Episode 134: Christian Chauvet of Lee Equity on
Vertical Investing and Value Creation in Healthcare and Financial Services

Episode Transcript   

00:02:56.180 — 00:02:58.250 · Shiv

All right, Christian, welcome to the show. How's it going?

00:02:58.450 — 00:03:00.250 · Christian

It's going well. Thanks for having me.

00:03:00.450 — 00:03:05.530 · Shiv

Yeah. Excited to have you on. So why don't we start with your background and about Lee equity, and then let's go from there.

00:03:05.810 — 00:03:35.330 · Christian

Sure. Uh, so my name is Christian Chauvet. I'm a partner at a firm called Lee equity. I focus exclusively on health care services investing. And just a few words on Lee equity. We're a middle market private equity firm based in New York. We focus exclusively on two sectors health care and financial services.

And we like to say we're an entrepreneurial minded firm. We were purpose built to support entrepreneurs looking to grow and scale their businesses, and we've been doing that now as a partnership for over 20 years.

00:03:35.850 — 00:03:41.250 · Shiv

And tell me a little bit more about these investments. Like how big are the companies are you're deploying capital into?

00:03:41.650 — 00:04:07.440 · Christian

Yeah, we're looking for a growth stage companies. These are typically companies with revenues I would say between 50 and 500 million. And these are companies that are growing quickly typically founder lead where there's an opportunity for us to partner with an entrepreneur who's built a great business and a sector that we've been studying often for decades, and where we can partner with that entrepreneur again to take that business to the next level.

00:04:07.760 — 00:04:25.120 · Shiv

Mhm. And are there certain characteristics like beyond that. Like where. Because healthcare and financial services like there's, there's definitely overlaps. And we like firms that have this kind of a vertical focus but help us understand like beyond that. Like are there certain characteristics that these companies share.

00:04:26.560 — 00:05:24.030 · Christian

Absolutely. So let me talk broadly about healthcare for a moment. Uh, it's a huge market, $5 trillion, 20% of the US economy. It's highly regulated. The US spends more per capita than any other developed country. And yet we're not getting the outcomes that we all deserve. And so as a consequence of that, the size of the market and the lack of quality outcomes and significant frustration we all have as consumers, there are really unique opportunities to disrupt the way healthcare is delivered, to improve quality, to improve access.

And so we generally look for businesses that are doing ideally all three of those things reducing the cost of the system, increasing access to care, improving quality. And when we find an opportunity to partner with an entrepreneur who's focused on doing those three things and doing it in a demonstrated and repeatable way, those are the opportunities that we focus on.

00:05:24.550 — 00:05:59.740 · Shiv

Yeah, I think, I think that that's definitely something that resonates, like healthcare is one of those areas where we've had a bunch of healthcare clients ourselves, and there's massive opportunity inside, inside that sector. But the industry is kind of more, I don't want to say analog, but a little bit outdated in a lot of different ways.

And so talk about like what, what types of companies you're looking for, especially with AI emerging and a bunch of technological developments. Like, are you trying to help the healthcare industry in a particular way, and your companies share certain certain unique characteristics that are helping them in a in a more uniform way.

00:05:59.940 — 00:06:49.660 · Christian

Yeah, that's a great question. And you're completely right. Uh, healthcare is is uniquely backward as an industry when it comes to technology. A lot of that is due to regulation. But healthcare is probably the last bastion for the fax machine in America. And so tech enabling our businesses, bringing forward patient facing apps, investing in new standard PMS and EMR across our businesses, working with AI, scribing tools.

There's a bunch of ways we can enable these businesses to allow providers to spend more time with patients to make it more convenient for patients to access their providers, especially in offline hours. And again, ultimately to make the system more efficient. And so we're focused on tech enabling all of our businesses.

AI is just the latest tool allowing us to do that.

00:06:49.980 — 00:07:32.010 · Shiv

Yeah. One of the things with AI in the health care kind of the intersection is obviously we know AI and code is one of the biggest use cases that's added a ton of value to companies or or efficiencies. But AI in healthcare is one of those areas that feels like it's ripe for disruption, because AI can bring a lot of certain technologies, or speed up the patient servicing process or quality of healthcare that they receive.

And and so I'm curious, as a firm like, what's your outlook on that on, on healthcare and like what type of thesis or thesis are you kind of guys, guys underwriting or, or kind of betting on.

