Brent Beshore: Business Brilliance and Happiness at Home

The Knowledge Project

Shane Parrish

Business, Society & Culture, Technology

4.7 • 3K Ratings

🗓️ 11 June 2024

⏱️ 136 minutes

🔗️ Recording | iTunes | RSS

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Summary

Succeeding in both life and business is very difficult. The skills needed to scale a company often clash with those required to cultivate a thriving home life. Yet, Brent Beshore seems to have cracked the code—or at least he's actively working on it. In this conversation, he spills his secrets on excelling in both arenas. This episode is split into two parts: the first 45 minutes covers life and how to be a better person. Brent opens up about the evolution of his marriage, physical health, and inner life. The rest of the episode focuses on business. Shane and Beshore discuss private equity, how to hire (and when to fire) CEOs, incentives, why debt isn’t a good thing in an unpredictable world, stewardship versus ownership, and why personality tests are so important for a functional organization.After beginning his career as an entrepreneur, Brent Beshore founded Permanent Equity in 2007 and leads the firm as CEO. He works with investors and operators to evaluate new investment opportunities. -- Newsletter - The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠https://fs.blog/newsletter/⁠ -- Upgrade — If you want to hear my thoughts and reflections at the end of the episode, join our membership: ⁠⁠⁠⁠⁠⁠⁠⁠https://fs.blog/membership/⁠⁠⁠ and get your own private feed. -- Follow me: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://beacons.ai/shaneparrish⁠⁠⁠⁠⁠⁠⁠⁠⁠ -- Sponsors: Shopify: Making commerce better for everyone. https://www.shopify.com/shane Protekt: Simple solutions to support healthy routines. Enter the code "Knowledge" at checkout to receive 30% off your order. https://protekt.com/knowledge -- Timestamps: (00:00) Intro (05:08) Why Brent examined his life (09:44) How Brent "fixed" his relationships (20:04) How helping hurts (32:13) How Brent was subtly controlling relationships (40:36) Why Brent stopped drinking (mostly) (50:29) How to run a business with love yet competitively (01:00:34) Win-win relationships (01:05:34) On debt (01:19:28) On incentives (01:29:08) How to hire and fire CEOs (01:34:18) What most people miss about hiring (01:44:19) Brent's playbook for taking over a company (01:51:20) On projections (01:55:52) Revisiting investments (01:58:44) How "hands-off" is Brent? (02:08:34) Where people go wrong in private equity (02:14:07) On success Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	All investing at the end of the day is the assumption of risk. The ideal investment scenario is
0:04.9	you are assuming a risk that is knowable. You are being paid more to assume that risk, and you have
0:12.0	some ability to mitigate that risk. So we all have three basic moves in conflict. It's called move against,
0:18.0	which is like, the second one is, and then the third one is, and so if you watch all of your conflict will follow that pattern.
0:26.6	Let's talk about incentives. How do you set incentives for the CEOs?
0:30.6	I think the ideal system is...
0:32.6	What if you learned about hiring people that most people miss?
0:35.6	I think that's probably been the biggest leap forward.
0:37.6	What most people get wrong is most people don't understand.
0:41.5	What's the playbook when you take over a company?
0:44.3	So we are... Welcome to the Knowledge Project podcast. I'm your host Shane Parrish. In a world where knowledge is power, this podcast is your leverage for mastering
1:12.3	the best what other people have already figured out. If you're listening to this, it means you're not
1:16.7	a supporting member. Members get early access to episodes, my personal reflections at the end of
1:22.1	every episode, which a lot of people now say is their favorite part. No ads, exclusive content,
1:27.4	hand-edited transcripts, and so much more.
1:29.9	Check out the link of the show notes for more information. My guest today is Brent Beshore.
1:35.2	Brent is the founder and CEO of Permanent Equity, a private equity firm that buys and grows
1:40.1	boring businesses. And by boring, I mean the kind of businesses that most people overlook, but that
1:45.0	are essential to making the world go around. Some of his companies include Ace Fence, the largest
1:50.3	residential fencing company in Texas, Chance Rides, the leading amusement ride manufacturing company
1:56.1	in the United States, and Pacific Air, which has one of the aerospace industry's largest selection of
2:01.9	on-hand inventory. I first met Brent about 10 years ago now, and we became friends right
	...

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