Notes
On succession, ours and theirs
A firm built to last has to answer the question every family business does.
We ask every business we own how it will outlive its best people. It would be hypocritical not to ask it of ourselves.
A boutique is fragile in one specific way. Its judgement lives in a few heads. We have spent years making that judgement legible, writing down how we decide and not just what we decided, so the method survives any one person leaving. The letters are partly a record for partners and partly a manual for whoever sits in these chairs next.
We look for the same thing in the businesses we own. A founder who has trained nobody is a risk, however good. The plain company with a deep bench is safer than the star with a single point of failure. Durability, in the end, is a question about people you have not met yet.
The views above are the firm's own and are provided for information only. They are not investment advice, nor an offer or solicitation to invest. Capital at risk; the value of investments can go down as well as up, and past performance is not a guide to future results.
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