Category: Business Financing & Funding

Greybull Stewardship Makes Growth Investment in Onsource

My investment fund, Greybull Stewardship, has announced a growth investment in a unique platform that connects insurance companies with third-party vehicle and property photo inspections via smart phone apps.  The company, Onsource (www.onsourceonline.com), has a network of over 14,000 independent photo inspectors.  I am very excited to… Continue reading

Portfolio Churn — Enemy of Investment Returns

Churn destroys investment return.  Strangely, traditional private equity builds itself to churn.  Churn reduces investment returns for several reasons such as transaction costs, business disruption, and the difference in tax rates between ordinary income and capital gains.  This last difference is the easiest to quantify as… Continue reading

The Mirage and False Hope of an “Exit Strategy”

At best, an exit strategy becomes overrated and a waste of breath.  At worst, an exit strategy becomes a destructive mirage of certainty and false hope.  I realize that it is conventional wisdom for every entrepreneur to specify their exit strategy.  I have even heard… Continue reading

Private Equity Trending Toward Longer Term Models Like Greybull Stewardship

Momentum is growing toward private equity structures with longer term time horizons and movement toward more “permanent capital” — structures that are more similar to Berkshire Hathaway and Greybull Stewardship (my private equity fund focused on companies with $1-3 million in profit). Blackstone private equity… Continue reading

Disparate Data Points: Entrepreneurship Exploding or Dying?

An explosion of young companies that are bootstrapped, or financed outside of traditional venture capital (i.e., Silicon Valley) or traditional bank financing, is what I see every day.  I see many companies finding their way to a point of lift-off, stability, and medium-sized revenue and profit… Continue reading

Three More Lessons from Warren Buffett and Berkshire Hathaway

Two recent items helped me draw lessons for how I want to manage my investment firm, Greybull Stewardship.  The first is Warren Buffet’s memo that he sent last month to the managers of the 80 businesses of Berkshire, and the other is in the book,… Continue reading

Companies and Founders Deserve Better Financing Options

Business financing and capital raising are full of contradictions.  The world is awash in capital, but the availability of capital to businesses is often binary.  For some, too much capital is stalking them.  For others, the switch to turn on capital flow remains hidden.  Size… Continue reading

Investment in Allied Health Education Company

I am excited to announce that my investment fund, Greybull Stewardship, has acquired an education company that helps health professionals maintain their licenses and certifications.  The company, Summit Professional Education (www.summit-education.com), offers seminars each year for over 75,000 physical therapists, occupational therapists, speech therapists, K-12… Continue reading

Warren Buffett’s Strategy, Selling Your Business, and Other Topics in Podcast Interview

I was interviewed recently by a very good business broker, Jim Cumbee of the Tennessee Valley Group.  I have gotten to know Jim this year as we worked on a transaction and we had a fun discussion about several topics including: Lessons learned about selling… Continue reading

Two Investments To be Announced as Soon as I Stop Slacking Off in Wyoming

We closed two more acquisitions on August 8 (will announce them soon) after having made two growth business investments earlier in the summer (Murphy business brokerage and one other unannounced).  When I began the Greybull investment fund, I expected to do 1-2 investments per year.… Continue reading