Graham Weaver

They were in the label printing business, which was a good business because label might cost a penny on a $5 bottle of shampoo, but it contains all the product information. So no one's going to wait. No purchasing manager is going to be a hero by saving a fraction of a penny on the label. Had very good predictable revenue. I missed two things.

They were in the label printing business, which was a good business because label might cost a penny on a $5 bottle of shampoo, but it contains all the product information. So no one's going to wait. No purchasing manager is going to be a hero by saving a fraction of a penny on the label. Had very good predictable revenue. I missed two things.

One is you were really underwriting the underlying customers. You had to go a level deeper and look at how recession. So the companies in the Midwest, when a recession hit in 01, their clients got destroyed. The revenue went down significantly. That was the first thing I missed. The second thing was I didn't understand how important management was.

One is you were really underwriting the underlying customers. You had to go a level deeper and look at how recession. So the companies in the Midwest, when a recession hit in 01, their clients got destroyed. The revenue went down significantly. That was the first thing I missed. The second thing was I didn't understand how important management was.

And this would become a huge part of our philosophy later on. The founder would retire and then the number two person was there. I just backed them and they were absolutely not backable. I wildly underappreciated how much the management team mattered. And I made that mistake three times before realizing I had made it.

And this would become a huge part of our philosophy later on. The founder would retire and then the number two person was there. I just backed them and they were absolutely not backable. I wildly underappreciated how much the management team mattered. And I made that mistake three times before realizing I had made it.

So in the next one, next label business, the underlying customer, the biggest customer we had was Trader Joe's, which was just like the best customer ever in the early 2000s. They just grew 15%. Yeah, 15% a year every year. They paid in five days. They allowed their vendors to have great margins. So it was just, It was a home run deal. I owned it for 22 years and it paid. Oh, wow. Yeah.

So in the next one, next label business, the underlying customer, the biggest customer we had was Trader Joe's, which was just like the best customer ever in the early 2000s. They just grew 15%. Yeah, 15% a year every year. They paid in five days. They allowed their vendors to have great margins. So it was just, It was a home run deal. I owned it for 22 years and it paid. Oh, wow. Yeah.

I just sold it a couple of years ago, actually.

I just sold it a couple of years ago, actually.

It paid dividends along the way. Thank God. So now you've got a successful deal under your belt coming out of business school. It sounds like, obviously, at this point, you would have said, this is the thing I want to do. Is that right? Or was there still searching to be done?

It paid dividends along the way. Thank God. So now you've got a successful deal under your belt coming out of business school. It sounds like, obviously, at this point, you would have said, this is the thing I want to do. Is that right? Or was there still searching to be done?

Oh, gosh. It was 100% what I wanted to do and I still chickened out. So if you'd asked me any time in the two years, I was like, I know exactly what I want to do with my life. As graduation starts approaching and all my classmates are getting jobs in private equity, I'm getting a little FOMO and I'm also scared. I take an interview, which turns into a job at an institutional private equity fund.

Oh, gosh. It was 100% what I wanted to do and I still chickened out. So if you'd asked me any time in the two years, I was like, I know exactly what I want to do with my life. As graduation starts approaching and all my classmates are getting jobs in private equity, I'm getting a little FOMO and I'm also scared. I take an interview, which turns into a job at an institutional private equity fund.

And I knew in my soul, it was not what I wanted to do. And I showed up and a little bit of me died the day I started. And I did that for a little bit of time. And then I actually had a close friend of mine around that time, around my age had passed away. I just took a little time off and I just realized, hey, when am I going to do the thing I really want to do if not now?

And I knew in my soul, it was not what I wanted to do. And I showed up and a little bit of me died the day I started. And I did that for a little bit of time. And then I actually had a close friend of mine around that time, around my age had passed away. I just took a little time off and I just realized, hey, when am I going to do the thing I really want to do if not now?

And so I walked in a couple of days later and quit. I didn't have anything to land on. I didn't have a fund. I didn't have investors. I didn't have anything, but I was like, I got to give this a shot.

And so I walked in a couple of days later and quit. I didn't have anything to land on. I didn't have a fund. I didn't have investors. I didn't have anything, but I was like, I got to give this a shot.

It seems like so many of these stories, when they go this way, they start small and modest. SPVs or single deals or whatever. So is that how yours was chained together before Alpine? Totally, yeah. A bunch of single SPVs to buy one company, exactly. What advice would you give people that hear that and they're like, yep, that's what I want to do.

It seems like so many of these stories, when they go this way, they start small and modest. SPVs or single deals or whatever. So is that how yours was chained together before Alpine? Totally, yeah. A bunch of single SPVs to buy one company, exactly. What advice would you give people that hear that and they're like, yep, that's what I want to do.