Received detailed information on a company that manufactures food processing equipment. I can’t give away too much – re: NDA. But for the last four years revenue has fluctuated between $4.6mm and $5.5MM but for 2009 ended at $4.9mm. Operating earnings between $500,000 and $600,000. The revenue are split 50% new machines and 50% parts. The client base seems well diversified – apparently over 300 clients last year. Its a long standing – well established business – founded in 1956. So operating income is 10% or revenue – not bad. The question that looms large in my mind is – how is it that revenue is only $5mm? Is it management? Is it the competitive landscape? Or is it the size of the marketplace? Guess we’ll have to try and figure this out. I have learned that as much as I think I am smarter than the seller – guess what – probably not. And so is this a 10 / 20 mm business?