Permanent Podcast: Real Talk About Private Equity and Buying, Selling, and Operating Small Businesses
Small businesses don't stay small on purpose. And the marketplace for small to midsize businesses is messy. Listen in on conversations happening around the Permanent Equity house about private equity, investing, buying, selling, managing, & operating small businesses, and more. The first 40 episodes are the Messy Marketplace audiobook. Having peeked behind the curtain at over 10,000 companies, this expanded audiobook-podcast aims to demystify the buyers, the process, and the inevitable emotional journey that is selling a company.
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How to Do Diligence Confidently (Ep. 5)
09/14/2023
How to Do Diligence Confidently (Ep. 5)
Emily Holdman and David Cover walk through how to use the Diligence resources found at permanentequity.com and why we hope this project helps more sellers navigate the diligence process confidently. THIS PODCAST IS ACCOMPANIED BY MORE DILIGENCE RESOURCES at: CONNECT Want to connect with Permanent Equity? Sign up for a new daily newsletter from Tim Hanson, Unqualified Opinions: Follow founder & CEO Brent Beshore on X Sign up for our newsletter for operators, Permanent Playbook: Visit for more TIMESTAMPS 0:00 Most People Will Only Navigate Diligence Once 1:21 Anyone Should Be Able to Navigate Diligence Confidently 2:16 Resources to Help You Diligence Confidently 3:08 The Checklist 4:33 Building Your Diligence Team 5:59 Essays 6:55 Downloadable Interactive PDF 8:09 Do Diligence Confidently EPISODE CREDITS Produced by David Cover Music by Jees Guy WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for Permanent Playbook, our newsletter for operators in the field: Sign up for Unqualified Opinions, a new daily newsletter from our very own Tim Hanson: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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Building Your Diligence Team (Do Diligence Confidently Ep. 4)
09/14/2023
Building Your Diligence Team (Do Diligence Confidently Ep. 4)
Diligence requires a team effort. In Episode 4 of Do Diligence Confidently: Navigating the Due Diligence Process to a Deal, Emily Holdman and Taylor Hall give tips for how to assemble your team internally and how to hire external support from intermediaries and lawyers. THIS PODCAST IS ACCOMPANIED BY MORE DILIGENCE RESOURCES at: CONNECT Want to connect with Permanent Equity? Sign up for a new daily newsletter from Tim Hanson, Unqualified Opinions: Follow founder & CEO Brent Beshore on X Sign up for our newsletter for operators, Permanent Playbook: Visit for more TIMESTAMPS 0:00 Intro & Assembling Your “League of Gentlemen” 1:10 Who In Your Organization Are You Going to Involve? 1:55 Hiring Outside Advisors 6:28 Advice for Hiring a Lawyer 11:43 Advice for Hiring an Advisor or Intermediary EPISODE CREDITS Produced by David Cover Music by Jees Guy WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for Permanent Playbook, our newsletter for operators in the field: Sign up for Unqualified Opinions, a new daily newsletter from our very own Tim Hanson: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
/episode/index/show/adventur-es/id/27985962
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The Process: From First Call to Close (Do Diligence Confidently Ep. 3)
09/14/2023
The Process: From First Call to Close (Do Diligence Confidently Ep. 3)
In Episode 3 of Do Diligence Confidnetly: Navigating the Due Diligence Process to a Deal, Emily Holdman and Tim Hanson explain what the process of entering into a partnership with Permanent Equity looks like from the introductory call to close. THIS PODCAST IS ACCOMPANIED BY MORE DILIGENCE RESOURCES at: CONNECT Listen to the podcast David mentions on “How to Sell A Business in 2023” Want to start a conversation with Permanent Equity? Sign up for a new daily newsletter from Tim Hanson, Unqualified Opinions: Follow founder & CEO Brent Beshore on X Sign up for our newsletter for operators, Permanent Playbook: Visit for more TIMESTAMPS 0:00 Intro & Three Olds Talking About New Slang 1:41 Step 1: Information Gathering Conversations 3:30 Step 2: IOI (Indication of Interest Letter) 6:54 Step 3: Site Visit(s) 9:15 Step 4: LOI (Letter of Intent) 10:33 Step 5: Diligence 14:05 Step 6: The Business Deal 15:10 Step 7: Purchase Agreement 18:40 Step 8: Close (The Finish and the Starting Line) 20:22 What’s Next? EPISODE CREDITS Produced by David Cover Music by Jees Guy WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for Permanent Playbook, our newsletter for operators in the field: Sign up for Unqualified Opinions, a new daily newsletter from our very own Tim Hanson: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
/episode/index/show/adventur-es/id/27985566
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Navigating Due Diligence to a Deal (Do Diligence Confidently Ep. 2)
09/14/2023
Navigating Due Diligence to a Deal (Do Diligence Confidently Ep. 2)
