Brent Beshore shares his secrets to excel in life and business. Topics include marriage evolution, physical health, CEO hiring/firing, debt in business, stewardship vs. ownership, and the importance of personality tests for a functional organization.

We sit down with the one & only Michael Mauboussin to dive deep into his incredible body of work: untangling skill and luck, measuring moats, persistence of returns in venture capital, decision making and — particularly timely — expectations investing and how to think about valuations in the current 2021 market environment. (!!) Michael's work is maybe our most frequent carve out on Acquired, so we're pumped to finally have a chance to interview the man himself. Big thank you to Patrick O'Shaughnessy and Brent Beshore for introducing us all at Capital Camp this year! Sponsors:ServiceNow: https://bit.ly/acqsnaiagentsHuntress: https://bit.ly/acqhuntressVanta: https://bit.ly/acquiredvantaMore Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2024 ACQ, LLCLinks:Michael's wonderful talk at Google: https://youtu.be/1JLfqBsX5LcThe new revised edition of Expectations Investing:  https://www.amazon.com/Expectations-Investing-Reading-Returns-Heilbrunn/dp/0231203047/The Success Equation:  https://www.amazon.com/The-Success-Equation-Untangling-Investing/dp/1422184234/Measuring the Moat:  https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=csplusresearchcp&document_id=1066439791&serialid=4uA2wHojCvFKzqWfwIyDvkSN1pkXRpb43LvyclLcJsk%3D&cspId=nullPublic to Private Equity:  https://www.morganstanley.com/im/publication/insights/articles/articles_publictoprivateequityintheusalongtermlook_us.pdf ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Brent Beshore is the founder & CEO of Permanent Equity. In this conversation, we talk about the types of businesses that he buys, the structure of the firm, how macro environment plays into investment decisions, operating businesses, nuances behind transactions, family relationships, and balancing the success of businesses in the local environment. ======================= Pomp writes a daily letter to over 200,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/

Brent Beshore and I spoke for 10 hours about all things investing and business, and decided to record a 2-hour chunk of our conversation. We start by discussing private equity, venture capital, and the importance of brand. We then explore the difference between public and private company valuation, and the potent idea of peer mentorship.  The conversation wraps up with Brent’s recent experience with one of the greatest investors and thinkers of all time.  Above all, this is a conversation about what is right and wrong in the world of money management and investing, and where the business is heading.  Please enjoy!   For comprehensive show notes on this episode go to investorfieldguide.com/adventures/ For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

This week’s guest is Brent Beshore, Founder and CEO of adventur.es, a family of companies that invests in family-owned companies. Brent has a very specific mission with this company, to cultivate a disaster resistant, compound interest machine. At just 33 years of age he has already built a portfolio of private companies that has produced impressive results.  He’s done all this out of the limelight and with no outside investors.  Brent discusses his rewarding but difficult journey and what he has learned, including sourcing and evaluating businesses, how he and his team have improved profitability at his portfolio companies after acquisition and so much more.   For comprehensive show notes on this episode go to investorfieldguide.com/beshore/ For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

For the 100th episode, I’ve brought back my good friend Brent Beshore. Brent was the 10th guest on the podcast, after we met because of a mutual interest in capital allocation. I quickly learned that Brent was one of the most unique and thoughtful investors around. He was an entrepreneur from the moment he left school, trying many different things before finding a fit buying smaller business with the intention of owning them forever. What amazes me about Brent is his encyclopedic understanding of business and the nuances of different business models and deal structures. This comes from reps. He and his team have looked at about 12,000 deals over the years, at every kind of business that you could imagine. I’ve been with him when he goes through this process and it’s fun to hear what makes certain businesses stand out from others, which is largely the topic of this conversation. You all know transparency is key for me, so it’s important to know that my family and I are investors in a fund called permanent equity, run by Brent and his firm Adventure.es. To commemorate this milestone episode, I can think of no one better than Brent, because he exemplifies what has made this podcast so fun for me: learning from other people who are willing to share what they themselves have learned through fun, blood, sweat, and tears. Please enjoy our conversation, and thank you so much for coming along on this journey. I can’t tell you how much it means to me. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 2:02 - (First Question) – How does he think about optimizing risk in terms of the capital stack when looking at deals 5:27 – What conditions would they add debt down the road after investing in a company 6:52 – What business sectors are most intriguing for Morgan to invest in right now             6:57 – Trent Griffin Podcast 9:34 – Why no HVAC businesses if it’s such an attractive sector 13:56 – thoughts on rolling up similar businesses and horizontal scale 16:04 – Another industry Brent would focus on 18:02 – Difference between property management in larger cities vs smaller metro areas 18:51 – What role does profit margin play when Brent is evaluating a business 22:46 – The appeal of a hyper cyclical business             22:52 – Brent Beshore Podcast Episode 27:27 – Favorite counter cyclical business 28:14 – How they judge assets, tangible vs intangible assets 33:58 – How does he think about wage inflation when considering the cost of a business 37:21 – His fascination with pet crematoriums 38:57 – History of the permanent equity fund and the changes by having a larger pool of capital 43:48 – Pitching investors on a new structure for the business 46:14 – How will this business model scale   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

