The FORT Podcast: Brent Beshore

Brent Beshore is the Founder & CEO of Permanent Equity, a family of companies investing in family-owned companies.  Permanent Equity invests with no intention of selling and with little to no debt.  Brent published “The Messy Marketplace” in 2019 as a resource to “demystify the buyers, the process, and the inevitable emotional journey that is selling a company”.  Permanent Equity has been a leader providing valuable content and resources to small businesses all over – especially in the midst of the COVID crisis.  In this episode, Brent and Chris discuss Permanent Equity’s navigation through the pandemic, Brent’s Safe Harbor project, ‘The Small Business Toolbox’, outlooks for life after COVID-19, and much more.

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01:04 — Can you recall the specific moment when you realized how real COVID-19 was?
02:33 — What data are you seeing that’s most alarming to you?
06:24 — How do you invest in a market like this where it’s a win-win right now?
10:48 — Are there any additional filters that you’re adding into the questions for buying a business right now?
13:30 — Can you explain what Safe Harbor is and what interesting things have come of it?
16:13 — What is the ‘Small Business Toolbox’ and how do you decide what to write net?
18:37 — What is the biggest challenge you’re facing today that you feel you lack wisdom on?
21:03 — If you could consult a crystal ball about the future, what would you like to know so you can change your trajectory?
23:35 — What happens when a business shuts down but needs to start back up again?
28:45 — What’s your outlook on the rest of the year?
33:43 — Is there anything you want to see come out of Washington?
36:45 — What do you think is going through Warren Buffet’s head right now?
38:40 — What is your haircut going to be?

Books Mentioned:
Living Life Backward by David Gibson
The Fourth Turning: An American Prophecy by Neil Howe and William Strauss

For more on Permanent Equity: www.permanentequity.com

Episode Summary

Beshore’s early life was grounded in local dynamics, offering him a unique vantage point to understand business intricacies. These early experiences equipped him with an uncanny ability to navigate challenges and draw actionable lessons from them. His initial ventures, while fraught with challenges, laid the foundation for his understanding of the business landscape.

One of the most salient points of the conversation was the role of adaptability in business. In a world that’s rapidly evolving, Beshore underscores the importance of being nimble and responsive. Especially in the real estate market, where the pace is frenetic, the ability to embrace change is crucial. Drawing from his rich tapestry of experiences, Beshore shared anecdotes that spotlighted the importance of flexibility in varied business scenarios.

Beshore’s business acumen shines through when he speaks about the long game. While many are tempted by the allure of quick profits, Beshore believes in the “get rich slow” philosophy. He emphasizes the importance of patience in real estate, warning against the pitfalls of chasing ephemeral gains and instead championing the merits of sustained growth.

Trust, according to Beshore, is the bedrock of any successful business relationship. In an industry as competitive as real estate, maintaining integrity and upholding promises can set one apart. The conversation around trust was particularly enlightening, with Beshore delineating the challenges of establishing credibility in the sector.

Diving into the practicalities of the real estate industry, Beshore candidly discussed market fluctuations. The unpredictability of the market underscores the need for preparedness for downturns. Risk mitigation and diversification, he suggests, are the tools of the trade when navigating this volatile terrain.

In a digital age, the discussion naturally veered towards the role of technology in real estate. While Beshore acknowledged the transformative potential of tech, he also brought to the fore the irreplaceable value of human interactions. This balance between leveraging technology and nurturing human relationships is what, in his view, shapes the future of real estate.

Beshore’s investment strategies are anchored in thorough due diligence and a deep understanding of market dynamics. The significance of local knowledge cannot be overstated, he insists. Having a robust network in the industry can be the difference between success and failure.

As the podcast neared its end, the conversation turned introspective. Beshore shared his thoughts on mentorship and continuous learning in real estate. Seeking guidance from seasoned professionals and imbibing from their experiences is invaluable, he believes. The role of community, both personal and professional, plays a pivotal role in growth.