There is no question that some celebrities excel at making money, but not all of them do it solely in Hollywood. 2019 has brought us a 22 year old celebrity as the world’s youngest self-made billionaire, not from music or movies, but from her own makeup empire. And while some celebrities are more public about their wealth building skills, others are quiet about their investing success. Here is just a short list of celebrities who excel at investing:
Ashton Kutcher – While he started his career as a model and has several popular movies and TV successes under his belt, Kutcher is also a co-founder of A-Grade Investments and Sound Ventures. He has made over 70 investments in high-profile startups, including Uber, Airbnb, Spotify, Soundcloud, and Shazam. In 2018, Kutcher’s firm set a target of $150 million for its second flagship fund.
Jay-Z – Jay-Z isn’t just a powerful influencer in the hip hop world, he is also a force in the business world. An experienced investor, he recently launched a new fund called Marcy Venture Partners. Previously he has backed several startups, including luggage maker Away, private plane company JetSmarter, and fintech company Robinhood.
Jessica Alba – Today’s new moms know actress Jessica Alba for her brand The Honest Company, which sells its own safe and consciously designed baby and beauty products. Aside from her company, she invested in Managed by Q, an office management platform currently valued at $223.5 million, and Honor, an elderly home care service. Like many other celebrities, Alba has also invested in Headspace, the popular meditation app.
Will Smith – One of the most popular and highest paid actors on the planet, Smith wisely believes in diversification. In 2018, Will Smith announced plans to launch a $100 million startup fund along with Japanese soccer star Keisuke Honda. Smith’s portfolio includes SPARK Nuero, Stance, Away, Julep, Fancy, and many other noteworthy startups.
Gwyneth Paltrow – Since taking a hiatus from Hollywood, Gwyneth Paltrow is primarily known as a founder of the website and lifestyle brand Goop. But she’s also an investor whose portfolio includes three apparel companies—Outdoor Voices, Rockets of Awesome, and Universal Standard—as well as Daily Harvest, a healthy food delivery service.
Tyra Banks – A former model turned actress / television celebrity, Banks also founded an investment firm called Fierce Capital. Through the firm, she has invested in Flixel, a mobile app that creates cinemographs; theSkimm, an online newsletter geared at female millennials; and The Muse, an online site for career advice and job searching.
Jared Leto – Perhaps one of the more surprising names on our list, the Oscar-winning Leto is an accomplished investor with approximately 19 companies in his active portfolio. He owns shares in everything from Headspace to Houseparty to Postmates and was particularly successful in his involvement with Blue Bottle coffee, which was acquired by Nestle for $700 million last year.
While we haven’t had the privilege of meeting these experienced investors personally, we do know how to help you prepare your company to attract new investment. Our team assists Middle Market companies strategically assess their options and prepare for big transitions. If you’d like to discuss your situation further, please contact us for a confidential discussion about how we can help you.
Traditionally, private equity firms that specialize in company buyouts have followed a predictable timeline. The sponsor acquires a new company with the goal of selling it profitably after a three- to five-year holding period. Several experts in the industry are predicting that a significantly longer holding period may start to become just as common.
Short holding periods have drawbacks
While the three- to five-year holding period has been standard, it does have some negatives. First, it generates recurring costs for the funds and the limited partners (LPs) that invest in them, as well as recurring hunts for new assets by general partners (GPs). Second, it minimizes some flexibility on the investment, for example, when the sponsor sells right away, after the short holding period, even though it might be more profitable to hold on longer for more optimal market conditions.
Longer holding periods are emerging
As discussed in Bain’s recently released Global Private Equity Report 2018, several large PE firms have been launching buyout funds with longer lives. One firm raised $5 billion for a fund with expected holding periods of approximately six- to 10-years, or roughly double those of the traditional buyout fund. Two other first-time funds, each raising more than $1 billion each, have anticipated holding periods of up to 15 years.
Why the change? Besides avoiding the drawbacks mentioned above, longer hold periods enable:
– Lower transaction costs, such as consultant fees
– Deferred taxation of capital gains, allowing the capital to grow over time
– Fewer distractions for portfolio company management
– More flexibility, allowing funds to sell when the time is right
– Longer holding periods ensure that all debt is relieved and balance sheets balloon
– Add-ons, add-ons, add-ons…
Of course, longer holding periods are more ideal for some industries than others. The technology space, for example, where the regulations, industry landscape, and competitive threats change quickly, may not lend itself to longer hold periods. In fast changing industries, fund managers will likely need to complete re-diligence on a regular basis, to ensure an updated understanding of the industry and the competitive positioning.
