- Think Like an Owner
- Posts
- The Weekly Handbook: Collin Hathaway Interviewed
The Weekly Handbook: Collin Hathaway Interviewed
Collin Hathaway appears on ServiceTitan's podcast.
Alex Bridgeman
August 28, 2022
Read
Permanent Equity launched a new newsletter called Permanent Playbook for tactics and strategies for operating small companies, and the first issue is fantastic. Highly recommend subscribing.
Listen
Top Think Like an Owner guest Collin Hathaway appeared on ServiceTitan's podcast Toolbox for the Trades for a discussion on preparing for recessions, mental health in operating, opportunities for trades businesses, and more.
Check Out
Pursuant Capital is hosting their next search bootcamp in Tampa, FL in November. Give Sam Rosati a shout to see about joining!
This Week in SMB Twitter
Several ppl have asked why I decided to partner with family office to venture into SMB vs. search fund or self-funded search. Most recently @joelcox
Like anything, pros/cons but here were a few of my considerations. Sharing in the event they are helpful to anyone out there🧵 1/
— Tom Birchard (@birchard_tom)
4:38 PM • Aug 21, 2022
Today's newsletter post is about the importance of support groups in the search / EtA process.
Why you need a support group, how they should be structured, where to find them.
Link below! (Took me 5 weeks to write a new post...running a biz is hard...)
— GuessworkInvesting (@guessworkinvest)
11:18 PM • Aug 25, 2022
Documentation is a key tool in
- scaling easier
- training faster
- lowering risk in operations
- sharing informationBut it takes so long!
Here is how I have personally written over 1000 pages of documentation in under 6 months while running 6 businesses
— Josh Schultz (@joshuamschultz)
1:34 PM • Aug 22, 2022
One of the biggest disconnects in SMB investing is most investors think about businesses as investments, and most owners think about businesses as a job, a bank account, a family, or a combination.
The language is entirely different, as is the operating philosophy.
— Mark Brooks (@markbrooks)
10:38 PM • Aug 23, 2022
One of the major advantages a searcher has is being an owner’s alternative to private equity…
Yet most searchers name their search vehicle “Bluestone Capital” or something equally synonymous with a typical buy-out shop
— Daily Munger (@DailyMunger)
12:25 PM • Aug 23, 2022
How robust and useful are your ops systems.
Use - Quick checks
I measure the ability of our systems and company by quick check questions.
Here are a few in increasing order
— Josh Schultz (@joshuamschultz)
1:00 PM • Aug 25, 2022
This Week on Think Like an Owner
My guest on this episode is Nick Haschka, back for a third episode to provide an update on his early ambitions of a holding company, which have taken a slight turn. Two years ago, Nick and his partner Anupam Sharma acquired a commercial landscaping company Vargas Gardening. They added a manager and grew the business, but realized the road ahead was going to be substantially more difficult and so made the decision to sell the business, earning a two-year IRR of 122%.
Running a second business with a worse economic profile than Wright Gardener wasn’t going to be as valuable an endeavor, and thus they renewed their focus on Wright after the sale. Nick has also been thinking more about search investing, having reduced his investment activity due to the declining economics he’s seeing. We talk about this change of thought, his interest in investing in public micro-cap stocks, and deeper, more targeted industry theses.
Think Like an Owner is sponsored by:
Live Oak Bank – Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle market companies. If you are in the process of acquiring a company or thinking about starting a search, contact Lisa Forrest or Heather Endresen directly to start a conversation or go to www.liveoakbank.com/think.
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].
Interested in sponsoring? Reply to this email and let’s chat.