In early 2007 a new website was founded by someone only known as Ted. The website was simply called The Funded. Simply put, The Funded allows entrepreneurs to rate and review venture capital firms and angel investor groups. While the site, and its founder, has been highly criticized, The Funded took off. For the first time ever, entrepreneurs had a place to go and rate and review investors, and for those searching for potential financing, a place to read those ratings and reviews. The Funded has, in it’s own small way, leveled the playing field and has served the entrepreneurial and VC communities well. For the first time ever, VCs were publicly being held accountable. For example, see here for the most loved VCs of 2009. Some say it’s a one-sided forum, and many just don’t care. Most entrepreneurs agree though – The Funded is a good thing.

The whole idea of The Funded really intrigued me, and had something in common with this little side project of mine (The Founder’s Quandary). But I had no idea who was behind The Funded, so I had no idea who to contact about getting involved or at least offering a virtual high-five.

For it’s first six months it was unknown who “Ted” really was. That is, until Ted unveiled himself as Adeo Ressi, a well known, somewhat controversial, entrepreneur. In the past couple of years Adeo and I have exchanged a number of emails, mostly about how I might help The Funded and perhaps even help with something here in Boston. Well, the good news is that The Funded has announced Founder Institute, and it’s arrived in Boston!

The Funded Founder Institute, a four month program to help founders build the next generation of world-class technology companies, is launching a new semester in Boston from July, 2010, until October, 2010. The program is run by founders for founders, providing a structure for successful entrepreneurs to share their experiences and to provide guidance. Everyone that graduates from the program is invited to join a pool to share in the equity upside generated from the success of their peers. This adds a unique camaraderie to the program and creates a long-term peer support group with a vested interest in your success. If you have a new company or if you are thinking to start a company, take a moment and apply to the program. The program has an early acceptance deadline of May 23rd. Apply here.

If you’re an entrepreneur in Boston I hope you’ll take a look at this opportunity and get involved! I’m just thrilled to see this happen, and I’m eager to see Founder Institute nurture and provide fertile ground for entrepreneurs!

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• The Founder Institute Launches In Boston, Now Incubating Startups In 10 Cities (techcrunch.com)
• The Trouble With Venture, Through Adeo Ressi’s Eyes (blogs.wsj.com)
• The Founder Institute goes global (venturebeat.com)
• Born in Silicon Valley, Founder Institute Expands to Boston (xconomy.com)

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New Year’s resolutions have always been good for Stonyfield Yogurt. Our sales invariably spike in January as a result of nearly universal vows to shed that extra 20. The season inspires people to set down concrete plans for improving themselves — and their relationships.

In that spirit, I approached my husband, Gary, for help with composing a list of rules for entrepreneurs who aspire to a happy marriage and thriving family life. Some of the following derive from our own experiences, and some were offered by other entrepreneurial couples. (I’ve cast the entrepreneur as male and the spouse as female because that’s our situation. But the rules apply equally when the reverse is true.)

1. YOU ARE NOT THE BOSS AT HOME.

At work, you’re accustomed to running things and to being in charge. But when you walk through the front door of your house (or emerge from your home office), you emigrate from an autocracy into a messy democracy, with all its attendant chaos, conflict, and need for compromise. Your spouse should understand that this transition is not always quick or easy and that she must be patient while you adjust. But there’s an upside. Though it’s true that at home you can’t command by fiat, you can relax in the knowledge that there, at least, someone is sharing the load.

2. SET THE BAR LOW, BUT SET IT SOMEWHERE.

It’s difficult for spouses to make time for each other, much less take that desperately needed vacation. This challenge is here to stay: No matter what stage the business is in, it will require your all. But a vacation can be a cup of coffee together or a short walk around the block. Sometimes that’s all you’ll be able to manage. Any couple needs uninterrupted time — even if it’s incremental — to share those grace notes and headaches that make up lives. Being together reminds you that you enjoy being together. And that reminds both of you why this enormous undertaking is worthwhile.

3. PLEASE, TURN OFF THE BLACKBERRY.

OK, you can leave it to buzz and bleep sometimes, or even most of the time. But be disciplined about carving out stretches that are technology free. Even if you don’t respond to its whining, its mere presence on the dining room table, at the restaurant, or by the bed changes the nature of your shared space. Plus, it will be easier to pry the kids loose from their cell phones and video games if you can show that it’s possible to resist technology’s allure. In any case, your BlackBerry looks great in black leather. Slide her into that holster, and everyone will be happier.

