Ryan Buckley

But Jonathan wanted to see like, hey, if we market the hell out of this, can we squeeze a bit more?

And he bought it at a very attractive multiple.

So people can make their own judgments, make their own judgments there.

And, and, uh, so, you know, you run, you run the Xenon playbook, you try to try to do north of, uh, of 0.5 to 1.5 when you flip it.

So, um, wait, I don't follow that north of what?

so you know you bought between 0.5 and 1.5 sales um and you know their thesis is to get at least three to four x out so we want to then sell for a multiple three to four revenue um or at least acquisition uh cost like what they bought it for um so i was able to find a uh a business in air now who was willing

Yeah.

So there are ways to ensure liquidity.

And that's, of course, that is a really important term at a much lower scale.

Like I got bit by that bug as we just talked about.

It is certainly a concern with selling to businesses with more zeros.

So, yes, you want, of course, as much cash up front if there is stock and it's a private business.

You want to essentially have warrants that would force the buying entity to essentially cash out your stock in a certain amount of time if they don't go public or something like that.

Yeah, exactly.

Let's just say you say, okay, within 18 months, this stock needs to be liquid.

Either you IPO, you provide some secondary capital that's going to come in and buy our stock away from us, or you're forced to buy it yourself.

Smart.

Yeah, because Xenon's...

their PE shop, their cashflow business, essentially, they don't want to hold some, basically cash, acquisition opportunity tied up

in some private stock in a company they never really intended to own because they're not in the business of holding stock in mobile data companies.