Seasonal. Nonrecurring. Key person risk. Trish Higgins recounts how Chenmark got excited about an unlikely acquisition.
Topics in Trish's interview:
- Building a holdco versus taking a job in private equity
- What Chenmark does, why it's special
- Chenmark's founders' goals: impact, interestingness, financial
- Why isn't the holdco model taught in business schools?
- The story of Cap'n Fish Cruises
- Unit economics of a boat tour business
- Is seasonality really so bad?
- Managing seasonality
- Are boat tour businesses attractive generally?
- Finding differentiation in a crowded industry
- Bait & tackle shop framework
- Chenmark's second boat tour acquisition
- How Chenmark approaches learning an industry where they've acquired a business
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