Hard Fork Capital Partners

03/08/2026

90+ private equity platforms are actively competing to buy independent landscaping businesses right now, a number that would have sounded absurd a decade ago. The businesses getting the best outcomes share a few things in common: a revenue mix weighted toward commercial maintenance contracts rather than residential, low dependency on seasonal H-2B visa labor, and clean financials with commercial and residential clearly separated. None of that happens by accident, and buyers price the difference significantly. We broke down what's actually driving the landscaping rollup wave and what determines whether you end up in a strong process or a rushed one.

Insights, case studies, and analysis from Hard Fork Capital Partners.

28/07/2026

Veterinary practices are selling across a wide range right now, and what separates the top from the bottom usually comes down to a handful of specific, fixable issues. Practices under $1M in adjusted EBITDA are trading between 5x and 8x EBITDA, while platform-quality practices above $3M are getting 11x to 13x or higher. Associate-DVM depth is the single biggest factor: a practice that depends on one owner-vet gets priced with transition risk baked in, while one with multiple producing doctors clears that hurdle entirely.

Specialty and emergency services, secured real estate, and clean financials all move the number further. Corporate and PE ownership now sits at 30 to 50 percent of U.S. clinics, and buyers are more selective than they used to be, so running a real process with multiple consolidators matters more than it used to, not less.

We put together the full Q2 2026 valuation breakdown, including an eight-question checklist to score where your practice stands today. Learn more and download the report here:

Sell-side M&A advisory for companion animal hospitals and specialty / emergency veterinary practices. exitpath-powered buyer targeting, valuation benchmarks, and a competitive process built for multi-doctor veterinary businesses.

20/07/2026

Independent Landscaping Operators Have More Leverage Than They Realize. Here's How to Use It.

https://hard-fork.com/post?slug=ninety-platforms-are-competing-for-your-routes-heres-how-to-use-that

26/06/2026

There's a moment most owners hit when they realize this is not normal. You used to get one call a year. Now it's three a week. They've been watching your business for a while. They're impressed. They're not a typical buyer. They want to have a quick conversation.

https://hard-fork.com/post?slug=why-am-i-getting-so-many-calls-to-sell-my-business

29/05/2026

Your kids don't want the business. That's not a failure. That's just where a lot of owners end up at 60.

The question is what you do next, and most people pick the first option that shows up instead of the one that actually fits.

We broke down every real path: internal sale, strategic buyer, private equity, the ones people forget about, and what actually matters when the time comes.

https://hard-fork.com/post?slug=im-60-and-my-kids-dont-want-the-business

21/04/2026

If you own a landscaping company, something's shifting, and it's worth paying attention to.

We just closed a deal with a strategic buyer on a landscaping business. Real money, real process. And here's the thing: this isn't a "small business" category anymore. Big capital has shown up, and the gap between similar companies is getting wide.

Two landscapers doing the same revenue in the same market can walk away with very different checks. A few things are separating them.

Recurring maintenance revenue is the foundation. Work that shows up every month is worth more than jobs you have to go win again each spring. Buyers know the difference.

The team matters as much as the numbers. In service businesses, the playbook lives in your crew leads and branch managers, the people who actually know how the work gets done. If they stay, value holds.

And cash conversion is the truth. Equipment, seasonality, receivables, this industry can look strong on paper and still run tight. Buyers are underwriting how reliably you turn work into cash.

Here's the pattern we're seeing: prepared operators are getting paid. Unprepared ones are leaving real money on the table. That gap is closing fast as buyers get sharper.

If selling is anywhere on your horizon, the bar is moving. Worth knowing where it is.

13/02/2026

2026 will be active. But here's what matters: only businesses that are actually ready will close.

Yes, after a thin 2024–2025, more companies will come to market at once. That sounds good. It's not. It doesn't create patience. It creates triage. Buyer bandwidth—economic and mental—is finite. When it's gone, deals don't slow down. They get skipped. Often silently.

This is the real shift in buyer behavior. In prior cycles, teams would work through messy numbers or fuzzy narratives. That grace period is over. In 2026, buyers are moving fast on businesses that can step up cleanly with clean, defensible EBITDA, financials that hold up under scrutiny, low owner dependence, and a clear explanation of why this business wins. Everything else gets a pass.

This is why we keep saying the edge isn't timing the market. It's readiness. Teams that treat readiness as a strategic asset control valuation, structure, and outcomes. Teams that don't end up reacting—live, in real time—to buyer feedback they should have anticipated years earlier.

Bottom line: 2026 won't reward optimism. It will reward clarity.

https://deandorton.com/january-ma-market-outlook-deal-readiness/

Understand the importance of compliance reviews under the One Big Beautiful Bill Act and their impact on real estate investments.

14/01/2026

SBA deadline (Jan 17, 2026) is accelerating M&A activity for government contractors

Recent advisor guidance and client alerts are creating a rare, time-bound inflection point in government services:

After January 17, 2026, small businesses acquired by large companies lose eligibility for future set-aside orders under multiple-award contracts (MACs)

Advisors expect valuation compression for contractors whose economics rely on set-aside MACs once the deadline passes

This isn’t sentiment. It’s regulatory math.

Why it matters:
This deadline cuts against the default “wait for a better market” mentality.

For small-business sellers, set-aside eligibility is a wasting asset. Close after Jan 17 and the multiple may reset — regardless of performance.

For buyers, particularly large strategics, there’s a rational incentive to delay and reprice assets post-deadline.

For advisors, this creates a narrow window where preparation matters more than patience.

Artificial urgency is rare in M&A. When it appears, it deserves attention.
Worth discussing: High.

A clear, rule-driven timing signal in a niche but critical corner of the lower middle market.

Sources: Practitioner guidance from Cherry Bekaert, Greenberg Traurig, Holland & Knight, and Clearly Acquired

Go-To Guide: Small Business Administration Final Rule will impact the valuation of small business government contractors holding Multiple Award Contracts (MACs) and Federal Supply Schedules (FSS). The rule takes effect Jan. 16, 2025.