Graham Weaver

the best deals that we did were always ones where we put in either us or someone just like us to go run this business who knew nothing about the industry, but had these raw talent and also coachability to like say, hey, I don't know everything. So who do I learn from?

the best deals that we did were always ones where we put in either us or someone just like us to go run this business who knew nothing about the industry, but had these raw talent and also coachability to like say, hey, I don't know everything. So who do I learn from?

Not this grizzled veteran that's already knows everything about the industry, but I'm going to look at things differently and fresh. And by the way, I'm going to just run through walls and Those were our very, very best deals. Mike Duran ran one, a guy named Josh Greenberg ran one, and then Mark Straub ran one. At one point, I can still remember where I was when we had this conversation.

Not this grizzled veteran that's already knows everything about the industry, but I'm going to look at things differently and fresh. And by the way, I'm going to just run through walls and Those were our very, very best deals. Mike Duran ran one, a guy named Josh Greenberg ran one, and then Mark Straub ran one. At one point, I can still remember where I was when we had this conversation.

Those were also, by the way, the most fun, most fun board meetings. So you're sitting literally with your friend talking about how you're just going to just crush this prank. And you know when you walk out of that meeting, they're going to do it. It's not like the founder who says, oh yeah, oh, great idea, Patrick, and they're writing it down. You just know it's never going to happen.

Those were also, by the way, the most fun, most fun board meetings. So you're sitting literally with your friend talking about how you're just going to just crush this prank. And you know when you walk out of that meeting, they're going to do it. It's not like the founder who says, oh yeah, oh, great idea, Patrick, and they're writing it down. You just know it's never going to happen.

It's the opposite of that. And it was so much fun. And so at one point we just said, let's just do that every time. From this point forward, let's just, let's put our own team in a hundred percent of the time. And we burned the boats, brutal to burn those boats because bankers don't sell companies that don't have management teams. So we had to rebuild an entire sourcing engine to do that.

It's the opposite of that. And it was so much fun. And so at one point we just said, let's just do that every time. From this point forward, let's just, let's put our own team in a hundred percent of the time. And we burned the boats, brutal to burn those boats because bankers don't sell companies that don't have management teams. So we had to rebuild an entire sourcing engine to do that.

We had to change our brand in the market we're the brand now if you don't want to continue you call alpine as opposed to the other private equity firms that will back the founder so it was really really brutal to make that change but yeah we made that change around 2010. so is it true now today that you will not do a deal where you're not installing your own team

We had to change our brand in the market we're the brand now if you don't want to continue you call alpine as opposed to the other private equity firms that will back the founder so it was really really brutal to make that change but yeah we made that change around 2010. so is it true now today that you will not do a deal where you're not installing your own team

In a platform company, we install our own team pretty much 100% of the time. Every rule can have an exception.

In a platform company, we install our own team pretty much 100% of the time. Every rule can have an exception.

Sure, someone could be amazing.

Sure, someone could be amazing.

Yeah, exactly. So if they're coachable and they want to run through walls and meet our criteria that we would have otherwise, certainly that would even be easier. But historically, we've last, I don't know, four funds, we've replaced the management 100% of the time. And we're super upfront going in. We're saying, hey, you want to cash out and go hang out on your boat and whatever? Great. Yeah.

Yeah, exactly. So if they're coachable and they want to run through walls and meet our criteria that we would have otherwise, certainly that would even be easier. But historically, we've last, I don't know, four funds, we've replaced the management 100% of the time. And we're super upfront going in. We're saying, hey, you want to cash out and go hang out on your boat and whatever? Great. Yeah.

And then probably 80% of the time in the add-on investments, we're changing management.

And then probably 80% of the time in the add-on investments, we're changing management.

Can you give us like a platform architecture or a platform building class, like 101 or 201? Does platform mean roll up? That's a word you hear a lot in private equity. Like what is a platform? How do you build one? What are the steps? So for us, it means roll up and I'll use our best example.

Can you give us like a platform architecture or a platform building class, like 101 or 201? Does platform mean roll up? That's a word you hear a lot in private equity. Like what is a platform? How do you build one? What are the steps? So for us, it means roll up and I'll use our best example.