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✌🏼out Chicago! It’s a little too cold for me… Thanks for the education on all things PE Accounting Today and Daniel Hood! Times they are a changing… Great to catch up and hang with James Buss, Timothy Abbott CPA, EA, Daniel Gertrudes, 👊Matthew Patrick, Geni Whitehouse, Reyes Florez, & Doug Lewis. #accountingandaccountants #cpa #privateequity #advisory #chicago

Issues with the FAFSA are deepening the financial difficulties of already struggling colleges, hastening closures and mergers among small colleges, many of whom enroll a higher share of Pell Grant recipients. #GreatCollegeAdvice #CollegeClosures #HigherEd #FAFSA

Last week I finished reading 𝗨𝗻𝗶𝘃𝗲𝗿𝘀𝗶𝘁𝘆 𝗼𝗳 𝗕𝗲𝗿𝗸𝘀𝗵𝗶𝗿𝗲 𝗛𝗮𝘁𝗵𝘄𝗮𝘆 by Daniel Pecaut & Corey Wrenn. It captures lessons learned from Warren Buffest & Charlie Munger at the annual shareholders meetings, over 30 years.   In 2017 an attendee asked what would he like to be remembered for. Buffet shared that his ideal legacy is very simple. What he really likes is #teaching. He’s been teaching both formally and informally all his life. He’s also had some of greatest teachers one could imagine. So he figures that, if somebody thought he did a decent job of teaching, he’d feel very good about that.   And here you have a complication of his (& Charlie’s) teachings. It's a mini uni-course. 😊  Lessons captured in the book seem to recur and can be grouped into some key themes, as below:   𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝘁 𝗠𝗮𝗿𝗸𝗲𝘁𝘀: They (WB & CM) believe markets are not efficient. And that most of academic theories about markets are bogus. Actually it's the inefficient markets that offer opportunities to make money.   𝗙𝗹𝗼𝗮𝘁: They acquired insurance companies early on, which provided the cushion of float capital (via premiums) that can be deployed for investments. While always maintaining enough cash on its balance sheets, this turned out to be one of the greatest advantage Berkshire Hathway (BH) has had in becoming the compounding machine it has been.   𝗖𝗼𝗺𝗽𝗲𝗻𝘀𝗮𝘁𝗶𝗼𝗻: Corporate America had been distributing stock options too easily to their management – they should ideally buy at market price. Also by incentivizing quarterly performance (what markets pressure you to show) the focus of managements have been short-term.   𝗛𝗲𝗱𝗴𝗲 𝗙𝘂𝗻𝗱𝘀: They charge 2 and 20 just for breathing (2% of asset fees + 20% on profits) and still can’t beat S&P 500. Instead you may just buy S&P 500 Index Fund and sit on it for 50 years.   𝗗𝗲𝗿𝗶𝘃𝗮𝘁𝗶𝘃𝗲𝘀: are weapons of mass financial destruction. Their accounting is messed up and so is their taxation.   𝗔𝗰𝗾𝘂𝗶𝘀𝗶𝘁𝗶𝗼𝗻𝘀: In acquisitions BH brought fair valuation, quick response & offers, and assurance of cheque clearing. Some fantastic competitive advantages which brought some of the best deals to them – sometimes on weekends.   𝗖𝘂𝗹𝘁𝘂𝗿𝗲: One of the core values at BH is to always strive to treat people the way you want to be treated.   𝗪𝗔𝗥𝗥𝗘𝗡𝗢𝗠𝗜𝗖𝗦 𝟭𝟬𝟭: includes just two courses 𝘏𝘰𝘸 𝘵𝘰 𝘷𝘢𝘭𝘶𝘦 𝘢 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 – understand the language of accounting, stay within your circle of competence, and focus on what is meaningful & sustainable. 𝘏𝘰𝘸 𝘵𝘰 𝘵𝘩𝘪𝘯𝘬 𝘢𝘣𝘰𝘶𝘵 𝘮𝘢𝘳𝘬𝘦𝘵𝘴 – remember markets are there to serve you, not to instruct you. Key here is emotional stability, to have inner peace about you decisions. It is important tothink for yourself and to make good decisions over time. It is simple, but not easy. This is a brilliant read on investing. Highly recommended 👍👍 #15/2024 #books2024 #books

Rubin’s Black Private Equity Recap: 6 Q4 Deals to Follow in the Black PE Ecosystem: 1. Apis & Heritage Capital Partners ("A&H") converted Consolidated Construction Services ("CCS"), an underground utility construction firm, into a 100% employee-owned enterprise. CCS provides utility-scale sewer, water line, storm drain, and electrical conduit installation services for private and municipal customers. A&H is a private equity fund focused on deploying its noval "employee-led buyout" structure to finance the acquisition of companies with large workforces of color and convert them into 100% employee-owned enterprises. 2. Demopolis Equity Partners announced the execution of a definitive agreement to receive a strategic minority investment from TPG, a leading global alternative asset management firm. TPG will invest through TPG NEXT, its strategy focused on seeding and scaling the next generation of investment firms by providing growth capital and operational investment support. Demopolis is a private equity firm founded in 2022 focused on B2B technology and software-enabled businesses in the lower middle market space in North America. 3. HarbourView Equity Partners announced an agreement to purchase the master royalty income of iconic Jazz guitarist and singer-songwriter George Benson. HarbourView is an investment firm founded in 2021 with $1.45 billioin in regulatory assets under management focused on businesses or assets powered by IP. 4. RLJ Equity Partners (an affiliate of The RLJ Companies, LLC) and LP First Capital announced the sale of Flow Service Partners, a leading provider of commercial heating, ventilation, air conditioning, and refrigeration and plumbing services in the Midwest, Southeast, and Mid-Atlantic regions of the U.S. RLJ Equity Partners is a middle-market private equity firm focused on originating and investing in traditional buyouts and leveraged recapitalizations. 5. Vista Equity Partners announced its agreement to sell a minority stake in LogicMonitor, a cloud-based, AI-powered performance monitoring platform for enterprise IT, managed service providers, and small and midsize businesses, to a group of investors in a deal valuing LogicMonitor at about $2.4 billion, including debt. Vista will remain LogicMonitor's controlling shareholder. Vista is a leading global investment firm with over $100 billion in assets under management focused exclusively on investing in enterprise software, data and technology-enabled organizations. 6. Priority Courier Experts, a TRIDENT portfolio company and leading provider of same-day logistics services in the Midwest announced its acquisition of NOW Courier Inc., a leading courier in Indiana providing comprehensive distribution, routed, dedicated, on-demand expedited and next day services throughout Indiana and neighboring areas. Trident is a New York-based private equity firm specializing in acquiring U.S.-based small businesses in the healthcare, consumer, and industrials sectors.