We can guide you through this process and help you to understand how your company may fit into the bigger picture of PE funds and their investors. Please contact us for a confidential discussion.
Whether you are a business owner who is looking to grow your company through acquisitions or you are a business owner considering the sale of your company, in many cases it is worthwhile to expand your search internationally. Finding the right target across the border will allow you to enter new markets quickly. There has been an explosion in international M&A activity – in fact, according to Reuters, the first half of 2018 saw a record-setting $2.5 trillion in global transactions. If you choose to broaden your search to other countries, it is necessary to be proactive and diligent.
Here are some critical considerations that you should make before pursuing an international transaction.
Finding the Right Company to Align with Your Objectives
While this is important in all transactions, it can be particularly difficult to find the best fit when searching across borders. Frequently, those living in different countries may assign higher or lower significance to aspects of a business than a seller expects them to, which can lead to discrepancies in valuations and a lack of consensus about future goals. Working with a team of seasoned professionals ensures that only appropriate targets are evaluated and that valuations are accurate for all parties involved.
Ensuring Compliance with Applicable Laws and Regulations
Understanding which laws and regulations need to be followed in each region and country isn’t always straightforward. For example, when pursuing an acquisition or merger in a Eurozone country, the transaction may need to be approved by the European Commission’s Merger Regulation Group. If the deal involves any type of bank, it likely needs to be green-lit by the European Central Bank. Each country, and sometimes each state or region, will have its own regulations to follow. Partnering with the right international legal support team will guarantee appropriate compliance.
Mitigating Unique Risks
Concerns about currency and taxation are common, and many parts of the world lack the regulatory oversight and transparency required in the United States. While no team of advisors can change those facts, they can help ensure that you have all the information and data necessary to make informed decisions about whether any given risk is worth accepting, or if it might be better to pursue a different target.
The Bottom Line
While it can be more complicated to pursue a cross-border transaction than a domestic one, that shouldn’t stop you or any other business owner from pursuing that potentially perfect deal. By having the right advisory team, a business owner can feel secure in taking advantage of the many benefits that foreign markets may present. Contact us to learn more about Symmetrical ‘s Advisory Services Team.
If your business becomes the subject of unexpected acquisition interest, you might feel excited, proud, stressed, and unsure how (or if) to proceed with the conversation. Those emotions are normal, and we have a few quick tips to help you get started and feel empowered throughout the process!
Determine an Accurate Valuation
As a business owner, it’s critical that you determine an accurate valuation of your business. Good buyers will compensate sellers fairly, but to do so, they need to understand the current and future value of your business.
Consider the Timing
You’ll also want to consider the market, and whether the time is right to sell your business. If you’re in a cyclical industry, you’ll want to time the transaction so that you are on an upswing and have a high probability of very strong future sales. Acquisition interest often dissipates when industries are facing down turns.
Consider If the Buyer is a Good Fit
Another important consideration is whether the potential buyer is a good fit for your business. You’ve worked nonstop to build your business, from developing and executing your vision, to finding the right talent to hire, to the endless logistics necessary to sustain growth. Undoubtedly you want it to continue successfully going forward, and your employees deserve to be treated fairly. Does your potential buyer understand your industry – or at least, will they rely on the expertise of your employees? A good buyer will feel a sense of responsibility and pride in your business and will strive to continue your success.
Get the Right Team in Place
A team of seasoned professionals will help to ensure that your transaction runs smoothly – and can help you work through the items listed above. You’ll want to have an expert in each of these fields:
– Insurance – This often-overlooked component of a team is critical. You need to be armed with protection against common transaction risks such as potential loss of income, tax liabilities, and inaccurate representations.
– Valuation – We can help you determine an accurate valuation for your business and lay out the anticipated terms of a transaction based upon the current M&A market.
– Legal – You need an advocate on your side who will look out for not only your interests, but also ensure compliance with local, state, and federal laws.
– Finance – Many loans come with specific terms regarding future M&A activity. Without the right team, a business owner might be unaware of potential breaches.
