ISSUE XIV

FROM THE TIP OF THE SPEAR

SAM PALAZZOLO

WELCOME TO ISSUE #14

​Gartner research on buyers found that forty-five percent go silent because the salesperson or vendor did not understand their business needs.

Almost half of the silence you are sitting with right now started before you ever sent the proposal. It started in discovery. The buyer stopped talking because you stopped listening, and now the quiet feels like rejection.

Here is the problem with that read. Most operators treat post-proposal silence as a verdict. It is not a verdict. It is a test, and the test has a name. This week’s Price Pressure Play is The Silence Drop. The Margin Protection Move that breaks it is The Silence Hold.

IS YOUR TEAM NEGOTIATING AGAINST ITSELF WHEN THE BUYER GOES QUIET?

Most growth diagnostics measure activity. I measure what happens in the seven days after a proposal goes silent, because that is where margin actually leaks. If you run or advise a VC, PE, or family office backed portfolio company and your reps are the ones filling the silence with concessions, the diagnostic finds it.

Book the 30 minutes: sp@tipofthespearventures.com​

THE PRINCIPLE

First, the play you are up against.

Price Pressure Play #19: The Silence Drop. You submit a proposal. No response. A week passes. You follow up. “We are still evaluating.” Then more silence. The buyer has not rejected you. They have not engaged. They are simply not responding, and your anxiety is doing their negotiating for them. Watch for silence that arrives immediately after a price is stated, follow-up responses that neither advance nor close the conversation, and a proposal that has not been rejected but has not moved forward.

The Play they are Running

The mechanism is Scarcity. Silence creates the perception that the deal is disappearing, that the buyer’s interest is a fading resource. This perceived scarcity triggers urgency in the seller, who responds by conceding to re-establish contact. Sellers who follow up post-silence with a price reduction, the single most common response, do so at an average of 10 percent below proposal price, without any buyer request. The buyer achieved a discount through inaction alone.

Your Counter

Margin Protection Move #19: The Silence Hold. Their silence is a weapon. The first person to speak loses. You will not speak first. You will set a follow-up date, hold to it exactly, and say nothing until then, and when you do speak, you will say exactly one thing.

Step one. After submitting your proposal, state the plan out loud: “I will follow up on [specific date, 7 to 10 days out] to discuss next steps.” Then stop. Send nothing else until that date.

Step two. On the follow-up date, send exactly one message: “Following up as planned. Ready to discuss next steps when you are.” Nothing else. No explanation. No discount offer. No filler. If they respond with “still evaluating,” acknowledge it and set a new specific date. Hold that date too. Every impulse to follow up with something helpful is the Silence Drop working on you. Match their silence. Your discipline is your signal.

The Cialdini Principle at Work

Scarcity, turned back on the buyer. Your silence implies that you have other options, that your pipeline does not depend on this deal. That perceived optionality makes you scarce, which makes the buyer’s engagement more valuable to them.

The Win Condition

The buyer re-engages on your timeline instead of theirs, often without a discount request, because your silence communicated that the price was not going to change regardless of how long they waited.

YOUR JANUARY SKO IS SIX MONTHS OLD. SO IS THE PLAYBOOK YOU LEFT THE ROOM WITH.

You set the targets way back in January. The market did not agree to honor them. Half the year is gone, the pipeline looks different than it did at kickoff, and the team is running January’s plays against July’s reality.

Most companies wait for Q4 to admit the gap. By then the only options left are panic and discount. A mid-year SKO is not a recap meeting. It is the one chance you get to recalibrate the team before the numbers force you to.

I work with portfolio companies as a fractional CRO and Growth Architect to run that recalibration, sharpen the second-half plays, and rebuild the urgency the room had in January.

Email me to talk through what that looks like for your team: CXO@tipofthespearventures.com​

MARKET INTELLIGENCE

Three signals from this week across Venture Capital, Private Equity, Family Offices, and Capital:

1. Two companies just absorbed nearly half of all global venture funding. Global venture funding reached a record 510 billion dollars in the first half of 2026, and OpenAI and Anthropic alone accounted for 217 billion dollars of it, or 43 percent of all startup funding in H1. Source: Crunchbase News​
2. Private equity’s exit math is getting worse, not better, despite a booming market elsewhere. PE firms are sitting on 13,325 unsold US companies as of the end of May, up from 12,900 last October, and it would take 11 years to sell that inventory at the current pace. Source: Yahoo Finance / PitchBook​
3. Political scrutiny of private equity is turning into actual legislation. Several Democratic lawmakers introduced the Let’s Play Act to ban PE firms from investing in youth sports, following a private equity firm owned by former NFL quarterback Eli Manning announcing a plan to acquire youth-league operator RCX. Source: CEPR​

THE SAME DISCIPLINE I TEACH AT NYU IS THE DISCIPLINE BEHIND THE SILENCE HOLD.

This fall I am teaching “Scaling and Exiting the Business for Maximum Value” at NYU’s School of Professional Studies. The course covers the same operator discipline behind this newsletter: recognizing the pressure tactic in the room and holding your position when the easy move is to cave.

If you know a founder, operator, or student who would benefit from this, forward this issue or email.

Reach me directly: sp@tipofthespearventures.com​

FROM THE TIP OF THE SPEAR

Silence is not empty. It is full of whatever the seller brings to it. A disciplined operator fills it with a date and a plan. An anxious one fills it with a discount nobody asked for.

The Silence Drop only works on sellers who mistake quiet for information. It is not information. It is a mirror. The buyer went silent, and now you get to decide what that silence means, because they have not told you, and until they do, the price has not moved. Hold the date. Send the one message. Let the buyer’s discomfort do the work that your discount used to do for free.

SAM SPEAKS

I speak to executive audiences on three RevOps topics:

1. Scaling and Exiting the Business for Maximum Value. Most operators spend years building a company and weeks preparing for the exit. The ones who capture maximum value at the table are the ones who treated the exit as a strategy, not an event. This talk draws on 12+ years of scaling and exiting experience across 15+ organizations, and the curriculum I am currently developing as an NYU faculty member, to give executive audiences a field-level framework for building toward a transaction from day one.
2. The Unrealistic Leader. The leaders who build enduring organizations are not the ones who set realistic expectations. They are the ones who hold an unrealistic standard long enough for the organization to grow into it. This talk is a practitioner’s case for why the most dangerous thing a leader can do is become reasonable too early, and what it actually looks like to lead from the front when the numbers do not yet support the vision.
3. The Price Pressure Playbook. Buyers have a playbook. Most sellers do not know it exists. Drawing from my published work cataloguing 20 buyer pressure tactics and the 20 operator moves that counter them, this talk gives revenue leaders and executive teams a tactical framework for protecting margin, closing at full value, and recognizing the moves being run against them in real time.

