Jennifer

FINALLY! Our F-U Money Calculator!💯 Share it far, share it wide 😎

@JustinTrudeau You can start by educating Canadians on what tariffs actually are and how they work.

The United States has confirmed that it intends to impose 25% tariffs on most Canadian goods, with 10% tariffs on energy, starting February 4.   I’ve met with the Premiers and our Cabinet today, and I’ll be speaking with President Sheinbaum of Mexico shortly.   We did not want this, but Canada is prepared. I’ll be addressing Canadians later this evening.

Why I became a PE Fund Femme Part 2 👉🏽 PE Firms and their Partners outperform on returns, make more, and are better looking than their VC counterparts. Facts.

@litcapital Chazz. Nothing else needs to be said

One of the worst genres of X is non-target undergrads destined for KPMG audit trying to look “wealthy” by dressing like a poor man’s idea of what “old money” is

@Mayhem4Markets Club track of the summer, fa sho

Brilliant. I'm dead. 😂

@StephNass Dating a B2B salesman while running a marathon. Follow me for more recipes

Raising funds is like: A. ...dating B. ...B2B sales C. ...running a marathon ?

🎧 Great chatting with the @Flippa crew about all things acquisition entrepreneurship and M&A allll day ✌🏽 flippa.com/the-exit-podca…

@rafaquinn Awesome. I’m in PE M&A and not quite the same structure but similar. Good luck!

In 2020 we established a HoldCo focused solely on buying US companies. Unlike our first HoldCo we decided to not go it alone and raised outside capital. We were looking to invest a total of $40,000,000. My partner and I invested $12,000,000 of initial equity and the capital raise would be $28,000,000. We had yet to buy anything, so the investor was entering a blind pool. We gave them guidelines of what types of businesses we would buy and that they would be in the US. We would have a total of 5 years from the first acquisition or the limit of $40,000,000, whichever happened first, to deploy the funds. We offered the investors two different convertible debt instruments. The first paid 8% interest. As we are buying established cash-flowing businesses, we can make interest payments from the very beginning. The convertible debt had a warrant attached to it. The warrant gave the holder the right to convert up to 20% of their debt for common stock. The conversion would take place on the 5th anniversary (or when all funds had been deployed) and would occur at par value. In essence, the investor would have a “free look” at the companies we bought and how we operated them before deciding to become a shareholder or not. But they would be able to enter at the same valuation as the businesses were acquired for. Each calendar year after that moment we follow a repayment schedule for the remaining debt position. The second debt instrument was non-convertible. It paid a fixed 10% coupon but had no warrant attached to it. All debt holders would follow the same amortization schedule. We charged no performance fee. We do receive a management fee in line with what all our companies pay us for shared services. We buy our businesses for a 4-5X multiple and when combined with the 30% of equity my partner and I invested, the HoldCo starts each deal with a respectable 4:1 interest coverage ratio. What do the investors get? A decent coupon with the upside of private equity-like returns. Investment in a blind pool, without the risk of equity in businesses they do not yet know. A low-risk interest coverage ratio and scheduled return of their capital. We verbally committed to a public listing or share repurchase program beginning in year 10 for those who want to exit their equity investment. What did we get? Well-negotiated leverage. We are not charging a performance fee. We are not money managers or asset accumulators. We are building a business. The terms of the debt we were provided are highly favorable. Our interest payments are based on our results, so default risk is nearly inexistent. Our repayment schedule is based on a percentage of our earnings as well. So once again, default is nearly impossible. We secured $28,000,000 of leverage for our US business while nearly eliminating default risk. For that, we gave up a piece of the equity. We made our first acquisition in February 2021. So, in February 2026, or when we deploy the full $40,000,000 the “conversion date” will occur. We have bought two companies so far and are closing our third acquisition. After that acquisition, we will have invested 67% of the $40,000,000 and probably have one more left until full deployment.

Focus on your energy and let the universe handle everything else

@lolitataub @lavca_org @ganasvc Yeah!! 🙌🏽

🥳 Honored to be on @lavca_org's 2023 Top Women Investors in Latin American Tech list! With @ganasvc, we're driving change in VC by investing in the best founders in both the US and LATAM. Join our fam at ganas.vc!

@lolitataub I'm in PE for a multitude of reasons and this is one of them. Tons of ways to raise money if that's the need You don't require a 10-100x biz to have an incredible business case. A teeeny % of all biz'es fit the "venture" scale model. Venture isn't for most. Do you!

🤔 Asking for a founder: How do you know when to give up? Been in this for 7+ years. Product on the market. Big partnerships. Revenue. VCs say we’re too early, still…underrepresented founder - just feeling deflated.

@awilkinson Seriously. This 💯

I've always been frustrated by investment bankers. Don't get me wrong, there's good ones, but especially the ones that cater to small companies—the kind Chris and I had to deal with for years—are almost all terrible. Why? They aren't founders. They are finance wonks and sales people who think and speak in spreadsheets. EBITDA. CAGR. AUM. Alpha. Beta. Yield. Liquidity. What??? These aren't words that founders of small companies use or even understand. I certainly didn't, when I needed to raise debt and equity, or was interested in selling my first company. I also just flat out didn't connect with most investment bankers. They felt like lizard people to a founder like me. They wore suits and spoke a different language. They seemed to look at me as a walking fee, which would help them mint their Q2 bonus. A few years ago, we met Louis Kammeyer. He was a young investment banker who—like so many investment bankers—hated his life. He hated his life so much, in fact, that he was thinking about leaving banking to become a cattle rancher (he grew up on a ranch). Chris and I sat him down and told him he should quit his job and just start his own investment bank. That there was nothing inherently wrong with investment banking, it was just structured and incentivized the wrong way. Like Tiny, where we had set out to become the buyer we wish we could have sold to, we felt there was an opportunity to do the same thing for investment banking. To create an investment bank that catered to founders. That spoke their language. That was down to earth. Normal. That could walk them through a menu of all their options to grow, recap, or sell in plain and simple language. A bank that thought longterm. Building relationships with people for years. Investing in their businesses. Creating alignment. With Tiny, we set out to become the buyer we wish we could have sold to. Last year, we partnered with Louis to launch Tenzing (tenzing.co), the investment bank we wish we could have worked with when we were a small, bootstrapped company. Do you need to raise capital? Buy out a co-founder or early employee? Sell your company? Or maybe sell it to your employees? Get bank debt? You should talk to him: louis@tenzing.co Tell him I sent you :-)

