XPX Members work in the lower middle market. In the U.S. this includes companies that have roughly $5 to $100 million in revenues. They are past the startup phase and have the potential to provide long-term value to their owners, employees and communities. To understand our members’ focus on this market, it’s helpful to look at the attention in recent decades to the startup of new businesses. Governments and business communities around the world have built vigorous ecosystems that support startup businesses. These ecosystems provide the unique training and support that early-stage companies need. It’s the nature of the startup process that some ideas fail and some succeed. In fact, roughly 50% of companies make it to 5 years. Only 20% make it to 20 years. Even fewer pass on to new management and ownership. We believe that more attention needs to be paid to the companies after they graduate from the startup stage because these graduates have the potential to build lasting, realizable, transferable value in the long term. Companies in the lower middle market are the foundation of local economies, providing reliable employment and support of local community activities. But these companies have different needs than startups. Until now, there has not been as much focus on the ecosystem that supports companies in the lower middle market. That has changed with the emergence of the exit planning movement.