Steve McLaughlin

Sometimes it's going out to just U.S.

buyers.

Sometimes it's China, Asia buyers.

the rest of Europe and the rest of the world.

So it can be very wide, it can be very narrow.

It's different, you know, on a multi-billion dollar deal, you know, it can be a percent and on a hundred million dollar deal, it can be 7%.

Got it.

It kind of scales with the deal size.

And then some of the fees can be pretty large.

If you end up getting a much higher price than people were expecting, you can get a bigger percentage.

Sure.

I think the last thing we would do is look at AUM or revenues today.

We would sort of look at what are all the factors affecting Wealthfront or Abetterment, and what do we think that company's going to look like in 7 to 10 years.

So if everything goes according to plan, they become a dominant provider and have $800 billion.

At that level, they're going to be at scale.

They're probably still going to be growing quite quickly.

They're going to have EBITDA.

They're going to have real earnings, real margins.

And we would look to see what it was worth out in the future.

So you'd run 50 different scenario analysis to figure out what the company might look like in the future and then start picking the ones you think really reflect your personal view of the future.