Due diligence done right is about building relationships while building the deal. In Episode 2 of Do Diligence Confidnetly: Navigating the Due Diligence Process to a Deal, Taylor Hall and Tim Hanson explain to David Cover and Sarah George-Waterfield the purpose of diligence, why Permanent Equity approaches it with a posture of being helpful, and why problems found in diligence don’t have to be deal killers. THIS PODCAST IS ACCOMPANIED BY MORE DILIGENCE RESOURCES at: CONNECT Want to start a coversation with Permanent Equity? Sign up for a new daily newsletter from Tim Hanson, Unqualified Opinions: Follow founder & CEO Brent Beshore on X Sign up for our newsletter for operators, Permanent Playbook: Visit for more TIMESTAMPS 0:00 Intro & What Is Diligence? 4:29 Advice for Navigating the Due Diligence Process to a Deal 6:37 Help Your Buyer Confidenlty Take Risk 7:29 What Kinds of Problems Kill a Deal? 9:54 Why We Don’t Play the Gotcha Game 12:31 An Intervention for Taylor's Insanity 14:09 Get Things “Cleaned Up” 17:29 How to Build Trust With Your Buyer 21:23 What Happens When Issues Come Up In Diligence 23:36 Why Diligence Can Feel Overwhelming 26:31 What Would Cause a Deal to Die? 27:54 Our Approach to Diligence 30:03 What’s Next? EPISODE CREDITS Produced by David Cover Music by Jees Guy WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for Permanent Playbook, our newsletter for operators in the field: Sign up for Unqualified Opinions, a new daily newsletter from our very own Tim Hanson: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
/episode/index/show/adventur-es/id/27985560
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We've Open-Sourced Our Diligence Process (Do Diligence Confidently Ep. 1)
09/14/2023
We've Open-Sourced Our Diligence Process (Do Diligence Confidently Ep. 1)
Due diligence is intense. But it doesn’t have to be mysterious or a gotcha game. In Episode 1 of Do Diligence Confidnetly: Navigating the Due Diligence Process to a Deal, Tim Hanson and David Cover share why Permanent Equity has open-sourced their diligence process and introduce some of the topics and resources to help sellers and investors navigate diligence confidently. THIS PODCAST IS ACCOMPANIED BY MORE DILIGENCE RESOURCES at: CONNECT Want to connect with Permanent Equity? Sign up for a new daily newsletter from Tim Hanson, Unqualified Opinions: Follow founder & CEO Brent Beshore on X Sign up for our newsletter for operators, Permanent Playbook: Visit for more TIMESTAMPS 0:00 Why Open-Source Our Diligence Process? 2:26 We Built a Lot of Diligence Resources at permanentequity.com 3:34 Diligence Doesn’t Have to Be That Hard 4:34 Let’s Do Diligence Confidently EPISODE CREDITS Produced by David Cover Music by Jees Guy WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for Permanent Playbook, our newsletter for operators in the field: Sign up for Unqualified Opinions, a new daily newsletter from our very own Tim Hanson: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
/episode/index/show/adventur-es/id/27985548
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John Marsh: Understanding People - Outside Insights
07/12/2023
John Marsh: Understanding People - Outside Insights
John Marsh (Marsh Collective, Redemptification Podcast) cares deeply about people. It’s behind his obsession with restoring irreplaceable real estate in small towns across the Southeast, helping couples rebuild marriages and lives, and connecting individuals with each other and with work that fulfills them and fits their talents and ambitions. John talks with Brent Beshore about how his deep care for and commitment to people (and the long journey it took to get there) has affected how he thinks about life, relationships, hiring people, planning projects, and building teams. LINKS & MENTIONS FROM THIS EPISODE Watch John & Ash’s story Marsh Collective Redemptification Podcast CONNECT John on LinkedIn Brent on twitter Brent on LinkedIn Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from Tim Hanson, Unqualified Opinions: TIMESTAMPS 0:00 Are We About to Get Marshed? 1:39 When Brent Refused to Meet John 4:22 What Is Marsh Collective & Redemptive Real Estate? 12:35 John’s Story: Beauty From Brokenness 23:52 Nuclear Waste in the Basement of Your Marriage 41:59 Signs of Healthy Relationships 49:46 We’re All Addicts In Some Way 54:06 Tools For Better Relationships 1:08:49 Tools For Better Teams 1:15:59 Belly Flops In Business & Lessons Learned 1:21:18 Living With Joyfulness EPISODE CREDITS Produced by David Cover Additional editing & mastering by Ryan Lipman Interlude music by David Cover, Andy Freeman, Rhett Johnson, & Andrew Luley Outro music by Jees Guy WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for Permanent Playbook, our newsletter for operators in the field: Sign up for Unqualified Opinions, a new daily newsletter from our very own Tim Hanson: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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Bill D'Alessandro: The Hard Thing(s) About HoldCos - Outside Insights
06/28/2023
Bill D'Alessandro: The Hard Thing(s) About HoldCos - Outside Insights