4. WHEN A BIG BUSINESS DECISION LOOMS, GIVE YOUR SPOUSE A SEAT AT THE TABLE.

Certain business decisions will affect your mate, too. Acquiring another company, launching an IPO, or expanding into other states or countries will require more travel, which increases the pressure on everyone at home. Thinking about signing a business loan using the house as collateral? Hello — your spouse lives there, too! You can also consult her about business issues that don’t affect the family. You’ve made smart decisions about your home life by combining perspectives; your mate may provide a fresh approach to work dilemmas, too. And unlike employees who might be nervous about disagreeing with the boss, you can usually trust her to be completely honest.

5. ENTER YOUR SPOUSE’S UNIVERSE FROM TIME TO TIME.

In many ways, you are fused with your business: Your very identity is bound to and dependent upon its fate. You have invested endless energy, time, imagination, and willpower in its success. Much of your conversation revolves around its ups and downs. Though your mate intersects with and cares deeply about the business, it does not contain or define her in the same way it does you. She spends her day in other worlds, consumed by other matters. Talk to her about them. Better yet, join her at a conference, read her student’s paper, play audience while she rehearses a presentation, weigh in on the tile grout color, drive your child to the dental appointment. You’ll understand each other better.

6. MAKE HER COMMUNICATIONS A PRIORITY.

Your spouse knows you are busy and that you receive scores if not hundreds of messages a day. She wouldn’t contact you at work unless it was important. (When I call Gary at the office, he knows I’m not phoning to see how the yogurt is coming out today.) Your spouse is busy, too, and can likewise be tough to reach. You will both feel more relaxed if it’s easier to get in touch, and if you know that each other’s missives will move to the top of the queue.

7. DON’T SQUEEZE HER IN.

Emergencies or changes of plan aside, don’t try to chat with your spouse from the airport. She likely feels frustrated when the conversation is drowned out by loudspeaker warnings not to accept packages from strangers or cut short because your row is called to board. Likewise, she’s probably not keen on getting a phone call five minutes before your next meeting starts. Much as she misses you during your travels, it’s no fun conversing when she’s braced to hear her least favorite three words: “I gotta go.”

8. TREAT YOUR SPOUSE LIKE SHE’S YOUR MOST IMPORTANT CLIENT.

You win clients and customers by courting them, by offering not simple attention but true attentiveness. You are solicitous, observant, mindful, and aware — eager to anticipate and fulfill their needs. Your spouse is your No. 1 life client and most important connection. Court her — with a thoughtful gift, a just-because hug, morning coffee in bed — as though you really want to keep her business, too.

9. ACKNOWLEDGE HER ROLE.

Often, the entrepreneur lives in the spotlight, while the spouse works behind the scenes. But the spouse plays an important role in the success of any venture. By keeping the domestic machine well oiled, she allows you to enjoy family life while reserving most of your energy for the business. She has saved you money by working inside the company and made the family money by working outside of it. She’s proud of your business but also of the contribution she’s made to the life you are building. So, go on, crow about her! To employees, co-workers, suppliers, family, friends. Post an accolade on the website! You’re the boss — name a product after her! (Note to Gary: Yo My Baby? Apricot Meggo? Get the marketing department on it.) Most important: Tell her directly that you value her contribution. Some things go without saying…but not that.

10. TAKE FREQUENT INVENTORY.

Spend time remembering all you’ve created together, all you’ve managed to survive. Maintaining a marriage through years of strain, sacrifice, and uncertainty requires both grace and grit. You have so many wonderful, horrible, heartbreaking, and hilarious stories — about the company, about the kids, about the rich history you share. To paraphrase Neil Young, you’ve had your ups and downs, but you’re still playing together. The music might not always be in tune, but take a moment to rejoice that you’re still making it.

Meg Cadoux Hirshberg is a writer married to Gary Hirshberg, president and CEO of Stonyfield Yogurt. She invites readers to e-mail her their own rules for maintaining marital harmony when hitched to an entrepreneurial business.

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In the process of keeping a diligent work schedule and making the mistake of “burning-out” twice, I’ve learned a few lessons as to how best to manage stress when one is in working full-time to start-up a new business from scratch.

