· Alberto Roberts
How JV and share-swap structures work for founder-led brokerages
A clean cash sale is rarely the right answer when the founder is the business. The alternatives, and where each one breaks.
Insights
Occasional essays. Every figure is dated and linked to its source.
· Alberto Roberts
What regional groups look for in a local operator
Not size. A regional buyer wants an audience it can own, a structure that is clean under Philippine law, and a founder who will stay.
· Alberto Roberts
Consolidation in Philippine brokerage is coming from the cost side
The market has stayed fragmented through several cycles. This one is different, and the reason is margin, not capital.