The Whole Picture
This is the drawing from the front of the book, filled in for Service Capital: Day 0 in September 2026, the signing in March 2028 and the buyer’s model in 2031, with the ladder the firm climbed beneath.
What recurs. Recurring fee earnings, after a market salary for Andy’s seat, were about $1.6 million at Day 0, and Maggie showed in Chapter 5 how little of what the firm earned arrived without a closing. They dipped to about $1.4 million while the firm built the next rung before it paid (Chapter 7), the dip Maggie set on her page in Chapter 13. By 2031, the year of the Coda, they reach about $9.8 million.
What a buyer will pay for it. Lorraine put the multiple at 6.5 times in Chapter 3. Part Three moved it: a written buy box and a page on how the firm could lose money (Chapter 8), a margin a buyer could believe (Chapter 9), and proof on demand with the separate account signed (Chapter 10). Maggie priced it at 12 times in Chapter 13, and the 2031 buyer holds it there on a far larger base.
What walks out with you. At the Driskill in Chapter 3, Lorraine told Andy a buyer would take off half for him. Separated seats and a named President (Chapter 11), a second diligence answered without him (Chapter 12) and two weeks in Mumbai (Chapter 13) brought it to a tenth by the signing. The 2031 buyer’s model in the Coda puts it at 5 percent.
What the firm is worth. About $14 million at Day 0, about $32 million at the signing and about $135 million in the 2031 model. All of the gain to March 2028 came from the multiple and the discount.
Syndications, 2014 to 2018. One deal and one group of investors at a time. Andy wrote it on the bottom line of Lorraine’s page in Chapter 6.
Closed-end funds, Funds I to V, 2019 to 2030. Fund IV’s anchor hung on a data room in Chapter 1, the second close went ahead without it in Chapter 6, and the anchor committed in Chapter 12. Fund V has closed by the Coda.
Separate account, signed 2027. Andy chose it in Chapter 6, after the state pension passed on Fund IV. The pension sent a term sheet in Chapter 8, the account signed in Chapter 10, and its first building went to the pension in Chapter 12.
Open-end core-plus fund, 2030. A fund with no end date, which Lorraine described in Chapter 6 and the Coda shows running. The grayed step beside it, a REIT sold to individual investors, is the one Note 6 leaves to much larger firms.
Manager-level event, a 20 percent stake, 2028. The top rung came early, in Chapter 13, as a minority sale to investors from Chicago, and the firm kept control.
