David Leoncavallo

Hey Founders! Want to make sure you get exactly the kind of offers you'll accept from a group of buyers for your business? ✅ How much in cash? 💰 ✅ Will you accept an earn out? ✅ Retain any ownership? 🤔 ✅ Take back a note? For a strong business with many potential buyers, levering your offers through a "bid process letter" adds clarity, saves time, and puts things on an apples to apples basis. Check out the snippet below from our recent chat with Melissa Gragg. Might make or save you $Millions! Maybe more!!

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📈🏢 Aby Rosen's RFR Holding is facing a staggering $2.5B debt bill as defaults pile up! 💥 🔎 According to a recent Bisnow article, RFR Holding, a prominent NYC real estate firm, is grappling with mounting debt and defaults. The company, led by billionaire Aby Rosen, has a portfolio of high-profile properties, including the iconic Seagram Building and Lever House. 🏢🏦 📊 The firm's debt load has surged to a whopping $2.5B, with $1.1B in loans maturing this year alone. 💸 The pandemic has hit the commercial real estate market hard, causing defaults to skyrocket. RFR Holding is no exception, with defaults on several properties, including the $200M mortgage on the Seagram Building. 📉 🗣️ "The pandemic has created a perfect storm for commercial real estate," said one industry expert. "Companies like RFR Holding are facing unprecedented challenges as they navigate this difficult time." 🌪️ 🔜 So, what's next for RFR Holding? The company is reportedly exploring options to refinance its debt and avoid further defaults. 💡 With the commercial real estate market showing signs of recovery, there's hope that RFR Holding can weather this storm. 🌞 Stay tuned for more updates on this developing story! 📰🔔 #RFRHolding #CommercialRealEstate #Debt #Defaults #NYCRealEstate

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EBITDA Margins are only part of the story. Are MSOs profits adequate for the capital they employ? See the chart below #cannabis #cannabisinvestments

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There are only 2 ways to become wealthier: 1. Productive activity - produce more 2. Redistribution activity - capture more of what others produce Deep dive coming tomorrow... #realestate #entrepreneur #entrepreneurship

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Whiskey is emerging as a popular investment class among HNW investors according to a new report by KPMG: 27% said they plan to invest in whiskey within the next 3 years, making it the most popular form of "luxury" assets. Whiskey interest is followed by art (26%), jewelry (20%), wine (15%), and classic cars (14%). While increased capital moving into whiskey investments is likely to drive down returns in the long run, we believe the wholesale bourbon niche is still small enough to capture excess returns for investors who buy barrels in 2024. #bourboninvestments #alternativeassets #familyoffice #investmentideas https://lnkd.in/dgpdGCPd.

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We need pharmaceuticals controlled by state regulations and out of the lobbies' grip in Washington DC. Shifting control of pharmaceuticals from federal oversight to state regulation and reducing lobbyist influence in Washington could indeed address many issues, such as drug pricing and access. The influence of pharmaceutical lobbyists in shaping policy has long been criticized, as these companies have often prioritized profits over public health, resulting in skyrocketing drug prices and limited access to necessary medications for many Americans. A more effective economic development authority that employs locals with community first and lobbyists not invited and draining money for middle man money changers. Moving to a state-controlled regulatory framework for pharmaceuticals could mean that states set their standards for drug pricing, approval, and distribution. This decentralization might encourage competition, drive down costs, and foster innovation as states try different models. Additionally, it could increase transparency by allowing for more localized and responsive systems, potentially holding pharmaceutical companies more accountable.

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Pending collapse of the American economy? Congress is now on a tear of rapidly increasing deficit spending and creating annual debt-service exceeding $1 trillion annually, almost 20% of the Federal budget by end of 2024. As Treasury bonds mature and have to be refinanced at higher interest rates, debt-service will rapidly increase to 25% to 30% in the short-term. Are they motivated to solve this problem of pending national insecurity? No. So what is Congresses solution going to be when debt-service exceeds 50% of the federal budget? What about 75% of the federal budget? Indeed, somewhere in the latter numbers, a default on US Treasury debt (currently $34.7 trillion) has to occur. And when this occurs, a major recession/depression will ensue because money derived from deficit spending will disappear from the national economy. Thanks to fiat currency systems and socialist economies, historically, this ineptitude by national leaders is bound to occur. So what is the solution to avoid USA economic collapse? https://lnkd.in/gyqbT6B2

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Thanks, Axial, for your findings. I'd rank the Management Team high in the business description. As investors, we are buying their core competencies, track record, market position, and strategic fit. #privateequity #buyout #independentsponsor #growthequity #food #beverage #CPG #healthwellness

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Great article on page 74 about Josh Allen - one of OnCore's great shareholders and ambassadors!

