Decisions that hold under constraint.
Writing on the revenue, capital, and incentive decisions that determine whether a firm compounds or quietly comes apart. Each piece takes a number most operators trust and shows what it was actually measuring.
A membership can add accounts every month and shrink in value the whole time. Member count measures size. It says nothing about whether each new member is worth more than it cost.
May 31, 2026Pricing is set in one document and compensation in another. When the two disagree, the comp plan wins, because it is the one with the money attached.
May 31, 2026A raise rarely dies on the valuation. It dies in diligence, on a structural fact the founder never measured. The move almost nobody makes is to run that diligence first.
May 31, 2026A margin problem is usually a contribution problem in disguise. The rate card is the first lever a firm reaches for, and the last one that helps.
May 31, 2026When a decision in these pages is the one in front of you, that is where the work begins.