#301 - Emily Holdman - Managing Director @ Permanent Equity - How To Buy Great Businesses

Emily Holdman is Managing Director of Permanent Equity - a firm using 30-year funds to invest with no intention of selling in small and medium-sized private businesses. In her role, Emily is principally responsible for leading the firm's origination and investment process, and its marketing. On this episode, Chris and Emily discuss: How to know when a seller is ready, and when to move forward on a business Underwriting businesses Buying an Amusement Park Ride Manufacturer How to ask great questions when entering an unfamiliar industry We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Links Permanent Equity Emily on Twitter Topics (00:02:34) Emily’s background and career (00:06:47) Acquiring MediaCross and growing the business (00:13:00) Moving into Acquisitions at 23 years old (00:18:06) Going three years without acquiring  (00:24:10) How to know when a seller is ready (00:31:50) Emily’s role at PE (00:33:25) When do you know it’s time to move forward with a seller? (00:38:40) How many businesses do you see before moving on one? (00:45:21) Why does everyone disagree over working capital? (00:47:23) How to underwrite a business in Alaska (00:56:21) Why PE loves Texas & Enthusiast Businesses (01:02:02) Buying an Amusement Park Ride Manufacturer (01:07:04) What are some questions you ask early on to become familiar with an industry? (01:12:32) How do you know if a seller is giving good answers if you’re unfamiliar with an industry? (01:16:52) Transaction tensions (01:23:46) Why the Twitter sentiment on self-reliance is annoying (01:32:02) Women in Investing (01:39:23) Advice for girls Support our Sponsors Fort Capital: https://bit.ly/FortCapital Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ Chris on Social Media: Twitter: https://bit.ly/3BYIjcH LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts