Rick Kes
speaker
172 appearances
12 recordings
1 series
first heard Feb 2025
last heard Jun 2025
Rick Kes’s voice in public audio — every appearance, attributed to the second.
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Appearances
But, you know, I think we need to really buckle down and focus on becoming the most efficient organization we can, because I think as we've talked about in previous episodes. the attractive assets, the A assets, if you will, still seem to be trading in early parts of 2025 and late 2024.
It's the less attractive assets, the assets that haven't created efficiencies, that haven't built in scalable technology, that haven't been able to integrate bolt-on transactions effectively. Those are the organizations that haven't traded. So I think, again,
I think we really want our clients to focus on what they can control and becoming efficient and making their asset as, you know, attractive to a potential buyer, whether it be, you know, the next three weeks or in the next three months or the next three years.
Yeah. I mean, that's, that's, you know, the cycle we continue to see in business forever, right? Like overreaction to negative news, sometimes an underreaction to positive. And it just, you know, maybe a little bit more time to elapse to have that positive effects in, you know, kind of come together. So again, we'll see, you know, what, what happens if that cycle continues to repeat itself or, you
You know, if this is a new version of the cycle where, you know, maybe it is a longer term kind of turned down than we would have expected.
Thanks, Scott.
I don't think it's accretive to the deal market. I think the noise does have its impact in the private equity world, just because it creates so much uncertainty. What will happen next sort of thing and how it may impact, you know, a business's overall value proposition, you know, and whether you're in health care or banking or manufacturing, you know, like there are.
Positives and negatives to lots of different things that are happening from a legislative perspective, depending on the industry, the market, etc. So I do think that the overall uncertainty
typically isn't good for deal makers because they're not sure how to price in the uncertainty risk and how to kind of address that within their valuation and their modeling and all those kinds of things because uncertainty is something they just can't really predict the future for. So I do think it does have its contagions to the private equity market.
You know, it's really difficult to kind of have a prediction just because I think so much has happened in the last three months that has been unpredictable. So I guess to dodge your question as best as I can, I don't have a prediction. And it's maybe not so much on the reasons that you outlined, but more on the reasons of like it's just an unpredictable situation that we have.
So we're not really sure what could or might happen.
Ja, ich meine, Scott, ich denke, ich nehme es zurück zu den Grundlagen und kontrolliere das Kontrollable. Und ich denke, unsere Theorie seit langem ist, dass du dein Bestes tust, um super effizient zu werden. Bringe dein Geschäft zu einem A-Qualität-Asset und lass den Geräusch den Geräusch sein.
Aber wenn du der beste Asset in der Klasse bist, dann ist ein bisschen dieser Geräusch nicht so wichtig für dich, wie es für die Fringe-Spieler in deiner Asset-Klasse wichtig ist. Ich wünsche meinen Klienten, sich zu bewegen, die Technologie zu nutzen, um effizienter zu werden.
Sie sollten schauen, wie Sie Ihre Kostenstruktur in Ihren vier Wäldern aufrechterhalten und der beste Asset-Performer in Ihrer Klasse werden. Und einige dieser Geräusche werden nicht so viel für Sie als für andere bedeuten.
Thank you, Scott.
Yeah, Scott, I think in some sense, the overall market conditions that we're seeing, I would think, people are getting a little bit more, I guess, understanding of the interest rate environment and understanding of the fact that there's a lot of things that may or may not be you know, beneficial to the lowering of the interest rates.
So I think some people are almost putting that aside and saying, okay, well, you know, we can't do much about this, right? And so we need to do something. And, you know, perhaps to your point, you know, it's selling within the same fund family. That could be one idea.
And to your point, the other idea is just moving on and figuring out what exits can happen and what activity could happen, even absent the interest rate environment. Because obviously, there's some noise. suggesting inflation still maybe not yet to where the Fed would like it to be.
I think some data came out late last week that showed personal consumption around 2.5%, which I think the target's around 2%. So that could be a little bit of a headwind against lowering interest rates. And then, of course, you know, I think there was some data from a manufacturing perspective around manufacturing purchasing up about, you know,
14, 15% because of tariff and tariff-related price adjustments. And so I think because of those two things, we may not see the interest rate environment be as favorable as we would have hoped absent those two data points and other data points, obviously, to that impact. So I think because of that, you know, funds are just obviously reacting and saying, we got to do something.
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