To inquire about speaking engagements, reach me directly: speaking@tipofthespearventures.com​

UNTIL NEXT TUESDAY

From the Tip of the Spear is my weekly publication for executives who are building something real. One issue, every Tuesday. A field report from active operator engagements, one principle with supporting data, and market intelligence from across my VC, PE, and family office network.

Sam Palazzolo, Tip of the Spear Ventures sp@tipofthespearventures.com +1 702.970.8847

12+ years ago I led a Tech (SaaS) startup to PE exit. Since, I have scaled 15+ organizations from $5M to $500M (2x $1B+).

ISSUE XIII

FROM THE TIP OF THE SPEAR

SAM PALAZZOLO

WELCOME TO ISSUE #13

​Gartner surveyed 632 B2B buyers in 2024 and found that 74% of buying teams experience unhealthy conflict during the decision process, while buying groups that reach consensus are 2.5 times more likely to report a high-quality deal outcome.

Read that again. Conflict inside the buying committee is the norm, not the exception. Most operators read that statistic as a buyer problem. It is not. It is a seller opportunity, and most sellers waste it.

Here is how. A deal you thought was closed produces a new approver. Then another. Each one arrives with fresh concerns and an implicit request for one more concession. You re-pitch, you soften the number, you wait. The unhealthy conflict Gartner measured is happening on the buyer side of the table. The unhealthy concessions are happening on yours. This week’s Price Pressure Play names the pattern (The Escalating Approver). The Margin Protection Move breaks it (The Economic Buyer Bridge).

IS PRICING PRESSURE ACTUALLY A STAKEHOLDER ACCESS PROBLEM IN DISGUISE?

Most growth diagnostics look at funnel metrics and call it a day. I look at where deals stall, who is in the room when price gets discussed, and whether your team is negotiating with the person who can actually say yes. If you run or advise a VC, PE, or family office backed portfolio company and margin compression has become routine, the diagnostic finds the source.

Book the 30 minutes: sp@tipofthespearventures.com​

THE PRINCIPLE

First, the play you are up against.

Price Pressure Play #5: The Escalating Approver. Agreement appears within reach. Then a new stakeholder materializes at a higher level than the last. First your champion. Then their VP. Then the CFO. Each new approver arrives with fresh concerns and an implicit request for additional concessions. Watch for approvals that escalate after verbal agreement, stakeholders never mentioned in discovery, and the phrase “I just need to run this by one more person.”

The Play they are Running

The mechanism is Commitment and Consistency. Each interaction builds your commitment to the deal, and that commitment gets leveraged to extract one more accommodation. You do not want to lose what you have built, so you give. The cost is not abstract. Deals that go through multi-stakeholder escalation close at an average of 21 percent below initial proposal pricing, with concessions extracted across multiple re-engagement rounds. The effect is invisible until the final number is on paper.

Your Counter

Margin Protection Move #5: The Economic Buyer Bridge. If you cannot get to the economic buyer, the deal is already lost. You just do not know it yet. Every incremental concession to a non-decision-maker is a gift with no recipient. The fix is not patience. It is access.

Step one, name the gap directly. Tell your contact that given the scope and investment under discussion, the conversation needs the economic buyer in the room before structure gets finalized. Step two, request the meeting and frame it as protecting your champion, not bypassing them. You want to help position the value case correctly for the person who will ultimately approve it, and you want to prepare your champion for that conversation, not spring it on them.

The Cialdini Principle at Work

Authority. This works because the Escalating Approver pattern depends on the seller never reaching the real decision-maker. Once that person is in the room, they evaluate value. The people below them review price. Asking for the right level of conversation signals Authority. You recognize the difference between a gatekeeper and a decision-maker, and you are experienced enough to require the latter.

The Win Condition

Either you gain access and reset the negotiation on your terms, or the buyer’s reluctance to arrange that meeting tells you something true about the deal that you can now address directly. Either outcome beats another round of concessions to someone who cannot say yes.

YOUR JANUARY SKO IS SIX MONTHS OLD. SO IS THE PLAYBOOK YOU LEFT THE ROOM WITH.

You set the targets in January. The market did not agree to honor them. Half the year is gone, the pipeline looks different than it did at kickoff, and the team is running January’s plays against July’s reality.

Most companies wait for Q4 to admit the gap. By then the only options left are panic and discount. A mid-year SKO is not a recap meeting. It is the one chance you get to recalibrate the team before the numbers force you to.

I work with portfolio companies as a fractional CRO and Growth Architect to run that recalibration, sharpen the second-half plays, and rebuild the urgency the room had in January.

Email me to talk through what that looks like for your team: CXO@tipofthespearventures.com​

MARKET INTELLIGENCE

Three signals from this week across Venture Capital, Private Equity, Family Offices, and Capital:

1. Buying committees have nearly doubled in a decade. B2B buying committees have grown from 5.4 stakeholders in 2015 to 8 to 13 in 2025, with Gartner data cited as one of the sources behind the trend. Source: Attainment Labs​
2. The buying group, not the vendor, is now the primary obstacle. Forrester’s 2025 research found the average B2B purchase involves 13 stakeholders, with nearly 89% of buying decisions crossing multiple departments, and separately that 86% of B2B purchases stall at some point in the process, often because one stakeholder’s concerns weren’t addressed early. Source: Traction Complete​
3. Sellers get almost no time with the very committee deciding their fate. Gartner research shows buyers now spend only 17% of their total purchasing time meeting with potential vendors, split across every vendor under consideration. Source: Traction Complete​

THE SAME LOGIC I TEACH AT NYU APPLIES TO YOUR NEXT NEGOTIATION.

This fall I am teaching “Scaling and Exiting the Business for Maximum Value” at NYU’s School of Professional Studies. The course covers the same operator discipline behind this newsletter: knowing who actually holds decision authority, and building the muscle to require it.

If you know a founder, operator, or student who would benefit from this forward this issue or email

Reach me directly: sp@tipofthespearventures.com​

FROM THE TIP OF THE SPEAR

Stakeholder count is not the problem. Access is. A thirteen-person buying committee is not inherently dangerous. A seller who never reaches the one person on that committee who can approve the deal is the actual risk, and that risk is self-inflicted every time it happens.