00:07:32.410 — 00:09:16.150 · Christian

Yeah, we think it's an extraordinarily exciting time. And we have an opportunity to, again, to take an analog industry and to bring it to the future. An AI is an accelerant in all of those efforts. And so what are some of the ways we're doing that? I think scribing is fundamentally changed the game for providers.

It used to be that our providers were spending 20 to 30% of their time, note taking during appointments or after hours. It's a big cause of burnout, dissatisfaction, and it leads to a poor patient experience. How many of us have been to the doctor's office where their back is turned to us? They're looking at a computer, or they're taking notes with AI scribing tools.

They don't need to do any of that. They can focus on operating at the top of their license, spending time with the patient, spending more time in those visits. And ultimately, they're getting that 20 to 30% of the administrative time they used to spend back. And that's really powerful. There are other use cases like in our revenue cycle and billing operations.

Billing and healthcare is complex. It's a labor intensive. It's fraught with mistakes. And by using technology to build more efficiently and more correctly, we can reduce fraud, waste and abuse. We can reduce patient Dissatisfaction when they get a call from their insurance company denying claims.

And so everything from the patient experience during a visit to the back end. Revenue cycle collections. To the way you can get an instant response to a question through a patient facing app. All of those are exciting ways to tech enable these businesses and again, make it just so much of a better experience for folks like you and me.

Um.

00:09:17.030 — 00:09:54.500 · Shiv

I guess some of the technologies that have been selling into healthcare and, and into that industry can quickly become outdated themselves as well. Right. Like, you kind of have these legacy systems inside hospitals or inside healthcare providers. And but they have revenue and they're good systems in terms of like traditional SaaS metrics or how you would kind of evaluate a business.

I'm curious, like, how are you looking at the existential threat inside these companies? And on the product side, the investments that you are making? How are you making sure that they are actually going to ride the new wave and actually say, stays sustainable and and continue growing.

00:09:54.660 — 00:10:47.210 · Christian

Yeah. So we're focused on health care services investing. And we are looking for businesses where AI and technology are enablers but don't pose fundamental disruptive risks. And so for sure, it's the case that in certain elements of vertical software, AI poses a real risk to the defense ability of those business models.

We can now create custom software at many of our portfolio companies in a way that allows us to disentangle ourselves from legacy, expensive licenses. And so that is a sector that we think is more challenging to invest in these days. But when you think about the actual people providing the care, putting hands on patients, operating facilities, AI is an enabler and we are all in as a firm, helping those providers think about how to access these tools to raise their game.

Mhm.

00:10:47.250 — 00:10:54.290 · Shiv

Mhm. What about on the financial services side. Can you give us like the the your perspective on that space and how you're looking at investing there.

00:10:54.810 — 00:11:36.210 · Christian

It's quite similar. Many of our businesses take for example our wealth management firms. You know AI again is an enabler. It's allowing our wealth management professionals to spend more time with their clients, focused on advice and services versus on back end administrative tasks, uh, filling out forms.

You name it, it's making the patients. It's making the client experience better, the onboarding experience better. When I can send you a form that's pre-populated with notes from our conversation. All those things are enablers for the system. And ultimately, we think are allowing our financial services companies to raise their game and to raise the quality of service they're providing.

00:11:36.610 — 00:11:57.240 · Shiv

Mhm. Mhm. On the financial services side. I guess one of the one of the other challenges is that you have these service based companies that are often people intensive. So how are you looking at the human capital side of those companies? And, and in a world with AI and kind of reimagining almost the organizations and how they're selling into these, uh, into their end customers?

00:11:57.920 — 00:13:04.750 · Christian

It's a big focus. Um, for example, we're investors, uh, in a couple of accountancy firms, and we love that sector. We think folks ultimately choose their accounting firm for an audit based off the quality of the professional advice they're given. Um, and they want the assurance of a senior professional that their books and records are accurate.

Um, that there are no misstatements in the financials, and there are many third parties that rely on those documents, be they banks, uh, brokers, you name it. And so we think the importance of advice, the importance of that experience, um, is as valuable as ever, where we are disrupting the business model is thinking about how to leverage those senior auditors, those senior advisors, and to give them effectively superpowers by leveraging AI where we would typically have, you know, a large staff of junior professionals supporting our senior investment professionals, our senior auditors, our senior accountants, we're becoming much more efficient.

And those folks can do more with us.

00:13:05.350 — 00:13:22.990 · Shiv

Yeah, it's almost like, yeah, there's a services business, but you're adding tech enabled components with AI enablement in there. Um, are you inside these companies? Like are you almost in? Do you have separate dedicated teams that are trying to figure this out? Like how are you kind of seeing this type of transformation through?

