Links to my op-ed series on self-deceptions of players in the lower middle market

I’ve been dusting off the blogging/writing lately, this time for Axial. It’s been fun steering the Middle Market Review publication with two other great editors. I recently penned a three part series of some of the fallacies I’ve seen in the lower middle market, which is much more about private equity than VC. Below are the links, and the key talking points for those interested.

The Lies Our Industry Tells Itself: Private Equity

  • PE Self-Deception #1: “Here’s how our firm is different and unique”
  • Self-Deception #2: “We see all the deals we want to see”
  • Self-Deception #3: “We don’t spend money on deal flow”

Two Lies Investment Bankers Tell Themselves

  • Banker Self-Deception #1: “I know all the buyers for this deal.”
  • Banker Self-Deception #2: “Strategics Pay More”

4 Ways CEOs Kid Themselves About an Exit

  • Self-deception #1: “My buddy Joe got 10x for his business, so I can too.”
  • Self-deception #2: “I might be worth X today, so I’ll be worth much more tomorrow”
  • Self-deception #3: “I know how to sell — why do I need a banker?”
  • Self-deception #4: “I’ll talk to buyers when it’s time to sell”