It makes money without drama
Steady cash, sane margins, and customers who would notice if it disappeared. We are not looking for a turnaround.
Philosophy
Buying good businesses and keeping them.
That is the whole approach. What follows is what it means in practice, and how we differ from most buyers you'll meet.
01
We never have to sell
There is no fund life, no committee, and no clock. That freedom from a deadline is what lets us buy on our own terms. We can wait years for the right business, and we can hold it through a bad stretch without anyone forcing our hand.
02
Boring is good
We like businesses that solve a dull, recurring problem and get paid reliably for it. Car washes. Roofs. Rentals. If a business needs a great story to be interesting, it usually needs the story to keep working.
03
A few things, understood well
We would rather own three businesses we understand than twenty we can only describe. Concentration is uncomfortable, and it forces us to actually do the work before we buy.
04
We underwrite proven cash flow
Alex spent his first few years as an auditor, which is a good way to learn to trust cash over the rest of the numbers, because cash is the part you can verify. We underwrite what a business has actually done, judged on its numbers over the years.
05
Our money is in it
We invest our own capital alongside every deal. If it goes badly, we lose with you. That tends to keep the conversation honest.
06
We would rather do nothing
Most opportunities are a no. Passing is free, and it is usually the right answer. The mistakes that hurt are the ones we talked ourselves into.
What we look for
We are not sector purists. We keep buying the same shape of business anyway.
Somebody has to do it
Essential, recurring, unglamorous work. Roofs get replaced. Cars get dirty. Demand that survives a bad year.
The owner cares what happens next
Our best conversations are with people who built something and want it to keep going after they step back.
We can understand it
If we cannot explain how it makes money in two sentences, we pass. That is a limit on us, not a knock on the business.
Size that fits
Small enough that the big funds ignore it. Big enough to matter. Usually one business or a few locations.
Somewhere we can drive to
We are in Denver. Colorado and the Mountain West are home, though we will travel for the right business.
The test
Before we make an offer we ask one question. Would we be happy owning this for twenty years, through a recession, with no way out?
It kills almost every deal we look at, and that is by design. Owning a business with no easy way out makes you far more careful about which ones you buy.
Talk to us