Embarc Advisors

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Jay Jung

Latest from Embarc Advisors

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Quick answer:
Functional financial reporting tells you whether the business is running well today. Buyer-ready financial reporting proves that to an outside party who has to take it on the numbers alone, using standards strict enough to survive due diligence. Most fractional CFO engagements get a company to functional and stop there. Getting to buyer-ready takes

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The lower middle market M&A market is active heading into the second half of 2026, but closing deals has gotten meaningfully harder. Valuation misalignment is now the single biggest reason deals fail to close. Sellers who come to market with clean financials, a defensible valuation, and realistic expectations are closing. Those who do not are stalling.

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Most MSP owners focus on the EBITDA multiple. That is only half of the valuation story.
Ask an MSP owner what the business is worth and the answer usually starts with an EBITDA multiple. The shorthand often sounds like this: A company with $1 million of EBITDA may trade around 8x; a company with $2 million

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What six sell-side transactions in the first half of 2026 taught us about platforms, AI, sales, process and valuation.
In the first half of 2026, we completed six sell-side transactions involving IT managed service providers and spoke with more than 100 potential buyers. The conversations gave us a real-time view of how private equity firms and

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Almost every IT MSP we talk to has the same line, “Our business is very simple and our books are clean. My bookkeeper said we are on accrual (or GAAP) basis.”
I fell for this on one of my earliest transactions. It was a sizeable $5M EBITDA business with a seasoned fractional CFO. Then we got

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Selling a business is one of the biggest financial decisions an owner will ever make. Readiness isn’t just about the numbers. It’s about you, the business, and the timing all lining up.
Most conversations about selling a business focus on valuation. What’s it worth? What multiple can I get? Those are the right questions eventually, but

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If you’re thinking about selling, the state of your financials will shape your outcome more than almost anything else. Here’s what buyers scrutinize first.
By the time a buyer makes an offer on your business, they’ve already formed a detailed opinion about how well it’s run. And a large part of that opinion comes from one

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A full-time CFO is a significant investment. A fractional one might be the smarter move. Here’s how to tell when it’s time.
Most growing businesses reach a point where the finance function stops keeping pace with the company. The bookkeeper is handling transactions. The accountant is filing taxes. But nobody is doing the forward-looking, strategic financial

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As your business grows, your financial needs change.
Early on, it may be enough to know that invoices are going out, bills are being paid, payroll is covered, and your tax filings are handled. For many founder-led companies, that level of support works for a while.
But eventually, the questions get harder:
  • Are we growing profitably?

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Most business owners know their finance function could be stronger. Fewer know exactly where they stand or what it’s costing them to stay there.
There’s a moment that catches a lot of business owners off guard. A potential acquirer is circling. An investor wants to take a serious look. A lender needs documentation. And suddenly the

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