Exit readiness
Exit readiness is whether a buyer can finish the file without discovering a second company. Data rooms, earnouts, partnerships versus acquisitions, governance, and the pre-IPO tape all belong here. I do not mean a teaser. I mean the documents, the earnout math, and the story that still holds after counsel reads the footnotes.
Readiness is a room a stranger can finish. Earnouts, partnerships versus buying, governance, and the IPO-adjacent tape all fail the same way: a second set of facts appears after exclusivity. If you think you are ready, have someone who is not you open the folder cold. The teaser is not the file. The file is the file.
The AI Deal Tape: Anthropic, OpenAI, Stripe-OpenRouter, and Dario's Three Points
Anthropic is closer to listing than OpenAI. Stripe has reportedly agreed to buy OpenRouter for more than $7B. Dario Amodei's August 15 posts are the policy tone buyers should actually underwrite: harder tests at the frontier, fewer slogans, and an admission that the big benefits are still unpaid.
Strategics Go Shopping: The AI Tuck-In Wave Accelerates Into H2
HubSpot, Zoom, Salesforce, and Qualcomm all bought AI companies in a single week. Why the tuck-in wave accelerates into H2 2026, and what it means for venture-backed founders.
Corporate Governance Structures for Scaling Companies
When and how to formalize corporate governance — board composition, advisory boards, committee structures, and governance milestones tied to funding stages.
Strategic Partnerships vs. Acquisitions: A Decision Framework
A structured framework for deciding between strategic partnerships and acquisitions — total cost of ownership, integration risk, speed to market, and reversibility.
Representations & Warranties Insurance in M&A: A Practical Guide
What R&W insurance covers, how it changes deal dynamics, who pays for it, and when it makes sense for mid-market transactions.
Earnout Structures in M&A: How They Work and How to Negotiate Them
How earnouts bridge valuation gaps in M&A — typical structures, payment triggers, accounting pitfalls, and negotiation strategies for both buyers and sellers.
The M&A Due Diligence Checklist: What Buyers Actually Look For
A comprehensive due diligence checklist covering financial, legal, operational, and commercial areas — organized by what buyers prioritize and what kills deals.
Letter of Intent (LOI) in M&A: What It Is and What to Negotiate
What a Letter of Intent covers in M&A transactions, which clauses are binding, and the key terms sellers and buyers should negotiate before signing.
EBITDA: Definition, Calculation, and Why It Matters in M&A
A clear breakdown of EBITDA — what it measures, how to calculate it, adjusted EBITDA variants, and why buyers use it as the primary valuation metric in M&A.
How to Build a Data Room for M&A or Fundraising
A practical guide to building a data room that accelerates due diligence — what to include, how to organize it, and the most common mistakes founders make.