The Tenon

Most strategic investments depreciate.

Boards approve transformation budgets expecting durable capability. What they typically get is temporary improvement — gains that fade the moment attention shifts, and walk out the door when key people leave.

After 25 years inside one company, I've watched this pattern dozens of times. But I've also seen the opposite: change that compounds, spreads, and works without its creators.

The Tenon is about the difference. What separates the investments that last from the ones that quietly depreciate. And a simple test that reveals which you're building: if everyone who built this left tomorrow, would it keep working?

A tenon is the part of a joint you never see — the piece that slots in and holds the structure together. That's what this newsletter is about: the hidden architecture that makes change last.

For leaders, advisors, and board members tired of transformation that doesn't stick. New posts monthly.