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Boring Business: Laundromat - $415K Cashflow - Miami, FL Highlights 1. Established: Business has been open since 1987 2. Located in busy shopping center anchored with grocery 3. Owner has signed 26 commercial accounts Risks/ Concerns: 1. Cashflow Margin: 45% is high, need to better understand 2. Machine Capex: 12 new dryers and 16 are 8-10 years old 3. Lease: Ends in April 2025 - what is latest status? #SMB #ETA #finance #Cashflow #investing #search #searchfund #privateequity #microprivateequity #smallbusiness #venturecapital #vc #entrepreneur Disclaimer: Hypothetical and illustrative only. Please do your own research (DYOR) or work with tax and legal professionals before making a decision. This video are intended for informational purposes only and does not constitute legal or tax advice, nor should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by SMB PE LLC or any third party.

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Buckley Ventures Set to Raise $250M for Fund IV Buckley Ventures, a bi-coastal investment firm based in San Francisco and New York City, is gearing up to raise $250 million for its fourth fund, according to a recent regulatory filing with the SEC. While fundraising is yet to commence, this new effort underscores the firm’s continued commitment to investing in transformative early-stage companies in the internet, software, and frontier technology sectors. + Firm Overview and Focus: Buckley Ventures is known for its concentrated investment strategy, with over $1 billion in AUM across multiple funds. The firm leverages a vast network of entrepreneurs, executives, engineers, academics, and industry experts to support its portfolio companies with problem-solving and growth initiatives. The firm has a storied history of backing innovative companies. Its portfolio includes notable successes like Rippling, Figma, Applied Intuition, Vercel, Solugen, Boom, and more, spanning a diverse array of industries and technologies. + Leadership: Led by Josh Buckley, an entrepreneur and early-stage investor who brings significant operational and investment expertise to the firm. His entrepreneurial background includes roles as: - Co-founder and CEO of Mino Games (2011-2019). - CEO of Product Hunt (2020-2021). - Chairman of Clearbit (2014-2020). Buckley also holds board positions at several leading companies, including Placer, NexHealth, Fuse, and ClassDojo. LinkedIn lists Jonathan Choi as another team member contributing to the firm's ongoing success. + Portfolio Strategy: Buckley Ventures aims to build long-term partnerships with founders by offering not just financial capital, but also strategic support through its extensive network. This approach has helped the firm identify and scale promising companies across frontier technology and software, including notable emerging fields such as #robotics, space technology, and next-gen #SaaS platforms. + Looking Ahead: Buckley Ventures' Fund IV reflects the firm’s ambition to maintain its leadership in early-stage technology investing. With its track record of successful investments and strong founder relationships, the upcoming $250M fund is poised to expand the firm’s influence and support a new generation of transformative companies. If you are experiencing difficulties in raising fresh capital and would require warm introductions to new LPs, contact G+QUANT     ▶ Please use G+QUANT's link for inquiries and fund decks, or send your inquiry directly to [email protected] #VentureCapital #TechInvesting #EarlyStageStartups #BuckleyVentures #FrontierTech #Innovation #Entrepreneurship #StartupFunding

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Wingspan's monthly newsletter is coming out tomorrow, Tuesday, May 21st. TOPIC: Effective Governance for Family Enterprises If you're not already a subscriber, be sure to sign up: https://lnkd.in/eV5FrBD6 #familyenterprise #familybusiness #familyoffice #familylegacy

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Time is running out, join us for the inaugural National Cannabis Investment Summit. Hear from experts across the country and value chain discussing their strategies and vision for success. We will hear the latest on rescheduling and have two dynamic panels 1) How to successfully enter an emerging market and 2) How to scale for an exit.

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Sharecare (NASD: SHCR) is the recent target of Altaris as more public companies are going private in the current difficult capital markets environment. Other deals include clinical trials, mental health and more. Read the latest deal news in LECOs weekly healthcare newsletter. PitchBook also released their takeaways from the Healthcare Capital Markets & Innovation Summit LLC HCMIS24 (Save the date May 28-29 2025) #healthcareinnovation #dealmaking #privateequity #goprivate #TheSmartHealthCity #HCMIS #HCMIS25

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In an Asset Purchase Agreement, 'asset' is a bit misleading. There are other key components. Let's break it down... Sure, you're buying/selling assets, but you're also buying/selling promises and commitments. // Representations and Warranties (Promises): These are the seller's assurances about the business. For instance, the seller might ensure that the financial statements are spot-on and there are no lurking legal issues. // Covenants (Agreements): These outline the actions both sides agree to. Say, the seller agrees to help with the transition or promises not to compete for a while post-sale. Understanding these elements is critical for navigating a transaction. Head to our substack (link in bio) for the deeper dive...

