Advertisement

It brings to mind the question of the same accumulated pattern recognition of what people do well that helps them close transactions, whether it's negotiating tactics or just communication style or methods or processes that they follow. Have you learned anything about just increasing the probability that once you have a deal that the transaction itself closes that you've observed in your students?

It brings to mind the question of the same accumulated pattern recognition of what people do well that helps them close transactions, whether it's negotiating tactics or just communication style or methods or processes that they follow. Have you learned anything about just increasing the probability that once you have a deal that the transaction itself closes that you've observed in your students?

Well, weekly communication helps a lot.

Well, weekly communication helps a lot.

One of the amazing things about this process is, you said it before, you don't really need growth or margin expansion to get your return. The magic's in the multiple, as you said. But when you have observed margin expansion or top-line growth... which of course is beautiful gravy given the purchase prices. What has been the most common reason that that becomes possible?

One of the amazing things about this process is, you said it before, you don't really need growth or margin expansion to get your return. The magic's in the multiple, as you said. But when you have observed margin expansion or top-line growth... which of course is beautiful gravy given the purchase prices. What has been the most common reason that that becomes possible?

Is it something common that the new CEOs and owners are doing? Is it the installation of better technology and process? Are there common trends to when you do see margin expansion or growth go a different direction?

Is it something common that the new CEOs and owners are doing? Is it the installation of better technology and process? Are there common trends to when you do see margin expansion or growth go a different direction?

I have an unrelated to the business question, but a question about improvement and growth, which is, I think you should both be proud that you've built this class now that has influenced, like when I was asking around ahead of our conversation today, it's pretty unbelievable the number of people whose trajectory and career you've now influenced. That must be a special feeling.

I have an unrelated to the business question, but a question about improvement and growth, which is, I think you should both be proud that you've built this class now that has influenced, like when I was asking around ahead of our conversation today, it's pretty unbelievable the number of people whose trajectory and career you've now influenced. That must be a special feeling.

It's on the back of this thing that you've built. So you've had all these reps at teaching students these ideas. And I know that the class is, I think, now the top-rated class at the most competitive, one of the best places in the world that you could teach a class like this, arguably the best. So that's a pretty cool achievement. Talk me through how you've done that.

It's on the back of this thing that you've built. So you've had all these reps at teaching students these ideas. And I know that the class is, I think, now the top-rated class at the most competitive, one of the best places in the world that you could teach a class like this, arguably the best. So that's a pretty cool achievement. Talk me through how you've done that.

If you were to, on the side, teach a class to other would-be professors that wanted to follow in your footsteps, what have been the keys to making the class so popular, to improving it over time, to making it consistent? Reflect on the class itself a little bit because it's had a huge impact.

If you were to, on the side, teach a class to other would-be professors that wanted to follow in your footsteps, what have been the keys to making the class so popular, to improving it over time, to making it consistent? Reflect on the class itself a little bit because it's had a huge impact.

So it's really great. How much do you teach capital allocation? That strikes me as something that on average, the seller is going to basically have never thought about or been taught about the basics of smart and thoughtful capital allocation, whereas the average student in your class probably has thought about it a lot, been taught it maybe by you.

So it's really great. How much do you teach capital allocation? That strikes me as something that on average, the seller is going to basically have never thought about or been taught about the basics of smart and thoughtful capital allocation, whereas the average student in your class probably has thought about it a lot, been taught it maybe by you.

That could be a hugely powerful lever in some of these businesses at some stage. Is that true or am I missing the mark?

That could be a hugely powerful lever in some of these businesses at some stage. Is that true or am I missing the mark?

Oh, interesting.

Oh, interesting.