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Private Equity Is a Talent Business, Not a Finance Business · Private Equity Data Guy

• 0:00
  The
• 0:00
  real
• 0:00
  value
• 0:00
  has
• 0:01
  never
• 0:01
  been
• 0:01
  the
• 0:01
  document.
• 0:02
  There's
• 0:02
  no
• 0:03
  secret
• 0:03
  sauce
• 0:03
  in
• 0:03
  any
• 0:04
  of
• 0:04
  this.
• 0:04
  Like,
• 0:04
  the
• 0:05
  value
• 0:05
  is
• 0:05
  in
• 0:05
  the
• 0:05
  change
• 0:05
  management.
• 0:06
  So
• 0:06
  it's
• 0:07
  always
• 0:07
  been,
• 0:07
  it
• 0:08
  always
• 0:08
  will
• 0:08
  be.
• 0:09
  I
• 0:09
  think
• 0:09
  the
• 0:09
  toolkits
• 0:10
  save
• 0:10
  us
• 0:11
  a
• 0:11
  lot
• 0:11
  of
• 0:11
  time.
• 0:12
  The
• 0:12
  toolkits
• 0:13
  that
• 0:13
  we
• 0:13
  can
• 0:13
  create
• 0:13
  with
• 0:13
  AI
• 0:14
  save
• 0:14
  us
• 0:14
  time
• 0:14
  upfront
• 0:15
  creating
• 0:16
  the
• 0:16
  framework.
• 0:17
  And
• 0:17
  that
• 0:17
  process
• 0:18
  is
• 0:18
  a
• 0:18
  lot
• 0:18
  more
• 0:18
  efficient.
• 0:19
  But
• 0:20
  we're
• 0:20
  trying
• 0:20
  to
• 0:21
  help
• 0:22
  people
• 0:22
  change
• 0:23
  their
• 0:23
  workflows,
• 0:23
  change
• 0:24
  their
• 0:24
  mindset,
• 0:25
  build
• 0:25
  new
• 0:25
  skills.
• 0:26
  And
• 0:26
  so
• 0:27
  we
• 0:27
  are
• 0:27
  big
• 0:28
  believers
• 0:28
  that
• 0:29
  if
• 0:30
  you
• 0:30
  have
• 0:30
  the
• 0:30
  right
• 0:30
  people,
• 0:31
  they
• 0:31
  will
• 0:31
  figure
• 0:31
  everything
• 0:32
  out.
• 0:32
  If
• 0:32
  you
• 0:32
  figure
• 0:33
  everything
• 0:33
  out
• 0:33
  with
• 0:33
  the
• 0:33
  wrong
• 0:34
  people,
• 0:34
  you
• 0:34
  will
• 0:34
  do
• 0:35
  nothing
• 0:35
  but
• 0:35
  waste
• 0:35
  time
• 0:36
  and
• 0:36
  energy.
• 0:36
  And
• 0:37
  so
• 0:37
  we
• 0:38
  are
• 0:39
  huge
• 0:39
  believers
• 0:40
  that
• 0:40
  private
• 0:40
  equity
• 0:41
  is
• 0:41
  a
• 0:41
  talent
• 0:41
  business
• 0:42
  rather
• 0:42
  than
• 0:42
  finance
• 0:43
  business.
• 0:43
  And
• 0:44
  so
• 0:44
  those
• 0:45
  are
• 0:45
  the
• 0:45
  three
• 0:45
  pillars
• 0:46
  that
• 0:46
  we
• 0:46
  use
• 0:47
  to
• 0:47
  kind
• 0:47
  of
• 0:47
  set
• 0:48
  our
• 0:48
  strategy
• 0:48
  for
• 0:48
  the
• 0:49
  investment
• 0:50
  and
• 0:50
  the
• 0:50
  data
• 0:50
  and
• 0:51
  information
• 0:51
  to
• 0:52
  make
• 0:52
  the
• 0:52
  right
• 0:52
  decisions
• 0:52
  for
• 0:53
  it.
• 0:53
  Behind
• 0:53
  every
• 0:53
  value
• 0:54
  creation
• 0:54
  plan,
• 0:55
  there's
• 0:55
  a
• 0:55
  data
• 0:55
  problem
• 0:56
  nobody
• 0:56
  wants
• 0:56
  to
• 0:56
  talk
• 0:57
  about.
• 0:57
  Fragmented
• 0:58
  systems,
• 0:58
  metrics
• 0:59
  nobody
• 0:59
  trusts.
• 1:00
  And
• 1:00
  decisions
• 1:00
  made
• 1:01
  on
• 1:01
  gut
• 1:01
  feel
• 1:01
  dressed
• 1:02
  up
• 1:02
  as
• 1:02
  analysis.
• 1:03
  Welcome
• 1:03
  to
• 1:03
  the
• 1:03
  PE
• 1:04
  Data
• 1:04
  Guy.
• 1:04
  Each
• 1:05
  week,
• 1:05
  host
• 1:05
  Graham
• 1:06
  Crawford
• 1:06
  talks
• 1:06
  to
• 1:06
  the
• 1:07
  operating
• 1:07
  partners,
• 1:07
  advisors
• 1:08
  and
• 1:08
  practitioners
• 1:09
  who
• 1:09
  are
• 1:09
  doing
• 1:10
  the
• 1:10
  work
• 1:10
  inside
• 1:10
  portfolio
• 1:11
  companies.
• 1:12
  If
• 1:12
  you
• 1:12
  care
• 1:12
  about
• 1:12
  what
• 1:13
  actually
• 1:13
  drives
• 1:13
  returns
• 1:14
  in
• 1:14
  the
• 1:14
  market,
• 1:14
  then
• 1:15
  you're
• 1:15
  in
• 1:15
  the
• 1:15
  right
• 1:15
  place.
• 1:16
  The
• 1:16
  PE
• 1:16
  data
• 1:17
  Guy
• 1:17
  starts
• 1:18
  now.
• 1:19
  Tim
• 1:20
  Schalter
• 1:20
  leads
• 1:20
  value
• 1:21
  creation
• 1:21
  at
• 1:21
  Council
• 1:21
  Capital,
• 1:22
  a
• 1:22
  healthcare
• 1:23
  focused
• 1:23
  PE
• 1:23
  firm
• 1:23
  in
• 1:24
  Nashville.
• 1:24
  Before
• 1:25
  Council,
• 1:25
  he
• 1:26
  was
• 1:26
  on
• 1:26
  the
• 1:26
  value
• 1:26
  creation
• 1:27
  team
• 1:27
  at
• 1:27
  Vista
• 1:27
  Equity
• 1:28
  Partners,
• 1:28
  which
• 1:29
  might
• 1:29
  be
• 1:29
  the
• 1:29
  most
• 1:29
  famous
• 1:30
  playbook
• 1:30
  driven
• 1:30
  firm
• 1:31
  in
• 1:31
  the
• 1:31
  industry.
• 1:32
  He
• 1:32
  left
• 1:32
  that
• 1:32
  model
• 1:33
  to
• 1:33
  build
• 1:33
  something
• 1:33
  different.
• 1:34
  Council
• 1:35
  Capital
• 1:35
  invests
• 1:36
  in
• 1:36
  founder
• 1:36
  led
• 1:36
  healthcare
• 1:37
  companies
• 1:37
  in
• 1:37
  the
• 1:37
  lower
• 1:37
  middle
• 1:38
  market
• 1:38
  and
• 1:38
  their
• 1:39
  approach
• 1:39
  to
• 1:39
  portfolio
• 1:39
  support
• 1:40
  is
• 1:40
  built
• 1:40
  around
• 1:40
  what
• 1:40
  Tim
• 1:41
  calls
• 1:41
  toolkits,
• 1:42
  not
• 1:42
  playbooks.
• 1:43
  Today
• 1:44
  we're
• 1:44
  going
• 1:44
  to
• 1:44
  talk
• 1:44
  about
• 1:44
  what
• 1:45
  that
• 1:45
  distinction
• 1:45
  actually
• 1:45
  means,
• 1:46
  why
• 1:46
  it
• 1:46
  matters,
• 1:47
  and
• 1:47
  what
• 1:47
  happens
• 1:48
  to
• 1:48
  both
• 1:48
  models
• 1:49
  when
• 1:49
  AI
• 1:50
  enters
• 1:50
  the
• 1:50
  picture.
• 1:51
  Thanks
• 1:51
  for
• 1:51
  coming
• 1:51
  on,
• 1:52
  Tim.
• 1:52
  It's
• 1:52
  great
• 1:52
  to
• 1:52
  have
• 1:52
  you.
• 1:53
  Thanks.
• 1:54
  Great
• 1:54
  to
• 1:54
  be
• 1:54
  here.
• 1:55
  Yeah.
• 1:55
  That's
• 1:55
  an
• 1:56
  interesting
• 1:56
  journey
• 1:56
  you've
• 1:57
  been
• 1:57
  on.
• 1:57
  Like,
• 1:57
  how
• 1:57
  did
• 1:58
  you
• 1:58
  end
• 1:58
  up
• 1:58
  in
• 1:58
  private
• 1:59
  equity
• 1:59
  in
• 2:00
  the
• 2:00
  first
• 2:00
  place?
• 2:00
  And
• 2:01
  what
• 2:01
  are
• 2:01
  some
• 2:01
  of
• 2:01
  your
• 2:01
  reflections
• 2:02
  about
• 2:02
  the
• 2:02
  industry
• 2:03
  and
• 2:03
  the
• 2:03
  time
• 2:03
  you've
• 2:03
  spent
• 2:03
  in
• 2:04
  it?
• 2:04
  So
• 2:05
  I
• 2:05
  had
• 2:05
  a
• 2:05
  bit
• 2:05
  of
• 2:05
  an
• 2:05
  untraditional
• 2:06
  path.
• 2:07
  I
• 2:07
  was
• 2:07
  a
• 2:07
  history
• 2:07
  major
• 2:08
  undergrad,
• 2:09
  who
• 2:09
  then
• 2:09
  started
• 2:09
  his
• 2:10
  career
• 2:10
  in
• 2:10
  consulting.
• 2:11
  I
• 2:11
  did
• 2:11
  not
• 2:11
  go
• 2:12
  the
• 2:12
  traditional
• 2:12
  investment
• 2:12
  banking
• 2:13
  route
• 2:13
  that
• 2:13
  a
• 2:13
  lot
• 2:14
  of
• 2:14
  people
• 2:14
  in
• 2:14
  private
• 2:14
  equity
• 2:15
  do.
• 2:15
  Truthfully,
• 2:16
  I
• 2:16
  went
• 2:16
  into
• 2:16
  consulting
• 2:18
  not
• 2:18
  knowing
• 2:18
  exactly
• 2:19
  what
• 2:19
  I
• 2:19
  wanted
• 2:19
  to
• 2:19
  be
• 2:20
  when
• 2:20
  I
• 2:20
  grew
• 2:20
  up.
• 2:20
  But
• 2:20
  I
• 2:21
  thought
• 2:21
  it
• 2:21
  was
• 2:21
  a
• 2:21
  great
• 2:21
  place
• 2:21
  to
• 2:22
  learn
• 2:22
  the
• 2:22
  basic
• 2:22
  toolkit
• 2:23
  of
• 2:23
  business.
• 2:23
  Skills,
• 2:24
  be
• 2:24
  that
• 2:25
  PowerPoint
• 2:25
  in
• 2:25
  Excel
• 2:26
  or
• 2:26
  project
• 2:27
  management
• 2:27
  and
• 2:28
  working
• 2:28
  with
• 2:28
  clients.
• 2:28
  And
• 2:29
  I
• 2:29
  did
• 2:29
  that
• 2:29
  for
• 2:29
  a
• 2:30
  couple
• 2:30
  of
• 2:30
  years.
• 2:31
  I
• 2:31
  then
• 2:32
  joined
• 2:32
  an
• 2:32
  early
• 2:32
  stage
• 2:33
  startup
• 2:34
  thinking
• 2:35
  every
• 2:35
  stereotype
• 2:36
  of
• 2:36
  a
• 2:36
  startup
• 2:36
  with
• 2:36
  the
• 2:37
  ping
• 2:37
  pong
• 2:37
  table
• 2:38
  and
• 2:38
  the
• 2:38
  beer
• 2:38
  keg
• 2:39
  and
• 2:39
  helped
• 2:39
  grow.
• 2:39
  That's
• 2:41
  exactly
• 2:42
  right.
• 2:43
  Half
• 2:43
  dozen
• 2:44
  people
• 2:44
  sitting
• 2:44
  around
• 2:44
  a
• 2:45
  room
• 2:45
  trying
• 2:45
  to
• 2:45
  figure
• 2:45
  out
• 2:45
  what
• 2:45
  we
• 2:46
  were
• 2:46
  doing
• 2:46
  to
• 2:46
  what
• 2:46
  became
• 2:47
  humbly,
• 2:48
  I'll
• 2:48
  say,
• 2:48
  a
• 2:48
  very
• 2:48
  successful
• 2:49
  business
• 2:50
  in
• 2:51
  business
• 2:51
  school
• 2:52
  and
• 2:52
  then
• 2:53
  started
• 2:53
  in
• 2:53
  private
• 2:53
  equity
• 2:54
  after
• 2:54
  business
• 2:54
  school.
• 2:55
  And
• 2:55
  what
• 2:55
  I've
• 2:56
  really
• 2:56
  appreciated
• 2:56
  about
• 2:57
  the
• 2:58
  industry
• 2:58
  is
• 2:58
  I
• 2:58
  feel
• 2:59
  like
• 2:59
  with
• 2:59
  consulting
• 3:00
  you
• 3:00
  have
• 3:01
  the
• 3:01
  benefit
• 3:01
  of
• 3:02
  seeing
• 3:02
  lots
• 3:02
  of
• 3:03
  different
• 3:03
  companies
• 3:03
  and
• 3:04
  different
• 3:04
  teams
• 3:04
  and
• 3:04
  different
• 3:05
  products
• 3:05
  and
• 3:05
  different
• 3:05
  industries
• 3:06
  and
• 3:06
  you
• 3:06
  have
• 3:06
  tremendous
• 3:07
  diversity
• 3:09
  the
• 3:09
  projects
• 3:10
  that
• 3:10
  you
• 3:10
  work
• 3:10
  on
• 3:11
  and
• 3:11
  that's
• 3:11
  wonderful
• 3:12
  and
• 3:12
  intellectually
• 3:12
  stimulating
• 3:13
  and
• 3:13
  rewarding,
• 3:14
  but
• 3:15
  you're
• 3:15
  not
• 3:15
  necessarily
• 3:16
  the
• 3:16
  decision
• 3:16
  maker
• 3:16
  and
• 3:17
  you
• 3:17
  don't
• 3:17
  have
• 3:17
  aligned
• 3:17
  incentives
• 3:18
  around
• 3:18
  outcomes.
• 3:19
  Your
• 3:19
  incentive
• 3:19
  is
• 3:19
  really
• 3:20
  to
• 3:20
  sell
• 3:20
  more
• 3:20
  work.
• 3:21
  And
• 3:21
  in
• 3:22
  private
• 3:22
  equity
• 3:22
  I
• 3:22
  felt
• 3:23
  like
• 3:23
  you
• 3:23
  still
• 3:23
  get
• 3:23
  that
• 3:24
  diversity
• 3:25
  of
• 3:25
  exposure
• 3:26
  and
• 3:26
  learning,
• 3:27
  but
• 3:27
  you
• 3:27
  have
• 3:27
  aligned
• 3:28
  incentives
• 3:28
  with
• 3:28
  people
• 3:29
  that
• 3:29
  you're
• 3:29
  working
• 3:29
  with
• 3:29
  at
• 3:30
  the
• 3:30
  portfolio
• 3:30
  companies.
• 3:31
  And
• 3:32
  the
• 3:32
  relationships
• 3:32
  aren't
• 3:33
  12
• 3:33
  week
• 3:34
  sprints,
• 3:34
  they're
• 3:34
  multi
• 3:35
  year
• 3:36
  projects
• 3:36
  and
• 3:37
  relationships.
• 3:37
  And
• 3:37
  so
• 3:38
  the
• 3:38
  depth
• 3:39
  of
• 3:39
  relationship,
• 3:40
  the
• 3:40
  aligned
• 3:41
  incentives
• 3:41
  and
• 3:41
  ability
• 3:42
  to
• 3:42
  have
• 3:42
  an
• 3:42
  impact
• 3:42
  while
• 3:43
  still
• 3:43
  having
• 3:43
  that
• 3:44
  diverse,
• 3:44
  intellectually
• 3:45
  stimulating
• 3:45
  work.
• 3:46
  I'm
• 3:46
  obviously
• 3:47
  biased,
• 3:47
  but
• 3:47
  I
• 3:48
  don't
• 3:48
  think
• 3:48
  there's
• 3:48
  another
• 3:48
  industry,
• 3:49
  at
• 3:49
  least
• 3:49
  not
• 3:49
  that
• 3:50
  I've
• 3:50
  found
• 3:50
  that
• 3:50
  gives
• 3:51
  you
• 3:51
  all
• 3:51
  of
• 3:51
  that.
• 3:52
  Yeah,
• 3:53
  no,
• 3:54
  it's
• 3:54
  absolutely
• 3:54
  a
• 3:54
  great
• 3:55
  place
• 3:55
  to
• 3:55
  be
• 3:55
  for
• 3:55
  sure.
• 3:56
  Just
• 3:56
  one
• 3:57
  interesting
• 3:57
  point
• 3:57
  to
• 3:57
  pick
• 3:57
  up
• 3:57
  from
• 3:58
  that.
• 3:58
  You
• 3:58
  had
• 3:59
  a
• 3:59
  very
• 3:59
  successful
• 3:59
  business
• 4:00
  and
• 4:00
  then
• 4:00
  you
• 4:00
  went
• 4:00
  to
• 4:01
  business
• 4:01
  school,
• 4:01
  which
• 4:01
  is
• 4:02
  the
• 4:02
  other
• 4:02
  way
• 4:02
  around,
• 4:02
  which
• 4:03
  is
• 4:03
  also
• 4:03
  not
• 4:03
  the
• 4:03
  traditional
• 4:04
  path
• 4:04
  of
• 4:05
  doing
• 4:05
  it.
• 4:06
  The
• 4:06
  choice
• 4:06
  to
• 4:06
  go
• 4:06
  to
• 4:06
  business
• 4:07
  school,
• 4:07
  were
• 4:07
  you
• 4:07
  looking
• 4:08
  what
• 4:08
  gaps
• 4:08
  were
• 4:08
  you
• 4:08
  looking
• 4:09
  to
• 4:09
  fill
• 4:09
  or
• 4:09
  additional
• 4:10
  strings
• 4:10
  were
• 4:10
  you
• 4:10
  looking
• 4:11
  to
• 4:11
  add
• 4:11
  to
• 4:11
  your
• 4:11
  bow
• 4:12
  with
• 4:12
  that
• 4:12
  move?
• 4:13
  Yeah,
• 4:14
  my
• 4:14
  initial
• 4:15
  thinking
• 4:15
  was
• 4:15
  I
• 4:16
  will
• 4:16
  do
• 4:16
  two
• 4:16
  years
• 4:17
  ish
• 4:17
  of
• 4:17
  consulting
• 4:18
  and
• 4:18
  two
• 4:18
  ish
• 4:19
  years
• 4:19
  of
• 4:19
  something
• 4:20
  cool
• 4:20
  and
• 4:20
  different
• 4:22
  to
• 4:22
  have
• 4:22
  that
• 4:22
  cool
• 4:22
  and
• 4:22
  different
• 4:23
  experience
• 4:23
  and
• 4:23
  to
• 4:24
  differentiate
• 4:24
  myself
• 4:25
  on
• 4:25
  the
• 4:25
  application
• 4:25
  and
• 4:26
  then
• 4:26
  I
• 4:26
  will
• 4:26
  leave
• 4:26
  to
• 4:26
  go
• 4:27
  to
• 4:27
  business
• 4:27
  school.
• 4:28
  And
• 4:28
  two
• 4:29
  or
• 4:29
  so
• 4:29
  years
• 4:29
  into
• 4:30
  the
• 4:30
  startup,
• 4:30
  frankly
• 4:31
  the
• 4:31
  business
• 4:32
  was
• 4:32
  doing
• 4:32
  really
• 4:32
  well.
• 4:33
  I
• 4:33
  was
• 4:33
  doing
• 4:33
  really
• 4:33
  well,
• 4:34
  I
• 4:34
  was
• 4:34
  learning
• 4:34
  a
• 4:34
  ton.
• 4:35
  And
• 4:35
  the
• 4:35
  idea
• 4:36
  of
• 4:36
  putting
• 4:36
  off
• 4:36
  school
• 4:37
  wasn't
• 4:38
  attractive
• 4:39
  and
• 4:39
  the
• 4:39
  idea
• 4:40
  of
• 4:40
  leaving
• 4:40
  the
• 4:40
  great
• 4:40
  setup
• 4:41
  that
• 4:41
  I
• 4:41
  had
• 4:41
  also
• 4:41
  wasn't.
