00:00I mean, how do you find that? How do you find the distinctiveness? What are sort of the moats and
00:04the key factors you look for?
00:06You know, I hate to say it's a gut feeling, but sometimes I met a management team recently that is
00:12a relatively small business, not on anyone's radar yet.
00:15But you spoke with these guys and you watch someone analytically think through a lot of those things I was
00:20just talking about, right?
00:21How can we scale and do it profitably and efficiently on one end of the spectrum, but also how do
00:28we create a phenomenal experience for our consumers and people that have their I've seen a lot of entrepreneurs that
00:34have a really great mindset at one or the other.
00:36Either they're financially very savvy and they unfortunately don't provide a fantastic experience or they're incredibly creative, but they don't
00:43have economics in mind.
00:44When you see a management team that can speak eloquently about both of those things together, I think that's really
00:50when you have a winner.
00:50By the way, are these opportunities more mid cap? Are there large cap options? Are they small? Where on the
00:56spectrum do they exist?
00:57I mean, this is a very fragmented space. So I would say there's a lot of really interesting opportunities in
01:02that mid cap and small side of the spectrum.
01:05You know, as mentioned earlier, I also think there's some really interesting large M&A, but specifically what I'm talking
01:10about, you know, businesses that you can invest in today and scale over five to 10 years.
01:14There's a lot of really interesting businesses in that anywhere from five to $20 million EBITDA range.
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