Perspectives

Equipment sold once creates revenue for a decade through consumables, service and replacement. Why the installed base is the most undervalued asset in hospitality supply.

Two businesses with identical revenue can be entirely different companies. Service intensity explains why, and why it decides what can and cannot be centralised.

Distribution agreements are quiet, contractual and rarely valued properly. Why the manufacturer side of a supplier’s business often decides what it is worth.

A direct statement of what we are building in European hospitality infrastructure, what we deliberately are not building, and the standard we want to be held to.

Building a new country operation from zero looks cheaper than acquiring one. A realistic accounting of what greenfield entry costs in service-intensive B2B distribution.

Most founders prepare for the questions a buyer will ask them. Fewer prepare the questions they should ask the buyer. Seven that reveal what will actually happen after closing.

When people hear hotel supply they think amenities and towels. The operating layer behind a hotel spans twenty categories that mostly serve the same customers.

A holding company is not automatically a platform. The point at which connected businesses start producing capabilities none of them had alone.

Transaction count is visible and easy to report. It says little about whether a buy-and-build strategy is working. A better set of questions for measuring platform quality.

Integration is treated as a measure of acquisition success. It should not be. The objective is a better business, and that sometimes requires surprisingly little integration.