• 4:42
  And
• 4:42
  so
• 4:43
  I
• 4:43
  literally
• 4:44
  was
• 4:44
  sitting
• 4:44
  in
• 4:44
  my
• 4:45
  desk
• 4:45
  in
• 4:45
  Chicago
• 4:46
  and
• 4:46
  I
• 4:46
  could
• 4:46
  see
• 4:46
  the
• 4:46
  University
• 4:47
  of
• 4:47
  Chicago's
• 4:48
  executive
• 4:48
  program
• 4:49
  from
• 4:49
  my
• 4:49
  seat.
• 4:50
  And
• 4:50
  so
• 4:50
  I
• 4:50
  made
• 4:51
  the
• 4:51
  decision
• 4:51
  to
• 4:52
  do
• 4:52
  the
• 4:52
  part
• 4:52
  time
• 4:53
  evening
• 4:53
  program,
• 4:55
  which
• 4:55
  wasn't
• 4:55
  What
• 4:56
  I
• 4:56
  initially
• 4:56
  had
• 4:57
  planned
• 4:57
  for
• 4:57
  but
• 4:57
  given
• 4:58
  life
• 4:58
  circumstances
• 4:59
  made
• 4:59
  all
• 4:59
  the
• 4:59
  sense
• 4:59
  in
• 4:59
  the
• 4:59
  world.
• 5:00
  And
• 5:00
  so
• 5:01
  I
• 5:01
  felt
• 5:01
  like
• 5:01
  I
• 5:01
  was
• 5:01
  able
• 5:02
  to
• 5:02
  continue
• 5:03
  to
• 5:03
  contribute
• 5:04
  and
• 5:04
  grow
• 5:04
  and
• 5:04
  advance
• 5:05
  professionally
• 5:06
  as
• 5:06
  well
• 5:06
  as
• 5:07
  in
• 5:07
  school
• 5:07
  in
• 5:07
  parallel.
• 5:08
  And
• 5:08
  as
• 5:08
  I
• 5:09
  mentioned
• 5:09
  as
• 5:09
  a
• 5:09
  history
• 5:09
  major
• 5:10
  I
• 5:10
  had
• 5:10
  never
• 5:10
  taken
• 5:10
  a
• 5:10
  stats
• 5:11
  class,
• 5:11
  had
• 5:11
  never
• 5:11
  taken
• 5:12
  a
• 5:12
  marketing
• 5:12
  class.
• 5:13
  There
• 5:13
  were
• 5:13
  some
• 5:14
  lots
• 5:14
  of
• 5:14
  things
• 5:15
  I
• 5:15
  was
• 5:15
  able
• 5:15
  to
• 5:15
  figure
• 5:15
  out
• 5:15
  and
• 5:15
  learn
• 5:16
  on
• 5:16
  the
• 5:16
  job
• 5:16
  but
• 5:16
  there
• 5:16
  was
• 5:17
  a
• 5:17
  kind
• 5:17
  of
• 5:18
  baseline,
• 5:19
  say
• 5:19
  formal
• 5:20
  training
• 5:20
  in
• 5:21
  business
• 5:21
  skills
• 5:22
  and
• 5:22
  topics
• 5:22
  that
• 5:23
  I
• 5:23
  was
• 5:23
  seeking
• 5:23
  coupled
• 5:24
  with
• 5:25
  the
• 5:25
  benefit
• 5:25
  of
• 5:25
  a
• 5:25
  broader
• 5:26
  network.
• 5:26
  And
• 5:27
  so
• 5:27
  I
• 5:27
  don't
• 5:27
  know
• 5:27
  if
• 5:28
  the
• 5:28
  part
• 5:28
  time
• 5:28
  program
• 5:28
  is
• 5:29
  right
• 5:29
  for
• 5:29
  everyone,
• 5:29
  but
• 5:30
  it
• 5:30
  was
• 5:30
  certainly
• 5:30
  right
• 5:31
  for
• 5:31
  me
• 5:31
  at
• 5:31
  that
• 5:31
  stage
• 5:32
  of
• 5:32
  life.
• 5:33
  Yeah,
• 5:34
  that's
• 5:34
  a
• 5:34
  really
• 5:34
  interesting
• 5:35
  take.
• 5:35
  It
• 5:35
  kind
• 5:36
  of
• 5:36
  covered
• 5:37
  multiple
• 5:37
  angles
• 5:37
  for
• 5:38
  you
• 5:38
  and
• 5:38
  I
• 5:38
  think
• 5:39
  as
• 5:39
  someone
• 5:39
  with
• 5:40
  two
• 5:40
  teenagers
• 5:40
  who
• 5:40
  are
• 5:41
  approaching
• 5:41
  college
• 5:41
  age
• 5:42
  myself,
• 5:43
  there
• 5:44
  are
• 5:44
  many
• 5:44
  of
• 5:44
  their
• 5:44
  friends
• 5:45
  dealing
• 5:45
  with
• 5:45
  this
• 5:46
  conundrum.
• 5:46
  And
• 5:46
  I've
• 5:47
  heard
• 5:47
  the
• 5:47
  advice
• 5:47
  given
• 5:48
  of
• 5:48
  being
• 5:49
  involved
• 5:49
  in
• 5:49
  a
• 5:49
  growth
• 5:49
  stage
• 5:50
  startup,
• 5:50
  especially
• 5:50
  when
• 5:50
  it's
• 5:51
  going
• 5:51
  well
• 5:51
  like
• 5:51
  you
• 5:51
  were
• 5:52
  Tim.
• 5:52
  It's
• 5:52
  probably
• 5:53
  the
• 5:53
  best
• 5:53
  business
• 5:53
  school
• 5:54
  that
• 5:55
  yes.
• 5:55
  That
• 5:55
  you
• 5:56
  can
• 5:56
  go
• 5:56
  to
• 5:56
  but
• 5:56
  it
• 5:56
  sounds
• 5:57
  like
• 5:57
  you
• 5:57
  were
• 5:57
  able
• 5:57
  to
• 5:57
  get
• 5:57
  the
• 5:57
  best
• 5:57
  of
• 5:58
  both
• 5:58
  worlds
• 5:58
  with
• 5:58
  that
• 5:58
  part
• 5:58
  time
• 5:59
  choice.
• 5:59
  Yeah,
• 6:00
  it's
• 6:01
  very
• 6:01
  fortunate.
• 6:02
  Yeah.
• 6:03
  Back
• 6:03
  to
• 6:03
  the
• 6:03
  intro,
• 6:03
  we
• 6:03
  mentioned
• 6:04
  Euro
• 6:04
  Vista
• 6:04
  Equity
• 6:05
  which
• 6:05
  is
• 6:05
  probably
• 6:06
  the
• 6:06
  gold
• 6:06
  standard
• 6:07
  of
• 6:08
  the
• 6:08
  PE
• 6:08
  playbook
• 6:08
  model
• 6:09
  and
• 6:10
  you
• 6:10
  left
• 6:10
  that
• 6:10
  for
• 6:11
  Council
• 6:11
  Capital
• 6:12
  to
• 6:12
  build
• 6:13
  something
• 6:13
  fundamentally
• 6:14
  different
• 6:14
  going
• 6:14
  back
• 6:14
  to
• 6:15
  where
• 6:15
  you
• 6:15
  started.
• 6:15
  What
• 6:15
  did
• 6:16
  you
• 6:16
  see
• 6:16
  at
• 6:17
  Vista
• 6:17
  that
• 6:17
  worked
• 6:18
  brilliantly?
• 6:20
  Yeah,
• 6:20
  there's
• 6:21
  a
• 6:21
  lot
• 6:21
  at
• 6:21
  Vista
• 6:22
  that's
• 6:22
  working
• 6:22
  well.
• 6:23
  Wonderful
• 6:24
  place.
• 6:24
  Learned
• 6:24
  a
• 6:24
  ton
• 6:25
  while
• 6:25
  I
• 6:25
  was
• 6:25
  there.
• 6:26
  Say
• 6:26
  you
• 6:27
  know
• 6:27
  Vista
• 6:27
  and
• 6:27
  just
• 6:27
  private
• 6:28
  equity
• 6:28
  firms
• 6:28
  in
• 6:29
  general
• 6:29
  have
• 6:29
  real
• 6:30
  benefits
• 6:30
  in
• 6:31
  the
• 6:31
  context
• 6:31
  of
• 6:31
  helping
• 6:32
  to
• 6:32
  grow
• 6:32
  great
• 6:32
  businesses.
• 6:34
  I
• 6:34
  will
• 6:34
  say
• 6:34
  I
• 6:34
  think
• 6:34
  all
• 6:35
  private
• 6:35
  equity
• 6:35
  firms
• 6:36
  talk
• 6:37
  about
• 6:37
  providing
• 6:38
  strategic
• 6:38
  and
• 6:38
  operational
• 6:39
  support
• 6:39
  to
• 6:39
  their
• 6:39
  portfolio
• 6:40
  companies
• 6:41
  and
• 6:41
  if
• 6:41
  we're
• 6:41
  being
• 6:41
  honest,
• 6:42
  most
• 6:42
  confused
• 6:42
  pressure
• 6:43
  in
• 6:43
  the
• 6:43
  board
• 6:43
  meeting
• 6:43
  and
• 6:44
  help
• 6:44
  is
• 6:44
  the
• 6:44
  same
• 6:45
  thing.
• 6:46
  Vista
• 6:46
  and
• 6:47
  as
• 6:47
  well
• 6:47
  as
• 6:47
  Council
• 6:47
  I'd
• 6:48
  say
• 6:48
  are
• 6:48
  are
• 6:49
  outliers
• 6:49
  in
• 6:49
  that
• 6:49
  where
• 6:49
  they
• 6:50
  have
• 6:50
  real
• 6:51
  substance.
• 6:52
  The
• 6:52
  firms
• 6:53
  that
• 6:53
  have
• 6:53
  real
• 6:54
  substance
• 6:55
  W2
• 6:56
  employees
• 6:56
  Formalized
• 6:57
  partnerships
• 6:58
  are
• 6:58
  typically
• 6:59
  the
• 6:59
  mega
• 6:59
  funds.
• 7:00
  I'm
• 7:00
  excited
• 7:01
  to
• 7:01
  share
• 7:01
  what
• 7:01
  we've
• 7:02
  been
• 7:02
  able
• 7:02
  to
• 7:02
  do
• 7:02
  at
• 7:02
  Council
• 7:03
  kind
• 7:03
  of
• 7:03
  building
• 7:04
  a
• 7:04
  capability
• 7:05
  set
• 7:06
  punches
• 7:06
  way
• 7:06
  above
• 7:07
  its
• 7:07
  weight
• 7:07
  class.
• 7:07
  But
• 7:08
  in
• 7:08
  short
• 7:09
  I'd
• 7:09
  say
• 7:09
  your
• 7:10
  question
• 7:10
  to
• 7:10
  what
• 7:10
  Vista
• 7:11
  did.
• 7:11
  Well
• 7:11
  it's
• 7:11
  one
• 7:12
  they
• 7:12
  had
• 7:12
  real
• 7:13
  substance
• 7:13
  and
• 7:14
  a
• 7:14
  tremendous
• 7:14
  investment
• 7:15
  in
• 7:15
  helping
• 7:15
  their
• 7:16
  portfolio
• 7:16
  companies.
• 7:18
  Two
• 7:18
  they
• 7:19
  have
• 7:19
  this
• 7:19
  scale
• 7:20
  of
• 7:21
  large
• 7:21
  private
• 7:22
  equity
• 7:22
  ecosystem
• 7:23
  that
• 7:23
  is
• 7:23
  bigger
• 7:23
  than
• 7:23
  any
• 7:24
  one
• 7:24
  individual
• 7:25
  company
• 7:25
  and
• 7:25
  so
• 7:26
  they're
• 7:26
  able
• 7:26
  to
• 7:27
  make
• 7:27
  big
• 7:27
  investments,
• 7:28
  they're
• 7:28
  able
• 7:28
  to
• 7:28
  facilitate
• 7:29
  Idea
• 7:29
  sharing
• 7:29
  across
• 7:30
  portfolio
• 7:30
  companies.
• 7:31
  We
• 7:31
  counsel
• 7:32
  are
• 7:32
  doing
• 7:32
  that
• 7:32
  within
• 7:33
  our
• 7:33
  lower
• 7:33
  middle
• 7:33
  market
• 7:34
  healthcare
• 7:34
  portfolio
• 7:35
  as
• 7:35
  well.
• 7:36
  And
• 7:36
  just
• 7:37
  investors
• 7:37
  not
• 7:38
  only
• 7:38
  want
• 7:38
  good
• 7:38
  returns,
• 7:39
  they
• 7:40
  want
• 7:40
  low
• 7:40
  risk.
• 7:40
  And
• 7:41
  tied
• 7:41
  to
• 7:41
  low
• 7:42
  risk
• 7:42
  is
• 7:42
  consistency
• 7:43
  and
• 7:43
  repeatability.
• 7:44
  And
• 7:44
  so
• 7:45
  having,
• 7:46
  you
• 7:46
  know,
• 7:47
  I
• 7:47
  wouldn't
• 7:47
  say
• 7:47
  a
• 7:47
  formulaic
• 7:48
  approach,
• 7:48
  but
• 7:49
  I
• 7:49
  would
• 7:49
  say
• 7:49
  a
• 7:49
  consistent
• 7:50
  approach
• 7:51
  de
• 7:51
  risks
• 7:51
  investments
• 7:52
  and
• 7:53
  gives
• 7:53
  investors
• 7:54
  confidence
• 7:55
  that
• 7:55
  they
• 7:56
  can
• 7:56
  do
• 7:56
  this
• 7:56
  again
• 7:56
  and
• 7:56
  again.
• 7:57
  So
• 7:58
  real
• 7:58
  substance,
• 7:59
  large
• 8:00
  scale
• 8:00
  across
• 8:00
  an
• 8:01
  ecosystem
• 8:01
  and
• 8:02
  the
• 8:02
  consistency
• 8:03
  I
• 8:03
  think
• 8:03
  are
• 8:03
  all
• 8:04
  things
• 8:04
  Vista
• 8:05
  did
• 8:05
  really
• 8:05
  well
• 8:05
  that
• 8:06
  I
• 8:06
  had
• 8:06
  the
• 8:06
  privilege
• 8:07
  of
• 8:07
  learning
• 8:07
  from.
• 8:08
  Yeah.
• 8:08
  And
• 8:08
  that
• 8:09
  depth
• 8:09
  of
• 8:09
  support
• 8:10
  is
• 8:10
  an
• 8:10
  interesting
• 8:11
  one.
• 8:11
  Like
• 8:11
  I've
• 8:12
  heard
• 8:12
  from
• 8:12
  the
• 8:12
  founder
• 8:12
  side,
• 8:14
  especially
• 8:14
  if
• 8:15
  there's
• 8:15
  a
• 8:15
  company
• 8:15
  that's
• 8:15
  going
• 8:15
  well
• 8:16
  and
• 8:16
  they're
• 8:16
  in
• 8:16
  a
• 8:16
  kind
• 8:16
  of
• 8:16
  competitive
• 8:17
  situation
• 8:17
  where
• 8:17
  there
• 8:18
  might
• 8:18
  be
• 8:18
  multiple
• 8:18
  PE
• 8:18
  firms
• 8:20
  interested
• 8:21
  in
• 8:21
  an
• 8:22
  acquisition
• 8:23
  that
• 8:23
  founders
• 8:24
  tend
• 8:24
  to
• 8:24
  have
• 8:24
  a
• 8:24
  preference
• 8:24
  for
• 8:25
  a
• 8:25
  firm
• 8:25
  who
• 8:25
  promises
• 8:25
  to
• 8:26
  be
• 8:26
  the
• 8:26
  most
• 8:26
  hands
• 8:26
  off.
• 8:27
  Right.
• 8:28
  But
• 8:28
  I
• 8:28
  think
• 8:29
  I've
• 8:29
  seen
• 8:30
  with
• 8:30
  what
• 8:30
  I've
• 8:31
  been
• 8:31
  exposed
• 8:31
  to
• 8:31
  that
• 8:32
  that's
• 8:32
  not
• 8:32
  necessarily
• 8:32
  the
• 8:32
  most
• 8:33
  beneficial
• 8:33
  thing
• 8:33
  for
• 8:33
  the
• 8:34
  enterprise
• 8:34
  value
• 8:34
  of
• 8:35
  the
• 8:35
  company.
• 8:36
  And
• 8:36
  in
• 8:36
  fact
• 8:37
  insisting
• 8:37
  on
• 8:37
  being
• 8:37
  involved
• 8:38
  to
• 8:38
  a
• 8:38
  certain
• 8:38
  extent
• 8:39
  might
• 8:39
  be
• 8:39
  part
• 8:39
  of
• 8:40
  the
• 8:40
  recipe
• 8:40
  for
• 8:41
  success.
• 8:41
  How
• 8:42
  do
• 8:42
  you,
• 8:42
  how
• 8:42
  do
• 8:42
  you
• 8:42
  bridge
• 8:43
  something
• 8:43
  like
• 8:43
  that?
• 8:44
  Yeah,
• 8:44
  and
• 8:45
  I'd
• 8:45
  say
• 8:45
  I've
• 8:46
  heard
• 8:46
  that
• 8:46
  come
• 8:47
  before
• 8:47
  and
• 8:47
  I
• 8:47
  don't
• 8:48
  actually
• 8:48
  feel
• 8:48
  like
• 8:48
  I
• 8:49
  found
• 8:49
  that
• 8:49
  to
• 8:49
  be
• 8:49
  true.
• 8:50
  If
• 8:50
  you
• 8:51
  truly
• 8:51
  believe
• 8:52
  you
• 8:53
  are
• 8:53
  doing
• 8:53
  everything
• 8:54
  perfectly
• 8:55
  and
• 8:55
  you
• 8:55
  don't
• 8:56
  need
• 8:56
  any
• 8:56
  help,
• 8:57
  you
• 8:58
  probably
• 8:58
  aren't
• 8:59
  looking
• 8:59
  for
• 8:59
  an
• 9:00
  investment
• 9:00
  partner.
• 9:01
  Don't
• 9:01
  take
• 9:01
  the
• 9:01
  money.
• 9:02
  Why
• 9:02
  would
• 9:02
  you
• 9:02
  take
• 9:02
  the
• 9:02
  money?
• 9:03
  Exactly.
• 9:04
  And
• 9:04
  so
• 9:05
  I
• 9:05
  have
• 9:05
  found
• 9:06
  the
• 9:06
  CEOs
• 9:07
  and
• 9:07
  the
• 9:07
  founders
• 9:08
  that
• 9:08
  we
• 9:08
  work
• 9:08
  with
• 9:08
  across
• 9:09
  our
• 9:09
  portfolio
• 9:10
  to
• 9:10
  by
• 9:10
  and
• 9:10
  large
• 9:10
  be
• 9:12
  not
• 9:12
  only
• 9:12
  open
• 9:12
  to
• 9:13
  our
• 9:13
  help
• 9:13
  and
• 9:13
  support,
• 9:14
  but
• 9:14
  actively
• 9:14
  looking
• 9:15
  for
• 9:15
  it.
• 9:15
  And
• 9:16
  so
• 9:16
  there
• 9:16
  is
• 9:17
  a,
• 9:17
  certainly
• 9:18
  a
• 9:18
  balance
• 9:18
  in
• 9:19
  some
• 9:19
  firms,
• 9:19
  I'll
• 9:20
  say
• 9:20
  a
• 9:20
  bad
• 9:20
  rap
• 9:20
  of
• 9:21
  you've
• 9:21
  got
• 9:21
  this
• 9:22
  young
• 9:23
  whippersnapper
• 9:24
  who's
• 9:24
  going
• 9:24
  to
• 9:24
  come
• 9:24
  in
• 9:24
  and
• 9:25
  has
• 9:25
  a
• 9:25
  playbook
• 9:26
  and
• 9:26
  they're
• 9:26
  going
• 9:26
  to
• 9:26
  tell
• 9:26
  you,
• 9:27
  here
• 9:27
  are
• 9:27
  the
• 9:27
  reports
• 9:28
  that
• 9:28
  I
• 9:28
  want
• 9:28
  and
• 9:29
  here's
• 9:29
  what
• 9:29
  I
• 9:29
  think
• 9:30
  you
• 9:30
  should
• 9:30
  do.
• 9:30
  And
• 9:30
  I
• 9:30
  don't
• 9:31
  actually
• 9:31
  have
• 9:31
  practical
• 9:32
  experience
• 9:33
  or
• 9:33
  depth
• 9:34
  in
• 9:34
  the
• 9:34
  industry
• 9:34
  that
• 9:35
  obviously
• 9:35
  doesn't
• 9:36
  work.
