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cover of episode Comedy Club for Sale: Is This $3.5M Florida Deal a Total Joke?

Comedy Club for Sale: Is This $3.5M Florida Deal a Total Joke?

2025/4/18
logo of podcast Acquisitions Anonymous - #1 for business buying, selling and operating

Acquisitions Anonymous - #1 for business buying, selling and operating

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C
Chelsea
M
Michael
帮助医生和高收入专业人士管理财务的金融教育者和播客主持人。
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Michael: 我认为购买这个喜剧俱乐部就像买一个酒吧,主要收入来源是酒水销售和门票分成,喜剧表演本身并非主要收入来源。 我认为350万美元的要价过高,除非他们有10到15年的演出预订计划。 拥有一个酒吧是一件很糟糕的事情,因为顾客和员工都可能存在问题,而且执法部门的监管也比较严格。我个人不会购买这个类型的生意,除非价格非常低。 我认为喜剧行业是一个非常好的行业,只要能够吸引观众,就能获得巨大的利润。 Chelsea: 我认为这个生意更像是一个预定的演出计划,而不是一个剧院本身,因为剧院房产并不在出售范围内。 除非这个喜剧俱乐部已经预订了大量的演出,否则购买它就意味着你需要自己寻找演出资源,主要收入来源将是酒水销售和门票分成。 因为这个生意不包含房产,所以购买它更像是买一些新椅子和屏幕,以及一个希望已预订好的演出计划。 我认为350万美元的要价过高,没有足够的价值杠杆来支持这么高的倍数。 我不确定购买这个生意到底买了什么,因为它实际上只是一个演出计划,以及一些顾客名单,可能还有一些合同。 我认为进入这个行业的壁垒非常低,因为你可以租用场地,而不需要购买房产。 我认为这个列表描述的生意很普通,缺乏独特的卖点。 我认为他们要价过高,实际上只是在卖一个带有娱乐设施的酒吧。 我认为在这个类型的喜剧俱乐部中,酒水销售才是主要的收入来源,而不是喜剧表演本身。 你需要考虑你是否想经营一家需要你周末和晚上工作的酒吧。

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The podcast hosts discuss a $3.5 million Florida comedy club listing, debating its valuation and potential risks. Key concerns include the lack of real estate ownership and the reliance on liquor sales and ticket splits for revenue. The hosts also analyze the importance of talent relationships and customer list ownership.
  • Asking price: $3.5 million
  • Cash flow: $750,000
  • Annual revenue: $3 million
  • No real estate ownership
  • Revenue drivers: Liquor sales and ticket splits
  • Importance of talent relationships and email list

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You're buying a business that you have to go and hunt the talent, like the shows down. Your real only source of income then is going to be the liquor sales and your cut right from the ticket sales. You just look at that and you're like, oh man, like when comedy works and you can fill up these theaters, it is an incredible business. I like the industry because again, comedy is always going to be around. People are always going to want to go to comedy shows.

Hello, another episode of Apposition Anonymous. We don't have 100% beard anymore. And thumbs down on just the plus inventory alone.

Hey, Michael here. Welcome to Acquisitions Anonymous, internet's number one podcast about buying, selling, and investing in small businesses of all shapes, sizes, and forms. Today, Chelsea and I got together and did a deal that I found fascinating, which is a comedy club in Florida. And we dug into this space. It is a fascinating space and

And stick around and see if we liked this deal. Did it make us laugh or not? So anyway, dad joke there for you. Stick around. Here's the episode.

Are you ready to take a leap into business ownership, but you don't know where to start? Well, look no further than Acquisition Lab, the premier resource for entrepreneurs seeking to buy their dream business. Founded by Harvard MBA and acquisition expert Walker Dybul, the lab is your fast track to success in the search, diligence, and acquisition process. With hands-on support, world-class resources, and a community of like-minded entrepreneurs, Acquisition Lab gives you the tools and confidence to navigate every step of the journey.

And we're proud to call Walker and Chelsea, the lab's director, longtime friends of the podcast. They're passionate about helping entrepreneurs like you take the next big step.