@tdohrmann @denk_tweets This.

An old mentor said “if you can’t get it done in five days there’s no way in hell you’re going to get it done in seven.” I have hundreds of stockholders and employees, tens of thousands of clients, and they almost all have spouses and families. My ability to increasingly improve my game in order to manage time and production, makes me better. My identity is not a CEO. I’m a man, friend, husband, father, also in a role as a CEO. The people I employ and serve are people that I identify with because I empathize and relate to their needs, goals, responsibilities, and who they are as individuals. Much of their motives to succeed are rooted in their love for those at home. From the top seat in the house, if I can do it, they can do it, we can do it together. That makes us all more productive for stockholders, more considerate for customers, more focused on meaningful pursuits, and more innovative in how we make a difference through our products and services for others. This all instills passion, determination and deepens commitments, and that’s when we create miracles in the market. There are dangers inherent in making the CEO persona ones whole identity. It can impair good judgment, lead to the wrong attachments and blind us to the needs of others. It can make us selfish leaders, can cause us to fixate in ways that narrow our awareness of what’s going on around us. While money fixes a lot of problems, it’s not the source of authentic fulfillment. Money provides empowerment to provide freedom and experiences for self and others. It’s important to remember the “why”, to have endearing support and intimate places to share successes, and a refuge during times of setbacks. Yeah, without a wife and children I could work more hours and convince myself I’m doing more. It would be easy to fall into applying force versus the results that come form true power, which sources from love. My oldest son isn’t married, no children and very ambitious and financially motivated. I tell him all the time: “You work long and hard and you play hard. You believe you’ve tapped into your maximum potential. You haven’t. When you’ve got to hit 12 cities in 3 days, when you have a sick wife at home who needs to get to the doctor, when you have a school recital you can’t miss, and the AC just went out at home, when you must temper your own emotions and anxiety, avoid taking it out on others, instead getting it all done while asking for nothing in return, you’ll find your better self. When putting your own needs aside, while giving the last bit of yourselves to those you love, you’ll find your true potential and you’ll grow, and you’ll be filled, and you’ll love it. You’ll feel of greater value, you’ll discover abilities and efficiencies you once thought impossible, and that will give you the edge at work, and against the competition. You’ll be a smarter and more compassionate leader, you will learn to bend time to your will, and you’ll teach and lead others to do it. This will increase results on every level and in every way. Those working with you will bond with you, respect you, be inspired by you, trust you, value you, and follow you to the ends of the earth to achieve your united objectives. Once you do reach the next land of promise you will all have people beyond the venture to share it with. People there when you sometimes fail, not just when you’re winning. The next-level qualities developed ‘within’ will expand your vision, you plans, you’ll think bigger and further beyond yourself, and it will permeate your corporate culture, and positively impact everyone you serve and partner with.” Love and experiences is why we’re here, not the printed cloth or digital coin. When we are inspired to become greater, we find new ways to serve more people in grander ways, and the money and results follow. If you can’t serve and enjoy a few people at home, there’s no way in hell you’ll properly serve hundreds or thousands of employees, or millions of customers.

being single is one of the best competitive advantages as a startup founder

@sycorpia Amazzzzzzing!!!!!

@PrivatEquityGuy I’m 🤣💀at all of Miami rn

Tomorrow you get a G-wagon and a $250,000 annual salary. Are there any industries you absolutely will not work in?

@farhanmohamed @thesamparr @ShaanVP @awilkinson Love it. Also LOL @ Fund 😆👌🏽

This is crazy. We have nearly 2,000 people on a waitlist to see @thesamparr, @ShaanVP & @awilkinson in Vancouver on Feb 16. Only half will be able to come. Tickets are free but Vancouverites are flaky as hell, so needed a way to make sure people don't bail. What did we do?

@farhanmohamed @awilkinson @thesamparr @vantechjournal Great job! The city really needs the influence of actually do’ers. Hope it’s a massive success for you all

Alright fam, who wants to hang with @awilkinson and @thesamparr in Vancouver? We’re gonna make this happen. @vantechjournal is organizing. Date/venue TBD. Get notified: fl6myeqzzm6.typeform.com/andrew-sam-yvr

@thedigitalyenta Wait. Wut?

Do you say “cray-on” or “cran” for crayons? And where did you grow up?

@PrivatEquityGuy @LimitlessJR lol win what, honestly. BTW super cool reflection, "what a crappy morning". Appreciated the reminder that its truly the little things

@LimitlessJR Damn! It sucks because I'm tough as welland there are situations where I want to "win"…

Had an argument with my gf last night. In the morning - no hugs, kisses or “have a good day” before going to the office. Thinking back - what a crappy morning.

Hi 👋🏽

@ShaanVP It’s not even a quote, it’s just Kramer and Newman playing Risk on the Subway 👌🏽😂

I have decided to start watching Seinfeld for the first time episode 1 to the finale