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Hello.

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Welcome back to M&A Zing, the weekly podcast for acquisition entrepreneurs,

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search funders and holdco builders in the UK, Europe and beyond.

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Today we have a very special episode featuring the founding partners

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of a brand new search fund in the UK 22 Capital Partners.

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We're joined by Andrew Napier, a seasoned finance professional

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with extensive leadership experience across diverse sectors.

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Alongside him is Avani Mineur, a serial entrepreneur

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with over 25 years of experience in digital transformation

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who has herself successfully acquired and scaled businesses using her own capital.

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Both are MBA grads from Cambridge Judge, which we'll get on to in a short while.

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But together they've embarked on the journey to acquire and lead UK semi.

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Andrew Avani welcome to the amazing.

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Thank you.

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Great to be here.

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Likewise. Great to have you with us.

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We have crossed paths a few times since you launched your fund

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and I think in the corridors of INSEAD recently.

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So you're an Airbus.

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I think as well prior to that.

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So you're taking on all of the business schools around Europe.

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Let's get into your kind of motivation first and foremost, shall we?

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Andrew Significant career in corporate finance, large teams, big transformations.

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If any entrepreneur through and through

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actively acquired scaled.

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What attracted you both

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to acquisition, entrepreneurship and ETA?

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In this sense?

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I was always drawn to building or whatever,

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whether it's business products or teams.

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I love to grow those and it brings all of that together and that's

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what really attracted me to it.

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And after multiple ventures, I wanted to take a longer term view

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and finding a greater for me that will bring where I can bring

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in that digital transformation knowledge that I have and growing it to sustainably.

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It allows me to have that

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in a more impacting and responsible way.

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Andrew Yeah, for me, I guess it's

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in the title really, the entrepreneurship it

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through acquisition I guess is bringing together that entrepreneurial drive

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that I've sort of got inside me and I have the structure.

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So I completely need to, to the ETA in the search

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for my role before doing the Electric Cambridge.

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And so I have a really compelling for me and

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what particularly stood out about it, because you could have gone

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the 0 to 1 route.

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Ivana, you have previously in your career started something from scratch.

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Was that experience sufficient motivation to think,

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Actually I can make a bigger impact if I pick something up

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that's already established? Yes, Yes.

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Even the first company was already established.

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It had good revenue coming in.

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And I did pick it up

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because the owner didn't know how to proceed or go further with it.

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But now with the knowledge I have of running that

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and it was quite service orientated since then, I've obviously

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had experience with a lot of different other industries

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and IT space

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allows us to get funds which will allow us to pick up

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a specific type of industry,

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a semi that will help us grow and make it

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sustainable.

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So the materiality of the size of business that you would want to

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for this chapter to yes, you acquired a I guess a small kind of self-funded search

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size business previously, which you've obviously had some great success with.

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You wanted to step that up to a larger entity and search

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the traditional search fund model kind of I guess

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facilitates that in the amount of capital that it gives access to.

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Exactly.

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Yeah No nice and Andrew similar motivation or

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yeah open and honestly say I'm not the

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the ideas person that the one that's going to find a sort of a novel solution

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for something or a novel idea that's going to become a unicorn.

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So the sort of model where you go into an asthma and you can

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it's been

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operating for sort of 20 or 30 years as,

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as the model states and been able to to take that and grow that.

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And so it was a perfect avenue to get into that space.

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So improvements, iterations versus innovations from the ground up,

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you know, getting into a strong foundation business and applying your competencies

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and capabilities and insights to to adding that value and creating that value.

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Great. Absolutely.

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So both of you, as I touched on in the intro,

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went through the Cambridge judge MBA program would love.

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Before we get into, you know, how

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that brought you both together to get your reflections on the program.

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So yeah, I the elective is a

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it's something we go back in

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is the chosen module that you can we can do during the two years that we did

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the MBA and also when we go back every year we can choose to do it.

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So it's an optional course and I sort of serendipitously

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got onto it this time round and that was February.

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So only three months ago I learned about all this and so here we are.

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And so how Avani came

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came into the fold was I sort of

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so began a bit of outreach to fellow alumni who were sort of interested

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in the space and some that wish to invest in some of, some of that.

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Harvard come along the journey with those.

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Avani was one of those people and

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a the people that had the knowledge of the space or people

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who had skill sets that could come along on the journey with me.

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And then

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speaking to Avani investors as was if she wanted to invest and come along

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and that fold and have you find yourself in a similar position to them.

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John Yeah, because at the time when he called

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in to call to, to explain about what he's going to start and do,

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I was aware of it.

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I was planning to do the elective as well to try and understand.

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But I thought the two modules I really wanted to do.

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But when Andrew called me, I was like, I'm doing that right now.

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I'm literally looking for a company as we speak,

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just been looking at various different

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listings, I guess with

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listing listings on online and started networking

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with some people, local businesses just to see what's going on.

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Yeah, very sensible.

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We'll get to sourcing a little bit strategies but

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but then Andrew approach is like hold on a minute,

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I could actually look at a much bigger company

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than what I'm looking at right now and make a bigger difference

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than acquiring a small company and which can still take a long

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journey to, to, to get where I would like to get to.

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And doing it together with Andrew's financial experience

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and my digital transformation experience, I thought, why not?

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This is a perfect next.

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Yes, a very sensible of you both to seek to

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not go out and do this alone.

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Not because you can, but because it's

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arguably more investable when you go as a as a team.

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And certainly in search, we see a,

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you know, a number of solo search funds.

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But the ones that seem to get traction earlier seem to be those

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with multiple people at the helm.

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That was something you were very much aware of from the beginning, I assume.

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Yeah.

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So I was sort of embarking on a on my own to begin with.

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It was only a matter of weeks before I spoke to Avani.

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After all reading the books and the stands of Prima

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and that the report said

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so yeah.

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So the, the advantage the stats are out there about partnered

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search and the success of women and of on his background.

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It was a great sort of combination and certainly now you've sort of all

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come on to it in the sort of fundraising stage.

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So certainly getting that feedback, that is a great combination

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and it's proved to be successful, hopefully.

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Yeah, certainly credible.

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I would argue, you know, with the experiences you both got the

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MBA under your belt

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and the very deliberate strategic approach you've taken to bringing

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22 capital partners into the world, I think, yeah, very smart

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and hopefully that as well come on to is is getting you

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some great conversations with the search fund investment community

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but let's get into your thesis for 22 capital partners.

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Tell us a bit about the type of businesses that you're targeting,

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the unique value proposition perhaps that sets your thesis apart from others.

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Yeah.

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What are you looking to do with 22

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capital partners?

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What? What, what?

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I'm we're we're focused on profitability.

