45:29—46:25· 57s
3
Speaker A“it might actually be worth paying this price. Speaker BSo then what? That's about 8x trailing 12 months profit multiple. Totally. Speaker AI mean, imagine that. Speaker BLike, that's the offer. Speaker AYeah, that's the offer, right, on the table. So Warren, of course, he hems and haws about it, and he's like, ah, I can't do $30, but we could offer $25 million. Speaker BAnd he— Speaker Athe only reason he justifies it to himself at this point is he thinks, well, they probably have pricing power because people love the candy so much. So if we raise the prices, maybe I can get comfortable with this. Speaker BThis is sort of the, like, brand notion that he's learned at this point of, hey, there actually is a thing that doesn't show up on the balance sheet that has value. Speaker AYep, he's starting to come around. So they do get the deal done with the family. Blue Chip buys See's for $25 million, and over the ensuing years, this little candy company delivers over $2 billion in free cash flow to”