Not to run a process, but to determine if one is worth running

OUR THESIS

Most M&A advisory is built for a specific kind of company, one with obvious buyer adjacency, clean financials, and a growth story that sells itself.That company exists. It is not who we work with.Thesist works with companies that have built something real — revenue, customers, strategic assets — but where the path forward is no longer clear. These companies sit between early traction and scale. The original growth narrative has weakened. Capital has shifted. The obvious options no longer fit.They are often overlooked by traditional advisory models.Thesist was built for this moment.

OUR SERVICES

01 | FOR FOUNDERS

THESIST SIGNAL

A focused engagement to determine whether there is real, defensible transaction value and where it exists.We break down your asset base independent of your original market thesis, identify where those assets solve genuine problems for strategic buyers, and determine whether a viable transaction pathway exists.Outcome: A defensible acquisition thesis and a defined path forward, or the conviction to stop and move on. No process. No false hope. No obligation to continue.Flat Fee: $10,000

02 | FOR BUYERS

THESIST SCOUT

A thesis-led acquisition design and target identification engagement.Most acquisition strategies begin with a target profile.Thesist begins by breaking that objective into its underlying components. We deconstruct the strategic gap into the specific capabilities, assets, and outcomes required, then map where those elements actually exist across the market.This often reveals value distributed across multiple companies, non-obvious targets, or subscale assets that would not surface through traditional sourcingOutcome: A curated, tested set of acquisition opportunities aligned to your mandate before broad outreach or diligence beginsFee Structure: Scoped by mandate

WHO WE WORK WITH

FOUNDERS

Emerging growth companies with established product, revenue, or proprietary assets. Early PMF, but where independent scale is no longer the clearest path. Board alignment around exploring a sale as one option.

BUYERS

Strategic and financial buyers pursuing tuck-in acquisitions where fit is not obvious and traditional sourcing approaches fall short.

NOTE: We also work with select lower middle market investment banks in front-end analysis and support for potential M&A execution engagements

OUR LEADERSHIP

PAUL LEAMON

FOUNDER | PRINCIPAL

Paul Leamon brings nearly three decades of experience across strategy consulting, middle-market investment banking, entrepreneurship, and corporate innovation.He began his career advising on mergers and acquisitions, capital raises, and growth initiatives, operating at the intersection of strategic positioning and transaction execution. He later spent 16 years as a founder and operator, raising capital, scaling businesses, managing investor relationships, and navigating the decisions that determine whether companies scale independently, pivot, or pursue liquidity.In subsequent roles, Paul worked closely with corporate innovation teams and growth-stage operators evaluating expansion, adjacency strategy, and acquisition opportunities. This work provided direct insight into how strategic gaps are defined, how tuck-in logic is evaluated, and how acquisition theses are constructed within larger organizations.More recently, he has advised and invested in emerging-growth companies across multiple sectors, working within startup ecosystems and commercialization environments where early product–market fit must evolve into durable strategic value. This experience has shaped his understanding of how assets are built, misaligned, and ultimately repositioned at critical inflection points.His work today focuses on helping founders and acquirers make high-stakes decisions when the path forward is no longer clear.He holds a Bachelor of Science from Indiana University and an MBA from Northwestern University.

AT A CRITICAL M&A DECISION POINT?

If the path forward is unclear — whether you’re evaluating what you’ve built or what to acquire — this is the conversation to have before committing time, capital, or process.No pitch. No process. Just a clear, honest assessment.

All inquiries are confidential.