1) Get Sleep. Part of the reason I am motivated to get up and work the same long hours each and every day is because my body and mind is well rested. I’ve set an alarm that beeps at 7:30PM each evening letting me know that I need to get off the computer. For some people, me included, the light from the computer can confuse your biological clock and keep you awake longer if you look at a screen immediately before going to sleep. I’m typically in bed reading a book between 9 and 10 and fall asleep soon after then. I wake up naturally, without an alarm, the next day typically around 8 or 9 AM. By getting 9-10 hours of sleep every night I find my mind is much more alert and able to problem-solve with a strength that is twice what is would be than if I worked straight through the night (something I’ve done in the past). Piling up a sleep debt can only contribute towards a lack-luster motivation and a poorer quality of work.

2) Exercise Frequently. My mobile phone’s alarm goes off twice a day. The first goes off at 12PM telling me to stop working to break for exercise and to eat lunch. Everyone has been told since they were young of the amazing short and long term benefits of exercise. I’ll tick off a few of the key benefits for those leading a start-up lifestyle.

1. More energy
2. Increased confidence (good for sales)
3. Cathartic release (one can liken lifting and learning to control progressively heavier weight amounts to the ability to manage the stress of problems you will undoubtedly face day-in and day-out in your efforts to grow your start-up).
4. General long term benefits; for example recent studies have shown that there are long term benefits to mental fitness with regard to memory.

3) Eat (at least 3 times a day). Keeping a regular eating routine will help you to bear the stress of everyday start-up life. This is important because it shows your body and mind that you are disciplining yourself to keep a regimented schedule that is controlled based on personal choice rather than on whatever your start-up allows you time to do (whenever it’s convenient for the business or you’re just too hungry to go on working). You can also liken it to the exercise suggestion: you lift a weight amount that you are able to control with each rep and not the other way around, which would cause you to struggle.

It is recommended that you eat more than three times a day if possible. Imagine that your body is like a wood chipper. If you overload it with logs (larger meals), it won’t be able to cut them up (digestion) effectively and quickly enough. Rather, if you eat more frequent and smaller meals your metabolism will be able to more efficiently digest each meal, and less will be stored as unnecessary fat.

4) Take Breaks. This tip can coincide with the exercise and eating habit tips, but it could also be something different such as meditation, playing a video game, anything of your preference outside of work. The time that you spend away from your work can help you to actually stumble upon solutions to problems you are currently trying to solve. It happens to my business partner and I all the time. It may seem counter intuitive, but you sometimes have to take breaks from work in order to actually learn how to complete your work.

5) Understand Why You Are Working. The second time that I burnt out, about two months ago now, I felt like a car engine that was unable to start-up again. I had no gas, no spark to ignite action in order to move the car forward. To figure out how to regain my motivation I sat down one day and had a mental conversation with myself, recording it on paper as I went. I challenged myself, asking question like, why I was working? What was special about what I was doing, why did I care? I concluded the session by listing out three personal core values for why I was working on the business, why I was continuously pressing forward, to what end. Then I asked myself why twice more and got to the point where reason held no bearing, because these were the values I held unquestionably. They were part of who I was, and a ceaseless source of fuel for the action and progress I was seeking to regain. Realizing this I was quickly able to resume my work ethic.

I know a good number of entrepreneurs. Our type is an uncommon breed because we can work seemingly endless hours, taking our minds and bodies to unreasonable limits. The weird thing is that the work is what can become the only thing that is routine, and, at the same time, the least understood. This is not desirable.

While our work is our lives as entrepreneurs, it is vital to understand our core motivation for doing that work because otherwise we are more like the machines and software that we seek to build. Building a healthy routine on top of that motivation to limit and discipline oneself will translate to long-term, sustainable results for your business.

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His latest blog entry is an appropriate subject for TFQ. I’ve quoted it below, but please head over to Fred’s blog and check out the comments and discussion yourself.

One of the more contentious things in the negotiation between an entrepreneur and a VC over a financing, particularly an early stage financing, is the inclusion of an option pool in the pre-money valuation. As my friend Mark Pincus likes to say, “it’s just another way to lower the price”.

I’ll accept that critique. And take it one step further. The option pool is absolutely a piece of the price negotiation. But it is a very important one as I’ll explain.

