1 / Reading

I've been digging into some books and case studies on entrepreneurship through acquisition (ETA).

The best of the bunch, in my view, is Richard Ruback and Royce Yudkoff's HBR Guide to Buying a Small Business.

I'm intrigued at the prospect of acquiring an operating company, stewarding its legacy, and driving its next stage of growth.

(Here are 10 reasons not to do it.)

The value drivers in ETA are qualitatively different from much of the venture-backed origination I've focused on in recent years. It's a difference I appreciate; in the venture/growth space I was looking for the things that could go right (which frequently led me to spend too much time on deals).

With ETA, my criteria are much tighter and I'm focused on reaching a quick 'no' as I move companies through my funnel.

Really enjoying ripping into CIMs, learning about niche industries, and analyzing companies' financials and competitive positions.

Admittedly, this is not the skillset one employs whilst running a company, but I have thoughts on how I might square that...tbd

2 / Building

I built a minimalist BJJ tracker with my homie Claude on a Friday evening.

I wanted a simple tool that would take 15 seconds to update after a session on the jiu-jitsu mats. Pre-populated with 50+ techniques, nifty analytics.

It's free to use, completely private, and syncs seamlessly across devices.

Very happy with it!

3 / Listening

James Grant and Jody Wisternoff released a 3-hour sunset mix with beautiful vistas of of Tà Đùng National Park in Vietnam. (h/t DL)

4 / Number

~100

The number of 'net tunnels' constructed with fishing nets and mesh in Kherson to protect people and places from Russian drone attacks.

— Inside the 'kill zone'

Thanks for reading!

Hit reply! I read every response.

Let me know what you’re reading, building, and/or listening to.

Abrazos,
Mike