M&A

Value and Profitability - Damodaran 2025 Exploration into Sectors and levels of Profitability

Decada Group - Utah Holdco (stumbled onto it from Michael Girdley’s newsletter)
Community-based holdings, acquisitions and growth around building forever

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.

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)

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

Acquisitions, primarily digital or ecommerce

Focusing on Quality of Earnings and diligence services

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

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