The Listing Presentation: Winning the Mandate Against the Competition

This module addresses the single most important sales event in your career as a business broker: the listing presentation. You can master valuation, legal compliance, and due diligence management, but if you cannot win the mandate when sitting across the table from a seller, none of those skills will ever be deployed. Most sellers interview multiple brokers before signing. Every presentation skill you lack is a listing that goes to a competitor. This module teaches you exactly how to prepare, what to present, how to defend your fee, and how to navigate the price disagreement conversation that separates experienced professionals from beginners.

PART 1: THE COMPETITIVE REALITY OF LISTING ACQUISITION

The most important transaction in business brokerage is not the Letter of Intent. It is not the definitive purchase agreement. It is the moment a seller decides to trust you with their life's work by signing your exclusive right-to-sell agreement.

Sellers do not hire the first broker they meet. They conduct a competitive process. Most sellers interview two to four brokers before making a decision. When a seller interviews three or four quality business brokers, they should notice consistency in valuation ranges, commission structures, and listing terms—and they will immediately spot the outlier, whether that outlier is unrealistically high on price or unprofessionally low on fee.

This competitive dynamic creates both risk and opportunity. The risk is that you will be compared directly to other professionals. The opportunity is that you can differentiate yourself through preparation, data, and honesty in ways that less disciplined brokers cannot match.

The "Buying the Listing" Trap

In the business brokerage industry, there is a practice that professionals refer to as "buying the listing." It works like this: a seller interviews multiple brokers. Each broker provides an opinion of value—what they believe the business will sell for. The seller, understandably, is drawn toward the broker who gives them the highest number. That broker wins the listing.

The problem is that the broker who gave the highest number almost never sells the business at that number. The listing sits on the market for six to twelve months, goes stale, and eventually expires or is terminated. The seller has lost valuable time, and the business's reputation in the marketplace has been damaged by a long, unsuccessful listing. The broker who bought the listing has wasted months of work and marketing expense on a deal that was never going to close.

The alternative—and the only sustainable path—is to win the listing by being the most prepared, the most honest, and the most credible broker in the room. This means presenting a defensible valuation range grounded in market data, not inflated to win the mandate. It means having the courage to tell a seller something they may not want to hear: that their business is worth what the market will pay, not what they need to retire.

The Sunbelt Advantage and How Independents Compete

Sunbelt Business Brokers is the world's largest business brokerage franchise, with over 200 offices across ten countries. Sunbelt possesses the largest proprietary database of business listings and buyers in the world, has more $1 million-plus listings than all competitors combined, and the average asking price for a Sunbelt-listed business exceeds $830,000. Their website generates more monthly organic traffic than the rest of the franchised competition combined.

When you compete against a Sunbelt broker—or any established franchise broker—you are competing against a brand with immediate name recognition, a vast buyer database, and a polished presentation deck that has been refined over decades. You cannot win by being a smaller, less-resourced version of Sunbelt. You must win by being more knowledgeable, more specific, and more prepared for this particular seller and this particular business.

The independent broker's advantage is specificity. A franchise broker often arrives with a generic presentation that could apply to any business in any industry. You can arrive with market data specific to the seller's industry, comparable transactions you have personally researched, and a marketing plan tailored to the unique characteristics of this business. You cannot match Sunbelt's scale. You can exceed their relevance.

PART 2: PRE-PRESENTATION RESEARCH PROTOCOL

You cannot win a listing presentation without preparation. Showing up and asking the seller to "tell me about your business" signals that you have not done your homework and that you expect the seller to educate you on their own time. The seller will rightly conclude that you are not the professional they want representing them.

The following research protocol must be completed before every listing presentation. There are no exceptions.

Step 1: Understand How Customers Perceive the Business

Before you walk through the seller's door, you should know what their customers are saying about them.

Search for the business on Google Reviews and Yelp. Read the last 50 reviews. Note recurring themes. Are customers praising the quality of service but complaining about slow response times? Are they mentioning specific employees by name? Are there patterns of complaints about pricing, cleanliness, or communication?

This information serves two purposes. First, it demonstrates to the seller that you have done your homework. When you can say, "I noticed in your Google Reviews that customers consistently mention your technician Marcus by name—that's a real asset we should highlight in the marketing materials," you have instantly established credibility. Second, it surfaces potential issues that could affect buyer perception. If there are multiple recent negative reviews mentioning a specific problem, that problem must be addressed before marketing begins.

