Anti-PE Business Holding

Brent Beshore shares a contrarian approach to private equity, emphasizing long-term ownership without debt. His firm operates with a philosophy more aligned with family wealth building than traditional PE tactics.

• Core Investment Philosophy:

  • Buy businesses with no intention of selling
  • Use no debt in transactions
  • Hold companies for very long periods (27-year fund structure)
  • Focus on businesses with $3-8M in bonus earnings

• Traditional PE Problems They Avoid:

  • Short time horizons (4-5 years typical)
  • Heavy debt loads that make companies fragile
  • Forced quick exits due to fund structures
  • Short-term decision making driven by exit timing

• Deal Structure Approach:

  • Pay 3.5-5.5x multiple for businesses
  • Structure as 2-3.5x cash at close
  • Remainder through earn-outs and performance incentives
  • Buy with full balance sheets included
  • Maintain robust working capital

• Operating Philosophy:

  • Take humble approach to management
  • Don't implement aggressive 30/60/90 day plans
  • Keep companies as autonomous operating units
  • Provide oversight through portfolio partners
  • Scale linearly (1 partner per 3-5 companies)

• Current Portfolio:

  • 9 companies under management
  • ~$180M in total revenue
  • Team of 16 people managing operations
  • Dual structure: Financial team + Portfolio partner oversight

This approach makes them "the weirdest duck in the private equity world" but allows for more stable, long-term focused operations.