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The founder led the SMEs in sectors like manufacturing, infrastructure

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services, CG Some of the industries that we both have had experience in

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and we believe that these businesses

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have good fundamentals and

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under digitized

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and we have a huge growth potential in just operating

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and digitizing a lot of those functions based on both of our experiences.

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And that's what what's drawing us to that kind of industries.

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You mentioned there three of the sort of segments or verticals

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there in industrial infrastructure services

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and FMCG, all of which when I hear those collectively,

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I think of, you know, a fair amount of fixed assets,

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perhaps some the inventory on the balance sheet.

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So, you know, you're looking at probably a reasonably high

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asset value businesses in that sense.

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Was that strategically deliberate?

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I wouldn't say so.

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To sort of a vantage point around

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how those industries are and how they've grown and evolved over time,

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there's a sort of a huge opportunity there for that, that sort of digitization

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pace and the use of technology and this whole becoming a

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becoming an organization in those industries,

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the sort of market leaders in terms of what they do

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and how they operate and then being able to grow.

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So it wasn't it wasn't more about the sort.

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So the asset base really, and some of them can be quite, quite asset light

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and once they get into the accounting

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so side of things, but so late lease in leasing things and whatnot.

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So it was more the opportunity that we saw

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in the industries that I mean we focused on those and

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just to be able to sort of talk through that and go

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particularly with investors and have done that work in particular industries.

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But we're still having a sort of an agnostic approach.

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Yeah, keeping an open mind wide, wide search kind of net,

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which I think is very sensible

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because you don't want to restrict yourself at this early stage,

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but good that you've got an eye on the ideal kind of

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areas that you'd like to to get some success in.

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Particularly I'm interested in the digital transformation piece.

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You're quite heavily indexed on on that, looking for value creation opportunities

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through digital transformation.

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Obviously that's your background.

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Avani But where do you see those value add to value creates can come from

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in that digital transformation, specifically,

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a lot of people when they say digital transformation, they think it's

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technology and will solve all the problems,

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which isn't the case.

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It's usually starts off with business processes

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and that's where it really starts.

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And typically the projects I've done, I've had limited

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say in making those changes on the business fronts.

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I would be able to advise

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but not see it through because I don't have the rights to do so.

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Now owning a business and running it in semi, I can.

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I've seen it all in these different industries.

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Now I have the opportunity or will have the opportunity to go in there,

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do it right, changing those business processes.

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It's not a tomorrow.

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It's going to be just change and it's a journey.

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Understanding what those processes are today,

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how we can transform those processes and help aid

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those changes with with the digitization

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and potentially even automation if it if it is possible.

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And these kind of industries that we highlighted is those are the ones which,

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which I've seen and Andrew seen is that

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they aren't digitized very well.

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They've been focused on that legacy of the relationships

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with businesses and have those contracts already.

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And now they haven't thought about doing things

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different way and there's a huge opportunity there.

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And that's what I'm definitely and Andrew thinks that we should be able to.

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Yeah, very apropos of the time, I think guys that, you know,

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there are businesses that have come up through a particular vintage

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or era that maybe haven't embraced the A.I.

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revolution or the automation revolution as you touch on there,

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perhaps in production, but also in back office processes as well.

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That interesting to hear that you say you don't want to rush to do that.

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And it's, I guess, refreshing for anybody that might be acquired by you

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to know that it's not going to be it'll change day one.

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But could you speak to particular focus areas, perhaps in some of those,

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you know, industrial type businesses where you think

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that, you know, automation, for example, might be applicable?

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I mean, I could touch on a couple of things

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in terms of finance transformation to the use of technology.

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Now, even sort of using AI to to

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go skim invoices and process them without having to touching

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any human, though, so a process is around

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reporting and a lot of the accountancy and finance can still be automated

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and made a lot more efficient than they currently have.

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Well, there are areas such as sort of HRN and payroll as well.

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And, and yeah, there's, there's a lot of the sort of central services

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areas particularly that can be transformed

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and made a lot more efficient in these businesses.

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And the key thing that I've learned is different areas are different departments

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try and digitize certain areas, but when you're running a business

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and have that vision, you'll be able to see that through and through

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from back office elements to front office to your suppliers.

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That whole ecosystem, that whole supply chain mechanism can be looked at

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as a whole and see how strategically have that digitized roadmap put in place.

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Because

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yes, you can

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digitize certain things in finance and agile

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and then with your vendors that supply chain to make it easier

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but still end up sanitized,

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silo ized and you're defeating the purpose and all you may over digitize

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one area versus other and they're not speaking to each other.

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And that has happened.

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But when we are looking at it from an overview and have that strategy

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which we have that we can do it better, is what I think.

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Yeah, And does that start with setting the culture within the business?

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Because so it's a lot to shoulder if you are the one doing

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all the digitization

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and the sort of innovation, if you will, into in transforming a business like that.

00:15:56:01 - 00:15:59:15
But often you find that people that have been in these businesses

00:15:59:15 - 00:16:03:18
for a while have these frustrations about some of the repetition

00:16:03:18 - 00:16:07:12
and some of the inefficiencies that they can actually

00:16:07:12 - 00:16:12:19
be part of the solution in finding ways to improve them.

00:16:12:21 - 00:16:13:10
Have you found that

00:16:13:10 - 00:16:17:15
in your previous careers that engaging the workforce and delegating

00:16:17:15 - 00:16:21:08
that responsibility is hopefully absolutely.

00:16:21:14 - 00:16:25:09
Gareth The thing is, everyone is resistant to change, everyone

00:16:25:12 - 00:16:29:01
change, everyone's comfortable to a large extent

00:16:29:01 - 00:16:33:07
with what they're doing for various different reasons.

00:16:33:09 - 00:16:37:13
But change is a constant and I believe change is a constant

00:16:37:15 - 00:16:41:04
and the sooner we realize that the better and inculcating

00:16:41:04 - 00:16:43:09
that culture in an organization is very,

00:16:43:09 - 00:16:47:10
very key and fundamental to putting these kind of things in place,

00:16:47:12 - 00:16:50:24
bringing them on the journey and making it their ideal

00:16:51:01 - 00:16:55:05
understood ending, listening to what their problems are and doing a few quick

00:16:55:05 - 00:16:58:18
wins with them, even though strategically it's not what you want to do.

00:16:58:20 - 00:17:02:06
Sometimes doing that to gain the trust of what we're trying to

00:17:02:06 - 00:17:05:08
achieve is very, very critical and very important sometimes.

00:17:05:08 - 00:17:08:08
Yeah, and it also teases out the future leaders within

00:17:08:10 - 00:17:13:09
that may have been neglected in previous regimes where they given a bit of

00:17:13:11 - 00:17:15:05
air for the wings to take flight.

