In the 2017 Constellation Software President’s Letter, Mark Leonard discussed his process for dealing with potential investments that don’t quite meet their hurdle rate. Here’s an excerpt from that letter: Maintaining Investment Discipline: I recently worked on a large transaction. With every day that passed, I could feel my commitment … Read More
Mark Leonard: Founder Businesses & Distressed Assets Make Great Acquisitions
In his 2012 Shareholder Letter, Constellation Software President Mark Leonard explained why founder businesses and distressed assets make great acquisitions saying: Our favourite and most frequent acquisitions are the businesses that we buy from founders. When a founder invests the better part of a lifetime building a business, a long … Read More