If poking a buy/sell button is more stressful than hiring, finding new customers, evolving your business model, negotiating with vendors, securing financing, navigating arcane tax, legal, and government structures, and fending off competition, perhaps you're doing it wrong?
Think the core issue is control, or the illusion of control.

Yes, owning a business comes with more levers to pull and your ability to influence those levers matters, but it also comes with outrageously less liquidity. If stuff goes wrong, it's 100% your problem and no way out.
And, for those who have never owned/operated a business, stuff always goes wrong, constantly. All businesses are loosely functioning disasters that sometimes make money.

Those who are successful long-term are able to create redundancies and absorb the inevitable big shocks.

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More from @BrentBeshore

31 Jan
Opportunities beyond the purely transactional require relationships.

Relationships require education and trust, setting the stage for predictability of behavior under varying circumstances.

Brand is the most expensive (t+m) and frictionless expression. P2P sales the opposite.
With both, past performance is your proof of work for future engagements.

First-hand proof of work is obviously most powerful, with abstractions (your stories, others' stories) being less powerful but more distributable.
The higher the overlap and the stronger the signal between someone's proof of work and the other's potential engagement, the more friction-decreasing.

Transferred mutual trust (introductions, known network, shared experiences, familiarity) creates an amplification of signal.
Read 4 tweets
18 Jan
How it started How it trims

Going overnight for 8 hours at 225F. Wrap at 5 am. ImageImage
Update: Been up since 4:30 a.m. babysitting it. Bark wasn't nearly as good this time around. Not sure why. Only change was coating in avocado oil prior to applying rubs. Decided to wrap it at an average internal temp of 175F. Temp has exploded upwards in the last hour (~188F).
Umm. I take it all back. With coaching from @HeimBBQ and @TR3Y_KC, I nailed it. Pull-apart tender with great flavor. ImageImage
Read 4 tweets
31 Dec 20
This is a valuable thread and @XavierHelgesen has excellent intentions. If you were planning to buy a SMB using the SBA, the deal got sweeter.

That said, there are caution flags I'd like to raise:

1) It's brutally hard. I outline the steps here permanentequity.com/writings/how-t…
2) Selecting well, and far beyond financials factors, is a skill that takes reps to become proficient. What I thought were slam dunks 10 years ago scare me today.

Please don’t get jacked up on cheap SBA money and go tag the 14th thing you look at.
3) The required personal guarantee is no joke. Yes, it’s 10 year money. Yes, you’re going to buy it at a high cf yield. But, SMBs are volatile and often for reasons that aren’t initially obvious.

If things turn against you, you’ll declare bankruptcy. Seen it happen. Not pretty.
Read 10 tweets
25 Dec 20
For the past several years, I’ve shared a thread on Christmas about the implications of Jesus. Last year’s is below.

This year I want to get personal about my unexpected journey from ardent atheism to faith that shook the foundations of my life and changed it forever.
Everyone's journey is different and if what I'm getting ready to say seems ridiculous, I get it. 10 years ago I would have said the same thing, and probably less tactfully.


From a young age, I’ve been curious about the big questions.

Why am I here? What’s the point?
I can vividly remember sitting in vacation bible school as a young kid thinking all this talk of Jesus and His blood made no sense.

But, everyone else seemed to be into it and they had tasty snacks, so I might as well roll with it.
Read 21 tweets
22 Apr 20
A week ago KKR put out a long piece on the economic implications of COVID.


Below are the quotes I clipped/saved.
"We estimate that hours worked in the United States have fallen 62% in just the past few weeks.”

"We do not look for a traditionally sharp snapback in the second half of 2020.”

"De-leveraging will take years, not months, to work through.”
"We are now entering a period of slower nominal GDP growth amidst lower inflation, or even disinflation/deflation.”

"Heavy debt loads will impede growth, we believe, at a time when demographics and re-regulation are likely to act as further headwinds.”
Read 9 tweets
17 Apr 20
Munger hasn't cared about optics for a long time and it's a helpful window to reality as he sees it. Kudos to @jasonzweigwsj for relaying the conversation

Here are some annotations. Quotes are Munger's. Rest are mine.

"Everybody’s just frozen.”

The only deals getting done are ones that were already on the finish line and for assets logically unaffected by COVID. Otherwise, PE, VC, real estate is all shut. Banks aren’t extending new lines, let alone deal debt.
"We’re like the captain of a ship when the worst typhoon that’s ever happened comes. We just want to get through the typhoon.”

As one of my investors said to me, “Live to fight another day.” The future has always been murky, but it’s currently the visibility of diner coffee.
Read 8 tweets

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