John Block

And also, if you think of our platform builds, sometimes it's the CEO that is a founder.

Other times it's a lot of the different people.

partners or leaders within the business that we've acquired that stay on and stay active and continue to build or run their office or their region or their city, whatever the case may be.

So we respect the heck out of and think there's a ton of value driven by people that have built businesses and the founders that we're able to partner with.

We also have instances where founders are looking for a transition plan because they might want to retire or they might want to move on to the next thing.

And we know there needs to be a solution for that as well.

And as business builders, we look to have solutions for that as well and can be kind of amenable and understanding.

We love it when the founders stay on as investors and roll over equity into our platforms even if they look to retire.

We like that alignment that's created with kind of shared ownership as well.

The first thing we tend to look at, if I were to look at your business model as an example, is do you have a GM in the city that they're operating in that can take on more value?

If the answer is yes...

then we can make that add-on because now we've got a team that's ready to run with more volume and ready to take it on.

If it was a new city and you didn't have a GM ready to go to cover it, that can be really hard.

That can be hard, yeah.

And if you could drop someone from a different office that wanted to go to that city and take over, great.

But if you didn't have that person, then I think you're kind of fooling yourself thinking you can acquire a business that has no leader and do well with it.

So it's very situational is the short answer, Tom.

You just kind of have to be smart, look at the situation, and say, do you have the team to be able to handle that?

If you do, great.

Great.