• 9:37
  But
• 9:37
  we
• 9:38
  are
• 9:38
  looking
• 9:38
  for
• 9:38
  counsel
• 9:39
  founders
• 9:40
  who
• 9:40
  have
• 9:40
  tremendous
• 9:41
  passion
• 9:42
  as
• 9:42
  well
• 9:42
  as
• 9:43
  humility
• 9:43
  and
• 9:44
  eagerness
• 9:44
  to
• 9:44
  work
• 9:45
  together
• 9:45
  to
• 9:46
  accomplish
• 9:46
  their
• 9:47
  goals.
• 9:47
  And
• 9:47
  so
• 9:49
  most
• 9:49
  people,
• 9:49
  I
• 9:50
  would
• 9:50
  say,
• 9:50
  fit
• 9:50
  into
• 9:51
  that
• 9:51
  humble,
• 9:52
  eager,
• 9:52
  mission
• 9:53
  driven
• 9:54
  type
• 9:55
  of,
• 9:55
  type
• 9:55
  of
• 9:56
  mindset.
• 9:56
  Yeah,
• 9:57
  makes
• 9:57
  sense.
• 9:57
  Coming
• 9:58
  back
• 9:58
  to
• 9:58
  council,
• 9:59
  we
• 9:59
  spoke
• 9:59
  about
• 10:00
  how
• 10:00
  there's
• 10:00
  a
• 10:01
  different
• 10:01
  approach
• 10:01
  to
• 10:01
  the
• 10:02
  playbook
• 10:02
  approach.
• 10:03
  Can
• 10:03
  you
• 10:03
  go
• 10:03
  a
• 10:03
  bit
• 10:04
  deeper
• 10:04
  into
• 10:04
  what's
• 10:05
  fundamentally
• 10:05
  different
• 10:06
  about
• 10:06
  the
• 10:06
  way
• 10:06
  that
• 10:06
  council
• 10:07
  approaches
• 10:08
  at
• 10:08
  support
• 10:08
  cos.
• 10:09
  Yeah,
• 10:10
  at.
• 10:10
  The
• 10:10
  highest
• 10:11
  level
• 10:11
  there's
• 10:11
  two
• 10:11
  things.
• 10:12
  One
• 10:12
  is
• 10:12
  just
• 10:12
  the
• 10:13
  diversity
• 10:13
  of
• 10:14
  our
• 10:14
  businesses
• 10:14
  compared
• 10:15
  to
• 10:15
  like
• 10:16
  a
• 10:16
  large
• 10:17
  B2B
• 10:17
  software
• 10:18
  company
• 10:18
  and
• 10:18
  or
• 10:19
  private
• 10:19
  equity
• 10:20
  firm.
• 10:21
  In
• 10:21
  that
• 10:21
  prior
• 10:21
  experience
• 10:22
  it
• 10:23
  was
• 10:23
  all
• 10:23
  B2B
• 10:24
  software
• 10:24
  and
• 10:25
  they
• 10:25
  all
• 10:25
  effectively
• 10:26
  had
• 10:27
  the
• 10:27
  same
• 10:27
  underlying
• 10:28
  systems.
• 10:28
  If
• 10:28
  it
• 10:29
  was
• 10:29
  Marketo
• 10:30
  and
• 10:30
  Netsuite
• 10:31
  and
• 10:31
  Salesforce,
• 10:32
  they
• 10:32
  all
• 10:33
  effectively
• 10:33
  had
• 10:33
  the
• 10:34
  same
• 10:34
  go
• 10:34
  to
• 10:34
  market
• 10:35
  motions
• 10:35
  and
• 10:35
  therefore
• 10:36
  they
• 10:36
  all
• 10:36
  effectively
• 10:37
  had
• 10:37
  the
• 10:37
  same
• 10:38
  KPIs
• 10:39
  to
• 10:39
  manage
• 10:39
  the
• 10:39
  success
• 10:39
  of
• 10:40
  the
• 10:40
  business.
• 10:40
  And
• 10:40
  they
• 10:40
  all
• 10:41
  structured
• 10:41
  their
• 10:41
  sales
• 10:42
  team
• 10:42
  and
• 10:42
  their
• 10:42
  product
• 10:42
  team
• 10:43
  similarly
• 10:43
  and
• 10:44
  they
• 10:44
  designed
• 10:44
  the
• 10:44
  product
• 10:44
  roadmap,
• 10:45
  yada
• 10:45
  yada
• 10:45
  yada.
• 10:46
  It
• 10:46
  was
• 10:47
  fairly
• 10:47
  similar.
• 10:48
  At
• 10:48
  Council,
• 10:49
  there's
• 10:49
  significantly
• 10:50
  more
• 10:50
  diversity
• 10:51
  in
• 10:51
  the
• 10:51
  types
• 10:51
  of
• 10:51
  businesses
• 10:52
  that
• 10:52
  we
• 10:52
  invest
• 10:52
  in.
• 10:53
  So
• 10:53
  we
• 10:54
  are
• 10:54
  sector
• 10:54
  specialists,
• 10:55
  entirely
• 10:56
  focused
• 10:56
  within
• 10:56
  healthcare.
• 10:57
  We
• 10:58
  have,
• 10:58
  I
• 10:58
  will
• 10:58
  say
• 10:58
  large,
• 10:59
  medium
• 10:59
  and
• 10:59
  small
• 11:00
  companies.
• 11:00
  We
• 11:01
  have
• 11:01
  tech
• 11:01
  companies,
• 11:02
  we
• 11:02
  have
• 11:02
  software
• 11:03
  companies,
• 11:03
  we
• 11:03
  have
• 11:03
  tech
• 11:04
  enabled
• 11:04
  services
• 11:04
  companies.
• 11:06
  Like
• 11:06
  just
• 11:06
  the
• 11:06
  diversity
• 11:07
  of
• 11:07
  the
• 11:07
  types
• 11:07
  of
• 11:07
  businesses
• 11:08
  in
• 11:08
  which
• 11:08
  we
• 11:08
  invest.
• 11:10
  Thinking
• 11:10
  that
• 11:10
  there
• 11:11
  could
• 11:11
  be
• 11:11
  one
• 11:11
  playbook
• 11:12
  that
• 11:12
  applies
• 11:12
  to
• 11:12
  all
• 11:12
  of
• 11:13
  them
• 11:13
  is
• 11:13
  foolish.
• 11:13
  And
• 11:14
  so
• 11:15
  diversity
• 11:16
  of
• 11:16
  our
• 11:16
  businesses
• 11:17
  makes
• 11:17
  the
• 11:18
  playbook
• 11:18
  model
• 11:18
  not
• 11:19
  work.
• 11:20
  And
• 11:20
  just
• 11:20
  the
• 11:20
  culture
• 11:21
  of
• 11:22
  the
• 11:22
  lower
• 11:22
  middle
• 11:23
  market.
• 11:23
  In
• 11:23
  healthcare,
• 11:24
  we
• 11:24
  are
• 11:24
  typically
• 11:25
  partnering
• 11:26
  with
• 11:26
  founders
• 11:27
  who
• 11:28
  are
• 11:28
  deeply
• 11:28
  mission
• 11:29
  oriented
• 11:29
  and
• 11:30
  proud
• 11:31
  of
• 11:31
  the
• 11:31
  work
• 11:31
  that
• 11:31
  they're
• 11:31
  doing
• 11:32
  to
• 11:32
  not
• 11:33
  just
• 11:33
  build
• 11:33
  a
• 11:33
  product,
• 11:34
  but
• 11:34
  to
• 11:34
  provide
• 11:35
  a
• 11:35
  product
• 11:35
  or
• 11:35
  service
• 11:36
  that
• 11:36
  makes
• 11:36
  people
• 11:37
  healthier
• 11:37
  and
• 11:38
  better
• 11:38
  off.
• 11:39
  And
• 11:39
  so
• 11:40
  the
• 11:40
  culture
• 11:40
  of,
• 11:41
  I'll
• 11:41
  say
• 11:41
  collaboration
• 11:42
  and
• 11:43
  orientation
• 11:44
  towards
• 11:44
  mission
• 11:46
  is
• 11:46
  going
• 11:46
  to
• 11:46
  be
• 11:47
  feel
• 11:47
  a
• 11:47
  little
• 11:48
  bit
• 11:48
  different
• 11:48
  I
• 11:48
  think
• 11:48
  in
• 11:48
  our
• 11:49
  part
• 11:49
  of
• 11:49
  the
• 11:49
  market
• 11:49
  than
• 11:49
  it
• 11:49
  does
• 11:50
  when
• 11:50
  you're
• 11:51
  working
• 11:51
  with
• 11:51
  a
• 11:51
  bunch
• 11:51
  of
• 11:51
  hired
• 11:52
  guns
• 11:52
  at
• 11:52
  a
• 11:52
  mega
• 11:53
  software
• 11:54
  company.
• 11:54
  Yeah,
• 11:55
  absolutely.
• 11:55
  I
• 11:55
  mean,
• 11:56
  having
• 11:57
  spent
• 11:57
  a
• 11:57
  lot
• 11:57
  of
• 11:57
  time
• 11:58
  in
• 11:58
  financial
• 11:58
  services
• 11:59
  and
• 11:59
  technology
• 12:00
  myself,
• 12:00
  sometimes,
• 12:01
  you
• 12:01
  know,
• 12:01
  when
• 12:02
  we're
• 12:02
  at
• 12:02
  a
• 12:02
  tense
• 12:03
  moment
• 12:03
  in
• 12:03
  a
• 12:03
  crisis,
• 12:03
  we
• 12:04
  would.
• 12:04
  We
• 12:04
  often
• 12:04
  lower
• 12:05
  the
• 12:05
  temperature
• 12:05
  in
• 12:05
  the
• 12:05
  room
• 12:06
  with
• 12:06
  the
• 12:06
  phrase,
• 12:06
  well,
• 12:06
  we're
• 12:07
  not
• 12:07
  out
• 12:07
  here
• 12:07
  saving
• 12:07
  lives.
• 12:08
  Not
• 12:09
  true
• 12:09
  in
• 12:09
  healthcare
• 12:09
  necessarily.
• 12:10
  Like
• 12:11
  the
• 12:11
  difference
• 12:11
  that
• 12:11
  some
• 12:12
  of
• 12:12
  those
• 12:12
  founders
• 12:12
  must
• 12:12
  make
• 12:13
  is
• 12:13
  fundamental
• 12:14
  to
• 12:14
  human
• 12:14
  beings,
• 12:14
  right?
• 12:15
  Yes.
• 12:16
  Yeah.
• 12:19
  What
• 12:20
  are
• 12:20
  some
• 12:20
  of
• 12:20
  the
• 12:20
  unique
• 12:21
  challenges
• 12:21
  that
• 12:22
  are
• 12:22
  solved?
• 12:22
  Like
• 12:23
  we
• 12:23
  talked
• 12:23
  about
• 12:24
  the
• 12:24
  toolkit
• 12:24
  model.
• 12:25
  So
• 12:26
  how
• 12:26
  does
• 12:26
  the
• 12:26
  toolkit
• 12:27
  model
• 12:27
  work
• 12:27
  compared
• 12:27
  to
• 12:28
  the
• 12:28
  playbook
• 12:29
  in
• 12:29
  order
• 12:29
  to
• 12:29
  serve
• 12:30
  that
• 12:30
  diverse
• 12:30
  range
• 12:30
  of
• 12:31
  companies
• 12:31
  that
• 12:31
  you're
• 12:31
  working
• 12:32
  with?
• 12:33
  Yeah.
• 12:33
  So
• 12:34
  we
• 12:34
  talk
• 12:34
  about
• 12:34
  toolkits.
• 12:35
  I
• 12:35
  would
• 12:35
  say
• 12:36
  the
• 12:36
  difference
• 12:37
  between
• 12:37
  a
• 12:37
  playbook
• 12:38
  and
• 12:38
  a
• 12:38
  toolkit
• 12:39
  has
• 12:39
  less
• 12:39
  to
• 12:39
  do
• 12:40
  with
• 12:40
  the
• 12:40
  actual
• 12:40
  artifacts
• 12:41
  and
• 12:41
  more
• 12:42
  the
• 12:42
  spirit
• 12:42
  of
• 12:42
  how
• 12:42
  it's
• 12:43
  deployed.
• 12:43
  Right.
• 12:45
  So
• 12:45
  we've
• 12:46
  built
• 12:46
  out
• 12:47
  real
• 12:48
  true
• 12:48
  artifacts.
• 12:49
  If
• 12:49
  that's
• 12:49
  in
• 12:50
  the
• 12:50
  talent
• 12:50
  field,
• 12:50
  it's
• 12:51
  hiring
• 12:51
  and
• 12:51
  review
• 12:52
  Process
• 12:52
  kind
• 12:52
  of
• 12:53
  templates
• 12:53
  and
• 12:53
  best
• 12:53
  practices.
• 12:54
  In
• 12:54
  finance,
• 12:55
  it's
• 12:55
  your
• 12:56
  budget
• 12:56
  template
• 12:56
  and
• 12:57
  forecasting
• 12:57
  tools.
• 12:58
  If
• 12:58
  it's
• 12:58
  a
• 12:59
  clinic
• 13:00
  based
• 13:00
  site
• 13:00
  de
• 13:01
  novo
• 13:01
  strategy
• 13:02
  and
• 13:02
  figuring
• 13:03
  out
• 13:03
  what's.
• 13:03
  How
• 13:03
  do
• 13:04
  you
• 13:04
  evaluate
• 13:04
  different
• 13:04
  geographic
• 13:05
  markets,
• 13:06
  how
• 13:06
  do
• 13:06
  you
• 13:06
  do
• 13:07
  tuck
• 13:07
  on
• 13:07
  acquisitions,
• 13:08
  integrate
• 13:09
  them?
• 13:09
  There
• 13:10
  are
• 13:10
  real
• 13:10
  codified
• 13:11
  resources
• 13:12
  that
• 13:12
  we
• 13:12
  have
• 13:13
  built
• 13:13
  out
• 13:13
  and
• 13:13
  that
• 13:13
  exist.
• 13:14
  The
• 13:15
  difference
• 13:16
  is
• 13:16
  more
• 13:17
  about
• 13:19
  push
• 13:19
  versus
• 13:20
  pull
• 13:20
  and
• 13:21
  the
• 13:21
  level
• 13:21
  of
• 13:22
  customization
• 13:23
  and
• 13:23
  the
• 13:23
  implementation
• 13:24
  of
• 13:24
  those.
• 13:24
  And
• 13:24
  so
• 13:25
  we
• 13:25
  are
• 13:26
  taking
• 13:26
  the
• 13:26
  approach
• 13:26
  more
• 13:27
  of
• 13:28
  you
• 13:28
  are
• 13:28
  the
• 13:28
  architect.
• 13:30
  We
• 13:30
  are
• 13:30
  going
• 13:30
  to
• 13:31
  provide
• 13:31
  you
• 13:31
  with
• 13:32
  the
• 13:32
  tools
• 13:32
  and
• 13:32
  resources
• 13:33
  to
• 13:33
  be
• 13:33
  successful.
• 13:34
  We
• 13:34
  are
• 13:35
  going
• 13:35
  to
• 13:35
  encourage
• 13:35
  you
• 13:36
  to
• 13:36
  leverage
• 13:36
  the
• 13:36
  resources
• 13:37
  at
• 13:37
  your
• 13:37
  disposal.
• 13:37
  We
• 13:38
  will
• 13:38
  support
• 13:38
  you
• 13:38
  in
• 13:39
  implementing
• 13:39
  them.
• 13:40
  But
• 13:40
  we're
• 13:40
  not
• 13:40
  coming
• 13:41
  in
• 13:41
  here
• 13:41
  saying
• 13:41
  we've
• 13:42
  already
• 13:42
  drawn
• 13:42
  the
• 13:42
  plan
• 13:43
  for
• 13:43
  the
• 13:43
  house.
• 13:44
  Like
• 13:44
  your
• 13:45
  job
• 13:45
  is
• 13:45
  simply
• 13:45
  to
• 13:45
  hammer
• 13:46
  the
• 13:46
  nails
• 13:46
  that
• 13:46
  we
• 13:46
  tell
• 13:46
  you
• 13:47
  to
• 13:47
  hammer,
• 13:47
  which
• 13:47
  is
• 13:48
  the
• 13:48
  way
• 13:48
  that
• 13:48
  I
• 13:48
  think
• 13:48
  some
• 13:48
  private
• 13:49
  equity
• 13:49
  firms
• 13:49
  approach
• 13:50
  it.
• 13:50
  Yeah,
• 13:51
  no,
• 13:51
  absolutely.
• 13:52
  Toolkits
• 13:52
  in
• 13:53
  particular,
• 13:53
  obviously.
• 13:54
  As
• 13:54
  a
• 13:54
  data
• 13:54
  guy
• 13:55
  myself,
• 13:55
  I'm
• 13:55
  interested
• 13:56
  in
• 13:57
  what
• 13:57
  you're
• 13:57
  like,
• 13:58
  what
• 13:58
  kind
• 13:58
  of
• 13:58
  things
• 13:58
  are
• 13:58
  in
• 13:59
  your
• 13:59
  data
• 13:59
  toolkit
• 14:00
  and
• 14:00
  what
• 14:00
  challenges
• 14:01
  are
• 14:01
  you
• 14:01
  seeing
• 14:02
  maybe
• 14:02
  in
• 14:03
  common
• 14:03
  across
• 14:03
  that
• 14:03
  diverse
• 14:04
  set
• 14:04
  of
• 14:04
  companies
• 14:04
  From
• 14:05
  a
• 14:05
  data
• 14:05
  perspective
• 14:06
  at
• 14:06
  the
• 14:06
  minute.
• 14:07
  Yeah.
• 14:08
  So
• 14:08
  first
• 14:09
  place
• 14:09
  that
• 14:09
  we'll
• 14:09
  start
• 14:10
  is
• 14:10
  around
• 14:10
  looking
• 14:11
  at
• 14:11
  the
• 14:11
  infrastructure
• 14:12
  of
• 14:12
  a
• 14:12
  business,
• 14:12
  the
• 14:13
  strategy
• 14:13
  and
• 14:13
  the
• 14:14
  team.
• 14:14
  Those
• 14:14
  three
• 14:15
  things
• 14:15
  are
• 14:15
  really
• 14:15
  what's
• 14:16
  most
• 14:16
  important
• 14:16
  to
• 14:16
  start
• 14:17
  with.
• 14:17
  On
• 14:18
  the
• 14:18
  infrastructure
• 14:18
  side,
• 14:19
  we're
• 14:19
  not
• 14:19
  going
• 14:20
  to
• 14:20
  come
• 14:20
  in
• 14:20
  and
• 14:21
  mandate
• 14:22
  systems
• 14:22
  changes
• 14:23
  across
• 14:23
  the
• 14:24
  organization,
• 14:24
  but
• 14:24
  we
• 14:24
  are
• 14:25
  going
• 14:25
  to
• 14:25
  have
• 14:25
  certain
• 14:25
  expectations
• 14:26
  and
• 14:26
  so
• 14:27
  we
• 14:27
  will
• 14:28
  understand
• 14:29
  and
• 14:29
  evaluate
• 14:30
  the
• 14:30
  systems
• 14:30
  in
• 14:30
  place.
• 14:31
  So
• 14:31
  HRIs
• 14:32
  and
• 14:32
  ERP
• 14:33
  and
• 14:34
  all
• 14:34
  the
• 14:34
  other
• 14:34
  acronyms
• 14:35
  around
• 14:35
  Finance
• 14:36
  and
• 14:36
  Talent
• 14:37
  and
• 14:37
  clinical
• 14:38
  Systems
• 14:39
  to
• 14:39
  make
• 14:39
  sure
• 14:40
  that
• 14:40
  the
• 14:40
  team
• 14:41
  has
• 14:41
  the
• 14:41
  tools
• 14:42
  in
• 14:42
  place
• 14:42
  to
• 14:44
  A
• 14:44
  execute
• 14:45
  on
• 14:45
  the
• 14:45
  ideal
• 14:46
  workflows
• 14:46
  and
• 14:46
  then
• 14:47
  B
• 14:47
  capture
• 14:48
  the
• 14:48
  right
• 14:48
  data
• 14:48
  to
• 14:49
  inform
• 14:49
  future
• 14:49
  decisions.
• 14:50
  And
• 14:50
  so
• 14:51
  the
• 14:51
  infrastructure
• 14:52
  piece
• 14:52
  is
• 14:52
  going
• 14:53
  to
• 14:53
  be
• 14:54
  one
• 14:54
  of
• 14:54
  the
• 14:54
  early
• 14:54
  areas
• 14:55
  that
• 14:55
  we
• 14:55
  start.
