What Actually Drives Multiple Expansion

Table of Contents

• Welcome to the M&A Mindset!

  • Interesting Infographic

  • M&A Topic Briefing

  • Articles of Interest

  • Educational Resources

  • Spreadsheet Tips & Tricks

  • Good Reads This Week

  • From The Benchmark Blog

  • Industry Associations

  • Friends of the M&A Mindset

  • Lighten Up!

  • M&A Merch

  • Rate This Week's Issue

INTERESTING INFOGRAPHIC

Each week, I feature a visually engaging infographic that distills a key M&A subject area into an easy-to-digest format. These quick reference guides aim to deliver clarity, insight, and practical understanding at a glance.

What Actually Drives Multiple Expansion

M&A TOPIC BRIEFING

In this section, I provide a clear, concise overview of a specific topic, trend, or concept within the realm of M&A. The goal is to educate, inform, and spark discussions on relevant subjects, helping you deepen your knowledge and better navigate the complexities of M&A more confidently.

Why Buyers Care More About Working Capital Than Sellers Do

The Lithium Boom is Heating Up

Thanks to growing demand, lithium stock prices grew 2X+ from June 2025 to January 2026. $ALB climbed as high as 227%. $LAC hit 151%. $SQM, 159%.

But the real winner may be a stock not listed on public exchanges, EnergyX.

This $1B unicorn’s patented technology can recover 3X more lithium than traditional methods. That’s earned investment from leaders like General Motors.

Now they’re preparing for commercial production just as experts project 5X demand growth by 2040. They’ve announced what could be one of the US’ largest lithium production facilities and have rights to approximately 150,000 lithium-rich acres across North and South America.

Unlike public stocks, you can buy private EnergyX shares alongside 40,000+ other investors. Invest for $11/share by the 2/26 deadline.

Invest in EnergyX Today

_{This is a paid advertisement for EnergyX Regulation A offering. Please read the offering circular at invest.energyx.com. Under Regulation A, a company may change its share price by up to 20% without requalifying the offering with the Securities and Exchange Commission.}

ARTICLES OF INTEREST

• Business Mergers 101 for Small Business Owners - A rough outline of the core M&A fundamentals for small businesses, covering why deals succeed or fail and key strategic, financial, and operational considerations owners should understand before entering a merger.

• How Mergers Impact 401(k) Plans - Mergers and acquisitions can significantly affect company 401(k) plans—requiring plan sponsors to carefully evaluate compliance, integration strategy, and participant communication.

• New Small Business Stock Tax Rules to Reshape Corporate Mergers - New qualified small business stock (QSBS) tax rules are expected to reshape corporate decision-making, capital formation, and exit timing, potentially boosting investment and M&A activity in 2026.

• Want To Own a Piece of the Seahawks? Seattle Startup Presents Its PE Idea to Fans - A Seattle startup is pitching a novel idea to let fans invest in NFL teams through a private-equity-like structure, potentially democratizing ownership stakes in franchises like the Seahawks.

• Private Market for Retail Savers Will Not End Well - The push to sell alternative and private market investments to everyday retail savers is risky and likely to end poorly because many retail investors don’t understand the long lock-up periods and liquidity constraints of these assets.

EDUCATIONAL RESOURCES

• Wall Street Oasis: Elite Modeling Course

• Coursera: Introduction to Finance & Accounting (Wharton - UPenn)

• Wall Street Prep: How To Build A 3-Statement Model

• Corporate Finance Institute: Introduction to Mergers & Acquisitions

• Data Camp: Financial Modeling in Excel

SPREADSHEET TIPS & TRICKS

Master Financial Modeling from Elite Practitioners

6 jam-packed courses with countless cases and 30+ exercises to help you learn financial modeling. Each course is designed to guide you step-by-step in your journey to develop elite modeling skills. Click Here!

GOOD READS THIS WEEK

FROM THE BENCHMARK BLOG

My firm, Benchmark International, a global, award-winning sell-side M&A company, has a ton of great resources that help anyone considering selling or buying a business get more educated on all aspects of the process. Below is just one helpful article. Check out Benchmark International for many more useful articles, news, and resources.

• Top 5 Moves Owners Should Make After An Exit

INDUSTRY ASSOCIATIONS

Trade Associations in the M&A Industry

• Association for Corporate Growth (ACG)

• Alliance of Mergers & Acquisitions Advisors (AMAA)

• The M&A Advisor

FRIENDS OF THE M&A MINDSET

From time to time, we’ll highlight newsletters and podcasts we genuinely read, listen to, and respect across M&A, PE, and the broader deal ecosystem.
No paid placements. No mass promotions. Just thoughtful, high-quality content that complements the M&A Mindset.

Here’s a few newsletters that I’ve signed up for and found interesting. Thought you might enjoy checking them out.

Have something to suggest that we should know about? Reach out. 

LIGHTEN UP!

In the fast-paced world of M&A, we can sometimes take things (and ourselves) a bit too seriously, so it’s good to remember to enjoy a lighter moment now and then.

Dumb Money No Longer: Wall Street Can’t Ignore Growing Impact of Retail Investors

M&A MERCH

Here’s a find for us finance folks to grab some M&A-inspired swag. Stuff for those of us that speak fluent EBITDA. If you find others that have great deal-themed gear, send them this way so we can let everyone know. Enjoy!

• Merch & Acquisition Co. - Dress Like You Just Closed