Nathan Berry

And it's just an order of magnitude more effort to do it in real estate investing or something like that because ConvertKit has so much momentum.

And so it's an easy trap to fall into of like, oh, I've made this money here.

Now let me go to this other thing.

When if you just look at the cold leverage, just straight up leverage, then the answer is this has worked.

So let's keep doing it.

Put in more effort there, go faster.

And so it's a balance between what's fun and like a little bit of a diversification and like, no, just keep doubling down and you can work it.

Can't tell you.

Yeah.

Um, that's a good question.

So it's things markets that we're spending into, um, uh, something that is a, a good fit, something that we hear a lot from our customer base of like, if we see integrations popping up a lot, um,

If we look at, say, our three-year roadmap, and if there's something that we're planning to build, but it's a few years off, and then we see someone who is getting good traction in that space, our customers are already using them, then it's like, oh, we could accelerate a plan two or three years out if we buy them today.

Especially when, in any software company, engineering time is the single greatest constraint.

And so there's so many opportunities to chase and you just have to take the Richard Branson quote of like, opportunities are like buses, there's always another one coming.

And so you end up in a point where capital is more available than like skilled engineering time to apply to problems.

And that's when acquisitions start to become interesting of like, okay, I can accelerate this plan.

for a million dollars rather than having to spin up a whole new engineering team and then spend a year building it.

Thanks for having me.

If we're valuing ConvertKit at 7x ARR, 8x ARR, something like that.

Then you're looking at what it takes to add an additional million dollars in value, in enterprise value for ConvertKit versus what it takes to go make a million dollars somewhere else.