No restaurants, bars, and mostly no retail
More Recurring revenue, the better
Higher margins, the better
Lower customer concentration, the better
EBITDA: $1M+
Recurring Revenue: 80+%
Margin: 30+%
Low Capex
Low Customer Concentration
Solid team in place
SDE: Min $500k. No Max
Margin: 20+%
Business can’t revolve around the owner
“Hairy” businesses are acceptable
Lumpy revenue OK
Cyclical business OK
Niche businesses Ok
High customer concentration OK
Company has strong performance
Company has strong management team
We will take a minority position
We are active in our investments. Not a silent LP.