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Research and writing on how buyers price founder-owned companies.

Six working papers from the Cordis Institute, with essays and articles that put the findings in plain terms. Each paper names one finding, shows one exhibit from its own data or worked example, and states its sources and limits.

Working papers

The working paper series.

Read in order, the papers follow a sale from the first offer to the close, then ask two earlier questions: whether to sell now, and whether to buy first.

WP-006Buy Before You SellWhen buying a smaller competitor before a sale is worth it, and the six-gate test that screens most deals.
WP-005The Real Cost of Waiting to SellThe return a business must earn to justify holding it, once concentration risk is priced.
WP-004The Preparation FrontierWith a finite budget, which fixes to make before a sale, for which buyer, and when to stop.
WP-003The Deal Certainty DiscountWhy the highest offer is often the least certain, and how to rank offers by expected value.
WP-002The Buyer Lane Preparation MapHow five types of buyer price the same company, and where each presses after the letter of intent.
WP-001The Preparation Gap in Early 2026How often prices change between the letter of intent and the close, and which findings move them.

Essays and articles

Essays, and articles in Forbes and Fast Company.

Shorter pieces for owners and their advisors. Each article page summarizes the argument and links to the original.

ForbesA fair offer is on the table. Should you take it or hold out for more?How to weigh a real offer against waiting, with a worked example of the Hold Hurdle. October 2026.
ForbesWhy founders should build a gap table before the letter of intent arrivesA five-column table for deciding what to fix, explain or concede before a buyer asks. June 2026.
Fast CompanyThe new players in middle-market mergers and acquisitionsWho buys owner-run companies now, and why the type of buyer sets the price. June 2026.
EssayThe number you were quoted is not your numberWhat five types of buyer see in the same company, issue by issue. April 2026.
EssayThe first question is never about valueWhy the number that matters is the one that pays for the life after the sale. March 2026.
Buyer-Ready by Ron Smith beside the Official Workbook, on a wooden desk

Books

Buyer-Ready, and its workbook.

Ron Smith's book for owners who want to protect the value of their business, whether they plan to sell or not, with a workbook that turns each chapter into decisions.

Both are part of the Off-Market Method series, the firm's resource for owners earlier in the process.

See the books

The Cordis Institute

Where the research is published.

The working papers are published by the Cordis Institute, where Ron Smith, CM&AA, is Head of Research. Each paper is open access, with a downloadable PDF, a stated method and a suggested citation. Working Papers 001 and 002 are also posted on SSRN.

Papers, data notes and the full reference lists are at cordisinstitute.org.

Put the research to work on your own company.

Cordis works with owners preparing to sell and with owners growing through acquisition.

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