Tyler Tringas

But we do the same math and we are entitled to a piece of that.

As that piece comes back to us,

there's a pretty simple formula that buys down our original percentage, right?

So if we started at 10, as you're making those shared earnings payments, that percentage number is going down.

It doesn't go to zero because then we're kind of like debt.

Like, you know, we can eventually get totally bought out.

And if we backed you with, you know, a hundred K and you turn out to be the next GitHub, uh,

we're going to be kind of sad that we didn't get like a really solid return.

Yes, it's true.

Yeah, absolutely.

But

from a, so optionality goes both ways is essentially the way it works, right?

So if we are giving a ton of optionality to the founders to figure out a way to say, hey, you know, if you, you know, you want to invest or you want to sell this much of your company, but we're actually going to give you a mechanism to repurchase a significant portion of that, then we also don't want to get like fully repurchased so that, you know, if the company turns out to be a wild success and GitHub is an exaggeration, right?

It could even be a company that's worth, you know,

A hundred million.

It's usually reducible by two thirds.

So if we had written a check that entitled us to say 9% of ConvertKit, Nathan absolutely would have paid us down to about 3% and we would be very happy to still have that 3%.

because they've been doing so well.

That's a great example of exactly what we're shooting for there.

We probably wouldn't.