00:17:15:05 - 00:17:17:03
Actually, you know, how do they utilize that?

00:17:17:03 - 00:17:20:05
Do they start to rise above, you know, great.

00:17:20:08 - 00:17:23:10
So, guys, you're on the fundraising journey.

00:17:23:10 - 00:17:28:19
You know, you've set out the thesis is out there, you are on the tour.

00:17:28:21 - 00:17:30:18
How is that going?

00:17:30:18 - 00:17:35:03
You're in the midst of the capital raising for the search phase.

00:17:35:05 - 00:17:38:06
Andrew In pre conversations, you've described this as a rather

00:17:38:06 - 00:17:42:22
novel experience and Avani and your previous

00:17:42:24 - 00:17:46:21
acquisition, you, you didn't go out and raise external capital for it,

00:17:46:21 - 00:17:50:20
so you're both shaking the tin for the first time.

00:17:50:22 - 00:17:52:13
What have you observed?

00:17:52:13 - 00:17:54:16
What have you learned from the process?

00:17:54:16 - 00:17:56:23
Any kind of pearls to impart

00:17:56:23 - 00:18:02:04
and Well, yeah, it's certainly a new experience book and

00:18:02:06 - 00:18:04:01
a lot less daunted now that

00:18:04:01 - 00:18:08:02
we're doing it than it was before embarking on it.

00:18:08:04 - 00:18:11:13
And I guess the

00:18:11:15 - 00:18:14:15
I think it sort of proves that

00:18:14:17 - 00:18:19:01
if the sort dynamic between an investor on the on the search

00:18:19:03 - 00:18:24:12
and it's all about sort of building relationships and this this partnership

00:18:24:12 - 00:18:30:00
that you may or may not sort of embark on is going to be a long term relationship

00:18:30:00 - 00:18:33:21
and one that you'll still be partnering with in maybe ten years time.

00:18:33:21 - 00:18:37:11
So a lot of it has been around, particularly

00:18:37:11 - 00:18:41:19
the introductory calls that we're having with investors, is just getting to know us

00:18:41:19 - 00:18:46:05
and us to get to know them and sort of being able to build that rapport.

00:18:46:05 - 00:18:49:12
So it's yeah,

00:18:49:14 - 00:18:52:02
you've used the word partnering there.

00:18:52:02 - 00:18:54:21
I think that speaks to the sort of collaborative nature

00:18:54:21 - 00:18:58:19
of the search ecosystem right now.

00:18:58:21 - 00:19:00:08
You know, it's so supportive.

00:19:00:08 - 00:19:02:14
I've been having come from a sort of recent

00:19:02:14 - 00:19:06:20
experience of the last few a few years in the venture space.

00:19:06:22 - 00:19:08:01
It has been quite

00:19:08:01 - 00:19:12:07
refreshing seeing how this asset class is not commodified.

00:19:12:07 - 00:19:17:06
You know, people want to give up their time to assist and guide and,

00:19:17:08 - 00:19:22:08
you know, it feels much more collaborative than, for example,

00:19:22:08 - 00:19:25:23
you know, the early stage innovation economy does these days.

00:19:26:02 - 00:19:31:15
So have you have you found any particular, you know, heroes or champions?

00:19:31:15 - 00:19:35:23
You've had quite a lot of a warm welcome from a lot of the institutions in the UK

00:19:35:23 - 00:19:39:04
that are kind of immersed in this space.

00:19:39:06 - 00:19:41:22
Any particular leap out there have been, you know, very willing

00:19:41:22 - 00:19:44:22
and generous with their time.

00:19:44:23 - 00:19:46:21
All have been generous with their time.

00:19:46:21 - 00:19:47:21
Yeah,

00:19:47:21 - 00:19:52:09
we were sort of having the conversation on the tube over here and how

00:19:52:11 - 00:19:56:19
how refreshing it's been that they are at that point, not cause on the table

00:19:56:19 - 00:20:01:06
to say, look, we we want to be with you next to you throughout this journey.

00:20:01:08 - 00:20:04:18
And to an extent where

00:20:04:20 - 00:20:08:03
I mean thinking a little bit into the future that we can't sort of

00:20:08:03 - 00:20:12:13
have all of the be that part because it's going to be maybe ten, 12,

00:20:12:13 - 00:20:16:23
15 investors on our cup table and,

00:20:17:00 - 00:20:19:09
absolutely willing willing to support us.

00:20:19:09 - 00:20:20:22
And so I'll be that partner.

00:20:20:22 - 00:20:24:02
So and that sort of sort of boosting

00:20:24:02 - 00:20:27:04
those as well, doing these having these conversations.

00:20:27:04 - 00:20:30:10
And so it's a big attraction to the search base.

00:20:30:10 - 00:20:30:16
Right.

00:20:30:16 - 00:20:31:11
The fact that, you know,

00:20:31:11 - 00:20:33:20
when you're going out and securing these commitments

00:20:33:20 - 00:20:37:17
to your search phase, that you almost win the right

00:20:37:17 - 00:20:43:06
to to partner with these folks who bring more than just capital.

00:20:43:08 - 00:20:43:21
Definitely.

00:20:43:21 - 00:20:47:02
I mean, that's one of the big things that's attracted me to go down

00:20:47:02 - 00:20:52:04
this route as well, is that community, the support from investors,

00:20:52:04 - 00:20:56:07
searchers, operators, everyone is willing to have a chat with you.

00:20:56:07 - 00:20:59:18
No one has ever said no, I can't give you time.

00:20:59:20 - 00:21:02:06
Everyone, even if however busy the yard.

00:21:02:06 - 00:21:07:11
You know they are busy though some snippet or advice

00:21:07:11 - 00:21:11:20
and it's all have been valuable and that's one thing I've definitely

00:21:12:01 - 00:21:15:06
noticed is being you do need to be resilient

00:21:15:06 - 00:21:19:18
and you'll hear different opinions, different views. But

00:21:19:20 - 00:21:20:18
but you have

00:21:20:18 - 00:21:23:19
to be clear about what it is that you want and continue in pursuit

00:21:23:19 - 00:21:26:03
because everyone has a different view of how

00:21:26:03 - 00:21:28:17
from their own lives, experience or preference or whatever.

00:21:28:17 - 00:21:32:18
And those opinions are really valuable, but taken as a trend,

00:21:32:18 - 00:21:36:15
as a sort of a rather than responding and flip flopping on individuals

00:21:36:15 - 00:21:38:16
kind of different ways of working.

00:21:38:16 - 00:21:39:24
Yeah, Yeah.

