Great point and I agree. That said, I'm primarily thinking about cases where I've identified a strong business with a strong owner/operator which could grow multiples with my $ and contribution. So financial leverage is traded for 'operational' leverage. And to your point, I believe you could also structure the partnership to preserve financial upside too. What do you think?

Thanks Clarence - assuming this is done 'the right way', do you ultimately feel this is an attractive approach for a sub-$5m SMB or is acquisition typically a better path? And I'd read your book!