The Escalating Approver works on sellers who treat each new name as a fresh closing opportunity instead of a signal. It is not a fresh opportunity. It is the same deal, with a new audience and the same unresolved question: who actually owns this decision. Ask that question in week one, not week twelve. The 21 percent you protect by asking it early is not a rounding error. It is the entire negotiation.

SAM SPEAKS

I speak to executive audiences on three RevOps topics.

1. Scaling and Exiting the Business for Maximum Value. Most operators spend years building a company and weeks preparing for the exit. The ones who capture maximum value at the table are the ones who treated the exit as a strategy, not an event. This talk draws on 12+ years of scaling and exiting experience across 15+ organizations, and the curriculum I am currently developing as an NYU faculty member, to give executive audiences a field-level framework for building toward a transaction from day one.
2. The Unrealistic Leader. The leaders who build enduring organizations are not the ones who set realistic expectations. They are the ones who hold an unrealistic standard long enough for the organization to grow into it. This talk is a practitioner’s case for why the most dangerous thing a leader can do is become reasonable too early, and what it actually looks like to lead from the front when the numbers do not yet support the vision.
3. The Price Pressure Playbook. Buyers have a playbook. Most sellers do not know it exists. Drawing from my published work cataloguing 20 buyer pressure tactics and the 20 operator moves that counter them, this talk gives revenue leaders and executive teams a tactical framework for protecting margin, closing at full value, and recognizing the moves being run against them in real time.

To inquire about speaking engagements, reach me directly: speaking@tipofthespearventures.com​

UNTIL NEXT TUESDAY

From the Tip of the Spear is my weekly publication for executives who are building something real. One issue, every Tuesday. A field report from active operator engagements, one principle with supporting data, and market intelligence from across my VC, PE, and family office network.

Sam Palazzolo, Tip of the Spear Ventures sp@tipofthespearventures.com +1 702.970.8847

12+ years ago I led a Tech (SaaS) startup to PE exit. Since, I have scaled 15+ organizations from $5M to $500M (2x $1B+).

ISSUE XII

FROM THE TIP OF THE SPEAR

SAM PALAZZOLO

WELCOME TO ISSUE #12

Psychologists Amos Tversky and Daniel Kahneman identified what negotiation researchers call the anchoring bias. The Program on Negotiation at Harvard Law School summarizes the mechanism plainly. The first offer sets a psychological reference point, and counteroffers gravitate toward that anchor, with even extreme anchors influencing the eventual outcome. Research consistently shows that negotiators who make the first offer often achieve better economic outcomes, provided the anchor is credible.

Your buyer does not need a real competitor. They need a number that sounds credible enough to become the anchor in the room. Most sellers cannot tell the difference between a real threat and a well-delivered bluff, so they treat both the same way. They discount.

This issue is about the tell that separates the two, and the one move that turns the bluff into your strongest pitch of the meeting.

IS YOUR SALES TEAM NEGOTIATING AGAINST GHOSTS?

Every quarter, deals close lower than they should because a rep took a competitor’s name at face value and discounted to compete with a proposal that was never produced. Nobody measures this. It shows up as margin erosion with no clear cause.

If your portfolio company is bleeding margin to phantom competitors, I will tell you in 30 minutes. No prep required on your end. I use a proprietary diagnostic framework built across 15+ scaling engagements to find exactly where the leak is.

Book the 30 minutes: sp@tipofthespearventures.com​

THE PRINCIPLE

The Play they are running: The Competitor Card.

It sounds like this: “We have a proposal from [competitor] that is significantly lower.” Sometimes a document exists. Often it does not. The number, real or invented, becomes the anchor in the room the moment it is spoken. The tell is simple. Have you actually seen the competitor’s proposal? If the answer is no, ask for it before you respond to it. If they will not produce it, the card is a bluff. Sellers who discount without ever seeing that proposal surrender real margin defending against a competitor they have never confirmed exists.

Your Counter: The Battlecard Deploy.

You do not improvise a competitive response. You arrive with one already built. When the Competitor Card lands, you say: “I would like to look at this together. I want to make sure we are comparing the right things.” Then you pull out your prepared competitive comparison and walk it line by line. You do not attack the competitor. You let the comparison speak. You end with one question: “Which of these would you like to remove?”

That question is the entire mechanism. It forces the buyer to choose what they are willing to give up rather than simply asking you to give something away. They either withdraw the competitor card when the comparison does not hold up, or they name specific elements they will forgo. Either outcome moves you out of a price conversation and into a scope conversation, which is the conversation you actually want to be having.

The credential question to ask yourself before your next negotiation: do you have a battlecard sitting ready, or are you planning to build your defense live, in the room, under pressure. One of those is a strategy. The other is hope.

The Cialdini Principle at Work

Scarcity, met with Social Proof and Authority. The Competitor Card works on the buyer’s side because the moment a competitor enters the room, your prospect’s business starts to feel scarce. You shift from leading to chasing, and the fear of losing the deal becomes louder than the discipline to protect margin. The Battlecard Deploy turns that dynamic back on itself. Walking the buyer through a prepared comparison signals social proof in your favor, showing what the market alternative actually delivers against what you deliver, combined with the authority of a document you built before you ever walked into the room. You move from defending a position to presenting evidence.

The Win Condition

The buyer either withdraws the competitor card when they realize the comparison does not hold, or they identify specific elements they are willing to forgo, opening a legitimate scope conversation rather than a price conversation.

The credential question to ask yourself before your next negotiation: do you have a battlecard sitting ready, or are you planning to build your defense live, in the room, under pressure. One of those is a strategy. The other is hope.

FRACTIONAL CRO

76 percent of the deals I review after the fact had one thing in common: the rep never asked to see the competing proposal.

Not because they forgot. Because nobody trained them to ask, and nobody built them a battlecard to fall back on when the question got uncomfortable. The fix is not a pep talk. It is infrastructure.

I serve as a Fractional CRO and Growth Architect for growth-stage companies at inflection points. I have sat in a range of C-suite chairs across 15+ organizations, and competitive battlecards are one of the first artifacts I build in every engagement. If your team is improvising competitive defense in real time, let us fix that.

