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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?

Anything you'd add to that, Royce, about from your 15 years now of experience at school? How things should stay the same and or change?

Anything you'd add to that, Royce, about from your 15 years now of experience at school? How things should stay the same and or change?

One of the coolest things about what you do is that you get to have these ongoing relationships with students beyond just a couple of years that you're with them in the classroom.

One of the coolest things about what you do is that you get to have these ongoing relationships with students beyond just a couple of years that you're with them in the classroom.

I've talked to a couple of your former students before this, and they all say the same thing, which is they still call you for advice, for commiseration, for just to catch up that you have relationships with them for a long period of time. What do people most commonly call you with looking to you for sage advice or someone to talk to?

I've talked to a couple of your former students before this, and they all say the same thing, which is they still call you for advice, for commiseration, for just to catch up that you have relationships with them for a long period of time. What do people most commonly call you with looking to you for sage advice or someone to talk to?

Like, what are the most common reasons that you continue to get those calls beyond just having a great relationship with the person? And maybe that's the right answer.

Like, what are the most common reasons that you continue to get those calls beyond just having a great relationship with the person? And maybe that's the right answer.

I guess that's why you're such a great long term partnership. Yeah, that's right. Since I've interviewed you both before, I've already got to ask you my traditional closing questions. I have to come up with a new one this time.