Next Runner Capital
An entrepreneurial fund seeking to acquire a single founder-led business in North America
Who We Are
Next Runner Capital is an investment office led by Max Horne, an entrepreneur dedicated to acquiring and operating a single small business for the long-term. Having supported his own family's contracting company and also worked in consulting, Max now seeks to devote his full energy and focus to carrying a business forward and preserving its founder's legacy.
If you are considering succession and believe our approach aligns with your vision, we would welcome the chance for a confidential conversation.
Considering Selling Your Business?
See how we differ from traditional buyers, understand our acquisition process, and get answers to your questions.
See Why We're DifferentOur Value to You
See how we differ from traditional buyers in preserving your business legacy
| Criteria | Next Runner Capital | Private Equity (Financial Buyer) | Strategic Acquirer (Competitor / Larger Company) |
|---|---|---|---|
| Your Legacy | Your business is our sole investment. Your legacy is preserved. | One of many companies in a large portfolio. Your legacy is uncertain. | One piece of a larger whole. Legacy is often eliminated. |
| Your Employees | Retaining your team is critical to long-term success. | High risk of job cuts to meet efficiency goals. | High risk of job cuts to achieve synergies. |
| Time Horizon | Long-term with no fixed exit timeline. | Short-term (<5 years), tied to fund cycle. | Uncertain, driven by the strategy of the acquriring company. |
| Our Goals | Sustainable growth and operational improvement, ideally building on your legacy for the long term. | Focus on financial engineering, cost-cutting, and short-term returns. | Focus on synergies with parent company, cost reduction, and integration. |
| Source of Funding | Funded through a combination of personal capital, family investment, and a network of investors. | Institutions, pension funds, and endowments with strict mandates. | Acquiring company cash flows, public and/or private investors. |
Investment Criteria
We are seeking to acquire companies with the following characteristics.
Financial Profile
- $1M+ annual EBITDA with 10%+ EBITDA margin
- History of stable, consistent cash flows
- Recurring or contractual revenue model
- Low capital intensity
Company Profile
- Clear and sustainable competitive advantage
- Diversified and loyal customer base
- Simple, replicable operations with room to optimize growth
- Seller is majority/sole owner, looking to retire or step back, and willing to support a smooth transition
Industry Profile
- Service or support-based business in a sizeable and growing market
- Highly fragmented industry without dominant competitors
- Medium to low cyclicality and minimal seasonality
- Stable, low-risk regulatory environment
- Limited threat of substitutes or disruptive competition
Learn About Our Investment Criteria
Discover our specific investment thesis, the types of businesses we're actively seeking, and the four key qualities that make companies attractive to Next Runner Capital.
View Investment CriteriaAbout Us
Max Horne
Principal and Founder
Max Horne is the Principal of Next Runner Capital, an acquisition firm based in Toronto that partners with founder-led businesses for a thoughtful ownership transition. Max brings a hands-on, operator's mindset and a long-term view. He built these operator instincts early by working at his father's company, Horne Construction, which built more than 50 restaurants across Canada and several luxury custom homes.
Prior to founding Next Runner Capital, Max worked at Mastercard in their external consulting strategy & transformation group. Since 2021 he has led engagements for North American financial institutions centered on new product launches, business casing for strategic initiatives, and the strategy and implementation of new business verticals from thesis and operating-model design through pilot and early-scale execution. He is known for translating complex analytics into clear decisions, building robust Excel models, and guiding teams through first-of-a-kind projects.
Max is based in Toronto. Outside of work, he enjoys working out, reading, and playing guitar.
Get in Touch
Ready to discuss your business transition? Let's start a conversation.