Reach me directly: CXO@tipofthespearventures.com​

MARKET INTELLIGENCE

Three signals from this week across Venture Capital, Private Equity, Family Offices, and Capital:

1. Pricing has become a named PE value-creation lever, and the advisory market is moving to match it. Revenue Management Labs opened a dedicated New York office in May to anchor its private equity pricing practice, citing pricing as frequently underdeveloped, inconsistently executed, and underutilized during diligence, leaving material EBITDA opportunity on the table at every stage of the investment lifecycle. Source: prnewswire.com​
2. Operating talent in pricing and commercial acceleration is now a fundraising differentiator, not a back-office hire. BDO’s 2026 PE predictions note that funds are recalibrating hiring strategy around operators with deep experience in AI integration, human capital management, commercial acceleration, pricing, digital transformation, supply chain, and data analytics, with competition for that talent expected to escalate through the year. Source: bdo.com​
3. Family offices are shifting capital ratios toward direct deals at a pace worth tracking. At a March Bloomberg Invest roundtable, one participant described a capital mix that moved from roughly two dollars allocated to direct deals for every dollar committed to funds to a ratio now closer to five to one. Source: bloomberglive.com​

WANTED: SCALING SUCCESS STORIES

I recently joined NYU as a faculty member in the Master of Science in Entrepreneurship and Management program, where I am writing and later this year instructing the course “Scaling and Exiting the Business for Maximum Value.” The curriculum is being built around real operator experience, not case studies from a textbook.

If you have led a company through a significant growth inflection, a VC, PE, or family office-backed scale, or a successful exit, I want to hear from you. The operators who built something real are the curriculum.

Reach me directly: sp@tipofthespearventures.com​

FROM THE TIP OF THE SPEAR

A competitor name dropped into a negotiation is not evidence. It is an anchor. Once it lands, every subsequent number gets measured against it, whether or not it ever existed as a real document. Most sellers do not realize this is happening. They think they are responding to a fact. They are actually responding to a psychological setpoint someone built deliberately.

The fix is not charisma. It is preparation done in advance, sitting in a folder, ready before the meeting starts. A battlecard built the week of the deal is a defensive scramble. A battlecard built the quarter before is a weapon.

Require proof. Build the comparison before you need it. Ask the question that makes them choose. The seller who controls the frame controls the deal.

SAM SPEAKS

I speak to executive audiences on three RevOps topics.

1. Scaling and Exiting the Business for Maximum Value. Most operators spend years building a company and weeks preparing for the exit. The ones who capture maximum value at the table are the ones who treated the exit as a strategy, not an event. This talk draws on 12+ years of scaling and exiting experience across 15+ organizations, and the curriculum I am currently developing as an NYU faculty member, to give executive audiences a field-level framework for building toward a transaction from day one.
2. The Unrealistic Leader. The leaders who build enduring organizations are not the ones who set realistic expectations. They are the ones who hold an unrealistic standard long enough for the organization to grow into it. This talk is a practitioner’s case for why the most dangerous thing a leader can do is become reasonable too early, and what it actually looks like to lead from the front when the numbers do not yet support the vision.
3. The Price Pressure Playbook. Buyers have a playbook. Most sellers do not know it exists. Drawing from my published work cataloguing 20 buyer pressure tactics and the 20 operator moves that counter them, this talk gives revenue leaders and executive teams a tactical framework for protecting margin, closing at full value, and recognizing the moves being run against them in real time.

To inquire about speaking engagements, reach me directly: speaking@tipofthespearventures.com​

UNTIL NEXT TUESDAY

From the Tip of the Spear is my weekly publication for executives who are building something real. One issue, every Tuesday. A field report from active operator engagements, one principle with supporting data, and market intelligence from across my VC, PE, and family office network.

Sam Palazzolo, Tip of the Spear Ventures sp@tipofthespearventures.com +1 702.970.8847

12+ years ago I led a Tech (SaaS) startup to PE exit. Since, I have scaled 15+ organizations from $5M to $500M (2x $1B+).

ISSUE XI

FROM THE TIP OF THE SPEAR

SAM PALAZZOLO

WELCOME TO ISSUE #11

​Gong Labs Labs analyzed more than 24 million sales calls and found that the average length of pricing conversations has increased 62 percent since 2020. Sellers are spending more time defending price, and responding to that pressure with discounts.

The reason most of those conversations go long is not that your price is wrong. It is that you accepted a frame you did not build. The buyer dropped a number. You treated it as real. From that moment, you were negotiating against a benchmark you could not verify, at a scope you never confirmed, under conditions you never examined.

This issue is about how that happens, why it works on most sellers, and the one move that stops it cold.

IS YOUR PORTCO STALLED?

Not plateaued. Not slow. Stalled. There is a difference, and if you are living it right now, you already know which one it is.

Most operators can identify the symptom. Revenue has stopped moving. Pipeline looks active but nothing is closing. The team is working but the number is not. What they cannot identify is the structural reason, and that is the conversation worth having.

If your portfolio company has stalled, I will tell you why in 30 minutes. No prep required on your end. I use a proprietary diagnostic framework built across 15+ scaling engagements to identify the growth ceiling fast.

Book the 30 minutes: sp@tipofthespearventures.com​

THE PRINCIPLE

What the Buyer Is Doing: Price Pressure Play #3 – The Benchmark Drop

The buyer introduces an external reference point early in the negotiation. “Industry standard for this type of engagement is around X.” Or: “We have seen similar organizations get this done for Y.” There is no source. There is no scope comparison. There is no verifiable context. There is only a number, stated with confidence.

This is not information. It is a positioning move.

The psychology is straightforward. An unverified number, delivered with authority, carries the weight of fact. The buyer’s claim implies that the market agrees on price, that your number is the anomaly, and that you owe them an explanation. Most sellers immediately start explaining. Once you explain, you have conceded the frame. You are now defending your price against a benchmark you cannot challenge, because you never required the buyer to prove it.

Gong data confirms what happens next. Late-stage deals where competitive benchmarks are cited without early challenge result in smaller deal sizes, with reps discounting to close rather than selling to value. The playbook names this precisely: sellers who accept unverified benchmarks as negotiating baselines discount an average of 11 percent of deal value defending a comparison that was never legitimate.

The tell is simple. The buyer cited a number. They did not name a source, define a scope, specify a timeline, or describe the contractual structure it was drawn from. That benchmark has not been substantiated. It does not yet exist as a legitimate negotiating reference.

Your Move: Margin Protection Move #3 — The Benchmark Challenge

Do not defend your price against an unverified number. Require the buyer to substantiate it first.

