Relative to the large supply of baby boomers looking to exit, there are few entities on the demand side of the M&A equation. This leaves us with an opportunity. We know this is the case because smaller private equity firms have just started to invest in the automotive collision space. We understand the importance of price when deciding to invest. Warren Buffett has long said, “This is the cornerstone of our investment philosophy: Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.” No one can argue with that. Even the best acquisition target, if vastly overpaid for, loses its investment zest.