Think Like an Owner

Latest Episodes:

Betsy Brandt - Preparing to Search - Ep. 25 Aug 18, 2020

Show notes

I've done a few search fund focused episodes, for instance last week's episode focused on life during a search. In this episode exploring search funds, Betsy Brandt joins me to talk her preparation in launching her search fund, Forest Park Capital. I wanted to hear more about how a search fund is planned, the benefits of an MBA program, how capital is raised, and so on. Betsy was kind enough to share her experience working in investment banking and operating at a private equity backed company, going through the search program at Harvard, starting and setting up her traditional search fund, and a few advantages of being a female searcher.

This episode is a great review of the many questions asked when considering launching a search. If search is an option you've weighed at any point, you will enjoy hearing from Betsy. Enjoy.

For show notes, episode transcript, and more, visit alexbridgeman.com.

I'm also the founder of The Operator's Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

Jules Brenner - Life as a Searcher - Ep. 24 Aug 11, 2020

Show notes

I continue exploring search funds and with this episode I talk with a searcher who is in the middle of the process and thus is experiencing it's ups and downs live. My guest, Jules Brenner, runs a self-funded search called Manufacturing Succession and as the name implies is focused on acquiring a manufacturing company. Jules has an interesting background with engineering and start-ups and talks about how that background guides his search. In addition to life as a searcher, we talk about preparing for a self-funded search, owner outreach, and searching as an engineer.

If you're an investor interested in manufacturing companies or just want to connect and learn more about Jules, go to manufacturingsuccession.com/contact.

Links Mentioned

Trish Higgins - Chenmark Five Years Later - Ep. 23 Aug 04, 2020

Show notes

Trish Higgins was the guest on my very first podcast episode and was kind enough to share her time with me when I had no downloads, no show, and no website. Funny enough, that first episode is still my most downloaded episode to date. A lot has happened since then and I'm very excited to have Trish on the show for a second episode. In this episode, we cover Trish's recent move to the operating side, how Chenmark has evolved including what's become easier and more difficult over time, and we dive briefly into landscaping.

For those listeners interested in eventually operating your own company, Chenmark has begun recruiting future operators into existing leadership roles at current portfolio companies where they will be trained for eventually running a future portfolio company. If this is interesting to you, I highly recommend reaching out to Trish. Finally, Chenmark writes a weekly newsletter called Weekly Thoughts about their views on investing and operating small companies, behavior and psychology, and concepts from other disciplines that can be brought over to business. I've been a reader for years and I've found it extremely valuable. Go to Chenmarkcapital.com/weeklythoughts to subscribe.

Links Mentioned

JR De Agostini & Max Artz - All About Owner Outreach - Ep. 22 Jul 28, 2020

Show notes

I'm continuing to focus on specific themes within small company investing and this episode focuses on owner outreach during a search. My guests for this episode are JR De Agostini and Max Artz from Peterson Partners who ran their own search and are now running the search investment fund at Peterson. Our conversation covers how to craft your message to owners, filter through owners who aren't actually interested in selling, build relationships, and a short detour near the end on the Pittsburgh Steelers and the Cleveland Browns.

Links Mentioned

Peterson Partners

Defensive Capital - Searching in the Defense Industry - Ep. 21 Jul 21, 2020

Show notes

I've wanted to record a few episodes that focus on specific themes, industries, and strategies around acquiring small companies and this episode is the first in a few to come. My guest today is an anonymous Twitter account named Defensive Capital who I've gotten to know over the past few months. True to the account's name, he works in supply chain in the defense industry and our conversation focuses on opportunities for entrepreneurs and searchers in the industry. If you have any interest in the defense industry or manufacturing, you're going to like this one. Enjoy.

Permanent Capital and Infinite Games with Ali Aydar, CEO of Sporcle - Ep. 20 Jul 11, 2020

Show notes

My guest Ali Aydar has a fascinating background. Today he's the CEO of Sporcle, an online trivia business, but earlier he worked in various venture backed companies playing the finite game and decided to play the infinite game at Sporcle instead. He is the first business owner on the podcast and we talk about operating a business through tough times, the advantages of having permanent capital in a business, and his choice in leaving the finite game.

Ali is a wealth of experience in operating companies and we've both been thinking about this episode for a while. If you like our discussion on finite and infinite games, Andy Ellis and I also talked about the concept extensively in an earlier podcast episode I will link to in the description.

Episodes of Think Like an Owner are available on iTunes, Spotify, Google Play, Stitcher, Breaker, and TuneIn.

For show notes and links, visit the podcast page here.

Investing Through ESOPs with Chris Fredericks and Spencer Springer from Empowered Ventures - Ep. 19 Jul 07, 2020

Show notes

My guests today come from the recently created ESOP holding company called Empowered Ventures which today owns TVF, a textiles company in Indianapolis. Chris Fredericks is the President of TVF and Empowered Ventures and will be joined by Spencer Springer full time once Spencer's MBA program with Northwestern is wrapped up. During this episode we talk about pros and cons operating an ESOP and using it to acquire companies, how they build an employee owned culture, and some of their plans for Empowered Ventures. Chris and I connected late last year and I knew it would turn into a podcast one day and I'm very glad it has.

One other note, you might notice my closing questions happen 2/3rds of the way through the episode and not at the end. Our trains of thought just kept going and hope you enjoy the results.

Links

Clearing Fog - Ep. 18 May 27, 2020

Show notes

My guest on this episode is a person who writes anonymously on Twitter under the pseudonym Clearing Fog. We connected a few months ago on Twitter and in this episode we talk about his career in investment banking and private equity, why he writes anonymously and his thoughts on writing publicly, and what he's thinking about next. I don't come across many people in traditional finance careers who have a blog and Twitter account and I thought it would be interesting to hear from someone who thinks a little differently.

Please enjoy, I hope you like the episode as much as I did.

Links

Letter to Younger Self

Greg Geronemus, Footbridge Partners - Ep. 17 Apr 28, 2020

Show notes

My guest today is Greg Geronemus. Greg and his partner David Rosner founded a search fund named Footbridge Partners after their time at Harvard Business School and acquired a tour operating company called smarTours. Four years later they sold smarTours to a private equity firm and raised a fund to invest in other searchers. Greg and David take a more concentrated approach and aim to invest in 8-10 searchers, rather than dozens, to spend more time and energy with each individual searcher.

Greg and I discuss their search fund days, investing in search funds, and how the model has evolved and may continue to change. I hope you enjoy the episode as much as I did.

Links Mentioned

Update with Justin Turner, Traction Capital Partners - Ep. 16 Mar 31, 2020

Show notes

This is my second episode hearing from investors on how they are adapting their companies, this time with Justin Turner from Traction Capital Partners. For more background on Justin and Traction, I recommend listening to our earlier episode, episode 4, with Justin and their associate Peter Bell.

In this episode, Justin talks about how his two portfolio companies have performed and what he's thinking about next. I hope you enjoy the episode.

Episodes of Think Like an Owner are available on iTunes, Spotify, Google Play, Stitcher, Breaker, and TuneIn.

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