Rob Parker

Yeah, good question. I mean, they're similar in a lot of ways. They're of the publicly traded Wall Street investment banks. You know, there's the very largest players, B of A, Goldman, JP Morgan. And then there's firms that are on the smaller side of the large public companies. Cowen's one of those. Cowen's now part of Toronto Dominion Bank. And to me, that's the biggest difference.

Yeah, good question. I mean, they're similar in a lot of ways. They're of the publicly traded Wall Street investment banks. You know, there's the very largest players, B of A, Goldman, JP Morgan. And then there's firms that are on the smaller side of the large public companies. Cowen's one of those. Cowen's now part of Toronto Dominion Bank. And to me, that's the biggest difference.

Toronto Dominion Bank is a very large commercial bank And they're heavily regulated, like all those banks are. And it's just a different environment from what Cowan was and what Piper is today. And for me, being part of a nimble organization that lets people like Eric and I and our team be more entrepreneurial, that's just a better fit for someone like me. And I'm glad to be there.

Toronto Dominion Bank is a very large commercial bank And they're heavily regulated, like all those banks are. And it's just a different environment from what Cowan was and what Piper is today. And for me, being part of a nimble organization that lets people like Eric and I and our team be more entrepreneurial, that's just a better fit for someone like me. And I'm glad to be there.

Yeah, that's cool.

Yeah, that's cool.

Yeah. Well, there's a lot about the home services sector that appeals to private equity, that appeals to investors and appeals to the capital class. The addressable market sizes are massive. These are huge markets. They're very fragmented. Every town has four or five companies that can fix your garage door, for example. Or 500. Or 500, yeah, in some cases. Yeah, exactly.

Yeah. Well, there's a lot about the home services sector that appeals to private equity, that appeals to investors and appeals to the capital class. The addressable market sizes are massive. These are huge markets. They're very fragmented. Every town has four or five companies that can fix your garage door, for example. Or 500. Or 500, yeah, in some cases. Yeah, exactly.

So they're super fragmented, which creates an opportunity for organic growth. So if you're a best-in-class operator, you can take share from the less sophisticated competitors you have, or you can grow inorganically through acquisition. So that appeals to the private equity class. In the residential world, there is typically very little, if any, customer concentration.

So they're super fragmented, which creates an opportunity for organic growth. So if you're a best-in-class operator, you can take share from the less sophisticated competitors you have, or you can grow inorganically through acquisition. So that appeals to the private equity class. In the residential world, there is typically very little, if any, customer concentration.

So if you lose your top five customers, you barely even notice. So there's a lot about the sector that people like. The nature of the demand is non-discretionary. If your garage door is broken, you have to have it fixed. It's a security issue, if nothing else. So the nature of the demand is very strong. So it really appeals to private equity. And I think that appeal is durable.

So if you lose your top five customers, you barely even notice. So there's a lot about the sector that people like. The nature of the demand is non-discretionary. If your garage door is broken, you have to have it fixed. It's a security issue, if nothing else. So the nature of the demand is very strong. So it really appeals to private equity. And I think that appeal is durable.

So the private equity interest in the sector is going to remain for a long, long time. So I feel very, very good about that. And it's not really a surprise that there's been this kind of interest. And

So the private equity interest in the sector is going to remain for a long, long time. So I feel very, very good about that. And it's not really a surprise that there's been this kind of interest. And

I just think more and more, I feel like Eric and I have a conversation every week with a new private equity firm or a new family office or even more and more sovereign wealth funds, large pension funds that have interest in the sector. There's new interest every week, and I don't think it's going to stop for a while.

I just think more and more, I feel like Eric and I have a conversation every week with a new private equity firm or a new family office or even more and more sovereign wealth funds, large pension funds that have interest in the sector. There's new interest every week, and I don't think it's going to stop for a while.

And Tommy, I'll tell you, I mean, they, There is a lot of interest in the space, and I'm sure a lot of your viewers and your listeners are getting calls all the time from private equity. One thing I would say is it's really important to not just look for the money. That's important. But the last dollar is less important than getting the right fit. Well, if you're going to roll a spot.

And Tommy, I'll tell you, I mean, they, There is a lot of interest in the space, and I'm sure a lot of your viewers and your listeners are getting calls all the time from private equity. One thing I would say is it's really important to not just look for the money. That's important. But the last dollar is less important than getting the right fit. Well, if you're going to roll a spot.

Well, especially if you're going to roll. You want to have the right fit, the right partner, the partner that shares your vision, that sees the world the way you see the world, that wants to grow the business the way you want to grow the business, that will treat your people, your customers, your suppliers with the kind of respect that you have.

Well, especially if you're going to roll. You want to have the right fit, the right partner, the partner that shares your vision, that sees the world the way you see the world, that wants to grow the business the way you want to grow the business, that will treat your people, your customers, your suppliers with the kind of respect that you have.