063 - The REAL reason of the sale
I recently bumped into a fund manager friend, whom I will call Bill. He told me that people don’t appreciate anymore the “buy-and-hold-forever” philosophy of his fund.
I inquired about an example when they did appreciate that in the past. He mentioned about the exiting owner of a contracting company, which chose his fund over a competing strategic buyer, as they offered a “long term future” for his employees. (On further inquiry, it turned out that the seller cheated key staff members out of