The LEV Blog
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"Neptune Memorial Reef" is a branded service of SCI Corp, whereby a loved one can......
Small business acquisitions have become a vital part of growth strategies for many companies. I've......
Few small business owners that I have met have a systematic onboarding process. I believe......
Each year I pick a reading theme that fills in my time. My primary blocks......
We recently hosted our quarterly Advisory Committee meeting in Lafayette, Indiana. Jeff Peterson stuck around......
We concluded our final session of our first-ever "General Manager Training" this week. We plan......
Purpose is a deliberate choice. The method of achieving the purpose is emergent. Once discovered,......
Does everything in business come down to units per hour? Time is our most precious......
For years I have said, "Strategy is systematically saying no." But, while saying no is......
There is a debate among small business owners regarding building your own custom software to......
Do you set annual goals for your business? Update them quarterly? What about seizing opportunity......
The professional service firm is the classic engineer-to-order service business. Consultants, legal, accounting and technical......
If a group of people want to achieve something special they require a boss who......
I have habit of sending long emails from my iPhone. There is a joke that......
There is tension in business. One of those subtle challenges is determining when to stay......
Written by Daryl Starr. Inspired by @JoshSchultz All profitable businesses have a handful of Key......
My evolution as an entrepreneur and investor has been marked by two distinct phases. I......
Last week I wrote a post entitled, "Benefits of the Bull’s Eye Stakeholder Discipline" in......
Running a small business is challenging. I would argue that it is more challenging than......
Our basic investment criteria has not changed since we launched: get paid for the risks......
Last Friday, Alex from the Think Like An Owner Podcast texted me to ask if......
If you're familiar with the Business Model Canvas, you know the central component is the......
I recently re-read Phil A Fisher's classic, "Common Stocks and Uncommon Profits." After first speed-reading......
On July 18, 2019, Little Engine Ventures ("LEV") acquired AgVenture D&M from Mike Davis and......
Local mead and cider maker to join neighborhood craft brewer. On May 20, 2019 New......
Little Engine Ventures (LEV) acquired 100% of Skydive Indianapolis from Indiana Skydive Center on April......
acquires On February 15, 2019, Magic Glass Holdings, LLC ("Magic Glass") acquired the assets of......
On January 26, 2019 Little Engine Ventures acquired majority interest in Brickyard Logistics, LLC of......
We have all heard the phrase ‘quality over quantity,’ right? Well, I recently heard the......
Little Engine Ventures (LEV) recently acquired Lafayette Tool & Die of Lafayette, IN from Larry......
We had another business owner in our office this morning. It was basically a meeting......
Adam Smith's "Wealth of Nations" supposes that economies will develop most fruitfully near navigable waterways.......
I recently read a book by an FBI hostage negotiator and listened to an interview......
On March 6th, 2018 Little Engine Ventures (LEV) acquired control of Stable'N from engineer turned......
Little Engine Ventures (LEV) recently acquired Recycle Guy of Tipton, IN from Brook & Linda......
Little Engine Ventures (LEV) recently partnered with Fountain Square Brewery of 1301 Barth Ave. Indianapolis, Indiana.......
According to our experience and numerous surveys, most small business owners (<$10M enterprise value) intend......
We often say we are proudly midwestern. Our name not only comes from the children's......
The LEV team has been working together for just over one year. As I reflect......
There's a debate among linguists about how many words Eskimos have to refer to the......
Little Engine Ventures (LEV) recently acquired Magic Glass of 712 Widewater Drive, Lafayette, IN from......
Updated on November 6, 2022 by Daryl Starr - Airtable The first room in the......
LAFAYETTE, IN – LINDEN, IN – AUGUST 18, 2016 Little Engine Ventures (LEV), LP and......
The brands or sectors listed in our brand wheel are purists. We believe the most......
We often say we are proudly midwestern. Our name not only comes from the children's......
In addition to being CTO at Little Engine Ventures, I (Mikel) am privileged to serve......
Updated on November 6, 2022 by Daryl Starr - Airtable The first room in the......
Recently, I was pondering my ability to forecast cyclical businesses (which is very low, I......
There is something special about technology. Steve Jobs once said that he perceived the computer......
Little Engine Ventures is a nod to small but mighty teams that humble themselves before......
The partners of Little Engine Ventures are invited to gather. We will confront our progress......
Pressure can result in higher or lower output. A healthy dose of pressure can result......
There is a debate among small business owners regarding building your own custom software to......
The professional service firm is the classic engineer-to-order service business. Consultants, legal, accounting and technical......
We have a few new website visitors to our corner of the web thanks to......
I wear our company gear a lot. I estimate that about 90% of my daily......