• 14:56
  The
• 14:56
  second
• 14:56
  is
• 14:57
  around
• 14:58
  the
• 14:58
  strategy
• 14:59
  and
• 14:59
  making
• 15:00
  sure
• 15:00
  that
• 15:00
  we've
• 15:00
  got
• 15:01
  a
• 15:01
  clear
• 15:02
  and
• 15:02
  I'll
• 15:02
  say
• 15:02
  bespoke
• 15:03
  strategy
• 15:03
  for
• 15:04
  each
• 15:04
  company.
• 15:04
  Again,
• 15:05
  this
• 15:05
  is
• 15:05
  not
• 15:06
  B2B
• 15:06
  SaaS
• 15:07
  where
• 15:07
  your
• 15:07
  strategy
• 15:07
  is
• 15:08
  basically
• 15:08
  raise
• 15:09
  prices,
• 15:09
  strengthen
• 15:10
  contracts
• 15:10
  and
• 15:11
  fuel
• 15:11
  sales.
• 15:11
  The
• 15:12
  strategies
• 15:12
  across
• 15:13
  our
• 15:13
  portfolio
• 15:14
  companies
• 15:14
  look
• 15:14
  quite
• 15:14
  differently.
• 15:15
  We
• 15:15
  have
• 15:15
  one
• 15:15
  company
• 15:16
  where
• 15:16
  it
• 15:16
  was
• 15:16
  taking
• 15:16
  it
• 15:17
  from
• 15:17
  a
• 15:18
  fee
• 15:18
  for
• 15:18
  service
• 15:18
  model
• 15:19
  to
• 15:19
  a
• 15:19
  value
• 15:19
  based
• 15:19
  care
• 15:20
  model.
• 15:20
  We
• 15:20
  have
• 15:20
  another
• 15:21
  company
• 15:21
  where
• 15:21
  the
• 15:21
  strategy
• 15:22
  was
• 15:22
  open
• 15:22
  a
• 15:22
  bunch
• 15:23
  of
• 15:23
  additional
• 15:23
  clinics.
• 15:24
  We
• 15:24
  have
• 15:24
  another
• 15:24
  company
• 15:25
  where
• 15:25
  it
• 15:25
  was
• 15:25
  shifted
• 15:26
  from
• 15:26
  a
• 15:26
  B2C
• 15:27
  model
• 15:27
  to
• 15:27
  a
• 15:27
  B2B
• 15:28
  model.
• 15:29
  It's
• 15:29
  much
• 15:29
  more
• 15:30
  nuanced
• 15:31
  and
• 15:31
  tailored
• 15:31
  to
• 15:32
  the
• 15:32
  specific
• 15:32
  needs
• 15:32
  of
• 15:33
  our
• 15:33
  companies.
• 15:33
  And
• 15:34
  that's
• 15:34
  going
• 15:34
  to
• 15:34
  dictate.
• 15:35
  You
• 15:35
  got
• 15:36
  the
• 15:36
  infrastructure,
• 15:36
  you
• 15:37
  have
• 15:37
  the
• 15:37
  strategy,
• 15:37
  you
• 15:38
  have
• 15:38
  the
• 15:38
  data
• 15:38
  and
• 15:39
  information
• 15:39
  to
• 15:39
  make
• 15:40
  those
• 15:40
  informed
• 15:40
  decisions.
• 15:41
  And
• 15:41
  then
• 15:42
  last
• 15:42
  and
• 15:42
  most
• 15:42
  certainly
• 15:43
  not
• 15:43
  least,
• 15:43
  you
• 15:43
  have
• 15:43
  the
• 15:43
  people
• 15:44
  who
• 15:44
  are
• 15:44
  doing
• 15:44
  that
• 15:45
  work
• 15:45
  and
• 15:45
  making
• 15:45
  those
• 15:46
  decisions.
• 15:46
  And
• 15:47
  so
• 15:47
  we
• 15:47
  are
• 15:47
  big
• 15:48
  believers
• 15:49
  that
• 15:50
  if
• 15:50
  you
• 15:50
  have
• 15:50
  the
• 15:50
  right
• 15:50
  people,
• 15:51
  they
• 15:51
  will
• 15:51
  figure
• 15:51
  everything
• 15:52
  out.
• 15:52
  And
• 15:52
  if
• 15:52
  you
• 15:53
  figure
• 15:53
  everything
• 15:53
  out
• 15:53
  with
• 15:54
  the
• 15:54
  wrong
• 15:54
  people,
• 15:54
  you
• 15:54
  will
• 15:55
  do
• 15:55
  nothing
• 15:55
  but
• 15:55
  waste
• 15:55
  time
• 15:56
  and
• 15:56
  energy.
• 15:57
  And
• 15:57
  so
• 15:57
  we
• 15:58
  are
• 15:59
  huge
• 15:59
  believers
• 16:00
  that
• 16:00
  private
• 16:01
  equity
• 16:01
  is
• 16:01
  a
• 16:01
  talent
• 16:02
  business
• 16:02
  rather
• 16:02
  than
• 16:03
  finance
• 16:03
  business.
• 16:03
  And
• 16:04
  so
• 16:05
  those
• 16:05
  are
• 16:05
  the
• 16:05
  three
• 16:06
  pillars
• 16:07
  that
• 16:07
  we
• 16:08
  use
• 16:08
  to
• 16:09
  of
• 16:09
  set
• 16:09
  our
• 16:09
  strategy
• 16:09
  for
• 16:10
  the
• 16:10
  investment
• 16:11
  and
• 16:12
  the
• 16:12
  data
• 16:12
  and
• 16:12
  information
• 16:13
  to
• 16:13
  make
• 16:13
  the
• 16:14
  right
• 16:14
  decisions
• 16:14
  for
• 16:14
  it.
• 16:15
  Yeah,
• 16:15
  I
• 16:16
  love
• 16:16
  that
• 16:16
  line
• 16:16
  about
• 16:16
  being
• 16:17
  a
• 16:18
  talent
• 16:18
  business
• 16:19
  that
• 16:19
  really
• 16:19
  resonates.
• 16:20
  And
• 16:21
  also
• 16:21
  your
• 16:22
  point
• 16:22
  about
• 16:22
  strategy.
• 16:23
  I've
• 16:23
  found
• 16:24
  this
• 16:24
  with
• 16:24
  clients
• 16:25
  and
• 16:25
  prospects
• 16:25
  before.
• 16:26
  There
• 16:27
  are
• 16:27
  a
• 16:27
  bunch
• 16:27
  of
• 16:27
  things
• 16:27
  you
• 16:27
  can
• 16:28
  do
• 16:28
  from
• 16:28
  a
• 16:28
  data
• 16:28
  perspective.
• 16:29
  We
• 16:29
  can
• 16:29
  put
• 16:29
  the
• 16:29
  fanciest,
• 16:30
  flashiest,
• 16:30
  latest
• 16:30
  technology
• 16:31
  in
• 16:32
  but
• 16:33
  data.
• 16:33
  And
• 16:33
  the
• 16:34
  same
• 16:34
  applies
• 16:34
  to
• 16:34
  technology
• 16:34
  and
• 16:35
  the
• 16:35
  same
• 16:35
  applies
• 16:35
  to
• 16:35
  AI,
• 16:35
  which
• 16:36
  we'll
• 16:36
  come
• 16:36
  on
• 16:36
  to
• 16:36
  in
• 16:36
  a
• 16:36
  second.
• 16:39
  Are
• 16:39
  not
• 16:39
  business
• 16:40
  cases
• 16:40
  in
• 16:40
  their
• 16:40
  own
• 16:40
  right.
• 16:41
  Like
• 16:41
  they
• 16:41
  have
• 16:41
  to
• 16:42
  underpin
• 16:42
  and
• 16:42
  support
• 16:42
  a
• 16:43
  business
• 16:43
  strategy.
• 16:43
  They
• 16:43
  have
• 16:43
  to
• 16:44
  underpin
• 16:44
  and
• 16:44
  support
• 16:44
  a
• 16:44
  business
• 16:45
  objective
• 16:45
  or
• 16:45
  something
• 16:46
  that
• 16:46
  the
• 16:46
  business
• 16:46
  is
• 16:47
  trying
• 16:47
  to
• 16:47
  do.
• 16:47
  Otherwise
• 16:48
  it's
• 16:48
  just
• 16:48
  the
• 16:48
  more
• 16:48
  expensive
• 16:49
  way
• 16:49
  of
• 16:49
  saying
• 16:50
  we
• 16:50
  don't
• 16:50
  know
• 16:50
  what
• 16:50
  we're
• 16:51
  doing.
• 16:52
  And
• 16:53
  data
• 16:53
  needs
• 16:53
  to
• 16:53
  be
• 16:54
  usable
• 16:55
  and
• 16:56
  in
• 16:56
  service
• 16:56
  of
• 16:57
  an
• 16:57
  actual
• 16:58
  goal.
• 16:58
  I
• 16:58
  think
• 16:58
  a
• 16:58
  lot
• 16:59
  of
• 16:59
  private
• 16:59
  equity
• 16:59
  firms
• 17:00
  can
• 17:00
  get
• 17:01
  lost
• 17:01
  with
• 17:01
  what's
• 17:02
  every
• 17:02
  intellectually
• 17:03
  interesting
• 17:04
  piece
• 17:04
  of
• 17:04
  data
• 17:04
  and
• 17:04
  information
• 17:05
  that
• 17:05
  I
• 17:06
  could
• 17:06
  capture.
• 17:07
  Let's
• 17:08
  go
• 17:08
  to
• 17:08
  try
• 17:08
  to
• 17:08
  capture
• 17:09
  everything.
• 17:09
  And
• 17:09
  for
• 17:10
  pretty
• 17:10
  much
• 17:10
  any
• 17:10
  investment,
• 17:12
  there's
• 17:12
  a
• 17:12
  small
• 17:12
  single
• 17:13
  digit
• 17:13
  number
• 17:14
  of
• 17:14
  things
• 17:14
  that
• 17:14
  will
• 17:15
  truly
• 17:15
  make
• 17:16
  or
• 17:16
  break
• 17:16
  the
• 17:17
  investment
• 17:17
  and
• 17:18
  determine
• 17:18
  the
• 17:18
  outcome.
• 17:19
  And
• 17:19
  there's
• 17:20
  a
• 17:20
  couple
• 17:20
  key
• 17:21
  pieces
• 17:21
  of
• 17:21
  data
• 17:21
  and
• 17:22
  information
• 17:22
  that
• 17:22
  are
• 17:22
  tied
• 17:23
  to
• 17:23
  each
• 17:23
  of
• 17:23
  those.
• 17:24
  And
• 17:24
  we
• 17:24
  do
• 17:24
  our
• 17:24
  best
• 17:25
  to
• 17:26
  put
• 17:26
  the
• 17:26
  reporting
• 17:27
  in
• 17:27
  place
• 17:28
  that
• 17:28
  is
• 17:29
  easy
• 17:29
  to
• 17:30
  pull,
• 17:31
  practical
• 17:31
  for
• 17:31
  the
• 17:31
  operators.
• 17:32
  And
• 17:33
  the
• 17:33
  private
• 17:33
  equity
• 17:33
  firm
• 17:34
  should
• 17:34
  never
• 17:34
  be
• 17:34
  asking
• 17:35
  for
• 17:35
  data
• 17:35
  that
• 17:35
  isn't
• 17:35
  useful
• 17:36
  to
• 17:36
  the
• 17:36
  operators.
• 17:38
  If
• 17:38
  they
• 17:38
  are,
• 17:39
  there's
• 17:39
  a
• 17:40
  misalignment
• 17:41
  between
• 17:42
  the
• 17:42
  board,
• 17:42
  the
• 17:43
  operator,
• 17:43
  the
• 17:43
  private
• 17:44
  equity
• 17:44
  firm,
• 17:44
  whoever,
• 17:45
  and
• 17:45
  the
• 17:46
  problem
• 17:46
  sits
• 17:47
  at
• 17:47
  an
• 17:48
  alignment
• 17:48
  level
• 17:48
  rather
• 17:49
  than
• 17:49
  a
• 17:49
  data
• 17:49
  level.
• 17:50
  And
• 17:50
  so
• 17:51
  our
• 17:51
  approach
• 17:51
  is
• 17:52
  basically
• 17:53
  let's
• 17:53
  have
• 17:53
  an
• 17:53
  upfront
• 17:54
  conversation
• 17:54
  around
• 17:55
  how
• 17:55
  we
• 17:55
  define
• 17:56
  success
• 17:56
  in
• 17:56
  the
• 17:56
  strategy.
• 17:58
  Let's
• 17:58
  align
• 17:58
  on
• 17:58
  the
• 17:59
  leading
• 17:59
  indicators
• 17:59
  and
• 18:00
  the
• 18:00
  measures
• 18:00
  of
• 18:00
  success
• 18:01
  for
• 18:01
  that
• 18:01
  strategy.
• 18:03
  Operating
• 18:04
  team,
• 18:04
  tell
• 18:04
  us
• 18:05
  what
• 18:05
  information
• 18:05
  is
• 18:06
  most
• 18:06
  helpful
• 18:07
  to
• 18:07
  put
• 18:07
  in
• 18:07
  your
• 18:07
  hands
• 18:08
  to
• 18:08
  make
• 18:08
  decisions
• 18:09
  to
• 18:09
  run
• 18:09
  this
• 18:09
  business.
• 18:10
  And
• 18:11
  assuming
• 18:11
  we're
• 18:11
  all
• 18:11
  aligned
• 18:12
  there
• 18:12
  like
• 18:12
  we
• 18:13
  will
• 18:13
  graciously
• 18:14
  take
• 18:14
  the
• 18:14
  exhaust
• 18:15
  of
• 18:15
  what
• 18:15
  you
• 18:15
  are
• 18:16
  using
• 18:16
  to
• 18:16
  run
• 18:16
  the
• 18:16
  business
• 18:17
  to
• 18:17
  help
• 18:18
  us
• 18:18
  stay
• 18:18
  up
• 18:19
  to
• 18:19
  speed,
• 18:19
  as
• 18:19
  well
• 18:20
  as
• 18:20
  extract
• 18:20
  insights
• 18:21
  and
• 18:21
  pattern
• 18:21
  recognition
• 18:22
  from
• 18:22
  other
• 18:22
  companies
• 18:23
  so
• 18:23
  we
• 18:23
  can
• 18:23
  support
• 18:24
  you.
• 18:25
  Not.
• 18:25
  Hey,
• 18:26
  welcome
• 18:26
  to
• 18:26
  the
• 18:26
  portfolio.
• 18:27
  Here's
• 18:28
  a
• 18:28
  laundry
• 18:28
  list
• 18:28
  of
• 18:29
  data
• 18:29
  points
• 18:29
  that
• 18:29
  we
• 18:30
  want
• 18:30
  to
• 18:30
  collect
• 18:30
  for
• 18:30
  our
• 18:31
  own
• 18:31
  analysis.
• 18:32
  That's,
• 18:32
  that's,
• 18:32
  that's
• 18:33
  going
• 18:33
  to
• 18:33
  piss
• 18:33
  everyone
• 18:34
  off
• 18:34
  on
• 18:34
  day
• 18:34
  one.
• 18:35
  Yeah.
• 18:35
  And
• 18:35
  potentially
• 18:36
  burn
• 18:36
  resources
• 18:37
  that
• 18:37
  without
• 18:38
  adding
• 18:38
  enterprise
• 18:39
  value.
• 18:39
  Right.
• 18:40
  So
• 18:40
  it's,
• 18:42
  yeah,
• 18:42
  it's
• 18:42
  always
• 18:42
  a
• 18:42
  fun
• 18:43
  one.
• 18:43
  The
• 18:43
  test
• 18:44
  I
• 18:44
  like
• 18:44
  to
• 18:44
  apply
• 18:44
  to
• 18:45
  dashboards
• 18:46
  and
• 18:46
  these
• 18:46
  could
• 18:46
  be
• 18:46
  board
• 18:46
  dashboards
• 18:47
  or
• 18:47
  even
• 18:47
  operational
• 18:48
  dashboards
• 18:48
  for
• 18:48
  day
• 18:49
  to
• 18:49
  day
• 18:49
  decisions.
• 18:50
  For
• 18:50
  every
• 18:51
  window
• 18:51
  or
• 18:52
  chart
• 18:52
  or
• 18:52
  number
• 18:52
  that's
• 18:53
  on
• 18:53
  there,
• 18:54
  we
• 18:54
  should
• 18:54
  have
• 18:54
  an
• 18:54
  answer
• 18:54
  to
• 18:55
  the
• 18:55
  question
• 18:55
  of
• 18:56
  if
• 18:56
  this
• 18:56
  number
• 18:57
  is
• 18:57
  unusually
• 18:58
  high
• 18:58
  beyond
• 18:59
  whatever
• 18:59
  margin
• 18:59
  of
• 18:59
  tolerance
• 19:00
  we've
• 19:00
  got,
• 19:00
  or
• 19:00
  unusually
• 19:00
  low,
• 19:01
  what
• 19:01
  are
• 19:01
  we
• 19:01
  going
• 19:02
  to
• 19:02
  do?
• 19:02
  And
• 19:03
  the
• 19:03
  answer
• 19:03
  is
• 19:03
  nothing
• 19:03
  different.
• 19:04
  Then
• 19:04
  we
• 19:04
  have
• 19:04
  to
• 19:05
  ask
• 19:05
  why
• 19:05
  it's
• 19:05
  on
• 19:05
  there.
• 19:06
  Yes,
• 19:07
  AI.
• 19:07
  I
• 19:07
  think
• 19:08
  this
• 19:08
  is
• 19:08
  a
• 19:08
  record.
• 19:09
  We've
• 19:09
  been
• 19:09
  rolling
• 19:10
  for
• 19:10
  nearly
• 19:10
  20
• 19:10
  minutes
• 19:11
  and
• 19:11
  we
• 19:11
  haven't
• 19:11
  talked
• 19:11
  about
• 19:11
  AI
• 19:12
  yet.
• 19:12
  I
• 19:12
  think
• 19:12
  that's
• 19:12
  a
• 19:13
  record
• 19:13
  for
• 19:13
  a
• 19:14
  podcast
• 19:14
  this
• 19:14
  year.
• 19:15
  Not
• 19:15
  just
• 19:15
  mine,
• 19:15
  any
• 19:16
  podcast,
• 19:16
  probably.
• 19:18
  And
• 19:18
  when
• 19:18
  you
• 19:18
  and
• 19:18
  I
• 19:18
  were
• 19:18
  talking
• 19:19
  the
• 19:19
  other
• 19:19
  week,
• 19:19
  Tim,
• 19:19
  you
• 19:19
  told
• 19:20
  me
• 19:20
  some
• 19:21
  something
• 19:21
  fascinating
• 19:22
  about
• 19:22
  how
• 19:23
  a
• 19:23
  colleague
• 19:24
  installed
• 19:25
  Claude
• 19:25
  pointed
• 19:26
  at
• 19:26
  a
• 19:26
  shared
• 19:26
  drive
• 19:28
  and
• 19:28
  it
• 19:28
  did
• 19:28
  amazing
• 19:29
  work
• 19:29
  for
• 19:29
  you
• 19:29
  in
• 19:29
  the
• 19:30
  space
• 19:30
  of
• 19:30
  an
• 19:31
  hour,
• 19:32
  solving
• 19:32
  things
• 19:33
  that
• 19:33
  you'd
• 19:33
  been
• 19:33
  looking
• 19:33
  at
• 19:33
  for
• 19:34
  a
• 19:34
  long
• 19:34
  time.
• 19:35
  Can
• 19:35
  you
• 19:35
  share
• 19:35
  a
• 19:35
  bit
• 19:36
  more
• 19:36
  about
• 19:36
  that
• 19:38
  for
• 19:38
  the
• 19:38
  audience
• 19:39
  and
• 19:39
  talk
• 19:40
  about
• 19:40
  how
• 19:41
  you're
• 19:41
  going
• 19:41
  to
• 19:41
  embrace
• 19:42
  that
• 19:42
  capability
• 19:42
  to
• 19:42
  continue
• 19:43
  adding
• 19:43
  value
• 19:44
  from
• 19:44
  where
• 19:44
  you
• 19:44
  are?
• 19:45
  Yeah,
• 19:45
  it
• 19:45
  was
• 19:46
  always
• 19:46
  pretty
• 19:46
  remarkable.
