Jeff Horing

If you want to go out to find another partner, that's okay too.

We've got our position.

We're not going to be upset with that, but we're also here to support you the entire journey.

Up till 2017, 18, that was really common.

The world got really competitive starting in 18 and a lot of those follow-on checks, we couldn't get them at the values that we felt were exciting or the founders just wanted to get third-party pricing for their own reasons and we're gonna support that.

The downside is you could believe your own BS.

You can get a little sloppy with the $2 million kick-save checks.

I want a bridge to a sale.

I want to do this, that.

I could argue that goes both ways.

Plenty of those have actually worked out where we have bridged to a sale.

We have recapped the company and gotten some of our original money back.

But you could certainly see how you could be chasing good money after bad if you're not careful.

My whole life, I've never fit into a clean bucket.

And that's probably the most glaring one.

How do you think about that?

I'm like, well, it doesn't feel like that at all when you're on the inside.

It just feels like a well-oiled process.

But from the outside, we look like an N of one.

You go back in time to firms that scaled over the years.