– Investment Banking – Completing due diligence and negotiation of the purchase agreement can be overwhelming, and working with a trusted investment banker can ensure you receive your full value, mitigate attempts by buyers to renegotiate the deal, and maximize the probability the deal gets to closing.
There are many additional factors to consider and tasks to complete as you enter into an acquisition negotiation. At Symmetrical Investments, we can help you minimize risk and maximize profit. Utilizing our experience and extensive network, we guide our clients through these tough times and bring them out feeling stronger on the other side! Contact us to get started.
In February, we predicted that 2018 would be a big year for middle market M&A, especially for those on the sell side. With the second quarter coming to an end, it’s looking like our prediction will play out.
Valuations remain high due to persistent economic optimism. Meanwhile, the middle market transaction count continues to rise despite high valuations, indicating that investors continue to make acquisitions.
The takeaway? This year is a fantastic year for a business owner looking to sell.
First Quarter Dip
Looking at the data, there is a noticeable dip in transaction count and volume in the first quarter from the fourth quarter of last year. However, this isn’t an indication of a down year, as M&A activity usually peaks at the end of the year and starts slow the next year.
We fully expect activity to pick up for the remainder of 2018, and so do middle market funds who are fundraising at historic levels to complete deals.
Baby Boomers, IT, and Healthcare
The primary reasons that activity will be high throughout the rest of the year are baby boomer retirement and IT sector and healthcare sector growth.
Private equity buyers have a continuously replenished market of prospects as baby boomers retire at a rate of 10,000 per day. The seemingly endless supply of available acquisitions is keeping middle market funds in constant competition to boost their portfolio during this time of growth and while they have the funding to support it. Family businesses are some of the biggest beneficiaries as their aging owners start to look for an exit strategy and buyers ready and willing to make a deal.
Meanwhile, the U.S. economy is seeing sustained growth in the IT and medical industries, and that growth is reflected in their respective M&A markets. According to Pitchbook’s recent first quarter middle market M&A report, 2017 was the first year that there were more IT sector deals than B2C sector deals. We’ve also already noted the demand for medical practices among PE firms who are gobbling up small practices in order to combine them into more efficient, patient-focused businesses.
It Won’t Last Forever
However, valuations can’t maintain this trajectory, and we are seeing economic volatility creep its way back into equity markets. As we’ve recently discussed, the probability of a recession in the next one-to-two years is increasing.
Business owners should keep in mind the fact that the good times don’t last forever, and that holds true for middle market M&A as well.
Sell High
So, our advice is to take advantage of the market’s optimism while the opportunity is so obviously presenting itself. If you’re a business owner considering divesting or selling, now is the time to confidentially discuss your options with us. Contact us today.
Over the years we’ve had a lot of experience working with family-owned businesses.
Whether it’s on the sell-side or the buy-side of a transaction, we know that family businesses see mergers and acquisitions differently than other types of firms, making their approach to the process unique.
The peculiarities of how family businesses handle M&A are important for both the advisor and for the business owners themselves to recognize so that they can successfully plan and execute a transaction together.
Attachment
The most important factor to consider is that families are attached to their businesses. This attachment is not only emotional but financial.
Both principal owners and other family members who work for the business are usually directly involved in the business’ day-to-day operations and resource management. It is the place of their daily labor, the source of their income, and the business usually constitutes the vast majority of the owner’s net-worth.
Because of this, family businesses usually have to consider the role the business may play in the future of their families. Most often the priority of family businesses is to ensure that the business will be passed from one generation to the next, ensuring the wealth and stability of children and grandchildren. However, even if intergenerational succession is not in the cards, legacy is never a negligible factor and securing a high valuation for an eventual sale is necessary for retirement.
Low-Risk Investing
Due to having so much of their wealth tied up in the business and to ensure that the family retains control of the business, low-risk investments that avoid share dilution are typically the preference of family-business owners.
Common options for obtaining capital for investments, ownership transition, or other needs include non-diluting securities such as debt, dividend recapitalization, and cash. Issuing of new equity is often avoided since it inherently involves bringing in outside investors.
However, this desire to avoid share dilution and willingness to take on debt can cause cashflow issues. Running a highly leveraged business can be especially worrisome if business owners don’t diversify. That’s why we advise many of our family-owned business clients to look at cross-industry acquisitions if they are seeking investment opportunities and why so many of them find the suggestion very attractive.
