"Analyzes roll-up strategies that strip founder lifestyle costs, treating local service companies as spreadsheet widgets."
Private Equity Dynamics
The structural models private equity firms use to acquire and leverage small businesses, highlighting the risks of owner decoupling.
Where This Idea Comes From
Explored in "The Margin Illusion: Why Private Equity Devours Small Businesses," which argues the real risk of a PE rollup isn't the multiple paid, it's what happens once the acquired business gets decoupled from the owner whose unique worldview was actually running it.