SEARCH PROCESS TIMELINE + CASH BURN IMPACTS OF COVID-19?

Hey folks,

How are you thinking about how COVID-19 is going to change the length of your search process?

Stanford Selected Observations indicate that the average length is ~19 moths (23 months in[redacted]How are you thinking about (a) the additional months of downtime with slow transaction volume, (b) the time it takes after that for sellers to readjust their valuation expectations, and (c) the possibility of any additional lengthening in the sourcing or diligence process?

Based on that, how are you thinking about your own runway and cash burn for the search dollars you raised?

Thanks!
Connor



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