Such firms typically try to sell or take an entity public within five years.
Some small firms have tried to change the business.
"You and the firm are trying to size each other up," he said.
So many firms will try to raise the money earlier, to avoid the rush hour.
The balance of effect depends largely on what the firm is trying to do.
The firm has been trying to expand its investment banking business in that area.
He said his firm was "still trying to figure out whether it could comply."
The three major national firms are each trying a different solution.
Other firms have tried it with, I guess, differing results.
This year, however, the firm of five is trying something new.