Mike Zani

Uh, typically we structure it as a, as a profits interest.

So what we do is we get everyone their initial capital back.

And then, uh,

we share, you know, a percentage of the proceeds and you hit on it.

If we are under a 30% IRR, we get 20% of the proceeds.

And if we're over a 30% IRR, we get 30% of the proceeds.

Well, not quite profits, cash on cash return.

Yeah.

If, if,

In your schematic, this $10 million company, and you bought it with $5 million of equity, $5 million of debt.

If you went and subsequently sold it for $100 million, you pay them their $5 million of initial capital back.

And then the $95 million of proceeds is split ratably.

We've done that just because...

And most of the companies that we've had, we have wanted to take all of our cash flow to invest in growth.

There is a mechanism so that if you wanted to cash flow the company, you can pay it out ratably as well.

Oh, I love this business.

This is the best horse we've ever ridden by far.

And your comment, I can look like a deal junkie, but Daniel and I, we do deals because we have to, not because that's where our passion is.

You know, after our first deal, we said, you know, we could go into private equity.

You know, we could go into investment banking.