So don't wait to make your business ownership dream a reality. Visit acquisitionlab.com today to learn more and schedule your free consultation. And when you do, be sure to tell them the Acquisitions Anonymous podcast sent you. Chelsea, welcome back. You always have the most interesting deals. I can't wait to dive into this one. I have a whole roster of them. I have a whole system where I go find just stuff that will make for interesting radio. I love those. So I personally found the Worm Farm podcast.

A couple ski resorts. The pizza boat.

Oh, Pizza Boat? My husband would love that. If you have a moment, we've only done 400 episodes, so I would recommend going back and finding the Pizza Boat episode. But it is a fascinating story. You've never heard of the Pizza Boat before? I've not. I'm going to go listen. I don't have time to do podcasts, to be honest with you, so I don't ever listen to any. So the Pizza Boat is fascinating. It's in the British Virgin Islands or the U.S. Virgin Islands, one of the two.

And it's a guy from MIT type thing. And he kind of dropped out of life and he went down and he got the only permit and the only anchorage in this particular cove in the British Virgin Islands. And basically he brought down a full style Italian pizza oven and

and bought a boat and a dinghy to go with the boat and you can roll up when you're sailing around the caribbean and you can radio over to the pizza boat and the guy will make you pizza and come deliver it to you via dinghy and they do incredibly well well yeah

Yeah, that's... That's amazing. There's businesses for everyone, I'm just saying. Yeah, so it was for sale. The guy, you know, after a while, a boat that size gets pretty small pretty quickly, and they were selling the boat two or three years ago. So we did an episode. I highly recommend it. I will. I'll listen to it. But...

I have basically the equivalent of a pizza boat to tell you about today. Can I tell you about this deal? Yes, please. It is a thriving comedy theater and business in South Florida with a prime location. And it's a bit anonymized. They will not tell us where the comedy and theater is. No, but it has all new chairs. Yeah.

This looks like a generic stock photo, but I'm not sure. It is. It is. Okay. They, for the theater, they're asking $3.5 million. Cashflow is $754,000 and gross revenue is $3 million a year. No inventory, no EBITDA and rent. So it's a rented property is $15,000 a month.

The business was established in 2015. It is a 300 seat theater. Oh, it does have all new chairs. I know. That's what I saw. I was like, okay. I love that that's advertising. Six brand new VIP tables available. A 24 by 24 video wall behind the performer. Also brand new. 10 years remaining on the lease. It has a lobby bar available to serve patrons while they wait for the show. A full liquor license in place. And it is a located in a shopping center.

with high foot traffic and ample parking. It has back patios designed for performer signings and meet and greet events and advertising is mostly social media and email blasts. It is listed by Jason Hartman from Steinberg Real Estate Holdings and the owner is selling because they have other business interests.

So, okay. So what, what does this business do? If you read that, what do you, what do you, what did you hear? What did you hear that they businesses? It's a thriving comedy theater, obviously. So they, I don't actually know what the business is because it's a rented real estate. And so I have to hope that they have a bunch of book shows already. And you're like buying the book of business of the shows that are going to be scheduled there. Yeah.

But it's not actually a theater for sale, right? Because the theater is not for sale. It's a 10-year lease remaining. So you're really just buying a schedule of events, hopefully? Yeah. Yeah, I think they, you know, there's not that many theaters around. Though here in San Antonio, it's gone crazy. Like over the past 10 years, the number of people building venues is just out of control. Like we have way too many venues.

And, you know, I know people are hungry for live events and stuff like that, but I don't know how these venues are making money. Anyway, that's an aside. But one of the reasons I want to do this deal is I was watching Instagram this morning and an ad scrolls by me. And guess who it is? Straight from the 1980s MTV, Pauly Shore. No. Pauly Shore. And Pauly Shore is out at the dog park in L.A.,

And it is, they're just kind of doing a Gonzo advertisement. And the Gonzo advertisement is, hey, fine people of San Antonio, I'm coming to your town April 12th, and I'm doing a comedy show at a random small-ass comedy theater. And I'm bringing some people from Joe Rogan's Comedy Club up in Austin, and we're going to have a great time. Come see me at the Woodlawn.

