PWL’s Next Chapter | Rational Reminder 341

[@Bleys0072]

On behalf of Canadians everywhere, our condolences.

[@jakedoh8294]

These kind of acquisitions almost never end up good for the small guys getting bought. Hopefully things turn out ok for Ben & Co

[@nickgenov]

@@jakedoh8294 They said they are very happy about the buyout but it didn't look like it. Something seems off.

[@sheldoncooper0]

nah he's fuicked.

[@theloafinvestor]

Congrats to Cameron, Ben and the team! It is the passing of the torch and I cannot help but feel melancholic about changes to a firm based in Canada. As always, I am thankful for what PWL Capital brought to the Canadian investing landscape and hope that it can stick with its core mantras and people.

[@ericpl114]

Congrats on the big payday gentlemen! From what I can find; One Digital is owned by Onex corp, best of luck working indirectly for private equity. It's always sad to see small independent Canadian companies swallowed up by larger corporations. Bigger isn't always better when dealing direct with the public. I'm grateful from what I've learned from your podcast, but I wouldn't be interested in working with PWL any longer. I'm sure you'll do great as a business though.

[@skzion2]

What I can't figure out 24 minutes in is why this change advantages Canadian investors.

[@skzion2]

PS: There must be examples of PE benefitting those other than that Big Boys, but I can't think of one.

[@EtTuSilver]

Congrats to the PWL team. Fingers crossed the future progresses in the way that is anticipated.

[@drcards5]

I’m invested with PWL. Cautiously pessimistic but open to be pleasantly surprised. A US takeover happened to my old firm. Didn’t turn out too good. Will see what happens.

[@havaneseday]

Congratulations PWL!! Our company just got a sizeable investment from a private equity firm. We are now actively recruiting new grads to help fill our demanding need for new talent. Contrary to popular belief, PE firms are not all "the kiss of death". In order to scale, you need outside help which can come in many different forms. PWL ultimately is a business and as long the core philosophy and investment strategies do not change, buena fortuna to you all

[@moosejawrobinson]

Wow, such good news guys. Happy New Year, congratulations and I’ll bet y’all are excited to serve new clients as a result of the One Digital deal.

[@jasonmarshband8057]

Congratulations guys and good to see Cameron back (even with occasional appearances)! I'm not surprised by the various offers either...

[@TheFreeRunPorject]

I’m nervous, i think there is advantage to being Canadian owned for Canadians. But we will see.

[@benshnall9009]

The majority owner of OneDigital is Onex, a Canadian private equity firm.

[@JimboJimbo-i4i]

Honestly it’s about time, hopefully you guys have equity in the business and get paid out. Simply put Ben with hair is a bigger brand than PWL capital

[@nickgenov]

Will you keep making new podcast episodes and support the Rational Reminder forum?

[@rationalreminder]

We are keeping the Rational Reminder train going! No plans on stopping - Angelica

[@deltahotelyyz]

I’m wondering if Ben or Cameron have any follow up on the timing of this in the days after the US announced a 25% tariff targeting Canadians and Canadian businesses.

[@emrahtestere5372]

Mike speaks exactly like the private equity firm manager taking over our small lift and elevator manufacturing company in Edmonton. They started to hire MBAs to our small firm to scale the business. The company reported losses since the take over. Workers are unhappy because private equity guy is not in the real business of manufacturing lifts, they are just there to make superficial statements and increase red tape. We had a respected engineer as an employer , now we have managers from India with MBAs from third tier universities. We were like a family, and now we are in a gong show. Good luck to you with your transition.

[@AlanPoirier-xy9fi]

I hope these excellent podcasts don't suddenly change messaging to "everybody needs an annuity"...

[@beryllien]

I'm sorry to echo what some other folks here have said. Nearly forty minutes into the episode and I can't see how this improves the quality of your product in any way other than breadth of reach, and speed of getting there. It seems PWL understands that it could have accomplished its goals alone and over a longer time frame, and I'm disappointed it has instead chosen the private equity route, as every small company seems to do these days. It is a well-worn cliche that founders who give up their autonomy eventually have it stripped away. No matter how well-meaning, the firm has been bought and paid for now; sooner or later, the direction is going to be out of your hands, and I'm pessimistic of the outcomes.

[@mancellfinancial]

Congrats from Australia, guys. Knowing how meticulous and considered you are, we're sure it will be a great outcome.

[@smachsimo]

I am happy to hear about culture fit with 1 digital. I Hope PWL continue to operate with autonomy.

[@DiabeticDawg]

Would love to see pwl offer one time advice or planning for a one time fee/cost rather than just a percentage of the portfolio!

[@Andrew21882]

I have worked for two Canadian owned companies being acquired by US bigger ones. It always turned out worse for both employees and customers. US corporate greed, way different from what we experience in this country.

[@leonardoflores607]

Congratulations guys. I do hope things go well and as always very appreciative of the info you broadcast.

[@NiagaraWeddingVideographer]

Congrats on your exit, Cameron! Can be so difficult to find a great exit opportunity as an entrepreneur. Well done!

[@stonecox3605]

Congrats guys! Obviously y'all are a great business and wishing y'all the best, but how are y'all as an investment? What does your size, value, and profitability factors look like??? This is what the people want to know haha!

[@aLurchi3]

So... did you guys just enter small cap growth territory?