But first, let me lay out a few things for those who aren’t well versed in these matters. The pre-money valuation is the value of the company before the money comes in. Let’s say we call it $4mm. And let’s say the financing is $1mm. Then the post-money valuation is $5mm and the $1mm round is 20% dilutive ($1mm/$5mm).

But to the entrepreneur it might be a lot more dilutive due to the inclusion of the option pool in the pre-money valuation. Let’s say that the VC’s term sheet says that a 15% “fully diluted post money” option pool needs to be in the pre-money valuation. What that means is that the investor wants 15% of the company, after the financing is closed, to be in an option pool that has not been granted to anyone.

In the case of the $5mm post money valuation, that means there needs to be $750,000 worth of options in the pre-money valuation. If the pre-money valuation is $4mm, then that means the true pre-money valuation to the entreprenuer is $3.25mm. And therein lies Mark’s critique that the option pool is just another way to lower the price.

I am sure I lost a few of you on all of that math. If you want to drill down on it, please leave a comment and we’ll help you figure this out. It is very important you understand all of this if you are or want to be an entrepreneur who raises venture capital.

The bottom line is the deal I described leaves the entrepreneur and his/her shareholders with 65% of the company after the financing, the VC investor will own 20%, and there will be an option pool representing 15% of the company that has not been issued yet. The $1mm financing was not 20% dilutive, it was 35% dilutive.

So it is not surprising that entrepreneurs hate this provision and fight about it every time. And like most terms, VCs have been abusing it for years by asking for excessive option pools making the provision hated more than it needs to be.

The first point I’ll make is that VCs should be upfront about this provision and the fact that it is simply about price. In the example above, I’d be happy to pay $3.25mm pre-money with no option pool. Or I’ll pay $4mm pre-money with one. They are the same thing to me. What an entrepreneur needs to do is find out what the market price for their company is with and without an option pool in the number. Once they do that, the negotiation over this point is a lot less contentious.

The second point I’ll make is that the option pool request needs to be reasonable and based on some kind of budget. I generally ask the entrepreneur to put enough options into the “pre-money pool” to fund the hiring and retention needs of the company until the next financing. My thinking on this is that I don’t want to get diluted between financings. So I like to see a headcount based hiring plan with expected options against each hire combined with a retention plan for all current employees who will need additional option grants.

In most of the early stage financings I’ve done in the past few years this work on the option pool has shown a need for around 10% in unissued options. I’ve seen it as big as 15% but that is rare. I’ve also seen it as low as 5%, but that is even more rare. But the point is this; don’t guess or negotiate this number. Do the work, figure it out, and put it in the pre-money and then negotiate price.

I’ll wrap with a true story about this provision. When Mark and I were negotiating the first round of financing for Zynga, we got into a real tussle about this provision. He did not want an option pool in the pre-money valuation. I did. Once we agreed that it was just a fight about price, the conversation got easier. I got him to give me an estimate of the pool he would need. We added it to the valuation we had agreed to. He got an increase in price, I got an option pool. And I got one of the best investments I’ve ever made.

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I was a C++ tutor (total geek), and we were sitting in the the large computer lab in Guion (the science building).  Anyone in that building lived and breathed the sciences and we were affectionately referred to as “Guionites” pronounced “Guy-on-nites”.  Anyway, we were sitting in the computer lab amongst robust Dells and IBM PCs, with big old monitors, and a 1st year CS student was learning how to compile C++ code.  The exercise was to write a swapping algorithm, where two values were swapped between variables.  I could overhear the student behind me struggling, tweaking, changing syntax, and recompiling.  Error after error relentlessly surfaced.  Dr. Robeva was there, helping by throwing a few pointers (as in tips), over the student’s shoulder.  Finally, there was a big HORRAY as the student ran the compile command and it ran CLEAN.  Woo-hoo!  The student was thrilled, and as Dr. Robeva peered over her shoulder at the code and then the output, she said

Not so fast.  Just because your code compiled, does not meet the programming is correct.  In fact, your two variables did not swap         values at all – the intended outcome was not reached.  You only reached step 1 of the entire development process.

The student was puzzled, as she thought the entire point of the exercise was to get the right syntax in place so that the code would compile.  What she didn’t realize, was that compiling the code was only the first step, and the easiest step at that.  Now she had to take that code, debug her swapping algorithm, and ensure her underlying logic was solid enough to support a larger outcome than just running through the compiler clean.

