Selling your company is not a single event. It's a process with stages — and knowing the shape of it in advance is the difference between negotiating from understanding and reacting from anxiety.

A buyer asks for your most sensitive financials, then comes back with a number and no explanation of how they got there. Let's take the mystery out of it — here's how these businesses are actually valued, in plain terms.

Everybody nods along when the phrase comes up. Stop ten operators in a NARPM hallway and ask them to explain it, and you'd get ten different, mostly vague answers. So let's make it plain.

The industry's most cited performance metrics are useful starting points. But a number without context is just a number. Here is what each benchmark is really telling you about your business — and where you have to look beyond it.

How de Anda Capital thinks about property management partnerships — and why the operator profile shapes everything about how a deal is structured and how a relationship is managed after close.

After conversations with operators managing hundreds to thousands of units, a pattern keeps coming up around how companies are structured — and what that structure makes possible.

The most durable value in lower middle market companies already exists. Our job is not to replace it. Our job is to amplify it.

Ask an owner what's really stopping them from picking up the phone, and "the deal terms" is rarely the honest answer. The honest answer is usually a name.