His basic premise is that a brand has to strike a tricky balance of being in a hot category, but demonstrating through its financials that it’s not so hot that it will burn out. He posits it should have at least $2 million in adjusted EBITDA, $50 million in sales and 20% growth. He writes, “If you get above 50%, then you’re going to start to feel disconnected with the market.”

For this edition of our ongoing series posing questions relevant to indie beauty, we decided to repeat his exercise with a focus on beauty and wellness brands. We asked eight investors an investment bankers the following: What are four attributes you think beauty and wellness brands must have today to set themselves up for a possible acquisition? How has this changed from a year ago? Are there ways you could see these attributes changing going forward?