Graham Weaver

If you think about the industry as a big participant in it, are there any parts of it that really bother you? Are there features of the private equity investing style, landscape industry, whatever that you think are messed up?

If you think about the industry as a big participant in it, are there any parts of it that really bother you? Are there features of the private equity investing style, landscape industry, whatever that you think are messed up?

Yeah, there's a lot of it. I think that, gosh, there's so much money in the business that it's just very, very hard to not get distracted by that. So if you really think about, I was talking about before about the objective statement and how much that matters.

Yeah, there's a lot of it. I think that, gosh, there's so much money in the business that it's just very, very hard to not get distracted by that. So if you really think about, I was talking about before about the objective statement and how much that matters.

I think if you watch what firms do, maybe not what they say, but what they actually do, their objective statement is go raise the next fund, go raise a bigger fund. I think that that makes sense. That's how they stay in business. But I think it can lead to the wrong behaviors. Specifically, you cut your flowers and water your weeds.

I think if you watch what firms do, maybe not what they say, but what they actually do, their objective statement is go raise the next fund, go raise a bigger fund. I think that that makes sense. That's how they stay in business. But I think it can lead to the wrong behaviors. Specifically, you cut your flowers and water your weeds.

You show these great realized returns and you're compounding your stuff that's not great. It leads to a lot of people that come in the industry and maybe are in it to make money as opposed to build things or don't always show up the best way sometimes.

You show these great realized returns and you're compounding your stuff that's not great. It leads to a lot of people that come in the industry and maybe are in it to make money as opposed to build things or don't always show up the best way sometimes.

Anything we haven't talked about that you feel like is an essential part of your story, Alpine's story, ingredients of success as this style of investor that we haven't?

Anything we haven't talked about that you feel like is an essential part of your story, Alpine's story, ingredients of success as this style of investor that we haven't?

I mean, I think probably the biggest thing is it just took a long time. Through the first 14 years at Alpine, I had seven years of private equity before that. So I'm 21 years into the industry now. I think we managed $400 million or something like that. And we had a huge team and weren't really paying ourselves. 21 years in. 21 years in. I mean, 21 years in, my salary was $100,000. That's a fact.

I mean, I think probably the biggest thing is it just took a long time. Through the first 14 years at Alpine, I had seven years of private equity before that. So I'm 21 years into the industry now. I think we managed $400 million or something like that. And we had a huge team and weren't really paying ourselves. 21 years in. 21 years in. I mean, 21 years in, my salary was $100,000. That's a fact.

And we hadn't yet had a carry check because our European waterfall. And so waiting for the last company, which was our best one, it just took a long time. I think Alpine is a success story. A lot of it is because we just stayed with it for a long period of time and we're constantly growing and learning through that entire time.

And we hadn't yet had a carry check because our European waterfall. And so waiting for the last company, which was our best one, it just took a long time. I think Alpine is a success story. A lot of it is because we just stayed with it for a long period of time and we're constantly growing and learning through that entire time.

I think that's something that at least my students and I think a lot of people miss is they probably hear people on your show who sound really successful because they are, but they may not really understand that it doesn't just happen. It takes a long time. And I think giving people the perspective going into starting a company that it's going to take a long time and be ready for that ride.

I think that's something that at least my students and I think a lot of people miss is they probably hear people on your show who sound really successful because they are, but they may not really understand that it doesn't just happen. It takes a long time. And I think giving people the perspective going into starting a company that it's going to take a long time and be ready for that ride.

So pick something you're excited about that you want to stay with for a long time, because if you're in it to make money and exit, you're probably going to be disappointed.

So pick something you're excited about that you want to stay with for a long time, because if you're in it to make money and exit, you're probably going to be disappointed.

Doesn't that pair beautifully with your questions for your class though? The lifetime questions or whatever that for you to go 21 years and be making a hundred grand, obviously you love part of it. Like you wouldn't have kept going otherwise. It seems like there's quite a nice pairing there.

Doesn't that pair beautifully with your questions for your class though? The lifetime questions or whatever that for you to go 21 years and be making a hundred grand, obviously you love part of it. Like you wouldn't have kept going otherwise. It seems like there's quite a nice pairing there.