Richard Fetter
Tillery Capital
We focus our efforts on a small number of investments. We fundamentally believe that focused efforts drive success and lower middle-market companies typically need focus to fully achieve their potential. We make only one new platform investment every 12-18 months and take an active, consultative board-level role in helping our companies achieve their business plans. This focus drives better business performance and financial results which, in turn, creates higher investment returns.<br /><br /> Focus drives success<br /> Focus your efforts on the two or three things that must be done to achieve superior performance (out-perform the competition).<br /><br /> One vision, one team<br /> The management team and key employees must have 100% commitment to the strategy and tactics behind the company's business plan, why they make sense, and are leading their employees accordingly.<br /><br /> Those who add the value should reap the rewards<br /> We believe in significant management and key employee stock ownership, targeting 20 - 40% of the company, through co-investments (on the same basis as ourselves) plus performance-based stock options.<br /><br /> Hire the best talent<br /> For every key position, hire the very best person available, who is committed to the vision and shares the same values as the company.<br /><br /> Victory goes to the quick and the nimble<br /> In the past, big companies pushed around the little companies. Today, the quick and nimble outmaneuver the slow.<br /><br /> Invest in what you know<br /> Invest only where we are able to bring more than just money to the table. Our business value-add will create more equity value than will our capital.<br /><br /> Buy businesses with buyers, not from sellers<br /> Invest in transactions where the existing owner and/or management team are enthusiastic about the company's prospects and are willing to invest a material amount of their potential sale proceeds or net worth into the company.<br /><br /> Make money with your partners not from them<br /> Ensure everyone's financial interests and incentives are fully aligned.<br /><br /> Integrity, trust, and respect<br /> These cultural values guide how we operate and how we interact with others at all times.
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