Transcription
There's no such thing as work-life balance.
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None. Just [ __ ] do it.
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You don't care what the value of the practices are. You're paying between three and five times EBITDA. Your sweet spot is three and a half to four times EBITDA. You don't give a [ __ ] what the value is because they're going to use whatever formula values their business at the highest.
And the only way you can get around that, there's the SCHS model, there's a Baker Hughes model, there's all kinds of models.
What was the free [ __ ] cash flow?
The easy rule of thumb is free cash flow is generally speaking your after-tax earnings plus 50%, unless you're in manufacturing and you're using some special kind of depreciation, etc.
So if they make a million after tax, I'm not talking about pre-tax because in Europe a lot of countries use pre-tax.
Okay, if you made a million after tax, the company's probably cash flowing a million and a half, and we're going to pay four times that, six million bucks, period.
We got nothing to talk about.
We don't care if you got a Mercedes or that's it, and you're not buying the buildings.
You can keep the buildings sticking where the sun doesn't shine.
This is not—it's bad to say it's a negotiation because it's not.
It's our way or the [ __ ] highway.
And because, as Andre said in his presentation, there's 14 or 177,000 of these [ __ ] within 200 kilometers of living.
That's one little chicken [ __ ] spot in Germany, 15,000 of them, and there's about a jillion from Munich and three jillion from Frankfurt.
And fine, you don't like it? Fine, goodbye.
And it's, you know, in Austria it's the same.
But I said in Austria it's the same; it's no different.
There's a gazillion of these things.
But see, the first person that talks to you, you're going to cream your jeans because, oh [ __ ], it's like we had a guy here that went to—he was in the seminary but he didn't become a priest.
And this is an awful thing to me being a Catholic, but anyway, and the first date he went on post-seminary, he's sitting in the backseat of a cab.
This was in U—I’m going to say C, not Kansas, but anyway, some—and the girl put her hand on his thigh.
He had an orgasm.
You believe me?
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