PEoperator
@PEoperator
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4x Private Equity Operator posting about deals, business, and career.
Joined November 2020
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I turn 38 today. In my own honor, here are 38 life lessons accrued so far...
1. Everybody worships something. Choose wisely.
2. Who you marry is by far the biggest decision you will make while on Earth.
3. Marriage is miraculous.
4. Looking for wisdom always results in
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One of the big mistakes PE guys make in management meetings is coming off completely unlikeable by trying to be the smartest guy in the room.
In practice, that looks like treating management like a hostile witness and interrogating with detailed, skeptical questions.
Having sat
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Every private equity investor should be required to work at an operating company before they make their first investment.
The traditional path PE firms take to hiring is:
Undergrad-->Investment Banking-->MBA-->PE
But that results in people who have never run (or even been in)
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Men of ambition have to choose: reach out toward risk and glory or remain in the ordinary.
Mid-thirties are often the season for that transition.
Robert Morgan describes Daniel Boone going through that season and sums it up perfectly…
Now thirty-five years old, Boone had
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Anyone in/around PE should read this article - a bit old - but I rediscovered it recently and don't think much has changed. (always enjoy
@verdadcap
)
For my money, the best way to create sustainable value is to compound great decisions over the long term.
The PE model is
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@NostalgiaFolder
Shocking how no one has mentioned Wild Kratts their new show that my kids watch totsy. Just as goofy. And martins son is a pro soccer player. 🥜
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@BoringBiz_
> black or navy blue cell fill w/ white text for headers
> arial font
> zoom 75-85%
> page break preview mode
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When I walked into my first Board Room, I was the only one without a Harvard or Stanford MBA. To say I was intimidated would be an understatement.
Those first few meetings, I was a spectator. I listened while people, who I assumed were much smarter than me, decided the
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Investors want managers to have "skin in the game."
As a manager, I want the same. I want the opportunity to bet on myself.
But the evaluation of "skin in the game" isn't as simple as what % of a manager's net worth is tied up in the company, cash comp, or how much of the
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@ScottAdamsSays
Just the opposite for me. I am not planning on having finances due to having children.
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After a long time following along, excited to officially partner with
@SantsPliego
and
@NewFounding
!
They are thinking bigger and building something unique.
Check them out if you haven't already.
Vibe Shift.
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The United States Postal Service 📫 is the perfect private equity target 🎯
The USPS was first established in the 1700s and led by Benjamin Franklin in order to connect a fragmented collection of colonies.
But today, it competes with free email and publicly-traded, highly
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Do not confuse “nice” with “good.”
That’s especially easy to do when you are interviewing with a private equity MD for a new role.
Check references (other PE operators present and past) and ask for fund results and his specific deal results.
Easy to be deceived during the
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Highly recommend you order a copy - Anthony is one of the wisest people I know.
Bang bang!
My first book publishes today.
It has nothing to do with hardcore finance or bitcoin, but everything to do with self-improvement, constant learning, and living the life you want.
The book, which is titled How To Live An Extraordinary Life, is a compilation of 65 letters to my
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One of the best investing books of all time is selling for THOUSANDS of dollars
For those of you who can't swing that (or find a copy floating around on the internet), I've summarized each chapter below.
Written by Seth Klarman (Baupost CEO) and published in 1991, MoS is
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Just the opposite for me. I am not planning on having finances due to having children.
1 in 4 younger Americans not planning to have children due to finances: Survey
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@SquirtleCapital
@privateinequity
@CoorsLightCEO
Are we supposed to have friends outside of Twitter?
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My favorite line from one of my favorite books - Alchemy by
@rorysutherland
"...we would rather make a suboptimal decision in company than a perfect decision alone."
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@ShaneAParrish
“In theory there is no difference between theory and practice; in practice there is.”
-Yogi Berra
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TRANSDIGM ✈️ May be the Best Private Equity Story Ever...
Founded by one of the great PE Operators of All Time, Nick Howley and owned by four different PE firms. Here is the detailed breakdown of the TDG story.
1. Chronological 🕑 Timeline of TransDigm
- 1993: Founded with
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One of my favorite business books ever is Intelligent Fanatics
It's a case study style breakdown of several leaders who built great companies, with specific and different strategies.
Highly recommended reading for any business leader.
Key overall theme: PEOPLE
➡️ Find great
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🚨 DEAL REVIEW 🚨
Unique deal with some hair on it...
What would you pay?
Deal Profile:
- Niche Manufacturer
- $7.2M Rev / ~35-40% GM / $1.5M EBITDA
- B2B industrial; value-add through custom engineering
- Growing... 14% 4-year rev growth CAGR
- Carve out from larger entity
-
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As a PE C-level Exec, I have made a ton of MISTAKES.
Here are 9 RULES you can implement to avoid some of my worst mistakes.
1⃣ Ask questions, especially of those who have been in the industry longer than you and especially when you are afraid you will look stupid.
2⃣ Have tough
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Home Depot (NYSE: HD) has agreed to buy building materials supplier SRS Distribution for around $18.25 billion from Leonard Green & Partners and Berkshire Partners.
