Thomas

And then I'm going to talk a little bit about art of the deal.

So how does M&A really happen?

What kind of things go into it?

What do you need to be thinking about as a founder if you're going to run a successful M&A process?

So firstly, we'll give you an idea of perspective of size for a business like Thrivecart that sold.

So they started out in around 2016, bootstrap company, no outside funding.

The founder did not have any entrepreneurial background.

He came from a family that had no money.

He had no experience in the space at all.

Launched in 2016.

As you can see from the revenue chart, he grew pretty steadily and consistently.

It was by no means a rocket ship.

Business was growing every year.

He got to the stage where it started to slow down a little bit.

So he got to the stage for him.

He wanted to know what was next.

And he had a small team.

So even at exit, he only had a team of four people.

Very small team.

And for him, it was a case of, did he want to hire more people, manage more people, or did he want to get out of the business now while things were good?