Ric Elias

We really like the bets we're leaning into right now.

So we're trying to figure out things that are kind of be augmentative to the bets we have that are going to unlock something.

And you're going to mode us in some ways, give us a capability, give us something that is unique and different.

But when I sit down, a couple of the things that I think about without thinking about.

So I really try to understand what is this person's motivation.

I've bought enough things and been around enough things that ultimately it's not what they're telling you.

It's really what they want.

If they're going to really sell you something and not really be committed to whatever the transition period is, multiple years or whatever else, that's really, really important.

Understand the motivation of the seller.

And what we've done really well is when we've engaged with somebody that we really understand the why.

The second thing is I like places where you can win in multiple ways.

So when you make a single bet, it's like, okay, I'm betting this happens and we have to compound growth at 20%.

But if we don't compound growth at 20%, but we also are able to use the data for this and we can build a model for that and we can connect that to everything, then you can say a bunch of 0.7s added up end up being two and a half, three times something.

That's the value of the platform is that you can look at these things and sometimes these assets have a lot of insurance into the platform or other value that brings.

And because of our cultural alignment, you can get that out.

A lot of companies can't do this if it runs like a traditional portfolio or a private equity portfolio because the companies are not connected at the tech layer.

Like we are or at the cultural layer like we are.

In the first part of that equation, that's the motivation of the seller.

What are some of the most common reasons that you would decide not to partner with someone?

Let's say even if you loved the thing, the business, what would be something that would scare you away?