Step 2: Understand How Employees Perceive the Business

If the business is large enough to have a presence on LinkedIn, Glassdoor, or Indeed, review what current and former employees are saying. Are there patterns of complaints about management, compensation, or working conditions? Are there positive reviews that highlight a strong culture or long tenure?

This information is more sensitive than customer reviews. You are not there to conduct an HR audit. But you should know whether the business has a reputation as a good place to work or a difficult one. A buyer who will inherit the existing workforce needs to understand the employee culture. A business with high turnover and poor employee morale is less valuable than one with a stable, satisfied workforce. You need to know which you are selling before you set foot in the seller's office.

Step 3: Pull Comparable Sales Data

This is the single most important piece of pre-presentation research. You must arrive with specific, recent comparable transactions in the seller's industry and geographic region.

The most credible sources for comparable sales data are the IBBA Market Pulse reports, DealStats, and BizBuySell's sold listings database. The Market Pulse report provides quarterly data on transaction multiples segmented by deal size. DealStats provides access to thousands of private company transactions with detailed financial metrics.

For Main Street businesses under $2 million in enterprise value, you can often find comparable sales directly on BizBuySell by filtering for sold listings in the same industry and geographic region. For lower middle market transactions, DealStats and M&A Source data provide the necessary benchmarks.

The goal is to arrive at the listing presentation able to say something like this:

"I reviewed 12 comparable transactions in the HVAC services space in the Southeast over the last 18 months. The median multiple was 2.8x Seller's Discretionary Earnings, with a range of 2.2x to 3.6x. The businesses that achieved the higher end of the range had three things in common: recurring maintenance contracts, a general manager in place, and documented growth trends. I'll show you how your business compares on each of these dimensions."

This statement creates instant credibility that no generic franchise pitch deck can match. It demonstrates that you have done the work, that you understand the market, and that your valuation opinion is grounded in objective data rather than guesswork.

Step 4: Research the Industry's Current Multiple Range

Beyond specific comparable transactions, you should know the current industry-wide multiple range from the IBBA Market Pulse or M&A Source data.

For Main Street businesses, the IBBA Market Pulse Q1 2025 data showed multiples remaining consistent with a slight uptick for businesses in the $500,000 to $1 million range. Main Street businesses achieved 94% of asking prices on average. For lower middle market businesses, multiples vary significantly by industry and EBITDA size. A $1 million to $3 million EBITDA manufacturing business typically trades at 3.5x to 5.0x EBITDA. The same size B2B SaaS business with recurring revenue might trade at 5.0x to 8.0x EBITDA.

Knowing these ranges allows you to place the seller's business in context and explain why certain industries command higher multiples than others.

Step 5: Review the Lease Situation

If the business operates from leased premises, you must understand the lease terms before the listing presentation. Use CoStar if you have access, or simply request a copy of the lease in advance of the meeting. Verify the remaining term, renewal options, rent compared to market, and assignability provisions.

A business with a below-market lease that has no renewal options is a ticking clock. A business with a lease expiring in 12 months that cannot be assigned is unsellable. You need to know which situation you are dealing with before you discuss valuation or marketing strategy.

Step 6: Prepare Your Own Transaction History

You must be prepared to answer the question: "How many businesses like mine have you sold?"

This question is asked in virtually every listing presentation. Your answer must be specific and honest. If you have sold businesses in the same industry, say so and provide the details—when, for how much, and how long it took. If you have not sold businesses in this exact industry, be honest about that but pivot to your relevant experience in similar transaction sizes or your process for handling industry-specific nuances.

What you cannot do is fabricate experience. Sellers can detect vagueness. "I've done a lot of deals" is not an answer. "In the last 18 months, I've closed four transactions in the trades and services sector, including two HVAC companies and a plumbing contractor, with an average sale price of $1.2 million and average days on market of 162 days" is an answer that commands respect.

If you are new and have not yet closed deals, you must leverage your firm's track record or your mentor's experience. "I'm part of a team that has closed 22 transactions in the last three years. I'll be supported at every stage by a senior broker with 15 years of experience. Here's what our team's track record looks like."

PART 3: THE LISTING PRESENTATION AGENDA

A listing presentation is a structured conversation, not a data dump. The following agenda provides the optimal flow to build credibility, establish value, address concerns, and secure the signed agreement.

