We know what works

We have analysed and invested in hundreds of companies, both public and private. We know what works for us and can accurately assess our likelihood of investing early on.

We focus on key questions

Every business is unique and we have learned to zero in on the important elements of each situation. Only a shortlist of key questions genuinely matters. We don't focus or waste your time on the trivial.

We are not averse to 'odd ball' unique businesses

In fact, we thrive on them. We prefer niche businesses and look for unusual business models. It keeps our life interesting and often makes for good investments.

We focus on people as much as the business

Business reflects the character and values of the owner and founder.  It is important to work with people we like and respect.

We put our best foot forward

We don't play games. We don't low ball. We don't waste your time.

We understand good vendors have options (we are business owners ourselves) and we make the best offer we can.

We commit to only one offer at a time

We are constantly looking at investment opportunities. However, once we sign and agree on an offer, we hold off all other opportunities. This ensures certainty to the vendor and helps us avoid conflict of interest. This means our offer can only be outstanding for a short time.

We do not need external financing

The principals backstop every investment.  We do not require external financing. If we do, we make that very clear on our term sheet. This ensures deal certainty and is only fair for everyone.

No investment committee

What the principals say "goes". As our capital is permanent, we do not need external or investment committee approval on our decisions. This allows us to be responsive and move quickly.

We are thoughtful and practical on deal structure

We try to work with the individual needs and requirements of each vendor. Please speak up so we can prioritise what is important. For example:

• If there is an existing general manager interested in a management buyout, we would be interested in partnering with your manager

• If there is a need to take care of people or business partners (perhaps from a verbal promise)

• If the vendor wants to keep working (or not)

• If the vendor is willing to keep minority stake and take part in future upside

• If there is no immediate need for cash (staged buyout or vendor financing in exchange for higher price or interest income)

• etc.

We see due diligence as a confirmatory exercise

The role of due diligence is to confirm the accuracy of financials and operations. We don't view this as an opportunity to renegotiate; nor do we see this as an opportunity to 'kick tires' or 're-think' our decision.

Our due diligence is short and focused

Our due diligence is confirmatory, we can keep our process short and focused.

We try to be fair on documentation

We oversee the documentation ourselves and endeavour to be fair and commercial on legal aspects. Our documentation follows market standard terms. We don't get bogged down in the legal details.

We seek to retain employees

We are not strategic buyers and have no 'cost synergies' to enforce.

We seek to maintain the culture and legacy

We have no intention of changing the way things work. The business is successful for a reason and we would like to keep it that way.

We buy to hold forever

Our capital is permanent. We don't seek to 'flip' or exit a business. We buy with the view of managing and owning for the very long run. We make decisions with the business' long term interest in mind.