Alex Bouaziz's core M&A principle, learned from his father, is to optimize for long-term satisfaction over short-term leverage. Even when holding the upper hand in negotiations, he structures deals to be fair for both sides. The goal is for both the acquirer and the acquired founder to look back in five years and feel the deal was a great outcome, ensuring better integration and alignment.

Initially, cash flow is crucial for survival. However, once stable, focusing on enterprise value provides a more tax-efficient vehicle for wealth growth and allows for leveraging the business as an asset for loans and credit lines.

Unlike PE firms focused on maximizing IRR, Buffett built a reputation for nurturing acquired companies. This trust allowed him to buy great businesses, often from families, for less money than competitors because sellers valued the preservation of their legacy over the highest bid.

The most successful multi-generational family offices treat their operations with the same rigor as a formal business. This includes defined structures, clear missions, and motivating family members, rather than just passively managing wealth.

3G targets family-owned businesses because they often make better long-term decisions without quarterly pressures. Decisions that are negative ROI in the short term (e.g., entering new markets) compound positively over decades, creating more resilient and valuable enterprises.

Public companies, beholden to quarterly earnings, often behave like "psychopaths," optimizing for short-term metrics at the expense of customer relationships. In contrast, founder-led or family-owned firms can invest in long-term customer value, leading to more sustainable success.

Neil Patel keeps his $100M+ revenue company private to maintain strategic control. This allows him to invest heavily and acquire companies when valuations are cheap during economic downturns—a long-term strategy that public market pressures on quarterly earnings would likely punish.

The paradox of long-term planning is that focusing on sustainability and succession—building a company that doesn't need an exit—makes it far more valuable and appealing to potential buyers. Robust, self-sufficient companies built to last are inherently better investments.

For indefinite-hold companies, executive wealth is created through a stream of cash, not a future sale. Management earns equity over time in unlevered businesses, allowing them to receive meaningful cash distributions. This aligns incentives for long-term, sustainable profit growth rather than a quick flip.