1. Open with Your Research

"Thank you for your time today. Before we get started, I want you to know what I've already done to prepare. I reviewed your Google Reviews—your customers clearly value the relationship with your lead technician. I pulled 12 comparable sales in this industry over the last 18 months so I can give you a market-grounded valuation range. I looked at the lease terms, and I've reviewed the industry multiples from the most recent IBBA data. My goal today is to give you a clear, honest picture of what your business is worth, how we would market it, and what the timeline looks like from listing to close. Does that sound like a good use of our time?"

This opening achieves several objectives. It establishes that you are prepared. It sets the agenda. It signals that you are honest and direct. And it asks for permission to proceed, which engages the seller as a participant rather than a passive recipient.

2. Present Your Transaction History

Present:

Number of transactions closed.

Average days on market for your listings.

Average sale price to list price ratio for your closed deals.

Specific relevant industry experience, if any.

If you are part of a team or franchise, present the team's aggregate numbers. If you are new, be transparent about your experience level but emphasize the support structure around you and the process you will follow. Honesty about your experience, paired with a clear plan, is more credible than vague claims of expertise.

3. Present the Preliminary Opinion of Value

Present the valuation range, not a single number. A range acknowledges uncertainty and creates room for discussion. A single number invites argument.

"Based on the 12 comparable transactions I reviewed, and your current financial profile as I understand it from the documents you provided, the defensible market range for your business is $700,000 to $900,000. This range reflects the multiple of 2.5x to 3.2x Seller's Discretionary Earnings that similar businesses in this industry and size range have achieved over the last 18 months."

Then, before the seller can react, explain the factors that determine where within that range the business will likely fall:

Customer concentration (above 15% moves toward the lower end).

Owner dependency (if the owner works 50+ hours per week, toward the lower end).

Financial documentation quality (clean, verified financials move toward the higher end).

Growth trend (three years of increasing revenue moves toward the higher end).

Recurring revenue or contracts (moves toward the higher end).

This framework gives the seller a way to understand the valuation rather than simply react to it. It also sets up the value acceleration conversation: if the business is currently positioned toward the lower end of the range, there are specific actions the seller can take to move it toward the higher end before going to market.

4. Present the Marketing Strategy in Specific Detail

A credible marketing strategy includes:

A seller who has interviewed multiple brokers will immediately recognize the difference between a generic promise to "market your business" and a specific, detailed marketing plan.

5. Present the Confidentiality Management Plan

Walk through exactly how you protect confidentiality:

All initial marketing is blind.

Every prospective buyer signs an NDA before receiving any identifying information.

The CBR is released only to buyers who have demonstrated financial capability.

Management meetings are scheduled carefully to avoid arousing employee suspicion.

The closing announcement to employees and customers is planned and controlled.

A seller who trusts that you will protect their confidentiality is a seller who will sign your agreement.

6. Present the Timeline

A realistic timeline looks like this:

Preparation and CBR drafting: 2 to 4 weeks.

Marketing and buyer outreach: 3 to 9 months to secure an accepted offer (median 5 to 6 months).

Due diligence and financing: 45 to 90 days from LOI to closing.

Total elapsed time from signing the listing agreement to wire transfer: typically 7 to 12 months.

Sellers who understand this timeline are less likely to become frustrated and terminate the listing prematurely. Sellers who are told it will take 90 days will be angry and disappointed when it takes 200 days.

7. Present the Fee Structure and Defend It

8. Close for the Agreement

"Based on everything we've discussed—the market-grounded valuation range, the specific marketing plan, the confidentiality protections, and the realistic timeline—I'm confident I can sell your business for the best possible price in the shortest reasonable timeframe. If you're ready to move forward, I have the exclusive right-to-sell agreement here. I'll walk you through each section so you understand exactly what you're signing and why each clause protects both of us."

Then be quiet. Let the seller respond. Do not fill the silence with nervous chatter. The next person to speak is making the decision.

PART 4: DEFENDING YOUR COMMISSION WITH DATA

Most sellers push back on commission. This is expected and normal. A 10% to 12% commission on a $1 million sale is $100,000 to $120,000. The seller sees that as money coming out of their pocket. Your job is to reframe the conversation so the seller sees the commission as an investment that generates a positive return.

