Many acquisition entrepreneurs envision buying not just one business, but multiple businesses over the span of their careers. Their vision is a holdco, or what people are calling a permanent equity firm, which is like private equity except that you buy companies and hold them indefinitely rather than selling them after a few years. It's an attractive model, and Justin Turner is the co-founder and managing partner of just such a firm. Traction Capital did its first acquisition in 2018 and has done three more since, across a variety of industries. In this interview, Justin tells me how he's done it. I knew very little about how this works, and for those of you out there attracted to the idea of buying multiple different businesses, this episode is for you. I also want to plug a future episode with Chenmark, another well-known permanent equity firm. I'll be interviewing the founders of Chenmark in a couple weeks, so watch for that in February. Okay, here is Justin Turner, co-founder of Traction Capital.