Q2 Field Notes: How We Navigated Slower Deals, Tariffs & Earnouts
- Tawni Nguyen
- Jun 28
- 4 min read
Updated: Jul 17
Urgent with Input, Patient with Output: What Gets Measured, Gets Managed.
Q1 gave us clarity. Q2 brought us friction.
Not the loud kind—no deals falling apart or dramatic pivots. Instead, it was the quiet tension of work taking longer than expected. There was a noticeable lag between decision and outcome. The pause between momentum and meaning was palpable.
Trusting the Process
This quarter taught us that urgency isn’t about rushing; it’s about trusting the process. We didn’t feel the need to post every win.
Why? Because honestly, we were in the thick of it:
Evaluating companies across Las Vegas and Reno—too many had dried-up cash flow, bloated back offices, or both.
Initiating a merger in Arizona (more on this once finalized—we’re truly excited).
Refreshing our branding and streamlining internal infrastructure—signaling the internal shift we’ve been building toward for months.
Reviewing new opportunities and asking, “Does this expand us—or constrict us?”
Deepening partnerships that enhance our sharpness rather than just keeping us busy.
Moving quickly—right until we faced government workflows that haven’t changed since the Reagan administration.
The Key Lesson: Understanding Capacity
The big lesson? You can’t scale without capacity. Understanding capacity means learning to say no. It requires slowing down intentionally and prioritizing substance over speed, especially when under pressure.
This was a quarter where we learned to emphasize what we released.
Not every deal needed another follow-up.
Not every relationship needed another compromise.
Not every opportunity had to be pursued just because we could.
There is notable strength in pruning.
We walked away from partnerships that seemed good on paper but felt heavy in practice.
We hit pause on deals that were moving forward—but not in a direction that honored our values.
We let go of expectations we had outgrown, even if they had once made sense.
If you're reading this while juggling a pipeline, managing a team, and watching costs rise—you’re not alone.
The Pressure of Momentum
Maybe you're feeling pulled in numerous directions. If you're honest with yourself, part of you loves it.
The constant emails. The invites. The ideas—they make you feel needed, in demand, and important.
But perhaps, beneath all that “momentum,” you’re starting to realize: clarity does not arise from saying yes to everything. It comes from intentionally doing less, which allows you to keep the promises made to yourself. It allows you to focus on what actually moves the needle.
That’s what growth is about—from pruning, not piling; from choosing, not chasing.
When scaling, chasing every shiny opportunity isn’t grit—it’s drag.
Scaling by Pruning
You don’t scale by holding onto everything; you scale by pruning.
With that noted, here’s where we showed up and what it meant:
Here's Where We Showed Up (and What It Meant)
Every meeting offered more than insights; it provided clarity on the underlying shifts:
NAWIC x Nevada State Bank
→ A blend of strength and softness in the same space. Women in construction are shaping capital, culture, and conviction.
DCC with Mayor Michelle Romero
→ Henderson is growing intentionally. Land releases and infrastructure plans are currently in development.
NHCA on North Las Vegas
→ Apex and Tule Springs are scaling—but infrastructure still lags. The key lesson: plan ahead or get left behind.
UNLV’s Brews & Economics
→ Tariffs are impacting pricing and timeline predictions. Contractors are bidding tighter, managing more efficiently, and closely watching the clock.
NAIOP Dirt, Deals & Development
→ Movements around BLM land, retail realignments, and office uncertainty are on the rise. While investor capital is shifting, it’s not fleeing; it’s being scrutinized.
AM&AA Navigating Earnouts
→ Earnouts are reshaping psychology in deals. Sellers are hesitating and inventory is thinning, making clarity and trust critical in deal structures.
Darren Waller Foundation
→ A necessary reminder that philanthropy extends beyond the closing table.
EO Disco with a Strategic Alliance Partner
→ Merging strategy, honesty, and a bit of flair. We ended Q2 discussing real deals in the Vegas and Reno markets with reliable partners.
Less Is More
Less on the calendar allowed us to move much further.
Market Insights: What We Learned
What the Market Told Us (and What Sellers Are Feeling):
Equipment costs up 6.3% (AHRI)
Labor averaging $36.10/hr (BLS, May 2025)
Valuation multiples sitting at 4.5x–6.0x for $1M–$3M EBITDA (GF Data)
Earnouts now prevalent in 62% of lower middle market exits (Pitchbook)
Translation Behind Closed Doors:
Sellers are cautious but not frozen.
Buyers are eager but more calculated.
The winners are quietly preparing their books and teams before anyone even asks.
If you’re still building, we see you.
If you’re contemplating an exit, we’re here for you.
And if you’re somewhere in between—tired but not done—you are precisely who we built this for.
The Insights We Shared
This quarter provided insights that save owners real time, money, and regret:
If you're considering selling, scaling, or ensuring your business doesn’t crumble when you step away—you’re not behind. It’s time to get serious.
You don’t have to be loud to be ready.
You just need to be honest—with your numbers, your team, and yourself.
UpcomingExpectations for Us
In July, we’ll delve into shifting M&A multiples, the ripple effects of consolidation, and identify which regions are hotter than a Vegas rooftop in August.
We’ll break down the deal math, reveal where real value hides, and help you determine if it’s time to grow, sell, or finally take that overdue vacation.
If you're contemplating scaling, selling, or simplifying in the next 2-5 years, [schedule a free consultation] to assess your business's current state.