Arnon River Institute
Research & Perspectives
Our foundational deep dives on lower-middle market operations, valuation, and M&A strategy. For our daily market commentary, join our network on LinkedIn.
Arnon River Institute
Research & Perspectives
Our foundational deep dives on lower-middle market operations, valuation, and M&A strategy. For our daily market commentary, join our network on LinkedIn.
The Transferability Premium
In the Lower Middle Market, genius is a liability. We explore the high cost of the "Genius Discount" and how to engineer a durable asset that anyone can own and operate.
Read Analysis →
Selecting Your Navigator
A masterclass in choosing the right sell-side broker. How to avoid "Listing Bait" and conduct a success rate audit before you sign.
Read Guide →
Spotting the Right Buyers
Sharks, Fishermen, and Real Partners. Spot the "Bait and Switch," and avoid the "Litigation Trap" before you sign the LOI.
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The People Ingredient
The physics of the business machine. Why talent is the ultimate operational lever that determines whether the cake rises or falls.
Read Note →
The Underwriter's Mindset
What lending money to a friend teaches us about risk. The physics of time, return, and the "Un-Underwritable" risk.
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The EBITDA Delusion
Why "Owner Earnings" is the only metric that matters. How ignoring Maintenance CapEx and Working Capital turns a seemingly brilliant 3x deal into a devastating 15x value trap.
Read Note →The Daily Feed
The pulse of the
lower-middle market.
While our cornerstone theses live here, the reality of LMM operations moves fast. Join our professional network for real-time M&A observations, operational teardowns, and daily market commentary.