• 19:47
  Our
• 19:47
  approach
• 19:48
  has
• 19:48
  effectively
• 19:48
  been
• 19:50
  let's
• 19:50
  focus
• 19:51
  on
• 19:51
  providing
• 19:51
  value
• 19:52
  to
• 19:52
  the
• 19:52
  portfolio
• 19:53
  first
• 19:54
  and
• 19:55
  then
• 19:55
  in
• 19:55
  doing
• 19:55
  that
• 19:56
  work,
• 19:56
  codify
• 19:57
  the
• 19:57
  projects
• 19:57
  we
• 19:57
  do
• 19:58
  elsewhere
• 19:58
  into
• 19:59
  these
• 19:59
  toolkits
• 20:00
  that
• 20:00
  can
• 20:00
  be
• 20:00
  applied
• 20:00
  and
• 20:01
  shared
• 20:01
  more
• 20:01
  broadly,
• 20:02
  rather
• 20:03
  than
• 20:03
  let's
• 20:04
  create
• 20:04
  a
• 20:04
  toolkit
• 20:05
  in
• 20:05
  our
• 20:05
  ivory
• 20:06
  tower
• 20:06
  that
• 20:06
  we
• 20:06
  will
• 20:06
  then
• 20:07
  bring
• 20:07
  portfolio.
• 20:08
  So
• 20:08
  we
• 20:09
  have
• 20:09
  been
• 20:09
  building
• 20:10
  out
• 20:10
  this
• 20:10
  repository
• 20:11
  of
• 20:11
  toolkits
• 20:12
  and
• 20:12
  resources
• 20:12
  and
• 20:13
  templates
• 20:13
  over
• 20:13
  the
• 20:14
  course
• 20:14
  of
• 20:14
  years
• 20:15
  and
• 20:16
  do
• 20:16
  have
• 20:16
  essentially
• 20:16
  a
• 20:17
  pretty
• 20:17
  exhaustive
• 20:18
  Excel
• 20:18
  file
• 20:19
  that
• 20:19
  says
• 20:19
  at
• 20:20
  some
• 20:20
  point
• 20:20
  it
• 20:20
  would
• 20:20
  be
• 20:21
  really
• 20:21
  nice
• 20:21
  to
• 20:21
  have
• 20:21
  resources
• 20:22
  for
• 20:22
  all
• 20:22
  of
• 20:22
  these
• 20:23
  things
• 20:23
  in
• 20:23
  finance,
• 20:24
  all
• 20:24
  of
• 20:24
  these
• 20:24
  things,
• 20:24
  and
• 20:25
  ops,
• 20:25
  et
• 20:25
  cetera.
• 20:26
  And
• 20:27
  as
• 20:27
  you
• 20:27
  said,
• 20:27
  one
• 20:28
  of
• 20:28
  my
• 20:28
  colleagues
• 20:28
  with
• 20:29
  Claude
• 20:29
  basically
• 20:30
  said,
• 20:31
  here's
• 20:31
  the
• 20:31
  Excel
• 20:32
  that
• 20:32
  lists,
• 20:33
  I'll
• 20:33
  say,
• 20:33
  the
• 20:33
  a
• 20:33
  hundred
• 20:34
  artifacts
• 20:35
  that
• 20:35
  we
• 20:35
  want.
• 20:36
  Look
• 20:37
  at
• 20:37
  the
• 20:37
  shared
• 20:37
  drive
• 20:39
  it
• 20:39
  identified.
• 20:39
  Okay,
• 20:40
  you
• 20:40
  have
• 20:41
  70
• 20:41
  of
• 20:41
  those
• 20:41
  hundreds
• 20:42
  already
• 20:42
  built
• 20:43
  out.
• 20:43
  We
• 20:43
  will
• 20:43
  make
• 20:44
  sure
• 20:44
  that
• 20:44
  those
• 20:44
  70
• 20:44
  are
• 20:45
  properly
• 20:45
  organized,
• 20:46
  that
• 20:46
  the
• 20:46
  naming
• 20:46
  convention
• 20:47
  of
• 20:47
  the
• 20:47
  files
• 20:47
  is
• 20:48
  all
• 20:48
  the
• 20:48
  same,
• 20:48
  they're
• 20:48
  all
• 20:49
  saved
• 20:49
  as
• 20:49
  final
• 20:49
  PDFs,
• 20:50
  etc.
• 20:51
  And
• 20:51
  for
• 20:51
  the
• 20:51
  30
• 20:52
  that
• 20:52
  you
• 20:52
  didn't
• 20:52
  have.
• 20:53
  Oh,
• 20:54
  you
• 20:54
  want
• 20:54
  a
• 20:55
  budget
• 20:56
  template,
• 20:56
  Something
• 20:56
  we
• 20:57
  have,
• 20:57
  but
• 20:57
  I'll
• 20:57
  use
• 20:57
  as
• 20:57
  an
• 20:57
  example
• 20:58
  like
• 20:58
  okay,
• 20:59
  a
• 20:59
  budget
• 20:59
  template
• 21:00
  for
• 21:00
  a
• 21:00
  healthcare
• 21:00
  services
• 21:01
  business
• 21:01
  should
• 21:01
  look
• 21:01
  like
• 21:02
  this,
• 21:02
  for
• 21:02
  a
• 21:02
  healthcare
• 21:02
  tech
• 21:03
  company
• 21:03
  should
• 21:03
  look
• 21:03
  like
• 21:03
  that.
• 21:04
  And
• 21:04
  then
• 21:04
  created
• 21:05
  artifacts
• 21:06
  and
• 21:06
  best
• 21:06
  practices
• 21:07
  and
• 21:07
  build
• 21:07
  those
• 21:07
  gaps.
• 21:08
  Like
• 21:09
  the
• 21:09
  pace
• 21:09
  of
• 21:10
  AI
• 21:11
  and
• 21:11
  I
• 21:11
  know
• 21:11
  everyone's
• 21:12
  talking
• 21:12
  about
• 21:12
  this
• 21:12
  is
• 21:13
  just
• 21:13
  incredible.
• 21:14
  I
• 21:15
  think
• 21:15
  2025
• 21:16
  we
• 21:16
  largely
• 21:16
  felt
• 21:17
  was
• 21:18
  a
• 21:18
  year
• 21:18
  of
• 21:18
  a
• 21:18
  lot
• 21:19
  of
• 21:19
  buzzwords
• 21:19
  and
• 21:20
  a
• 21:20
  lot
• 21:20
  of
• 21:20
  piloting
• 21:21
  and
• 21:21
  to
• 21:22
  do
• 21:22
  the
• 21:22
  really
• 21:22
  materially
• 21:23
  impactful
• 21:24
  things.
• 21:25
  It
• 21:25
  took
• 21:25
  some
• 21:26
  level
• 21:26
  of
• 21:26
  technical
• 21:27
  knowledge
• 21:28
  and
• 21:28
  execution
• 21:29
  to
• 21:29
  fundamentally
• 21:30
  change
• 21:30
  your
• 21:30
  workflows
• 21:31
  and
• 21:31
  implement
• 21:32
  the
• 21:32
  AI
• 21:32
  tools.
• 21:33
  And
• 21:33
  then
• 21:34
  with
• 21:35
  the
• 21:35
  last
• 21:35
  two
• 21:35
  months
• 21:36
  of
• 21:37
  Claude
• 21:38
  advancements
• 21:38
  in
• 21:39
  cowork,
• 21:40
  the
• 21:40
  Excel
• 21:41
  and
• 21:41
  PowerPoint
• 21:41
  plugins,
• 21:42
  we
• 21:43
  had
• 21:43
  y'
• 21:43
  all
• 21:43
  used
• 21:43
  it
• 21:44
  with
• 21:44
  OpenAI
• 21:45
  in
• 21:46
  2025
• 21:46
  and
• 21:47
  found
• 21:47
  them
• 21:47
  pretty
• 21:48
  underwhelming.
• 21:48
  We've
• 21:49
  all
• 21:49
  used
• 21:49
  the
• 21:49
  cloud
• 21:50
  ones
• 21:50
  in
• 21:50
  2026
• 21:51
  and
• 21:51
  are
• 21:52
  blown
• 21:52
  away
• 21:53
  by
• 21:53
  how
• 21:53
  good
• 21:53
  they
• 21:54
  are.
• 21:54
  Obviously
• 21:55
  they're
• 21:55
  not
• 21:55
  perfect,
• 21:56
  but
• 21:56
  that
• 21:56
  that
• 21:56
  pace
• 21:57
  of
• 21:57
  innovation
• 21:58
  and
• 21:58
  the
• 21:59
  ability
• 21:59
  for,
• 22:00
  I'll
• 22:01
  respectively
• 22:01
  say
• 22:01
  novices
• 22:02
  to
• 22:02
  use
• 22:02
  these
• 22:03
  tools
• 22:03
  and
• 22:04
  dramatically
• 22:04
  accelerate
• 22:05
  their
• 22:05
  work,
• 22:05
  not
• 22:06
  just
• 22:06
  developers
• 22:07
  or
• 22:08
  more
• 22:08
  technically
• 22:08
  advanced
• 22:09
  folks,
• 22:09
  is
• 22:09
  pretty
• 22:10
  incredible.
• 22:10
  And
• 22:10
  so
• 22:11
  that
• 22:12
  is
• 22:12
  an
• 22:12
  exciting
• 22:12
  shift
• 22:13
  in
• 22:13
  capabilities
• 22:14
  that
• 22:14
  I
• 22:14
  do
• 22:15
  feel
• 22:15
  like
• 22:15
  the
• 22:15
  capabilities
• 22:16
  today
• 22:16
  are
• 22:17
  fundamentally
• 22:18
  different
• 22:18
  than
• 22:18
  they
• 22:18
  were
• 22:19
  at
• 22:19
  the
• 22:19
  start
• 22:19
  of
• 22:19
  the
• 22:19
  year.
• 22:21
  That's
• 22:21
  net
• 22:22
  Net
• 22:22
  exciting.
• 22:23
  Also
• 22:23
  a
• 22:23
  little
• 22:23
  terrifying.
• 22:24
  Yeah.
• 22:26
  But
• 22:26
  I
• 22:26
  guess
• 22:26
  to
• 22:27
  tie
• 22:27
  a
• 22:27
  bow
• 22:27
  on
• 22:27
  the
• 22:28
  question
• 22:28
  that
• 22:28
  you
• 22:28
  asked,
• 22:29
  I
• 22:30
  don't
• 22:30
  actually
• 22:30
  think
• 22:30
  the
• 22:30
  source
• 22:31
  of
• 22:31
  value
• 22:31
  has
• 22:31
  changed
• 22:32
  though.
• 22:32
  The
• 22:32
  real
• 22:33
  value
• 22:33
  has
• 22:33
  never
• 22:34
  been
• 22:34
  the
• 22:34
  document.
• 22:35
  There's
• 22:35
  no
• 22:35
  secret
• 22:35
  sauce
• 22:36
  in
• 22:36
  any
• 22:36
  of
• 22:36
  this.
• 22:37
  Like
• 22:37
  the
• 22:37
  value
• 22:37
  is
• 22:38
  in
• 22:38
  the
• 22:38
  change
• 22:38
  management.
• 22:39
  It's
• 22:39
  always
• 22:39
  been,
• 22:40
  it
• 22:40
  always
• 22:40
  will
• 22:41
  be.
• 22:41
  I
• 22:41
  think
• 22:42
  the
• 22:42
  toolkits
• 22:42
  save
• 22:43
  us
• 22:43
  a
• 22:43
  lot
• 22:43
  of
• 22:44
  time.
• 22:45
  The
• 22:45
  toolkits
• 22:45
  that
• 22:45
  we
• 22:46
  create
• 22:46
  with
• 22:46
  AI
• 22:46
  save
• 22:47
  us
• 22:47
  time
• 22:47
  upfront
• 22:48
  creating
• 22:48
  the
• 22:49
  framework
• 22:49
  and
• 22:49
  that
• 22:50
  process
• 22:50
  is
• 22:50
  a
• 22:50
  lot
• 22:51
  more
• 22:51
  efficient.
• 22:52
  But
• 22:52
  we're
• 22:53
  trying
• 22:53
  to
• 22:54
  help
• 22:54
  people
• 22:55
  change
• 22:55
  their
• 22:55
  workflows,
• 22:56
  change
• 22:56
  their
• 22:57
  mindset,
• 22:57
  build
• 22:58
  new
• 22:58
  skills,
• 22:58
  change
• 22:59
  the
• 22:59
  incentive
• 23:00
  structure.
• 23:01
  You
• 23:02
  could
• 23:02
  always
• 23:02
  Google,
• 23:03
  what
• 23:03
  should
• 23:03
  a
• 23:03
  sales
• 23:04
  comp
• 23:04
  plan
• 23:04
  look
• 23:05
  like?
• 23:05
  You're
• 23:05
  getting
• 23:05
  a
• 23:06
  better
• 23:06
  result
• 23:06
  today
• 23:07
  when
• 23:07
  you
• 23:07
  ask
• 23:07
  Claude
• 23:08
  than
• 23:08
  you
• 23:08
  did
• 23:09
  a
• 23:09
  year
• 23:09
  ago
• 23:09
  when
• 23:09
  you
• 23:10
  asked
• 23:10
  Google.
• 23:11
  But
• 23:11
  implementing
• 23:12
  that
• 23:12
  change
• 23:12
  in
• 23:13
  sales
• 23:13
  comp
• 23:13
  plan
• 23:15
  is
• 23:15
  a
• 23:15
  lot
• 23:15
  harder
• 23:15
  than
• 23:16
  the
• 23:16
  Google
• 23:16
  search
• 23:16
  or
• 23:16
  the
• 23:17
  cloud
• 23:17
  search.
• 23:17
  And
• 23:17
  so
• 23:18
  the
• 23:18
  tools
• 23:19
  are
• 23:19
  meaningfully
• 23:20
  better.
• 23:20
  But
• 23:20
  I
• 23:20
  do
• 23:20
  think
• 23:21
  the
• 23:21
  underlying
• 23:22
  value
• 23:22
  has
• 23:23
  always
• 23:23
  been
• 23:23
  tied
• 23:23
  to
• 23:23
  the
• 23:23
  change
• 23:24
  management
• 23:24
  and
• 23:24
  the
• 23:24
  implementation
• 23:25
  of
• 23:25
  it.
• 23:26
  Yeah,
• 23:26
  I
• 23:26
  couldn't
• 23:27
  agree
• 23:27
  more.
• 23:28
  With
• 23:28
  our
• 23:28
  clients,
• 23:29
  we
• 23:29
  use
• 23:29
  a
• 23:30
  framework
• 23:30
  called
• 23:30
  Adkar
• 23:32
  awareness,
• 23:33
  desire,
• 23:34
  knowledge,
• 23:35
  ability
• 23:35
  and
• 23:35
  reinforcement.
• 23:36
  And
• 23:36
  those
• 23:36
  are
• 23:37
  the
• 23:37
  phases
• 23:38
  you
• 23:38
  have
• 23:38
  to
• 23:38
  go
• 23:38
  through
• 23:39
  sequentially.
• 23:39
  So
• 23:40
  the
• 23:40
  important
• 23:40
  point
• 23:40
  to
• 23:40
  pull
• 23:41
  out
• 23:41
  from
• 23:41
  that
• 23:41
  in
• 23:41
  response
• 23:42
  to
• 23:42
  what
• 23:42
  you're
• 23:42
  saying
• 23:42
  is
• 23:43
  that
• 23:44
  until
• 23:44
  you've
• 23:44
  built
• 23:44
  the
• 23:45
  awareness
• 23:45
  of
• 23:45
  the
• 23:45
  change
• 23:46
  created,
• 23:47
  the
• 23:47
  desire
• 23:47
  within
• 23:47
  the
• 23:47
  people
• 23:48
  who
• 23:48
  are
• 23:48
  going
• 23:48
  to
• 23:48
  have
• 23:48
  to
• 23:48
  change
• 23:48
  to
• 23:49
  do
• 23:49
  it,
• 23:49
  and
• 23:49
  the
• 23:49
  knowledge
• 23:50
  of
• 23:50
  how
• 23:50
  to
• 23:50
  make
• 23:50
  the
• 23:50
  change,
• 23:52
  then
• 23:52
  you
• 23:52
  don't
• 23:52
  even
• 23:52
  get
• 23:52
  to
• 23:53
  the
• 23:53
  execution
• 23:53
  part.
• 23:53
  Right.
• 23:56
  That's
• 23:56
  the
• 23:56
  important
• 23:57
  piece.
• 23:58
  I
• 23:58
  think
• 23:58
  there's
• 23:59
  an
• 23:59
  arc
• 24:00
  of
• 24:00
  the
• 24:00
  evolution
• 24:01
  of
• 24:01
  all
• 24:01
  this,
• 24:01
  say
• 24:02
  rough
• 24:03
  timelines.
• 24:03
  In
• 24:03
  2025,
• 24:04
  it
• 24:04
  was
• 24:06
  the
• 24:06
  targeted
• 24:07
  pilots
• 24:08
  that
• 24:09
  require
• 24:09
  technical
• 24:09
  sophistication
• 24:11
  to
• 24:11
  enhance
• 24:11
  your
• 24:12
  existing
• 24:12
  workflows.
• 24:13
  Early
• 24:14
  2026,
• 24:15
  it's
• 24:16
  oh
• 24:16
  wow,
• 24:16
  these
• 24:17
  tools
• 24:17
  are
• 24:17
  in
• 24:18
  everyone's
• 24:18
  hands
• 24:19
  to
• 24:20
  improve
• 24:21
  the
• 24:21
  efficiency
• 24:22
  of
• 24:22
  their
• 24:22
  work.
• 24:23
  I'll
• 24:23
  say
• 24:23
  the
• 24:23
  next
• 24:24
  turn
• 24:24
  is.
• 24:25
  And
• 24:25
  do
• 24:26
  the
• 24:26
  workflows
• 24:27
  wildly
• 24:28
  change
• 24:29
  and
• 24:29
  like,
• 24:29
  does
• 24:30
  the
• 24:30
  actual
• 24:30
  structure
• 24:30
  of
• 24:31
  the
• 24:31
  organization
• 24:31
  change?
• 24:32
  And
• 24:32
  I
• 24:32
  think
• 24:33
  some
• 24:34
  folks
• 24:34
  are
• 24:34
  at
• 24:35
  that
• 24:35
  stage.
• 24:35
  Most
• 24:36
  companies
• 24:36
  aren't
• 24:37
  yet.
• 24:38
  Yeah,
• 24:38
  I
• 24:38
  think
• 24:38
  the
• 24:38
  answer
• 24:39
  I
• 24:39
  just
• 24:39
  gave
• 24:40
  will
• 24:40
  evolve
• 24:41
  over
• 24:41
  time,
• 24:42
  but
• 24:43
  where
• 24:43
  I
• 24:43
  think
• 24:43
  the
• 24:43
  market
• 24:44
  is
• 24:44
  today,
• 24:45
  it's
• 24:45
  largely
• 24:46
  about
• 24:46
  kind
• 24:47
  of
• 24:47
  the
• 24:47
  implementation
• 24:48
  of
• 24:48
  these
• 24:49
  tools
• 24:49
  within
• 24:50
  existing
• 24:50
  constructs.
• 24:51
  But
• 24:51
  in
• 24:51
  the
• 24:52
  years
• 24:52
  ahead,
• 24:52
  I
• 24:52
  think
• 24:53
  the
• 24:53
  construct
• 24:53
  of
• 24:54
  what
• 24:54
  a
• 24:54
  business
• 24:54
  look
• 24:54
  like
• 24:55
  will
• 24:55
  in
• 24:56
  fact
• 24:56
  evolve
• 24:56
  and
• 24:56
  change.
• 24:57
  Yeah,
• 24:58
  I
• 24:58
  think
• 24:58
  so.
• 24:58
  And
• 24:59
  you're
• 24:59
  right
• 25:00
  to
• 25:00
  point
• 25:00
  out
• 25:00
  that
• 25:00
  Anthropic's
• 25:01
  been
• 25:01
  on
• 25:01
  a
• 25:02
  complete
• 25:02
  tear
• 25:02
  this
• 25:02
  year
• 25:03
  with
• 25:03
  the
• 25:03
  capabilities
• 25:04
  they've
• 25:04
  put
• 25:04
  out.
• 25:04
  And
• 25:05
  I
• 25:05
  saw
• 25:05
  a
• 25:05
  data
• 25:05
  point
• 25:06
  this
• 25:07
  week
• 25:07
  that
• 25:08
  Ramp
• 25:08
  had
• 25:08
  put
• 25:08
  out.
• 25:09
  Ramp's
• 25:10
  obviously
• 25:10
  running
• 25:10
  the
• 25:12
  expense
• 25:12
  accounts
• 25:12
  of
• 25:12
  many,
• 25:13
  many
• 25:14
  smaller
• 25:14
  businesses
• 25:15
  out
• 25:15
  there
• 25:15
  and
• 25:15
  has
• 25:15
  said
• 25:15
  they're
• 25:16
  now
• 25:16
  seeing
• 25:16
  a
• 25:16
  greater
• 25:17
  transaction
• 25:17
  volume
• 25:17
  and
• 25:17
  amount
• 25:18
  for
• 25:18
  Anthropic
• 25:18
  than
• 25:19
  they
• 25:19
  offer
• 25:19
  OpenAI
• 25:20
  in
• 25:21
  2026,
• 25:22
  which
• 25:23
  speaks
• 25:24
  to
• 25:24
  the
• 25:24
  swing
• 25:24
  that
• 25:25
  they've
• 25:25
  been
• 25:25
  able
• 25:25
  to
• 25:25
  generate.
