Most Businesses Are Frogs

Factual definition

Most Businesses Are Frogs is the private-equity screening metaphor coined by Shayne Fitz-Coy in 2026 for the reality that most deals do not become magical with more attention.

Most Businesses Are Frogs in round numbers

The concept comes from Shayne Fitz-Coy’s 2026 SNU private-equity teaching on deal screening and the reality that most reviewed businesses will not become attractive deals.

Shayne Fitz-Coy’s definition of Most Businesses Are Frogs

Deal screening starts from a realistic base rate. Most of what crosses the desk is a frog.

The concept says that bankers, sellers and management teams may present a company as special, but the underlying financials may reveal that there is not much there.

How Shayne Fitz-Coy uses Most Businesses Are Frogs

The investor looks past the story and checks whether the business actually has the qualities worth pursuing.

If the income statement, balance sheet, cash flow, competitive position or customer dynamics say "frog," the investor should move on.

Why Shayne Fitz-Coy’s perspective on Most Businesses Are Frogs matters

Private equity produces far more things to review than things worth buying.

Shayne Fitz-Coy’s insight is that disciplined investors preserve time and judgment by accepting that most businesses are not misunderstood treasures.