I saw an infographic floating around last week with the 2021 vintage of PE-backed consumer IPOs, suggesting consumer IPOs were a private equity firm offloading a loser onto you, the public shareholder. As you might expect, given how sugar-high the investing environment was at that … Continue reading Local success, national question mark: Portillo’s expansion and IPO
Over the last few months, there have been some unexpected and spectacular collapses – Sonder getting rugpulled by Marriott, First Brands promising the same receivables to multiple different factoring firms and generally doing shenanigans…no shortage of stuff to dive into. But the Tricolor Auto collapse, … Continue reading Nobody would be that stupid? Tri(color) us…
The last few months have been a lot. I don’t really know else to describe it. I was gearing up to write a long mid year update and then work got really busy. It took down most of a vacation; I pride myself on never … Continue reading 2025 Goals Update
One of my former portfolio companies was back in the news this week, albeit for less than stellar reasons. After three years of ownership and a lot of drama, Masimo exited the consumer audio business it bought in 2022, Sound United. Masimo is a medtech … Continue reading The Sound of Settling (for $675m less than you paid) – when strategic M&A doesn’t work out.
I was having a conversation recently and was asked what I thought a good return on invested capital (ROIC) was, in a private equity context (no, this isn’t quite what I talk about with the boys on the weekend). I paused, pondered, and didn’t have … Continue reading Industry Speedrun: Car Washes and “Zipping” into Bankruptcy
The folks at Vail Resorts were in the news over the holidays for all the wrong reasons – ski patroller strikes in Park City meant that the only extreme experience most skiers got were the lift lines. I’m not here to opine on labor dynamics, … Continue reading How I’d Fix Vail Resorts? Just add water(parks).
I’m going to go back to the “personal balanced scorecard” again in 2025, but before I do that, I’m reflecting a bit on the kind of year I want to have as kind of a guiding principle for specific goals that are more measurable and … Continue reading 2025 Goals
For normal people, the week between Christmas and New Years is one where they see family, vacation somewhere warm, or chase their kids around. Me? Apparently, I dive back into franchising rabbit holes. December has been a month for orange (and not, not because I’m … Continue reading Death before (dis)Honors? The Confusing Chapter 7 Filing of Honors Holdings.
I haven’t done a good job writing lately (maybe that should’ve been a goal), but with the end of the year, comes a time to reflect. For better or worse, I set some goals at the end of the year. Like with any goal-setting, there … Continue reading 2024 Goals Review
As someone who has worked in investing for a decade and met hundreds of management teams (from Series B to large-cap PE and across most industries), I’m continuously shocked at how few CFOs have investing experience, and even fewer CFOs of investor-backed businesses build teams … Continue reading Why Do Investors Make Great CFOs / Internal Finance Professionals?
Danny McBee 