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Home Improvement Sector Tailwinds
- The UK housing market, being old and energy-inefficient, presents tailwinds for home improvement.
- A booming replacement market reduces the sector's cyclicality.
Recurring Revenue Considerations
- Recurring revenue isn't everything; customer concentration can be a hidden risk.
- Paul prefers buying at lower multiples (3-4x EBITDA) for downside protection.
Corporate Finance Experience
- Paul's deal took nine months due to lending challenges, not intermediary issues.
- Working with a professional corporate finance team ensured a smooth process.