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Prior to purchasing controlling interests in a small business a buyer normally drafts a Letter of Intent (“LOI”) and sends it to the seller. This document outlines the key terms of the verbal agreement and next steps. I try to craft the LOI document to match our verbal agreement and follow the structure of our Read more about Awaiting Response[…]
Opportunity cost is one of those concepts that slinks away from you when you’re not looking. For that reason, I start with the definition. Opportunity Cost – “the loss of potential gain from other alternatives when one alternative is chosen” How can the opportunity cost be zero? When you select your best alternative you sacrifice Read more about Low Opportunity Cost Investing[…]
We’ve recently started following Alex Bridgeman’s work at Think Like an Owner. If you’re into small business acquisitions and operations you’ll likely connect with many of the folks he is gathering together. Alex recently invited me on to talk about my background and our work at Little Engine Ventures. If you’re new around the LEV Read more about Think Like an Owner[…]
There is a chair in my house which commands a view from front to back. It sits next to a brick fireplace which I can adjust without standing if needed. To my left is a small table and lamp. My wife and I received the lamp as a wedding gift. Beyond the table is a Read more about Reclining[…]
This upcoming Friday I have a meeting with a partner that was not able to attend the LEV Annual Meeting. During the scheduling process, I sent a link my notes and asked what our agenda was. He replied with the following: Review statements. How do I read these? Review current metrics and translation into goals. Read more about Too Much Information[…]
Over the last several years we have reviewed nearly one-thousand private companies. A handful held marketable securities. In each case I believe it was the result of a restricted dividend policy. The family business wanted to hold on to more current assets than were immediately required in the business and rather than sit on cash Read more about Marketable Securities in a Private Company[…]
In the first half of this year we made a concerted effort to survey current and prospective teammates regarding personality traits. While I do not believe you can quantify everything about a person, I believe we can improve our initial understanding. If our initial understanding is improved, we can place teammates in environments where they Read more about Quantifying Culture[…]
Thank you for participating in the Little Engine Ventures Annual Meeting 2019. Your encouragement will propel us another year. +++Below are a few of my highlights from my notes. I’d love to hear yours. The new location matched our style. Thanks to DJ Powder and Nami’s for support. Compliments to Mike Witteveen on maintaining a Read more about 2019 Annual Meeting Notes[…]
On July 18, 2019, Little Engine Ventures (“LEV”) acquired AgVenture D&M from Mike Davis and Mike Mullen. AgVenture was founded in 1983 in Kentland, Indiana. The regional seed business prioritizes product development, agronomic research and information systems to help farmers achieve maximize economic yield. “Our business is evolving to better serve farmers now and into Read more about Little Engine Ventures Acquires AgVenture D&M[…]
A blog post entitled “Spending Your Life” is probably a bit extreme. But what choice is more extreme than how you choose to allocate your time? Despite the fact we did not acquire a company this month, June 2019 has been a doozy. Maybe the tidal wave of ramifications caught up with me? Perhaps I Read more about Spending Your Life[…]