Business Diversification
Although family businesses don’t make acquisitions as often as non-family businesses, when done right it’s a strategy with high-growth potential. Furthermore, a focus on cross-industry acquisitions gives both the business and the family diversification neither would otherwise have while retaining a capital structure that keeps the family in control.
Long-Term View
We’ve noticed that our family-business clients are resolute in keeping the long-term in mind when approaching M&A. This enables us both to make the best of their investments by taking care to make sure they are sustainable rather than myopic transactions aimed solely at increasing short-term cashflow.
Planning Ahead
One mistake many family businesses make is neglecting to plan their transactions ahead of time. Whether it’s an acquisition, a recapitalization, or even their own sale to make way for a retirement, the demands of running a business often overcome the necessity to plan.
However, planning is essential because of the far-reaching economic effects transactions can have on a family. We’ve helped many family-businesses plan and execute their business transactions for over 20 years.
If you’re a family-business owner and you’re considering making an investment, looking for ways to recapitalize, or exploring retirement, then contact us for a confidential discussion around your potential options.
Many business owners find themselves approaching retirement age but their wealth is tied up in their largest and most important asset, their business.
If this scenario sounds familiar to you, recapitalization is a great option.
A recap is essentially an alteration of the company’s financial structure by adding debt, bringing on investors, or buying out old investors without issuing new stock. It’s an increasingly popular method for businesses to give liquidity to owners without selling the entire business or diluting share distribution.
Recaps can address many scenarios that entrepreneurs commonly face:
– When a company has multiple owners and one or more need to be bought out for either retirement or differing professional goals
– The burdens of an untimely death when cash is needed to cover estate taxes
– Succession transactions
– Growth investments
Depending on your situation, the type of recap that would be most beneficial can vary, so here is a quick overview.
Minority Recap
Perhaps you still love the daily grind of business ownership and couldn’t imagine retiring, but you still need to diversify by turning your equity into cash. In this case, a minority recap is the best choice.
With this option, you retain majority ownership and operational control of your business and bring on an investor, usually a private equity firm. The investor will use a combination of debt and equity to infuse your business with cash. As with all recaps, the cash can be distributed as necessary to shareholders. However, in this case, it is often used as a tool for growth.
A minority recap provides the tax advantages associated with debt, the flexibility of liquidity, and the benefits of strategic help from experienced finance and business experts. All of these benefits can be used to make new investments while retaining complete control and majority ownership of the company with the option to regain 100 percent equity ownership down the road.
Majority Recap
If you’re looking for an exit strategy, but still think that the business you’ve created has high growth potential, then a complete sale may not be the best option. In this case, a majority recap is a better choice.
A majority recap means that an investor, usually a private equity firm, acquires at least 51 percent equity in your business while you retain minority ownership. This allows you to decrease your day-to-day responsibilities while providing the most amount of liquidity outside of an outright sale. Generally, a higher valuation is achievable compared with other recap options because the investor gains operational control.
This option is most popular for business owners who want to retire but think it would be financially beneficial to retain a share of ownership for future liquidity events.
Dividend or Debt Recap
For business owners who are not interested in taking on an investor and don’t want to decrease their proportion of ownership, but still need liquidity then a majority recap, minority recap, or complete sale are not good options. Instead, you should consider a debt recap.
A debt recap is essentially a loan issued by a bank usually based on assets or a loan issued by a specialty lender usually based on a multiple of EBITDA. They are very common for family succession transactions.
This type of recap allows for owners to retain 100 percent ownership and operational control. They are a relatively fast and confidential type of transaction because there are few parties involved. The liquidity can also be used for growth strategies and the debt is often helpful for tax purposes.
However, there are notable downsides to debt recaps compared to other recap options. First, they are difficult to qualify for and banks will often require personal guarantees so that they have secondary security for the debt. Second, the owner will have to be able to offset the expense of the debt stressing cash flow. Third, there will be increased reporting requirements to debt providers.
Be Prudent
As with all complex transactions, it is essential for business owners to be prudent by hiring proper representation to facilitate recapitalizations for three primary reasons:
1. Partnering with experts who are adept at ensuring proper valuation helps owners gain maximum liquidity.
2. Having an expert who can run the recapitalization process on behalf of the owner reduces the owner’s distraction from business operations.
