Nathan Latka

You mentioned churn though.

I mean, they did tell me, I remember reviewing the notes.

They said they had 36% gross annual logo churn.

I mean, most, I would imagine most people listening are going, man, if I've got churn at 36%, no acquirer is going to want to buy me.

Yeah, you guys are not scared of churn.

I mean, this is consistent in your portfolio.

Florian came on the show, user snap back in April 22 of 2018.

And they were also seeing about 26% gross annual churn.

So you guys clearly have no problem with churn, especially if you see room to improve.

Yeah.

Let's sort of morph over our last five minutes.

We've talked about sort of what you look for, where your funding sources are.

We've talked a little bit about the deal, but let's talk about, one, what the deal typically looks like in terms of cash up front versus earn out.

Do you have a typical structure you use?

And then also, what your playbook looks like post-acquisition?

What do those things look like?

When you look at the deals you've done over the past, call it 12 to 18 months, I mean, is it fair to say that most evaluations you're looking at, if you just look at the all cash portion up front is typically between sort of the two and four X or I mean, others like, you know, the bigger players, obviously, like Vistas of the world, I mean, they're, they overspend on a bunch of deals, and then they hope they can make it work.

And they're spending, you know, eight, nine X, you know, ARR sometimes.

Yeah.

And do you ever buy, let's say you're buying Nathan Latke Inc.