Brad Miller

So we had an initial entree into that conversation.

They were for sale for two years.

They didn't contact us.

They viewed us as the small guy nipping at their heels and not able to afford them.

Their business was doing better at the beginning of their sales process, but it started to really struggle in the last

year and they kept thinking it was going to turn around turn around turn around and it didn't and so we did a deal literally in three weeks because they weren't going to meet payroll they were burning cash fast and not willing to do anything about it

And they kept hoping for some big deal to close, and it didn't, and they needed to get something done.

And the VCs had guaranteed a $2 million emergency line of credit that was due at the same time, and they didn't want to make good on it.

So we were able to basically buy it by taking over that $2 million line of credit and then pay the investment banker fees and lawyer fees that they couldn't afford to pay because there was no cash changing hands.

So, yeah, so no, I, I had a 10% option thing that I had exercised.

We had also taken out 12,

and a half million of dividends along the way.

And so we were both already in the money, if you will, on our original investment.

The two acquisitions weren't financed with equity, they were financed with debt.

So we didn't put more money into the business, we were only taking money out.

And so yeah, at the end of the day, you know, we had maybe six or 7 million, well,

we also had four or 5 million of cash on the balance sheet when we did the deal.

So net debt, we probably had a couple of million.

Yeah.

Yeah.