Oren Klaff

There isn't a market

for that deal.

You have to make the market and then sell into it.

So if you're within the sound of my voice, that is one thing that you should think about when you go, we're going to take our deal out.

We're going to go on a roadshow.

We're going to go to a market.

We're going to look for investors.

You have to first think about how do we make a market?

And then you have to think about how do we sell into that market?

Sure.

So when you what you have to do is you have to find 15 to 25 potentially interested investors and season them.

into a working group of people who are interested in your deal what most guys do is they go to market they find you know one or two guys are interested and they go okay we found a potential deal and they start to track with those companies that is not enough uh because of the peculiar peculiarity of a small deal and the nuances and the needs and demands of investors in that small deal market the speed at which they work and the requirements they have

one or two potentials in my view is not enough to close with, or it's not enough to close well with and you get retraded at the end of the deal.

So you have to do a broader process with a better pitch

to the markets and find a range of people who are partially interested.

Then you've got to season that group and try and mature them into a smaller but more seasoned group, call it six or seven, who are in diligence.

Then with a seasoned group of six, seven, eight in diligence, you've got to try and find two or three to get to an LOI or a definitive agreement and try and close with one.

That's what I mean by making a market.

It's not starting talking to a bunch of people who are

feel like the market, finding one or two people interested and trying to run off and close with them.