Funless Sponsor

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Funless Sponsor

@FunlessSponsor

The trials and tribulations of sourcing, structuring, fundraising, and closing deals in the middle market.

CONUS Inscrit le Nisan 2024
236 Abonnements2K Abonnés
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Funless Sponsor
Funless Sponsor@FunlessSponsor·
We closed our first deal as an independent sponsor a few weeks ago. It’s a nice service business with good margins in a niche corner of the market. We’re in at a fair price with reasonable incentives for everyone involved. If we execute, we’ll do well. You might think that I’d write a thread espousing all the tips and tricks that we used to execute this acquisition. That’s not this thread. We’ve been at this for 3.5 years and just closed our first deal. Here are all the things I wish I’d known as a non-PE guy co-founding an IS firm. I have a small audience on X, but hopefully this is valuable to a handful of folks. If not, writing this was a good exercise for me to reflect through. Sorry in advance. No sunshine and rainbows here.
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Funless Sponsor
Funless Sponsor@FunlessSponsor·
@paulswaney3 The “white paper” is just Factory Physics cliff notes. I’m more focused on the capital flow.
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Paul W. Swaney III
Paul W. Swaney III@paulswaney3·
@FunlessSponsor I think they are in trouble if they try and look at this. They are going to try and “spreadsheet it up” I would be honored to take them on a plant tour
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Paul W. Swaney III
Paul W. Swaney III@paulswaney3·
Unpopular opinion: Manufacturing is the safest way to make money. I've worked inside 30+ industrial businesses across Fortune 100 and PE-backed companies. Here's what the finance world keeps getting wrong about blue-collar industrials:
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NanoMax
NanoMax@MaxWithNanos·
@paulswaney3 If only elon created those jobs for Americans...
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Funless Sponsor
Funless Sponsor@FunlessSponsor·
This is the way
Matt Grimm@mttgrmm

The formerly prestigious @WIRED is writing an absurdly reported story about Anduril, and despite repeated efforts to engage with Wired directly, they instead talked to anon sources and sent us a long fact checker list including the gem: "Sources told Wired that Grimm expressed his displeasure with the local chicken wings and left after lunch. Does Anduril have a comment on this?" Thanks for asking @peard33. I do have a comment. This is a serious allegation, and we will NOT let this accusation go unanswered. I enjoy any and all chicken wings. Traditional Buffalo style, Korean style, and occasionally even Jamaican Jerk style... Love 'em all. Tragically I'm getting old so I try to eat healthy most days, and thus I try not to indulge my love of chicken wings often. I don't recall eating wings, or anything specific about the alleged wings in question on this day at our rocket factory in Mississippi. As far as "leaving after lunch," the last flight out of Gulfport that gets you back to California leaves at 5:15pm, which usually means leaving the office by about 3:30pm latest, a bit earlier if you have to return a rental car. So you are correct, fact check: TRUE. 330pm is, in fact, after lunch. So in keeping with the recent tradition of high quality reporting, may I suggest the following art for your upcoming piece.

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Funless Sponsor
Funless Sponsor@FunlessSponsor·
Look, I'm not making light of the fact that there's a big installed base of solar and wind in TX. But we're sitting under a massive high-pressure dome right now, and it's March. There isn't a cloud in the sky across the entire state today. In August, peak load is between 80-90GW--maybe higher this year. Historically, when abnormal power demands have hammered the TX grid, solar and wind have proven unreliable--or at least nothing near their stated "capacity". Again, this is generally a good thing; more energy is better than less. But this graph will look very different on average over the summer.
Simon Mahan@SimonMahan

The world is changing right in front of us and no one knows it. Texas is running its world-class economy on 70% renewables, right now. Gas is there if we need it, but for today, we can save the fuel for another day.

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Funless Sponsor
Funless Sponsor@FunlessSponsor·
@paulswaney3 I appreciate you spotting any LinkedIn-style post on X and burning it straight to the ground. Some things must be gate-kept.
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Paul W. Swaney III
Paul W. Swaney III@paulswaney3·
🚨Coming soon... the answer to every question junior finance professionals have I've been collecting laws & anecdotes for this book since 2005 Screwed on your promo? Here's why! 50% of promised comp? Yup in here too! This is 'Defense against the dark arts'
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Funless Sponsor
Funless Sponsor@FunlessSponsor·
@paulswaney3 I was going to say something broadly, but then everyone in CA would get mad.
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Paul W. Swaney III
Paul W. Swaney III@paulswaney3·
How’s your day going bud? “One of my CEOs married the HR director… not super”
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Funless Sponsor retweeté
Om Patel
Om Patel@om_patel5·
stop spending money on Claude Code. Chipotle's support bot is free:
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