Why did one of the biggest holdco owners & operators sell his holdco? Bill D’Alessandro talks about what led to the decision to sell all but one of his companies, having to let go of being “the Holdco Guy,” advice for entrepreneurs thinking about operating & owning multiple companies, insights on online marketing, & how he sees AI changing the world forever. LINKS & MENTIONS FROM THIS EPISODE Bill’s Natural Dog Company Acquisitions Anonymous podcast Join the list for Main Street Summit Read the Messy Marketplace (or go to episode 1 of the Permanent Podcast feed to listen) CONNECT Bill on twitter Bill on LinkedIn Brent on twitter Brent on LinkedIn Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from Tim Hanson, Unqualified Opinions: TIMESTAMPS 0:00 Bill Fills Dead Air Time 4:48 HoldCos: A Mailbox Full of Money? 11:19 Letting Go of the HoldCo 16:14 Hitting Rock Bottom & Losing the Plot 25:01 How to Build a Holdco the Right Way 31:54 From HoldCo to OneCo 34:55 When to Go Fast vs. When to Be Patient 41:30 Don’t Buy a Business That’s Too Small 47:50 Handling Layoffs 52:12 Being Vulnerable: Handling Anxiety & Loss 1:08:26 The Additive Effect of Subtracting 1:15:12 Lightning Round: Advice for Small Business Owners & Operators 1:16:16 Lightning Round: Hiring 1:16:38 Lightning Round: Marketing Doesn’t Work 1:18:24 Lightning Round: When to Take on Capital 1:19:13 Lightning Round: How to Sell a Company 1:21:14 Lightning Round: How Much Debt is too Much? 1:21:50 Lightning Round: Stop Using Slack 1:23:51 Lightning Round: Cutting Costs While Increasing Quality 1:24:28 Lightning Round: AI is the Singularity 1:32:26 Advice for Your 25-Year-Old Self: Be Deliberate 1:34:28 Why Brent Can’t Sleep: Main Street Summit EPISODE CREDITS Produced by David Cover Additional editing & mastering by Ryan Lipman Intro music by David Cover, Andy Freeman, Rhett Johnson, & Andrew Luley Outro music by Jees Guy WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for Permanent Playbook, our newsletter for operators in the field: Sign up for Unqualified Opinions, a new daily newsletter from our very own Tim Hanson: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
/episode/index/show/adventur-es/id/27300159
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Brett Hagler: Building A New Story - Outside Insights
06/07/2023
Brett Hagler: Building A New Story - Outside Insights
What would it look like to approach solving global homelessness with the same spirit of disruption & innovation as a cutting-edge tech start-up? Brett Halger (Co-Founder & CEO of New Story) joins Brent Beshore & David Cover to discuss how New Story is doing just that with 3D printed homes, web3, and experimental tech ventures – and why they are disrupting themselves to create a whole new model and market that increase home supply and provide better access to home ownership. Plus insights on how to scale a company, the best way to solve complex problems, how to make big changes to an organization, and why philanthropy alone won’t make a dent in solving global homelessness. LINKS & MENTIONS FROM THIS EPISODE Make an impact with New Story Join the list for Main Street Summit CONNECT Brett on twitter Brett on LinkedIn Brent on twitter Brent on LinkedIn Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from Tim Hanson, Unqualified Opinions: TIMESTAMPS 0:00 The Most Exciting Not-For-Profit on the Planet? 5:25 Why the NEW New Story Model Is Actually Going to Change the World 9:09 The New Story Story 18:51 Why Giving Away Homes Doesn’t Work 26:03 How Does New Story Help Someone? 30:50 Do You Even Cold-Plunge Bro? 32:00 Deciding What New Technology to Adopt: 3D Printing Homes, Web3, AI 37:55 The Pain Points of Scaling 43:10 How to Deal With Going From Massive Growth to Mounting Challenges 46:27 Leading With Vulnerability & Confidence 49:44 Becoming Who You Want to Be 52:39 Living a Life of Impact 54:18 Why Brent Can’t Sleep: Main Street Summit EPISODE CREDITS Produced by David Cover Additional editing & mastering by Ryan Lipman Outro music by Jees Guy WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for Permanent Playbook, our newsletter for operators in the field: Sign up for Unqualified Opinions, a new daily newsletter from our very own Tim Hanson: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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Permanent Equity's Hiring Playbook
05/24/2023
Permanent Equity's Hiring Playbook
What’s your hiring process? Kelie Morgan, Director of Talent Acquisition at Permanent Equity, shares the 8-step hiring playbook she developed to find and hire great talent at the firm and our portfolio companies. Learn how to attract talent more efficiently, screen candidates more thoroughly, and conduct interviews most effectively – and why the most important part of the process might be the part you didn’t plan for. LINKS & MENTIONS FROM THIS EPISODE Connect with Kelie on twitter Connect with Kelie on LinkedIn Visit for more TIMESTAMPS 0:00 Intro 0:31 What Would You Say You Do Here? 2:32 Permanent Equity’s Hiring Playbook: 1 - The Job Description 5:01 2 - Resume Screening Process 7:05 3 - Screening Interview 11:55 4 - Competency Interview 13:13 5 - Deliverables & Personality Assessments 18:12 6 - In-Person Interviews & The Time Kelie Wore the Wrong Shoes 25:51 7 - Reference Checks 27:58 (8) - Your Firing Process 28:56 - How Kelie Conducts a Screening Interview 39:18 - 8-Step Recap - Visit permanentequity.com to Read More About Our Hiring Process 40:51 Legal Disclaimer EPISODE CREDITS Produced by David Cover Additional editing & mixing by Ryan Lipman WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
/episode/index/show/adventur-es/id/26865912
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Claire Hughes Johnson: Scaling People - Outside Insights
05/10/2023
Claire Hughes Johnson: Scaling People - Outside Insights