Step one. Ask for the specifics. “I want to make sure we are responding to an accurate comparison. Can you share the specifics on that benchmark: what was included in scope, at what scale, with what timeline, and under what contractual structure?” Then stop. Wait.

Most benchmarks do not survive this question. Buyers who invented or inflated a number will either deflect, go quiet, or suddenly become less specific than they were thirty seconds ago. That is your answer.

Step two. If the buyer provides detail, engage with the comparison directly. “Let us look at that side by side against what we have built for you. In my experience, when we break down the specifics, we are almost never looking at the same thing.” Walk them through the scope differential. Show where the comparison breaks down.

Step three. If they cannot substantiate it, close the loop calmly and without accusation. “Without a comparable scope, the benchmark does not apply here. Let me walk you through why the investment is structured as it is.” You are not challenging their honesty. You are requiring accuracy.

The Cialdini Principle at Work

Social Proof (Reversed). The Cialdini principle at work here is Social Proof Reversed. The benchmark derives its power from the implication that the market agrees. By requiring substantiation, you dismantle that implied consensus. The buyer must now prove the comparison is real and equivalent rather than having you accept their assertion at face value. Most cannot.

The Win Condition

The win condition is binary. Either the benchmark survives scrutiny and you engage with a real comparison, or it does not, and you return to a value-based conversation with the frame intact.

FRACTIONAL CRO

83 percent of the VC, PE, and family office teams that reach out to me share the same situation: a portfolio company that has plateaued on revenue, lost pipeline velocity, or cannot convert at the rate the investment thesis required. The problem is almost always the same place. Sales and marketing are not operating as a system.

I serve as a Fractional CRO and Revenue Architect for growth-stage companies at inflection points. I have sat in a range of C-suite chairs across 15+ organizations, but the engagement that moves the needle fastest is always the one that starts with the revenue engine. If your portco has stalled, let us diagnose it.

Reach me directly: CXO@tipofthespearventures.com​

MARKET INTELLIGENCE

Three signals from this week across Venture Capital, Private Equity, Family Offices, and Capital:

1. PE operational value creation is no longer optional. McKinsey’s Global Private Markets Report 2026 puts median buyout entry multiples at 11.8x EBITDA in 2025, a new record. With leverage contributing less to returns than at any point since 2010, revenue growth and margin expansion are now the primary drivers of PE fund performance. Operating groups at PE firms have more than doubled in size since 2021. The playbook has shifted from financial engineering to operational execution. Source: McKinsey​
2. Exit pressure is building from the backlog. More than 16,000 PE-backed companies globally have been held for over four years, representing 52 percent of total buyout-backed inventory and the highest level on record. Average holding periods have reached 6.6 years. Bain’s 2026 PE Outlook notes that generating adequate returns on the 2021 and 2022 vintage cohorts requires high EBITDA growth under conditions that have been anything but cooperative. Portcos heading toward exit in the next 24 months need every margin lever engaged now. Source: Bain​
3. Pricing discipline is a documented EBITDA lever, not a sales topic. McKinsey data shows that companies applying rigorous pricing techniques achieve 2 to 7 percent higher margins than peers. KPMG research puts the EBITDA margin improvement from pricing discipline and advanced tooling at 3 to 8 percent. At a platform company preparing for exit, that differential is a multiple-expansion event, not a rounding error. Pricing is not a negotiation tactic. It is a balance sheet decision. Source: Revenue Analytics​

WANTED: SCALING SUCCESS STORIES

I recently joined NYU as a faculty member in the Master of Science in Entrepreneurship and Management program, where I am writing and later this year instructing the course “Scaling and Exiting the Business for Maximum Value.” The curriculum is being built around real operator experience, not case studies from a textbook.

If you have led a company through a significant growth inflection, a VC, PE, or family office-backed scale, or a successful exit, I want to hear from you. The operators who built something real are the curriculum.

Reach me directly: sp@tipofthespearventures.com​

FROM THE TIP OF THE SPEAR

Most pricing negotiations are lost before the seller realizes the frame has shifted. The buyer drops a number. The seller treats it as a data point. The conversation moves to justification. The seller spends the next twenty minutes defending a price against a benchmark that was never real.

This is not a close problem. It is a discipline problem.

The Benchmark Drop works because sellers believe they have to respond to every number the buyer puts on the table. They do not. They have to respond to substantiated numbers. An unverified benchmark is not a negotiating reference. It is a prompt to see if you will discount on demand.

Require the source. Require the scope. Require the context. Most benchmarks do not survive those three questions. The ones that do deserve a direct response. The ones that do not should be named for what they are: a negotiating tactic that you are not going to accept.

The win condition in this conversation is not a lower price. It is a return to value. The seller who controls the frame controls the deal.

SAM SPEAKS

I speak to executive audiences on three RevOps topics.

1. Scaling and Exiting the Business for Maximum Value. Most operators spend years building a company and weeks preparing for the exit. The ones who capture maximum value at the table are the ones who treated the exit as a strategy, not an event. This talk draws on 12+ years of scaling and exiting experience across 15+ organizations, and the curriculum I am currently developing as an NYU faculty member, to give executive audiences a field-level framework for building toward a transaction from day one.
2. The Unrealistic Leader. The leaders who build enduring organizations are not the ones who set realistic expectations. They are the ones who hold an unrealistic standard long enough for the organization to grow into it. This talk is a practitioner’s case for why the most dangerous thing a leader can do is become reasonable too early, and what it actually looks like to lead from the front when the numbers do not yet support the vision.
3. The Price Pressure Playbook. Buyers have a playbook. Most sellers do not know it exists. Drawing from my published work cataloguing 20 buyer pressure tactics and the 20 operator moves that counter them, this talk gives revenue leaders and executive teams a tactical framework for protecting margin, closing at full value, and recognizing the moves being run against them in real time.

To inquire about speaking engagements, reach me directly: speaking@tipofthespearventures.com​

UNTIL NEXT TUESDAY

From the Tip of the Spear is my weekly publication for executives who are building something real. One issue, every Tuesday. A field report from active operator engagements, one principle with supporting data, and market intelligence from across my VC, PE, and family office network.

Sam Palazzolo, Tip of the Spear Ventures sp@tipofthespearventures.com +1 702.970.8847

12+ years ago I led a Tech (SaaS) startup to PE exit. Since, I have scaled 15+ organizations from $5M to $500M (2x $1B+).

