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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.

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?