00:13:23.030 — 00:14:08.460 · Christian

Yeah. So AI transformation for us is an all hands effort. It can't just live in the office of the CTO. Um, it's got to be something that's a top priority for the CEO, the COO. All disciplines inside of the organization have to be thinking about how to enable these businesses to best use AI. And so when we sit down with our portfolio companies and the entrepreneurs that we partner with, uh, our goal is not again, to talk about AI in the context of the technology roadmap, but in the context of where we're taking this business and how are we going to shift the business model to provide the best service to our clients at the lowest possible cost in a way that, again, provides the most convenience possible?

00:14:08.940 — 00:14:37.700 · Shiv

Mhm. Mhm. Yeah I think, I think that that's really the interesting part. Right. Because in a, in a if you kind of take a longer view a lot of these health care service companies or financial service businesses, their makeup is going to look very different where they are going to be enabled by technology a lot more and have and fewer, fewer experts inside the team.

So walk us through that. Are there any examples that you can kind of bring in to help us see kind of how you kind of see some of these transformations?

00:14:37.980 — 00:15:46.600 · Christian

Yeah. Let me give you an example of a typical equity investment. About five years ago, we partnered with two entrepreneurs who were looking to build a market leading platform in the in the urology space. One of them had built a practice in Cincinnati, Ohio. The other one had been a built up practice in Long Island, New York, and they were both successful entrepreneurs with local businesses with strong relative market position.

But they had a thesis that community care and the provision of urology care in the community setting was the best for the system, the best for the doctors and the best for the patients. And their vision was to try and take that platform and expand it nationally. And so when we partnered with them again, they had two great local businesses, but what they needed was help thinking about how to grow and scale the business at a national level.

And there were a myriad of things we did. But first and foremost, it always starts with the people. And so we helped them recruit a National Management Services Organization team that included things like a CFO, which they've never had before.

00:15:48.120 — 00:16:18.920 · Christian

CTO, a VP of corporate Development and over a five year period, in partnership with those original founders and these supplementary executives we brought to bear to help them think about how to grow, scale and professionalize their business. We were fortunate to take a business that originally had 200 million in revenue and over a five year period, grow it to 1.5 billion.

And that kind of growth transformation is only possible when you bring in the right people, the right process, the right systems.

00:16:19.320 — 00:17:37.030 · Shiv

We'll get back to the show in just a moment. But before we do, one of the most common and important value creation levers that we hear about on the show, from private equity investors and our own PE partners, is go to market. Yet when these same PE partners bring us into their portfolio companies or new target investments that they're exploring, We find that the marketing function is quite immature under utilized and under optimized.

And so that's a huge opportunity that we see inside these companies. And if you have a portfolio company that you feel like it's scale a lot faster to drive more pipeline and revenue, or you're looking at a new investment where you feel like that could be core to your investment thesis. But we'd love to explore that with you and figure out how we can partner with you to drive more enterprise value creation.

On the marketing side, similar to the way that we've done with major PE firms like to OP data, HG, SDG, and many more. At this point, we've done hundreds of engagements across hundreds of industries and verticals, and we have a ton of benchmarks and frameworks that we bring to these engagements to help you drive as much enterprise value as quickly as possible.

So if that sounds like something that you might be interested in, you can just email me directly at Shiv at Hadassah Comm or go to our website and schedule a demo. And we'd love to speak with you about it further. And now with that said, let's get back to the show.

00:17:38.380 — 00:17:45.580 · Shiv

Is that. Is that growth more oriented around the organic side, or was that driven more by inorganic growth?

00:17:45.620 — 00:18:44.640 · Christian

Yeah. So that business was one of the fastest growing organic businesses we've ever invested in, in health care services. It had an organic growth rate that was north of 20%. But we also invested heavily in expanding through acquisitions, and that's a core skill set. We help our founders typically think about most founders we partner with.

They have never done an acquisition. They have certainly never done an acquisition of scale. And so if they're looking to get national quickly, we can help them think about acquisitions as a tool to get there. And in that particular company, a company called Solaris, we ultimately did 17 acquisitions over that five year period.

We grew from the two markets to 14 states, and we were highly disciplined on finding like minded groups who were focused again on the vision of best in class Community care. Urology in every major metro in the United States. And that's the vision. And that company is continuing to execute it on today.

