Assertion Not checkable as stated
Brown: Median Private Equity Funds Now Underperform the S&P 500
“The returns are really bad now. And so for that's, again, the capital's argument, the returns are terrible now, generally. The median fund. There's obviously ours, right? So it's almost, it seems like it's become venture-like where you've got a top decile that…”
Assertion Partly supported
Brown: PE HVAC roll-ups bought at 12x EBITDA are entering liquidation
“Literally people are buying HVAC companies for 12 times EBITDA. These are businesses that are like project based businesses, right? And now you're saying chapter seven liquidations of private equity backed HVAC things.”
Insight
Brown: There will never be enough buyers for retiring small-business owners
“And the Eureka moment was that look, this is a supply demand equation. They're just never going to be enough buyers for these businesses.”
Insight
Brown: 'For Sale By Owner' is a false proposition for small businesses
“The issue is, is that that kind of like for sale by owner Fizbo in the home market, it's a false value prop. There's a reason why people pay those fees. So that, that was sort of on the seller side. There's a reason why people say those fees, you kind of only,…”
Insight
Brown: Small Acquisitions Usually Need External Presidents for Financial Leadership
“In the smaller businesses sort of like up To a million or two. They're not generally someone who's ready to take on the financial responsibility for running the business. And that's why externally four out of five, three out of five businesses, you know, we ne…”
Assertion Not checkable as stated
Brown: Teamshares tax return is longer than Berkshire Hathaway's
“Our tax returns longer than Berkshire Hathaway. Like, this is the third, there are like almost a hundred subsidiaries in this company, right?”
Prediction Open · timeframe Dec 2027
Brown: Teamshares plans to grow corporate EBITDA to $100M by 2027
“We put out a forecast, right, to go from nineteen million of corporate EBITDA. So there's, like, segment EBITDA, right, so it's just sort of roughly, you know, sixty million, but then after our parent overhead of 90 people that, you know, propelled the machine…”
Opinion
Brown: Going public does not directly help most companies grow
“I think most companies that go public, it does not directly help The business grow, but if you take something like Kinder Morgan, direct benefit acquisitions, acquisition financing.”
Opinion
Brown: Constant Private Equity Flipping Destabilizes Operating Companies
“And so you sell a business to PE with ten million of EBITDA and you sell it again at 25 and you sell it again at 75 and then a 102 hundred. So you can have business that are for sale three, four times. And that means the day you close the transaction, the comp…”
Disclosure
Brown: Teamshares commits to never selling its acquired small businesses
“We think the permanent ownership is good for team share shareholders. We think it's good for the businesses themselves to not be for sale. And these are the promises that we're making when we go and, you know, look an owner in the eyes that we're going to buy …”
Assertion Supported
Brown: One in three Stanford searchers fails to close within two years
“That's why a Stanford search fund takes two years and one in three Stanford searchers doesn't close the transaction two years.”
Assertion Not checkable as stated
Brown: Teamshares Owns 92 Businesses With About $60M Consolidated EBITDA
“90, 92 and about sixty million of consolidated EBITDA from the segments. From all the companies.”
Insight
Brown: $200K EBITDA acquisitions yield venture-style variance instead of predictable compounding
“You could build a quote venture style portfolio, I think around the 200 K kind of EBITDA company. That sort of size of profile. That's not what we're trying to do. We're trying to have real consistency, predictable financials.”
Assertion Not checkable as stated
Brown: Over 80% of Teamshares president hires work out
“Now over 80, over 80% of our present hires work out, which we think for hiring leaders, we think that's a very strong track record.”
Assertion Not checkable as stated
Brown: Not a single Teamshares company faces a revenue challenge today
“We don't think that there's a revenue challenge today for any business that team chair zones, like literally not one.”
Assertion Not checkable as stated
Brown: Teamshares sources 75,000 business-for-sale leads annually
“And then on the transaction side up front, it's all the sourcing, you know, 75,000 leads per year of actually for sale businesses, the valuations, the LOIs, the legal documents, that there's a human process.”
Assertion Partly supported
Brown: Constellation Software got clobbered over AI perception threats
“Constellation software, maybe because it's Canadian, but it went public at a five hundred million dollar valuation. I think it at some point hit eighty billion in market cap. And it's been clobbered over the last six months because of the AI perception threat.”
Disclosure
Brown: Teamshares focuses on acquisitions generating $500K to $5M in EBITDA
“We focus now on sort of, you know, half a million to five million of EBITDA businesses.”
Assertion Supported
Brown: Teamshares generated $19M pro forma EBITDA in 2025 with 90 staff
“After our parent overhead of 90 people that, you know, propelled the machine towards thousands of companies, it's nineteen million of EBITDA on a performance basis last year, 20, 25.”
Disclosure
Brown: Teamshares aims to issue corporate bonds as long-term financing
“Build market trust and work towards issuing over the long-term sort of issuing bonds, right? That's the end sort of financing goal for teachers, right?”
Disclosure
Brown: Teamshares sweeps operating cash centrally via Berkshire-style reinvestment committee
“By default, all cashflow comes up and again, employees benefit because of the dividends, all that stuff, but cashflow comes up and then to invest back for growth, that's a reallocation decision. And there's a separate sort of reinvestment committee that's Alex…”