Daniel Fuller, a friend of mine, started a new podcast and invited me to be......
A few week's ago I received a copy of Max Yoder's book, "Do Better Work."......
It's not a secret that we (Daryl, Mikel, and Colin) learn by reading. In every......
A friend of mine recently broke his neck surfing. He caught a wave, rode it......
Today, I was referred to a potential small business buyer and manager. He has some......
Today a friend came into our office to seek some free advice. His question: how......
Earlier today I was reflecting on the distinction between expectations and exposure. Most of us......
Adam Smith's "Wealth of Nations" supposes that economies will develop most fruitfully near navigable waterways.......
I would like you to create something. Go. Wait... What? That's not enough? Well, you......
A friend and I have been emailing the last few days about the non-profit organizational......
This morning, I was sipping my coffee and enjoying a book entitled Paradigms by Joel......
Inspired by Daryl's post, which was inspired by Franklin: 5 Wake early & read Family......
The brands or sectors listed in our brand wheel are purists. We believe the most......
According to our experience and numerous surveys, most small business owners (<$10M enterprise value) intend......
Inspired by Ben Franklin: 5 Occasionally wake early & read Family 6 Read & prepare......
We often say we are proudly midwestern. Our name not only comes from the children's......
In addition to being CTO at Little Engine Ventures, I (Mikel) am privileged to serve......
Little Engine Ventures is located in a college town. I frequently find myself in conversations......
At a business lunch the other day a banker said he was glad to see......
I stopped calling myself a software developer several years ago. I've got a couple of......
After our most recent annual meeting, a few people asked me to explain what I......
What is our purpose? Why do we exist? Great questions! Sometimes you have to wonder......
Updated on November 6, 2022 by Daryl Starr - Airtable The first room in the......
"You have to strike the right balance between competency and gumption." said Charlie Munger. "Too......
There are sometimes blinking neon signs above people's heads that say "Winner." For the rest......
Amongst the startup community there is a "celebration of failure." This phrase is intentionally shocking.......
We published 15 blog posts for the year, including this one. This is far fewer......
Saturday morning I finished reading the 2022 Annual Report for a large, publicly traded corporation.......
Little Engine Ventures serves two primary customer types. The foremost is the local, best-in-niche service......
Lots of people say they need work-life balance. They are wrong. People need congruence throughout......
I have yet to meet a Baby Boomer Business Owner who references their NPS score......
In small business land, we make all sorts of errors. The greatest among them is......
One of the many oddities shared between entrepreneurs is their ability to budget beyond boundaries.......
Most business owners succumb to reasoning errors over time. I fall prey myself. I ask......
I recently wrote about buy and build; versus buy or build. Shortly thereafter I saw......
Last week I read Peter Drucker's "Managing for Results" (1964.) He uses several recent examples......
Last week I had a referral source ask for a meeting. He wanted to give......
This blog post has two parts. The most valuable part is understanding how to start......
I finished the biography of John Boyd yesterday. A few random selections I noted as......
So the other night, Jessica and I are bingeing on The Outlander: Season 1. We're......
Recently I went down a Google search rabbit trail and discovered the works of Saras......
On Friday I attended the 6th Annual Booth-Kellogg Entrepreneurship through Acquisition (ETA) Conference. A few......
Many investment ideas are promoted with great conviction but lack intellect. In other cases the......
Prior to purchasing controlling interests in a small business a buyer normally drafts a Letter......
On May 9, 2019 the Indiana Small Business Development Center (ISBDC) awarded Little Engine Ventures......
I spoke with the matriarch of a family business yesterday. She received numerous mailers from......
Two years ago I set out to read the 100 most influential books of all......
I owe my blog readers an apology. I recently completed two books by William Zinsser:......
A few years ago I gave a talk at the locally organized TEDx event at......
I have a phrase that I sometimes use that does not always ring true outside......
I missed my goal for total books in 2018 but I did widen my latticework......
On January 8, 2019, Recycle Guy Holdings, LLC acquired the assets of Circle City Dumpsters......
This month I had a new partner point out that we spend more time evaluating......
My good friend, Jason, tipped me off to this quote years ago... Rather than "No,......
We just purchased our first stapler. That's right. We bought businesses before we bought a......
Smart people like to solve hard problems. But success often goes to the disciplined person......
For at least the last two years Mikel has been using the phrase “calendar time......
The objective of this post is to outline my ideal week so I and others......
There are subtle differences in our perspectives that when acted out over long periods of......
We own numerous small businesses. Each team functions independently. They each have their own missions......
by Neil Banwart As we approach the two year mark at Little Engine Ventures, it......