00:18:44.680 — 00:18:55.280 · Shiv

Mhm. Is that standard with the types of companies you're investing in. Like what is your actual value creation plan as you're investing in companies or what's your approach or in terms of trying to figure that out.

00:18:55.640 — 00:19:33.720 · Christian

Yeah. So every company is a bit bespoke, but we have a consistent what we call the equity growth transformation playbook that we've developed now over 20 years. And it typically has three legs of the stool. People process systems. And once we've identified the people investments the process changes the systems we need to invest in.

And once we put those in place, the last element is growth and scaling. And each one of them is critical. But if there's one thing I've learned in this business over 20 years, it all starts with getting the right people and investing in the first, second and third layer of management. Mhm.

00:19:34.150 — 00:19:46.350 · Shiv

Which areas have you seen like that that these companies are most immature in or need the most support? And and on the people side, like where have you had to bring in the most amount of talent?

00:19:46.390 — 00:20:36.500 · Christian

Yeah. Typically at the stage a company that we're investing in, the most common need is a CFO. Most companies will have a controller or perhaps an outsourced bookkeeper, but haven't had that higher level strategic business partner in the finance function. And that's something we're well adept at helping our companies source, interview, recruit, and ultimately find the right partner for that entrepreneur, for that CEO, someone who can really help them think through the finances and metrics of their businesses as they look to grow and scale them quickly.

And then the other area we commonly see again is no chief development officer. To the extent that acquisitions are going to be part of the business plan, we help our companies build that, institute that capability in-house, and so they get their own chief development officer, their own M&A team, and they go out and execute in that playbook with our support.

00:20:37.260 — 00:20:52.140 · Shiv

Yeah, yeah, that definitely resonates. What about on the organic side? Um, when you look at these companies, like what levers are available to them or they haven't actually capitalized on and then talk about like how you're helping them drive more organic growth.

00:20:52.180 — 00:21:57.490 · Christian

Yeah. So in services, there are a couple key drivers or things we can do to enable these companies to accelerate their organic growth. The first, again, is to remove or relieve the administrative burden on the providers. So the more we can do to take administrative tasks off the hands of the doctors, the nurses, the physical therapists we partner with, that's the more time they have to see patients to see an additional patient, a day to spend more time identifying and diagnosing conditions.

And that ultimately does lead to the growth of the business. We also help them think about a supply and demand And where there's an unmet need in many of the sectors that we invest in. One of the key tenants is there are too few providers of quality and and a strong demand for services. And so we look for markets that are underserved.

And when we identify those markets, we help our entrepreneurs recruit individuals to run those markets, open those markets, expand those markets. And that's something we're well adept at.

00:21:58.130 — 00:22:08.210 · Shiv

What percentage would you say your value creation efforts are focused on building the right team versus inorganic growth, versus trying to grow on the organic side?

00:22:08.530 — 00:22:53.360 · Christian

Yeah, it's hard to put a percentage on these things. I would say if you don't have the right team. The second two don't happen. You need the right team in place to grow organically at a strong rate, and you need the right team in place to ultimately integrate acquisitions and make it one business. One thing we firmly believe here at Lee equity is again, acquisitions are a tool.

They're not. What makes businesses valuable? What makes a business valuable is ultimately providing a service that is, that is resonating with the market and generates top line growth on a consistent basis organically. If we don't grow organically, acquisitions alone will not drive the value that we or our entrepreneurs want to achieve.

00:22:53.920 — 00:23:19.360 · Shiv

Yeah, 100%. Like we see that with a lot of companies where they're heavily focused on M&A, but then their core business is not as good at landing top line revenue, and they haven't figured out some of the fundamentals of their overall go to market engine. And so that's one of the reasons they reach out to us that we're trying to help them with.

But I'm curious like what do you see inside these companies on the organic side? Like where are some of the bottlenecks or core areas where they're getting stuck?

00:23:19.400 — 00:24:20.030 · Christian

Now, again, many of these companies suffer from lack of investment in technology. And so one of the common areas we see is they may not have a classic CRM. They may not be tracking their leads. They may not know where their customers are coming from. Putting in place technology to help them identify where is the business coming from?

Where are the markets we should be expanding to? How do we double down and drive growth in areas where we know we're getting referrals? We know we're getting volume. How do we enable our business development representatives to track and measure how many visits they're making per week, the referrals they're driving, etc.?

And so lack of technology often leads to lack of insight. When we invest in technology or software or infrastructure in the companies that we partner with, we often give our entrepreneurs a whole new set of metrics that they've never had at their fingertips. That allows them then to effectively manage their organization and accelerate their growth.

