Graham Weaver

Yeah, 100%. Just work backwards. I think the two biggest underappreciated leading indicators of success are the net promoter score of the customers and the net promoter score of the employees. We go in and we measure the net promoter score of employees right when we buy the business. In other words, before we came in the business, how engaged and happy our employees were.

Yeah, 100%. Just work backwards. I think the two biggest underappreciated leading indicators of success are the net promoter score of the customers and the net promoter score of the employees. We go in and we measure the net promoter score of employees right when we buy the business. In other words, before we came in the business, how engaged and happy our employees were.

And then we measure every six months going forward. And we publish that across all of Alpine. And we hold CEOs accountable for two reasons. One is I think it is probably one of, if not the most important leading indicator of success for the business. And two, going back to being a force for good,

And then we measure every six months going forward. And we publish that across all of Alpine. And we hold CEOs accountable for two reasons. One is I think it is probably one of, if not the most important leading indicator of success for the business. And two, going back to being a force for good,

It's probably the thing I'm the proudest of in terms of the impact that we have is 40,000 employees are having an experience that they enjoy coming to work more, significantly more after we buy the business. And I just think about, okay, you're a single mom and you're working at a call center in one of our companies or something.

It's probably the thing I'm the proudest of in terms of the impact that we have is 40,000 employees are having an experience that they enjoy coming to work more, significantly more after we buy the business. And I just think about, okay, you're a single mom and you're working at a call center in one of our companies or something.

Before we come in, you know, maybe you're clocking in, you're clocking out. You're not that excited. You're spending half your waking hours doing this. Maybe the people don't know your name or whatever. And then how do you show up in your community?

Before we come in, you know, maybe you're clocking in, you're clocking out. You're not that excited. You're spending half your waking hours doing this. Maybe the people don't know your name or whatever. And then how do you show up in your community?

And 70% of people, and this is true across any industries in the US, you can replicate this study, but 70% of people dislike their job or they're disengaged from their job right now today. And if we can flip that, you know, and have 70% of people feel really engaged, it's not just that it's good for business, but I think it makes a big difference in these employees' lives.

And 70% of people, and this is true across any industries in the US, you can replicate this study, but 70% of people dislike their job or they're disengaged from their job right now today. And if we can flip that, you know, and have 70% of people feel really engaged, it's not just that it's good for business, but I think it makes a big difference in these employees' lives.

And so we take that really seriously. And it's something that it's probably one of the things I'm the proudest of, of all the things that we've done.

And so we take that really seriously. And it's something that it's probably one of the things I'm the proudest of, of all the things that we've done.

I want to come back and spend a lot of time on the... searching, selection, training of this young, talented 27-year-old that takes one of these things over, like what that whole system looks like. But before we do that, I just want to close the thinking on the financial outcome associated with this strategy of building one of these platforms.

I want to come back and spend a lot of time on the... searching, selection, training of this young, talented 27-year-old that takes one of these things over, like what that whole system looks like. But before we do that, I just want to close the thinking on the financial outcome associated with this strategy of building one of these platforms.

So again, going all the way back to your 5x MOIC target objective function or whatever for the funds, what does that mean you need out of these platforms? Where does the return come from? Is it multiple expansion? Is it fundamental growth? Simply, those are the two simplest areas that can come from. How do you think about like what you need to get for one of these things to be a success?

So again, going all the way back to your 5x MOIC target objective function or whatever for the funds, what does that mean you need out of these platforms? Where does the return come from? Is it multiple expansion? Is it fundamental growth? Simply, those are the two simplest areas that can come from. How do you think about like what you need to get for one of these things to be a success?

So the way we think about it is we're underwriting typically an individual deal to a, let's say a three X net outcome. And that will typically not have multiple expansion. It'll have, you're buying the business, you're leveraging it with whatever the debt multiple, the company is, and then you're growing it. We should be able to get to kind of a three X three, five gross in five years.

So the way we think about it is we're underwriting typically an individual deal to a, let's say a three X net outcome. And that will typically not have multiple expansion. It'll have, you're buying the business, you're leveraging it with whatever the debt multiple, the company is, and then you're growing it. We should be able to get to kind of a three X three, five gross in five years.

So that's kind of our typical standard underwriting. Where the 5X comes into play is you have these asymmetric outcomes where things go right, organic growth kicks in better than you thought, and you can hold the business longer than you thought. You can kind of portfolio your manager, your way to a 5X through a bunch of getting on base and then good things happening.

So that's kind of our typical standard underwriting. Where the 5X comes into play is you have these asymmetric outcomes where things go right, organic growth kicks in better than you thought, and you can hold the business longer than you thought. You can kind of portfolio your manager, your way to a 5X through a bunch of getting on base and then good things happening.