3. M&A transaction experts can help owners navigate common pitfalls and ensure all legal and tax factors are accounted for.
The experts here at Symmetrical have been helping middle market business owners reap the benefits of recapitalizations for decades. If you are in need of liquidity from your business and think that a recapitalization could benefit you, then contact us today.
Over the last few years, we’ve noticed a significant growth in the popularity of the independent sponsorship model.
While this model used to be seen as merely a stepping stone for those with experience in the middle market to start their own fund, it has now become a generally accepted alternative investment model.
What is an Independent Sponsor?
Independent sponsorship is a broad category that covers transactions in which the sponsor sources a deal prior to seeking financing partners to close it. Usually, the sponsor is a private equity professional, a middle market finance expert with access to unique opportunities, or an individual with operational expertise who wants to source an acquisition within their industry.
Why It’s Popular
Deal Flexibility
The independent sponsor model offers a significant level of flexibility compared to traditional private equity investment models. While private equity groups offer deep expertise in fostering successful transactions, they’re restricted by the demands of managing a committed fund, as well as the financial regulations that specifically target them, such as Dodd-Frank.
On the other hand, independent sponsors are often able to find deals that private equity firms can’t, facing few barriers to facilitate the transaction. Because they usually source their potential transaction through industry relationships, they can credibly engage with target management to complete due diligence and negotiate recapitalization or buyout.
Operational Expert Opportunity
Based on our experience, many independent sponsorship opportunities stem from the retirement of a business owner. Usually, a local industry expert who has a relationship with the owner, maybe even someone in a management position at the company, uses this model to acquire the company. This gives the owner the liquidity needed to retire and gives an individual with experience with the company the opportunity to run it.
No other investment model offers such a direct opportunity for individuals involved in the operational side of a business to take a principal role in facilitating an acquisition.
Attractive “Off-Market” Deals for Capital Sources
The number of capital sources looking to fund independently sponsored transactions is constantly growing, which is, in turn, helping to increase the popularity of this model. The reason private equity firms, family offices, high net-worth individuals, and even hedge funds are increasingly taking notice is because independent sponsors offer these investors prime deal sourcing opportunities.
Most often independent sponsors bring “off-market” deals, which are deals that are not yet publicly marketed to investors, to the table. While such a source of potential deals used to be looked down upon, investors have slowly realized that independent sponsors’ unique industry expertise and relationships coupled with having much of the work done at the frontend of the deal makes independently sponsored transactions highly attractive.
We’ve Had Success
At Symmetrical, we’ve had extensive experience working with independent sponsors to facilitate their transactions.
If you’re looking to buy a business or source a deal and need an expert to help you navigate the complex aspects of such a transaction, contact us today.
In one of our recent blogs, we discussed that with 10,000 baby boomers are reaching retirement age every day, the United States is going to see the largest intergenerational transfer of private businesses in our country’s history.
You might assume that millennials or Generation X’ers will take the place of baby boomers as America’s entrepreneurial standard bearers. They are at a prime age to do so being in their mid-twenties to mid-forties.
However, it’s not that simple. Instead, many boomers are discovering that it’s difficult to find younger entrepreneurs to sell their companies to – in fact, many are finding it easier to stay in business than it is to get out.
Why the Slow Transition?
1. Millennials are neither old enough nor as entrepreneurial as boomers.
Despite the constant chatter about millennials’ proclivity for tech and their desire to work at startups, according to Federal Reserve Data, they are actually turning out to be the least entrepreneurial generation in recent history.
It’s likely that the Great Recession of 2008 had a significant impact on their economic psyche and their massive accumulation of student loans has delayed their financial growth.
Whatever the reason, as time has passed, it has become evident that a large portion of the highly populated millennial generation is either unwilling or unable to acquire boomer-owned businesses as is necessary. This may change with time, but that does not satisfy the current demand for buyers.
2. Generation X’ers are not nearly numerous enough to fill the gap.
But what about the next-elder generation, Generation X (born between 1965 and 1980)? They are beginning to fill C-suites across the country, have a significant impact in the private equity markets, and are responsible for more startups than millennials.
While they’re proving to be a much more entrepreneurial generation than their juniors, the simple fact is that, based on the numbers, there aren’t enough of them. There are more than 10 million fewer Gen X’ers than boomers and 15 million fewer than millennials.
