Buying owner-run businesses

The best businesses to buy are owner run where you know you can run them better.

Why? Ego. The owners believe they are running them well. Then you can buy them at a great price.

Small-scale example:
A riverside pub I visited when canal boating where the owner criticised my 10yo son for ordering a glass of tap water and then took great pride in refusing us dinner when we were thirty seconds after the deadline. It had terrible reviews (I should have checked). The owner had no idea how much custom he was losing due to poor management. This could have been a great turnaround purchase.

Large-scale example:
$145m into $3bn in 3 years in under 6's Youtube - https://twitter.com/PrivatEquityGuy/status/1617246321114578946.

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