But what are the realities around multipliers?

So first it depends on, um, the nature of the company, and I'll also say it depends on where the buyer is located, and I'll give you an example.

Um, buyer in Winnipeg, Manitoba, we tend to be a pretty conservative investment environment.

They tend to pay on the lower end of multiples.

A buyer in Toronto seem to be more comfortable with a higher risk tolerance, and they'll pay a higher multiple.

Americans, their attitude toward risk is, um, much higher than Canadians, and they'll tend to pay even higher multiples.

And an American strategic buyer, so by that I mean someone in the industry who sees a one plus one equals three kind of opportunity, they tend to pay the highest multiples.

Hmm.