What I Learned Last Week 3.8.2024
Curating the best M&A, SMB, and EtA-related content since 2020.
Hello Friends!
I’m traveling so this issue of the newsletter is a tad shorter than usual.
Are you based in South Florida? We’ve got two EtA networking events coming up:
Tuesday, March 12th Miami Details and RSVP - https://soflohh324.splashthat.com
Wednesday, April 3rd Boca Raton Details and RSVP - https://www.bocaratonsearchfundmeetup.splashthat.com
In this week’s issue of What I Learned Last Week:
📰 Articles
🧵 Best of X (Twitter)
🗓️ Events
⚒️ Tools & Resources
💡 How I Can Help
This issue of The Business Inquirer is sponsored by:
Assemble Your Dream M&A Team!
Whether you're a searcher, a private equity firm or family office, or an ambitious SMB, DueDilio is your go-to platform for assembling your dream M&A deal team.
Why Choose DueDilio?
A Vast Network: Discover your ideal M&A advisors, due diligence providers, and post-acquisition support from our curated collection of M&A service providers.
Customized Matchmaking: Skip the stress. Submit your project and receive tailored proposals from qualified M&A service providers that match your needs and budget.
Expertise Where It Counts: Specializing in transactions ranging from $1M to $25M in enterprise value, we speak your language.
Free Resources: Gain an edge with free access to our professionally written templates, checklists, and guides.
🌐 Visit us at DueDilio.com to learn more and start your journey towards a seamless M&A transaction.
📰 Articles
A Warren Buffett Protégée Is on the Hunt for Small Companies. She Now Has Millions More to Spend.
I thought this was a good read from the WSJ. Tracy Britt Cool, a former Warren Buffett employee, co-founded Kanbrick as an investment firm targeting midsize businesses with a competitive edge. The firm aims to offer an alternative to private equity for family- or founder-owned companies looking to grow or cash out, with a focus on long-term partnerships.
Key insights:
Foundation and Purpose: Founded about four years ago by Tracy Britt Cool, Kanbrick targets midsize companies with a "moat," planning to invest in one or two companies annually using a recently raised $220 million fund.
Investment Focus: Specializes in consumer, industrial, and business services sectors, excluding industries outside its expertise, with an EBIT range of $5 million to $50 million.
Strategic Approach: Inspired by Berkshire Hathaway's principles but operates with a hands-on management style, including board involvement and strategic development in acquired companies.
Operational Presence: Kanbrick has a team of nine employees and offices in Nashville, Tennessee, and Charlotte, North Carolina, and actively seeks to enhance growth and operations in its investments, such as establishing dealership networks for Marine Concepts, a boat-cover maker.
Fun fact - I worked with Tracy Britt Cool at Fidelity before she joined Berkshire.
🧵 Best of X (Twitter)
Good discussion around salary expectations…
This is just too funny and well-written (Good Will Hunting)…
Watch out for this wording…
Sellers breaching a non-compete…
PE is very active in the healthcare space…
🗓️ Events
Wharton ETA Club (Spring 2024) - Philadelphia, PA
ACG Texas Capital Connection (Apr 2-3) - Dallas, TX
West Coast Capital Summit (Apr 9-11) - Huntington Beach, CA
SMBash 2024 (Apr 18-20) - Salt Lake City, UT
M&A Launchpad Conference (May 11) - Houston, TX
IBBA 2024 Annual Conference (May 11-12) - Louisville, KY
Capital Camp (May 21-24) - Columbia, MO
Midwest Deal Summit (May 29-30) - Chicago, IL
Southeast EtA Conference (Sept 6-7) - Washington D.C.
Self-Funded Search Conference (Sept 30-Oct 1) - Dallas, TX
Main Street Summit (Oct 9-10) - Columbia, MO
Annual M&A Institute (Oct 10-11) - Dallas, TX
McGuireWoods Independent Sponsor (Oct 15-16) - Dallas, TX
Texas & The South M&A and Business Symposium (Oct 16-18) - Dallas, TX
National Summit for Middle Market Funds (Oct 27-29) - Palm Beach, FL
🎵 Listening: “Come Sail Away“ by Styx
How did you like this issue of the newsletter?
⚒️Tools & Resources
I want to share some tools & resources that I have found helpful. Please note that some of these are paid sponsors of the newsletter.
PrivSource - PrivSource helps you source deals and connect with transaction partners without ever paying a success fee.
X5 Deals - Proprietary deal sourcing for a great price. They do the outreach and send you relevant, actionable deals directly into your inbox.
Rejigg - Platform that connects searchers/investors directly with owners of off-market small businesses ($1M - $10M of revenue) considering exits. All deals are sourced by the Rejigg team. Their team adds 7 to 10 new deals each week.
Interexo - Curated deal flow and data solutions. Since 2016 Interexo has been M&A industry’s trusted source for deal flow, with extensive coverage of industry data, from Private Equity to Lenders, Hedge Funds, Brokers, and more.
Search Fund Coalition - community for the Entrepreneurship Through Acquisition ecosystem. Monthly events and meetups for acquisition entrepreneurs.
Deal Sourcing Guide - a comprehensive list of business marketplaces, brokers, deal origination firms, and more.
💡 How I Can Help
Whenever you’re ready, here are a few ways for us to work together…
Schedule 1:1 consulting on deal sourcing, due diligence, M&A ecosystem, newsletters, entrepreneurship, or anything else you’d like to discuss
Promote your brand to business buyers, investors, SMB owners, and other M&A participants by sponsoring this newsletter
Assemble your M&A deal team with DueDilio
If you enjoyed reading this newsletter, why not share it?