3. Small business owners have an inherent value that’s difficult to replace.
Many small businesses are difficult to sell because of the dependence the business has on the owner. Their knowledge, personality, contacts, and experience are what make the business successful. That is an extraordinarily difficult thing for another person to replicate.
4. Some boomers are unable or unwilling to retire.
There are those boomers who aren’t selling their business simply because they need to work longer. The relatively large impact that the Great Recession had on the retirement savings of baby boomers has caused a need to elongate their careers to make up savings. Additionally, many boomers who have poured decades of their life into building a company find that they just don’t know what else to do with their time, and as a result, struggle to “retire”.
The Transition is Essential
The economic necessity of established small businesses throughout the United States is undeniable, but aging entrepreneurs recognize that they can’t do it forever. So, how can boomer business owners overcome this generational slowdown in entrepreneurship and find an exit option that pays for their retirement?
Thankfully, there are a surprising number of options, including strategic buyers with strong balance sheets, private equity firms seeking to deploy their capital, and family office investors looking to exit a long-term investment strategy. Advisory services can help construct an exit strategy that includes these types of well-qualified buyers and that meets business owner’s needs.
Simply relying on the next generation to be there when it comes time to retire is a risky strategy. If you are a baby boomer thinking about selling your business but don’t know how to make it happen, contact the Symmetrical team today and we can help you build a strategy that enables you to confidently execute the transfer of your business.
We’ve enjoyed the third longest period of economic growth in U.S. history at 103 months. We’ve also enjoyed nine years of positive performance by the S&P 500, matched only once before from 1991-1999.
So, the question that comes to mind is: how much longer will it last? Considering the answer to this question now will help you to be ready before the market turns.
Where the Evidence Points
Volatility Has Returned
In January, we saw the first evidence of economic volatility when equity markets dropped ten percent from their recent highs.
Research from Goldman Sachs (see chart below) shows that average returns from the S&P 500 in the year prior to a bear market are very similar to what we are experiencing now (see chart below). In 2017, the S&P saw a return of 21.8 percent and the January 2018 drop was ten percent.
aaaaaaaaaaaaaaaaaaaa
Recession Signals
Evidence of an impending recession in the economy at large is outlined in KKR’s recently released economic forecast, which predicts a 100 percent chance of a recession by 2020.
aaaaaaaaaaaaaaaaaaaa
The forecast points to the weakening of the U.S. dollar, likely accelerated inflation, planned Fed rate hikes, increasing labor costs, and an expected drop in both consumer confidence and housing market confidence as primary factors that will weigh the economy down.
Near-Term Growth Should Continue
These signals don’t mean that 2018 is the year we will see a recession take hold. The recent tax reform legislation is undoubtedly providing the economy a boost and the various factors KKR refers to in their report are unlikely to have a broad effect until the end of 2019.
However, after almost a decade of ever-rising equity markets and economic strength, these indications are perhaps evidence that we are reaching the apex of this economic cycle.
The Effect on M&A
M&A activity through the end of 2017 was strong and is expected to continue through this year as investors look to take advantage of continued growth. Sellers are the biggest winners in this high-demand market, as they’re able to take advantage of very high valuations.
However, if commodity prices, import prices, labor costs, and/or the price of debt increases as KKR projects, current valuation multiples will not be sustainable. Rising interests rates alone will put downward pressure on the prices buyers are able to pay. Combine rate increases with decreasing revenues, as businesses face challenges in a slowing economy, the high valuations and seller favorable terms we are currently seeing will start to disappear.
While private markets are relatively insulated from the volatility we are starting to see in public markets, it is imprudent to ignore the possibility that the M&A market’s current strength will not last.
What Should You Do About It
After asking that first and most obvious question of how long economic growth will last, the next question is what you should do about it?
In our experience, this pre-recession period is when both investors and business owners make the costliest mistakes. So, getting the answer to this question right is essential.
Remain Rational
Insatiability often overcomes rationality at the top of market cycles. It’s common for Investors to buy assets that later prove to be overpriced, while business owners decline objectively good investment or acquisition offers believing that ever-higher offers are waiting down the road.
To avoid taking losses or missing out on good offers, it’s best to make every effort to remain objective and to make prudent decisions early.
If you’re considering taking on an outside investor or selling outright in the next one to three years, now might be the time to take action. If you’d like to discuss your options in the current market and going forward please feel free to contact me.