The Standard Commission Range

Business broker fees typically range from 8% to 12% of the final sale price for Main Street transactions. The average commission is approximately 10% for most small business transactions. Larger deals and lower middle market transactions often use the Lehman or Double Lehman formula, which reduces the effective percentage as the deal size increases.

Some brokers offer lower commissions to win listings. This is almost always a mistake. A broker who discounts their commission is signaling that their services are worth less than the market rate. They are also reducing their own incentive to invest the time and marketing resources necessary to achieve the best outcome. A listing that generates a 6% commission may receive 6% worth of effort. A listing that generates a 10% commission justifies the full marketing campaign, the extra buyer outreach, and the intensive negotiation support that maximizes the sale price.

The ROI Argument

The correct response to a commission objection is not to lower the fee but to demonstrate return on investment.

Professionally represented businesses achieve higher prices. According to IBBA data, Main Street businesses sold with professional representation achieve 90% to 94% of their asking price on average. In the $500,000 to $1 million range, the average is 94%. This is not because brokers set low asking prices. It is because professional marketing, buyer qualification, and negotiation expertise maximize the sale price.

Consider a business worth $1 million. If you achieve 94% of asking price through professional representation, the sale price is $940,000. At a 10% commission, the broker fee is $94,000. The seller nets $846,000.

Now consider the same business listed with a discount broker who charges 6%. The discount broker lacks the resources and incentive to run a full marketing campaign. The listing receives fewer inquiries. The negotiation is handled less skillfully. The business achieves 85% of asking price. The sale price is $850,000. At a 6% commission, the broker fee is $51,000. The seller nets $799,000.

The seller who hired the professional broker paid $43,000 more in commission but netted $47,000 more in sale proceeds. The professional broker's commission was not an expense. It was an investment that generated a positive return.

This is the math you must be prepared to walk through. Do not argue about commission percentages. Demonstrate the relationship between professional representation and net proceeds.

The Time Cost of a Stale Listing

The second element of the ROI argument concerns time.

If a business sits on the market for 12 months with a discount broker who charges 6%, the seller has paid a lower commission rate but has foregone 6 to 8 months of income while the listing went stale. During those months, the business's reputation in the marketplace has been damaged by the appearance that it cannot sell. Employees may have become aware of the listing and grown anxious. The seller has continued to work in the business, drawing a reduced salary because the business is in limbo.

The professional broker who closes the deal in 6 to 8 months delivers more than a higher sale price. They deliver time—the seller's most valuable and finite resource.

The Minimum Fee Protection

For smaller businesses, the commission should be subject to a minimum fee. A $10,000 to $15,000 minimum ensures that you are compensated for the work of preparing and marketing the business even if the ultimate sale price is lower than expected. This is standard industry practice and should be included in every listing agreement.

International Commission Variations

Commission structures vary by market. In the United Kingdom and Europe, success fees typically range from 2% to 10%, with larger transactions commanding lower percentages. In Australia and New Zealand, business brokers typically charge 5% to 10% of the sale price. In Singapore and other Asian markets, commission structures often include both a retainer and a success fee, with the total compensation ranging from 3% to 8% depending on deal size and complexity.

Regardless of the market, the principle remains the same: the broker's fee is justified by the value delivered, not by the percentage alone. A broker who can demonstrate that their involvement increases the net proceeds to the seller will rarely lose a listing over commission.

PART 5: THE PRICE DISAGREEMENT CONVERSATION

This is the conversation that separates experienced brokers from beginners. The seller's expected value is almost always above the defensible market range. How you handle this moment determines whether you walk out with a signed agreement or a polite rejection.

The Wrong Approach

The wrong approach is to overstate the value to win the listing and then fail to sell it. This is "buying the listing," and it is the most common failure mode in the industry. A listing that never closes produces zero revenue and damages your reputation with every buyer who sees the stale listing.

The other wrong approach is to dismiss the seller's perspective. Telling a seller "you're wrong about what your business is worth" is a fast path to losing the listing. The seller has built this business over years or decades. They know things about it that you do not. Their valuation may be optimistic, but it is not irrational.

The Correct Approach

The correct approach is to acknowledge the seller's perspective, present the defensible market range, explain the factors that could move the value within that range, and offer to partner with the seller to address those factors before going to market.

