How a management buyout works: in today’s market where there is a lack of credit, which drives valuation multiples, whereby there is a lack of cash available, a lack of liquidity for a greater breadth of potential buyers for one’s company, you need to focus on the needs of the principals of a company in terms of exiting. What meets the needs of an owner of a company that wants to leave his or her company, or sell it, might not match the issues we have in today’s economy. An exit strategy really starts with the owner. The owner has to be ready to sell. Sometimes when the owner is ready to sell it might not be the best time to sell in the market. That doesn’t mean that the owner’s not going to get a very good deal. Remember, it’s not all about price, it’s also about structure. You might get less of a price, but you might get much more cash up front. Versus a much bigger price, but much less cash up front, then you are, as an owner, tied to all these different conditions precedent to obtaining the rest of your value down the road, which might not be sensitive to your needs today. So, the MBO (Management Buyout), is a very firm and robust way to exit today, for any owner, especially if he or she has a capable management team that is entrusted with taking a company forward, which is a natural risk mitigant to any prospective buyer.