There are two ways to increase the value of a business during an investment. One is to improve the numbers. The other is to improve the business. The difference tends to reveal itself at exit.

Most value creation plans do not fail in the boardroom. They stall in the weeks after completion, when the urgency of the deal gives way to the routine of running a business.

Every investment begins with a story. But the strongest investment theses are not the ones that sound most convincing. They are the ones that have been tested from every angle. By challenging the assumptions behind growth, market opportunity and execution, investors can turn conviction into confidence before the deal is done.