theater here in San Antonio, which is like a 300 or 300 seat theater. And Pauly Shore, 60 year old Pauly Shore is coming to San Antonio to do do a comedy show. So I think there is somebody who is hiring and doing a deal with Pauly Shore that has this venue and is doing some sort of deal with Pauly Shore to come in to town and

And that person has a business that is basically this business here in San Antonio, but the equivalent for Florida. So I think that's how this works. There's a promoter who has the venue, who has the whole setup, does the local promotion and then brings in acts like Pauly Shore and stuff like that to come do shows in South Florida. Have you seen the show, the TV show Hacks? No. Watch it. Number one, it's hilarious. But it's a comedian and like,

She retires or something. I can't remember what happens, but she starts playing little venues like this to like practice her material before she, cause she had a residency at in Vegas and like to test new material. She placed places like this. Right. So like to your point, there's a, there is a market for this size and type of venue. I think where I'm struggling is it kind of just feels like you're buying a bar because it's,

I don't, again, unless they have a whole calendar booked, right? Like that you're buying a business that you have to go and hunt the talent, like the shows down. Your real only source of income then is going to be the liquor sales and your cut right from the ticket sales. I don't know. I, I,

Again, if this was the building and you were buying the building, my brain would process it easier. Yeah. But because you're basically, I guess, buying the chairs. It's all new chairs. So you're buying the chairs and the screen. So you're buying the chairs and the screen and hopefully a book of business. Yeah. Well, in theory, you are...

If you're promoting, you know, doing basically this is, you know, promoting your venue and booking acts and stuff like that. If you're doing that, you're going to be getting in theory, customer lists, people who buy one ticket, like in theory, you'll be able to own that unless you're subjected to kind of the ticket master live nation monopoly, in which case they own the customers and they're the ones kind of bringing in the acts and booking and filling out your venue and promoting it.

In this case, this looks to be somebody who's outside of the Live Nation Ticketmaster thing. Yeah, because it says it's promoting everything on socials, right? Yeah, because, I mean, it was a Pauly Shore promotion in Instagram, which did not come from, you know, Ticketmaster or any of that kind of stuff. So I got to assume the Pauly Shore thing happening in San Antonio was an independent thing.

promoter here locally. So if this is an independent promoter, which it looks like it is, in theory, you would be getting an email list and cell phone numbers of people who have come to your shows in the past so you could promote new shows to them. So there's in theory, that's an asset you're getting here when you buy this. That's true.

That's true. But are you in that situation? Are you hunting down the talent? Yeah, yeah. Well, I have a I have a buddy here who runs an independent venue like this. They own the real estate, which is slightly different, but they own an independent venue. And the way he describes the way the industry works is there there are tiers of acts that

At the top tier, you have folks like Taylor Swift, Pink, Rolling Stones, people who can fill no matter what, anything. They get one type of deal. And it's kind of crazy the economics they'll get and stuff like that.

And then you work your way all the way down to where like at the lowest tier, you'll have folks that are acts that are say like a punk band with a small cult following. And they'll play Tuesday night in San Antonio and Wednesday night in Austin. And they may get paid nothing like by the venue.

Except for like, you know, 25% of the gate rate of the tickets sold. Like it's, it's, it's all the way down to, you know, who's, who's taking the risk. Like as you work your way down the hierarchy of these acts, like by the time you get to this type of venue, like the acts are taking a lot of the risk in order to, in order to do this stuff. Is this improv or comedy? What did it say? This is a comedy theater. This comedy theater mean like standup.

They hint here a 24 by 24 video wall behind the performer, also brand new. So my guess is these are mostly Pauly Shore style standup acts. I'm just trying to think of like expansion possibilities. So like, can you...

It's thriving, obviously, so there's no need to grow it. But if you did want to grow it, how would you do that? Would it just, is it just a comedy shop where you have kind of like, what is it? The funny bone or whatever used to be the place here? Is it like that? Or I think that's what this is. That's you say that that's exactly what this is. Like it's a, it's a local comedy theater. So you're booking Pauly Shore and correct. I'm trying to think of some other kind of has been.

comics who are probably making $5 million a year as has been comics. Like they're doing great. Yeah. Pauly Shore probably lives in a $20 million home in Hollywood Hills. So like kudos to him. Correct. No, no, no, no, no, no hate. But it's to your point though, I would argue that I don't even know if this place would be hosting like the Pauly Shores as much as the stand, like the newbies, right?