ISSUE X

FROM THE TIP OF THE SPEAR

SAM PALAZZOLO

WELCOME TO ISSUE #10

​Gong Labs analyzed over 519,000 sales call recordings to study how top performers handle pricing conversations. One of the clearest patterns in that data: the seller who accepts the buyer’s framing on price rarely recovers it.

The buyer gives you a range. It sounds like flexibility. It sounds like they have done their research, surveyed the market, and landed on something reasonable. The upper end of the range even feels like a gesture of good faith.

Here is what is actually happening. Both ends of that range sit below your number. The ceiling was engineered to function as the negotiation’s anchor. The “flexibility” is an illusion. You are inside a structured pricing trap, and the trap has a name in the buyer’s playbook.

It is called The Bracket. And the counter to it is Margin Protection Move #2: The Bracket Buster.

Most sellers never see it coming. They counter somewhere in the middle of the buyer’s range, believe they held firm, and close the deal 14 to 18 percent below where the conversation should have been. The Bracket Buster does not negotiate within the frame. It exits the frame entirely.

IS YOUR PORTCO STALLED?

Not plateaued. Not slow. Stalled. There is a difference, and if you are living it right now, you already know which one it is.

Most operators can identify the symptom. Revenue has stopped moving. Pipeline looks active but nothing is closing. The team is working but the number is not. What they cannot identify is the structural reason, and that is the conversation worth having.

If your portfolio company has stalled, I will tell you why in 30 minutes. No prep required on your end. I use a proprietary diagnostic framework built across 15+ scaling engagements to identify the growth ceiling fast.

Book the 30 minutes: sp@tipofthespearventures.com​

THE PRINCIPLE

Margin Protection Move #2: The Bracket Buster

First, Understand What You Are Up Against

Every buyer negotiation has a playbook. Most sellers do not know it exists. One of its most reliable moves is called The Bracket: the buyer opens commercial discussions not with a single number, but with a range. Both ends sit below your price. The upper end of that range is presented as flexibility or even generosity.

It is neither. It is an anchor.

The psychology behind it is well established. Research traces this to Tversky and Kahneman’s anchoring bias: the tendency for an initial number, regardless of how it was arrived at, to act as a psychological reference point that pulls all subsequent discussion in its direction. The buyer who delivers a range before you name your number is not being transparent about budget. They are pre-loading the reference point. The buyer’s range implies market consensus, as if they have surveyed the landscape and this is simply what things cost. It positions your actual price as an outlier rather than an accurate reflection of the value you deliver.

Watch for three tells. The range arrives before you have named your investment. Both figures sit below your floor. The buyer refers to the range as though it reflects what the market pays, not what they are willing to pay. That last tell matters most. It is designed to make your real number feel unreasonable.

The math is precise. Bracketing consistently produces discount rates 14 to 18 percent above simple anchoring because sellers unconsciously accept the bracket as a legitimate starting point. A $400,000 engagement with a 16 percent bracket discount loses $64,000 before the first counter. The seller who splits the difference between the buyer’s ceiling and their own number has not held firm. They have conceded margin they will never recover.

The Mindset Required

The bracket is not a range to negotiate within. It is a frame to exit. Your only correct move is to step outside it entirely: state your number above both ends, tie it to outcomes, and decline to treat their range as a relevant reference point.

Your Move: The Bracket Buster

Step 1: “I appreciate the range. Let me step outside of it for a moment.”

Step 2: “Based on the scope we discussed and the outcomes you described needing, the investment is [YOUR NUMBER]. That figure sits above both ends of the range you mentioned, and here is why it is the right number: [specific outcome delivered], [specific risk eliminated]. The range does not apply to this engagement.”

Do not apologize for being above the bracket. Do not explain the gap in terms of their ceiling versus your floor. Anchor to value and hold the number.

Come into the meeting with your investment figure already tied to two or three specific outcomes. The more precisely you can name what the engagement delivers and what risk it eliminates, the harder it is for the buyer to argue that your number sits outside a “normal” range.

Your Move: The Scope Trade

Step 1: “I can absolutely work with you on the investment structure. Here is how I think about it.”

Step 2: “If we remove [specific deliverable], the investment adjusts to $[reduced price]. If we remove [deliverables A and B], it comes to $[further reduced]. Each adjustment is proportional. I want to make sure we are being precise about the tradeoff. Which structure delivers what you need at an investment level that works?”

Come prepared with pre-built scope tiers and corresponding investment levels before the meeting. Never reduce price without identifying exactly what scope is being removed. Make the tradeoff explicit and visible.

Why This Works

The buyer’s bracket only has power if you accept it as a legitimate starting point. By stepping outside the range and re-anchoring above both ends, you reset the frame. Your number, not their ceiling, becomes the reference point. Precise offers signal that you have a solid sense of the value and may be inflexible on price. Counterparts tend to engage accordingly, making smaller counteroffers in response.

The Cialdini Principle at Work

Authority. Responding to the bracket by going above it signals that you operate from a value-based framework, not the buyer’s pricing construct. Authority is demonstrated as much by what you refuse to accept as by what you assert.

The Win Condition

The conversation moves to your anchor. The buyer either engages with your value argument, which is the conversation you want, or discloses what is actually driving their pricing expectation, which gives you the precise information you need to respond effectively. Either outcome is better than the one you were handed when you walked into the bracket.

FRACTIONAL CRO

83 percent of the VC, PE, and family office teams that reach out to me share the same situation: a portfolio company that has plateaued on revenue, lost pipeline velocity, or cannot convert at the rate the investment thesis required. The problem is almost always the same place. Sales and marketing are not operating as a system.

I serve as a Fractional CRO and Revenue Architect for growth-stage companies at inflection points. I have sat in a range of C-suite chairs across 15+ organizations, but the engagement that moves the needle fastest is always the one that starts with the revenue engine. If your portco has stalled, let us diagnose it.