00:21:39:24 - 00:21:45:00
I mean, I guess it was, but it is also part of the model that,

00:21:45:02 - 00:21:48:02
yes, you may have you've been in as chief exec crawl

00:21:48:03 - 00:21:51:12
run your own business, but typically there isn't that experience

00:21:51:12 - 00:21:55:02
of being a chief exec in a in a business as a search.

00:21:55:02 - 00:22:01:02
So and many of these investors have sort of the lifecycle of search.

00:22:01:02 - 00:22:04:08
They they've done the search and they've done the operation

00:22:04:08 - 00:22:06:15
and they may have exited in that

00:22:06:15 - 00:22:09:18
sort of give it back now, which is also a really nice sort

00:22:09:18 - 00:22:14:01
of circular for me that paying it forward, going on in the community,

00:22:14:01 - 00:22:18:22
which is which is lovely and it's it's great to see the success of excited

00:22:18:24 - 00:22:22:03
acquisition entrepreneurs that are now investing in future

00:22:22:03 - 00:22:26:08
ones and sort of, you know, helping folks on their journey.

00:22:26:10 - 00:22:31:14
So let's fast forward then, if we can, to closing your search phase, actually

00:22:31:14 - 00:22:35:22
getting your acquisition candidates lined up and getting a deal over the line.

00:22:35:22 - 00:22:37:10
That's that's fast forward.

00:22:37:10 - 00:22:39:15
What do we think, six months?

00:22:39:15 - 00:22:40:04
No, no.

00:22:40:04 - 00:22:42:20
In fairness, probably more like 12 or 18.

00:22:42:20 - 00:22:47:23
But once you've acquired that first business, how do you envision

00:22:47:23 - 00:22:53:04
your your respective complementing skills being put to work in those companies?

00:22:53:06 - 00:22:56:04
Where are you going to devote your time and attention first hundred days?

00:22:56:04 - 00:22:59:04
Who's going into what departments to do, what work?

00:22:59:07 - 00:23:01:05
Yeah, I mean, there's there's options.

00:23:01:05 - 00:23:05:05
I think natural, Leigh, given my finance acumen

00:23:05:05 - 00:23:08:05
and sort of the finance

00:23:08:08 - 00:23:12:20
sort of central services, maybe operations and then Avani side of be

00:23:12:21 - 00:23:19:12
sort of the technology, the value of the go to market sort of areas,

00:23:19:14 - 00:23:22:08
and do that, I mean is divided conquer.

00:23:22:08 - 00:23:24:07
Yeah, absolutely. Divide and conquer.

00:23:24:07 - 00:23:26:14
Go speak to each individual.

00:23:26:14 - 00:23:28:04
I think that's the key thing.

00:23:28:04 - 00:23:29:10
Even when I first bought

00:23:29:10 - 00:23:32:19
that was quite critical because they needed to see there's a new leader.

00:23:32:19 - 00:23:39:07
They're not wanting to just come in and not like I don't

00:23:39:09 - 00:23:41:24
say anything about PE funds, but that's their model.

00:23:41:24 - 00:23:43:05
This model is very different.

00:23:43:05 - 00:23:48:01
We're trying to be part and journey of that and help them grow

00:23:48:03 - 00:23:49:20
the organization.

00:23:49:20 - 00:23:52:14
So you feel you have to be more visible, more collaborative.

00:23:52:14 - 00:23:54:04
Yes, absolutely.

00:23:54:04 - 00:23:57:15
Yeah, definitely feel that we need to go down to the ground,

00:23:57:15 - 00:24:02:23
speak to every individual, including cleaners and people

00:24:03:00 - 00:24:06:18
who are managing the security guards at the front, every single one,

00:24:06:20 - 00:24:08:07
top to the top management.

00:24:08:07 - 00:24:12:24
Everyone has, I believe everyone has to be spoken to and believes that too.

00:24:12:24 - 00:24:16:19
So I think we need to do that to understand what the current culture is

00:24:16:21 - 00:24:20:08
and how we could potentially make those changes in the background.

00:24:20:08 - 00:24:26:24
Thinking of it just being a bit better available for for everybody. And

00:24:27:01 - 00:24:28:16
I mean

00:24:28:16 - 00:24:31:09
that know that what you should do at the beginning

00:24:31:09 - 00:24:34:17
and what we've we've read, what we've heard is you don't really do much.

00:24:34:17 - 00:24:38:02
You get yourself in there, you learn in

00:24:38:04 - 00:24:40:15
when you're on the ground and

00:24:40:15 - 00:24:43:10
yeah, it's continuous sort of learning.

00:24:43:10 - 00:24:45:11
Next is and it's winning the hearts and minds.

00:24:45:11 - 00:24:47:01
You know, there's going to be a lot of sensitivity

00:24:47:01 - 00:24:47:20
to change in those

00:24:47:20 - 00:24:52:05
first sort of three or four months where people are, you know, wondering,

00:24:52:07 - 00:24:54:04
you know, what the new regime is going to look like

00:24:54:04 - 00:24:57:04
and what changes are going to be effected.

00:24:57:08 - 00:25:00:16
I think there's a sort of stability or stabilize Asian kind of phase

00:25:00:16 - 00:25:04:02
that you go through post acquisition, which is very sensible to be thinking of

00:25:04:02 - 00:25:07:21
in terms visibility over communicating

00:25:07:23 - 00:25:10:08
has a great role to play there.

00:25:10:08 - 00:25:14:04
But yeah, I guess you're going to be diving straight into the zero and,

00:25:14:06 - 00:25:17:19
you know, taking all the things that you've learned from the due diligence

00:25:17:19 - 00:25:21:21
and applying some, you know, quick wins I guess there in the

00:25:21:23 - 00:25:23:13
in the financial practice.

00:25:23:13 - 00:25:28:23
Yeah, certainly getting a handle on your cash flow like the board.

00:25:29:00 - 00:25:31:20
Well of course this you know, if you've done the usual path

00:25:31:20 - 00:25:33:18
there'll be an element of leverage that you've probably

00:25:33:18 - 00:25:36:18
brought to the business that it maybe didn't have before.

00:25:36:24 - 00:25:37:23
Be mindful of that.

00:25:37:23 - 00:25:42:04
And yes, and definitely mentioning not is not

00:25:42:06 - 00:25:45:12
we may be dividing, conquering to an extent of speaking to people, but

00:25:45:12 - 00:25:50:19
I think the aim and theme should be that we're willing together on this journey.

00:25:50:19 - 00:25:55:19
We're going to work on it to to grow and win the

00:25:55:21 - 00:25:58:02
hearts of hearts and minds.

00:25:58:02 - 00:26:00:09
So probably early to ask this question, but it always brings me

00:26:00:09 - 00:26:03:10
round to thinking about staff, incentivisation and things like that.

00:26:03:10 - 00:26:05:01
You know, how do you cultivate the talent?

