Brad Jacobs

The customers would say, I'm willing to pay more to do business with this company because their service is so great.

And their people are so great.

And their technology is so great.

Everything about them meets my needs.

It delights me as a customer.

It's a business that has lots of organic growth.

Just grows by itself in terms of price, in terms of volume.

Some industries, you're not gonna be able to raise price because it's too competitive.

Some industries, you're not gonna be able to grow volume because there's just so much market out there.

Maybe it's a declining market.

It's not even a growing market.

So if you can find a business that can grow both price and volume and productivity,

you have ways to continuously improve the operations and grow your margins, that's a great business.

And I'll go another step further.

Perfect business for me, and this is a key point for me in every acquisition I've ever done, what's their turn on capital?

Because at the end of everything, that's what creates shareholder value.

What creates shareholder value is you have a finite amount of debt and equity

You need to put that to use and you have to get back a lot more capital than you put out.

That's what it's about.

And a business that has a high ROIC, whether it's in favor, whether it's out of favor, whether it's the fad, a moment, it doesn't matter.