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What advice would you give to those listening that haven't gone to school for this or studied this in an academic setting, but want to do it? They want to conduct a search to buy a business. We haven't talked much about the literal process of successful search. Where do people begin? Are there databases of companies?

What advice would you give to those listening that haven't gone to school for this or studied this in an academic setting, but want to do it? They want to conduct a search to buy a business. We haven't talked much about the literal process of successful search. Where do people begin? Are there databases of companies?

Is it best to first identify a vertical that interests them and then go pound pavement? What is the process of successful searching look like?

Is it best to first identify a vertical that interests them and then go pound pavement? What is the process of successful searching look like?

A lot of what you said makes me wonder about value creation and duration of the opportunity. Three things come to mind. One is the magic is in the multiple, the difficulty of finding a company and getting a transaction done, and the fact that lots of the margin and growth comes from the initial conversations with customers.

A lot of what you said makes me wonder about value creation and duration of the opportunity. Three things come to mind. One is the magic is in the multiple, the difficulty of finding a company and getting a transaction done, and the fact that lots of the margin and growth comes from the initial conversations with customers.

These are all things very early in the story of one of these transactions, which makes me wonder, like, is the vast majority of the value created pretty much upfront? How long do you see the typical person running one of these companies? What does that distribution look like?

These are all things very early in the story of one of these transactions, which makes me wonder, like, is the vast majority of the value created pretty much upfront? How long do you see the typical person running one of these companies? What does that distribution look like?

What is the normal life cycle and who do they tend to sell it to when they're done?

What is the normal life cycle and who do they tend to sell it to when they're done?

Thinking about the topic of transitions, Royce, I'm curious if you'd be willing to talk a little bit about your decision to leave private equity and go do this instead. You talked me through this when we were together a month ago or so. I just thought it was so interesting, your thought process for making a big decision, frankly, kind of at the peak of your private equity powers.

Thinking about the topic of transitions, Royce, I'm curious if you'd be willing to talk a little bit about your decision to leave private equity and go do this instead. You talked me through this when we were together a month ago or so. I just thought it was so interesting, your thought process for making a big decision, frankly, kind of at the peak of your private equity powers.

I think anyone that looked like if you built the HBS case study and ended it exactly when you made your decision, it'd be very easy to say, yeah, this thing goes on to be one of the dominant private equity firms. And I think you built the firm a little differently than many others did.

I think anyone that looked like if you built the HBS case study and ended it exactly when you made your decision, it'd be very easy to say, yeah, this thing goes on to be one of the dominant private equity firms. And I think you built the firm a little differently than many others did.

Can you say a few words about your choices in building that business and then especially why you made the decision you did at the end? Sure.

Can you say a few words about your choices in building that business and then especially why you made the decision you did at the end? Sure.

Rick, I have kind of a related question for you, which is you said 38 years now at HBS, an incredible run, every kind of experience as a teacher of young people. What would you say about the state of higher education platforms, classes like the ones that you teach?

Rick, I have kind of a related question for you, which is you said 38 years now at HBS, an incredible run, every kind of experience as a teacher of young people. What would you say about the state of higher education platforms, classes like the ones that you teach?

how effective they are, how they need to evolve in an AI world where you can learn whatever you want at your fingertips if you're curious and enterprising. What needs to stay the same based on all your experience and what needs to change?

how effective they are, how they need to evolve in an AI world where you can learn whatever you want at your fingertips if you're curious and enterprising. What needs to stay the same based on all your experience and what needs to change?