FIELD NOTES

What the buyer sees

What a buyer looks for in diligence: key-person risk, supply-chain risk, clean numbers and what drives the multiple.

Three transparent laboratory dosing nozzles pour glowing blue liquid into three glass vessels, each filled to a different level, in cool white light.

What the buyer sees

What Is a Good CAC? Read It Against Your Margin

Three ads. A hundred clicks each. The first costs $5 a click, the second $10, the third $20. Ten customers come from each. On the surface, the first ad wins. Intercom's walkthrough puts it plainly: &…