I went looking for an article on the alignment between B Corps and ESOPs and came across this winner from Aziz El-Tahch. Many ESOP-owned companies and B Corps share a commitment to purpose-driven values and a focus on creating lasting impact. Aziz explains why existing B Corps may find ESOPs to be a compelling exit strategy and why ESOP-owned companies are increasingly becoming strong candidates for B Corp certification. From enhancing #employeeownership to preserving company legacy, this alignment offers unique opportunities for organizations prioritizing social and environmental goals. #EmployeeOwnership #BCorps #PurposeDrivenBusiness #SocialImpact

I wonder whether the current talk about partnership working and mergers in UK #HigherEd is mostly a lot of hand waving, given the legal and regulatory barriers in the way, as revealed by this report. #Universities urgently need to develop capabilities to imagine, formulate and execute other unique future-literate strategies for growth that go way beyond these familiar and conventional ideas. Greater imagination needed to envisage other possibilities. https://lnkd.in/eBUqTbtv #Futures #HigherEducation #StrategicForesight #SpeculativeFutures

Were you at The Schools & Academies Show? And is your head spinning from all those great talks? As well as demonstrating our accounting software for #MATs, iplicit rounded up some of the key messages – from grand visions of education’s future to practical advice on how to deal with short-term challenges. Our five key themes: 📝 Education is “back at the forefront of national life”, says schools minister Catherine McKinnell. 📝 But schools would “welcome more clarity”, says Stephen Morales - MA, FISBL, CertEd of the Institute for School business Leadership. 📝 Multi-academy trusts will have an important role to play, the DfE’s Andrew Warren told a panel discussion in trust expansion. 📝 Imagination could be the skill that trusts need most, says Emma Balchin of the National Governance Association 📝 You need to know how to tackle a deficit, according to a practical session with Chris Christoforou and Clare Skinner. What were your own takeaways from #SAASHOW? https://hubs.la/Q02Z8Sf00 #MATfinance #EducationLeadership #SchoolFinance #AcademyTrusts #EducationFuture #SchoolBusiness Neil Short Luke Sibieta Stephen Steinhaus Zoe Carr

🎄 Big news day in the practice market! The first Monday of December is always special for the Austin Rose team as Christmas decorations make their appearance, but today is especially thrilling. What can top the excitement of tinsel and baubles? Yes, Accountancy Age has released their Top 50+50 list for 2024, spotlighting the 100 largest firms in the accountancy practice market. We're bursting with anticipation! 🎉 Our initial glance at the report reveals some significant trends. The big story remains the rise of Private Equity investments and the resulting market consolidation. This year's rankings are particularly tricky to analyse due to numerous mergers and acquisitions, with roughly 35% of the firms on the list involved in such activities over the past year. A closer look will follow, but here are some preliminary thoughts: ☑️ The biggest movers, driven by aggressive acquisitions, include Evelyn Partners, Sumer, FRP Advisory, TC Group, Cooper Parry, Dains, BKL, Shaw Gibbs, and Affinia (formerly LB Group). ☑️ It's noteworthy that Blick Rothenberg is listed separately from Azets Group. 👀 ☑️ Some firms like UHY, Haines Watts, and Fortus saw their rankings drop due to office sales or losses. ☑️ Interestingly, strong organic growth in the range of 15-20% still caused firms to fall in rankings, showing just how competitive the market is. Our data team has been working tirelessly to keep up with these shifts and certainly deserves a festive break! We're keen to hear your thoughts on the new rankings. What do you think about the impact of these acquisitions? Share your views in the comments below or get in touch to discuss opportunities in this dynamic market. www.austinrose.co.uk #accountancy #recruitment #finance #accountingfirms #icaew

ICYMI | 2U, a company that was once seen as an innovator in the online expansion space and is now in the midst of restructuring through bankruptcy, has insisted that the process will create a stronger, more solid company. Most of its 250-plus partners have stuck with it so far. But Fordham University, a partner of 2U’s for the last seven years, says it has been “continuously plagued” by the partnership, citing low rates of putting students in field placements, an increasing student dropout rate and “lip service” over implementing program changes. Fordham, a four-year private institution in New York City, filed an objection to 2U’s restructuring in the U.S. Bankruptcy Court in the Southern District of New York. In its complaint, filed at the start of its fall semester, Fordham says it does not believe 2U could continue to carry out its contract with the university to provide online services under the restructuring. “2U’s repeated breaches and its inability to cure them, much less give adequate assurance of future performance, renders 2U unable to assume the agreement with Fordham,” the filing states. Read more ➡️ https://bit.ly/3XqcV17