Thomas

So always something to think about, you're doing business with people, not businesses don't do business with businesses.

So final section, talk a little bit about what goes into deals, things you should think about.

So high level, you have to have multiple buyer options.

If you go into a process and you sell to the first buyer you ever speak to, in 99% of situations, you haven't sold for enough money.

You need to have leverage.

The best way to get leverage is with multiple bidders.

We had 11 on this deal.

We have some businesses where we just have three offers.

We have some where we have 20.

But I'd say anything above three is a good number because then you have multiple people to leverage.

If you just have two, it can be a little bit more.

tricky and you might end up stuck with just one.

My philosophy on no negotiations, having done 1,200 deals, is every deal has to be a win-win.

If you go into a negotiation, and this applies to any part of business, and you just want to win and get 100% of things you want and nothing that the other side wants, you're never going to have good transactions.

So in this case, win-win.

Ultimately, the deal was covered by TechCrunch, $35 million transaction, 70% cash up front, and the acquirers put a lot of money into the business since.

So don't sell to a random guy in the suit.

Yes, this is a stock photo.

I have no idea who this guy is.

But don't sell to the first person who emails you and say, hey, I want to buy your business.