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Gray Smith
Gray Smith

Twenty-year hedge fund portfolio manager. Founder of Workup, the analyst for small business buyers.

The Greatest Transfer of Businesses in American History

Sep 15, 2026

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6 min read

The Greatest Transfer of Businesses in American History

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

Gray Smith
Gray Smith

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.

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