Here is the script, adapted for the specific situation:

"Based on the 12 comparable transactions I reviewed, and your current financial profile, the defensible market range is $700,000 to $900,000. I know you were hoping for $1.1 million. I understand why—you've built this business from nothing, you know its potential, and you see opportunities that a buyer might not yet appreciate.

Here is what I can tell you with confidence. At $900,000, we will attract multiple qualified buyers and close within 6 to 8 months. At $1.1 million, we will attract tire-kickers and lowball offers. The listing will go stale, and 12 months from now you will be asking me to reduce the price anyway—except now the listing has been on the market for a year, buyers assume something is wrong with it, and we're negotiating from a position of weakness.

Which outcome serves you better? A realistic price now and a closed deal in 6 to 8 months? Or an aspirational price that wastes a year of your life and probably results in a lower ultimate sale price anyway?"

The Value Acceleration Alternative

If the seller remains committed to a higher valuation, you have an alternative: the value acceleration conversation.

"Here's another path. If you're willing to invest 12 to 18 months in building value before we go to market, we can move your business toward the higher end of that range—or potentially beyond it. The factors that drive higher multiples are customer diversification, owner independence, documented growth, and recurring revenue. If we work on those areas together, I can help you build a more valuable business and then sell it for the price you want. Which conversation would you like to have: selling today at the current market value, or building value for a sale 12 to 18 months from now at a higher price?"

This is the CEPA value proposition in action. It transforms a price disagreement from a dead end into a strategic partnership. Even if the seller chooses to list today at the current market value, you have demonstrated that you are thinking about their long-term interests, not just your commission.

When to Walk Away

There are situations where walking away is the correct decision. Walk away when:

The seller insists on an asking price more than 20% above the defensible market range and will not consider the value acceleration alternative.

The seller refuses to provide the financial documentation necessary to support a credible valuation.

The seller will not agree to exclusivity or a reasonable tail period.

The seller's behavior during the presentation suggests they will be uncooperative, dishonest, or impossible to work with.

The best brokers have the courage to say no. They do not fill their pipeline with listings that will not close. They take fewer listings and close more of them. Every hour spent on an unclosable listing is an hour not spent on a closable one. Learn to walk away.

PART 6: A COMPLETE LISTING PRESENTATION SCRIPT

The following script integrates everything covered in this module. It assumes you have completed the pre-presentation research and are meeting with the seller for the first time.

Opening

"Thank you for your time today. I know you're considering several brokers, so I want to make this meeting as valuable as possible. Before we get started, let me tell you what I've already done to prepare. I reviewed your Google Reviews—your customers clearly appreciate the relationship they have with your team. I pulled 12 comparable sales in this industry from the last 18 months so I can give you a valuation range grounded in actual market data. I reviewed the industry multiples from the most recent IBBA report. I looked at your lease terms. My goal today is to give you a clear, honest picture of what your business is worth, exactly how we would market it, and what the timeline looks like from listing to close. Does that sound like a good use of our time?"

Transaction History

"Before we get into the numbers, let me tell you a bit about my experience so you know who you're considering working with. In the last two years, I've closed six transactions in the trades and services space, including two HVAC companies similar in size to yours. The average sale price was just over $1.1 million. The average days on market was 155 days. And my average sale price to list price ratio was 93%. I'm not the biggest broker in town, but I am deeply focused on this industry, and I know exactly how to position a business like yours to attract qualified buyers."

Valuation

"Let's talk about value. Based on the 12 comparable transactions I reviewed—businesses in this industry, in this region, of similar size—the median multiple of Seller's Discretionary Earnings was 2.8x. That puts your business in a defensible market range of $700,000 to $900,000.

Now, where you fall within that range depends on several factors. Your customer concentration is about 18% with your largest customer. That's slightly above the ideal, which tends to push toward the lower end. You have a strong management team in place—your operations manager has been with you for nine years—and that pushes toward the higher end. Your financial documentation is clean, which helps. And you have two years of revenue growth, which is a positive.

I want to be direct with you. I know you were hoping for something closer to $1.1 million. I understand why. You've built this business, you know its potential, and you see opportunities a buyer might not yet appreciate. But here is the reality of the market. At $900,000, we will attract multiple qualified buyers and close within 6 to 8 months. At $1.1 million, we will attract tire-kickers, the listing will go stale, and 12 months from now you'll be asking me to reduce the price anyway—except now we're negotiating from weakness.

