AWC invests its own capital and collaborates with co-investors to make capital commitments of scale. We invest across a range of industries and provide structured junior capital in the form of subordinated debt, preferred equity and common equity. Fundamentally, AWC is a true co-investor seeking opportunities to partner and invest alongside resident family, owner-operator and employee ownership interests. Unlike traditional private equity, we can invest in a range of securities including equity, structured equity, mezzanine and subordinated debt or some combination thereof. We are neither a strict control investor nor a strict minority investor, rather we have the ability to customize a capital and ownership structure for each unique investment opportunity. This also applies to investment horizons and exit strategies. Changes in ownership or recapitalizations take place infrequently, if only once, and typically at key points in the lifecycle of a privately-held business. The process can create a charged atmosphere as ownership seeks to address diverse business needs. The fact that the decision is so important, both financially and personally, to owners, management and employees can make the process more, rather than less, prone to error. Inevitably, there are misconceptions you will face along the way.