00:26:05:01 - 00:26:08:12
How do you keep them feeling like they're part of that journey?

00:26:08:12 - 00:26:12:12
Because, I mean, it's quite clear when you're an acquisition entrepreneur with,

00:26:12:14 - 00:26:15:14
you know, the stand for traditional model and you've got backers and you know,

00:26:15:14 - 00:26:20:11
you have to deliver that 80% IRR or to the to the investors.

00:26:20:17 - 00:26:23:16
You know, there is an endgame here, isn't there, where the company has

00:26:23:16 - 00:26:27:14
to drive its success possibly to another sale or

00:26:27:14 - 00:26:31:17
liquidity event or, you know, it has to be able to do something

00:26:31:19 - 00:26:34:18
profound over a kind of 5 to 7 year journey.

00:26:34:18 - 00:26:37:14
Do you have any thoughts on incentivizing the sort of

00:26:37:14 - 00:26:42:13
senior leadership or middle management to become part of that solution?

00:26:42:15 - 00:26:43:23
nothing specific for me.

00:26:43:23 - 00:26:49:13
I think around getting into the business that we acquire is

00:26:49:14 - 00:26:52:18
and we talked about culture a little bit before now.

00:26:52:20 - 00:26:56:05
I guess for me it is providing that environment

00:26:56:05 - 00:26:59:13
where everybody can sort of reach their potential.

00:26:59:13 - 00:27:02:13
Yeah. And giving them the opportunity to.

00:27:02:14 - 00:27:03:16
Is this not.

00:27:03:16 - 00:27:08:19
Yes, incentivization is a thing and we all go to work to earn a living

00:27:08:20 - 00:27:10:01
and that's important.

00:27:10:01 - 00:27:14:20
But certainly for me it's more than just the pay.

00:27:14:20 - 00:27:18:11
At the end of the day, it's having an environment that's enjoyable to work out.

00:27:18:11 - 00:27:24:00
The people can grow and develop and have have development plans, for

00:27:24:00 - 00:27:28:05
example, because some of these businesses may not have those those plans in place.

00:27:28:05 - 00:27:31:06
So certainly around just creating that environment

00:27:31:06 - 00:27:36:05
and maybe that goes back to my Ruby playing days and most sounds very warm.

00:27:36:05 - 00:27:38:03
It sounds like a great place to work if you

00:27:38:03 - 00:27:40:12
if you're looking to encourage those kind of personal journeys.

00:27:40:12 - 00:27:44:00
But that sense of team, that sense of collaboration,

00:27:44:02 - 00:27:47:17
I definitely want to echo what Andrew said about that

00:27:47:17 - 00:27:51:18
development plan, giving them opportunities to learn skills.

00:27:51:20 - 00:27:53:22
A lot of organizations

00:27:53:22 - 00:27:58:02
do have them, but I think tailoring them specifically to what they want to do

00:27:58:02 - 00:28:03:21
and achieve and and invest that time towards that will help in that

00:28:03:21 - 00:28:08:05
long term vision of whichever direction we end up going for that or as me.

00:28:08:07 - 00:28:10:04
So yeah, so it's more appealing

00:28:10:04 - 00:28:14:04
to the heart of the workforce rather than the pocket necessarily.

00:28:14:06 - 00:28:15:04
Yeah.

00:28:15:04 - 00:28:16:22
And that eventually come, right?

00:28:16:22 - 00:28:21:11
I mean, if you do exist, if you've got the right

00:28:21:13 - 00:28:26:01
culture, put in place, the right innovation mindsets in place,

00:28:26:03 - 00:28:29:03
I can't see why not. It.

00:28:29:08 - 00:28:31:21
Let's talk about challenges on the journey then, because you know,

00:28:31:21 - 00:28:35:12
you've you've probably had some already, as everybody does in the early days.

00:28:35:12 - 00:28:40:01
But where do you see the big challenges coming for 22 capital partners

00:28:40:01 - 00:28:44:22
on its on its journey to acquire and possibly post acquisition?

00:28:44:24 - 00:28:45:23
If only you've said to me

00:28:45:23 - 00:28:49:05
previously it's a fall in love with the problem and not the idea.

00:28:49:07 - 00:28:54:00
And the momentum matters more than perfection, which I think is wise words.

00:28:54:00 - 00:28:59:09
But have you used those kind of tenets

00:28:59:11 - 00:29:02:11
in overcoming any challenges so far?

00:29:02:11 - 00:29:04:05
Yes, sir.

00:29:04:05 - 00:29:05:09
David Yeah.

00:29:05:09 - 00:29:08:15
So yeah,

00:29:08:17 - 00:29:10:14
I don't know where to start in begin because every day

00:29:10:14 - 00:29:14:11
you have a different problem and you have a different thing to solve.

00:29:14:13 - 00:29:17:09
It could be a data

00:29:17:09 - 00:29:22:06
related issue where some information has been leaked to,

00:29:22:08 - 00:29:24:08
to trying to solve

00:29:24:08 - 00:29:28:02
someone wanting to leave the company or a bereavement.

00:29:28:02 - 00:29:30:15
It could be anything, and you just don't know what you're going

00:29:30:15 - 00:29:36:11
to come in with that day in the morning and having that open mindset of

00:29:36:13 - 00:29:37:15
trying to understand what the

00:29:37:15 - 00:29:42:04
problem is and and working towards that and hearing what those people

00:29:42:04 - 00:29:47:10
are trying to say, listening to them and understanding it,

00:29:47:12 - 00:29:51:05
making them feel that they could make a huge difference

00:29:51:07 - 00:29:54:22
on any challenge.

00:29:54:24 - 00:29:56:19
If we start reacting

00:29:56:19 - 00:30:00:14
to that issue or challenge, then it becomes,

00:30:00:16 - 00:30:01:17
exponential.

00:30:01:17 - 00:30:05:06
And it can be put out there

00:30:05:06 - 00:30:08:12
into the world as a wrong piece of information.

00:30:08:12 - 00:30:09:12
So I think it's important

00:30:09:12 - 00:30:12:22
to speak to those individuals, make sure they're heard, whatever

00:30:12:22 - 00:30:16:06
the challenge might be, it could be a specific

00:30:16:08 - 00:30:19:11
I'm not trying to go into details because like I am having floods

00:30:19:11 - 00:30:22:18
of what ifs and flashbacks,

00:30:22:18 - 00:30:26:02
I should actually be flashbacks right now.

00:30:26:04 - 00:30:30:01
But I think that's that's what has helped me get through a lot of them.

