Showing Up
A bet on IRL
We’re not sure if you’ve heard, but artificial intelligence is all the hotness right now. With AI, we no longer have to pay attention in meetings (we can get summarized transcripts). We don’t have to write emails (Gemini can draft them), read them, or even review legal documents (ChatGPT will summarize them all). And best of all, we can use a growing set of tools to source, draft, and send emails to prospective small business owners, all without ever looking at them. We could send thousands a day! How wonderful.
Long-time readers will pick up on the sarcasm. Don’t worry, we embrace our AI overlords. We believe those who educate themselves on the benefits of new technology, whatever the form, will build better companies, and we’re certainly trying to figure out how to integrate AI effectively into our day-to-day operations.
That said, the world of small business relationships remains, at its core, an in-person endeavor. A phone call beats an email. An in-person meeting beats a phone call. Yes, it is inefficient to travel constantly to meet with sellers and employees. Until it isn’t. Compounding doesn’t just apply to capital. It applies to relationships, too. Showing up still matters.
Over the years, we’ve steadily established business interests across the U.S. and Canada. We’ve noticed that where we have operations, we tend to build networks, which is where most new opportunities emerge. We’ve also realized that our footprint must expand to match our geographic reach. To that end, we’ve recently opened an office in Nashville, TN, so we can show up more consistently in the southeast region. While late-night trips to Tootsie’s were clearly part of the appeal, the real driver was the opportunity to be present, build relationships, and grow our business in a promising geography. It also helps attract a new cohort of talent, particularly those who, for some reason, find the Maine winters unappealing.
Going forward, we’ll continue to shy away from sitting behind our computers doing tech-enabled mass outreach. Instead, we’ll lean into coffee chats, thoughtful conversations over a meal, walking meetings, and long drives. As we’ve said before (with kudos to Brothers Osborne), we’re good for some, but we’re not for everyone.
Have a great week,
Your Chenmark Team
