Stage three Acquire

Sometimes it’s easier if we just buy it.

We’ve been operating it, then advising on it. At some point, ownership catches up with everything else.

Most of what a buyer normally has to figure out, we already know.

We know the numbers because we ran them. We know the team because we hired most of them. We know the risks because we watched them almost happen.

Study 01

How this works

We only buy in categories we’ve operated in.
We don’t decide by committee.
Founders can stay if they want. Most don’t.
We aren’t in a hurry. Most of the businesses we’ll end up owning, we haven’t met yet.

At some point, charging fees stops being the right structure.

The business is worth double what it was when we started. We were part of getting it there. Sometimes taking equity makes more sense for both sides.

Study 02

By the time we offer to buy, we already know what we’re going to do with it.