Aug 18, 2026 · 1 hr 5 min · 12 segments
Pat Trysla has been doing deals for forty years, the first stretch as a mergers and acquisitions attorney and the last twenty-two as founder and CEO of Frontier Investment Banking. His firm is…
Pat TryslaGuest
John ChristensenHost
Cameron BondHost
It's probably a little bit similar to, like, good health care is about prevention, right? But we have a tendency to just be like, well, I'll wait till I'm sick, and then I'll deal with it.
And so that's the tension, right? I mean, when you show up on the scene how often do you show up and say, wow, you actually have been incredibly diligent? Or is it mostly show up and like, okay.
mean, quite frankly, you get them all across the spectrum, right? But I know one thing's for certain.
When you're there, either to use your analogy, health care, when you're there to get ready to be laid out on the operating table, you sure wish that you would have done that if you didn't do it.
Or to use an analogy, if it's the big fight, and so all these years you've been making these quality decisions, you've been preparing in the darkness and before the sunlight, and all of a sudden the bright lights are on and the title fight's on.
And maybe we'll have a chance to get into that, but what you're talking about is managing your business with those kind of guidelines.
Even like some of the things that just like simple accounting, right, or audited accounting.
I mean, all those financial statements are so important, but it's also like if you have an error or an issue or something.
I mean, by way of example, just to, not to go down a rabbit hole, but for that piece of diligence, financials, because it's so important in your business and in ours, what a buyer's going to do is a quality of earnings report or a QOV.
And that has, you know, quantitative, you want to make sure that, but it has a qualitative aspect.
But they're looking at the business saying, what has it done in the past? What is it doing presently? And will that continue in the future?
Which, so another adage that kind of has been whipped around at our shop is that if you're going to give some pithy, trite advice to a client, you'd say, you're trying to build a PG-rated great movie.
It's probably a little bit similar to, like, good health care is about prevention, right? But we have a tendency to just be like, well, I'll wait till I'm sick, and then I'll deal with it.
And so that's the tension, right? I mean, when you show up on the scene how often do you show up and say, wow, you actually have been incredibly diligent? Or is it mostly show up and like, okay.
mean, quite frankly, you get them all across the spectrum, right? But I know one thing's for certain.
When you're there, either to use your analogy, health care, when you're there to get ready to be laid out on the operating table, you sure wish that you would have done that if you didn't do it.
Or to use an analogy, if it's the big fight, and so all these years you've been making these quality decisions, you've been preparing in the darkness and before the sunlight, and all of a sudden the bright lights are on and the title fight's on.
And maybe we'll have a chance to get into that, but what you're talking about is managing your business with those kind of guidelines.
Even like some of the things that just like simple accounting, right, or audited accounting.
I mean, all those financial statements are so important, but it's also like if you have an error or an issue or something.
I mean, by way of example, just to, not to go down a rabbit hole, but for that piece of diligence, financials, because it's so important in your business and in ours, what a buyer's going to do is a quality of earnings report or a QOV.
And that has, you know, quantitative, you want to make sure that, but it has a qualitative aspect.
But they're looking at the business saying, what has it done in the past? What is it doing presently? And will that continue in the future?
Which, so another adage that kind of has been whipped around at our shop is that if you're going to give some pithy, trite advice to a client, you'd say, you're trying to build a PG-rated great movie.
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