After a rewarding year of contributing to Alex’s Think Like an Owner newsletter, the time has come for me to focus solely on CaneKast. I am profoundly grateful for every reader who engaged with my pieces and for the invaluable opportunity Alex extended to me. While I'll be taking a step back from writing, rest assured, I'll remain an avid listener and supporter of Think Like an Owner. Thank you for being part of this incredible journey.

Emily Holdman, in her enlightening conversation with Chris Powers on his podcast, shed light on a significant principle: action is not the goal; meaningful progress is. Buying businesses just for the sake of expansion, as she pointed out, is not the real objective. The true aspiration is to forge meaningful partnerships that provide value and long-lasting success. The folks at Tiny talk about how every deal could be your last deal. It’s hard to have patient capital in this way.

Understanding the Distinction

While actions are tangible and often measurable, they aren't always indicative of real progress. Think about it: a ship can sail endlessly without reaching a meaningful destination if there's no compass guiding its journey. Similarly, businesses can engage in a multitude of activities and still find themselves at square one. This can be leadership or employees toiling away.

Patience in the Process

Yes, business can be chaotic. Issues arise, challenges loom, and sometimes, the problems seem insurmountable. These 'fires' can't always be doused in a day. Some might take months, even years to unravel. The key? Patience. Understand that it's okay. What's not okay, however, is to lose sight of the bigger picture amidst this chaos.

Annual Reflections: A Must

Make it a practice to pause and reflect at least once a year. Look back at the actions taken, the strategies employed, and the results achieved. Were they aligned with the broader vision of the company? Did they foster meaningful progress? Or were they just motions without direction?

If you don’t have a broader vision or goal, take time to define that.

Moving with Purpose

Urgency is essential, but only when directed towards genuine goals. Instead of adopting a reactive approach to business, where actions are dictated by circumstances, adopt a proactive stance. Prioritize activities that further the company's goals, foster strategic partnerships, and drive significant progress.

Thanks to Everest Brady for his help, writing, and research in assembling this week’s newsletter.

This Week on Think Like an Owner

Our guest Mark Valdez is the founder and CEO of Eads Bridge Holdings, a holding company with a tech-enabled thesis, and now the owner of a behavioral health business, Stokes Counseling. We talk about what a tech-focused thesis looks like in practice and what it means to be a software-defined holding company, dynamics in the new acquisition, where tech makes the greatest impact, and building a holding company team. This is also Mark’s second appearance on the podcast, so head to episode 55 for more background on Mark and Eads Bridge. Please enjoy our second episode with Mark Valdez.

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Think Like an Owner is sponsored by:

Ravix Group - Ravix Group is a fraction CFO, outsourced accounting, and HR consulting firm serving small and large businesses alike. Whether you or someone you know is getting started, searching to buy a business, or building out an organization, Ravix will help on the journey. To learn more about Ravix Group, head to their website and tell them Think Like An Owner sent you.

Hood & Strong, LLP – Hood & Strong is a CPA firm with a long history of working with search funds and private equity firms on diligence, assurance, tax services, and more. To learn more about how Hood & Strong can help your search, acquisition, and beyond, please email one of their partners Jerry Zhou at [email protected].

Oberle Risk Strategies– Oberle is the leading specialty insurance brokerage catering to search funds and the broader ETA community, providing complimentary due diligence assessments of the target company’s commercial insurance and Employee benefits programs. If you are under LOI, please reach out to learn more about how Oberle can help with insurance due diligence at oberle-risk.com. Or reach out to the CEO, August Felker, directly at [email protected].

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