Workup

Workup

Workup is the analyst's read on small business acquisition: what businesses actually earn, what they are worth, and how to know before you sign. Written every two weeks by Gray F. Smith, a twenty-year institutional investor, for the buyers, lenders, and brokers of the largest ownership transfer in American history.

Latest

The Price of Not Knowing

Oct 14, 2026

In Issue 1 I made a claim about this market and gave no number. Here are the numbers, and what I think happens to them.

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The rule is in effect today. Here is what changed on September 25.

Oct 1, 2026

The buyer can now commission the report. The lender still has to have it reviewed. What that does to a deal

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Two numbers for the same business

Sep 29, 2026

A seller said $1,349,772. The bank statements said $1,118,468. Here is where the $231,304 went.

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The Rule That Changes Small Business Acquisition on October 1, 2026

Sep 17, 2026

What SOP 50 10 8.1 means for every $3 million-plus deal after October 1

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The Greatest Transfer of Businesses in American History

Sep 15, 2026

Why the businesses your clients buy trade at the discount they do, and what an analyst can do about it

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