Gary D. Kucher

Why Buying Your First Business is the hardest & Financing The Fear is Being seen as too risky by lenders and investors. The Solution: Prepare a solid business plan with detailed financial projections. Work with a financial advisor to enhance your credibility. Consider alternative financing options like SBA loans or seller financing.

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The success of a Fund boils down to DPI (distributions back to LPs in relation to how much capital was deployed). The industry often gets infatuated with TVPI, which accounts for paper gains. However, these numbers are frequently not worth the paper they are printed on. Knowing when to stick or twist is always a challenge, so I favor a balanced approach: the third-third-third strategy. Sell a third of the investment at the first opportunity. Gradually sell the second third. Hold onto the final third for potential upside. Even this model needs adjustments based on market conditions, requiring a mix of aggressive selling or patience. The real issue for LPs is the industry's recent obsession with maximizing TVPI without enough attention to DPI. This can lead to portfolio imbalances and potentially disappointing (or zero) cash returns. 🎙 Listen to my full episode of Fintech Leaders with good friend Miguel Armaza for more on data as the new gold, secrets behind successful VCs, and the importance of founder-market fit: Spotify: https://spoti.fi/3KitB4b Apple: https://apple.co/4bXmmuC Youtube: https://bit.ly/3Vh4HIz

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Excited to join industry leaders in LA to explore the future of non-traditional investments. I’ll be speaking at the Private Wealth Southern California Forum, hosted by Markets Group, on 12 November. Together, we’ll discuss how innovations in alternative assets are reshaping the investment landscape. Thank you to Markets Group for providing the platform to explore these transformative developments. #PrivateEquity #Innovation #Technology #Entrepreneurship #VentureCapital #Investing #Finance #Alternatives #Startups #Speaker

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My latest Substack post analyzes $XOM once again catching $TSLA in terms of market cap. Last 5 qtrs: $XOM returned ~$40bb to shareholders via divvies, buybacks. $TSLA: $0.00 That is what really matters. But the key to investing is the second derivative, and as EV sales slow (good for demand for oil, obvs, and for $XOM) I fail to see the Silver Bullet for $TSLA. Why? Because Elon let his product line get old. No amount of robotaxi/FSD necromancy is going to change that. Trade accordingly. Excelsior! --Jim

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The Silver Tsunami is upon us, and it's reshaping the mergers and acquisitions landscape like never before. With an estimated $10 trillion in assets set to change hands over the next decade, driven by baby boomers retiring, the opportunity for savvy investors and entrepreneurs is immense. Currently, around 30,000 businesses sell annually, but with more than 8 million baby boomer-owned businesses expected to transition, the volume of transactions could increase tenfold. This is a monumental shift that smart buyers are already preparing for. You don't need to be a Wall Street titan to benefit from this trend; many of these businesses will transition to local entrepreneurs and small business owners. Are you ready to seize a piece of this $10 trillion wealth transfer? Position yourself strategically to take advantage of this unprecedented wave of opportunities. Engage with fellow professionals and explore how you can be part of this transformation. Not sure how? Let's talk about it! #SilverTsunami #MergersAndAcquisitions #BusinessOpportunities

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Having a Cars and Capital event tomorrow in Southern California with Oren Klaff. If you want to join message me. https://lnkd.in/gDQ4D39u Oren Klaff Bridger Pennington #InvestorEvent #FamilyOffice #InvestmentOpportunity #CarlsbadEvent #PrivateEquity #WealthManagement #InvestmentConference #CapitalRaising #NetworkingEvent #IndustryLeaders #FinancialGrowth #InvestorsMeetup #WealthBuilding #BusinessGrowth #InvestmentForum

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BTC Nashville 2024 in a word...Enlightening!! If you're an Accredited Investor and recognize the need to participate in bitcoin, but are wary of a direct investment in BTC, SOVRN CAPITAL has launched "Digital Midstream Genesis". LP with all the benefits of RE, Equip Financing and Energy Arbitrage + the upside of bitcoin. SOVRN is making it easy to capitalize on this asset class while still investing in what got you here. DM me for info.

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Younger investors are risk on when it comes to investing in alternatives (private markets, crypto, collectibles). With an $84T wealth transfer to younger generations at stake, how should alternative asset managers build their brand to resonate with the next generation investor? Read the Alt Goes Mainstream AGM Weekly (brought to you by Intapp, Intapp DealCloud ) to learn more about how alternative asset managers can be effective in reaching the individual investor 👇 Alt Goes Mainstream AGM Alts Weekly 9.1.24: https://lnkd.in/etXq2di9 Alt Goes Mainstream AGM Alts Weekly 8.25.24: https://lnkd.in/en52r4bp

