I’ve been celebrating the “small ball” approach here in Birmingham, defending our dearth of IPO’s. Think the Oakland A’s instead of the NY Yankee’s. Might not make it to the World Series every year, but you have a happier team and rabid fans who can support the team without spending all of their money.

We have a few recent M&A transactions north of $100MM, but the general deal is $10-40MM. I’d bet that in the first example they could wait a bit longer and drive a $40MM valuation, things look even better than if the other option drives a $150MM price. Then again, I don’t have your spreadsheet to check this sensitivity hypothesis.