58:00$50M Founder Explains How He Finds “Golden” Businesses
From My First Million · Published Jul 4, 2025 · Watch on YouTube
TL;DR
Brent Beshore (founder of Permanent Equity) describes how he accidentally bought his first business at 24 using an SBA loan with almost no cash down, then “stacked geese” by acquiring 16 companies generating $350M+ revenue with no debt.
Key insights
- Buying a business “accidentally” can work: Brent didn’t know what due diligence was, Googled it during the lawyer call, and only learned about working capital a week before closing.
- A small, unlevered portfolio allows you to invest in growth during downturns (e.g., aerospace business Pack Air grew 7× after 2020 because no cash went to debt service).
- EBITDA is often misleading in small businesses; real free cash flow after capex and owner reinvestment is much lower.
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