My guests on this episode are Justin Burris and Tim Ludwig who together have co-founded a new search investment fund named Majority Search. Majority Search aims to be the preferred buyer of small companies while giving searchers the chance to own the majority of the companies they operate. This is a brand-new model they've spent the last year working on, and I'm so excited to see it finally become public. This episode was recorded live on February 4th at SM Bash in Orlando, Florida, in front of over a hundred attendees, my first podcast ever in front of an audience. We did have a few microphones snafoos here and there, and the overall quality was affected some, which I apologize for. Even so, this is a fantastic episode that I hope you thoroughly enjoy. Over the course of the conversation, Tim and Justin share their inspiration for Majority Search, the keys to being a better buyer, great investors they both admire and learn from, and advice for building great relationships. If you want to learn more about Majority Search, reach out to Justin and Tim at majoritysearch.com. Please enjoy the first live conversation of Think Like an Owner.  Listen weekly and follow the show on Apple Podcasts, Spotify, Google Podcasts, Stitcher, Breaker, and TuneIn.Links:Majority SearchBDT Capital PartnersConstellation softwareWaste ManagementAB-InbevBizBuySellY CombinatorTopics:(4:12) - How Alex came into contact with Justin and Tim(5:29) - Introducing Tim Ludwig(6:24) - Introducing Justin Burris(7:44) - How Majority Search builds upon the traditional search fund model(9:53) - The inspiration behind Majority Search(13:32) - What types of buyers have you studied when building Majority Search?(16:00) - What are some of the challenges of designing a search firm?(21:57) - What goes into being a perfect owner of a company?(23:44) - How close is Majority Search to modeling how a high-net worth individual would behave investing off their own balance sheet?(25:57) - What would you advise operators who don’t have access to capital do when searching?(30:56) - How do you think about building a Berkshire-level cache of businesses from scratch to build a reputation as a buyer?(32:44) - What college course would you teach? (35:11) - What’s the best business you’ve ever seen?(36:40) - What mechanisms that give YC its distinct notoriety?(38:48) - Wrap Up