Claire Hughes Johnson (Google, Stripe) discusses her new book Scaling People: Tactics for Management and Company Building. Claire talks about why she thinks vulnerability is so powerful, the pitfalls of transparency in leadership, how to build systems by building trust, and the difference between management and leadership. LINKS & MENTIONS FROM THIS EPISODE “Scaling People” by Claire Hughes Johnson Read “The Messy Marketplace” by Brent Beshore Listen to “The Messy Marketplace” (episode 1 of the Permanent Podcast feed) Claire mentions “Bury My Heart at Conference Room B” by Stan Slap David mentions “Raising Emotionally Strong Boys” by David Thomas Sign up for our weekly newsletter for operators, Permanent Playbook: CONNECT Claire on twitter Claire on LinkedIn Brent on twitter Brent on LinkedIn Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from Tim Hanson, Unqualified Opinions: TIMESTAMPS 0:00 Intro & Who Is Claire? 2:08 “This One Scales to 11” 4:08 Why Write “Scaling People?” 13:08 One of Claire’s Most Pivotal Moments as a Manager 22:12 Transparency: Virtue or Vice? 28:22 The Challenges of Managing PEOPLE 36:38 The Power of Being Vulnerable 46:42 Why Dachshunds Are the Funniest Dogs 51:26 How Have Your Motivations Changed Over Time? 55:36 The Difference Between a Strong Manager and a True Leader 57:55 Why a Business Stays Small 1:06:35 How to Build Kindness Into Company Culture 1:10:45 Who Would You Send This Podcast To? 1:11:52 Legal Disclaimer EPISODE CREDITS Produced by David Cover Additional editing & mastering by Ryan Lipman Intro music by David Cover, Andy Freeman, Rhett Johnson, & Andrew Luley Outro music by Jees Guy WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for Permanent Playbook, our newsletter for operators in the field: Sign up for Unqualified Opinions, a new daily newsletter from our very own Tim Hanson: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
/episode/index/show/adventur-es/id/26662725
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Coming Soon: Main Street Summit
05/04/2023
Coming Soon: Main Street Summit
The Permanent Podcast is moving to an every-other-week publishing schedule for the summer so check back next week for our conversation with Claire Hughes Johnson. We are excited to announce a new event called Main Street Summit: a festival for owners, operators, and investors to expand their tools and relationships. Head to to join the list.
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Morgan Housel: The Psychology of Luck - Outside Insights
04/26/2023
Morgan Housel: The Psychology of Luck - Outside Insights
Morgan Housel (The Psychology of Money) joins Brent Beshore & David Cover to discuss how to build wealth, why people are mad at Morgan, and why most investors are asking the wrong questions – plus, they clear the air on Brent’s online feud with Morgan. LINKS & MENTIONS FROM THIS EPISODE Preorder Morgan’s new book, Same As Ever Read The Psychology of Money Listen to Morgan’s podcast Listen to Brent & David’s interview with Shane Parrish Morgan mentions the book, April 1865 by Jay Winik CONNECT Morgan on twitter Morgan on LinkedIn Brent on twitter Brent on LinkedIn David on twitter David on LinkedIn Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from Tim Hanson, Unqualified Opinions: TIMESTAMPS 0:00 Intro & Why Brent Hates Morgan 2:08 David Apologizes to Morgan 4:27 Did Morgan Know He Was Going to be a Best Selling Author? 10:17 Why People Are Mad at Morgan & Why Investors Are Asking the Wrong Questions 15:09 Why Brent Doesn’t Consider Himself an Investor 17:35 How Almost Dying Shaped Morgan’s View of Risk & Luck 26:31 How to Not Make Bad Decisions 29:22 How to Have Enough 36:06 How to Create Something That Will Have Impact 38:36 Is it Possible to Save Too Much Money? 41:26 What Should Owners & Operators Do With Their Money? 47:37 Getting Rich vs Staying Rich 53:47 How to Learn from the Past and What Never Changes 56:75 How to Be Less Cynical 59:08 Housel Hot-Takes: What Are You Reading? 1:00:52 Housel Hot-Takes: Bitcoin & AI 1:03:39 Housel Hot-Takes: The Fed 1:05:03 Housel Hot-Takes: Expensive Wine Is Overrated 1:06:08 Housel Hot-Takes: Twitter & Elon Musk 1:08:02 What Would You Go Back & Tell Your 30 Year Old Self? 1:09: Frenemies Are Frenemies Forever 1:10:46 Let’s Send This Podcast to Someone Together 1:11:40 What Happens Next 1:12:35 Moment of Compliance Zen EPISODE CREDITS Produced by David Cover Intro music by David Cover, Andy Freeman, Rhett Johnson, & Andrew Luley Outro music by Jees Guy Moment of Compliance Zen music by Shimmer WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for Permanent Playbook, our newsletter for operators in the field: Sign up for Unqualified Opinions, a new daily newsletter from our very own Tim Hanson: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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The Investment Team Is Hiring
04/17/2023
The Investment Team Is Hiring