00:24:20.790 — 00:24:52.780 · Shiv

Yeah, I think I think that's one of the things that I find that companies are just not spending enough time on is trying to figure out what is a predictable way to actually actually grow this business. So help me understand that. Maybe drill down on that a little bit further, like inside, and maybe touch on healthcare and the financial services side, because I'm assuming the answers are a little bit different, but what does that look like on the organic side?

Like what are some of the key types of projects? Yeah, that you are discussing in board meetings that you're encouraging these companies to kind of focus on?

00:24:52.980 — 00:26:10.690 · Christian

Yeah. So I'll use marketing because I know it's an area of passion for you, and it cuts across both of our verticals, healthcare and financial services. So we're very focused on measuring our cost of customer acquisition, the lifetime value of our customers, and understanding what channels are driving the most attractive CAC and long term value customers.

Again, at the stage of companies that we invest in. Oftentimes those metrics aren't readily available. And so we sit down with our entrepreneurs and we talk to them about the types of systems that need to be put in place to track their spend by channel, to track their emissions or their revenue generation by channel, and then ultimately, how to think about what an appealing cost of customer acquisition is.

And in fact, in many of our customer companies, what we actually find is they're not spending enough on marketing because they have extremely attractive cost of customer acquisition. The unit economics of acquiring a new customer are very high. And so we actually lean in and we urge our entrepreneurs, perhaps counterintuitively, to spend more, because we know that if we spend more in effective marketing over the long run, that's going to build that organic growth flywheel that's going to make a more valuable company.

00:26:10.970 — 00:26:50.000 · Shiv

Yeah, that's that's 100% one of the ones that we see. And it's not just limited to marketing. It's also on the sales side where they are. The cost of acquisition is in a very healthy range. The business is growing, it's profitable. It has good gross margins or good net revenue retention, but it's just not being aggressive enough on their their acquisition dollars that are being spent.

Um, and so the company is not growing as, as fast as it can be. Um, so I think I think that's a great one. Tell me about some other areas. Like what are some other ones that that jump out. Is it on pricing. Is it on on messaging. Is it on. Well help me understand. Like what are some other levers that you're pulling on the organic side?

00:26:50.360 — 00:28:07.990 · Christian

Yeah. We're always looking again, how do we differentiate the offering if we're differentiating the offering based on price convenience quality we're going to generate demand. And so another example I can think of is in our physician practice management businesses. Uh, we're investors in one of the largest fertility chains in the United States.

And they're we've invested in a chief customer experience or patient experience officer. We have invested in proprietary patient facing app. And that app really takes what is a deeply personal journey, where people have lots of questions and lots of concerns and humanizes it. Actually, our founder's wife is in many of the videos on the app administering some of the medications that our patients need to self administer at home through an IVF cycle and that human touch that focus on the patient experience, understanding what they're going through that really resonates with the market and as a result of resonating with the market.

Our clinics are full and we're driving extremely strong organic growth because we've thought about not just the end outcome. Of course, everyone wants to go home with a healthy child, but also the experience and the journey to get there.

00:28:08.830 — 00:29:00.540 · Shiv

Totally. Yeah, that that experience that yeah, that makes that makes a lot of sense. I think one of the challenging things in healthcare and even in financial services, like we've seen this with our clients in those industries, is that it's very different than, let's say, a software company where you're acquiring clients for, uh, some type of, let's say, project management solution or time tracking solution or something like that here.

Like you're you're targeting certain types of patients or certain types of hospitals or certain types of doctors, and it just requires a different type of go to market motion to get in front of the right ICP. So I'm curious, like, how much work do you guys do on that? I'm like, hey, we need some diametrically different approaches to get in front of the the right market here.

00:29:00.940 — 00:29:35.449 · Christian

Yeah, we spend a lot of time again helping especially our healthcare companies, think about the right channels to invest in sales resources and marketing efforts. Uh, you need to understand where the patient referral volumes are likely to come from, how to get the name of your clinic out there, effectively.

Um, and ultimately, uh, where it's most efficient for the business to invest its growth, development dollars. What we commonly see is that boots on the ground

00:29:36.730 — 00:30:27.000 · Christian

is one of the most effective ways in healthcare to build a consistent and dependable referral base. Healthcare is a local business. People trust their providers. If you're providing behavioral health care in a market and you're not out there speaking to the primary care doctors who are ultimately have personal relationships with folks like Yussuf, are you doing yourself a disservice if all you do is do digital marketing?

