John Steele

We have to do 50%.

We do have a program that goes as low as 18% in cash and 82 equity.

But that's for companies we really believe in and we've vetted.

The standard program though is 50-50.

And the key is here that

smart entrepreneurs, they want to give away the least amount of equity possible.

They kind of understand the value of that.

And so they'll start at the 50%, but then they'll go to 80%, 90%, right?

They want to put the least amount into the equity and pay as much cash as possible.

Well, I don't think they can pay back the money.

It's in that safe.

If they have a financing round, we get to participate in it.

But there is the possibility that it just goes nowhere.

And like all safe holders, you get nothing.

I mean, we really are banking on it going somewhere.

So our early clients are like that.

The ones where John Steele was the salesperson, right?

We have a couple that are still...

In that, they haven't shut their doors, but they're still going.

We're still providing work at a really great price.