The Book
The Five Closings.
A field manual for independent sponsors acquiring companies above $10 million.
The argument
Every $10M+ deal closes five times. Most sponsors only know it closed once.
The book is the long form of the framework the practice runs on. Fifteen chapters across four parts, six appendices including a sample LOI term sheet, the capital stack calculator, the change-of-control consent matrix, and the 100-day plan template.
Contents
15 chapters · 4 parts · 6 appendices.
PART ONE · THE ARGUMENT
- 01 Why a Deal Closes Five Times
- 02 The Economic Triangle: Sponsor, LP, Seller
- 03 The Ten-Million-Dollar Threshold
PART TWO · THE FIVE CLOSINGS
- 04 Closing One. The LOI Closing
- 05 Closing Two. The Capital Closing
- 06 Closing Three. The Debt Closing
- 07 Closing Four. The Definitive Closing
- 08 Closing Five. The 100-Day Closing
PART THREE · THE LONG CAPITAL CONVERSATION
- 09 Refinancing the Senior at Month Eighteen
- 10 The Dividend Recap That Does Not Cost the Next Deal
- 11 Growth Equity When the Platform Is Working
- 12 Exit Preparation Begins on Day One
PART FOUR · THE SPONSOR'S FIRM
- 13 Why Your Firm Is Your Economics
- 14 The Capital Partner Roster as a Strategic Asset
- 15 Building the Operating Bench Before You Need It
From the foreword
Every $10M+ independent sponsor acquisition closes five times. Most sponsors only know it closed once. This book is for the sponsors who want to know all five.The Five Closings · Preface
Read the first chapter
A working book. Mark up the margins.
The manuscript is complete. Email for the sample chapter and to get notified when the book is available.