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Success in business isn’t just about capital—it’s about partnerships. At Anchor Investment Holdings, we pride ourselves on confirmed strategic collaborations that fuel growth. ⛓️‍💥 In today’s fast-paced world, success is no longer a solo journey. It’s about tapping into a network of strategic alliances that amplify potential and unlock new opportunities. This is our commitment to you: to redefine what success means, by becoming your trusted partner in growth. #AnchorInvestmentHoldings

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We're entering the next phase of the so-called N-Square Revolution.👌 As shared multiple times before over the past few years, watch this short video-playlist of ~30 minutes explaining how we got to this point: https://lnkd.in/eAVpBXmj. There is no putting the genie back in the bottle. It's game over for the corrupt ruling classes of mediocrity in the US 👋, Canada 👋, the UK 👋, Germany 👋, France 👋, etc. etc. etc. We worked hard to pull off this next phase of the No Names Revolution, and we will work even harder to finish it. 🥳 #Xmen #PonziCollapse #FiatCurrencyCollapse #CollapseOfGatedInstitutionalNarratives #EndTheSpreadOfPrebunkedMalinformation #EndMainstreamMediaLies #EndTheRentAndWarSeekingElites #DOGE #NoNamesRevolution

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What's the fast river in alts? Listen to the latest Alt Goes Mainstream podcast with Mercer's Gregg Sommer & CAIS' Neil Blundell to hear how they are helping advisors approach private markets. Gregg, Neil, and I had a fascinating discussion about how the wealth channel can approach alternatives and how they can think about both diligence and customization. We covered: * The case for alternatives. * How advisors currently approach alternatives and how they can think about it differently going forward. * How to think about portfolio construction that includes alternatives. * How alts can help advisors differentiate their practice and attract clients. * Following the fast river in a career and why alternatives are “the fast river.” * The meaning of “structure over strategy.” * The rise in popularity of evergreen funds. Thanks Gregg and Neil for sharing your thoughts and expertise on private markets. Thanks to our sponsor, Ultimus Fund Solutions, for making this episode possible. https://lnkd.in/eBtyw6Fm

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"Things that were once the case about public markets no longer hold true.” This week's Alt Goes Mainstream AGM Weekly dives into the new world order of investing and the spotlight that Apollo Global Management, Inc.'s recent Investor Day presentation shines on what's next. The game on the field has undeniably changed. Features of public markets - namely, indexation and correlation - have created a retirement issue even before the "Silver Tsunami" begins its crest in earnest. Alternative asset managers appear to be ready to meet the moment. As definitions of risk, return, and liquidity are questioned, a re-architecting of portfolio construction is being implemented. New strategies, new portfolio construction frameworks, new thinking, and new asset management businesses are needed in this new era. Read this week's Alt Goes Mainstream Alts Weekly for a deeper dive into this new era. I also discuss the evolution of GP stakes based on a conversation we had earlier this week hosted at Capricorn Investment Group and Partner William Orum with TPG Next's Managing Partner Pamela Pavkov and Blue Owl Capital's MD Mark O'Sullivan and include a good overview of the middle market GP stakes landscape from Crest Capital Advisors Ryan Weisenberg, MBA Candidate and team. This week's AGM Alts Weekly, brought to you by bunch, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 PitchBook's Olivia Fishlow on J.P. Morgan's push into direct lending via both balance sheet investing and through partnerships with private credit firms. 📌 Institutional Investor's Michael Thrasher on Fidelity Investments raising its first VC fund, with comments from Fidelity's Global Head of Private Equity Karin Fronczke. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, KKR, StepStone Group / StepStone Private Wealth, Fidelity Investments, Hamilton Lane, Blue Owl Capital, Ultimus Fund Solutions, Neuberger Berman, bunch, The Carlyle Group, Capricorn Investment Group, Hightower Advisors. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream.

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The secret reason investors say no: they’re just not that into you. https://buff.ly/4hcPG3J Investors often decline opportunities not because of the project itself, but due to their lack of enthusiasm towards it. This sentiment can greatly impact their decision-making process. It's essential for entrepreneurs to understand that personal connection and interest play a significant role in securing investments. Building strong relationships and presenting a compelling narrative can increase the chances of receiving a positive response from investors. Remember, it's not always about the idea; sometimes, it's about the chemistry between the investors and the entrepreneur. #InvestmentInsights #PitchingTips

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I spoke with Inc. Magazine about how VSS Capital Partners helped GreenSlate become the go-to payroll software provider for film and TV productions. When building a company as a founder, securing private equity is an important part of the growth journey. But so is having somebody who believes in you and has invested in your business. Finding the right PE Firm and partner who understands the mission and is supportive of it is hugely important to achieving success. Read more about how and why it all came together:

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Wondering about capex-heavy deals in the search fund community. Asset-light businesses appeal for scalability, but are we overlooking the downsides? Hard assets provide leverage and can mitigate risk, especially when the market shifts, and the depreciation is nice for taxes. Striking a balance between growth and stability is key. How do you all approach this in evaluating opportunities with meaningful assets?