Profitable investment begins with an estimation of the intrinsic value. While quantitative analysis is the......
On Thursday, July 26, 2018, Little Engine Ventures convened our second Annual Meeting of partners.......
First off, I am going to give credit where credit is due. I would not......
Why is it that "family owned" and "local" resonate with people? Personally, my wife and......
My college professors would slam down a syllabus at the beginning of a course. Included......
The end of the year is drawing near and I wanted to capture and share......
In the fast-paced sport of basketball a team of five can function in harmony, fetching......
The LEV team has been working together for just over one year. As I reflect......
Little Engine Ventures is located in a college town. I frequently find myself in conversations......
The last twelve months have been a fantastic journey and we are just getting started.......
Little Engine Ventures (LEV) is approaching it's one year anniversary. We look forward to celebrating......
Little Engine Ventures (LEV) is a small hybrid fund focused on delivering value to customers,......
Growing up on a farm I was surrounded by tangible assets... land, buildings, tractors, implements,......
Following a recent blog post, a subscriber said "it's nice to see what you are......
As a young man, I used to say, "What I lack in experience, I make......
We recently hosted our quarterly Advisory Committee meeting in Lafayette, Indiana. Jeff Peterson stuck around......
"Knowledge is justified true belief. Wisdom is knowledge enacted. Prudence is wisdom enacted for the......
We have a saying within Little Engine Ventures: "You cannot delegate until you document." It's......
For years I have said, "Strategy is systematically saying no." But, while saying no is......
Pressure can result in higher or lower output. A healthy dose of pressure can result......
An imprimatur (sometimes abbreviated as impr., from Latin, "let it be printed") is a declaration......
Service businesses often begin by displacing the internal development or employment of a skill. For......
Mikel recently invited a business owner to lunch. In his email invite he used the......
Carrying opportunities is expensive. Capturing opportunities can be profitable. Owners and managers alike enjoy identifying......
An often repeated, Little Engine Ventures' value is "confront the facts." And, one of the......
My mother is an artist. My father is a farmer. My father likes to say,......
I have been called a "serial entrepreneur." I have recently been describing myself as "an......
There is tension in business. One of those subtle challenges is determining when to stay......
I’ve been in a low church tradition for 20+ years. Folks in our strain of......
2022 is our book recommendations' fourth year (2019, 2020, 2021). I strolled through our monthly......
The word "strategy" is tossed around a lot in business. What does it mean? The......
Perhaps it's my age? Maybe it's my role? But, I seem to be seeing more......
We have and will continue to consider power-law distributions and phase changes. These abnormalities are......
My evolution as an entrepreneur and investor has been marked by two distinct phases. I......
For several years now I have used the metaphorical language of "bull's eye" and "one-degree'r"......
It's better to imagine the future and work backwards, down through the aspects that must......
Within the last few months I have received more questions about estate plans than the......
Alex Bridgeman recently asked what niche publications his followers find most interesting. https://twitter.com/aebridgeman/status/1420378424066166795 I replied......
These two questions are asked on a regular basis. Depending on who is asking, they......
Are you in a relationship business? https://twitter.com/mikelberger/status/1408578478379839494 I had lunch the other week with a......
After completing Robert G. Hagstrom's "Investing: The Last Liberal Art" I began to re-read my......
Swing you bum! Last week I had a couple of exciting meetings. Looking back on......
Last fall I learned a phrase, "Multiplex Relationships" in a Perspectives Course at our church.......
Our pace of blog posts has slowed dramatically since 2016. (177 published in 41 months......
I recently asked Mikel what I ought to write. He suggested I write about writing......
I am a willing participant in our capitalist system. Despite that, I've not studied intently......
We recently adorned our walls with a new piece of art. Nebuchadnezzar by Blake This......
2021 is our third year (2019, 2020) making book recommendations. A good book is one......
After a rocky 2020 the following guidance to myself sort of fell onto the paper.......
A gift from Uncle Sam. But wait until Christmas to open it. Earlier this year......
Following my Q3-2020 report a partner inquired on management incentives. He indicated some internal debates......
I wear our company gear a lot. I estimate that about 90% of my daily......
Daniel Fuller, a friend of mine, started a new podcast and invited me to be......
This week a prospective business seller said he didn't run his business according to traditional......
Our hometown, Lafayette, Indiana, closed some downtown streets for restaurants to offer more outdoor seating......
Friday I had the opportunity to visit a friend’s business. She is subletting some extra......
Our basic investment criteria has not changed since we launched: get paid for the risks......
Daryl and I are enjoying this season of no big events and fewer random coffee......
A wise investor once said that a businessmen ought to begin with the end in......