I remembered that moment the other day as I was reflecting on my fundraising efforts, and how it is just one small step in building this business.  Getting the syntax right, getting the structure of the financing right, is a piece of the foundation, but I realize it doesn’t automatically mean the underlying model won’t need to be tweaked and iterated over (again and again).  My instinct tells me, this is the easy part, and actually producing the intended outcome of a big business is much, much, harder.  There is a sense of satisfaction when that code compiles, but the even greater satisfaction comes when your produce an algorithm that is innovative, aggressive, efficient, and actually contributes to a larger picture.

As Hubspot closed another 16M in Series C financing, this floated across tweet deck last week: @dharmesh: Startups: Closing a funding round is not value creation.  It’s the *opportunity* to create value.

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Unfortunately given that TheFunded is based on the west coast, most of their events on there as well. I’m on the east coast so I will not attending. But this is still worth the read and there’s some great results from a recent survey. Check it out below:

Hello,

The venture capital bubble has burst, and change is coming. Investments into venture funds are at a fifteen year low. There is increasing risk that innovative businesses will be unable to raise capital within 18 months, and TheFunded wants to do something about it. 82% of the Members are CEOs, and 75% are fundraising (see survey results below). The investors in venture funds, limited partners, are reading TheFunded weekly and reacting to the reviews. On February 18th, we are bringing together limited partners, venture capitalists, and entrepreneurs to discuss the Future of Funding. How do we want the future to look? Join us in the discussion.

– The Founding Member, http://www.thefunded.com

THEFUNDED EVENT CALENDAR
————————————————————
There are three events coming up: an exclusive “Future of Funding” conference, an improved “Showcase” event series for seed stage startups, and a launch of the Founder Institute in Seattle.

The Future of Funding: Feb 18, 2010, San Mateo, CA
– http://www.futureoffunding.com
– Members of TheFunded have 25 half price tickets to this intimate conference for top limited partners, leading venture capitalists, and entrepreneurs. Help shape the future of funding with the best minds in the industry.

Founder Showcase: Jan 14, 2010, Mountain View, CA
– http://foundershowcase.eventbrite.com
– Sign-up to pitch your company, meet your peers, talk to the media, andinteract with top-rated investors in this exciting Silicon Valley evening. Pitch tables are sold at cost, $350 each, and just a half dozen remain.

Seattle Founder Institute Informational Event: Nov 2, 2009 Seattle, WA
– http://institute-seattle.eventbrite.com
– Learn about the Founder Institute in this exciting evening at the University of Washington. There may even be a few special guests…

FOUNDER INSTITUTE APPLICATIONS DUE
————————————————————
If you know an entrepreneur that can benefit from experienced mentors helping their startup, then please invite them to apply to the Founder Institute. The San Diego, Washington DC, and Seattle semesters have applications due soon.

– San Diego Applications Due: Oct 27, 2009 (that’s now!)
– http://www.founderinstitute.com/apply/2

– Washington DC Applications Due: Nov 24, 2009
– http://www.founderinstitute.com/apply/4

– Seattle Applications Due: Nov 27, 2009
– http://www.founderinstitute.com/apply/5

SURVEY RESULTS
————————————————————
Over 300 Members filled out a recent survey. 81.7% are CEOs, just 29.1% are running their first startup, and 49.3% are on the West Coast of the US. Help TheFunded by filling out the nine question survey at http://bit.ly/1RpqX1. Survey results are below:

1. What is your role?
—————
81.7%  -  CEO
10.8%  -  CFO, CTO, COO
05.7%  -  Senior Executive
01.8%  -  Other

2. What best describes your experience with start-ups?
—————
29.1%  -  This is my first startup
23.7%  -  This is my second startup
23.0%  -  I have run multiple startups
12.2%  -  This is my first fundraising
11.9%  -  I have had multiple successes

3. What industry is your company in?
—————
16.9%  -  Software / B2B
14.7%  -  Internet / B2C
08.3%  -  BioTech / Health
07.9%  -  Social Networking / Community
07.9%  -  Other
07.6%  -  Digital Media / Content
06.8%  -  CleanTech / Energy
05.0%  -  Advertising
05.0%  -  Financial Services
05.0%  -  Games / Entertainment
04.0%  -  Mobile / Wireless
03.2%  -  Hardware / Electronics
02.9%  -  Communications / Networking
01.8%  -  Ecommerce / Retail
01.8%  -  Outsourcing / Services
01.1%  -  Security

