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His Business Is Boring, But It Returns 50% a Year
Episode 89
Published 1 month, 2 weeks ago
Description
Greg Geronemus went from Goldman Sachs to Harvard Business School, where he stumbled into the idea of buying a small business instead of starting one. He and his partner David Rosner raised $550K in search capital, built a database of 30,000 companies, and spent nearly two years searching for the right deal.
They signed one LOI. It was for a business that checked none of the boxes: an old-fashioned B2C tour operator sending baby boomers on group trips around the world. He bought it for $29 million at under 5x with a 50% seller note at 4%.
Four years later, he sold to a private equity firm. Nearly 50% annualized returns. Almost 5x net to investors. Today, he runs Footbridge Partners, investing in the next generation of searchers.