Because unless you're integrated into the local health care system, unless someone can reference Doctor Shiv with another provider in the market, you'll see that you're spending way too much on digital marketing, pay per click advertising. Your cost of customer acquisition will be quite a bit higher.

We love boots on the ground. Local referral based business.

00:30:27.720 — 00:31:12.400 · Shiv

Right? Yeah, that's, um, that's definitely what we've seen as well. Like, you need, like a good marketing mix that you just go to market mix that involves direct outreach plus digital coverage, but then also in-person connection and a partner network that kind of is integrated with all the different types of, um, vendors or sellers in the ecosystem.

Uh, I guess with that, though, comes complexity, right? Because, um, local go to markets, if you will, are human capital intensive. So I'm curious like how you're managing that inside these businesses and looking at. We talked about cost of acquisition earlier. But those numbers need to make sense to have like this widespread workforce.

00:31:12.760 — 00:32:11.230 · Christian

Absolutely. And that's where the technology enablement and having clear expectations and metrics is tantamount or paramount. Uh, each one of our organizations, we know what a successful rep looks like. How many visits should they have? How many accounts should they manage? What qualifies as a high quality interaction with a potential referral referent?

How many? Ultimately referrals should we expect a business development rep to drive? These are all metrics you have to track, especially in a local decentralized business development. Salesforce. You need a strong leader. You need strong technology, and you need consistent expectations. And if you have all that, you can maintain that local touch and feel.

You can maintain that business development rep in California and in Maine. But you can make sure they're operating with a consistent playbook, with a consistent message and ultimately driving consistent outcomes.

00:32:11.390 — 00:32:48.340 · Shiv

Mhm mhm. Yeah I think I think that is it's one of those industries where like you have to do things that don't scale. To make things scale. Um, so I totally get that. Um, finally, I'm just curious, like, how do you look at, like, culture and almost like, because you have, um, these, uh, vertical sized focus areas for your for your firm.

Right. Like, are there, there must be overlapping ideas or objectives or, or approaches. And so I'm curious like, are you leveraging that across the portfolio to like bring some of this, this cross-pollination and expertise across the board?

00:32:48.460 — 00:33:57.250 · Christian

100%. So we believe healthcare and financial services are two of the most interesting places to invest. Again, they're huge markets. They're highly regulated and they're generally poor service quality. And so at the stage that we're investing in these lower middle market companies, there's really opportunities to disrupt that innovative business models that are ultimately providing better high quality service and disrupting historical incumbents.

We don't just cover healthcare and we don't just cover financial services. We're very quick actually to disclaim that. And both healthcare and financial services, we're laser focused on 4 to 5 specific investable themes. And there are times where those themes overlap. And we love those areas because we can bring the best of the firm to those areas.

And one of the common areas of intersection is health insurance and the way health insurance is administered. And so we've made a myriad of investments at the intersection of healthcare and insurance that really leverage the best of the firm and allow us to be great partners to entrepreneurs.

00:33:57.730 — 00:34:21.320 · Shiv

Yeah, I think I think that's great. I think that's where a vertical focus as a firm gives an advantage that a non vertical sized firm may not have, because there are some overlaps and synergies between portfolio companies that allow you to kind of scale each each business faster. We're coming up on time here, Christian.

But before we close off, what's the best way for people to get in touch with you or learn more about Lee equity?

00:34:21.480 — 00:34:51.480 · Christian

Sure. I've really enjoyed the time. Um, best way to get Ahold of me is email. See survey at Lee equity. Anyone can reach out to me. Um, we love meeting entrepreneurs in our two core sectors health care and financial services. Our mission is to partner with officer entrepreneurs to be first institutional capital, and to really roll up our sleeves alongside those entrepreneurs to help build market leading businesses.

We've been doing that for 20 years. We love doing it, and we we hope to be doing it for another 20 years.

00:34:51.879 — 00:35:17.270 · Shiv

Awesome. And we'll be sure to include all of that in the show, notes Christian. And with that said, thanks for coming on and sharing your perspective, especially as a vertical sized firm. I think more firms taking on a sector focus would would be a strategy that I think would work quite well because it brings so many synergies inside the different investments that they that they can make.

So appreciate you coming on and talking about how you guys do this. And, and I'm sure a lot of folks that are listening would have learned a ton. So thank you for doing that.

00:35:17.430 — 00:35:18.510 · Christian

Thanks for having me.