Money Stuff: The Podcast Horse Barn: HVAC, Windsurf, Vanguard
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Jul 18, 2025 Katie and Matt dive into the intriguing world of search funds, shedding light on how MBA graduates can reinvent their careers by acquiring small businesses like HVAC firms. They share amusing tales of entrepreneurial hurdles and the shifting perceptions around traditional industries. The discussion then shifts to the evolving tech landscape, particularly with quasi-acqui-hires like Windsurf, before tackling Vanguard's significant impact on index funds. They conclude with insights on Bitcoin ETFs and the unexpected ways regular investors might encounter cryptocurrency through diversified portfolios.
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Search Fund Email Persistence
- Search fund founders send thousands of emails to buy unglamorous businesses like HVAC companies.
- Persistence pays off, illustrated by one man emailing an HVAC owner 12 times to close the deal.
Search Funds Break Family Business Cycle
- Family-owned local businesses often face a generational gap where kids prefer other careers.
- Search funders with MBAs step in to professionally run these businesses, breaking traditional family succession.
Search Funds as Fast Track to Ownership
- Running a small business via a search fund is a quicker path to owning companies than climbing corporate ladders.
- This method could lead to becoming a major private equity operator by rolling up small businesses.