Notes from Operators.
Occasional writing on ownership, capital and building durable enterprises. We publish when we have something to say.
July 12, 2026The moment a family business decides to be institutionally led is rarely a moment. It is usually...June 22, 2026The ten-year fund is a design choice, not a rule of nature. Most private capital is structured...May 11, 2026Capital is a commodity. This is not a criticism of capital. It is a description of how it has...April 20, 2026Every founder we have worked with can name the moment their business went from small to serious....March 23, 2026Owners tend to think about enterprise value as a number. The market thinks about it as a multiple...February 9, 2026Over the years we have been in the room for many first meetings between an owner and an...
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