Permanent Equity is hiring for a new 2-year Analyst Program. Emily Holdman (MD) & Tim Hanson (Co-President & CIO) sit down with David Cover & Sarah George-Waterfield to talk about what makes Permanent Equity’s approach to investing different from traditional private equity, what the new analyst role will look like, and why we think working on the Permanent Equity team is engaging, fun, and fulfilling work, despite Tim’s repeat dad-jokes. LINKS & MENTIONS FROM THIS EPISODE Read about the program and apply here Connect with Permanent Equity on LinkedIn Connect with Permanent Equity on twitter Connect with Emily on LinkedIn Connect with Emily on twitter Connect with Tim on LinkedIn Connect with Tim on twitter Connect with David on twitter Connect with David on LinkedIn Connect with Sarah on twitter Connect with Sarah on LinkedIn TIMESTAMPS 0:00 We’re Breaking Rule #1 of Podcasting 2:26 Permanent Equity’s New Analyst Program 6:54 Help Permanent Equity Buy More Companies 10:53 What Makes Permanent Equity Different from Private Equity 12:44 Who Is Right for This Role? 14:27 The Hardest Part of Working at Permanent Equity 15:45 Visit permeq.com to Apply 16:26 Legal Disclaimer EPISODE CREDITS Produced by David Cover Intro music by Andrew Camp, David Cover, Scott Johnson, Andrew Luley, & Dave Wilton Outro music by Ghost Beatz WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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How to See Your Strengths
04/12/2023
How to See Your Strengths
You have a unique set of strengths but you might not know what they are. Because we don’t recognize these "subconscious gifts" we don't know how to flex them effectively. Mark Brooks and David Cover talk about how you can see your strengths and unlock them in yourself and in others. LINKS & MENTIONS FROM THIS EPISODE Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: Sign up for our weekly newsletter for operators, Permanent Playbook: Connect with Mark on twitter Connect with Mark on LinkedIn Connect with David on twitter Connect with David on LinkedIn Visit for more TIMESTAMPS 0:00 Intro 1:20 David Confronts a Coworker Again 2:59 Subconscious Gifts: What Are We Even Talking About? 8:12 Why You Have Success: Seeing The Matrix 12:41 You Might Not Know Your Greatest Strength 17:15 How to See Your Hidden Strengths 19:42 David’s Never Seen Good Will Hunting & Thinks Paul Simon is Just Ok 20:36 David Tries to Identify Mark’s Subconscious Gifting 26:25 Why We Have Conflict and Disconnects at Work 31:54 Your Gifts Are Rare, Your Weaknesses Aren’t 38:34 Questions for Reflection: How to Identify Subconscious Gifts 42:56 Send This Podcast to Someone 43:46 Moment of Compliance Zen EPISODE CREDITS Produced by David Cover Additional editing & mixing by Ryan Lipman Intro music by David Cover, Andy Freeman, & Wes White Outro music by Daniele Musto Moment of Compliance Zen music by Shimmer WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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What's Your Brand? - The Last 5 Minute Management
04/05/2023
What's Your Brand? - The Last 5 Minute Management
Brent Beshore talks about the importance of how people experience your brand, your service, and your product in the final installment of 5 Minute Management. LINKS & MENTIONS FROM THIS EPISODE Brent on twitter Brent on LinkedIn Connect with David on twitter Connect with David on LinkedIn Visit for more Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: Sign up for our weekly newsletter for operators, Permanent Playbook: TIMESTAMPS 0:00 Intro 0:22 We Tried Something That Didn’t Work 1:41 Thinking About Your Brand 7:47 Legal Disclaimer EPISODE CREDITS Produced by David Cover Intro music by David Cover, Andy Freeman, & Wes White Outro music by Daniele Musto WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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John Fio: Building a World One Hug at a Time - Outside Insights
03/29/2023
John Fio: Building a World One Hug at a Time - Outside Insights
John Fio (Gravity Blanket, Moon Pals) joins Brent Beshore & David Cover to talk about what it was like to work with Justin Bieber, the importance of finding truth in what you create, why worldbuilding is more important storytelling, and why so many products won’t stand the test of time. LINKS & MENTIONS FROM THIS EPISODE Gravity Blanket Moon Pals Birthdate Co Unqualified Opinions Newsletter CONNECT John on twitter John on LinkedIn Brent on twitter Brent on LinkedIn David on twitter David on LinkedIn Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: TIMESTAMPS 0:00 Intro & Who Is John Fio? 4:38 Maybe the World DOES Need One More Podcast 5:44 John the Artist vs John the Warlord 8:22 Working for Justin Bieber & Almost Dying 10:27 Being Homeless for Over a Year 12:35 Inventing Gravity Blanket After Spending the Night on the Subway 20:00 Worldbuilding > Storytelling 24:20 Fearlessly Pursuing Your Customer 29:29 Sign Up for the Unqualified Opinions Newsletter 30:57 Red Bull Built a Real World 37:07 Is Uber a Real Company? 41:43 A Plague of Cynicism 49:02 You Are More Than Yourself 1:04:21 Finding the Truth Is Profitable 1:07:13 Is Moon Pals the Next Disney? 1:13:30 Creating From Truth 1:16:10 Building Fio Creations: Finding Artists & Warlords 1:23:09 Send This Podcast to Someone EPISODE CREDITS Produced by David Cover Intro music by David Cover, Andy Freeman, Rhett Johnson, & Andrew Luley Interlude music by Sam Barsh Outro music by Jees Guy WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: Check out our other podcast episodes here: hhttps://pod.link/1480383949 LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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SVB Fallout: 3 Ways to Mitigate Your Banking Risk (#3 Will SHOCK You)
03/22/2023
SVB Fallout: 3 Ways to Mitigate Your Banking Risk (#3 Will SHOCK You)