Which outcome serves you better?"

Value Acceleration Option

"If you're committed to a higher valuation, there is another path. If you're willing to invest 12 to 18 months in building value before we go to market, we can work on the factors that drive higher multiples—diversifying your customer base, documenting your growth more formally, perhaps building a recurring revenue stream. I can help you with that. Then we go to market with a stronger business and a higher valuation. Which conversation would you like to have?"

Marketing Plan

"Assuming we move forward with a listing now, here is exactly how I will market your business. First, I'll prepare a blind profile—a 300-word teaser that describes your business without identifying it. It will go on BizBuySell, BusinessesForSale, and my firm's website. I'll test two different headlines to see which generates more inquiries. Buyers who respond will sign an NDA before receiving any identifying information.

Once an NDA is signed, they'll receive the full Confidential Business Review—a 25-page document that tells the story of your business, the market opportunity, and the growth potential. I'll also market directly to my database of buyers who have expressed interest in HVAC services businesses. On average, a properly marketed listing in this space generates 60 to 100 buyer inquiries over 3 to 12 months. My job is to filter those down to the 5 to 10 truly qualified buyers who can actually close."

Confidentiality

"Confidentiality is my highest priority. Everything we do before a buyer signs an NDA is blind. Your business name, location, and your identity are not disclosed. Once a buyer signs the NDA, they receive the CBR, but they still do not meet you until we have verified their financial capability and serious interest. The management meeting is scheduled carefully to avoid employee suspicion. And the announcement to employees and customers after closing is planned and controlled. You have built this business over 18 years. I will not let a careless disclosure undo that work."

Timeline

"Here is the realistic timeline. Preparation and CBR drafting will take about three weeks. Marketing and buyer outreach typically takes 3 to 9 months to secure an accepted offer—the median in this industry is about 5 to 6 months. Due diligence and financing add another 45 to 90 days. From the day you sign the listing agreement to the day the wire hits your account, you should expect 7 to 10 months. Some deals close faster. Some take longer. I want you to have realistic expectations from the beginning."

Commission

"Let's talk about fees. My commission is 10% of the total sale price, with a $15,000 minimum. That covers everything—valuation, marketing, buyer qualification, negotiation, and management of the entire process through closing.

I know 10% sounds like a lot. But let me show you why it's actually the best financial decision you can make. Professionally represented businesses in this size range achieve 94% of their asking price on average. Businesses sold without professional representation, or with discount brokers who lack the resources to market properly, typically achieve much less. If my professional marketing and negotiation add just 10% to your sale price—a conservative estimate—that's an additional $80,000 to $90,000 in your pocket. My fee is $70,000 to $90,000. You come out ahead.

The alternative is a discount broker who charges 6%. They spend less on marketing. They attract fewer buyers. They negotiate less aggressively. Your business sits on the market for a year, goes stale, and ultimately sells for less. You saved 4% on commission and lost 15% on sale price. That is not a good trade."

Close

"Based on everything we've discussed—the market-grounded valuation, the specific marketing plan, the confidentiality protections, and the realistic timeline—I'm confident I can sell your business for the best possible price in the shortest reasonable timeframe. If you're ready to move forward, I have the exclusive right-to-sell agreement here. I'll walk you through each section so you understand exactly what you're signing and why each clause protects both of us."

KEY TAKEAWAYS

Most sellers interview two to four brokers. You are in a competition. Win it with preparation, specificity, and honesty.

Pre-presentation research is non-negotiable. Know the business's customer reviews, comparable sales, industry multiples, and lease situation before you walk in the door.

The listing presentation follows a deliberate structure: open with your research, present your experience, deliver the valuation range with context, detail the marketing plan, address confidentiality, set timeline expectations, present the fee structure, and close.

Defend your commission with ROI math, not apologies. Demonstrate that professional representation increases net proceeds by more than the cost of the commission.

The price disagreement conversation is the defining moment. Acknowledge the seller's perspective, present the market reality, explain the consequences of overpricing, and offer the value acceleration alternative.

Have the courage to walk away from bad listings. A pipeline full of unclosable deals is worse than an empty pipeline.

The independent broker's advantage is specificity. You cannot match a franchise's scale, but you can exceed their relevance to this particular seller and this particular business.