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Tim Ludwig Profile picture
@tsludwig
Sep 18, 2020 • 7 tweets • 2 min read • Read on X
I'm a pretty eclectic reader and was browsing through my most recent reads. Thought I'd share the past 10 books that I've read/am reading w/ brief notes.

I'm always searching for great reads, so please pass along any suggestions.

Recent reads 👇
- Surprise, Kill, Vanish (reading): story of the US's secret CIA paramilitary assassination programs. Disturbing, but interesting.
- Raised Healthy, Wealthy & Wise: @MikeBoyd interview guest. Books deals with raising kids in wealthy families, but many ideas apply to all parents
- Blood and Oil: about Saudi Arabia's Crown Prince and his Machiavellian rise to power. I learned some new things about Middle East history as well as MBS's story.
- Master & Commander: saw that @moseskagan recommended it a while back. I abandoned it after reading 15%. Not for me
- The Sports Gene: late to the party on this one, but interesting scientific look at what makes great athletes. Some neat stories.
- Capitalism in America: co-written by Greenspan and recommended to me by @ryangraves. Not finished, but enjoying it so far, which I didn't expect.
- Napoleon: very comprehensive biography by Roberts. I had little knowledge of his life before, but he led a remarkable life and was a leader in war like few others in history.
- Against the Gods: story about the history of risk; interesting, but a bit dry in parts.
- Kochland: history of Koch Industries. Good overview and provides a lot of context on Koch brothers' world view as implemented through "Market-based Management". Not my philosophy, but thought-provoking to learn about.
- The People's House: political thriller, fun story
Bonus books:
- The Last Kings of Shanghai - fascinating story of Jewish dynasties in China.
- Junk to Gold - Autobiography of founder of Copart. Cool story and really unique voice

/end

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More from @tsludwig

Tim Ludwig Profile picture
Apr 27, 2022
My best work (on Twitter) may be behind me...

...at least if I look at the dates I posted my most popular Tweets.

Join me on a trip down memory lane...
On the changing nature of a CEO’s role…

On the grind of building an SMB through consistent effort…

Read 11 tweets
Tim Ludwig Profile picture
Apr 25, 2022
SMB friends, I need a bit of help...

If you are an owner, investor, broker, banker, etc. that is involved with SMBs, I'd like to request a few minutes of your time.

1/x
Background: For some time now, I've been frustrated by the lack of engaging, relevant, and timely information about what's going on with SMBs at any given point in time and rather than continuing to complain, I'm going to try to do something (small) to start addressing that.

2/x
I have limited time, as I know is the case for you, so I am just asking for some quick responses (1-3 sentences per question w/ responses via DM to me) to the following prompts:

Questions in next tweet.

3/x
Read 6 tweets
Tim Ludwig Profile picture
Feb 1, 2022
Required for launching a new fund:

☑️ The right partner (@JustinEBurris)

☑️ Funding - Millions of $ from leading business families

☑️ Compelling strategy - Search fund-like model w/ no PG, full $ support, long-term holds

🔲 8-10 top operators who want to buy & grow a SMB
Today, after a year of intense effort, we're launching Majority Search, a new investment firm created to become the preferred buyer of $1-2 million EBITDA service and light manufacturing companies in the US.
We're conducting a highly-selective process to attract a few high-performing, high-potential entrepreneurial leaders to join us.

Everyone knows someone who is amazing at managing & leading teams and orgs.

With our support, we'll be turning those operators into owners.
Read 4 tweets
Tim Ludwig Profile picture
Jan 20, 2022
What does it cost to fund a search for a business to buy?

To support full-time sourcing efforts for 24-30 months, a typical single funded searcher will budget about $500,000 to sustain their efforts. (2 searchers might require $750k)
Where does this money go?

- Salary: $100-150k/year
- Insurance taxes: $20-30k/year
- Office: $15k/year
- Tech/Research: $30k/year
- Travel: $30k/year
- Diligence: $20k/year
What's not covered in these amounts?

Broken deal costs, post-LOI costs (legal, QoE, etc., which can be $100-250k).

The amounts shown do usually allow a searcher to stretch things out a bit longer if they need the time, or it provides some cushion in case of a broken deal or two
Read 8 tweets
Tim Ludwig Profile picture
Jan 10, 2022
Raising capital for the first time (or 2nd, or 3rd, etc.) can be intimidating.

After some experience as both a GP and an LP, here is a rough guide for what I think investors look for in deal sponsors...
1) Strategy: If you're pitching crypto to an investor w/ no interest in that space, you're not going to succeed, even if you are awesome.

The investor must be interested in your product.
2) Credibility: Knowing the market you're operating in, especially with prior, profitable deal experience, is the next selling point.

1st time sponsors, people moving from an operating role to an investing one, etc create additional hurdles to raising capital, but it can be done
Read 6 tweets
Tim Ludwig Profile picture
Oct 26, 2021
🚨Call for Operators🚨

For much of 2021 I've been developing a new idea for entrepreneurship through acquisition (EtA) with a partner. We're not quite ready to pull back the curtains, but we're really close.

1/6
In anticipation of our launch, we'd like to start identifying the highest caliber mid-career operators we can so that we can connect with them to share more about our opportunity later this year. That's where I could use your help.

2/6
If you have built and led teams, managed a P&L, are humble, curious, driven, and eager to have greater autonomy and a chance to build significant personal wealth, I'd like to hear from you. If this isn't you, maybe there's someone in your network that fits this profile?

3/6
Read 6 tweets

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