Jeff Horing

We were already aligned on management.

So we had to really think through the investing side and the selection side.

And that was the part that we definitely didn't do perfectly to start.

We hired a young kid, becomes less young, becomes principal and ultimately junior partner.

They were on their own and we kind of had a little bit of partners who were underwriting deals.

We bring it to the investment committee and we debate the deals, which is pretty typical, I'd say, of a lot of firms that have grown is they have senior partners, young partners, but usually they're kind of all doing their own tennis match.

Everybody goes out, plays tennis, compares scores, and we won the match or we won the tournament.

We were trying to be more like a soccer team, but we played tennis for a little while and we realized that young partner as a deal comes to me and it's like mom and dad.

I'm a little busy.

He's only hearing one third of what's coming out of my mouth.

I pitch him the deal.

He nods his head.

We do the deal.

Deal blows up.

Jeff doesn't want to spend time on it because I didn't really take ownership of it.

And all of a sudden, Young Partners now stuck with a deal that's in trouble.

And we're like, this isn't working.

We need to think about how you get the most experience on the judgment as well as the other parts of the operation that were more obvious.

And so we said, well, look, there's some of us who've been here at the time.

It was six of us.