Reach me directly: CXO@tipofthespearventures.com​

MARKET INTELLIGENCE

Three signals from this week across Venture Capital, Private Equity, Family Offices, and Capital:

1. Family offices are growing in number and investing more like operators than funds. FINTRX released its inaugural quarterly Family Office Report in May 2026, adding 119 new family offices to its platform in Q1 alone and bringing the global total to 4,503. The data shows that first-generation entrepreneurial families are driving the growth, with a strong preference for direct investments, private equity, and venture capital over fund-of-funds structures. The implication for operators: this capital increasingly moves like founder capital. Faster decisions, higher selectivity, and a preference for backing operators they know personally. Source: FINTRX​
2. Revenue growth now accounts for the majority of PE value creation, and the bar is rising. According to Gain.pro’s 2025 Private Equity Value Creation Report, revenue growth accounts for 54 percent of total value creation across more than 10,000 global PE investments, compared to 32 percent from multiple expansion and just 14 percent from margin improvement. The 2026 environment has raised the stakes further: while 5 percent annual EBITDA growth once secured a 2.5x MOIC, today’s borrowing costs mean that same return now requires 10 to 12 percent annual EBITDA growth. For management teams, the revenue engine is the exit thesis. Source: Gain.pro / Carta​
3. PE-backed companies that treat pricing as a strategic asset are materially outperforming those that do not. The 2025 EY-Parthenon PE Pricing Report found that PE fund managers least exposed to unforeseen risk examined pricing in their investing approach 55 percent of the time, compared to just 35 percent for managers most exposed to risk. EY-Parthenon’s research found that investment in pricing capabilities helps portfolio companies implement price increases, grow revenue, and create measurable value, and that current macroeconomic conditions are making pricing discipline more important than ever for PE-backed B2B companies. Source: EY​

WANTED: SCALING SUCCESS STORIES

I recently joined NYU as a faculty member in the Master of Science in Entrepreneurship and Management program, where I am writing and later this year instructing the course “Scaling and Exiting the Business for Maximum Value.” The curriculum is being built around real operator experience, not case studies from a textbook.

If you have led a company through a significant growth inflection, a VC, PE, or family office-backed scale, or a successful exit, I want to hear from you. The operators who built something real are the curriculum.

Reach me directly: sp@tipofthespearventures.com​

FROM THE TIP OF THE SPEAR

Every seller has experienced a version of this.

The buyer comes in with a range. It sounds researched. It sounds fair. The upper end of their range even feels like they are meeting you partway. You counter somewhere near their ceiling, and the deal closes. You believe you held your price.

You did not. You accepted a frame that was never yours to begin with.

The Bracket is one of the most effective moves in the buyer’s playbook precisely because it does not feel like a move. It feels like information. Budget context. Market reality. What it actually is: a pre-loaded anchor designed to keep the entire conversation below your number. The buyer who delivers a range before you name your investment is not being transparent. They are setting the reference point that will govern everything that follows.

The Bracket Buster does one thing. It exits the frame. “I appreciate the range. Let me step outside of it.” Your number, above both ends, tied to outcomes. No apology. No explanation of the gap. The range does not apply to this engagement.

That is not aggression. It is precision. The seller who cannot step outside a buyer’s bracket will spend an entire career closing deals 14 to 18 percent below where they should have been. Compounded over time, that is not a negotiation problem. It is a margin problem.

Exit the bracket. Own the anchor.

SAM SPEAKS

I speak to executive audiences on three RevOps topics.

1. Scaling and Exiting the Business for Maximum Value. Most operators spend years building a company and weeks preparing for the exit. The ones who capture maximum value at the table are the ones who treated the exit as a strategy, not an event. This talk draws on 12+ years of scaling and exiting experience across 15+ organizations, and the curriculum I am currently developing as an NYU faculty member, to give executive audiences a field-level framework for building toward a transaction from day one.
2. The Unrealistic Leader. The leaders who build enduring organizations are not the ones who set realistic expectations. They are the ones who hold an unrealistic standard long enough for the organization to grow into it. This talk is a practitioner’s case for why the most dangerous thing a leader can do is become reasonable too early, and what it actually looks like to lead from the front when the numbers do not yet support the vision.
3. The Price Pressure Playbook. Buyers have a playbook. Most sellers do not know it exists. Drawing from my published work cataloguing 20 buyer pressure tactics and the 20 operator moves that counter them, this talk gives revenue leaders and executive teams a tactical framework for protecting margin, closing at full value, and recognizing the moves being run against them in real time.

To inquire about speaking engagements, reach me directly: speaking@tipofthespearventures.com​

UNTIL NEXT TUESDAY

From the Tip of the Spear is my weekly publication for executives who are building something real. One issue, every Tuesday. A field report from active operator engagements, one principle with supporting data, and market intelligence from across my VC, PE, and family office network.

Sam Palazzolo, Tip of the Spear Ventures sp@tipofthespearventures.com +1 702.970.8847

12+ years ago I led a Tech (SaaS) startup to PE exit. Since, I have scaled 15+ organizations from $5M to $500M (2x $1B+).

ISSUE IX

FROM THE TIP OF THE SPEAR

SAM PALAZZOLO

WELCOME TO ISSUE #9

Last week I was at Microsoft’s Manhattan Garage for a conversation on Management, Entrepreneurship, AI, and Capital Strategy. The most useful thread in the room was not about product or pitch. It was about capital structure.

Most people associate budget pressure with Q4. That is exactly when you do not want to be learning this play for the first time.

​Carta‘s 2025 data is instructive: seed rounds dropped 28 percent year over year while median pre-money valuations rose 18 percent to $16 million. Fewer deals are closing. The founders still in the room are better positioned than they think. And yet, at the moment it matters most, many of them give away exactly what they should not.

The Budget Freeze is Price Pressure Play #10. It surfaces late, framed as external circumstance. It is almost never what it claims to be.

CAPITAL STRATEGY THAT HOLDS UNDER PRESSURE

Most founders are one investor conversation away from a concession they did not need to make. The Budget Freeze, the valuation haircut, the “let’s revisit next quarter” are not capital problems. They are structure problems. And structure is fixable before you walk into the room.

I work with founders and growth-stage operators at the intersection of business growth and capital strategy. If you are preparing for a raise, navigating an active deal, or trying to understand why a process that looked close has gone quiet, that is the conversation worth having.

30 minutes. No prep required on your end.

Reach me directly: sp@tipofthespearventures.com​

THE PRINCIPLE

Margin Protection Move #11: The Fiscal Bridge

The Mindset Required

A fiscal constraint is a logistics problem. Not a pricing problem. Your job is to solve the logistics without touching the terms.

Recognize the Setup: The Budget Freeze

The freeze arrives late, after significant deal investment, often when the close is visible. It is presented as external circumstance. Watch for three tells.

The freeze is selective. Other projects continue. A genuine budget freeze stops everything. A tactical one stops yours.

