Buy Boring. Boring Businesses Have No Competition.
He specifically looks for businesses that are impossible to brag about at dinner. Egg cartons. HVAC. Commercial cleaning. These businesses have almost no buyer competition. Everyone wants the SaaS company or the trendy brand. Nobody wants the company that makes packaging for grocery stores. That means the seller is negotiating with one buyer instead of ten, and the deal terms get dramatically better. 'I can't compete with PE firms for flashy businesses. I can absolutely compete for boring ones.'
