Long-form thinking for operators, searchers, and long-term owners. We write about markets when it matters, and about patience, stewardship, and family governance the rest of the time.
Family Governance
Most investors sell because a fund's clock tells them to, not because the business is done compounding. We make the argument for a different model: a single, patient owner who can hold a great company for as long as it keeps earning its keep, and who measures success in decades rather than distributions.
Read the essay →Filter by what interests you. Everything here is written in-house, for the people we work with.
Before the first deal, a family needs to agree on what it will and will not own, and how it will decide. A short, honest document beats a long, aspirational one.
Dry powder is not indecision. When prices are high and patience is scarce, cash is the option to act later, and we treat it as a position, not a failure to invest.
The transition year sets the tone for the decade. Here is how we help new owners listen first, keep the good, and change only what genuinely needs changing.
A short seasonal letter to the founders and searchers we back: what we are watching, what we are reading, and the questions we are asking around the table.
Rates change the math on leverage and the price of patience. We walk through how a higher cost of capital reshapes what a fair deal looks like for both sides.
A good board is a resource, not a courtroom. We share the handful of things we ask of every board we sit on, and the things we deliberately leave alone.
Ownership is a skill, not an inheritance. We look at how families bring the next generation into real decisions early, with judgment rather than just a seat.
The ability to wait is underrated and undervalued. We make the case that a long time horizon is itself an edge, available to anyone willing to be still.
Once a year we write honestly about what worked, what did not, and what we are thinking about next. No performance charts, just the reasoning behind the year.
A reflection on our third full year, why we passed on more deals than we did, and what a quiet year teaches an owner who is not in a hurry.
The year we closed Fund II and added operators to the team. Notes on how we widened the circle without losing the discipline that started the firm.
Lessons from our earliest partnerships, the mistakes we made learning to be a good board, and the founders who taught us more than we taught them.
The founding letter. What was missing in the market for search funds and small acquisitions, and the kind of partner we set out to become.
A short note four times a year plus the occasional long read. No spam, no sales pitch, and one click to leave whenever you like.
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