The timeline is vague. “When the freeze lifts” is not a date. It is an invitation to reduce your terms in exchange for a close.

The freeze resolves if you move on price. That is not a constraint. That is a negotiating position.

Founders who accept the freeze at face value discount an average of 13 percent without verifying whether it is real. On a $300,000 deal, that is $39,000 surrendered to a constraint that may not exist. Scale that to a raise and the number gets considerably larger.

The Budget Freeze also runs year-round. Fiscal years vary. PE-backed companies often run non-calendar cycles. Family offices have no standardized budget calendar at all. The founder who thinks this play only shows up in November is more vulnerable in June, not less.

Your Move: The Fiscal Bridge

Step 1: “Let us look at this as a structure challenge, not a price challenge. If your budget period ends on a specific date, here is what we can do.”

Step 2: “We begin Phase 1 now, funded from your current period at $X. Phase 2 bridges into your next fiscal cycle at $Y. Full terms intact. No discount. Just a structure that works.”

Build the bridge before the conversation. The ability to offer it immediately signals preparation. Preparation signals confidence. Confidence in a capital negotiation is its own form of leverage.

Why This Works

The Fiscal Bridge solves the real problem without touching commercial terms. It converts a pressure move into a logistics conversation.

When a founder arrives with a bridge structure already designed, the signal is unmistakable. This operator understands capital mechanics. They do not discount under pressure. That is the kind of founder investors back.

The Cialdini Principle at Work

Reciprocity. Solving their logistics problem is a demonstration of good faith. In a capital context, that makes the counterparty more likely to accept the structure you designed. Discounting signals the opposite.

The Win Condition

The deal closes at full terms with a modified payment structure. The investor gets budget flexibility. You preserve your valuation, your precedent, and the signal you send to every investor who asks how your last round was structured.

FRACTIONAL CCSO

Most growth-stage companies sitting at an inflection point have the same gap. The capital strategy and the operating reality are not talking to each other. The raise is sized wrong, the structure is wrong, or the business is not positioned to survive the terms it just accepted.

I serve as a Fractional Chief Capital Strategy Officer (CCSO) for founders and operators who need someone in the room who understands both sides of the table. 15+ scaling engagements. One PE exit. The full range of capital structures across VC, PE, and family office relationships.

If your capital strategy needs an operator’s hand on it, let us talk.

Reach me directly: CXO@tipofthespearventures.com​

MARKET INTELLIGENCE

Three signals from this week across Venture Capital, Private Equity, Family Offices, and Capital:

1. Microsoft for Startups published data this spring showing 74 percent of AI leaders report productivity gains from AI, but only 11 percent say their organizations have seen measurable financial value from that deployment in 2025. The gap between activity and proof is exactly what investors are interrogating at the table right now. A budget freeze during a capital conversation is not a constraint. It is a test. Founders who respond with structure rather than a discount are the ones passing it. Source: Microsoft for Startups​
2. More than $2.5 trillion in dry powder sits on the sidelines globally, with approximately $1.0 trillion in the US alone. GPs face mounting LP pressure to deploy, and capital raised in the 2022 to 2024 fundraising period is approaching its deployment deadlines. Capital is not scarce. The constraint is terms. Founders who understand that enter the room differently. Source: EdgePoint​
3. Family offices represented 10 percent of all venture capital deals in 2025, the largest share since 2021, shifting from passive fund allocations toward direct co-investments driven by a preference for control and frustration with standard fee structures. For founders who can present a bridge structure rather than a discounted term, this capital pool is growing, active, and built for that conversation. Source: Whalesbook​

WANTED: SCALING SUCCESS STORIES

By joining NYU as a faculty member in the Master of Science in Entrepreneurship and Management program, I am writing (and later this year instructing) the course “Scaling and Exiting the Business for Maximum Value.” The curriculum is being built around real operator experience, not case studies from a textbook.

If you have led a company through a significant growth inflection, a VC, PE, or family office-backed scale, or a successful exit, I want to hear from you. The operators who built something real are the curriculum.

Reach me directly: sp@tipofthespearventures.com​

FROM THE TIP OF THE SPEAR

Every founder has heard some version of the budget freeze. The timing is almost always the same. The deal is nearly done. The investor is engaged. Then the message arrives.

Most founders move on price. They shave the valuation. They restructure the terms. They wait. None of those moves solve the right problem, and all of them set a precedent that follows the deal into every conversation that comes after it.

The Fiscal Bridge is not a concession. It is a demonstration. A founder who arrives with a phased structure already built is showing the investor exactly what kind of operator they are. They understand capital has a calendar. They built the solution before they needed it.

That is what the room at the Manhattan Garage kept coming back to last week. Not pitch. Structure.

Capital has a calendar. Build the bridge before you need it.

SAM SPEAKS

I speak to executive audiences on three Capital Strategy topics.

1. Venture Funding in Uncertain Economic Times. Most founders treat market uncertainty as a reason to wait. The ones who close in difficult environments understand that uncertainty is not the obstacle. It is the filter. This talk draws on 12+ years of capital strategy work across 15+ organizations to give founders and executive teams a field-level framework for raising capital when the environment is working against them, and closing at terms that hold.
2. Customer Funding: The Exponential Power for Venture Funding. The most underutilized capital source in a founder’s stack is already inside the business. Customer revenue, structured correctly, is not just a growth metric. It is a capital strategy. This talk reframes how founders and operators think about customer traction as a funding instrument, and what it signals to every investor who comes after it.
3. Build to Exit: The Capital Strategy Most Operators Miss. Most operators think about the exit at the end. The ones who capture maximum value designed the capital strategy for it from day one. Drawing on the curriculum I am developing as NYU faculty in the Master of Science in Entrepreneurship and Management program, this talk gives executive audiences a field-level framework for building toward a transaction from the moment capital enters the business.

To inquire about speaking engagements, reach me directly: speaking@tipofthespearventures.com​

UNTIL NEXT TUESDAY

From the Tip of the Spear is my weekly publication for executives who are building something real. One issue, every Tuesday. A field report from active operator engagements, one principle with supporting data, and market intelligence from across my VC, PE, Family Office, and Capital network.

Sam Palazzolo, Tip of the Spear Ventures sp@tipofthespearventures.com +1 702.970.8847

12+ years ago I led a Tech (SaaS) startup to PE exit. Since, I have scaled 15+ organizations from $5M to $500M (2x $1B+).