few episodes ago we heard about a couple early in their journey as owners of a tour operator business.

Katherine Butler-Dines and Rahul Desai bought a small, niche tour operator as self-funded searchers.

Well today we hear from an entrepreneur on the other end, both in terms of journey (he's exited) and size of business.

Back in 2013, Greg Geronemus and his partner acquired a larger tour operator, one that did $5m of EBITDA.

Four years later, they'd paid back most of the $20m in debt on the business, grown EBITDA fifty percent, and significantly de-risked the organization.

They exited the business for 9x, which was four turns more than where they bought it. Total proceeds to investors were $62.5m. Greg completely breaks down his deals on the way in and the way out, including his psychology in both transactions.

It was a fantastic run for a couple of twentysomething, first-time searchers, and it set Greg up to invest in other traditional searchers, which he does today through his firm Footbridge Partners.

Here he is, Greg Geronemus, former co-CEO of smarTours and now managing partner at Footbridge.