4min chapter

Invest Like the Best with Patrick O'Shaughnessy cover image

Royce Yudkoff and Rick Ruback – REALLY Private Equity - [Invest Like the Best, EP.33]

Invest Like the Best with Patrick O'Shaughnessy

CHAPTER

The Third Nominee After Cyclicality, Seasonality and Recurring Revenue

Seasonality is also common in small business and can be really difficult. Cyclicality has a longer tail, it can ruin years, not just a season. Small businesses often get started by being built around one big customer. Investors look for businesses with very diverse customer basis. Good free cash flow characteristics that almost all of EBITDA is available for debt service or acquisitions. And then finally, the business has to be one which can be transferred away from the selling owner.

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