VICTOR RAPHAEL·Aug 23One Hundred ConversationsThis is the one hundredth piece in this series. There was no plan for it to be a series. The first article was written because something…
VICTOR RAPHAEL·Aug 19The Price Adjustment Mechanism Nobody Explains Until It MattersThe deal had been negotiated in a rising market. The valuation was based on trailing twelve-month revenue, the structure was clean, and…
VICTOR RAPHAEL·Feb 18The Integration Death SpiralMonth 1: “We’ll integrate thoughtfully.” Month 12: Your protocol is dead.
VICTOR RAPHAEL·Jan 15I Just Lost $17 Million — Why Your Earnout Will Never Pay (And How To Get Cash Instead)The Text Message That Broke A Founder
VICTOR RAPHAEL·Jan 8The Hidden Acquirers 15 Companies Shopping For Web3 Startups (That You’ve Never Heard Of)January 8, 2026 | ReFi Ventures Inside Intelligence