Right. So like the newbies are the ones that tour here every once in a while, you'll get a well-known name. But for the most part, it's it's up and coming, you know, stand up folks that are doing their their grind, which is what that hack show kind of talked about. Right. I guess that I guess the other thing you're buying with this business, Michael, is there has to be a network of managers. Right. There has to be some kind of way that you can constantly have a funnel of new talent to bring in.

And so I think that's probably equally as important as a list of customers that have bought tickets would be a list of like the talent. So I just pulled this up because this is, we have a comedy club here in San Antonio, you know, cause we're like the center of, uh, of human culture. Most people don't know that they, people think it's New York or London, but it's actually here. Um, but, uh,

Yeah, these are all the locations these guys have, the Laugh Out Loud one. And I was just trying to pulling up some of the comedians. Where's the events calendar? Like they have a lot of these...

I've never seen some of these folks. Well, that's the thing, right? Like it's, it's going to be at least in the show. And I don't mean to act like TV is real, but like their whole, the whole pitch in the second season of that show, although I know who Josh blue is though on there, um, is, um, that this is the people like the up and comers, the people testing new, um,

new content that they just tour in these tiny little places to test out the material and then they go do Vegas right and so every once in a while you'll get somebody that you recognize right Todd Packer from the office he's coming to San Antonio all right buy tickets sign me up I'll come to but in all seriousness it is a business right and so as long as this business comes with

again, how you're actually booking things, then I think it's okay. But if there's no system in place to book talent, you're always going to have people that want to be stand-up comics. That is always going to exist, period. Yeah. Right? And so, like, I don't hate the business model. I just think for the purchase price, there needs to be a very clear... I mean, no, the purchase price, I think it's over. It's too much. Like...

What was the purchase price again? It was a lot. 3.5 million asking price for $750,000 in cash flow for basically what is a bar. Correct. So like I would never not happening pay that multiple unless they had some like, I don't know, 10, 15 years booked out of, you know, things that aren't going to change. I don't know. There's just, it's too much. There's no value levers in my opinion to justify that high of a multiple.

But I do like the business model. Yeah. Sorry to get excited, but I just Googled the comedy clubs near me in San Antonio, you know, cultural hub, cultural epicenter of America. And there are like a dozen comedy clubs in my town. I had no idea. Yeah. I mean, there, there are places that people will go for birthdays, graduations, bachelor parties, divorce parties, right? Like first dates, comedy clubs will always be a part of our community.

to me it's an evergreen business right like it just depends on how well it's managed on if it does well I think this one said it had been around a long time and it's thriving so obviously you should pay a 5x for it and they have new chairs Michael it's all new chairs yeah well the chairs make all the difference but I am curious aren't you curious at all if the other business models or the other comedy centers are own the real estate I just think it's fascinating that they don't own the real estate

Yeah, this, I mean, this one here, the Woodlawn Theater, this is where Pauly Shore is playing. That's a cool venue. I think this is owned by the city of San Antonio. Yeah, that's a cool venue. This historic Woodlawn Theater. Yeah.

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So like, I just, I have questions because I just feel like I don't know if I love the business model when the real estate's not involved. Cause at least when you own the real estate, there's an appreciating asset. That's like, at least there's a reason why you might pay. But with this business, just there's fear for me on like, what are you actually buying? Like what is the actual business? Yeah. Right. Because it's literally going to be a book of business, hopefully. Yeah.

And some kind of list of customers. Ideally, you'd have a contract of some kind, I would hope, in place. But it just doesn't feel like... What's the earnings again? You said $750,000? $750,000 and they're asking $3.5 million. I mean, it's a nice earnings, right? It doesn't give us revenue, does it? Revenue is $3 million. I don't hate the margins there. I just don't understand why...

