4.8 • 806 Ratings
🗓️ 10 December 2018
⏱️ 70 minutes
🧾️ Download transcript
Brent Beshore is the founder and CEO of Adventur.es, an investment firm that buys small family-owned businesses with the intention of holding them indefinitely. After launching a few businesses out of college, Brent developed a distinct investment strategy and style. Earlier this year, he raised outside capital for the first time in a permanent capital vehicle, and I am a happy investor in the fund.
Brent regularly shares his insights on business and investing through his widely distributed letters on his website and commentary on Twitter. And just last week, he released his first book, The Messy Marketplace: Selling Your Business in a World of Imperfect Buyers. It’s a fantastic instructional guide that covers everything from emotional expectations to the fine print in documentation.
Our conversation covers Brent’s childhood interest in business, early mistakes, structural differences in his strategy from traditional private equity, search funds and fundless sponsors, sourcing deals, conducting due diligence, understanding valuation, negotiating, raising a first-time permanent capital vehicle, entering the ranks of professionals, and his new book.
Brent is unusually insightful about investing in general and deeply knowledgeable about the niche he occupies.
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0:00.0 | Capital Allocators is brought to you by Ten East, an investment platform for sophisticated investors to access private markets. |
0:10.5 | Ten East brings benefits of having your own family office without the cost and headaches of doing so. |
0:16.8 | It's founded and led by Michael LaFelle, former deputy executive managing member of Davidson Kempner. |
0:24.2 | Michael and his investment team offer members the opportunity to co-invest by offering at their |
0:29.1 | discretion. Michael and his team source, diligence, and commit material personal capital to each |
0:35.3 | investment. The opportunities shared on the Ten East platform |
0:38.9 | offer exposure to private credit, real estate, niche venture and private equity, and other |
0:44.5 | idiosyncratic investments that typically aren't available through traditional channels. |
0:49.2 | The principles have over a decade track record of investing in these types of exposures |
0:53.5 | across more than 350 |
0:55.7 | transactions. Post-investment, the Tennis team conducts ongoing monitoring and reporting, |
1:01.8 | just as you'd expect from an institutional investment organization. I've known Michael for about a |
1:07.0 | decade, and after becoming impressed by the quality of 10 East offerings, its research |
1:11.6 | process, and high-quality investment team, I became an advisor to the organization, an investor |
1:17.1 | in multiple offerings. You can learn more and join me as a member at 10-east.com. That's the number 10, |
1:25.4 | east.co.O. |
1:33.4 | Capital Allocators is also brought to you by SRS Aquium. |
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