4. What is the primary location of your company?
—————
49.3%  -  US West
25.2%  -  US East
12.2%  -  US Central
07.2%  -  Europe
03.2%  -  Asia / Pacific
01.8%  -  Canada
01.1%  -  Middle East / Africa
00.0%  -  South America

5. Are you currently fundraising or about to start fundraising within the next 3 months?
—————
25.4%  -  Not Fundraising
35.8%  -  Raising Angel
26.5%  -  Raising Series A
07.2%  -  Raising Series B
03.7%  -  Raising Series C or Later
01.4%  -  Raising Early-stage Debt

6. If you are fundraising, how much money are you looking to raise?
—————
01.4%  -   $10 MM US

7. How would you describe the profitability of your company?
—————
53.4%  -  Pre-revenue
13.4%  -  Unprofitable
15.9%  -  Almost Break Even
06.1%  -  Break Even
09.0%  -  Profitable
02.2%  -  Highly Profitable

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I’m looking for other entrepreneurs and founders who are either actively running their own companies, in any stage, or entrepreneurs and founders who’ve exited.

For those of you who are interested in helping build The Founder’s Quandary, please either comment below or send me an email at ben at yoursuspect dot com.

Nearly a year ago I was having a couple drinks with my co-founder, Bob, and a couple other entrepreneurs. We were venting some frustrations that only founders and entrepreneurs can understand. As you surely know, most people don’t understand what it is to be an entrepreneur and it was somewhat enlightening to be able to relate to one-another. The conversation quickly spawned an idea; a website and online community for entrepreneurs only. A resource, if you will, to learn and to share insights.

This country has a profound and very unique spirit for entrepreneurship, and it’s a spirit that has resulted in a thriving entrepreneurial system that can easily be considered a foundation for the American economic systems. Yet aside from local entrepreneurial meetups and networking events, there is no place for them to meet and learn from one-another at a larger scale. The only good online community that I can think of that even comes remotely close to what seems to be lacking is The Funded, run by Adeo Ressi.

So, I took it upon myself to start a new website called, appropriately, The Founder’s Quandary. The site is very nascent and has the potential to be something that I think we all need – a resource for us to go, to discuss ideas, to work through challenges that we all face every day – be they working with investors and directors and shareholders, to understanding term sheets, to links to other resources, to simply be a part of a like-minded community, to hiring, firing, day-to-day operations, exit strategies and opportunities, liquidations, etc etc etc. The potential is limitless, I think. I’d imagine this site being a few things:

• a free and public resource
• a private resource for members only who’d need to qualify for membership
• a forum for discussion
• a place for budding entrepreneurs to learn from those who’ve been there and done that
• a place for those who’ve been there and done that to share their wisdom
• an opt-in newsletter for anyone
• a social network leveraging all the available resources
  and much more

But right now, it’s just me and perhaps a couple of other entrepreneurs who’ve loosely committed to getting involved and helping to build this.

Anyway, the purpose of this post (and the email I sent to some fellow entrepreneurs) is to recruit you, for your help in building this with me and with others, and to ask you to help recruit others.

I welcome your feedback, your advice, your participation. I’m not asking for you do do anything you don’t want to do, and I’m not asking for a big commitment. If you are passionate about entrepreneurship, you’re likely passionate about helping other entrepreneurs.

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The very essence of the quandary, as it’s being used here at TFQ is the very dilemma of being a founder running a funded company – that’s sort of the essence behind this community.

I ran an organically grown company. Started it alone, in a spare bedroom, with nothing more than an IBM desktop and some very little spare dollars. I grew that business well enough to have its own office in downtown Boston, with about a dozen employees and dozens of contractors nationwide. This company had clients of very large stature in New York, Los Angeles, Boston, even the UK. This company never raised money and had a completely different set of challenges. These challenges were no greater nor lesser than the ones funded company founders face – they’re just different.

This is the most critical requirement of being a part of The Founder’s Quandary. But founders of non-funded companies need a place to go too so it’s probably worth reconsidering – perhaps we can find a way to reach both kinds of founders? Ideas are welcome, please!

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