Daryl

I had a guy call me yesterday. And he was asking me about Service Titan. Very, very successful roofer. And he said, I think, Tommy, next year, I think by the end of the year, I'm going to do a deal. And he said, I'm not going to do PE because I've heard the horror stories. I think I'm going to do strategic. And I go, you only hear horror stories, but you don't hear all the great stories.

There's a partnership fit. I got lucky. And by the way, my PE company, not everything they've done worked perfectly. But as the founder, you got to take some of the heat. You got to buy it. You got to realize these are financial engineers. If they could do what you could do, they go do it. They don't make as much money as we make as founders or in the business.

There's a partnership fit. I got lucky. And by the way, my PE company, not everything they've done worked perfectly. But as the founder, you got to take some of the heat. You got to buy it. You got to realize these are financial engineers. If they could do what you could do, they go do it. They don't make as much money as we make as founders or in the business.

There's a partnership fit. I got lucky. And by the way, my PE company, not everything they've done worked perfectly. But as the founder, you got to take some of the heat. You got to buy it. You got to realize these are financial engineers. If they could do what you could do, they go do it. They don't make as much money as we make as founders or in the business.

So I take a lot of heat for myself to say, I'm going to listen to them. They make a lot of valid points. But what is your take? I know there's some things you wish worked out differently.

So I take a lot of heat for myself to say, I'm going to listen to them. They make a lot of valid points. But what is your take? I know there's some things you wish worked out differently.

So I take a lot of heat for myself to say, I'm going to listen to them. They make a lot of valid points. But what is your take? I know there's some things you wish worked out differently.

Probably both of you. And I know – I don't know how much you're at liberty to talk about this. Oh, we can talk. But what is your take on just selling your business, rolling equity, and what would you have done differently and how would you have acted different? What are some of the things you would have changed?

Probably both of you. And I know – I don't know how much you're at liberty to talk about this. Oh, we can talk. But what is your take on just selling your business, rolling equity, and what would you have done differently and how would you have acted different? What are some of the things you would have changed?

Probably both of you. And I know – I don't know how much you're at liberty to talk about this. Oh, we can talk. But what is your take on just selling your business, rolling equity, and what would you have done differently and how would you have acted different? What are some of the things you would have changed?

It's worse than a prostate exam.

It's worse than a prostate exam.

It's worse than a prostate exam.

Did you go through a formal process where you sat down with a bunch of different – Yeah, yeah.

Did you go through a formal process where you sat down with a bunch of different – Yeah, yeah.

Did you go through a formal process where you sat down with a bunch of different – Yeah, yeah.

They will. I'll tell you guys a little the hard truth. is until the performance goes down. Like, I think most PE groups are like, they got a five to seven year stint. And they're like, if it's not broken, don't fix it. But I'll tell you this, I know a lot of guys, you get $10 million, $20 million, $50 million. The guys that get those checks, they're building a house. They're driving a Lambo.

They will. I'll tell you guys a little the hard truth. is until the performance goes down. Like, I think most PE groups are like, they got a five to seven year stint. And they're like, if it's not broken, don't fix it. But I'll tell you this, I know a lot of guys, you get $10 million, $20 million, $50 million. The guys that get those checks, they're building a house. They're driving a Lambo.

They will. I'll tell you guys a little the hard truth. is until the performance goes down. Like, I think most PE groups are like, they got a five to seven year stint. And they're like, if it's not broken, don't fix it. But I'll tell you this, I know a lot of guys, you get $10 million, $20 million, $50 million. The guys that get those checks, they're building a house. They're driving a Lambo.

They've done the work. Their families need to enjoy it. So they're not all there. And so I think that if you go to a meeting, especially in the first year, and you're not prepared, and you don't have the answers, and you're late, and you're not – and there's like you see some performance gaps. They're like that's a double-edged sword for PE is like – We're going to give this person all this money.