The Ledger
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Kozinsky: More VC 'fallen angels' will seek soft landings within two years
“There's probably going to be more opportunities like up council and our other businesses. That's the VC fallen angels, the businesses that have raised a lot of capital, but maybe haven't grown into, haven't fully grown into the scale that they should be at. So…”
Kozinsky: Enduring Ventures targets 3x-5x cash flow multiples for acquisitions
“We really like to buy at valuations that are three to five times cashflow. So if a business does a million dollars of cashflow per year, We really want, don't want to pay more than three to five million dollars to acquire it, and you really can't get that in m…”
Enduring Ventures Targets Unprofitable Venture-Backed Tech Startups With Strong Revenue
“We've actually redirected our focus in tech to just focus on businesses like UpCouncil that have good revenue that don't quite have the profits to support it and that we can turn around and create a cashflow engine from them because in those situations we can …”
Kozinsky: Founders should start exit planning 3 to 5 years early
“I actually recommend, at the very least, thinking about your sale process three years before you plan to do it, and ideally even four or five years if you're not in a rush, right, because you can really optimize your business for the sale”
Kozinsky: Founders selling to PE must demonstrate profitability or clear profit levers
“If you're a year out or you're two years out and you've had zero profit this whole time, which many businesses do or negative profit, consider showing profit or considering structuring your business so that you can make it very clear to the buyer that these tw…”
Kozinsky: Enduring Ventures Buys Cash-Flowing Businesses to Hold Forever
“So enduring is a long-term holding company. What we do is we buy cash flowing businesses at reasonable prices and we pair them with great operators and we run them and we hold them as a portfolio forever. That's our plan.”
Kozinsky: Clinical Trial Startup Charged Pharma $10k–$20k Per Patient
“So it was a marketplace model, and our customers were like Pfizer and Novartis and Inovoderm, and they would pay us 10 to 20,000 dollars per patient to recruit a patient. We would split that with the doctor.”
Kozinsky: Enduring Ventures owns 12 businesses, mostly from retiring owners
“We are now owners of 12 businesses two of them or three of them actually are tech companies. We also have a venture studio, so we've started a couple of businesses, but 90% of what we do is we buy businesses that are generating cash flow from retiring owners.”
Kozinsky: UpCounsel raised around $20M to $25M from VCs
“They had raised, you know, somewhere around 20, twenty-five million dollars from some really great VCs, but I think they didn't achieve the kind of escape velocity That maybe it would require to go on and continue raising capital after that.”