Thomas

Definitely does not mean it's impossible to sell your business outside of

the US but in this case a lot of negative feedback a lot of us-based or even European acquirers don't want to touch businesses with international teams he had he was actually an English guy who lived in New Zealand his entire team were English they were all friends he had known for years hence why he didn't want to keep building the business because he didn't want to hire anyone that wasn't a friend

The revenue base was quite a small business, so $5 million.

He owned 100% of it for pretty much anyone.

If you sell that business, you have a life-changing exit.

You never have to work again.

But a lot of funds have minimums, which are...

Not necessarily arbitrary, but specific to the fund.

Some funds only want to buy businesses at a million revenue.

Some want to buy at 5 million revenue.

Some won't even pick up the phone if you're at 100 million revenue.

So there's no right or wrong level to be at.

In this case, it was just too small for some.

But again, if you speak to 100, some are going to think it's absolutely fine, and some are going to think it's too small.

There's no right or wrong way to go about it.

In this case, actually, I'm aware of a SaaS conference

But the vast majority of their revenue was actually not SaaS.

They had a SaaS product, but they sold it entirely one time.

It was a lifetime license.

And most people would think that's not a very good business, not a very good idea.