When you have money in the bank, you expect it to be there for your use. But the collapse of Silicon Valley Bank and others that followed have highlighted uncertainties in the system. What happened? And what can you do to mitigate your risk? Our new CFO Nikki Galloway and CIO Tim Hanson sit down with David Cover to share three ways you can mitigate your banking risk. LINKS & MENTIONS FROM THIS EPISODE Read Nikki’s 3 Ways to Mitigate Banking Risk at Subscribe to Tim’s daily newsletter, Unqualified Opinions Connect with Nikki on LinkedIn Connect with Nikki on twitter Connect with Tim on LinkedIn Connect with Tim on twitter Connect with David on twitter Connect with David on LinkedIn Sign up for our weekly newsletter for operators, Permanent Playbook: TIMESTAMPS 0:00 1:12 Who’s Fault Is It? 2:14 Nikki the New Girl 7:18 Explaining Tim’s Jokes 8:58 What Happened with SVB? 17:29 What’s Happening Now? 20:29 The Wives of Permanent Equity Love Tim’s Newsletter 22:18 Nikki’s 3 Ways to Mitigate Your Banking Risk 27:48 #3 Will Shock You ;) 31:01 David Gets Sidetracked by Sirens & Sports 35:12 Nikki & Tim Try to Get David Back On Topic 36:28 Visit permanentequity.com for More 37:28 Legal Disclaimer EPISODE CREDITS Produced by David Cover Intro music by Andrew Camp, David Cover, Scott Johnson, Andrew Luley, & Dave Wilton Outro music by Ghost Beatz WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: Check out our other podcast episodes here: hhttps://pod.link/1480383949 LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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Edge Case Decisions - 5 Minute Management
03/15/2023
Edge Case Decisions - 5 Minute Management
You’re making too many business decisions based on edge cases. Mark Brooks explains why you should be wary of loud voices, your own assumptions, buddy bias, and single bad actors that could lead you to set poor policies, products, or prices. LINKS & MENTIONS FROM THIS EPISODE Sign up for our weekly newsletter for operators, Permanent Playbook: Connect with Mark on twitter Connect with Mark on LinkedIn Connect with David on twitter Connect with David on LinkedIn Visit for more TIMESTAMPS 0:00 Intro 0:38 Threadboi Reads His Tweets 2:25 Making Assumptions About Pricing 4:02 Be Aware of Buddy Bias 4:47 Why We Can’t Have Nice Things 6:08 (Not) Taking Criticism 8:10 Subscribe to the Permanent Playbook Newsletter 8:35 Legal Disclaimer EPISODE CREDITS Produced by David Cover Intro music by David Cover, Andy Freeman, & Wes White Outro music by Daniele Musto WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: Check out our other podcast episodes here: hhttps://pod.link/1480383949 LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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Chris Powers: Real Meaning & Real Estate - Outside Insights
03/08/2023
Chris Powers: Real Meaning & Real Estate - Outside Insights
Chris Powers (Fort Capital) joins Brent Beshore & David Cover to talk about almost losing everything, what changed his life and business for the better, building exceptional teams, the critical importance of real friendship and support, knowing where you’re going to provide the most value and find satisfaction, and prioritizing an operator’s mindset in the face of challenging conditions. LINKS & MENTIONS FROM THIS EPISODE Capital Camp Fort Podcast: Fort Capital John Marsh Sacred Pace by Terry Looper Purpose Driven Life by Rick Warren Permanent Equity’s 2022 Annual Letter CONNECT Chris on twitter Chris on LinkedIn Brent on twitter Brent on LinkedIn David on twitter David on LinkedIn Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: TIMESTAMPS 0:00 Intro 0:25 Getting Marshed at Capital Camp 2:38 What You’ve Learned From Doing The Fort Podcast 4:10 Who Is Chris Powers & Why Brent Didn’t Like Him 6:35 What Led to Your Radical Transformation? 15:40 How Has Your Life & Business Changed? 19:00 Has the New Chris Lost His Edge? 20:07 What’s Led to Fort’s Success? 22:56 Why Fort Struggled from “The Me Show” 26:55 How to Raise More Capital 29:18 Market Takes & Real Estate 35:32 The Nitty Gritty of Fort’s Operations 38:50 Biggest Mistakes 48:00 Lighting Round Hot Takes 54:50 The Responsibility of Being Wealthy 57:00 Building the Life You Want 1:01:26 What’s Next? 1:03:26 Legal Disclaimer EPISODE CREDITS Produced by David Cover Additional editing by Bill Pollock Intro music by David Cover, Andy Freeman, Rhett Johnson, & Andrew Luley Outro music by Jees Guy WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: Check out our other podcast episodes here: LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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Managing In Crisis - "5 Minute" Management
03/01/2023
Managing In Crisis - "5 Minute" Management
Many business owners and operators are looking at 2023 with trepidation and it’s possible some will be managing in crisis. Mark Brooks shares his insights from over 20 years of managing teams (AOL, The Motley Fool, Permanent Equity) with 16 tips for managing in crisis. LINKS & MENTIONS FROM THIS EPISODE Connect with Mark on twitter Connect with Mark on LinkedIn Connect with David on twitter Connect with David on LinkedIn Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: TIMESTAMPS 0:00 Intro 0:22 Two Guys Singing Songs to Each Other 2:44 Mr. Manager 3:30 1. Get upstream of your current metrics 4:35 2. Review your metrics more often 5:28 3. Create a Confidence Interval 6:37 4. Determine your action items. 7:33 5. Communicate the situation to your team. 8:15 6. Communicate with your team more often 8:57 7. Know the difference between openness and honesty. 10:01 8. It’s okay to say “I don’t know.” 12:12 9. Brainstorm with your best. 13:40 10. Micromanage 15:51 11. Don’t Make Promises You Can’t Keep 17:43 12. Cut deep so you only cut once 19:19 13. Know what you’re cutting 22:29 14. Ask for help 23:56 15. Talk to others 26:49 16. Don’t neglect your health 28:26 Subscribe to the Permanent Playbook 29:18 Legal Disclaimer EPISODE CREDITS Produced by David Cover Intro music by David Cover, Andy Freeman, & Wes White Outro music by Daniele Musto LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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Anu Hariharan: You Can't Build With Managers - Outside Insights