00:30:30:01 - 00:30:33:16
And there have been some challenges where I have not been able to know what to do,

00:30:33:18 - 00:30:37:20
have had to take advice and seek guidance from people

00:30:37:22 - 00:30:38:22
to make sure that

00:30:38:22 - 00:30:42:11
it's handled in the best way possible with the best outcome.

00:30:42:13 - 00:30:47:21
So willing to listen to and understand what the issue is and also taking seek

00:30:48:01 - 00:30:52:14
seeking advice from external third party people who are not

00:30:52:16 - 00:30:54:24
directly involved with the situation,

00:30:54:24 - 00:30:58:05
who are away so they can see it with a more objective view.

00:30:58:11 - 00:30:59:13
It's also quite important.

00:30:59:13 - 00:31:01:23
So you're already thinking in operator mode.

00:31:01:23 - 00:31:03:19
You're already thinking you can see acquisition.

00:31:03:19 - 00:31:05:21
I know what I'm getting myself into

00:31:05:21 - 00:31:07:21
and I know how I'm going to handle it, which is, which is great.

00:31:07:21 - 00:31:09:15
I mean, actually super credible.

00:31:09:15 - 00:31:10:14
So so thank you.

00:31:10:14 - 00:31:14:00
But also the challenges on the journey to get that far.

00:31:14:00 - 00:31:18:01
I mean, every searcher has, you know, commercial finance

00:31:18:03 - 00:31:24:07
challenges and equity challenges and sourcing challenge and negotiation

00:31:24:07 - 00:31:30:04
and due diligence challenges and deal structuring, all of that is pretty much,

00:31:30:06 - 00:31:33:00
you know, standard fare for the for the journey you guys are on. But

00:31:33:00 - 00:31:40:01
have you thought about any in particular and thought I had many mitigators. And

00:31:40:03 - 00:31:40:13
I think,

00:31:40:13 - 00:31:43:15
well, you've just sort of described everything.

00:31:43:16 - 00:31:46:11
It is certainly all encompassing.

00:31:46:11 - 00:31:50:09
And even at this stage now, it's

00:31:50:11 - 00:31:52:11
so much for us to do.

00:31:52:11 - 00:31:55:18
And in this stage of the search

00:31:55:18 - 00:31:59:01
for the fundraising now and

00:31:59:03 - 00:32:03:01
yeah, essentially something you need to go all in on.

00:32:03:05 - 00:32:07:02
And so we're fortunate to be able to do that.

00:32:07:04 - 00:32:11:16
You seem very strategic, the pair of you, in thinking ahead and planning forward.

00:32:11:20 - 00:32:16:01
And to your point about momentum mattering more than perfection, like

00:32:16:03 - 00:32:22:09
I think that is ever more achievable to arrive at that momentum if you've done

00:32:22:09 - 00:32:27:09
some proper planning and sort of tried to think ahead to these challenges,

00:32:27:11 - 00:32:30:00
where do you see potentially

00:32:30:00 - 00:32:33:00
in the search phase the possibility to trip up

00:32:33:00 - 00:32:36:06
and where you might want to make sure that you're super prepared?

00:32:36:08 - 00:32:40:08
Definitely something we both have thought about and discussed.

00:32:40:10 - 00:32:43:08
Yes. Acquiring is one thing, and I think we've got a good strategy

00:32:43:08 - 00:32:47:04
for that and using some of that process here

00:32:47:04 - 00:32:48:21
because it's going to be just the two of us.

00:32:48:21 - 00:32:52:08
And obviously we are thinking of whether we get interns to help us,

00:32:52:08 - 00:32:55:08
what kind of tools to help us and support us on that journey.

00:32:55:14 - 00:32:57:10
But it's more than just that.

00:32:57:10 - 00:33:01:10
It's trying to be more visible about this, that some businesses

00:33:01:10 - 00:33:05:14
who don't know they're wanting to sell us know that we exist,

00:33:05:16 - 00:33:09:06
and we're here to help that journey with them.

00:33:09:08 - 00:33:11:15
So we've like spoken to

00:33:11:15 - 00:33:15:15
other VC firms who have companies that they're not looking at

00:33:15:17 - 00:33:20:08
who are willing to share and share that information with us.

00:33:20:10 - 00:33:24:03
There's a local business person I met who had sold

00:33:24:03 - 00:33:28:07
his business more than 30 or 40 years ago and is now dedicated.

00:33:28:07 - 00:33:30:23
His time in an engineering business.

00:33:30:23 - 00:33:36:18
He sold he built and sold three different engineering businesses by the age of 45.

00:33:36:18 - 00:33:37:16
Amazing.

00:33:37:16 - 00:33:40:08
It was amazing. Something definitely to aspire to.

00:33:40:08 - 00:33:42:20
But he he the

00:33:42:20 - 00:33:45:14
his journey, he explained it and it was quite interesting to see

00:33:45:14 - 00:33:47:22
from a seller's perspective what he had to go through

00:33:47:22 - 00:33:51:03
and letting go of his baby, so to speak, literally.

00:33:51:05 - 00:33:55:01
And he's now dedicated his time to other business

00:33:55:01 - 00:33:59:11
owners around the country to and formed

00:33:59:11 - 00:34:04:04
a nonprofit kind of organization but a subscription kind of thing.

00:34:04:06 - 00:34:09:24
Amazing concept of helping and supporting other local businesses to whether it's

00:34:09:24 - 00:34:14:02
a legal matter, accounting matter, thinking of selling what to do and so on.

00:34:14:03 - 00:34:18:17
And he's someone I found quite an interesting person.

00:34:18:17 - 00:34:22:22
And yeah, it's been that journey for for that journey and I think quite valuable

00:34:22:24 - 00:34:25:24
for when we're going down that route because we don't then there'll be

00:34:26:05 - 00:34:29:08
so many different people are selling and we have to be mindful of that

00:34:29:08 - 00:34:33:09
and to help with the negotiations or what what it is

00:34:33:09 - 00:34:35:04
they're trying to achieve out of selling it.

00:34:35:04 - 00:34:37:00
This is really refreshing to be putting yourself

00:34:37:00 - 00:34:40:20
in the seller's shoes and trying to understand the seller's psychology.

00:34:40:22 - 00:34:43:13
I will go out on a limb and say not enough searches,

00:34:43:13 - 00:34:49:11
give enough forethought to that and therefore know

00:34:49:13 - 00:34:51:14
negotiation,

00:34:51:14 - 00:34:54:21
semantics, if you like, appear more frustrating

00:34:54:21 - 00:34:58:00
than they maybe are intended to be because, you know,

00:34:58:02 - 00:34:59:21
you have to walk a mile in the other person's shoes

00:34:59:21 - 00:35:01:16
in order to understand the lived experience. Right.

00:35:01:16 - 00:35:05:20
So and what's going through their mind and isn't just a transaction for them.

