WIS

Given the personal factors at play, I would sell if I were Eberhardt, but not to this group without first seeing the certification. Regardless of how the certification turns out, I would want to generate a more competitive sale process. The business is fundamentally sound; it just has poor cash and working capital management. There are both banks and PE funds that specializes in these types of infusions and probably on better terms than what he was offered. Further, private equity funds adore "hourglass" models like distribution which connect many sellers to many buyers. If he can afford to wait 4-6 months for a full process, I think it would pay off nicely. Given the slow growth and difficult (illegal) competitive practices, I would not want to stay in the business longer than absolutely necessary. With hindsight, which is of course unfair, Japan's subsequent macro performance underscores this decision to exit.