What is your expected holding period for each investment?

We would prefer not to sell productive investments and like to work with partners who have a long-term perspective on their entrepreneurial journey.  That doesn't mean we would never sell.  It means we prefer to invest in businesses and with partners who will generate sustainable value over the long-term.  If someone approached our partner with "an offer we couldn't refuse," we would certainly consider it.  If our partner decided she no longer wanted to lead the company, then we'd have to work with that partner to determine the best plan for the company (sell, find a replacement for CEO, etc...). We enter into an acquisition with the expectation that we will own the company with our partner for decades.