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According to Nicholas Colas, co-founder of DataTrek Research, “the magic number is 90%. When oil prices go up 90% over a 10-to-12-month period, the U.S. has a recession.” Read more here ➡️ https://bit.ly/3Ao7aHp

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Equity and Unrealized Gains Are Under Pressure in Today’s Market. One of the ongoing debates in the investment community revolves around taxing unrealized gains, like what’s being proposed under the candidate’s legislation in Chicago. If this becomes a reality, the impact on illiquid assets could be severe:    - 𝐘𝐨𝐮’𝐝 𝐛𝐞 𝐭𝐚𝐱𝐞𝐝 𝐨𝐧 𝐠𝐚𝐢𝐧𝐬 𝐞𝐯𝐞𝐧 𝐢𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞𝐧’𝐭 𝐬𝐨𝐥𝐝 𝐭𝐡𝐞 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐲𝐞𝐭, 𝐥𝐞𝐚𝐝𝐢𝐧𝐠 𝐭𝐨 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐥𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 𝐢𝐬𝐬𝐮𝐞𝐬 𝐬𝐢𝐧𝐜𝐞 𝐲𝐨𝐮𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐬 𝐬𝐭𝐢𝐥𝐥 𝐭𝐢𝐞𝐝 𝐮𝐩 𝐢𝐧 𝐭𝐡𝐞 𝐚𝐬𝐬𝐞𝐭.     - 𝐘𝐨𝐮’𝐝 𝐬𝐭𝐢𝐥𝐥 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐜𝐨𝐦𝐞 𝐮𝐩 𝐰𝐢𝐭𝐡 𝐜𝐚𝐬𝐡 𝐭𝐨 𝐩𝐚𝐲 𝐭𝐡𝐞 𝐭𝐚𝐱, 𝐝𝐞𝐬𝐩𝐢𝐭𝐞 𝐡𝐚𝐯𝐢𝐧𝐠 𝐧𝐨 𝐥𝐢𝐪𝐮𝐢𝐝 𝐫𝐞𝐭𝐮𝐫𝐧. This is why many private investments are held at cost for the first year or longer—it takes time for the value to appreciate and offset these costs. Another reason why understanding your investment horizon, planning your cash flow, and staying informed on policy changes are key to protecting your portfolio. #TaxStrategy #RealEstate #InvestmentRisks

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One of the best podcasts that you will hear. Eric Weinstein, an accomplished business / hedge fund manager and just amazing thinker holds a master class in how to reason through a set of complex conversations. Some context here: Terrence Howard (yes the actor) came on Joe Rogan a little while ago, and did some very elaborate 'matching'. He very much comes across as a visionary, self-taught, self-reasoned through many complex ideas, bringing it all together with a vast web of historic scientific knowledge. Terrance launches into a set of core assumptions within the sciences, mathematics, physics and related topics. He tumbles through multitude of ideas from frequency, to energy, to wave theory, all very difficult to follow... but extremely compelling. Encyclopaedic knowledge, but a flow that is so rapid, and often superficial. For many casual 'scientists' and social media followers, it was like a red flag to a bull: and confirmed a narrative that 'they' (the scientific, trusted community) is lying to us, that they are not telling us something. That 'their' assumptions are wrong, but that there is a cartel of universities and institutions that is protecting it, and protecting their dominion over the sciences. This fed into Joe's common narrative that the modern scientific understanding of the world is incomplete and lacking: but more importantly that the institutions who guard this knowledge are themselves filled with political bias, making them fallible, and ultimate not trusted as much as they should be. (A lot of 'they' say this, or that.. not sure who 'they' are, except that they only have bad characteristics.) Enter Eric Weinstein, an accomplished thinker and just a superb communicator, takes Terrance through his own maze of ideas, and links between ideas, one at a time, carefully dissection the arguments. He leads this 'visionary' through his errors and discoveries,'What Terrance is doing here is... ' and sometimes he points out errors in reasoning, sometimes provides clarification, sometimes asks for clarification, but is always respectful, always careful, always thoughtful. He gives Terrance a lot of credit for his thinking, but also shapes and moulds it carefully. "You have a lot of desire to understand what it means. But before you think about it, you have to ask what it is" He delivers a masterclass in how to handle this kind of back-of-the-envelope science, that is so prominent in social media now. Terrance is in awe of him, as was I. This is where you see just an amazing capability of the human mind to reason through multiple avenues (often strange manifestation, with partial truths, and incomplete relationships), to question, to reason, to give room for each other in a very humane way. One of the best displays of human capability: both academic and the best humane characteristics, I have ever seen. #joerogan #podcasts #reasoning #human #conversation #rogan #weinstein #terrancehoward Eric Weinstein Joe Rogan

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