Show Notes

[00:00:49] – How does he think about optimizing risk in terms of the capital stack when looking at deals

[00:03:25] – What conditions would they add debt down the road after investing in a company

[00:04:50] – What business sectors are most intriguing for Brent to invest in right now

[00:07:32] – Why no HVAC businesses if it’s such an attractive sector

[00:11:54] – Thoughts on rolling up similar businesses and horizontal scale

[00:14:02] – Another industry Brent would focus on

[00:16:00] – Difference between property management in larger cities vs smaller metro areas

[00:16:49] – What role does profit margin play when Brent is evaluating a business

[00:20:44] – The appeal of a hyper cyclical business

[00:25:25] – Favorite counter-cyclical business

[00:26:12] – How they judge assets, tangible vs intangible assets

[00:31:56] – How does he think about wage inflation when considering the cost of a business

[00:35:19] – His fascination with pet crematoriums

[00:36:55] – History of the permanent equity fund and the changes by having a larger pool of capital

[00:41:46] – Pitching investors on a new structure for the business

[00:44:12] – How will this business model scale