Four mandates • One question
We ask one question at four points in the life of an owned asset: whether the organization will produce the economics the capital assumes.
The ownership cycle changes, but the question underneath it does not. The same instrument applies across permanent capital, financial buyers and strategic buyers, with only the weighting changing across all
Before the commitment
Capital commits before organizational reality is known.
We begin when a transaction is live and the investment thesis depends on organizational variables that financial or commercial diligence does not price.
We produce a priced position on whether the organization can deliver the economics the transaction assumes, before signing.
During ownership
Ownership confers control, but control does not by itself produce value.
We begin when the asset is owned and the organization is not producing what the ownership case assumes.
We redesign the organization against the economics it is being asked to produce: where decisions are made, what the operating model can carry, what the organization answers for and is paid on, and what the distance between them is costing you.
At transfer or exit
Ownership changes more easily than organizations do.
We begin when a founder exits, a generation succeeds, control changes hands or a company is sold.
We produce a transfer that survives contact with the next owner: critical capabilities retained, authority actually transferred, and a case the buyer or successor can underwrite.
Authority announced is not authority transferred.
When the bet is failing
Returns deteriorate when operating reality diverges from design.
We begin when the board no longer accepts the current account.
We isolate the variance between the organization as designed and the one actually operating, quantify its cost quarter by quarter, and identify what must change.
Where a single situation is stuck against a forcing event, a bounded intervention is available privately, by arrangement.