Alex Smereczniak

And I get that you're buying this intangible thing, but the price was good.

We knew we were going to unlock a bunch of revenue and he just couldn't get his head wrapped around that.

So we're like, look, this is causing too much stress and friction.

I think for you, let's give you the money back that you put into.

And then some, are you good?

And he's like, yeah, I'm good.

I don't really know why I'm doing this to begin with.

I ended up buying it for like one and a half times revenue.

Yep.

So we did 11 grand down and then we ended up paying them a percentage of revenue over the following two years that we ran it.

They wanted to uncap it, but we knew, and we did do what we were, what I'm about to say is we were going to get a really formal relationship with the university where we were getting real estate on the incoming, you know, parents website, booth at orientation.

And we ended up eight X in revenue.

Or had we,

uncapped it yeah they're not capped it uh they would have gotten a really really good outcome so thankfully we capped he said hey you're looking for 28 or so we capped it i think it was maybe 30 31. yeah low 30s well okay let's well lessons learned from that little transaction is is you've got a distressed seller they're graduating the business either gets sold or it dies yep were there other suitors at all for this

There was one other one in there.

Yep.

And that's where our anthropology guy almost blew up the deal.

And we're like, hey, we had to go have a midnight meeting.

Yeah, yeah, yeah.

Hey, we're so sorry.