What I’m learning so far from the search

I’m not chasing generic logistics businesses. The targets that stand out are profitable, founder-led UK operators with real customer concentration risk, pricing leakage, service issues, and weak operating cadence. The businesses that don’t fit are the ones where the story is more finance-led than stewardship-led. That’s the filter I’m using for Project Forge: clear operational upside, patient capital, and enough quality in the underlying business to build on, not strip out.