#301 - Emily Holdman - Managing Director @ Permanent Equity - How To Buy Great Businesses

Emily Holdman is Managing Director of Permanent Equity - a firm using 30-year funds to invest with no intention of selling in small and medium-sized private businesses. In her role, Emily is principally responsible for leading the firm's origination and investment process, and its marketing.

On this episode, Chris and Emily discuss:

• How to know when a seller is ready, and when to move forward on a business
• Underwriting businesses
• Buying an Amusement Park Ride Manufacturer
• How to ask great questions when entering an unfamiliar industry

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Links

Permanent Equity

Emily on Twitter

Topics

(00:02:34) Emily’s background and career

(00:06:47) Acquiring MediaCross and growing the business

(00:13:00) Moving into Acquisitions at 23 years old

(00:18:06) Going three years without acquiring 

(00:24:10) How to know when a seller is ready

(00:31:50) Emily’s role at PE

(00:33:25) When do you know it’s time to move forward with a seller?

(00:38:40) How many businesses do you see before moving on one?

(00:45:21) Why does everyone disagree over working capital?

(00:47:23) How to underwrite a business in Alaska

(00:56:21) Why PE loves Texas & Enthusiast Businesses

(01:02:02) Buying an Amusement Park Ride Manufacturer

(01:07:04) What are some questions you ask early on to become familiar with an industry?

(01:12:32) How do you know if a seller is giving good answers if you’re unfamiliar with an industry?

(01:16:52) Transaction tensions

(01:23:46) Why the Twitter sentiment on self-reliance is annoying

(01:32:02) Women in Investing

(01:39:23) Advice for girls

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