Einar Volsett

And so those guys, like I said, they can pay 30x.

Why would they pay 30x if the ceiling is 10 from other types of players?

And it's either because there are multiple strategics at the table or it's because it's outside of process.

So if you really want to get 30x revenue or 20x revenue or 15x revenue,

It's hard to do that if you're in like a sales process with a broker.

Like if a broker is going out to market, then the strategic knows that, okay, there's a floor on pricing because here's what the private equity companies and guys are willing to pay.

So I'll just go in slightly above that.

So they might come in at 9, 10, 11.

Maybe 7, 8, 9, 10, 11.

But if you're not in the process and they really want to, then they're not really fighting the other buyers at the table.

They're fighting you not wanting to sell because you have these big visions and you're like, well, I don't want to sell unless I get a ludicrous price.

And you name the ludicrous price.

And in some cases they say yes.

I got to be a little careful there because some of the value guys don't like to be called value buyers.

Yeah.

So like a typical value base, one of the guys you're talking about, like ESW, you know, some of those guys, they're looking, they'll pay things that are sort of falling knives.

They'll do, usually they're doing the rip and replace stuff.

Yeah, those guys are, I would say, value type buyers.

The highest bid I've ever seen from any of them is like, at least for those type of operations, is like three, three and a half times revenue.

And then they're feeling like they're paying top dollar.