SRS is a distributor of roofing materials and other building products. Even though HD is a retailer, this is a
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Just finished a management meeting...
Why do PE guys feel the need to be the smartest people in the room?
Do you think the founder/owner/CEO wants to get interrogated like a hostile witness?
Use a little honey... Ingratiate yourself to the seller (only helps) and turns out you
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This year’s book list 📚 so far:
- Maverick (recommend*)
- Mastering Private Equity
- HBR Guide to Buying a Small Business
- The Silmarillion*
- The $100 Startup
- Bitcoin: Hard Money You Can’t F With*
- Private Equity*
- Living Fearless**
- 1000 True Fans
- The War Below
- The
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"In too many organizations, the people at the top have all the authority and none of the information, while the people on the front line have all the information and none of the authority."
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I recently had dinner with a 70 yo who sold his business to private equity and is worth $100M+
His main question to me was unexpected: What do I think about Bitcoin?
He was curious about it, but didn’t understand it. But he did like gold.
So here was my explanation:
Gold is
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I am still amazed at how slow most people move.
Moving with speed is still a HUGE advantage.
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The US Steel Industry is in a Major Transition
US Steel - one of the most iconic American businesses of all time - is in the process of being taken over by Nippon Steel, a Japanese based company.
The deal has received all non-US regulatory approval but Biden has said he opposes
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Brad Jacobs may be one of the best operators ever.
He has made billions for himself and investors after founding and exiting multiple businesses including:
United Waste Systems
United Rentals (NYSE: URI)
XPO (NYSE: XPO)
GXO (NYSE: GXO)
RXO (NYSE: RXO)
He is currently working
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Mitch Rales
Co-founder of Danaher
"The 3-5 year cadence that pe and vc is engaged in...
...It’s really hard to build anything lasting that’s great when you take those type of time horizons.
It. Just. Takes. Time."
🤔
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Awesome chart from Bain.
tl;dr: lots of long-held portcos on the sidelines
When the fed cuts rates, it is GAME ON.
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Late to the game, but just finished Traction.
I wasn’t sure how I felt about implementing an operating system but I was surprised how much of this I was doing already.
Importantly, this book provides language and structure alongside some new ideas I will definitely implement.
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I just met with a business owner who has a 3 year waiting list and a minimum price of $475.
His average ticket is well over $1k and he frequently sells products for $10k or more.
He is a craftsman of sorts and said every other shop he knows has the same waiting list or longer.
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Too often in private equity settings, people are overlooked.
Sounds crazy to say that. After all, PE firms pride themselves on finding great management teams, offering equity, and paying well.
But what about how people feel?
In his book "A New Way to Think"
@RogerLMartin
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The answer was: taxidermist
I just met with a business owner who has a 3 year waiting list and a minimum price of $475.
His average ticket is well over $1k and he frequently sells products for $10k or more.
He is a craftsman of sorts and said every other shop he knows has the same waiting list or longer.
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Deal Profile:
$5M purchase price for a 30-yr old light manufacturer doing $1.5M EBITDA.
The company makes specialized, patented tools that sell into industrial, mining, solar industries.
Owner (70s) willing to stay on and provide some financing.
Risks:
- The solar end market
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Operators have a tendency to think they can solve anything, but WHERE you work matters.
It’s better to be the 1,000th employee at Facebook than the 3rd at MySpace.
Focus on finding the right hill to climb and then execute.
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A week or so ago, I talked with a super sharp young professional who reached out over X.
It was a great and sprawling conversation that ended with a common question (to him):
Where do you want to be in 5-10 years? 🤔
His immediate response was that it's not really how he
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LOI sent 🤞
🚨 DEAL REVIEW 🚨
Unique deal with some hair on it...
What would you pay?
Deal Profile:
- Niche Manufacturer
- $7.2M Rev / ~35-40% GM / $1.5M EBITDA
- B2B industrial; value-add through custom engineering
- Growing... 14% 4-year rev growth CAGR
- Carve out from larger entity
-
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John Scully is one of the least known great investors
His firm, SPO Partners, had amazing results until it disbanded in 2018 - generating multiple billionaires and $100 millionaires.
I had the pleasure of working with him.
My favorite thing about him? On top of being a
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@RobertMSterling
My first day in investment banking, my VP ripped the mouse out of the back of the computer.
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You do not know yourself. If you did, you would be doing amazing things. The way you think of yourself is way too small. The way we think of the universe is way too small.
-Jamie Winship, Living Fearless
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@kyle_d_m
@KySportsRadio
Completely agree. Why in the world is he out in public? Exhibitionist....
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The same reason I’m effective is the same reason people get frustrated with me.
Example: “high sense of urgency” vs “impatience”
Two sides of the same coin. Something like this is true for everyone.
Don’t let them discourage you.
Never stop flexing your superpower.
Never
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Lots of folks want to be private equity operators, but make sure you know what you're signing up for...
I know a PE-backed CEO who left his job even though he would have gotten a $1M bonus just for breathing 🌬️ in <3 months.
What happened?
He had enough. He was constantly
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Traveling to look at an acquisition for PE portco.
