At the end of each year, I take time to reflect — on what we’ve built at Decada Group, what we’ve learned, and whether we’re moving closer to our mission.

That reflection leads to an annual letter I publish each year. And our 2024 Annual Letter just went live.

Below is the introduction. The full letter is published on Decada Group’s website.

Why We Endure

This is our fourth letter, marking the end of Decada’s fourth year.

Last year, we wrote that 2023 was a time of transformation — a year Decada began to come of age. After three years in the trenches, we weren’t seeing things for the first or second time anymore. That seasoned perspective changed everything.

In 2024, this perspective allowed us to lift our gaze from the day-to-day and think bigger, longer-term. At Decada, our name reflects our ambition: to think in decades, not quarters or years. We build businesses that outlast trends, weather storms, and become permanent fixtures in their communities. This focus guides every decision — no outside investors, no shortcuts, just a disciplined commitment to enduring companies built on strong foundations, proven leadership, and clear purpose.

This clarity was timely: 2024 was a year small businesses around the world were put to the test. A test that for many went beyond how to move forward…but why. 

Costs soared with inflation. Consumer confidence faltered, dampening demand. Interest rates reached historic highs, squeezing capital and challenging margins. Yet, challenging times reveal character. They sharpen your why. 

As I look at each of our companies, I see many ways the pressures of 2024 refined and strengthened our purpose. In this year’s letter, I want to tell you those stories because they’re more than just company updates – they’re reminders of the power of purpose. I hope they inspire you to clarify your own why, strengthen your resolve, and step into 2025 with confidence and intention.

In 2024, Decada Group slowed down when the world pushed for speed. We leaned into our why and prioritized durability — paying down debt, fortifying balance sheets, and decentralizing operations. With interest rates at their highest levels in over a decade, we made a bold pivot from acquisitions and returned to our roots to start a business. 

After four acquisitions, Durable became our first startup since Tailor Cooperative, taking us back to the trenches where every decision feels sharper, and every challenge feels personal. Starting from scratch reminded us why we do this work: to create, to solve problems, and to build something that matters. Something of permanence.

This intentional focus wasn’t just a strategic decision — it delivered results. 2024 became our strongest financial year to date: 

• Portfolio earnings more than doubled: EBITDA grew 151.9%, alongside a measured organic revenue growth rate of 8.3% — a testament to the opportunity within our portfolio. 

• We paid down debt and fortified our balance sheets, driving our portfolio debt service coverage ratio to 4.3x, a strong amount of cushion that lets us build our businesses without the short-term pressures high debt can bring. 

• Cash returns were equally remarkable, reaching a cumulative return on invested capital (ROIC) of 609.4% — more than 6x’ing the capital used to acquire our companies. 

Most notably, 2024 distributed cash represented 230.3% of our total invested capital, proving a patient model isn’t just the right model – it’s a winning one. And that momentum is only building.

As the year ends, what’s changed most for me in 2024 is a deeper appreciation for hard things — and how challenging times demand clarity of purpose. It’s years like 2024 that a clear why becomes the most important thing you’ve got. 

Today, Adam and I are profoundly grateful — for the operators who lead with courage, the founders who entrusted us with their legacies, and the teams whose dedication turns vision into reality. 

In this year’s letter, I’ll share how an enduring purpose has carried us forward. Thanks for reading. 

Read the full letter »

That’s a wrap.

Thanks for reading — we’ll be back to regular Local Legends programming next week.

As always, you can find me here:

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Have a great week ahead 🤙

Chase Murdock