[@cooper8t]

I'm sure the Onex Corporation will be slowly picking at everything that made PWL a better company than the rest in the medium-long term. Not putting all the negativey on the PWL team that wanted it to be acquired (🤑), just mostly on the Private Equity Conglomerate that bought it.

[@erranzimmermann1207]

One just needs to look at how Onex's acquisition of WestJet is going now to see their track record; much more negative sentiment behind WestJet than historical.

[@rationalreminder]

Onex didn’t buy PWL. They are a shareholder of OneDigital, the firm that bought PWL. OneDigital has a great track record of successful acquisitions, and no history of private equity style pillaging. -Ben

[@cooper8t]

@@rationalreminder Well, I understand that you can't exactly talk down the company on a public platform that now effectively owns PWL which you're both employee and shareholder of. Genuinely, let's hope Onex and OneDigital go against the grain/ don't change their tune in 5-10 years time (when the inevitable new management come through) with PWL clients and RR community saying "we did warn you". I think my comment stems from the story everybody (from all walks of life) have seen when a smaller company/business that everyone loved, is acquired by a big company and the quality goes down. You've probably come across it locally yourself Ben (in all sorts of sectors). Genuinely, I hope that all the people (including myself) complaining/suspicious are wrong, and PWL is the one that gets to say "we told you so" 😇

[@SS-sy4uu]

lol dropping this thing to surprise people when they wake up but little did you guys know I watching from 🇸🇦

[@polbsail]

Congrats!

[@singranasbonfireofdreams8161]

while these kinds of things usually suck, mby you guys are more discerning and got some "alpha" for your clients here. regardless your regular podcast is great, years of good information has built up enough gratitude for me to sit through what made me feel like i was watching a puff piece (it was likely the one sided focus on the upside, rather than the "realistic" highlighting of possible downsides, it just felt "too good to be true" that it would have almost only upsides)

[@nicolasbelanger7400]

Not sure about the outcome, but the timing is terrible…

[@robertross8565]

A great pay day to the shareholders of PWL. Don’t see many benefits to existing clients. Insurance can easily be purchased through a broker; it doesn’t need to be in house.

[@slisthabest1987]

This acquisition will lower the fees for the clients…right?….?? 😂 With all kidding aside, I hope PWL introduces a mid-tier for DIY’ers like me that wants a bit of hand holding, modelling capabilities but not the full meal deal.

[@WhaleEye-r4e]

Congratulations on this move.

[@milesburgin6436]

What's up with Mike's 360p webcam?

[@ericpl114]

Private equity cost cutting measure 😂

[@ThomasSlaney]

Financial decision making Ben and Cam: are you getting a Rolls-Royce or Bentley?

[@jordi6153]

Yikes. No PE acquisition ever ends well. RIP

[@Helix5370]

Ugh, this whole episode has me pretty disappointed. I really hope the Rational Reminder podcast continues to do well and Ben keeps doing great things, but as a potential PWL client, this doesn’t look good at all.

[@foralex100]

$100 million payday, not too shabby for indirectly betting on Shopify :-)

[@maxpayne7419]

As a patriotic Canadian I just can’t support an American company. Sorry guys. Good luck to you. I’ll still listen to the podcast though.

[@robertross8565]

One Digital is an American company owned by Onex Corporation which is Canadian.

[@WhaleEye-r4e]

Well done. Looks like a good move for everyone involved.

[@random8625]

Disappointing news. Fee-for-service advisory seems to be a much more cost-effective option.

[@Ross_Gibb]

I mistakenly thought Rational Reminder was a medium solely for Ben's never ending curiosity. The content has been some of the best available on advertising supported platforms (KZbin, podcasts). I knew where Ben worked, but it never occurred to me that rational Reminder may exist to promote his employer/business. This content feels really out of place. To be brief, I don't really care who owns PWL or how the business is structured. Unfortunately, it sort of makes me question the historical content Rational Reminder has produced. Perhaps there were editorial slants I wasn't considering before. I guess I will keep this in mind going forward. Obviously, congratulations on the sale, get that money.

[@rationalreminder]

This podcast and my KZbin channel have been owned by PWL since day 1. Without PWL’s support neither would have existed. This setup has also allowed me to create content without courting sponsorship from random brands. -Ben

[@AliHussein30605]

❤

[@sanjideol6959]

one digital is PE backed, meaning PWL capital will lose half its staff and start charging more fees, it was nice while it lasted i guess

[@rationalreminder]

Neither of those things are true, or we would not have done this. -Ben

[@sanjideol6959]

@@rationalreminder The level of ownership the PE parent company has in One Digital makes a big difference. If One Digital has a significant ownership stake, then what you’re saying is correct, and I could be wrong. However, if the PE company owns more than 51%, their typical playbook usually involves maximizing profits by cutting costs and eliminating any expenses they don’t see as essential. I’m sure both you and the audience are well aware of how this usually plays out.

[@robertross8565]

Big pay day for PWL shareholders. I don’t see any benefit to your existing client base. Prove me wrong.

[@SCP75-6]

@@robertross8565, so the owners of any business should never sell ?

[@stuartpd85]

This is so disappointing. You guys have sold out. I am going to stop listening.😢

[@rationalreminder]

👋

[@WhaleEye-r4e]

Oh save me the sanctimony.

[@SCP75-6]

Says the guy who probably doesn’t have ten bucks to invest in anything, and would have sold his soul to make a big payday…..