Sieva Kozinsky is the Managing Partner and co-founder of Enduring Ventures, a long-term holding company dedicated to buying and building beautiful businesses and stewarding them with exceptional, values-driven leadership.On this episode, Jake and Sieva discuss:Pivoting from being an operator to an investorDue diligence on potential acquisitionsHow to incentivize management teams and CEOsHow Enduring integrates into an acquired companyLinks:Sieva on XEnduring VenturesConnect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:03:33) - What is a holdco and why are they so popular?(00:07:20) - Sieva’s focus on private companies(00:14:54) - Pivoting from being an operator to an investor(00:17:13) - Starting Enduring(00:20:41) - How did you make UpCouncil a profitable business?(00:23:52) - VC Turnaround work(00:26:58) - What kind of due diligence are you doing to get you to a quick yes or no?(00:30:56) - How do you interview management teams to determine if they will stick around?(00:37:16) - What’s the best way to incentivize CEOs?(00:39:18) - What’s the best way to integrate Enduring into an acquisition?(00:46:10) - How do you keep a pulse on all 21 companies within Enduring?(00:49:13) - Are there any outstanding ideas or processes from a CEO within Enduring that you wanted to apply to all the companies?(00:54:20) - Do you get more energy from finding deals or making an acquisition flourish?(00:58:54) - Acquiring platforms vs. businesses(01:03:17) - The Enduring Ventures organizational structure(01:15:10) - Finding the balance for doing what’s best for an individual business and the portfolio(01:16:31) - How does the financing for doing a deal work?(01:27:10) - What scares you most about growing a business?(01:30:05) - What is your favorite hotel?