If it's a comedy theater, it's not including the real estate. I'm just like, if the real estate was included, I wouldn't question the asking price as much. I would still have questions, but like, I'm just really struggling with what exactly you're buying for $3.5 million. I think that's the fundamental thing here. Like, like it looks like the barrier to entry to this business is super low. Yeah, there is none. Yeah.

It would be one if there was real estate, right? Cause you'd have to go buy real estate, but like, according to this, you can just go rent it. And it looks like they have a longstanding lease and they probably built this out in agreement with real estate investors is my guess. What do you think? You know how they'll like, they'll like come in and redo like an area of a city and you can partner with the real estate investors to like put something in there. That's going to bring talent.

and, you know, vibe to the neighborhood. Yep. Yeah, I've run into a lot of those kind of placemaking real estate developers. It's a fascinating thing where people will, who want to rejuvenate a town will go partner with these guys to come in and do placemaking. And it was fascinating when I talked to them about how they do it. Do you know what the very first thing they always bring in when they're trying to rejuvenate like a little town is the very first thing?

It's always a high end restaurant, high end destination restaurant. Like they'll go hire like a celebrity style chef and they'll make this big thing. And the idea being that you can bring in high dollar people who are like, let's go drive 45 minutes out into random wherever to get a fancy meal. And that's what they start with. And then they start to bring other stuff. But one of the things they eventually bring in is like a, you know, a concert venue or an events venue is exactly step three or four.

Well, I'm curious. They have style. I do not have style. I'm curious to see about the expansion capabilities, no matter what. I mean, what do you think of the listing itself? I think this is one of those very binary deals. I think it could be horrible or I think it could be great. I think it could be horrible if this is just a generic comedy business with no moats whatsoever on a short lease in a random strip center in Fort Lauderdale. Like, I think that's horrible.

But I think if you dig into this and there is something that is kind of a secret sauce to this that justifies 5X...

For a business that only has nine more years left on its lease, there could be something magical there. Are they part of a broader network of stuff? Do they have a hookup with specific acts that other people can't get? Is there a booking company that has these kind of mid-tier comics like the Pauly Shores of the world who can fill a theater for you consistently? There could be something there.

But I fear that it's the first situation, which is this is just an undifferentiated bar with a microphone. Well, and I would say to your point, if it's the actual one that could be amazing, the broker should do more in the description to make it like there's nothing in here that seems interesting, right? Or there's no unique differentiator. It seems very vanilla-y.

And I have the same fears you do, right? Like I like that they're highlighting the new tables and the new chairs and the new video wall. But it does say it's located in a shopping center, which gives me strip mall feelings. And so there has to be, to your point, something interesting, I think, to make this work really well. Or there needs to be some very distinct difference, right? Yeah.

Some niche market that you're owning, right? Let's say you get all the, by the way, I've been over the past few years trying to learn Spanish. So I'll watch comedy in Spanish. It's really funny. Like Mexican Spanish, but like, let's say you had a hookup with all the Mexican comedians that are coming through the U S Miami or whatever. And you're turned into that community. And this is that like you have, you own that niche. Like, cool. Okay.

Like I can see that being interesting, but fundamentally, fundamentally, I still feel like they're asking you to pay five X for a bar. Well, and that's fundamentally what they are. And it's, it's not even like a bar that you, I just really struggle with the valuation and the fact that real estate is not included because it's really, you're paying five X for a video wall, some new tables and some new chairs. Yeah.

And the right to pay rent no matter what every month. Like, thank you. Thank you, may I have another. Right. It's like, okay. Again, to your point though, if it's not described in this listing, but if it's there, having some kind of assured, you know, exclusive access to bookings or something, there has to be something. To me, as described, there's literally no value levers listed that make me think I would pay much less.

Much of anything, honestly. And that's one of the things I liked. I think, I don't know if you heard me talk about when I pulled up the different comedy clubs here in San Antonio. And there were two types of comedy clubs. There were like random, independent, just like Joe Schmo, like hoping Pauly Shore shows up type situation. But then you had folks like this one, the Laugh Out Loud Comedy Club, which has, it looks like,

a dozen plus, but I know it looks like about 20 locations. I mean, they have them in Dallas, Houston, San Antonio, Arlington, and then all over Florida and these different places. But at this scale, it's pretty fascinating that they can start to get acts where they book them and say, we're just going to do, you're going to do a tour of all of our venues. And you get like this guy, Francisco Ramos, I guarantee Francisco is going through every single one of these laugh out loud comedy club. Yeah.

