20VC: Thoma Bravo's Orlando Bravo on Why Now is The New Normal, Why Every Company in the World is Worth its Future Cashflows, The Three Core Elements Thoma Bravo Need to See in Any Potential Deal & Orlando's Relationship to Risk, Wealth and Parenting
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 6 February 2023
⏱️ 54 minutes
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Summary
Orlando Bravo is a Founder and Managing Partner of Thoma Bravo. He led Thoma Bravo’s early entry into software buyouts and built the firm into one of the top private equity firms in the world. Today, Orlando directs the firm’s strategy and investment decisions. Orlando has overseen over 420 software acquisitions conducted by the firm, representing more than $235 billion in transaction value. Forbes named him "Wall Street’s best dealmaker" in 2019, and he was dubbed "Private equity’s king of SaaS" by the Financial Times in 2021.
In Today's Episode with Orlando Bravo We Discuss:
1.) From Puerto Rico Roots to Wall Street's Best Dealmaker:
- How did Orlando come to co-found Thoma Bravo? What was that a-ha moment for him?
- Orlando mentioned 2 mentors that shaped how he thinks, who were they? What are his single biggest lessons from those mentors?
- What does Orlando know now that he wishes he had known when he started his career?
- Why does Orlando disagree with setting timelines in life? Why does it not help?
2.) The Secret to Success in Value Investing:
- What is good value investing today? What is it not?
- What three things does Orlando look for when doing a deal and acquiring a company?
- Why is every company in the world worth its future cash flows?
- How important is price today? How does Orlando reflect on his own price sensitivity?
- Many suggest Coupa and Anaplan were extremely expensive. How does Orlando respond and defend the prices he paid for companies in 2020-2022?
3.) WTF is Happening In Markets Today:
- How does Orlando reflect on where the market is today?
- Is this the new normal? How does Orlando expect the market to change over the next 12 months?
- Why does Orlando believe that the best companies win in the worst times?
- Is this the result of quantitative easing on behalf of central banks? Who is to blame?
- How does Orlando balance the mindset of his team between risk on and taking advantage of lower prices in market but also not catching a falling knife?
4.) Orlando Bravo: The Leader, Father and Husband:
- What is Orlando's biggest fear in investing? How has this changed over time?
- How does Orlando reflect on his own relationship to money today? How has that changed?
- What are Orlando's biggest parenting lessons from his mother?
- Why does Orlando believe that for most people, their late twenties are their toughest?
- How does Orlando instill the same drive and ambition in his children that he had, despite very different financial profiles growing up?
- How does Orlando maintain being at the top of his game in his profession but also being a great husband? What is the secret to a happy marriage?
Items Mentioned in Today's Episode:
Orlando's Fave Book: The Power of Now: A Guide to Spiritual Enlightenment
Transcript
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| 0:00.0 | We believe every company in the world is worth its future cash flows. |
| 0:04.8 | We don't believe in multiples of revenue. |
| 0:07.1 | We don't believe in a technology might be worth a trillion dollars or a billion dollars because it might do this. |
| 0:12.8 | We believe that a business in this capitalist world is worth its future cash flow and those future cash flow prospects. |
| 0:20.1 | Welcome back to 20 VC with me, Harry Stebbings, and episodes like this one state are the |
| 0:24.1 | reason that I love what I do so much. Our guest has been someone I look up to for a long time, |
| 0:28.7 | and this discussion is an incredible portrayal of what makes him one of the great firm builders |
| 0:33.1 | of our generation, and so with that I'm thrilled to welcome Orlando Bravo, founder and managing partner of |
| 0:38.0 | Toma Bravo. He led Toma Bravo's early entry into software buyouts and built the firm into one of the |
| 0:43.6 | top private equity firms in the world. Today, Orlando directs the firm's strategy and investment |
| 0:48.6 | decisions and he has overseen over 420 software acquisitions conducted by the firm representing more than $235 billion |
| 0:57.0 | in transaction value. Forbes named him Wall Street's best deal maker in 2019, and he was dubbed |
| 1:03.6 | Private Equity's King of SaaS by the Financial Times in 2021. |
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| 1:15.0 | Secureframe simplifies and streamlines the process of getting and staying compliant to the |
| 1:19.6 | most rigorous global privacy and security standards, like SOC2, ISO-101, HIPA, GDPR, and others. |
| 1:28.3 | Secureframe's industry-leading compliance automation platform, paired with their in-house compliance |
| 1:33.3 | experts and former auditors, helps you get audit ready in weeks, not months, so you can |
| 1:39.1 | close more deals faster. |
| 1:41.0 | Secureframe makes it fast and easy to achieve and maintain compliance so you can |
| 1:45.7 | focus on serving your customers and growing revenues. Automate your security and privacy |
... |
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