Here it is! 2021 shareholder letter for Enduring Ventures Inc.
We are a long term holding company dedicated to building abundance for our employees and shareholders through ownership in diversified, cash-flowing businesses.
Full letter in the 🧵
Here's our progress to date:
2/ Most key of all was strict price discipline and creative deal structuring
/ We have a very differentiated model in the "business buying" business.
/ Private equity's weird incentives are problems for their investors and for those who sell to them.
3/ A long-term holding company's greatest advantage is its internal capital market.
/ Our arbitrage is the greatest in situations too operationally complex, small or long-term minded for private equity.
/ First family photo of our org structure on the Internet!
My CEO hiring thread was well received, so here are four rules for hiring a CFO who doesn’t suck:
(there are two completely different types of CFO and many entrepreneurs hire the wrong one)
🧵
Two kinds of CFO:
Bankers - Love raising money. Great financial storytellers. Used to work at Goldman Sachs.
Auditors - Love making budgets and getting audits done successfully. Used to work at KPMG.
Hire a Banker if:
1. You don’t like raising money or aren’t good at it. 2. You don’t understand capital markets and don’t care to learn. 3. You are going BIG (more than $30 million raised).
They get bored with accounting and they will need to hire that under them.