So, you know, when a Godfrey or one of these guys, I guess these guys are famous. You said you recognized one of them. I recognize Todd Packer from The Office. I think Josh Blue was on here. And he won my last comic standing, like, I don't know, a decade ago, probably. Maybe 15 years ago. So I remember him from that. I mean...

So hard. That's literally the extent of... That being said, I am going to a comedy show tonight. I have tickets. I'm taking my mother to see whose line is it anyway live. And so... Oh, Kevin Nealon. Kevin Nealon. We recognize him. This is showing our age.

It is. We're old. Yeah, we're super old. For those of you that are under our age, he was on Saturday Night Live in the 80s. So back when I was a pre-teen. But so back to my point about this, like, okay, so you're already competing against like the Live Nation acts, right? The Taylor Tomlinson, like,

you know, the top tier, you know, what's his name? Jerry Seinfeld. Like these guys who can fill a theater or fill a big venue. So you're competing with them

And then a step below that, you're competing with big chains like this Laugh Out Loud Comedy Club who are going to get the Kevin Nealins of the world. And you're just kind of left picking up the scraps for your comedy club. And that looked like the rest of the comedy clubs in San Antonio. And it looks like this one in Florida, which just seems like a beatdown. Well, we don't have a lot of comedy clubs in St. Louis. We have the one that I can think of, and it's the Funny Bone. And I don't remember what it's called now, but...

Our comedy shows are just done at music venues. Everyone like the, so not only are you competing with local small hole in the wall type venues,

other competitors in the space but also good comedians even not so good comedians will book at music venues because the music venues also need to have people in regularly to cover their their bills you know and so it's like i don't know i like i like the the industry because again comedy is always going to be around people are always going to want to go to comedy shows yeah um

I just need to know more about what the value levers they were looking at when they decided to list it for 3.5 million. Okay. Can I do a rant about how awesome the comedy business is when it works? Yes, please. So if you just think about it, okay, let's think about you're the Rolling Stones or Taylor Swift, and you're going to put on these productions.

I don't know if you saw what Taylor Swift did for her truck drivers. Did you hear about this? Yes. Yeah, just incredible, incredible situation where she had 15 semi-truck drivers on staff to drive around to do her eras tour. That is how much crap it takes to put on a big production like that. Just an incredible investment. At the other end of the spectrum,

You basically have somebody like, let's say, Jerry Seinfeld, and he will play a 2,000-person theater here in San Antonio. He'll sell every ticket for $150 to $200. And the capital investment required is a microphone and a private jet to fly him here and fly him home.

And like, you just look at that and you're like, oh man, like when comedy works and you can fill up these theaters, it is an incredible business. Cause that's like,

I mean, you just do the math. 2,000 people at $200 a piece. What is that? That's $4 million. This is where Bill usually corrects my math when I'm like, hey, so I'll pull it up. $200 times 2,000. That's a $400,000 night. So he's going to take home, let's say, $250,000 out of that $400,000 minus expenses for doing a two-hour act. That's freaking incredible, right? And then it's a different story when somebody does the big –

the 15,000 person venues like Kevin Hart and stuff like that. Well, and with these, with this venue, a lot of times the comedy show itself, I feel like at least at like the funny bone when I was, and we're talking 20 years ago. So like,

I'm outdated with the numbers, but like, I don't remember paying for the show itself. It was always paid for the drinks. Yep. Right. You go and it was a two drink minimum and, and you would always drink more than the two cause you were, you know, in your early twenties and that's what you did. Um, and so I don't even know where the revenue is. It just continues feeling like a bar to me. Uh, right. Yeah.

Well, that's the best part of like pulling up this Laugh Out Loud Comedy Club in San Antonio website. They don't show you any comedians when you open up the website. They show you the drink menu.

