Rick Kes

Yeah, Scott, I mean, I think, you know,

some respects you know not to punt on the question but it's a little early to totally understand you know what the deal environment will look like post you know last week um but i think you know kind of the early chirpings that we're hearing early indications that we're hearing is you know just like anything uncertainty creates a likelihood that um deal activity won't be as

some respects you know not to punt on the question but it's a little early to totally understand you know what the deal environment will look like post you know last week um but i think you know kind of the early chirpings that we're hearing early indications that we're hearing is you know just like anything uncertainty creates a likelihood that um deal activity won't be as

you know, robust as we would have thought without uncertainty.

you know, robust as we would have thought without uncertainty.

So I think it just adds another layer of uncertainty to the other items that we've already had that layered upon layers of more and more uncertainty that I think, you know, it could create a little bit of lag in terms of some of the deals that maybe would have gone into the pipeline, you know, this week, next week, or the week after, you know, you might see some slowing in that just to see kind of what,

So I think it just adds another layer of uncertainty to the other items that we've already had that layered upon layers of more and more uncertainty that I think, you know, it could create a little bit of lag in terms of some of the deals that maybe would have gone into the pipeline, you know, this week, next week, or the week after, you know, you might see some slowing in that just to see kind of what,

not only the public markets, but other private markets, et cetera, would have in terms of reaction to the news and the effects that we're seeing in the public market last week and earlier today.

not only the public markets, but other private markets, et cetera, would have in terms of reaction to the news and the effects that we're seeing in the public market last week and earlier today.

Yeah, I mean, I think you put yourself back to, you know, 2020 and you saw the volatility we saw during the pandemic. Now, this is obviously not a global pandemic. This is something much different than that. You know, there was a ton of volatility then. And then the reaction was probably more positive than anybody would have expected fairly shortly after that.

Yeah, I mean, I think you put yourself back to, you know, 2020 and you saw the volatility we saw during the pandemic. Now, this is obviously not a global pandemic. This is something much different than that. You know, there was a ton of volatility then. And then the reaction was probably more positive than anybody would have expected fairly shortly after that.

So could there be reaction that would be positive from this? I'm not sure. It's probably... too uncertain to know at this point in time. But, you know, again, I'd say it's more, we're still in the area of uncertainty, not certainty as it relates to what this will do for the rest of 2025 and the deal environment for private equity.

So could there be reaction that would be positive from this? I'm not sure. It's probably... too uncertain to know at this point in time. But, you know, again, I'd say it's more, we're still in the area of uncertainty, not certainty as it relates to what this will do for the rest of 2025 and the deal environment for private equity.

Yeah, I think that's all we can do at this point. I mean, I think our advice to our clients continues to be, as it has been for a while now, Control what you can control. You know, if you're, you know, most of my clients are service based clients. They're not importing a ton of stuff. They're not buying a lot of supplies.

Yeah, I think that's all we can do at this point. I mean, I think our advice to our clients continues to be, as it has been for a while now, Control what you can control. You know, if you're, you know, most of my clients are service based clients. They're not importing a ton of stuff. They're not buying a lot of supplies.

You know, they've got some, but not overly dependent on purchasing goods from overseas entities. And so, you know, if you're a services based company, you know, Labor still looks to be a little bit challenging. You know, we added more jobs last month than we thought we were going to. You know, we're still in that stage.

You know, they've got some, but not overly dependent on purchasing goods from overseas entities. And so, you know, if you're a services based company, you know, Labor still looks to be a little bit challenging. You know, we added more jobs last month than we thought we were going to. You know, we're still in that stage.

But, you know, I think we need to really buckle down and focus on becoming the most efficient organization we can, because I think as we've talked about in previous episodes. the attractive assets, the A assets, if you will, still seem to be trading in early parts of 2025 and late 2024.

But, you know, I think we need to really buckle down and focus on becoming the most efficient organization we can, because I think as we've talked about in previous episodes. the attractive assets, the A assets, if you will, still seem to be trading in early parts of 2025 and late 2024.

It's the less attractive assets, the assets that haven't created efficiencies, that haven't built in scalable technology, that haven't been able to integrate bolt-on transactions effectively. Those are the organizations that haven't traded. So I think, again,