Justification

Late last year I decided to sell some shares in my family company.

It’s a big deal.

At least for me it is.

Indeed, I’ve spent countless hours mulling over the pro’s and con’s of this particular investment.

It’s an unusual holding to say the least.

On my father’s side of the family, we’ve been in business for over 240 years, brewing beer and running pub’s.

Hall and Woodhouse is an amazing story of multi-generational entrepreneurship..

I am proud to be part of such an organisation.

But the difficulty is, I’ve learnt about Bitcoin, which forces you to ask; “why do I own what I own?”

The question is a tough one.

You have to really dig deep.

Going back to first principles reveals a clear picture.

The truth is, I no longer believe running a successful company, is the best way to steward wealth on a mutt-generational basis.

It’s stressful.

It’s risky.

It’s no longer fit-for-purpose now that Bitcoin exists.

Truthfully, my close family have been shocked by my decision, which has stirred up a lot of emotion.

But deep down, I know I have to do this.

In order to ease the pain, I decided to write an investment analysis of the company, detailing my thought process around the decision.

Which brings me to the crux of today’s story.

Initially I wanted to write this document just for me.

Something super private.

A reference point for the future.

But as the project unfolded, as usual, idea, upon idea, upon idea, came flowing out of me.

I now have a gdoc with a huge amount of thoughts to piece together.

Interestingly, as with all of us who’ve touched upon the digital marketing space, I asked myself “who am I writing this for?”

Before I knew it, I wanted to share it with my close family.

“Maybe I can help to change the company”

“Maybe I can help them to understand what I see”

“Maybe I can spark an evolution in thinking”

A big re-editing process began, as I needed to remove some private information, and re-jig things for a wider audience.

Then it hits me: “this is going to become a book!”

Wow.

Didn’t see that coming…

But hang on a second, that will require another re-edit, and even more context to the story.

Now I will need to explain how I became an investor, how I look at long-term wealth, and detail the fundamentals that underpin my whole strategy.

Ooft.

This is becoming a huge piece of work.

Then a meditation, an email from my Uncle, and a conversation with my wife, brought some clarity.

Slowing down I realised some facts.

Not only do I need to truly answer “who is this piece of writing for?”

But more importantly, “why do I feel this need to constantly justify myself?”

So what’s the upshot?

I am going to re-focus on writing a divestment document for myself.

It’s for me.

Just me.

I will use it as a point of reference in the future.

It will also become an additional tool, as a detailed analysis I can draw upon, as I navigate what is an unprecedented move to sell shares.

In the 240 years of running this family business no-one has ever done what I am proposing.

Having a crystal-clear thesis is key.

Whilst the truth is, I don’t need to justify myself.

I see a healthier future for the capital locked up in this business elsewhere, so it makes sense to re-allocate, and make a purely commercial decision.

My choice is to sell.

A tough call.

Arguably the toughest investment decision I have made to date in fact.

Hence it’s so important to get back to basics, hammer out a thesis, and get all the important thoughts one has had down on paper in a succinct way.

Writing is a forcing function for wisdom.

Could it be a booK?

Sure.

Why not!?

But first I have to write it for me.

Then one day I will re-edit it for a wider audience.

It’ll be valuable to anyone managing wealth, of that I am sure, in particular people who received an inheritance, own family companies, and are keen to continue to grow multi-generational wealth.

Why do you own what you own?

Best, Jake

Ps - my father worked in my family company. My father’s father worked in my family company. My father’s father’s father worked in my family company… You get the picture. For me to not work there, and now sell shares, I am on a very different path to my paternal male ancestors that is for sure. Sometimes this scares me. I’ve had meetings with my dead father in meditation, dreams, and daytime walks; his presence makes me simultaneously feel I have to justify myself and stengthen’s my resolve. Am I a grown man? Do I believe in my skills as an investor? Or will I shrink from the wall of emotion? Time will tell. As always DM open if you’d like to share a similar experience.