Like, it's like, okay, like the comedians are just to get you there to pay to pay $350 for a bottle of Dom Perignon. That's what they're trying to do. $7 for a Bud Light. They want you to just keep drinking. And but it is basically just a bar with entertainer entertainment, right? Yeah. A stage and chairs and a new screen.

Well, two item minimum purchase per guest, 18% service charge, price is subject to change. And that's about right. Yep. Yep. Yep. It didn't say if they had food though. So they're just want to get, they don't want to feed anyone. So they want everyone to get super plowed. So they just keep drinking more drinks. So, and they keep highlighting the fact that there's a bar to serve people while they wait. And so it's like,

Yeah, I think that there's a business here, obviously, but to me, it really is a bar with entertainment. I had a buddy who owned a bar here in San Antonio, and he said it was horrible, just absolutely horrible. So people that are hanging out at bars at 2 a.m.,

are either kids who are making bad decisions or they're adults who are making a lifetime of bad decisions. Like it's not a healthy place to be. So you got that on one side, the customers are that way. Half of your employees are alcoholics or at the end of the road. So you got that. So the other part of the triangle is horrible. So your customers are horrible. The employees like horrible.

And then you have the third part of it, which is something most people don't think about, which is at least here in Texas, the liquor enforcement people treat you like you're like a pariah, like you're ruining the world.

And everything comes in and you are presumed guilty. Like they come in with guns and like, it's like SWAT team. Like it's just, he said, he said that was the thing that pushed him over the edge was they would come in and he's like, I'm just selling people bud lights here and we're doing the right thing. And I'm sorry, somebody made a mistake, right. Or, or, you know, whatever happened. And you know, why, why are you translating that to me being a bad person? He said, that was the thing that pushed him over the edge was just the way that enforcement people treated him was just over the top.

Yeah, I mean, I don't feel like my experience, full disclosure, little experience that I have with going to these kind of places, the likelihood of seeing somebody plowed or on drugs is pretty high. Right. And so to your point, right, you have to ask yourself what kind of environment and we talk about this all the time when we with our members about like what kind of business you want to buy, right?

It's like you have to really visualize the type of environment that you want to be in. And if that is it, cool. More power to you. Go buy this. Question the 5X. But like whatever. Maybe it's the value is there and we just haven't heard it yet. So anyway, so we love this deal? Is that what we're saying? For the right price, I love every deal. So I will – can I push back on that? There are some times where people pitch me things and I tell them –

You could not pay me to take this deal. Like you would have to pay me to take this deal. This business has a negative enterprise value for me. And for me personally, owning a comedy club or a bar is negative enterprise value. You would have to pay me to take it. So for the right price, if somebody came in and said, you can have this for negative $2 million, I would consider it. But the last thing I want to be doing is like,

I'm telling my family like, hey, it's 11 o'clock on a Thursday. The bartender didn't show up. I got to go. Like that's negative enterprise value for me. No, but I think that brings in a good point. And we talk about this a lot when we're going through this whole like what kind of business should you buy is like, do you want to be working weekends? Right. Do you want to buy a business where you have to work nights? Right. Because at the end of the day, if the work's not getting done, you as the owner have to step in and do it. Is it the type of work you want to be doing? And I think that's a really valid point.

It's not a business I would want to buy, but I probably could reach back into like my, my history and find somebody that's willing to do is this like their dream, right? Just not, not me. Probably not. No one I, no one that I work with in the lab either. Cool. All right. Well, let's wrap it up there. This started out strong. It finished stronger. Great job. You killed it today.

I'm so glad I'm here to help. I'm here to help. Cool. And so where can people find out more about what you guys do and work with you and that sort of thing? And I know there'll be ads for stuff. Yeah. So you can find more at acquisitionlab.com. You can message me on LinkedIn, Chelsea Lynn Wood.

You can email me at Chelsea at Biden bill.com. We are an accelerator that helps people buy businesses. We are a lifetime service. So we will help you buy any business you want to buy from the time you join till the time you get tired of us and tell us to leave you alone. That's about it. It's scary out there. So I think it's, it's great what you guys are doing. I mean, I like it, but I built it. So I'm super biased.

Well, I think that works. Yeah. Thank you. Cool. Thanks for being here. We'll see you next time.