Royce Yudkoff

So we can't even implicitly acknowledge that we're interested in investing in a student, no matter how much we like them or how much we like their business plans or how sure we are for success. And we always tell them the same thing, which is we're not allowed to even have a conversation with you. But if you're interested, reach out in May. after graduation.

So we can't even implicitly acknowledge that we're interested in investing in a student, no matter how much we like them or how much we like their business plans or how sure we are for success. And we always tell them the same thing, which is we're not allowed to even have a conversation with you. But if you're interested, reach out in May. after graduation.

And what we find is that there's every year a few students who like us enough to wait till May to see if we're interested, but a lot of students get funded. If they're looking for search funding, they're doing it before that. And if they're unfunded, well, they don't need funding. And then when they come time to fund, they usually give us a call and

And what we find is that there's every year a few students who like us enough to wait till May to see if we're interested, but a lot of students get funded. If they're looking for search funding, they're doing it before that. And if they're unfunded, well, they don't need funding. And then when they come time to fund, they usually give us a call and

What we discover is often they don't need much equity capital and they're able to get it either from section mates or family friends or former employers. And there's an advantage of having smart money, but there's an advantage of having less smart money. These investment opportunities are not just dribbling off the trees.

What we discover is often they don't need much equity capital and they're able to get it either from section mates or family friends or former employers. And there's an advantage of having smart money, but there's an advantage of having less smart money. These investment opportunities are not just dribbling off the trees.

Yeah, I would say I agree with every word you've just said. I run into unfunded searchers everywhere. I coach little kids ski racing up in Mad River Glen, really small mountain relative to corporate skiing these days. And the other day I was having lunch and realized that there are three people that I could throw French fries at

Yeah, I would say I agree with every word you've just said. I run into unfunded searchers everywhere. I coach little kids ski racing up in Mad River Glen, really small mountain relative to corporate skiing these days. And the other day I was having lunch and realized that there are three people that I could throw French fries at

that were searching for businesses at some stage of concluding self-funded searches. And there's a little place in Vermont. What are all these people doing there? It's just everywhere. So it's become mainstream. And I think the reason it's become mainstream as a career path is you can build the life you want to live, earn a great living,

that were searching for businesses at some stage of concluding self-funded searches. And there's a little place in Vermont. What are all these people doing there? It's just everywhere. So it's become mainstream. And I think the reason it's become mainstream as a career path is you can build the life you want to live, earn a great living,

And you can have independence in a way that you just don't get from a boss. And there maybe was a time when working for a big corporation had this safety to it. But I think that's pretty much gone. I think people recognize that you can work for your big company for 25 years and they can eliminate your division or send it to South America, Asia or whatever. And you're going to be out of a job.

And you can have independence in a way that you just don't get from a boss. And there maybe was a time when working for a big corporation had this safety to it. But I think that's pretty much gone. I think people recognize that you can work for your big company for 25 years and they can eliminate your division or send it to South America, Asia or whatever. And you're going to be out of a job.

We like to distinguish between the risks you can see and the risks you can't. And when you're running your own business, you can see those risks. When you're working for a big company, you can't see those risks. They just happen to you.

We like to distinguish between the risks you can see and the risks you can't. And when you're running your own business, you can see those risks. When you're working for a big company, you can't see those risks. They just happen to you.

That's a really interesting question. I think if you go back to the world before COVID, you've heard of COVID. The world before COVID, I think, proceeded somewhat orderly in an orderly fashion, as much as the world ever proceeds in an orderly fashion. And I think lots of baby boomers who own businesses got to the position where they said, wow, COVID's been really bad for my business.

That's a really interesting question. I think if you go back to the world before COVID, you've heard of COVID. The world before COVID, I think, proceeded somewhat orderly in an orderly fashion, as much as the world ever proceeds in an orderly fashion. And I think lots of baby boomers who own businesses got to the position where they said, wow, COVID's been really bad for my business.

COVID's been really great for my business. COVID's really disrupted my business. I need to wait and see what's going to happen. And for the businesses that did really poorly, some of them bounced back. For the businesses that did really well, some of them have bounced down. And so they're still juggling. They're still looking for steady state.

COVID's been really great for my business. COVID's really disrupted my business. I need to wait and see what's going to happen. And for the businesses that did really poorly, some of them bounced back. For the businesses that did really well, some of them have bounced down. And so they're still juggling. They're still looking for steady state.

And so if you think about when you go to buy a business, you want to look at four years or five years of prior cash flows, that's going to include COVID still. So there's enough movement in results, just COVID-induced movement in results that I feel like there's been a lot of sellers who are just treading water. I'm going to wait till next year. I'm going to wait till next year.

And so if you think about when you go to buy a business, you want to look at four years or five years of prior cash flows, that's going to include COVID still. So there's enough movement in results, just COVID-induced movement in results that I feel like there's been a lot of sellers who are just treading water. I'm going to wait till next year. I'm going to wait till next year.