• 25:26
  But
• 25:26
  it
• 25:26
  also
• 25:27
  brings
• 25:27
  with
• 25:27
  it
• 25:27
  a
• 25:28
  different
• 25:28
  problem.
• 25:28
  You've
• 25:28
  got
• 25:29
  this
• 25:29
  multi
• 25:29
  horse
• 25:29
  race
• 25:29
  and
• 25:30
  there
• 25:30
  was
• 25:30
  a
• 25:30
  time,
• 25:30
  I
• 25:31
  think
• 25:31
  towards
• 25:31
  the
• 25:31
  end
• 25:31
  of
• 25:31
  2025
• 25:32
  when
• 25:32
  Gemini
• 25:33
  was
• 25:33
  where
• 25:33
  it
• 25:33
  was
• 25:33
  at
• 25:33
  and
• 25:34
  everyone
• 25:34
  was
• 25:34
  saying
• 25:34
  this
• 25:34
  is
• 25:35
  where
• 25:35
  it's
• 25:35
  going
• 25:35
  to
• 25:35
  go.
• 25:36
  So
• 25:36
  with
• 25:36
  this
• 25:36
  multi
• 25:37
  horse
• 25:37
  race
• 25:37
  and
• 25:37
  different
• 25:38
  capabilities
• 25:39
  and
• 25:39
  increasingly
• 25:41
  siloed
• 25:42
  ecosystems,
• 25:43
  at
• 25:43
  the
• 25:43
  minute
• 25:43
  the
• 25:43
  friction
• 25:44
  of
• 25:44
  changing
• 25:44
  between
• 25:44
  them
• 25:45
  is
• 25:45
  low,
• 25:45
  but
• 25:46
  that
• 25:46
  might
• 25:46
  not
• 25:47
  as
• 25:47
  they
• 25:47
  begin
• 25:47
  to
• 25:48
  diverge
• 25:48
  and
• 25:48
  specialize
• 25:49
  a
• 25:49
  little
• 25:50
  bit
• 25:50
  more
• 25:50
  and
• 25:50
  play
• 25:50
  to
• 25:51
  their
• 25:51
  strengths.
• 25:51
  That
• 25:52
  may
• 25:52
  not
• 25:52
  always
• 25:53
  continue
• 25:53
  to
• 25:53
  be
• 25:53
  the
• 25:54
  case.
• 25:55
  With
• 25:55
  that
• 25:56
  in
• 25:56
  mind,
• 25:56
  the
• 25:56
  quickly
• 25:56
  evolving
• 25:57
  capabilities
• 25:57
  as
• 25:57
  well
• 25:58
  as
• 25:58
  the
• 25:58
  rapid
• 25:59
  shift
• 25:59
  in
• 25:59
  market
• 25:59
  leaders,
• 26:00
  how
• 26:00
  do
• 26:00
  you
• 26:00
  turn
• 26:00
  that
• 26:01
  into
• 26:01
  a
• 26:01
  portfolio
• 26:02
  company
• 26:02
  toolkit
• 26:03
  for
• 26:03
  your
• 26:03
  portfolio
• 26:04
  companies?
• 26:05
  You've
• 26:06
  spoken
• 26:06
  about
• 26:06
  how
• 26:07
  council
• 26:07
  has
• 26:07
  begun
• 26:07
  to
• 26:08
  implement
• 26:08
  AI.
• 26:08
  How
• 26:08
  do
• 26:08
  you
• 26:09
  think
• 26:09
  about
• 26:10
  using
• 26:10
  AI
• 26:11
  to
• 26:11
  the
• 26:12
  value
• 26:12
  benefit
• 26:13
  of
• 26:13
  your
• 26:13
  portfolio
• 26:13
  companies
• 26:14
  in
• 26:14
  toolkit
• 26:14
  form?
• 26:15
  Yeah,
• 26:16
  I'd
• 26:16
  say
• 26:17
  generally
• 26:17
  our
• 26:17
  approach
• 26:18
  is
• 26:18
  on
• 26:18
  this
• 26:18
  is
• 26:19
  solve
• 26:19
  for
• 26:19
  the
• 26:19
  lowest
• 26:20
  common
• 26:20
  denominator,
• 26:21
  don't
• 26:21
  try
• 26:21
  to
• 26:21
  solve
• 26:22
  for
• 26:22
  everything.
• 26:23
  And
• 26:23
  so
• 26:24
  that's
• 26:25
  something
• 26:25
  like
• 26:26
  Claude
• 26:27
  or
• 26:28
  granola
• 26:29
  for
• 26:29
  note
• 26:29
  taking
• 26:30
  or
• 26:30
  we
• 26:30
  use
• 26:30
  Aspie
• 26:31
  for
• 26:32
  talent
• 26:32
  set
• 26:32
  CRM.
• 26:33
  There
• 26:33
  are
• 26:34
  technology
• 26:35
  and
• 26:36
  AI
• 26:36
  powered
• 26:37
  tools
• 26:37
  that
• 26:37
  okay,
• 26:38
  everyone
• 26:39
  has
• 26:40
  the
• 26:40
  benefits
• 26:40
  of
• 26:41
  a
• 26:41
  quadrant
• 26:42
  open
• 26:42
  AI.
• 26:42
  Everyone's
• 26:43
  hiring
• 26:43
  people
• 26:43
  and
• 26:44
  is
• 26:44
  managing
• 26:44
  their
• 26:44
  candidate
• 26:45
  profile,
• 26:45
  everyone's
• 26:46
  taking
• 26:46
  notes
• 26:46
  in
• 26:46
  meetings.
• 26:47
  Those
• 26:48
  types
• 26:48
  of
• 26:48
  tools
• 26:49
  we
• 26:49
  are
• 26:50
  vetting
• 26:50
  as
• 26:50
  our
• 26:51
  team
• 26:51
  and
• 26:51
  talking
• 26:51
  to
• 26:52
  our
• 26:52
  IT
• 26:53
  leadership
• 26:54
  and
• 26:54
  our
• 26:54
  legal
• 26:54
  counsel
• 26:55
  to
• 26:55
  make
• 26:55
  sure
• 26:55
  that
• 26:55
  we
• 26:56
  have
• 26:57
  vetted
• 26:57
  tools
• 26:58
  that
• 26:58
  are
• 26:58
  proven
• 26:58
  to
• 26:59
  work
• 26:59
  that
• 26:59
  we
• 26:59
  share
• 26:59
  with
• 26:59
  our
• 27:00
  portfolio.
• 27:01
  We
• 27:01
  are
• 27:02
  sharing
• 27:02
  and
• 27:02
  recommending
• 27:03
  things,
• 27:03
  we
• 27:04
  aren't
• 27:04
  mandating
• 27:05
  things
• 27:05
  but
• 27:06
  we're
• 27:06
  making
• 27:06
  sure
• 27:06
  that
• 27:07
  they
• 27:07
  have
• 27:08
  those
• 27:08
  tools
• 27:08
  in
• 27:08
  their
• 27:09
  hands.
• 27:09
  And
• 27:09
  there's
• 27:09
  a
• 27:09
  little
• 27:10
  bit
• 27:10
  of
• 27:10
  competitive
• 27:10
  pressure
• 27:11
  around.
• 27:11
  Oh
• 27:11
  well,
• 27:12
  all
• 27:12
  the
• 27:13
  other
• 27:13
  portfolio
• 27:13
  companies
• 27:14
  are
• 27:14
  leaning
• 27:14
  into
• 27:14
  this.
• 27:15
  I'm
• 27:16
  not
• 27:16
  what
• 27:16
  can
• 27:16
  I
• 27:16
  learn
• 27:17
  from
• 27:17
  them?
• 27:17
  Because
• 27:17
  I
• 27:18
  think
• 27:19
  a
• 27:19
  mandate
• 27:20
  from
• 27:20
  the
• 27:20
  private
• 27:20
  equity
• 27:21
  firm
• 27:22
  wouldn't
• 27:22
  be
• 27:23
  well
• 27:23
  received.
• 27:24
  Learning
• 27:24
  from
• 27:25
  peers
• 27:25
  who
• 27:25
  are
• 27:25
  in
• 27:25
  the
• 27:26
  trenches
• 27:27
  is
• 27:27
  something
• 27:27
  people
• 27:27
  are
• 27:27
  generally
• 27:28
  open
• 27:28
  to
• 27:29
  and
• 27:29
  some,
• 27:30
  I'll
• 27:30
  say
• 27:30
  positive
• 27:31
  competitive
• 27:32
  dynamics
• 27:32
  around
• 27:33
  oh
• 27:33
  wow,
• 27:34
  my
• 27:34
  peers
• 27:35
  are
• 27:35
  moving
• 27:35
  a
• 27:35
  little
• 27:35
  faster.
• 27:36
  I
• 27:36
  need
• 27:36
  to
• 27:38
  kind
• 27:38
  of
• 27:38
  have
• 27:38
  a
• 27:38
  catalyst
• 27:39
  as
• 27:39
  well
• 27:40
  that
• 27:40
  collaboration
• 27:41
  on
• 27:41
  the
• 27:41
  topic,
• 27:42
  not
• 27:42
  just
• 27:42
  top
• 27:43
  down
• 27:43
  from
• 27:43
  council.
• 27:44
  So
• 27:44
  lowest
• 27:45
  common
• 27:45
  denominator,
• 27:46
  recommend
• 27:47
  and
• 27:47
  encourage
• 27:47
  but
• 27:48
  don't
• 27:48
  mandate.
• 27:49
  And
• 27:49
  that
• 27:49
  sets
• 27:50
  I'll
• 27:50
  say
• 27:50
  the
• 27:51
  floor
• 27:51
  for
• 27:52
  what
• 27:52
  we
• 27:52
  are
• 27:52
  doing
• 27:53
  and
• 27:53
  then
• 27:53
  we
• 27:54
  have
• 27:54
  the
• 27:54
  opportunity
• 27:54
  to
• 27:54
  see
• 27:55
  across
• 27:55
  portfolio
• 27:55
  to
• 27:56
  say
• 27:56
  okay,
• 27:56
  this
• 27:56
  company
• 27:57
  has
• 27:58
  a
• 27:58
  big
• 27:58
  need
• 27:58
  and
• 27:59
  is
• 27:59
  really
• 27:59
  leaning
• 28:00
  into
• 28:00
  the
• 28:00
  topic
• 28:01
  of
• 28:01
  AI.
• 28:02
  This
• 28:03
  company
• 28:03
  has
• 28:03
  a
• 28:03
  big
• 28:03
  need
• 28:03
  and
• 28:04
  they're
• 28:04
  not
• 28:04
  and
• 28:05
  this
• 28:05
  company
• 28:05
  has
• 28:05
  already
• 28:05
  solved
• 28:06
  it.
• 28:06
  We're
• 28:06
  going
• 28:06
  to
• 28:07
  spend
• 28:07
  our
• 28:07
  time
• 28:07
  and
• 28:07
  energy
• 28:07
  on
• 28:08
  that
• 28:08
  first
• 28:08
  company
• 28:09
  where
• 28:09
  there
• 28:09
  is
• 28:09
  a
• 28:09
  need
• 28:10
  and
• 28:10
  there's
• 28:10
  receptivity.
• 28:11
  We
• 28:12
  will
• 28:12
  then
• 28:13
  go
• 28:13
  on
• 28:13
  the
• 28:14
  deeper,
• 28:14
  more
• 28:14
  technical
• 28:16
  use
• 28:16
  cases
• 28:17
  if
• 28:17
  there's
• 28:17
  more
• 28:17
  dramatic
• 28:18
  changes
• 28:18
  to
• 28:18
  workflow
• 28:19
  or
• 28:19
  you're
• 28:19
  bringing
• 28:19
  in
• 28:19
  a
• 28:19
  consultant
• 28:20
  or
• 28:20
  you're
• 28:20
  making
• 28:20
  a
• 28:20
  bigger
• 28:21
  investment.
• 28:21
  Right.
• 28:22
  Kind
• 28:22
  of
• 28:23
  have
• 28:23
  the
• 28:23
  learnings
• 28:24
  where
• 28:24
  there
• 28:25
  is
• 28:25
  the
• 28:25
  openness
• 28:25
  and
• 28:26
  the
• 28:26
  need,
• 28:26
  develop
• 28:27
  the
• 28:27
  credibility
• 28:28
  in
• 28:28
  helping
• 28:28
  them
• 28:28
  solve
• 28:29
  that
• 28:29
  problem
• 28:30
  and
• 28:30
  then
• 28:30
  share
• 28:30
  it
• 28:30
  across
• 28:31
  the
• 28:31
  portfolio
• 28:32
  companies
• 28:33
  more
• 28:33
  broadly
• 28:34
  in
• 28:34
  a
• 28:34
  way
• 28:34
  that
• 28:35
  both
• 28:36
  kind
• 28:36
  of
• 28:36
  acts
• 28:36
  as
• 28:36
  a
• 28:36
  catalyst
• 28:37
  as
• 28:37
  well
• 28:37
  as
• 28:38
  a
• 28:38
  source
• 28:38
  of
• 28:38
  information.
• 28:39
  Yeah,
• 28:40
  I
• 28:40
  like
• 28:40
  the
• 28:40
  idea
• 28:41
  of
• 28:42
  shared
• 28:44
  lessons
• 28:45
  driving
• 28:45
  healthy
• 28:46
  competition,
• 28:47
  particularly
• 28:48
  across
• 28:48
  the
• 28:48
  portfolio
• 28:48
  you
• 28:49
  had.
• 28:49
  And
• 28:49
  just
• 28:49
  to
• 28:50
  come
• 28:50
  back
• 28:50
  to
• 28:50
  something
• 28:50
  we
• 28:50
  talked
• 28:50
  about
• 28:51
  earlier,
• 28:51
  if
• 28:51
  you
• 28:51
  have
• 28:52
  a
• 28:52
  portfolio
• 28:52
  full
• 28:52
  of
• 28:53
  B2B
• 28:53
  SaaS
• 28:53
  companies,
• 28:54
  that's
• 28:54
  a
• 28:54
  little
• 28:54
  easier
• 28:54
  because
• 28:56
  the
• 28:56
  measures
• 28:56
  are
• 28:57
  going
• 28:57
  to
• 28:57
  be
• 28:57
  similar
• 28:57
  as
• 28:58
  you
• 28:58
  described
• 28:58
  and
• 28:58
  the
• 28:59
  implementation
• 28:59
  approaches
• 28:59
  are
• 29:00
  similar.
• 29:01
  Do
• 29:01
  you
• 29:01
  have
• 29:01
  to
• 29:01
  approach
• 29:02
  that
• 29:02
  differently?
• 29:02
  Given
• 29:02
  the
• 29:02
  diversity
• 29:03
  you've
• 29:03
  got
• 29:03
  in
• 29:03
  your
• 29:04
  portfolio
• 29:04
  and
• 29:04
  the
• 29:04
  different
• 29:04
  types
• 29:05
  of
• 29:05
  companies
• 29:05
  that
• 29:06
  might
• 29:06
  have
• 29:06
  and
• 29:06
  the
• 29:06
  different
• 29:07
  objectives
• 29:08
  strategically
• 29:08
  that
• 29:09
  you've
• 29:09
  set
• 29:09
  for
• 29:09
  them
• 29:10
  that
• 29:10
  you
• 29:10
  discussed
• 29:11
  before,
• 29:11
  how
• 29:11
  do
• 29:11
  you
• 29:11
  maintain
• 29:12
  that
• 29:12
  super
• 29:13
  healthy
• 29:13
  element
• 29:13
  of
• 29:13
  competition
• 29:14
  and
• 29:14
  shared
• 29:14
  lessons?
• 29:15
  Yeah,
• 29:16
  I'd
• 29:16
  say
• 29:16
  it
• 29:17
  is
• 29:17
  harder
• 29:18
  because
• 29:18
  there's
• 29:19
  more
• 29:19
  diversity
• 29:20
  in
• 29:20
  our
• 29:20
  portfolios
• 29:21
  than
• 29:21
  say
• 29:21
  the
• 29:22
  prior
• 29:22
  world
• 29:22
  in
• 29:23
  which
• 29:23
  I
• 29:23
  work.
• 29:23
  That
• 29:24
  said,
• 29:25
  at
• 29:25
  the
• 29:25
  end
• 29:25
  of
• 29:25
  the
• 29:26
  day,
• 29:26
  do
• 29:26
  you
• 29:26
  have
• 29:26
  the
• 29:27
  right
• 29:27
  strategy,
• 29:27
  do
• 29:27
  you
• 29:27
  have
• 29:27
  the
• 29:28
  right
• 29:28
  team,
• 29:28
  do
• 29:28
  you
• 29:28
  have
• 29:28
  the
• 29:29
  right
• 29:29
  infrastructure?
• 29:30
  Are
• 29:30
  you
• 29:30
  being
• 29:31
  operationally
• 29:31
  efficient?
• 29:32
  Those
• 29:33
  fundamental
• 29:33
  questions,
• 29:34
  it's
• 29:34
  the
• 29:35
  same
• 29:35
  basic
• 29:36
  principles
• 29:36
  across
• 29:37
  every
• 29:37
  company
• 29:38
  in
• 29:38
  terms
• 29:39
  of
• 29:39
  the
• 29:39
  nuances
• 29:39
  of
• 29:40
  the
• 29:40
  application
• 29:40
  or
• 29:41
  the
• 29:41
  level
• 29:42
  of
• 29:42
  sophistication.
• 29:43
  From
• 29:43
  a
• 29:43
  technological
• 29:44
  perspective,
• 29:44
  yes,
• 29:45
  that
• 29:45
  is
• 29:45
  more
• 29:46
  varied.
• 29:47
  But
• 29:48
  we
• 29:49
  have
• 29:49
  a
• 29:49
  couple
• 29:49
  companies
• 29:49
  who
• 29:50
  are
• 29:50
  multi
• 29:50
  site
• 29:51
  healthcare
• 29:51
  clinics.
• 29:52
  They
• 29:53
  can
• 29:53
  collaborate
• 29:53
  a
• 29:54
  little
• 29:54
  bit
• 29:54
  more.
• 29:54
  We
• 29:54
  have
• 29:54
  a
• 29:54
  couple
• 29:55
  companies
• 29:55
  that
• 29:55
  are
• 29:56
  the
• 29:56
  specialty
• 29:57
  emr,
• 29:57
  the
• 29:57
  revenue
• 29:58
  cycle
• 29:58
  companies.
• 29:59
  They're
• 29:59
  going
• 30:00
  to
• 30:00
  collaborate
• 30:00
  more
• 30:00
  and
• 30:01
  so
• 30:01
  I'd
• 30:01
  say
• 30:02
  it's
• 30:02
  less
• 30:02
  in
• 30:03
  that
• 30:03
  case.
• 30:03
  On
• 30:04
  the
• 30:04
  AI
• 30:04
  adoption,
• 30:06
  a
• 30:06
  uniform
• 30:07
  here's
• 30:08
  how
• 30:08
  the
• 30:08
  portfolio
• 30:09
  at
• 30:09
  large
• 30:10
  all
• 30:10
  shares
• 30:11
  best
• 30:11
  practices,
• 30:13
  but
• 30:13
  there's
• 30:13
  probably,
• 30:14
  I'd
• 30:14
  say
• 30:14
  three
• 30:15
  different
• 30:15
  cohorts
• 30:16
  within
• 30:16
  the
• 30:17
  portfolio
• 30:17
  and
• 30:18
  every
• 30:18
  company
• 30:18
  fits
• 30:19
  into
• 30:19
  one
• 30:20
  and
• 30:20
  there's
• 30:21
  a
• 30:21
  lot
• 30:21
  of
• 30:21
  sharing
• 30:22
  at
• 30:22
  that
• 30:22
  level.
• 30:23
  Yeah,
• 30:24
  we
• 30:24
  spoke
• 30:24
  earlier
• 30:24
  about
• 30:25
  PE
• 30:26
  being
• 30:26
  a
• 30:26
  talent
• 30:27
  business
• 30:27
  and
• 30:27
  you
• 30:27
  have
• 30:28
  extraordinary
• 30:28
  talent
• 30:28
  across
• 30:29
  your
• 30:29
  portfolio
• 30:29
  companies.
• 30:30
  You
• 30:30
  have
• 30:30
  CEOs
• 30:31
  that
• 30:31
  delivered
• 30:32
  a
• 30:32
  ton
• 30:32
  of
• 30:32
  shareholder
• 30:33
  value
• 30:34
  already
• 30:35
  with
• 30:36
  plenty
• 30:36
  more
• 30:36
  to
• 30:36
  come.