I just Google searched the title of this post with parentheses and came up with......
The father of value investing, Ben Graham said the stock market is a voting machine......
I met Ed Mysogland a couple years at a Butler event. He was gracious enough......
I had a call earlier today with one of our managers. Daryl's usually the guy......
The viral blizzard of COVID-19 is sweeping across our country as I write. Fear struck......
My evolution as a business owner began in the most primary of schools... commodities. The......
If you're familiar with the Business Model Canvas, you know the central component is the......
Another post inspired by some tweets… https://twitter.com/tsludwig/status/1228683966904852481 I agree with Tim that equity can be......
I recently re-read Phil A Fisher's classic, "Common Stocks and Uncommon Profits." After first speed-reading......
Last night at Toastmasters a friend named Sazzadur delivered a speech on active listening, inspired......
One of our investment partners forwarded me and Daryl the latest Brain Food newsletter from......
I emailed the following italicized note (minor edits) to some colleagues at Little Engine Ventures......
Last week on Twitter two of my favorite new follows, Will Schoeberlein and Tim Ludwig,......
In February 2019 we launched our book club. We're back for round two in 2020.......
I spent Friday hanging out with a bunch of MBA students. I run across a......
We wrapped up yesterday's case studies at our monthly CEO Lunch and a new member......
Today's a quiet one around the office for me. No meetings on the calendar. So......
We've recently started following Alex Bridgeman's work at Think Like an Owner. If you're into......
This upcoming Friday I have a meeting with a partner that was not able to......
In the first half of this year (2019) we made a concerted effort to survey......
A blog post entitled "Spending Your Life" is probably a bit extreme. But what choice......
Our friend from Fort Wayne, Mark Hagar, had Daryl and Mikel on his podcast, Your......
Back in February we announced the formation of the Little Engine Ventures Book Club. Just......
In stand up comedy and jazz, the participants act and react according to a few......
On May 16 I moderated a panel for the Purdue Research Foundation's Office of Technology......
by Daryl B. Starr What is "capital allocation?" Why is understanding the first principles of......
At times I feel really selfish. At other times I feel really generous. For a......
Last week I attended an orphan care conference on behalf of my church and Bethesda......
Congruence is beautiful. Form and order your thoughts. Fix your beliefs and test. Set forth......
What is business ownership? Why would anyone want to own a business? Why would we......
A few week's ago I received a copy of Max Yoder's book, "Do Better Work."......
It's not a secret that we (Daryl, Mikel, and Colin) learn by reading. In every......
Our 32 small business owning investment partners are familiar with this slide. Calculating Contrarian This......
Investors have heard what business owners already knew: temperament is more important than intelligence. I......
Have you ever heard someone say, "create your own luck"? I believe there is skill......
This morning I held the door of our building open for a woman walking behind......
Last year I had a bit of an obsession with power law distributions (people naturally......
Following a portfolio company board meeting yesterday I decided to linger and observe a sales......
Some blog posts are silly. Have you seen our post about buying a stapler? Some......
Knox County, Indiana, has a population of almost 37,000 in southwestern Indiana. The county seat......
Elkhart County, Indiana, has a population of almost 200,000 in north-central Indiana. The county seat......
Vigo County, Indiana, has a population of approximately 107,000 in west-central Indiana. The county seat......
Boone County, Indiana has a population of approximately 56,000 and is considered part of the......
Allen County, Indiana is the third most populous county in Indiana with approximately 380,000 residents,......
Marion County, Indiana has a population of approximately 970,000 and is home to the state......
This post is part of a series of profiles and timely updates on local business......
This is the first in a series of profiles and timely updates on local business......
Little Engine Ventures ("LEV") has conducted research on private companies since 2016. After thousands of......
On Thursday, July 20, 2023 more than half of our partners gathered with our managers......
The partners of Little Engine Ventures are invited to gather. We will confront our progress......
We scan and assume. It's in our nature as humans. Little influences pile up. We......
On Thursday, July 21, 2022 many of our 37 partners gathered in downtown Lafayette, Indiana......
The partners of Little Engine Ventures are invited to gather. We will confront our progress......
January is a favored time for searchers, entrepreneurs-through-acquisition, holdco managers and SMBtwit radicals to publish......
My evolution as an entrepreneur and investor has been marked by two distinct phases. I......
The partners of Little Engine Ventures are invited to gather. We will confront our progress......
A business owner should diversify when the market no longer responds profitably enough to justify......
Our General Managers run sales and operations. And they're great. I provide "entrepreneurial services." Some......
I recently asked Mikel what I ought to write. He suggested I write about writing......
