Buyers and Builders
00:21:00 · Mikk
Coming back to... It's always relevant. What Bart said and the comment he gave in the beginning was to find the bane you enjoy because none of this is easy. You're going to lose deals. You're going to buy a company which disappoints you. You're going to hire somebody who doesn't work out. Integration will go wrong. If the only reason you choose this strategy was because the Excel model showed the 35% IRR, eventually you're probably going to hate it. But if you actually enjoy the underlying work, if you like meeting owners, learning industries, building organizations, solving operational problems and trying to make small businesses stronger, then maybe you keep going long enough for the compounding to actually show up. I sincerely believe these individuals covered in this podcast, covered in this specific episode, these are people where other people will go and write books about them. I mean, I'm already doing episodes on them. Give me a bit more time. There might be a book about them because these are those special individuals and they're still young. I mean, guys are in late 20s, 30s, 40s, buying a lot of companies, creating a lot of value. Very special. Again, these are outliers and we can all learn from them. Now just summarizing, I mean, Bart has seen dozens of platforms and says RollUp are really hard. We have Ramsey who has done roughly 160 acquisitions and says, It isn't obvious how to become good at acquisitions. I forgot to mention this. Someone asked from the audience any lessons about acquisitions and how to actually do this. Ramzi was just saying the same thing. It's not obvious on how to become good at it. It's still hard. Many people will see like 160 acquisitions and these guys must buying like everything, overpaying companies and all that. But Ramsey is saying on my previous podcast, they are the most disciplined group when it comes to acquisitions. So there are lessons here. Louis did two deals and then deliberately stopped for a year because they didn't yet understand enough. Rodolfo has built an organization capable of acquiring a company every few days, which means M and A itself has become an operating function. Anders and their team is willing to drive to an owner home on Friday because they understand that one relationship may be worth more than another week of Excel work.
00:23:21 · Mikk
And maybe that's why I find this space so interesting, having notes in here. From far away, Rollups look like finance. Up close, they are operations, psychology, sales, capital allocation, hiring, negotiation, governance, culture and endurance. If you're building one of those RollUp's today, whether you are looking for acquisition number one or acquisition number 15, please reach out. If you're someone who new in this space, but you have what it takes, listening to all this, what I shared, listening to those stories, and you got yourself thinking like, okay, it's super interesting. I'd like to know more. I would like to do it. I would like to get access to investors. Please reach out. We see a lot of those special individuals and we want to see more of them early. One side. Another side is if you're an LP interested in this asset class, same, please send me a message. My ex is privateequityguy or my email, mikkprivateequityguy dot com. And let's connect. I hope you learned a lot. I really enjoyed doing this one. Thanks for listening. See you in the next episode.