Take Five #089: Why you need to invest in professional QoE, and more
Codely v2.0 public release is here
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What has changed in our latest release?
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All new features available for all public channel users
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Coding collaboration with over 200 users at once
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Real-time code save every 0.1 seconds
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Take Five #089: Why you need to invest in professional QoE, and more
1. All about M&A seller non-competes
2. ETA Interview: “Blueprint for Success in Business Acquisitions”
3. Snapshot of a serial acquirer
As year-end approaches, I do what any sane person does – review my stock portfolio performance. As I look at my portfolio and watchlist, I seem to like serial acquirers, a lot. Some of my best investment returns (so far) have come from acquisition-focused businesses like Constellation Software, Mainstreet Equity, and TerraVest Industries.
So, in this post, I wanted to pen down some of my thoughts and outline similarities I’ve noticed among high-quality serial acquirers.
What is a serial acquirer
Simply put, a serial acquirer is a business that grows by acquiring other businesses (or assets in the case of Mainstreet). Actually, it goes beyond that – they exist solely to buy businesses. This is different than just regular operating businesses making strategic acquisitions (though the lines can be blurred sometimes).
Also, different from an investment firm, serial acquirers are generally principals, not agents. This means they invest off their own balance sheet and don’t manage other people’s money.
In a previous post, I showcased some legendary compounders, and many of them are serial acquirers.
So what’s so special about serial acquirers?
Read Jay Vasantharajah’s post here.
4. Expert business broker analyzes current listings (long thread)
5. Why you need to invest in professional QoE
Each time I hear another story about someone who skipped a professional QoE, did diligence themselves, and ended up making the wrong decision on a terrible deal, I have to hang my head. That means I still haven’t done a good enough job shouting from the rooftops that a QoE is the only way to make a wise decision about your deal. It’s the only way to avoid the fraud that I’ve started to see in 40% of the deals I work on. (Keep in mind that I mostly work on SMB deals with self-funded searchers and first-time buyers, so that’s the market we’re talking about.)
There are messy books and then there are sellers who are trying to defraud you out of millions of dollars. This is happening right now in our SMB marketplace. Remember, the seller makes a multiple on every dollar of EBITDA they can get you to believe. They are trying hard to make that number fall in their favor.
So, here I am, telling you, sitting there on the other side of this screen, to just get the damn QoE.
Find the rest of the Guardian Due Diligence post here.
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