadsheet does.
Year one runs on goodwill. Year two is when you find out what you bought.
The first year has momentum and the benefit of the doubt. Neither renews automatically.
The company you inherit is a set of agreements nobody wrote down
The org chart tells you who's accountable. The decision map tells you what breaks when they leave.
The belief that built your company can quietly start running it
How to tell the difference between holding a conviction and being held by one.
The primary job of a CEO is judgment, exercised repeatedly
Judgment requires space. Space requires doing less.
There's a third option.
For founders compounding a business on their own terms. No raise, no exit.
One letter every Thursday. Free.
For founders building the quiet way: private, profitable, permanent. One real situation, one framework, and the moves you can make on Monday.