$60m Roll-Up That Started With an SBA Acquisition

So, you know, for us, ONU brought the point at the start when you go into your professional network and folks that, you know, for that, that's just, there's a lot of, you know, for us would be pressure that we're going to deliver there. So we were really happy to be able to give them a really good return and bring folks in on our network. So that all happened quite late.

You know, we had a three and a half month diligence and it all came in quite late. We, we pivoted halfway, we adjusted our model but once we started to get one or two key people in, it flowed well from there, but really only probably one key, you know, key investor from the self funded world. The rest of them was private network, Emory, you know, our alumni network and folks from the space.

You wouldn't rule it out at all. We, you know, we've obviously we've got a lot of capability within the business. Like we did our recent, most recent fifth deal.

It was a refrigerator deal on the west coast with a couple of former collegiate athletes. So that was a really good fit and they rolled some equity in and, and, and you know, became business partners with us. But we were able to do that all with our balance sheet, all with, you know, we're cashing the balance sheet.

So we'll do as much of that as we can. Now we've got growth and scale, but we, you know, for the right opportunity you got to be opportunistic in this world. If the right opportunity comes in front that we just feel is an incredibly good fit for, for our business, we would certainly be open to that.

I think we'd be better equipped than we were. You know, we signed the LOI and then started to, to try. That's not the way to do it right.

We, we learn quickly. Within six, eight weeks of no real progress. We're obviously under a lot of pressure.

We've built but we got it done. I mean it's like anything with the sports. You know, you, you, you got the result.

The scores on the board, they don't tell you how, how the 10 was got right or, or, or they just, you just see the end result, you just see then the end scorer. It could have been under pressure for 90 minutes and got, got a last minute winner. But that doesn't, that doesn't get out in the history books on the story.

But now I think we'd be much better prepared. I think, you know, we've built relationships with folks in the space. We've got a longer track record.

I'd be hopeful some of the folks that have been with us on the investor journey would stay with us based on their experience working with us. So we'll certainly, we'll be opportunistic when we need to be and do what's best for the business. And if a big deal comes up and we feel it's a good fit and we need some capital. We'd certainly, certainly look at that.