Journal
Notes on buying, valuing, and owning businesses
Short, practical writing for owners weighing a transition and for investors who care about durable cash flow. New entries are added regularly.
For business owners
What makes a business sellable, with the numbers
Two companies with identical profit, two very different outcomes. A worked example of what a buyer is actually paying for.
For business owners
What a broker commission actually costs an owner
A worked example of the fees, timeline, and net proceeds in a brokered sale compared with a direct conversation with the buyer.
Valuation
How to calculate seller's discretionary earnings
A line-by-line example that turns a small company's tax return profit into the earnings figure a buyer actually values.
For business owners
Red flags that quietly lower a sale price
Four issues that surface in diligence and reduce a price after the offer is signed, shown against a single example business.
For business owners
What a permanent-hold buyer looks for in a business
The handful of things that matter most when a buyer intends to own a business without a timeline, and why they differ from a buyer planning to resell.
Valuation
How small business valuation multiples actually work
A plain explanation of earnings multiples, what moves them up or down, and why two businesses with the same profit can be worth very different amounts.
Our approach
Why we do not plan an exit
Whimbrel Creek buys businesses to own them without a timeline. Here is what that means in practice for owners, employees, and investors.