Page 156 of Say My Name

I removed myself from her space, and Elena has respected the distance so completely that I understand why she relies on work when everything else becomes unbearable. I’m doing the same thing.

The acquisition strategy meeting begins under the name Project Northstar.

The preliminary packet contains no company name, CEO biography, or identifying information about the target’s executives and owners.

An intermediary brought the opportunity to Rowe Holdings and hasn’t received permission to disclose the client’s identity. Until that happens, we get anonymized financial statements, broad operational data, and enough information to decide whether this consulting firm is worth a real look.

The secrecy is standard at this stage. Elena is tense long before anyone asks for her analysis.

She sits four seats down from me with the packet open in front of her, one hand resting beside her laptop. She looks composed until the senior associate asks everyone to turn to the client-retention summary.

Her fingers tighten around her pen.

The movement lasts a second, maybe less. I notice because I notice everything she does now that I’ve forbidden myself from responding to any of it.

“The company has shown steady growth over five years,” the associate says. “Client retention is reported at ninety-two percent, with recurring engagements driving most of the annual revenue.”

Elena flips back two pages. “That retention figure is misleading.”

The associate pauses. “It comes directly from the initial materials.”

“They’re counting any renewal as full retention.” She turns the packet toward him and points to the account breakdown. “These six clients renewed at less than half their prior annual spend. If you measure retained revenue instead of logos, the number drops.”

His eyes drop to the page. “You’re right.”

“Recalculate it before we use the figure in the fit model.”

Her voice is the one she uses with clients—level, precise, and impersonal. It’s a voice I never heard in my bed. She also hasn’t looked at me once.

I make myself concentrate on the screen. “What else do we know about the ownership structure?”

“Current management holds a controlling interest. Minority equity is divided among several senior partners, but the intermediary hasn’t released percentages or leadership profiles.”

“When will they?”

“If we confirm preliminary interest, the intermediary will request permission to identify the target and release the restricted diligence package.”

“And if the client declines?”

“The process stops.”

I scan the financial summary. The opportunity is plausible. Rowe Holdings has the infrastructure to support a consulting division, and the target’s client base could give us entry into markets we’ve discussed for years. The underlying figures still need work.

Elena has already marked several issues in the margins.

“What’s your initial assessment?” I ask her.

She finally looks at me.

For a second, the exhaustion is plain in the skin beneath her eyes, a shadow she can’t quite hide. Then her focus sharpens, and the opening is gone.

“The target may fit our expansion strategy, but the data isn’t reliable enough to support a valuation range yet. My team should rebuild the operating model from the source figures.”

“How long?”

“Three days.”

The associate glances at her. “With the adjustments to retention and compensation, I estimated five.”