David Rosenthal: evaluation

Transcript context

…Which was great, fun, don’t get me wrong. Yeah, yeah. So what’s pretty interesting here to me is especially not having lived through this with public company merger side, but on the private company side, you guys converged on a number pretty quickly. I mean, there’s a range there from 30 of your first offer to Pete coming back after a few rounds with 37. But, like, that’s not a lot of difference compared to, you know, I’m used to, well, we think 10 percent and we think 60 percent. How did you guys structure things? Like, I’m sure this helped it move along much faster. Were there specific things that you did that got that range tight very quickly? I mean, I wish I could say we’re some kind of financial geniuses and we had some model that dictated this, but it really was as simple as we had side by side nearly 10 years of operating history and we were always kind of 2/3 and they were 1/3. So, it was a pretty natural way to think about the valuation. And interestingly, even now, a year post closing in terms of lead volume, it still is about 2/3 to 1/3. So, we really were quibbling at the margin there because we have all the public company data out there, it was very obvious to us what the correct proportion was, given how similar the businesses were.…

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