Royce Yudkoff

I'm going to wait till next year. And then one of the sad things about waiting for next year is that things don't stop happening. You've got tariffs, you've got inflation, you've got all kinds of crazy things that happen in the marketplace that while small firms are probably less impacted than the big public firms, it does boil down.

I'm going to wait till next year. And then one of the sad things about waiting for next year is that things don't stop happening. You've got tariffs, you've got inflation, you've got all kinds of crazy things that happen in the marketplace that while small firms are probably less impacted than the big public firms, it does boil down.

And so I think there are lots of sellers who are waiting and waiting for times to settle down. And of course, I don't know. Do things ever settle down? I don't know. I don't know. So I think there are a bunch of sellers who are now reaching the end of their patience and health and are going to become more interested in selling as time goes on. So I think what you're going to see is...

And so I think there are lots of sellers who are waiting and waiting for times to settle down. And of course, I don't know. Do things ever settle down? I don't know. I don't know. So I think there are a bunch of sellers who are now reaching the end of their patience and health and are going to become more interested in selling as time goes on. So I think what you're going to see is...

Luckily, we'll never know if these predictions are true. I don't think the Patriots are going to win the Super Bowl next year. I do think the Celtics will win the NBA championship. And I do believe that there'll be some surge over the next three or four years of pent-up selling, and then it will go back to some steady state level.

Luckily, we'll never know if these predictions are true. I don't think the Patriots are going to win the Super Bowl next year. I do think the Celtics will win the NBA championship. And I do believe that there'll be some surge over the next three or four years of pent-up selling, and then it will go back to some steady state level.

So there are certainly people who buy software businesses. What we find, though, is they tend to buy niche software businesses. They're software for podiatrists. They're software for small municipalities. They're things which you're unlikely to get big disruption and unlikely to have these cataclysmic shifts in. So it's software where the underlying market is fairly steady.

So there are certainly people who buy software businesses. What we find, though, is they tend to buy niche software businesses. They're software for podiatrists. They're software for small municipalities. They're things which you're unlikely to get big disruption and unlikely to have these cataclysmic shifts in. So it's software where the underlying market is fairly steady.

What we don't find, at least if we find it, we throw it away really quickly, is people investing in very fatty software, the latest computer app or social media, whatever it is. So there's less of that, but there are, if you will, the business of established software, improving it, growing it, maybe migrating it to the web, but that the market is nichey.

What we don't find, at least if we find it, we throw it away really quickly, is people investing in very fatty software, the latest computer app or social media, whatever it is. So there's less of that, but there are, if you will, the business of established software, improving it, growing it, maybe migrating it to the web, but that the market is nichey.

That seems to be a pretty sustainable investment thesis.

That seems to be a pretty sustainable investment thesis.

And sometimes what they're doing is bringing management talent and skill to a segment that didn't have that management talent and skill. We just did a podcast with one of our former students, Logan Leslie, and he's doing a roll-up of auto repair facilities.

And sometimes what they're doing is bringing management talent and skill to a segment that didn't have that management talent and skill. We just did a podcast with one of our former students, Logan Leslie, and he's doing a roll-up of auto repair facilities.

And what was fascinating is that it used to be what would happen is you can imagine, think about an eight to 10 bay automotive repair facility. The way this gets started is somebody starts repairing vehicles and the person is probably a pretty good mechanic. And pretty good at repairing things.

And what was fascinating is that it used to be what would happen is you can imagine, think about an eight to 10 bay automotive repair facility. The way this gets started is somebody starts repairing vehicles and the person is probably a pretty good mechanic. And pretty good at repairing things.

And now as he gets bigger, assuming it's a man, as the place gets bigger, suddenly you're now hiring and ordering and doing accounting and doing a whole bunch of back office stuff. And then as you get to a certain size, the founder is no longer pulling wrenches and changing water pumps. All they're doing is management activity. And you know what?

And now as he gets bigger, assuming it's a man, as the place gets bigger, suddenly you're now hiring and ordering and doing accounting and doing a whole bunch of back office stuff. And then as you get to a certain size, the founder is no longer pulling wrenches and changing water pumps. All they're doing is management activity. And you know what?

They might be fabulous mechanics, but it's unlikely they're both a fabulous mechanic and a great manager. And what Logan has done is said, let's let the fabulous mechanics be mechanics, And we're just going to take the management piece and do that centrally. And it has been a fabulous success and really clever.

They might be fabulous mechanics, but it's unlikely they're both a fabulous mechanic and a great manager. And what Logan has done is said, let's let the fabulous mechanics be mechanics, And we're just going to take the management piece and do that centrally. And it has been a fabulous success and really clever.