00:35:05:22 - 00:35:09:13
And so so yeah, really interesting that you've thought

00:35:09:13 - 00:35:15:01
that that through and Andrew anything to add to add that

00:35:15:03 - 00:35:15:16
I guess

00:35:15:16 - 00:35:19:17
I guess at this stage there's that there's lots of avenues

00:35:19:17 - 00:35:23:20
that we could go down in terms just thinking of the proprietary outrage

00:35:23:20 - 00:35:28:04
verses or broke highlighted and is it a plan to do a mix of both?

00:35:28:10 - 00:35:31:10
Makes it both, Yeah, certainly.

00:35:31:13 - 00:35:33:18
50, 50, 60, 40.

00:35:33:18 - 00:35:37:03
We hear different things speaking to different people. But

00:35:37:05 - 00:35:38:00
obviously the model

00:35:38:00 - 00:35:41:22
that had the hidden gems out there are found off market,

00:35:41:22 - 00:35:45:00
but the dynamics in the UK are quite heavily broken.

00:35:45:01 - 00:35:50:09
So definitely both and yeah,

00:35:50:11 - 00:35:53:11
better look goes with it as well.

00:35:53:11 - 00:35:56:09
Couple of conversations we've had recently, they've been quite

00:35:56:09 - 00:36:02:05
refreshing that the look plays a big part in this and

00:36:02:07 - 00:36:05:04
I mean yeah, people say you create your own look

00:36:05:04 - 00:36:07:13
and you put yourself out there in places that Yeah.

00:36:07:13 - 00:36:11:04
That you'll, you'll find it and hopefully we'll find that

00:36:11:06 - 00:36:14:17
there is definite correlation between the luck finding

00:36:14:17 - 00:36:17:17
you and you creating the conditions for luck to do so.

00:36:17:18 - 00:36:21:04
so so yes, it isn't those just fall out of the tree

00:36:21:05 - 00:36:23:24
but but again sensible approach

00:36:23:24 - 00:36:27:20
you know thinking about the mix of sourcing, thinking about

00:36:27:20 - 00:36:31:22
how you're going to maintain that momentum, really sensible strategies guys.

00:36:31:24 - 00:36:35:10
So looking ahead, let's think about what 22

00:36:35:10 - 00:36:39:02
capital partners might look like in 12 months time.

00:36:39:04 - 00:36:40:20
where do you hope to be on the journey?

00:36:40:20 - 00:36:43:14
Not necessarily acquired, but

00:36:43:16 - 00:36:44:15
who knows?

00:36:44:15 - 00:36:49:24
You know, first of all, in so, I mean, in an ideal world, if we were to come back

00:36:50:01 - 00:36:54:20
in the summer of 2026, what would you like to be announcing?

00:36:54:22 - 00:36:57:13
We're operating.

00:36:57:13 - 00:36:59:08
Operating,

00:36:59:08 - 00:37:01:04
I think, in 12 months time.

00:37:01:04 - 00:37:04:08
I guess typically this takes up

00:37:04:08 - 00:37:07:08
to 24 months to find,

00:37:07:08 - 00:37:11:06
on average to find that the ideal company and we're mindful of that.

00:37:11:06 - 00:37:15:20
It might take time, it might again end of the conversations that we've had.

00:37:15:22 - 00:37:19:06
And so, so we've found in a month or two

00:37:19:06 - 00:37:23:21
and that they're the best businesses and so who knows?

00:37:23:21 - 00:37:29:09
But I would certainly like to think we're progressing with, with some options

00:37:29:09 - 00:37:33:09
and so some companies that are out there and

00:37:33:11 - 00:37:35:14
yeah, try to find that

00:37:35:14 - 00:37:39:13
hidden gem that's out there for, for us to,

00:37:39:15 - 00:37:40:14
yeah, I

00:37:40:14 - 00:37:44:07
can see Yvonne is itching to just get through this stage and get

00:37:44:09 - 00:37:48:01
stuck running the business, which is, which is great.

00:37:48:03 - 00:37:51:23
It's not certainly not conceptual or academic for you is,

00:37:52:00 - 00:37:56:06
you know, it's coming across viscerally that you can't wait to get running.

00:37:56:06 - 00:37:58:02
It is absolutely. Absolutely.

00:37:58:02 - 00:37:59:13
I think it's one of those things

00:37:59:13 - 00:38:01:20
that stays in your blood because that's what's driving us

00:38:01:20 - 00:38:04:23
to help find that company as well and do that to do it.

00:38:05:03 - 00:38:10:10
But Andrew keeps me grounded so I'm not racing off, which really is useful.

00:38:10:12 - 00:38:12:03
I was just about to say that that's probably

00:38:12:03 - 00:38:16:00
why the partnerships are quite good and well,

00:38:16:02 - 00:38:19:16
but to be successful with this, that

00:38:19:18 - 00:38:24:10
everybody's approach is get out there, start

00:38:24:12 - 00:38:26:02
processing or you

00:38:26:04 - 00:38:28:16
think there's got to be a happy balance somewhere in the middle

00:38:28:16 - 00:38:31:18
where you don't overprocessed euphoria at this early stage,

00:38:31:22 - 00:38:33:08
but you also don't run before you?

00:38:33:08 - 00:38:35:16
Yes, exactly. Absolutely. Yeah.

00:38:35:16 - 00:38:38:16
So we do get a number of aspiring

00:38:38:16 - 00:38:41:16
and ambitious future searchers

00:38:41:19 - 00:38:46:02
listening to the Amazing and we want to be an inspiration to them.

00:38:46:02 - 00:38:48:22
And certainly your story inspires me.

00:38:48:22 - 00:38:53:00
I'd love to just at this early stage of your

00:38:53:02 - 00:38:59:01
search fund life, get your reflections, but perhaps with a lens of someone

00:38:59:01 - 00:39:02:24
considering this tentatively, I want to do a search fund.

00:39:03:04 - 00:39:06:02
Maybe you could just impart some wisdom around

00:39:06:02 - 00:39:11:07
why they might wish to or not, as the case may be. Have

00:39:11:09 - 00:39:15:18
algo I guess that I can't remember where I heard it, but it was

00:39:15:18 - 00:39:23:03
it was start and keep going and it's not going to be easy. But,

00:39:23:05 - 00:39:26:18
this certainly a where do you begin this journey?

00:39:26:20 - 00:39:30:15
You quickly, quickly find there's a community out there.

00:39:30:15 - 00:39:32:00
We've touched on it before.

00:39:32:00 - 00:39:34:04
There's a community out there to support.

00:39:34:04 - 00:39:35:03
Yeah.

00:39:35:03 - 00:39:37:17
You know, whether you're a partnership

00:39:37:17 - 00:39:41:13
or a solo searcher, you're doing this on your own.