This week a prospective business seller said he didn't run his business according to traditional......
I recently re-read Phil A Fisher's classic, "Common Stocks and Uncommon Profits." After first speed-reading......
Each year we revalue all companies we control. This investigation leads me to write somewhere......
A friend said business can be compared to boating. I love boating and I love......
Opportunity cost is one of those concepts that slinks away from you when you're not......
This upcoming Friday I have a meeting with a partner that was not able to......
Thank you for participating in the Little Engine Ventures Annual Meeting 2019. Your encouragement will......
Attending the Berkshire Hathaway Annual Shareholder Meeting was a bucket list item of mine. This......
Earlier this week Colin King said he felt like I had just awoken from a......
I have been editing our investment thesis for years now. One thing I can say......
Today, I am pleased to announce a new type of gathering we have dubbed "Allocators."......
Our 32 small business owning investment partners are familiar with this slide. Calculating Contrarian This......
by Daryl B Starr I write down my thesis before investment decisions. The act of......
SAVE THE DATE!! We will once again be gathering in Lafayette, IN on the last......
I have been authoring an annual narrative of my businesses since age twenty two. I......
A friend reached out last week to ask if I would talk to his younger......
We have all heard the phrase ‘quality over quantity,’ right? Well, I recently heard the......
Much has been written of selecting an investment manager. What about managers selecting investors? Some......
Today, I was referred to a potential small business buyer and manager. He has some......
For a number of years I wondered why Warren Buffett used the phrase "Investment Ideas"......
Some blog posts are silly. Have you seen our post about buying a stapler? Some......
I've joked that Little Engine Ventures is secretly a book club under the veneer of......
I have approached the title "Money Manager" from a very different starting point. I began......
by Neil Banwart As we approach the two year mark at Little Engine Ventures, it......
Profitable investment begins with an estimation of the intrinsic value. While quantitative analysis is the......
I really want a driverless car. I've never been much of a car guy. I......
Part of the edge a small investor innately possesses is the ability to go where......
Little Engine Ventures endeavors to lower transaction costs for illiquid investments. We do this by......
The LEV team has been working together for just over one year. As I reflect......
In addition to being CTO at Little Engine Ventures, I (Mikel) am privileged to serve......
An implosion is when something collapses under it's own weight. At the risk of being......
Running a business is consuming work. That's why we do it full time. What about......
The last twelve months have been a fantastic journey and we are just getting started.......
At a business lunch the other day a banker said he was glad to see......
I stopped calling myself a software developer several years ago. I've got a couple of......
After our most recent annual meeting, a few people asked me to explain what I......
Around the LEV office we like to differentiate between "hunting" and "foraging." What does that......
Updated on November 6, 2022 by Daryl Starr - Airtable The first room in the......
Watching the news is dangerous to your decision making. Protecting your "priors" is all about......
I once had a large and successful farmer ask me, "What is better than owning......
We are not "traders." Although we buy and sell, we are fundamentally business owners. In......
There are a number of factors that go into determining whether or not you should......
Each year I pick a reading theme that fills in my time. My primary blocks......
We scan and assume. It's in our nature as humans. Little influences pile up. We......
People have different ways of uncovering investment ideas. I have tried many of them. When......
In January 2021 I scratched out a quick blog post on Reading & Writing Annual......
My evolution as an entrepreneur and investor has been marked by two distinct phases. I......
We are strong proponents of picking an operating system and using it religiously. Establish a......
I recently re-read Phil A Fisher's classic, "Common Stocks and Uncommon Profits." After first speed-reading......
We wrapped up yesterday's case studies at our monthly CEO Lunch and a new member......
Over the last several years we have reviewed nearly one-thousand private companies. A handful held......
An implosion is when something collapses under it's own weight. At the risk of being......
Updated on November 6, 2022 by Daryl Starr - Airtable The first room in the......
Watching the news is dangerous to your decision making. Protecting your "priors" is all about......
We are not "traders." Although we buy and sell, we are fundamentally business owners. In......
There is a debate among small business owners regarding building your own custom software to......
My evolution as an entrepreneur and investor has been marked by two distinct phases. I......
Following a portfolio company board meeting yesterday I decided to linger and observe a sales......
A good friend shot me an email asking what was up with my post about......
Little Engine Ventures is out of the startup game. My title when we started was......
The brands or sectors listed in our brand wheel are purists. We believe the most......
We often say we are proudly midwestern. Our name not only comes from the children's......
At a business lunch the other day a banker said he was glad to see......
Updated on November 6, 2022 by Daryl Starr - Airtable The first room in the......
There are sometimes blinking neon signs above people's heads that say "Winner." For the rest......
