FROM THE DESK OF FADI MALOUF | SEPTEMBER 2026
A survey of lower middle market dealmakers came out last month and one number stopped me.
57% said valuation expectations were the single biggest reason deals died in the first half of this year. Last year that number was 28%.
Here is the part nobody is saying out loud. Every other reason went down. Diligence problems fell. Macro uncertainty fell. Financing constraints fell by more than half.
The market got easier. The room got harder.
Deals are not dying from conditions anymore. They are dying from price disagreement and process fatigue.
What that means for you
That is a different problem, and it is good news if you are in motion.
You cannot control rates. You can control how fast you get to a real number.
If deals fail on price alignment, then speed to clarity is the edge, not more analysis.
If process fatigue is doubling, then every week you spend deciding is a week the other side spends cooling off.
I have been buying and building companies since 1999 and the pattern never changes. Whoever goes first with a real number sets the terms. Everyone else negotiates against it.
Capital parked in a checking account loses no face value. It loses every dollar it could have earned. Indecision prices the same way.
If you are a buyer, your job is not finding more deals. It is showing up with a defensible number while everyone else is still admiring the business.
If you are an owner, your job is knowing what your company is worth to a buyer today, not what you decided it was worth in 2021.
The one move this week
Take the opportunity that has been sitting. Write down the one number you would sign at today. Then write the three things that would move it.
Send it. To the other side, to your advisor, before Friday.
Most deals do not need more information. They need somebody to go first.
Which brings me to this
For years my team and I have run a private work room. No audience, no recording. Operators putting real decisions on the table and leaving with a plan.
I am opening it publicly for the first time. The Forward Motion Sprint.
Two weeks, live on Zoom, capped at 20 seats. Built for established owners, operators, buyers, and investors who want motion, not theory.
Seats are selected by application, not first come. There is a $5 application fee. Not about the money. It filters for people who intend to do the work.
Education and execution structure. Nothing more implied.
Reply to this email with the word SPRINT and you are on the waitlist... applications open to the waitlist first.
Forward motion,
Fadi
This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities, financial instruments, or investment products. FM Enterprises and Fadi Malouf do not provide legal, tax, investment, or financial advice. Any business, acquisition, or capital related discussion is subject to further review, appropriate due diligence, and applicable professional guidance.