00:39:41:15 - 00:39:42:16
There are.

00:39:42:16 - 00:39:43:14
So we talked about this.

00:39:43:14 - 00:39:46:08
You do this in a partnership

00:39:46:08 - 00:39:51:04
with, with investors, with advisors, with with the community.

00:39:51:04 - 00:39:56:23
And yeah, if you've got the a opportunity to embark on this,

00:39:56:23 - 00:40:01:04
then just keep going and find your,

00:40:01:06 - 00:40:06:12
the model that you fit into and, and take it away.

00:40:06:17 - 00:40:07:14
Yeah.

00:40:07:14 - 00:40:10:14
But it's a definitely it's also a lifestyle.

00:40:10:14 - 00:40:13:02
It's not for everybody.

00:40:13:02 - 00:40:14:21
This kind of journey.

00:40:14:21 - 00:40:17:21
Some people don't like to be thinking about work

00:40:18:01 - 00:40:20:10
evenings and weekends and things like that,

00:40:20:10 - 00:40:23:13
but this journey is going to be that you will be thinking about it evenings.

00:40:23:13 - 00:40:27:10
You will be thinking on your holidays and weekends and so on.

00:40:27:12 - 00:40:29:20
If that's not what you want of, just stop.

00:40:29:20 - 00:40:31:20
Don't waste your time if you just want a job.

00:40:31:20 - 00:40:34:06
Yes, search isn't for you, is definitely not.

00:40:34:06 - 00:40:35:23
If you want something that's all immersive

00:40:35:23 - 00:40:39:10
that's going to occupy your every waking and sleeping thought

00:40:39:12 - 00:40:43:09
and probably wake you up in a cold sweat, then this is definitely.

00:40:43:11 - 00:40:44:15
Yeah, yes.

00:40:44:15 - 00:40:47:10
But it's a well, for me personally, it's been extremely

00:40:47:10 - 00:40:50:19
rewarding the first time round, hence me trying to do it again and bigger scale.

00:40:50:19 - 00:40:54:12
So I find the reward and it definitely gives me a rush.

00:40:54:12 - 00:40:57:11
Well, that's the inspiration that you have done this before.

00:40:57:11 - 00:40:58:22
You have acquired and you've gone

00:40:58:22 - 00:41:05:08
the full life cycle and now you're ambitious to do it again.

00:41:05:10 - 00:41:07:03
Great. So just keep searching.

00:41:07:03 - 00:41:09:05
Basically

00:41:09:07 - 00:41:10:24
starting stops and continue.

00:41:10:24 - 00:41:11:19
Yes, it's great.

00:41:11:19 - 00:41:13:11
And there is an abundance of opportunity out there

00:41:13:11 - 00:41:16:02
is, as you've found, you know, there's this disproportionately

00:41:16:02 - 00:41:17:21
large number of businesses that need to sell.

00:41:17:21 - 00:41:20:15
So let's get out there. And by the way,

00:41:20:15 - 00:41:25:17
so you are still taking interest in your phase capital.

00:41:25:17 - 00:41:29:10
You still have some slots left on your units, left on your cap table.

00:41:29:10 - 00:41:31:08
Yes, there's some left. Yeah.

00:41:31:08 - 00:41:34:12
How would you like putting out fast?

00:41:34:14 - 00:41:36:15
Well, you seem like you've been high demand.

00:41:36:15 - 00:41:39:08
I'm sure you've got all the right ingredients.

00:41:39:08 - 00:41:43:12
How might you wish for, you know, investors, Either

00:41:43:12 - 00:41:46:20
institution of little high net worth to to contact you

00:41:46:20 - 00:41:50:04
in relation to potentially participating in your opportunity.

00:41:50:06 - 00:41:50:16
Yeah.

00:41:50:16 - 00:41:53:11
Linked in schools

00:41:53:11 - 00:41:58:20
we find our website towards the capital partners at UK or inquiries

00:41:58:20 - 00:42:02:20
at 22 Capital Partners account at UK if people want to email,

00:42:02:22 - 00:42:06:22
but you have to link to appear they

00:42:06:24 - 00:42:11:02
find is that they've got to ask why 20 to

00:42:11:04 - 00:42:13:08
go with that slightly sentiment.

00:42:13:08 - 00:42:18:15
So because we were the class of 2022 at Cambridge

00:42:18:19 - 00:42:21:15
so nothing at all to do with Taylor Swift.

00:42:21:15 - 00:42:23:10
no, no.

00:42:23:10 - 00:42:27:09
I've now not come out of that now.

00:42:27:09 - 00:42:30:13
It's a bit of a sentiment to, to where we know it

00:42:30:13 - 00:42:33:13
to the from and where this was born out of.

00:42:33:15 - 00:42:34:09
Okay.

00:42:34:09 - 00:42:36:17
You will have that tune ringing in your ears now.

00:42:36:17 - 00:42:39:18
And every time I see you, I will be playing it as your ringtone

00:42:39:18 - 00:42:40:21
and you call me. Okay.

00:42:40:21 - 00:42:42:18
I have first time.

00:42:42:18 - 00:42:46:09
I've put the two together. Yeah, together.

00:42:46:11 - 00:42:47:24
Loved teenage daughters in your house?

00:42:47:24 - 00:42:49:24
Not yet. Not yet.

00:42:49:24 - 00:42:50:11
Great stuff.

00:42:50:11 - 00:42:52:11
Well, listen, it's been an absolute pleasure speaking with you both.

00:42:52:11 - 00:42:55:05
Thank you very much for sharing your journey with us.

00:42:55:05 - 00:42:59:13
And we absolutely look forward to following your journey and hearing

00:42:59:13 - 00:43:03:01
about the businesses that you acquire and the successes that you make of them.

00:43:03:01 - 00:43:06:01
So, Avani, Andrew, thank you so much.

00:43:06:03 - 00:43:07:11
Thank you, Gareth.

00:43:07:11 - 00:43:10:08
And to all the listeners out there, if you want to follow Andrew Devon's

00:43:10:08 - 00:43:13:08
journey to track them on LinkedIn Connect

00:43:13:14 - 00:43:16:11
and also visit 22 Capital Partners dot

00:43:16:11 - 00:43:21:04
com UK, UK, which we'll put links to in the show notes.

00:43:21:06 - 00:43:23:22
We'll have another interview with an aspiring

00:43:23:22 - 00:43:27:20
and ambitious and successful

00:43:27:22 - 00:43:30:12
acquisition entrepreneur coming right on up.

00:43:30:12 - 00:43:32:16
So until then, keep on crunching.

00:43:32:16 - 00:43:44:18
Thanks, folks. And.