• 30:36
  And
• 30:37
  that
• 30:37
  in
• 30:37
  itself
• 30:38
  is
• 30:38
  an
• 30:38
  extraordinary
• 30:39
  network
• 30:39
  of
• 30:40
  knowledge.
• 30:41
  Have
• 30:41
  you
• 30:41
  considered
• 30:42
  like
• 30:43
  any
• 30:43
  way
• 30:43
  to
• 30:43
  sort
• 30:44
  of
• 30:44
  collect
• 30:44
  and
• 30:44
  use
• 30:45
  that
• 30:45
  or
• 30:45
  use
• 30:45
  AI
• 30:46
  to
• 30:46
  collect
• 30:47
  and
• 30:47
  use
• 30:47
  that
• 30:47
  collective
• 30:48
  knowledge
• 30:48
  and
• 30:48
  wisdom
• 30:49
  that
• 30:49
  you've
• 30:49
  got
• 30:49
  across
• 30:49
  those
• 30:50
  companies?
• 30:51
  Yeah,
• 30:51
  I
• 30:51
  don't
• 30:51
  have
• 30:51
  a
• 30:52
  great
• 30:52
  answer.
• 30:52
  Perfectly
• 30:53
  blunt.
• 30:54
  So
• 30:54
  as
• 30:55
  context
• 30:55
  for
• 30:55
  folks,
• 30:56
  this
• 30:56
  is
• 30:56
  our,
• 30:56
  with
• 30:57
  our
• 30:57
  CEO
• 30:57
  council.
• 30:57
  So
• 30:58
  this
• 30:58
  is
• 30:58
  three
• 30:58
  dozen
• 30:59
  public
• 30:59
  and
• 31:00
  private
• 31:00
  sector
• 31:00
  leaders
• 31:01
  who
• 31:02
  are
• 31:02
  really
• 31:02
  luminaries
• 31:02
  in
• 31:02
  the
• 31:03
  healthcare
• 31:03
  industry.
• 31:03
  So
• 31:04
  folks
• 31:04
  who
• 31:04
  have
• 31:05
  led
• 31:06
  CMS,
• 31:06
  the
• 31:06
  federal
• 31:07
  Medicare,
• 31:07
  Medicare
• 31:08
  program,
• 31:09
  couple
• 31:09
  state
• 31:09
  Medicaid
• 31:10
  directors,
• 31:10
  CEOs
• 31:11
  and
• 31:11
  executives
• 31:12
  of
• 31:12
  companies
• 31:12
  like
• 31:13
  Brookdale
• 31:14
  Senior
• 31:14
  Living
• 31:15
  and
• 31:15
  Cigna
• 31:16
  and
• 31:16
  Kroger
• 31:17
  and
• 31:17
  others
• 31:17
  who
• 31:18
  are
• 31:18
  investors
• 31:19
  and
• 31:19
  advisors
• 31:20
  of
• 31:20
  the
• 31:20
  fund.
• 31:20
  And
• 31:21
  these
• 31:21
  folks
• 31:22
  are
• 31:22
  working
• 31:22
  with
• 31:22
  both
• 31:22
  the
• 31:22
  firm
• 31:23
  and
• 31:23
  our
• 31:23
  portfolio
• 31:23
  companies.
• 31:24
  And
• 31:25
  to
• 31:25
  your
• 31:25
  question
• 31:26
  right
• 31:27
  now,
• 31:27
  that
• 31:27
  I'd
• 31:27
  say
• 31:27
  is
• 31:28
  an
• 31:28
  art
• 31:28
  more
• 31:28
  than
• 31:29
  a
• 31:29
  science.
• 31:29
  AI
• 31:30
  is
• 31:30
  really
• 31:31
  powerful
• 31:32
  and
• 31:32
  making
• 31:33
  sense
• 31:33
  of,
• 31:33
  I'll
• 31:33
  say,
• 31:34
  documented
• 31:34
  information.
• 31:36
  So
• 31:36
  much
• 31:36
  of
• 31:36
  the
• 31:37
  experience
• 31:38
  and
• 31:38
  the
• 31:38
  knowledge
• 31:38
  and
• 31:39
  the
• 31:39
  relationships
• 31:39
  that
• 31:39
  these
• 31:39
  people
• 31:40
  have
• 31:40
  that
• 31:40
  create
• 31:41
  value
• 31:41
  for
• 31:41
  the
• 31:41
  ecosystem
• 31:43
  don't
• 31:43
  live
• 31:44
  in
• 31:44
  a
• 31:44
  documented
• 31:45
  manner
• 31:45
  that
• 31:45
  you
• 31:46
  can
• 31:46
  point
• 31:46
  the
• 31:46
  AI
• 31:46
  to.
• 31:47
  And
• 31:47
  so
• 31:48
  this
• 31:48
  is
• 31:48
  an
• 31:48
  example
• 31:49
  where
• 31:50
  AI
• 31:50
  has
• 31:51
  transformational
• 31:51
  power.
• 31:52
  It
• 31:52
  is
• 31:52
  accelerating
• 31:53
  very,
• 31:54
  very
• 31:54
  quickly.
• 31:55
  AI
• 31:56
  can't
• 31:57
  do
• 31:57
  everything.
• 31:58
  Real
• 31:58
  human
• 31:59
  things
• 31:59
  with
• 31:59
  real
• 31:59
  human
• 32:00
  relationships
• 32:01
  still
• 32:01
  matter
• 32:02
  as
• 32:02
  much
• 32:02
  as
• 32:02
  they
• 32:02
  ever
• 32:03
  have.
• 32:03
  Yeah,
• 32:04
  absolutely.
• 32:05
  We
• 32:05
  discussed
• 32:05
  earlier
• 32:06
  how
• 32:07
  you
• 32:07
  majored
• 32:07
  in
• 32:07
  history,
• 32:09
  and
• 32:09
  the
• 32:10
  power
• 32:10
  of
• 32:10
  history
• 32:10
  is
• 32:10
  obviously
• 32:11
  looking
• 32:11
  back
• 32:11
  and
• 32:11
  learning
• 32:12
  from
• 32:12
  the
• 32:13
  patterns
• 32:13
  of
• 32:13
  the
• 32:13
  past
• 32:13
  to
• 32:14
  see
• 32:14
  what's
• 32:15
  going
• 32:15
  forward.
• 32:15
  There's
• 32:16
  been
• 32:16
  a
• 32:16
  few
• 32:16
  different
• 32:16
  hypotheses
• 32:17
  with
• 32:17
  this
• 32:17
  sort
• 32:18
  of
• 32:18
  technology
• 32:18
  revolution
• 32:18
  that's
• 32:19
  going
• 32:19
  on,
• 32:20
  but
• 32:20
  there
• 32:20
  was
• 32:20
  at
• 32:21
  the
• 32:21
  time
• 32:21
  of
• 32:21
  big
• 32:21
  data,
• 32:21
  there
• 32:22
  was
• 32:22
  at
• 32:22
  the
• 32:22
  time
• 32:22
  of
• 32:23
  cloud
• 32:23
  computing.
• 32:25
  There's,
• 32:26
  there's
• 32:26
  been
• 32:26
  multiple
• 32:26
  potential
• 32:27
  technology
• 32:27
  revolutions
• 32:29
  in
• 32:29
  the
• 32:29
  past.
• 32:30
  This
• 32:30
  one
• 32:30
  might
• 32:31
  feel
• 32:31
  a
• 32:31
  little
• 32:31
  different,
• 32:32
  maybe.
• 32:33
  But
• 32:33
  either
• 32:34
  way,
• 32:34
  looking
• 32:34
  back
• 32:34
  at
• 32:35
  what
• 32:35
  you've
• 32:35
  seen
• 32:35
  so
• 32:35
  far
• 32:36
  in
• 32:36
  your
• 32:36
  career,
• 32:37
  what
• 32:37
  does
• 32:37
  the
• 32:38
  history
• 32:38
  of
• 32:39
  the
• 32:39
  PE
• 32:39
  industry
• 32:40
  tell
• 32:40
  you
• 32:40
  that
• 32:40
  is
• 32:41
  likely
• 32:41
  to
• 32:42
  happen
• 32:42
  next
• 32:42
  and
• 32:43
  shape
• 32:44
  the
• 32:44
  next
• 32:44
  five
• 32:45
  to
• 32:45
  10
• 32:45
  years?
• 32:46
  Where
• 32:47
  do
• 32:47
  we
• 32:47
  think
• 32:47
  it's
• 32:47
  going?
• 32:48
  Yeah,
• 32:50
  I'll
• 32:50
  make
• 32:50
  my
• 32:50
  old
• 32:50
  history
• 32:51
  professors
• 32:51
  proud.
• 32:51
  I'll
• 32:52
  give
• 32:52
  you
• 32:53
  an
• 32:53
  example
• 32:54
  in
• 32:54
  history
• 32:55
  from
• 32:55
  100
• 32:56
  plus
• 32:56
  years
• 32:56
  ago
• 32:56
  and
• 32:56
  they'll
• 32:57
  tie
• 32:57
  it
• 32:57
  to
• 32:57
  PE
• 32:57
  today.
• 32:57
  But
• 32:58
  I
• 32:58
  think
• 32:58
  the
• 32:59
  analogy
• 32:59
  that
• 33:00
  comes
• 33:00
  to
• 33:00
  mind
• 33:01
  for
• 33:01
  me
• 33:02
  is
• 33:02
  a
• 33:02
  transition
• 33:03
  from
• 33:04
  you
• 33:04
  had
• 33:05
  individual
• 33:05
  artisans
• 33:06
  and
• 33:06
  craftsmen
• 33:07
  building
• 33:07
  their
• 33:08
  products
• 33:08
  to
• 33:09
  factory
• 33:09
  production
• 33:10
  in
• 33:10
  the
• 33:10
  early
• 33:10
  industrial
• 33:11
  period.
• 33:12
  And
• 33:13
  what's
• 33:13
  interesting
• 33:14
  about
• 33:14
  that
• 33:14
  period
• 33:14
  is
• 33:15
  that
• 33:15
  in
• 33:16
  the
• 33:16
  first
• 33:16
  wave
• 33:16
  of,
• 33:17
  I'll
• 33:17
  call
• 33:17
  it
• 33:17
  value
• 33:17
  creation,
• 33:18
  it
• 33:18
  didn't
• 33:18
  go
• 33:19
  the
• 33:19
  people
• 33:19
  who
• 33:19
  had
• 33:19
  the
• 33:19
  very
• 33:20
  best
• 33:20
  machines.
• 33:20
  It
• 33:20
  went
• 33:21
  to
• 33:21
  the
• 33:21
  people
• 33:22
  and
• 33:22
  the
• 33:22
  operators
• 33:23
  who
• 33:23
  figured
• 33:23
  out
• 33:23
  how
• 33:24
  to
• 33:24
  reorganize
• 33:25
  their
• 33:25
  human
• 33:26
  workflows
• 33:27
  around
• 33:27
  these
• 33:27
  new
• 33:27
  capabilities.
• 33:28
  The
• 33:29
  technology
• 33:30
  was
• 33:30
  pretty
• 33:30
  commoditized
• 33:32
  pretty
• 33:32
  quickly,
• 33:33
  but
• 33:33
  also
• 33:34
  the
• 33:34
  durable
• 33:34
  advantage
• 33:35
  was
• 33:35
  in
• 33:35
  the
• 33:35
  process
• 33:36
  redesign
• 33:36
  the
• 33:37
  labor
• 33:37
  model,
• 33:37
  the
• 33:37
  supply
• 33:38
  chain
• 33:38
  integration.
• 33:39
  I
• 33:39
  think
• 33:39
  there's
• 33:39
  a
• 33:39
  lot
• 33:39
  of
• 33:40
  parallels
• 33:40
  to
• 33:41
  what's
• 33:41
  going
• 33:41
  on
• 33:41
  in
• 33:41
  AI
• 33:41
  today.
• 33:42
  The
• 33:42
  Gemini
• 33:43
  model
• 33:43
  is
• 33:43
  great,
• 33:43
  the
• 33:44
  OpenAI
• 33:44
  model
• 33:45
  is
• 33:45
  great,
• 33:45
  the
• 33:45
  cloud
• 33:45
  model
• 33:46
  is
• 33:46
  great.
• 33:47
  The
• 33:47
  value
• 33:47
  comes
• 33:48
  from
• 33:48
  how
• 33:48
  do
• 33:48
  you
• 33:49
  integrate
• 33:50
  that
• 33:50
  new
• 33:51
  knowledge
• 33:51
  and
• 33:51
  those
• 33:52
  new
• 33:52
  capabilities
• 33:53
  within
• 33:54
  your
• 33:54
  human
• 33:54
  workflow
• 33:55
  and
• 33:55
  within
• 33:55
  the
• 33:55
  capabilities.
• 33:56
  And
• 33:56
  so
• 33:57
  as
• 33:57
  it
• 33:57
  relates
• 33:58
  to
• 33:58
  private
• 33:58
  equity
• 33:59
  specifically,
• 34:00
  I
• 34:00
  think
• 34:00
  this
• 34:01
  really
• 34:01
  shows
• 34:01
  up
• 34:01
  in
• 34:02
  the
• 34:02
  middle
• 34:02
  market
• 34:02
  where
• 34:02
  you
• 34:02
  have
• 34:03
  a
• 34:03
  lot
• 34:03
  of
• 34:03
  hands
• 34:04
  on
• 34:04
  operational
• 34:05
  influence.
• 34:06
  Firms
• 34:07
  that
• 34:07
  are
• 34:07
  building
• 34:08
  genuine
• 34:08
  expertise
• 34:09
  in
• 34:09
  workflow
• 34:10
  design,
• 34:11
  firms
• 34:11
  that
• 34:11
  have
• 34:12
  a
• 34:12
  genuinely
• 34:12
  differentiated
• 34:13
  human
• 34:14
  network
• 34:15
  in
• 34:15
  addition
• 34:15
  to
• 34:16
  the
• 34:16
  technology
• 34:17
  adoption,
• 34:18
  those
• 34:18
  are
• 34:18
  the
• 34:19
  ones
• 34:19
  that
• 34:19
  are
• 34:19
  going
• 34:19
  to
• 34:20
  figure
• 34:20
  this
• 34:20
  out
• 34:20
  and
• 34:20
  have
• 34:20
  the
• 34:21
  sustainable
• 34:21
  and
• 34:22
  durable
• 34:22
  advantage.
• 34:23
  It's
• 34:23
  not
• 34:23
  just
• 34:24
  using
• 34:24
  AI,
• 34:25
  it's
• 34:25
  using
• 34:25
  AI
• 34:26
  in
• 34:27
  the
• 34:27
  Context
• 34:27
  of
• 34:28
  humanity.
• 34:29
  Yeah,
• 34:31
  I
• 34:31
  couldn't
• 34:31
  agree
• 34:31
  more.
• 34:32
  And
• 34:32
  I
• 34:32
  reflect
• 34:33
  again
• 34:33
  on
• 34:34
  conversations
• 34:34
  I
• 34:34
  have
• 34:34
  with
• 34:34
  clients.
• 34:36
  Well,
• 34:36
  sometimes
• 34:37
  they
• 34:37
  expect
• 34:37
  us
• 34:38
  to
• 34:38
  start
• 34:38
  with
• 34:39
  here
• 34:39
  are
• 34:39
  the
• 34:39
  data
• 34:40
  ecosystem
• 34:40
  tools
• 34:41
  we're
• 34:41
  going
• 34:41
  to
• 34:41
  use.
• 34:41
  Like
• 34:41
  there's
• 34:42
  some
• 34:42
  secret
• 34:42
  recipe
• 34:42
  of
• 34:43
  tools
• 34:43
  that
• 34:43
  we
• 34:43
  can
• 34:43
  put
• 34:43
  together
• 34:43
  that
• 34:44
  gets
• 34:45
  an
• 34:45
  exceptional
• 34:45
  result.
• 34:46
  And
• 34:46
  very
• 34:47
  often
• 34:47
  it's
• 34:48
  not
• 34:48
  that
• 34:48
  at
• 34:48
  all.
• 34:49
  In
• 34:49
  fact,
• 34:49
  it's
• 34:49
  exactly
• 34:49
  what
• 34:50
  you
• 34:50
  just
• 34:50
  said.
• 34:50
  How
• 34:51
  are
• 34:51
  we
• 34:51
  going
• 34:51
  to
• 34:51
  use
• 34:51
  the
• 34:52
  output
• 34:52
  and
• 34:52
  the
• 34:53
  knowledge
• 34:53
  and
• 34:53
  the
• 34:54
  systems
• 34:54
  and
• 34:54
  the
• 34:54
  capabilities
• 34:55
  of
• 34:55
  these
• 34:55
  tools
• 34:55
  to
• 34:55
  transform
• 34:56
  what
• 34:56
  we
• 34:56
  do
• 34:56
  to
• 34:57
  drive
• 34:57
  value?
• 34:57
  That's
• 34:57
  actually
• 34:58
  the
• 34:59
  more
• 34:59
  important
• 34:59
  question.
• 34:59
  And
• 35:00
  I
• 35:01
  find
• 35:01
  particularly
• 35:02
  also
• 35:03
  as
• 35:03
  someone
• 35:03
  who
• 35:03
  operates
• 35:04
  in
• 35:04
  the
• 35:04
  kind
• 35:04
  of
• 35:04
  lower
• 35:04
  middle
• 35:05
  market
• 35:07
  who's
• 35:07
  looking
• 35:07
  for
• 35:07
  a
• 35:07
  data
• 35:07
  warehouse,
• 35:08
  for
• 35:08
  example,
• 35:08
  do
• 35:09
  you
• 35:09
  want
• 35:09
  Snowflake
• 35:09
  or
• 35:10
  do
• 35:10
  you
• 35:10
  want
• 35:10
  DataBricks
• 35:11
  or
• 35:11
  putting
• 35:11
  DBT
• 35:12
  on?
• 35:12
  Or
• 35:12
  are
• 35:12
  we
• 35:12
  just
• 35:13
  going
• 35:13
  to
• 35:13
  leave
• 35:13
  the
• 35:13
  data
• 35:13
  in
• 35:13
  Amazon
• 35:14
  S3?
• 35:15
  To
• 35:15
  a
• 35:15
  large
• 35:15
  part,
• 35:16
  it
• 35:16
  doesn't
• 35:16
  matter
• 35:16
  because
• 35:17
  the
• 35:17
  important
• 35:17
  thing
• 35:18
  is
• 35:18
  the
• 35:18
  change
• 35:18
  management,
• 35:19
  the
• 35:19
  capability
• 35:19
  to
• 35:19
  take
• 35:20
  advantage
• 35:20
  of
• 35:20
  the
• 35:20
  technology
• 35:21
  in
• 35:21
  general,
• 35:21
  because
• 35:22
  the
• 35:22
  companies
• 35:23
  where
• 35:23
  that
• 35:23
  choice
• 35:24
  is
• 35:24
  important
• 35:24
  are
• 35:24
  pushing
• 35:25
  the
• 35:25
  outer
• 35:25
  reaches
• 35:26
  of
• 35:27
  the
• 35:27
  feature
• 35:28
  list.
• 35:28
  They're
• 35:28
  not
• 35:29
  taking
• 35:30
  advantage
• 35:30
  of
• 35:30
  the
• 35:30
  base
• 35:31
  capabilities.
• 35:31
  So
• 35:31
  to
• 35:31
  that
• 35:32
  I'd
• 35:33
  supply
• 35:33
  that
• 35:35
  same
• 35:35
  advice
• 35:35
  back
• 35:35
  to
• 35:35
  anyone
• 35:36
  about
• 35:36
  AI.
• 35:38
  If
• 35:38
  you're
• 35:38
  a
• 35:38
  top
• 35:38
  to
• 35:39
  bottom
• 35:39
  Microsoft
• 35:39
  shop,
• 35:40
  then
• 35:40
  of
• 35:40
  course
• 35:41
  you
• 35:41
  should
• 35:41
  use
• 35:41
  Copilot
• 35:42
  please.
• 35:42
  It's
• 35:43
  going
• 35:43
  to
• 35:43
  integrate
• 35:43
  with
• 35:43
  your
• 35:43
  workflows
• 35:44
  so
• 35:44
  much
• 35:44
  more
• 35:44
  effectively
• 35:45
  and
• 35:45
  you'll
• 35:45
  derive
• 35:46
  all
• 35:46
  the
• 35:46
  value
• 35:46
  out
• 35:46
  of
• 35:46
  it
• 35:47
  and
• 35:47
  then
• 35:47
  some
• 35:48
  more.
• 35:48
  So
• 35:48
  even
• 35:49
  if
• 35:49
  GPT
• 35:50
  5.4
• 35:50
  is
• 35:51
  a
• 35:51
  little
• 35:51
  better
• 35:51
  at
• 35:51
  doing
• 35:52
  programming,
• 35:53
  even
• 35:53
  if
• 35:53
  Claud
• 35:53
  is
• 35:53
  a
• 35:54
  little
• 35:54
  better
• 35:54
  at
• 35:54
  writing
• 35:54
  stuff
• 35:55
  for
• 35:55
  you,
• 35:56
  your
• 35:56
  correct
• 35:57
  choice
• 35:57
  is
• 35:57
  Microsoft.
