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Ron and Ed sit down with Brent Beshore, founder and CEO of Permanent Equity, to explore a radical rethinking of what “private equity” can mean. Instead of the typical buy-fix-flip model, Beshore’s firm takes a generational approach which involves acquiring businesses to own indefinitely, building value through trust, stewardship, and patient capital.
They discuss why short-term thinking often erodes lasting wealth, how culture can be a company’s greatest moat, and what it takes to invest with humility in a world obsessed with speed. This is private equity with a soul, or as Brent might say, the long-term bet on human potential.
SHOW NOTES
Segment one
Today we are speaking with Brent Beshore! He is the founder & CEO of Permanent Equity (est. 2007) and has built his firm with a “buy & hold” mindset for founder-owned companies https://www.permanentequity.com/brent-beshore
Traditional private equity funds operate on 7–10 year cycles. Brent is best known for breaking the traditional private-equity model with his “30-year window”
“Deep Roots, Hard Looks, and Change” - read Brent’s 2024 annual letter https://www.permanentequity.com/content/2024-annual-letter
“Stewarding companies that care what happens next” is the leading line from the Permanent Equity homepage https://www.permanentequity.com/
Segment two
The Messy Marketplace is a book by Brent Beshore that talks a bit about how selling a company involves complex motives and emotions for the owner, not just the price. https://www.permanentequity.com/the-messy-marketplace
“Most private equity is buy, lever, strip, and flip. That’s not investing. That’s engineering a spreadsheet.” —Brent Beshore, Founder of Permanent Equity
“Be high integrity and a lot of things just take care of themselves.” —Brent Beshore
On the show today Brent said, “We were one of the first people on the internet to start writing about buying and selling small businesses.” And you can find that writing here https://www.permanentequity.com/content
Segment three
“Why We Love To Buy Boring Businesses” by Brent Beshore at Forbes https://www.forbes.com/sites/brentbeshore/2015/09/17/why-we-love-to-buy-boring-businesses/
More on Brent’s view of boring businesses: “Goodbye Boring Businesses. We Invest in Companies that Care what Happens Next” https://www.permanentequity.com/content/goodbye-boring-businesses-we-invest-in-companies-that-care-what-happens-next
“I hate Sarbanes-Oxley. I think it’s the dumbest law ever passed by Congress. Right up there with the Jones Act.” —Ron Baker
“We’re big fans of accountants. Financial statements are the language of business.” —Brent Beshore
Segment four
From Brent’s annual letter last year, “My guess is that 2025 will mark the beginning of widely applicable and highly valuable AI becoming available for those who are paying attention.” But whether or not he still agrees might surprise you. https://www.permanentequity.com/content/2024-annual-letter
On the state of AI today, “It’s not capable of replacing human judgement.” —Brent Beshore
Main Street Summit is Brent’s incredible 3-day festival that brings the smartest minds together to speak to topics important to the small and medium sized business community. https://www.mainstreetsummit.com/
A big THANK YOU to Brent Beshore for joining us today. Permanent Equity is the name of the firm and, as referenced several times today, their content is fantastic! Read more here https://www.permanentequity.com/content
Bonus Content is Available As Well
Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.
Click the “FANATIC” image to learn more about pricing and member benefits.