Cash & Margin
Why positive cash flow can hide weak margins
Healthy cash can mask margins that quietly erode enterprise value — and where to look first.
By Felipe Tocci · Mar 18, 2026 · 6 min read
Insights
Notes on capital decisions.
Sober reading on numbers, governance and the cost of deciding in the dark — measured against the standard of people who sit at the decision table.
M&A
Questions every founder should answer before selling
Before opening a sale process, a few questions set both the price and your leverage.
By Thiago Lucena · Mar 02, 2026 · 7 min read
Investors
What investors see when your numbers do not hold up
Diligence does not forgive inconsistency. What shifts an investor's perception of risk.
By Thiago Lucena · Feb 14, 2026 · 5 min read
Expansion
International expansion: when pausing is the right decision
Not every expansion window is yours. When waiting protects capital and execution.
By Thiago Lucena · Jan 28, 2026 · 6 min read
Governance
Board packs: where intuition becomes governance
The gap between a board that decides and one that reacts is the quality of the monthly pack.
By Felipe Tocci · Jan 12, 2026 · 5 min read
Family
M&A readiness for family-led companies
Family companies carry invisible assets and risks in a transaction. How to prepare.
By Thiago Lucena · Dec 19, 2025 · 8 min read