In the final instalment of our series we examine the last two of the eight key factors we have found help distinguish those truly successful businesses from the also-rans. All eight key factors have been distilled from the many and varied learnings of the UBS small caps team over a cumulative 75 years of investment industry experience. Before we get into that, let's briefly recap the first six key factors as discussed in prior notes. 1) Management are owners/founders or otherwise act as if they are. 2) High returns on capital will often dispense with the need for high debt. 3) Re-invest profits – don't perpetually raise new equity. 4) Stable management who often promote from within. 5) Do not needlessly diversify a good core business. 6) Earnings are all-inclusive, not "underlying".