he financial services industries are enormous.

Multiple trillion-dollar markets exist under the "financial services" umbrella, including one we talk about today:

Asset-based lending.

Interesting that there are so few stories of acquisition entrepreneurs buying businesses in this sprawling, rich sector of the economy.

Well today's guest did.

Jonathon Tupper bought a 30-year-old asset-based lender that does about $1.5 in revenue every year with 8 employees.

It operates in the factoring niche. (I say niche, but the factoring industry is itself a multi, multi-billion dollar market.)

So you're going to learn about asset-based lending and factoring, and how they've got the same appealing features for business buyers that other more talked about industries do:

Fragmentation.

Tailwinds.

Owners looking to retire. (Jonathon's seller was 89 years old.)

Now an obvious question here is, does a searcher need expertise to buy a business in one of these categories?

Because Jonathon sure had business-buyer fit. With decades in fixed income under his belt, he understood in his bones the principles behind debt, risk, collateral.

But you'll hear him say that there's definitely a learning curve. He might not be new to private credit broadly, but he's new to the factoring industry. He's leaning heavily on the team he inherited. And he does believe that an outsider to the world of credit could do this.

My impression:

Hey, if you've got the self-confidence to go buy a trades business having never turned a wrench yourself, you can tackle this market too.

See what you think.

Here's Jonathon Tupper, owner of JSI.