CEO “can’t” come because he’s building a beach house. 🤦🏼♂️
Flight delayed 3 hours. 🤦🏼♂️
Insult to injury.
Glamorous private equity lifestyle.
At the airport, not sure I have enough followers for this but AMA…
Better yet, if
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Whether I like it or not, I am squarely in “midlife.” (But I identify as 28)
Brené Brown defines midlife as:
“when the Universe grabs your shoulders and tells you ‘I’m not f—ing around, use the gifts you were given.’”
I think she is spot on.
Something has got me by the
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“What’s working and how can we do more of it?” That’s the bright-spot philosophy in a single question.”
Great concept from Switch by Chip and Dan Heath.
PE ops typically focuses (obsesses?) on strengthening weaknesses but may miss the high value opportunities
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🚨 New Deal Profile 🚨
Need my X IC to vet this one. Here are the details:
Off-market deal I cold called. Have been in discussions with the owner since Fall '23.
- Small manufacturer - specialty w/ IP
- $6-8M revenue L2Y
- $1.4M EBITDA L2Y
Large addressable market, high
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@MitchellHODL
This is a terrible take. America needs you to vote. You don’t vote for candidates because they are perfect or because you love everything about them. You vote for the one who best aligns with your own views.
If you sit out every vote where you disagree with candidates on
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@BTCGandalf
RFK was better on btc but has no realistic path and Trump was 1) not far behind and 2) is not openly hostile like current admin
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@RobertMSterling
@themgmtconsult
Because they aren't getting the dopamine hit from their phone while they serve you coffee.
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@thesamparr
My sense is that most are not preparing. Just met with an AI startup who converts monthly bank statements into P&Ls. It is coming very soon. FP&A will get taken out too. IB, PE analysts at risk
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Yesterday I had a conversation with a young up-and-coming direct report who was being asked to take on more responsibility.
Because he is an ambitious fellow, he was excited to take on the challenge.
But because he is a thoughtful guy, who had been mismanaged in the past, he
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I occasionally get questions on my workout routine (probably bc I tweet “workout” every morning).
It’s very simple:
- 30min daily fasted zone 2 cardio (it’s amazing what you can get done on a stationary bike btw)
- Push-Pull-Legs lift program 4-5x/wk
- Track every lift to
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The one thing you know about your W-2 job is that you are worth at least $1 more to your employer.
For me, it is becoming increasingly evident that the gap is >$1.
The only solution is to test the free market.
The only solution that guarantees you are compensated for every $1
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Ted Baker is a successful private equity operator you've never heard of. In Feb '24, he announced his second billion dollar exit to the same buyer!
The industry? Rock quarries.
First, some background. The Baker family is well known for having sold Florida Rock to Vulcan
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10 Signs of a Dysfunctional CEO
1. Does not meet with customers 🤝
2. Focus areas are 100% reactions to perception of what Board wants vs clearly setting his/her own vision 🙈
3. Allergic to travel / does not value in person meetings with customers or employees ✈️
4. Presses
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Since Feb-22, the US has committed $113.4 billion to the 14 million households of Ukraine equating to nearly $8k/citizen.
This is OVER 10x the amount ($750) provided to each AMERICAN household affected by Hurricane Helene.
Something is not right.
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Every once in a while I see some troll comment to one of my posts and despite my best efforts, it bothers me.
But then some hero follows up with a savage comment to the troll comment and I feel hope for all of humanity.
So thank you to the trolls of the trolls. You are our
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Goldman Sachs says 2024 will be the year of rebalancing for Private Equity
Here's my summary...
Market Outlook and Trends
- Market Rebalancing: 2024 is expected to be a year of rebalancing with renewed optimism, new capital, and high demand.
- Private Equity Assets: Estimated
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How to Eliminate High Performers from your Org
👉 Pay under market
👉 Do not increase responsibility
👉 Limit prospects for career advancement
👉 Micromanage
👉 Take credit for their work
👉 Deride their big, risky ideas
👉 Fear them as a threat to your position
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Just visited my 45th state (looking at a deal).
Every visit to a new state is a reminder that, despite our differences, America is the greatest country in the world.
🇺🇸
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All of this policy stuff is fine, but when is the golf handicap portion of the debate?
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Surreal experience…
Unfortunately, I have a very similar experience.
Top tier consultants engaged to build a “pricing engine” aka a barely usable spreadsheet that is basically one big circular reference.
Cost? $1 million
Prescribed by the PE group. Cost doesn’t matter
Years ago, CEO I worked for insisted on using a consulting firm (one of the big ones) to build a Sales and Operations Planning model.
It was an uncapped time costed engagement rather than milestone linked.
They ended up delivering the biggest Excel file I’ve ever seen. It must
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@saifedean
@jakeshieldsajj
Wow interesting. The other knock on effect is there would not have been a WW2
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It is impossible to overcome a truly bad CEO but a good CEO is no guarantee of success.
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@JoePompliano
I am 100% against it… in addition to losing the “feel”, the sight lines are different for the players. I’d love to see stats on eFG% in a fball arena vs bball stadium. Has to impact.
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