The summer of 2022 marked a crucial period for Heritage Holding co-founders, Alex de Pfyffer and Ross Porter. The pair successfully acquired a large telecom business in 2016 through the search fund model, and several follow-on acquisitions between 2016 and 2022. In 2018, Heritage holding officially adopted the independent sponsor model, and adhered to the framework until the summer of 2022. The case explores a moment when Alex and Ross face a decision: advance Heritage Holding further as an independent sponsor, or convert the company to a private equity model.