The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 9 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Beshore: Risks early exploitation to test new business partners' trustworthiness
“One of my favorite things to do is, is be almost opened myself up to being taken advantage of early on in a relationship. So if they do, then you're like, okay, great.”
Beshore: Permanent Equity takes zero management fees or reimbursements
“We take no fees of any kind, no reimbursements of any kind. There's no cash that comes from either our LPs or the companies to us. Zero guaranteed revenue”
Beshore: Permanent Equity has never bought a business with debt on it
“We've never seen a business that we want to purchase ever in the history of the firm that has debt on it. Like when we buy it, that has debt on it.”
Beshore: Permanent Equity prefers acquiring 51% to 70% of a business
“We don't want to buy a hundred percent of a company, right? Like if we have our choice, we're buying 51% to 70% of the business. And we want, we don't allow non strategic actors.”
Beshore: Permanent Equity underwrites acquisitions assuming zero growth
“Often assuming for most of the deals we do that there is no growth. So we want the business to underwrite with no change in trajectory.”
Beshore: Permanent Equity has never sold an acquired portfolio company
“We've never sold anything. So, I mean, we still own everything. I shouldn't keep caveat in that. It's not like we've sold anything.”
Beshore: Permanent Equity targets $3M free cash flow for platform acquisitions
“Minimum sort of three, three million dollars of free cashflow, not a hard and fast rule. We've done some smaller deals, but on average for new platforms were, you know, three million.”
Beshore: Permanent Equity manages capital committed on 30-year time horizons
“Getting to serve the families and the institutions that give us capital, the trust with their capital for 30 years, the amount of trust that they have with us to give somebody capital for 30 years.”
Beshore: Permanent Equity waited four years between its first and second acquisitions
“From the time we bought the first business to the time I bought the second business was four years of toiling away and correcting and learning and trying to get a good foundation of capital and into position to do the next deal.”