Questions you may have

It is rare for us to acquire a business that we have not been introduced to in some way more than a year ago. There is no rush. However, we can also move fast if you want us to.

If you think you might be interested in the future (for example, after completing an initiating or reaching a new personal or company milestone) we encourage you to reach out now. Even if you are just curious for our take on your business and our thoughts on valuation / what we could pay.

Usually looks like this.

An intro conversation. Informal, usually an hour. We can give you our initial thoughts (we will have prepared before the convo) and hear your story.

An LOI. If you want it. Valuation, diligence criteria, timeline.

Diligence. We dig in to data you provide to confirm our LOI.

Close. We send you the money. The journey really begins here :)

From LOI to close is normally 60 to 90 days. We don't want to distract you from the business longer than that.

It's a lame answer, but of course it depends on many things -- revenue, growth rate, and retention rate are the most important variables typically. In an initial conversation, we'll give you our outside-in take.

Majority ownership, with most of the consideration paid in cash at close. We are fans of simple structure. We almost always want the original owner to maintain substantial equity in the new company.

All good. AI makes it much easier to get a good understanding of a business from messy data.

They keep their jobs. We don't buy companies to hollow them out. We always invest behind a growth thesis. Of course, we may want to make changes after getting into the business and running it; we obviously can't promise to keep everyone forever.

Really depends. For the first year, very active, but this is something we can refine together.

We have not invested behind any combination theses to date, though we may do this in the future. You'll know if this is our plan.

It stays. There is usually a lot of value in it so would not be smart to destroy it. Again, can't promise this forever.

The holding period. A fund has to return capital on a schedule, so every decision is eventually shaped by a sale that has to happen within a few years, whether or not it's the right thing for the business.

We have no fund clock and no exit to engineer. That changes ordinary choices: we can spend two years building something, keep a profitable business profitable instead of levering it, and decline growth that would cost us the customer relationships.

We invest permanent capital rather than a fund with a fixed life, which is what makes an indefinite hold possible. We'll walk you through the specifics of who is behind it in our first conversation, and you should ask — anyone claiming patience should be able to show you the structure that allows it.