The eight qualitative dimensions private equity firms assess before bidding, from management depth to customer concentration, in a market where 80 deals are reviewed per investment.

How sophisticated buyers think about downside risk and upside optionality, and the categories of concentration risk, customer to key person, that trigger the closest scrutiny.

The hold-or-sell decision comes down to two numbers: intrinsic value and market value. Why private Canadian businesses trade at a 20 to 40 per cent discount to public comparables.