I've noticed a pattern in conversations with searchers lately, and that's the holdco ambition is showing up earlier and earlier. People are underwriting their FIRST acquisition based on its potential as a platform for a second and third. I understand the appeal. But in my experience across 35+ acquisitions, most good SMBs are not platforms. They're good standalone companies. And treating a standalone company like a platform, adding debt, splitting your attention, and stretching a management team that was already thin, is one of the faster ways to break something that was working. The searchers I've seen do add-ons well usually had three things: (1) a first business that was genuinely stable without them in the weeds, (2) a management layer that could absorb integration, and (3) a reason to combine beyond "the Google Sheet says so." Curious what this community thinks: If you own a business today, are you actively looking at add-ons? And if you passed on one, what made you walk?