Which critical steps should you take to achieve maximum value? With the global economy devastated by COVID-19 and related lockdowns, valuations are generally on a downward trajectory. However, not all businesses and industries are created equal. Widespread panic in markets can, more than ever, yield “gems” to the GP that “does their homework”. Modelling of the probable recovery of specific industries, lining up flexible lenders, detailed analysis of synergies, and forecasting possible “retooling” opportunities, amongst other things, can lead to returns that far outstrip what was possible in the previous bull market.