Roll-up operators: what became the moat?
People who have actually built roll-ups: What capability made acquisition #10 worth materially more than acquisition #1? What looked like it would compound but didn't? I'm asking because this is a live question for me right now - I'm exploring a property-services acquisition platform. The starting point is acquiring businesses (£250k-£1m EBITDA), but the real ambition is to build an operating platform that becomes stronger with each acquisition. Interested in lessons from professional services, property, insurance, accounting, legal, wealth management and similar businesses. Happy to pick your brains in the comments, or buy coffee in London (or virtually).