John Fio (Gravity Blanket, Moon Pals) joins Brent Beshore & David Cover to talk about what it was like to work with Justin Bieber, the importance of finding truth in what you create, why worldbuilding is more important storytelling, and why so many products won’t stand the test of time.   LINKS & MENTIONS FROM THIS EPISODE Gravity Blanket https://gravityblankets.com/ Moon Pals https://www.moonpals.com/ Birthdate Co https://birthdate.co/  Unqualified Opinions Newsletter https://www.permanentequity.com/newsletters    CONNECT John on twitter https://twitter.com/johnhfio  John on LinkedIn https://www.linkedin.com/in/john-fiorentino-a1b26439/  Brent on twitter https:/https://twitter.com/BrentBeshore Brent on LinkedIn https://www.linkedin.com/in/brentbeshore  David on twitter https://twitter.com/DavidACover David on LinkedIn https://www.linkedin.com/in/david-cover-318752230/  Visit https://www.permanentequity.com/ for more Sign up for our weekly newsletter for operators, Permanent Playbook: https://www.permanentequity.com/newsletter  Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: https://www.permanentequity.com/unqualified-opinions    TIMESTAMPS 0:00 Intro & Who Is John Fio? 4:38 Maybe the World DOES Need One More Podcast 5:44 John the Artist vs John the Warlord 8:22 Working for Justin Bieber & Almost Dying 10:27 Being Homeless for Over a Year 12:35 Inventing Gravity Blanket After Spending the Night on the Subway 20:00 Worldbuilding > Storytelling 24:20 Fearlessly Pursuing Your Customer 29:29 Sign Up for the Unqualified Opinions Newsletter 30:57 Red Bull Built a Real World 37:07 Is Uber a Real Company? 41:43 A Plague of Cynicism  49:02 You Are More Than Yourself 1:04:21 Finding the Truth Is Profitable 1:07:13 Is Moon Pals the Next Disney? 1:13:30 Creating From Truth 1:16:10 Building Fio Creations: Finding Artists & Warlords 1:23:09 Send This Podcast to Someone   EPISODE CREDITS Produced by David Cover Intro music by David Cover, Andy Freeman, Rhett Johnson, & Andrew Luley Interlude music by Sam Barsh Outro music by Jees Guy   WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT  Visit https://www.permanentequity.com/ for more Sign up for our weekly newsletter for operators, Permanent Playbook: https://www.permanentequity.com/newsletter  Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: https://www.permanentequity.com/unqualified-opinions  Check out our other podcast episodes here: hhttps://pod.link/1480383949    LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.  

Brent Beshore, a specialist in business transitions, and Emily Holdman, an expert in strategy development, dive into the emotional motivations behind selling a business. They reveal seven core reasons for this significant decision, highlighting that it's not all about financial gain. The duo discusses the challenges of timing a sale, the importance of legacy, and how personal circumstances play a crucial role. They even liken the selling process to dating, emphasizing self-awareness and finding the right buyer.

Special guest Brent Beshore, Founder and CEO of Permanent Equity, discusses the challenges of businesses being 'loosely functioning disasters', the unique approach of Permanent Equity in acquisitions, and tips for SMB owners on finding quality people. He also talks about avoiding debt, being disaster-resistant, and the complexities of private equity investments in property management companies.

Brent Beshore, founder of Permanent Equity, a PE firm that invests in family-held businesses, talks about his unique approach to private equity. He works with a 30-year time horizon, uses no debt, and takes no fees. He splits the business's cash flow with the family that owns it, allowing him to grow the businesses sustainably. The podcast covers topics such as sourcing deals, valuing businesses, and the differences between traditional private equity and Permanent Equity's approach.