M&A

Tax result of Purchase of an LLC, as either stock or asset purchase

LMM M&A - Selling business, liability around reps & warranties, indemnification.
$20mm and under - not common.

Michael Girdley on HoldCo’s - building, designing, types, starting ones, and examples

Podcast episode -

Building a Permanent HoldCo, microPE at macro

Long term hold in the Berkshire model

Using all equity, primarily
People at the forefront (3 F’s - Faith included)

PE moving from LPs to bring inhouse on investments to be able to draw capital whenever they want - Blackstone / Berkshire with access off the balance sheet on permanent capital.

Interesting that as PE has been open to 401k individual investors, it has also become more opaque as governance will typically lack without the intermediary relationship of GP/LPs.

New Deal Checklist

Setting values/metrics/criteria for deals
Ranking/Priorities
Sourcing

SMB owners sharing deal flow, questions and concerns within the broader acquisition and operating spaces.

Ultimate ETA Directory of Investors, Support, Equity and Debt providers
Search fund investors, family offices and more

Growing Business Through Account Planning - Sales Planning - ETA and PE