Articles
On small companies, patient capital, and the discipline of building businesses that matter.
Thesis
October 22, 2026 · 7 min
By 2035, roughly six million small and midsize American businesses will change ownership as their baby boomer founders retire. Up to five trillion dollars in value. And most of those owners have no plan for what comes next.
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Operations
September 22, 2026 · 7 min
A net 31% of small business owners raised prices in August, against a long-run norm of 14%. Most of those were cost pass-throughs made late and made nervously. Pricing power is a different muscle, and it shows up somewhere else entirely.
August 29, 2026 · 6 min
I own a real estate business with 47 doors across California. Multifamily, single family, short-term rentals. Nothing has taught me more about how to underwrite a company than having to run one myself.
Digital
August 17, 2026 · 7 min
Google changed the model behind its AI answers twice in a month. ChatGPT passed a billion weekly users on a more accurate model. The system that decides whether your company gets named is moving every few weeks, and a one-time audit already went stale.
June 25, 2026 · 8 min
For twenty years, getting found meant ranking on a page of links. That page is disappearing into a single AI answer, and the rules of digital distribution are being rewritten underneath every small company at once.
May 12, 2026 · 7 min
Small businesses are 99.9% of American companies, 43.5% of GDP, and almost none of the capital conversation. That gap is our entire firm.
April 2, 2026 · 8 min
BLS data says 20% of businesses fail in year one and half are gone by year five. The dividing line is not the idea. It is operational discipline.
Venture
February 24, 2026 · 8 min
In the famous Horsley Bridge dataset, 5% of capital produced 60% of returns. Most VCs respond by buying lottery tickets. We respond by refusing to.
January 15, 2026 · 7 min
A business managed for a near-term sale and a business managed to compound look identical for three years. By year ten they are not the same business.
Perspective
December 8, 2025 · 7 min
Nine out of ten net new American jobs come from small businesses. Backing the ones built to matter is not charity. It is where durability comes from.