Philosophy

Five rules I learned the hard way.

Most of these came from helping lead a company through a turnaround as its CFO, not from a textbook. They shape which businesses I back and how I behave once I'm on the board.

1. 01

   Play a winnable game.

   Some industries reward the best operator; others don't reward anyone. I invest only where scaled players are profitable and the advantages last.

2. 02

   Great teams win.

   The management team, led by the CEO, matters more to the outcome than anything else. I back great leaders and support them when they need it. I also take care of the people who perform, and act early and fairly when someone doesn't.

3. 03

   Focus compounds.

   Every new line of business brings its own systems, processes and people, all drawing on the same shared teams. I back businesses that do one thing very well, and help them say no to distractions.

4. 04

   Customer satisfaction comes first.

   Satisfied customers who stay are the clearest proof of a valued service. I watch satisfaction and retention as closely as I watch EBITDA.

5. 05

   Cash tells the truth.

   Earnings can be adjusted; cash can't. I build cash visibility into every business from day one, so the CEO and I always see the same picture.

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