• 35:57
  Because
• 35:58
  of
• 35:58
  that
• 35:58
  integration,
• 35:58
  because
• 35:59
  of
• 35:59
  that
• 35:59
  ease
• 35:59
  of
• 35:59
  change
• 35:59
  management
• 36:01
  and
• 36:01
  whatever
• 36:02
  else
• 36:02
  is
• 36:02
  going
• 36:03
  on,
• 36:03
  especially
• 36:03
  now
• 36:04
  that
• 36:04
  Microsoft
• 36:04
  seems
• 36:05
  to
• 36:05
  have
• 36:05
  just
• 36:06
  adopted
• 36:06
  Claude.
• 36:07
  Anyway,
• 36:09
  you
• 36:09
  can't
• 36:09
  predict
• 36:10
  how
• 36:10
  these
• 36:10
  things
• 36:10
  are
• 36:10
  going
• 36:10
  to
• 36:10
  go.
• 36:11
  You
• 36:11
  have
• 36:11
  to
• 36:11
  go
• 36:11
  with
• 36:11
  the
• 36:11
  thing
• 36:11
  that's
• 36:12
  going
• 36:12
  to
• 36:12
  work
• 36:12
  best
• 36:12
  for
• 36:12
  you,
• 36:12
  I
• 36:13
  think.
• 36:13
  Agreed.
• 36:15
  And
• 36:16
  the
• 36:16
  other
• 36:16
  interesting
• 36:17
  point,
• 36:17
  I
• 36:17
  think
• 36:18
  I've
• 36:18
  heard
• 36:18
  Ray
• 36:19
  Dalio
• 36:19
  talk
• 36:19
  about
• 36:19
  this
• 36:21
  in
• 36:22
  terms
• 36:22
  of
• 36:22
  things
• 36:22
  which
• 36:22
  fundamentally
• 36:23
  shift
• 36:23
  society.
• 36:25
  They
• 36:25
  are
• 36:25
  typically
• 36:26
  things
• 36:26
  that
• 36:26
  people
• 36:26
  don't
• 36:27
  see
• 36:27
  coming.
• 36:27
  Right?
• 36:27
  So
• 36:27
  AI
• 36:28
  is
• 36:28
  something
• 36:28
  which
• 36:29
  granted
• 36:30
  is
• 36:30
  moving
• 36:30
  fast,
• 36:31
  but
• 36:31
  has
• 36:31
  been
• 36:31
  introduced
• 36:32
  to
• 36:32
  us.
• 36:32
  We've
• 36:32
  become
• 36:33
  used
• 36:33
  to
• 36:33
  it,
• 36:33
  we
• 36:33
  know
• 36:34
  the
• 36:34
  capabilities,
• 36:34
  we
• 36:34
  see
• 36:35
  how
• 36:35
  it's
• 36:35
  expanding,
• 36:35
  we
• 36:35
  understand
• 36:36
  where
• 36:36
  it
• 36:37
  might
• 36:37
  go.
• 36:39
  You
• 36:39
  know,
• 36:39
  I
• 36:40
  think
• 36:40
  as
• 36:40
  Ray
• 36:40
  points
• 36:41
  out,
• 36:41
  the
• 36:41
  day
• 36:42
  before
• 36:44
  the
• 36:44
  big
• 36:44
  crash
• 36:44
  in
• 36:44
  1929,
• 36:45
  nobody
• 36:46
  knew
• 36:46
  it
• 36:46
  was
• 36:46
  coming.
• 36:46
  The
• 36:46
  day
• 36:46
  before
• 36:47
  9,
• 36:47
  11,
• 36:47
  no
• 36:47
  one
• 36:48
  knew
• 36:48
  it
• 36:48
  was
• 36:48
  coming.
• 36:49
  The
• 36:49
  week
• 36:49
  before
• 36:50
  COVID
• 36:50
  shut
• 36:51
  the
• 36:51
  world
• 36:51
  down,
• 36:51
  nobody
• 36:52
  knew
• 36:52
  it
• 36:52
  was
• 36:52
  coming.
• 36:53
  So
• 36:54
  I
• 36:54
  take
• 36:54
  Some
• 36:54
  comfort
• 36:55
  in
• 36:55
  that.
• 36:55
  In
• 36:55
  that
• 36:56
  the
• 36:56
  events
• 36:57
  which
• 36:57
  do
• 36:57
  fundamentally
• 36:58
  shift
• 36:58
  society
• 36:59
  are
• 36:59
  the
• 36:59
  ones
• 37:00
  that
• 37:00
  nobody
• 37:01
  can
• 37:01
  see
• 37:01
  coming.
• 37:01
  And
• 37:02
  that's
• 37:02
  precisely
• 37:02
  why
• 37:03
  they
• 37:03
  shift
• 37:03
  society,
• 37:04
  because
• 37:04
  no
• 37:04
  one
• 37:04
  saw
• 37:04
  them
• 37:04
  coming.
• 37:05
  I
• 37:05
  think
• 37:05
  AI,
• 37:05
  I
• 37:06
  think,
• 37:06
  is
• 37:06
  firmly
• 37:07
  on
• 37:07
  everyone's
• 37:08
  radar
• 37:08
  and
• 37:08
  its
• 37:08
  capabilities
• 37:09
  are
• 37:09
  fairly
• 37:09
  well
• 37:10
  understood.
• 37:10
  So
• 37:10
  that's
• 37:12
  my,
• 37:13
  I
• 37:13
  do
• 37:13
  like
• 37:14
  to
• 37:14
  get
• 37:14
  hyped
• 37:14
  about
• 37:14
  the
• 37:14
  tech,
• 37:15
  of
• 37:15
  course,
• 37:16
  that's
• 37:16
  my
• 37:16
  background.
• 37:17
  But
• 37:17
  I
• 37:17
  do
• 37:18
  temper
• 37:18
  it
• 37:18
  with,
• 37:19
  you
• 37:19
  know,
• 37:19
  people
• 37:19
  are
• 37:20
  getting
• 37:20
  their
• 37:20
  arms
• 37:20
  around
• 37:20
  it
• 37:21
  and
• 37:21
  understanding
• 37:21
  how
• 37:21
  to
• 37:21
  use
• 37:22
  it.
• 37:22
  So
• 37:22
  it's
• 37:23
  not
• 37:23
  going
• 37:23
  to
• 37:23
  flip
• 37:23
  the
• 37:23
  world
• 37:23
  overnight.
• 37:24
  I
• 37:24
  don't
• 37:24
  think
• 37:26
  I
• 37:26
  would
• 37:26
  agree.
• 37:28
  What
• 37:29
  work
• 37:29
  looks
• 37:29
  like
• 37:30
  five
• 37:31
  years
• 37:31
  from
• 37:31
  now
• 37:32
  will
• 37:32
  look
• 37:33
  meaningfully
• 37:33
  different.
• 37:33
  More
• 37:34
  meaningfully
• 37:34
  different
• 37:35
  than
• 37:35
  what
• 37:35
  worked
• 37:35
  like
• 37:36
  five
• 37:36
  years
• 37:36
  ago.
• 37:36
  Like
• 37:36
  five
• 37:37
  years
• 37:37
  ago
• 37:37
  it
• 37:38
  looked
• 37:38
  pretty
• 37:38
  similar
• 37:39
  to
• 37:39
  what
• 37:39
  it
• 37:39
  does
• 37:39
  today.
• 37:40
  There's
• 37:40
  maybe
• 37:40
  some
• 37:41
  more
• 37:41
  zoom
• 37:41
  calls,
• 37:42
  but
• 37:42
  by
• 37:42
  and
• 37:42
  large
• 37:43
  the
• 37:43
  tools
• 37:44
  and
• 37:44
  the
• 37:44
  experience
• 37:44
  is
• 37:44
  pretty
• 37:45
  similar.
• 37:45
  I
• 37:46
  do
• 37:46
  think
• 37:46
  it
• 37:47
  will
• 37:47
  look
• 37:47
  more
• 37:47
  fundamentally
• 37:48
  different
• 37:49
  five
• 37:49
  years
• 37:49
  from
• 37:49
  now.
• 37:50
  But
• 37:50
  as
• 37:50
  you
• 37:50
  said,
• 37:51
  we
• 37:52
  all
• 37:52
  generally
• 37:52
  know
• 37:53
  where
• 37:53
  this
• 37:53
  is
• 37:53
  headed
• 37:55
  in
• 37:55
  terms
• 37:55
  of
• 37:56
  the
• 37:56
  skill
• 37:56
  sets
• 37:57
  and
• 37:57
  the
• 37:58
  organization.
• 37:59
  It.
• 37:59
  The
• 37:59
  question
• 38:00
  isn't
• 38:00
  where
• 38:01
  is
• 38:01
  it
• 38:01
  going.
• 38:01
  The
• 38:02
  question
• 38:02
  is
• 38:02
  more
• 38:03
  who
• 38:03
  will
• 38:04
  adopt,
• 38:04
  adapt
• 38:05
  and
• 38:05
  lead
• 38:06
  the
• 38:06
  charge
• 38:06
  in
• 38:06
  that.
• 38:07
  Yeah.
• 38:08
  And
• 38:08
  we
• 38:08
  will
• 38:08
  gradually
• 38:09
  grow
• 38:09
  to
• 38:09
  that
• 38:10
  new
• 38:10
  normal
• 38:10
  five
• 38:10
  years
• 38:11
  from
• 38:11
  now.
• 38:11
  And
• 38:11
  I
• 38:11
  think
• 38:12
  comparing
• 38:13
  now
• 38:14
  to
• 38:14
  five
• 38:14
  years.
• 38:14
  Absolutely.
• 38:15
  But
• 38:16
  that
• 38:16
  will
• 38:16
  be
• 38:16
  a
• 38:16
  slow
• 38:17
  ramp
• 38:17
  up.
• 38:17
  It
• 38:17
  won't
• 38:17
  be
• 38:18
  a,
• 38:18
  hey,
• 38:18
  at
• 38:18
  some
• 38:19
  point
• 38:19
  in
• 38:19
  late
• 38:19
  2026,
• 38:20
  someone's
• 38:20
  going
• 38:20
  to
• 38:20
  push
• 38:20
  a
• 38:21
  button
• 38:21
  and
• 38:21
  everything
• 38:21
  will
• 38:21
  fundamentally
• 38:22
  shift
• 38:22
  overnight.
• 38:22
  So
• 38:23
  that's
• 38:24
  the
• 38:24
  comfort
• 38:24
  that
• 38:24
  I,
• 38:28
  that
• 38:28
  I
• 38:28
  like
• 38:28
  to
• 38:28
  offer
• 38:28
  out
• 38:28
  to
• 38:29
  folks.
• 38:30
  Is
• 38:30
  there
• 38:31
  anything
• 38:31
  else
• 38:31
  you
• 38:32
  want
• 38:32
  to
• 38:33
  cover,
• 38:34
  Tim,
• 38:34
  about
• 38:35
  outside
• 38:36
  of
• 38:36
  AI,
• 38:37
  the
• 38:37
  history
• 38:37
  of
• 38:38
  where
• 38:39
  the
• 38:39
  PE
• 38:40
  industry
• 38:40
  is
• 38:40
  heading?
• 38:42
  I
• 38:42
  read
• 38:43
  the
• 38:43
  Bain
• 38:43
  report
• 38:44
  last
• 38:44
  month
• 38:44
  about
• 38:45
  expanding
• 38:45
  whole
• 38:46
  periods,
• 38:46
  about
• 38:46
  the
• 38:46
  need
• 38:47
  to
• 38:48
  12
• 38:48
  is
• 38:49
  the
• 38:49
  new
• 38:49
  five
• 38:49
  in
• 38:49
  terms
• 38:50
  of
• 38:51
  company
• 38:51
  growth
• 38:51
  numbers
• 38:52
  year
• 38:52
  on
• 38:53
  year
• 38:53
  to
• 38:53
  deliver
• 38:53
  the
• 38:53
  investment
• 38:54
  returns.
• 38:55
  Like
• 38:55
  is
• 38:55
  there
• 38:55
  anything
• 38:55
  more
• 38:56
  broadly
• 38:56
  in
• 38:56
  the
• 38:56
  industry
• 38:56
  that
• 38:57
  you
• 38:57
  can
• 38:57
  see
• 38:57
  as
• 38:58
  a
• 38:58
  historian,
• 38:59
  patterns
• 38:59
  that
• 38:59
  are
• 38:59
  pointing
• 39:00
  towards
• 39:00
  a
• 39:00
  different
• 39:00
  future?
• 39:03
  Yeah.
• 39:04
  I
• 39:04
  do
• 39:04
  think
• 39:05
  Covid,
• 39:06
  particularly
• 39:06
  in
• 39:06
  our
• 39:06
  healthcare
• 39:07
  services
• 39:07
  investments,
• 39:09
  changed
• 39:09
  things
• 39:10
  meaningfully
• 39:11
  in
• 39:12
  those
• 39:13
  years.
• 39:13
  2021
• 39:14
  and
• 39:14
  2
• 39:15
  was
• 39:16
  ridiculously
• 39:17
  high
• 39:17
  valuations
• 39:18
  followed
• 39:19
  by
• 39:19
  a
• 39:19
  fairly
• 39:20
  cold
• 39:20
  period
• 39:21
  with
• 39:21
  respect
• 39:21
  to
• 39:22
  transaction
• 39:22
  volumes.
• 39:23
  I
• 39:23
  do
• 39:23
  feel
• 39:23
  like
• 39:23
  in
• 39:24
  2026
• 39:25
  we
• 39:25
  have
• 39:25
  kind
• 39:26
  of
• 39:26
  renormalized
• 39:27
  back
• 39:27
  to
• 39:28
  appropriate
• 39:29
  transaction
• 39:30
  levels,
• 39:30
  appropriate
• 39:31
  expectations
• 39:32
  with
• 39:32
  respect
• 39:32
  to
• 39:33
  valuation.
• 39:33
  I
• 39:34
  feel
• 39:34
  like
• 39:34
  the
• 39:34
  market
• 39:35
  has
• 39:35
  stabilized.
• 39:36
  I
• 39:36
  do
• 39:37
  think
• 39:37
  that
• 39:38
  there's
• 39:38
  a
• 39:39
  greater
• 39:39
  pressure
• 39:40
  on
• 39:41
  private
• 39:41
  equity
• 39:41
  firms
• 39:42
  where
• 39:42
  the
• 39:42
  public
• 39:43
  markets
• 39:43
  have
• 39:44
  performed
• 39:44
  well
• 39:45
  and
• 39:45
  private
• 39:46
  equity
• 39:46
  firms
• 39:46
  during
• 39:47
  that
• 39:47
  period
• 39:47
  have
• 39:47
  had
• 39:47
  extended
• 39:48
  hold
• 39:48
  periods.
• 39:49
  The
• 39:50
  hope
• 39:50
  for
• 39:52
  interest
• 39:53
  rate
• 39:54
  arbitrage
• 39:55
  and
• 39:55
  it's
• 39:56
  a
• 39:56
  financial
• 39:56
  engineering
• 39:57
  exercise
• 39:58
  that
• 39:58
  happened
• 39:58
  in
• 39:58
  the
• 39:59
  80s
• 39:59
  and
• 39:59
  90s.
• 39:59
  I
• 40:00
  think
• 40:00
  those
• 40:00
  days
• 40:00
  are
• 40:00
  fully
• 40:01
  behind
• 40:01
  us
• 40:01
  that
• 40:02
  private
• 40:02
  equity
• 40:02
  firms
• 40:03
  have
• 40:04
  to
• 40:04
  provide
• 40:05
  meaningful
• 40:05
  strategic
• 40:06
  and
• 40:06
  growth
• 40:06
  value
• 40:07
  to
• 40:07
  their
• 40:07
  portfolio
• 40:08
  companies.
• 40:09
  I
• 40:09
  think
• 40:09
  everyone
• 40:10
  recognizes
• 40:11
  that,
• 40:11
  but
• 40:12
  everyone's
• 40:12
  at
• 40:12
  a
• 40:12
  different
• 40:13
  stage
• 40:13
  of
• 40:14
  actually
• 40:14
  building
• 40:15
  something
• 40:15
  or
• 40:15
  is
• 40:16
  taking
• 40:16
  a
• 40:16
  different
• 40:16
  strategy.
• 40:17
  And
• 40:17
  so
• 40:19
  I
• 40:19
  am
• 40:20
  deeply
• 40:20
  biased
• 40:20
  and
• 40:21
  proud
• 40:21
  of
• 40:21
  the
• 40:21
  work
• 40:21
  that
• 40:22
  we
• 40:22
  are
• 40:22
  doing
• 40:22
  at
• 40:22
  Council
• 40:23
  Capital
• 40:23
  and
• 40:23
  the
• 40:24
  approach
• 40:24
  that
• 40:24
  we
• 40:24
  have
• 40:24
  taken.
• 40:25
  I
• 40:25
  do
• 40:25
  think
• 40:26
  it'll
• 40:26
  be
• 40:26
  interesting
• 40:26
  that
• 40:27
  over
• 40:27
  the
• 40:27
  next
• 40:27
  decade
• 40:28
  or
• 40:28
  so,
• 40:29
  which
• 40:29
  firms
• 40:30
  are
• 40:30
  able
• 40:30
  to
• 40:30
  catch
• 40:31
  up
• 40:31
  and
• 40:31
  which
• 40:31
  firms
• 40:31
  aren't.
• 40:32
  I
• 40:32
  love
• 40:33
  it.
• 40:33
  Really
• 40:33
  helpful
• 40:34
  and
• 40:34
  valuable
• 40:35
  perspective
• 40:36
  to
• 40:36
  share
• 40:36
  with
• 40:37
  the
• 40:37
  audience.
• 40:37
  So
• 40:38
  very
• 40:38
  much
• 40:39
  appreciated.
• 40:39
  And
• 40:40
  Tim,
• 40:40
  thanks
• 40:40
  so
• 40:40
  much
• 40:40
  for
• 40:41
  taking
• 40:41
  the
• 40:42
  time
• 40:42
  to
• 40:42
  come
• 40:42
  on
• 40:42
  and
• 40:43
  offer
• 40:43
  such
• 40:43
  candid
• 40:44
  and
• 40:45
  insightful
• 40:45
  answers
• 40:46
  today.
• 40:47
  I
• 40:47
  really
• 40:47
  appreciate
• 40:48
  it.
• 40:48
  If
• 40:49
  folks
• 40:49
  want
• 40:49
  to
• 40:50
  find
• 40:50
  you
• 40:50
  or
• 40:51
  find
• 40:51
  out
• 40:51
  more
• 40:51
  about
• 40:52
  Council,
• 40:53
  where
• 40:53
  is
• 40:53
  the
• 40:53
  right
• 40:53
  place
• 40:53
  for
• 40:54
  them
• 40:54
  to
• 40:54
  go?
• 40:55
  Simply
• 40:55
  say
• 40:55
  Council
• 40:56
  capital
• 40:56
  website.
• 40:56
  It's
• 40:57
  councilcapital.com
• 40:58
  you'll
• 40:59
  have
• 40:59
  all
• 40:59
  of
• 41:00
  our
• 41:00
  bios
• 41:00
  and
• 41:00
  contact
• 41:01
  information
• 41:01
  available
• 41:01
  there.
• 41:02
  Perfect.
• 41:03
  Well,
• 41:03
  thanks
• 41:03
  again
• 41:03
  for
• 41:04
  coming
• 41:04
  on.
• 41:04
  I
• 41:04
  really
• 41:04
  appreciate
• 41:04
  you.
• 41:05
  Tim.
• 41:05
  Catch
• 41:05
  you
• 41:05
  soon.
• 41:05
  All
• 41:06
  right.
• 41:06
  Appreciate
• 41:06
  it.
• 41:06
  Thanks.
• 41:07
  Okay,
• 41:07
  bye.
• 41:08
  Thanks
• 41:09
  for
• 41:09
  listening
• 41:09
  to
• 41:09
  the
• 41:10
  PE
• 41:10
  Data
• 41:10
  guy.
• 41:11
  The
• 41:11
  place
• 41:11
  for
• 41:12
  Private
• 41:12
  Equity
• 41:13
  meets
• 41:13
  Data.
• 41:13
  Please
• 41:14
  forward
• 41:14
  this
• 41:14
  episode
• 41:15
  to
• 41:15
  your
• 41:15
  favorite
• 41:15
  private
• 41:16
  equity
• 41:16
  friend.
• 41:17
  Thanks
• 41:17
  for
• 41:17
  listening.
• 41:18
  See
• 41:18
  you
• 41:19
  next
• 41:19
  time.