o often in our world, searchers buy businesses that are traditional.

They are not at the forefront of technology, to say the least.

Well today's guest is an exception.

Felipe Corcuera and his partner, via a traditional search fund, acquired a consulting business offering robotic process automation (RPA).

These are essentially bots that automate complex tasks for enterprises.

Felipe acquired the business right as the first version of ChatGPT was released.

In the ensuing years, the AI revolution forced his industry to adapt.

Felipe and his team have adapted, and today they are an AI automation business selling AI agents.

Sounds exciting — and it is. This is a searcher whose business is indeed at the front lines of the technological revolution we see headlines about every day.

And it's going well. The numbers don't really show it yet; there is a serious J-curve as Felipe has recast the business model to AI.

But the investments are bearing fruit, the trajectory is promising. Listen for our discussion of revenue quality and revenue valuation.

Now, despite all this, Felipe did joke to me on the pre-call that sometimes he wishes he had just bought a landscaping business.

Technology is exciting, exits can be enormous. But it's unpredictable and competitive.

"We never know when we're gonna get crushed by someone," he says. "What's gonna stop OpenAI tomorrow from launching some crazy AI builder that's gonna do everything that we're doing?"

It's an interesting trade-off to weigh between technology-forward businesses and traditional business:

Exciting but unpredictable on the one hand vs. enduring if sleepy on the other.

Which do you prefer: AI or landscaping?

Here is Felipe Corcuera, co-CEO of Beecker.