When to pivot
Thesis-driven searches are compelling (“here is what I’m going to build!”). As is specialized sponsors with deep vertical niche
2024
117 posts
Value of niche experience
Searchers who bring super niche experience have an incredible edge. There’s nothing more persuasive than talking to a searcher
Barba Foundation
I recently enjoyed a gorgeous day on the specially equipped sailboat Barba with Andreas B. Heide, my close friend who
Wives kill deals
2-3 years ago I lost a deal because the family didn't think I was paying enough. I had
Independent Sponsors vs. Self-Funded Searchers
Independent sponsors vs. searchers: I recently posted about the differences, and here's an overview of the similarities 😄 Congrats
Inbound leads
The holy grail for a dealmaker and any other business is inbound leads. Keys for inbound leads: • Attractive value proposition
Investor Perspective on Self-Funded Search
Panel debate on Acquiring Minds with Adam Borcz and Tony Cappaert.
Announcing Minds Capital (June 2024)
Acquiring Minds episode on June 24, 2024 to announce the launch of Minds Capital Fund 1 LP.
"Super interesting!"
“That’s super interesting!” - Prospective investors who intend to never follow up.
Waiting 7 Years
I often chat with prospective searchers who want to start their journey. Recently I talked to someone who had called
Right Buyer, Right Time
It’s not just about being the right buyer. It also has to be the right time. It’s the
$539B Tax Gap
Recently, I talked to an IRS insider who shared insights about the $539 billion tax gap (2021 data). The tax
Private credit before it was "cool"
“We’ve been doing private credit since before it was cool to call it that." - Hong Kong-based family
Self-Funded Search vs. Independent Sponsors
At Minds Capital we invest equity in deals from both searchers and independent sponsors. Below is an overview of how
Big Tech vs. Innovation
Big Tech (Google, Microsoft, Meta, Apple, Amazon) actually compromise innovation. They don't want to be disrupted. ssrn-4713845Coopting Disruption
Buy vs. Own
There are many businesses that I’d like to own, but I’d never want to buy them.
Dallas Fed Real Estate Conference Notes
Random notes from Real Estate Conference at the Dallas Fed on May 8: • Residential active listings down 35% from 2019.
"Step-up equity"
"Step-up equity." Self-funded searchers use this term erroneously. They claim that if you inject 100% of the equity,
Notarized Signatures
Happy Tuesday morning to all, except those who require notarized signatures.
Ranking Metro Areas
A few months ago, Skye Hersh and I ranked all the metropolitan areas with >1m people by recent population
Yearly Headwinds
Recent history of operational headwinds: 2020: COVID 2021: Supply chain 2022: Inflation 2023: Labor shortage Still trying to figure out
Always disclose yellow flags ⚠️
When creating an investment memo, you might be tempted to think that not discussing risks (yellow flags) makes for a
Tax code = Country's Values
A country's tax code is a representation of its priorities. The US prioritizes entrepreneurs, real estate owners, and