02/22/2023
Anu Hariharan: You Can't Build With Managers - Outside Insights
Companies don’t stay small on purpose. So how can you scale faster? Anu Hariharan (Gusto, Instacart) discusses the growing pains of going from start-up to success, how to grow as a builder and a manager, the importance of ruthless prioritization, and shares new technologies to help SMBs unlock their operations, and customer support. LINKS & MENTIONS FROM THIS EPISODE Tech to help SMBs: Brex Stripe Atlas Gusto Amplitude Mix Panel Live Flow Keeper Plan Grid Mutiny Canva Other Mentions by Anu: DoorDash Faire NVIDIA Boom Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto CONNECT Learn more about Anu’s role as Managing Director of YC Continuity Fund Anu on twitter Anu on LinkedIn Brent on twitter Brent on LinkedIn David on twitter David on LinkedIn Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: Sign up for a new daily newsletter from our very own Tim Hanson, Unqualified Opinions: TIMESTAMPS 0:00 Who Is Anu? 5:00 This One Time at Capital Camp 6:19 Characteristics of a Successful Founder 11:01 The Two Stages of Scaling 13:02 Biggest Mistakes Founders Make 17:12 Hiring From the Outside vs Internal Development 20:37 Learning How to Deal with People 20:04 Builders vs Managers 27:16 How to Hire a Builder 30:39 Why Do Companies Fail? 32:35 What Silicon Valley Has Lost 34:51 Dealing With Stress 37:22 What it Takes to Succeed 40:47 Helpful Tech for SMB 46:54 Emerging Technology 48:33 Lightning Round Hariharan Hot Takes 60:43 How to Win in 2023 and Beyond 64:24 What Drives You 66:36 Where We're Going 68:01 Legal Disclaimer EPISODE CREDITS Produced by David Cover Intro music by David Cover, Andy Freeman, Rhett Johnson, & Andrew Luley Outro music by Jees Guy LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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How to Sell a Business in 2023
02/14/2023
How to Sell a Business in 2023
Is 2023 a good time to sell a business? What is the market for a sale looking like in 2023 compared to the last few years? How does that inform what might lie ahead in the coming months or years? Tim Hanson and Emily Holdman talk about their perspective on the market and share why now is the best time to sell a company. LINKS & MENTIONS FROM THIS EPISODE Instant Appraisal Tool Start a conversation with us Connect with Emily on LinkedIn Connect with Emily on twitter Connect with Tim on LinkedIn Connect with Tim on twitter Sign up for a new daily newsletter from Tim Hanson, Unqualified Opinions: Connect with David on twitter Connect with David on LinkedIn Visit for more Sign up for our weekly newsletter for operators, Permanent Playbook: TIMESTAMPS 0:00 Intro 1:24 Market Conditions 5:38 Why 2023 is a Good Time To Sell 14:45 What Kind of Companies Do We Buy 16:40 Different Industry Conditions 19:00 You May Have a Business Model Problem 21:25 Reality Check 22:15 Should I Wait to Sell? 27:00 David Puts on His “Skeptical Skirt” 28:30 Why Do I Care Where You Get Your Money? 30:45 Conflict of Interest? 33:00 Instant Appraisal Tool 34:45 Privacy Concerns When Talking About My Business 39:22 What’s the Deal Process Look Like? 41:14 Lawyer Jokes 42:03 Who Is Our Biggest Competitor? 42:50 What Comes Next 44:14 Tim’s New Newsletter: Unqualified Opinions EPISODE CREDITS Produced by David Cover Intro music by Andrew Camp, David Cover, Scott Johnson, Andrew Luley, & Dave Wilton Outro music by Ghost Beatz LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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Get Better at Hiring - 5 Minute Management
02/07/2023
Get Better at Hiring - 5 Minute Management
How can you attract and retain top talent? What can small to medium size businesses learn from large companies? What challenges and opportunities lie ahead in this climate? Permanent Equity’s Kelie Morgan and guest Ashley Day give some tips and insights on up-leveling your talent pipeline on this episode of 5 Minute Management. EPISODE LINKS Interested in working with Permanent Equity? Put yourself in orbit: Visit for more of this conversation. Connect with Kelie on twitter Connect with Kelie on LinkedIn Connect with Ashley on LinkedIn Connect with David on twitter Connect with David on LinkedIn TIMESTAMPS 0:00 Intro 1:35 How Do You Attract Talent? 2:44 Who Are Your Competitors & What Are They Doing? 3:51 The Executive Recruiting Touch 5:24 Re-Recruiting Your Existing Team 7:03 Visit permanentequity.com for more of the conversation 7:52 Legal Disclaimer EPISODE CREDITS Produced by David Cover Intro music by David Cover, Andy Freeman, & Wes White Outro music by Daniele Musto LEGAL DISCLAIMER This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.