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"Things that were once the case about public markets no longer hold true.” This week's Alt Goes Mainstream AGM Weekly dives into the new world order of investing and the spotlight that Apollo Global Management, Inc.'s recent Investor Day presentation shines on what's next. The game on the field has undeniably changed. Features of public markets - namely, indexation and correlation - have created a retirement issue even before the "Silver Tsunami" begins its crest in earnest. Alternative asset managers appear to be ready to meet the moment. As definitions of risk, return, and liquidity are questioned, a re-architecting of portfolio construction is being implemented. New strategies, new portfolio construction frameworks, new thinking, and new asset management businesses are needed in this new era. Read this week's Alt Goes Mainstream Alts Weekly for a deeper dive into this new era. I also discuss the evolution of GP stakes based on a conversation we had earlier this week hosted at Capricorn Investment Group and Partner William Orum with TPG Next's Managing Partner Pamela Pavkov and Blue Owl Capital's MD Mark O'Sullivan and include a good overview of the middle market GP stakes landscape from Crest Capital Advisors Ryan Weisenberg, MBA Candidate and team. This week's AGM Alts Weekly, brought to you by bunch, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 PitchBook's Olivia Fishlow on J.P. Morgan's push into direct lending via both balance sheet investing and through partnerships with private credit firms. 📌 Institutional Investor's Michael Thrasher on Fidelity Investments raising its first VC fund, with comments from Fidelity's Global Head of Private Equity Karin Fronczke. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, KKR, StepStone Group / StepStone Private Wealth, Fidelity Investments, Hamilton Lane, Blue Owl Capital, Ultimus Fund Solutions, Neuberger Berman, bunch, The Carlyle Group, Capricorn Investment Group, Hightower Advisors. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream.

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On Aug 2, NTIA and Verisign exchanged letters regarding the .com cooperative agreement (https://lnkd.in/e7bqBVZf). These letters are very telling, especially in light of the House Commerce Committee letter sent July 25 from Commerce Committee Chair Cathy McMorris Rodgers, and Subcommittee Chairs Bob Latta and Morgan Griffith requesting information about “NTIA’s Internet domain name registry agreement with Verisign, Inc.” (https://lnkd.in/exr5GJC9). The House Commerce Committee letter raised serious concerns about the last amendment to the cooperative agreement, Amendment 35, and how "Monopolistic elements and excessive domain name price increases stifle the ability of potential .com registrants to conduct business online." It is not shocking that NTIA states in its letter to Verisign its "intent to renew” its Agreement with Verisign. NTIA has no choice but to renew, as Verisign has stated publicly. That is because the language in Amendment 35 states the following: “Notwithstanding anything in the Cooperative Agreement to the contrary, the Department and Verisign agree that: (i) upon EXPIRATION or TERMINATION of the Cooperative Agreement, neither party shall have any FURTHER OBLIGATION to the other and NOTHING shall prevent Verisign from OPERATING the .com TLD pursuant to an agreement with ICANN or its successor.” In other words, if NTIA does not renew, Verisign will get .com with no Dept of Commerce oversight and zero price restrictions. What is even more troubling, and captured in the NTIA letter to Verisign is the statement: “We appreciate Verisign’s commitment to work together toward mutually agreed solutions.” The reason for that language is that Amendment 35 includes this provision, “neither party may amend the Cooperative Agreement without the mutual written agreement of the other” (https://lnkd.in/edKpK4Dq). So Amendment 35 not only gave Verisign an automatic, no-bid renewal of .com with an “up to 7%” automatic price increase with no economic justification but Amendment 35 cannot be changed unless mutually agreed to by both DoC and Verisign. So the reality is that DoC has no real leverage to make any substantive changes to the Cooperative Agreement that are in the best interest of the American people but only changes that Verisign believes are in the best interest of Verisign and its stockholders. The Cooperative Agreement is not for Verisign's benefit to maintain its 57% net profit margins but for the benefit of the American people. Although the price of .com is important, the fundamental relationships between NTIA, Verisign, ICANN, and the other contracted parties like GoDaddy, NameCheap, ISOC, are very troubling, and the House Commerce Committee needs to investigate. I hope Congress will use its oversight power to help safeguard the ICANN multistakeholder process from being dominated by the Internet Plumbing Monopolies. I and many others are waiting and willing to help.

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Why Buying Your First Business is the hardest & Financing The Fear is Being seen as too risky by lenders and investors. The Solution: Prepare a solid business plan with detailed financial projections. Work with a financial advisor to enhance your credibility. Consider alternative financing options like SBA loans or seller financing.

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