Opinion

As sponsors seek greater certainty of capital for add-on acquisitions, the structure and documentation of delayed-draw term loans can be just as important as the commitment itself.

In the lower middle market, operational and legal readiness of AI use matter most to sophisticated buyers.

Too many founders build their buyer lists around familiar names. Expanding the search beyond industry peers can lead to stronger valuations, better terms, and more competitive sale processes.

Acquirers that prioritize workforce integration early are better positioned to protect value creation plans and achieve deal objectives.

With leverage contributing less to returns, buyers are increasingly finding that the most expensive acquisitions are not those with the highest multiples, but those burdened by operational issues that delay value creation from day one.