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Shane Parrish: Why Discipline Doesn't Matter - Outside Insights
01/31/2023
Shane Parrish: Why Discipline Doesn't Matter - Outside Insights
Shane Parrish (The Knowledge Project & Farnam Street) explains why your New Year's resolutions won't last, the importance of ritual, and his most costly mistakes as an investor in the first episode of a new series on the Permanent Podcast called Outside Insights. LINKS & MENTIONS FROM THIS EPISODE Visit Shane's website Shane mentions Buffet: The Making of an American Capitalist by Roger Lowenstein (44:12). Brent mentions Todd Peterson and Illuminations (31:22) Follow Shane on twitter Follow Brent on twitter Follow David on twitter Visit for more. TIMESTAMPS 0:00 Intro & About Shane Parrish 3:40 Meat and Greet 6:03 Why New Years Resolutions Always Fail 10:30 Ritual vs Discipline 13:59 From Intelligence to Knowledge 19:30 Two Kinds of Knowledge: Tactic and Perspective 22:31 Why Should People Care About Continuous Learning? 27:28 The Best Sources of Knowledge 33:06 What Should You Stop Doing? 36:47 A Good Position is Better Than A Good Decision 39:06 Efficiency vs Relationships 41:34 Shane the Investor 45:42 Biggest Mistakes You See New Investors Make 52:38 How Has Growing Your Resources Changed You? 55:07 What Would You Tell Your 30-Year-Old Self? 57:17 Five Minute Management & More Coming on the Permanent Podcast
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It's Not A Mid-Life Crisis: 2022 Annual Update
01/17/2023
It's Not A Mid-Life Crisis: 2022 Annual Update
Permanent Equity has published our 2022 Annual Letter. This conversation with Brent Beshore, Tim Hanson, & Mark Brooks dives deeper into some of the themes and topics explored in the letter: Lessons learned from 15 years of buying and operating small businesses. Read the full letter here: Contents: 0:00 Intro 1:25 Do We Feel Adequately Click-Baited? 2:40 Getting Older, Getting Better? 3:32 Biggest Challenges & Crying At Work 6:48 Summarizing 2022 In One Word 9:00 Wisdom Is Learning How Not to Do Something 11:09 How NOT to Buy A Company 14:10 How NOT to Be A Leader 15:50 What Are We Baking? 19:42 Sharing Our Returns 21:27 Investing in Crypto 22:54 Conservatism Vs Volatility 24:13 "Private Equity Makes Me Cringe" 26:11 Mid-Life Crisis? 28:04 Restructuring the Firm, New CIO 30:12 New CFO 32:12 New COO 33:16 Challenges in 2023 34:41 What Will You Write in the Annual Letter in 15 Years? 37:07 Send This to Someone 37:25 New Series Coming
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Helpful, Not Impressive: Permanent Approach
11/15/2022
Helpful, Not Impressive: Permanent Approach
Permanent Approach - Mark Brooks & Tim Hanson talk with David Cover about how they try to be less impressive and more helpful. What does it mean to be helpful, not impressive?
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Mistaking Red Flags for Red Carpets: The Trouble With Services For Smaller Businesses - Audio Essay
11/07/2022
Mistaking Red Flags for Red Carpets: The Trouble With Services For Smaller Businesses - Audio Essay
Audio Essay - There are thousands of service vendors ready to “solve your small business problems,” and most of them are awful. Small businesses are frequently choosing from a combination of new and subpar options, often without much guidance. Selection bias is real: the best and most experienced typically don’t work on smaller accounts. Here's how to find a better relationship and enforce partnership hygiene.
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Getting Stuff Done - 5 Minute Management
11/03/2022
Getting Stuff Done - 5 Minute Management
5 Minute Management with Mark Brooks. Odds are your To-Do List is full of great ideas. But the trick isn't just having great ideas, it's executing them. Mark Brooks talks about 8 ways to get stuff done.
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Confessions of a Recovering Asshole
10/25/2022
Confessions of a Recovering Asshole
Your team may have an asshole problem. How can you fix it? Brent Beshore tells David how things had gotten so bad in the early days of Permanent Equity that a No Asshole Policy had to be put in place.
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The Greatest Competitive Advantage - Audio Essay
10/20/2022
The Greatest Competitive Advantage - Audio Essay
Audio Essay: Everyone is looking for the key to sustained success: a lasting competitive advantage. But it’s our experience and our belief that there’s one competitive advantage that outshines the rest.
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