Buying a Quarry for $17M: A Rock-Solid Investment or Sinkhole?
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I think the land is definitely included, which is why the multiple looks so high. And also these are very, very asset intensive businesses. This is a business that has a ton of capex maintenance and any growth would be very expensive.

And this business has been around for 26 years. So I'm sure they call the same trucking companies every single time. And the process to quote that out has got to be pretty structured and easy. This business, it's real estate and a lot of equipment, and it's probably rural. This is actually could be financed pretty well with a USDA loan. Businesses like this can go very poorly very quickly. So I've heard stories about mismanaged quarries not doing very well.

Welcome to Acquisitions Anonymous, the internet's number one podcast about buying, selling, and investing in small businesses. Today...

We did a deal that we have never done this type before, even after 400 episodes. I think you'll find it fascinating. It was in Massachusetts. It involves a lot of rocks. And it's something we all liked, but I think you'll be surprised with why we all liked it. So stick around to the end and you can see how it all concluded. Thanks for being here. Enjoy the episode.

Hey everyone, it's Bill. And I want to tell you about maybe the most exciting sponsor we've had in a long time on the pod. It's called Capital Pad. And it is the thing that I wish existed when I started my journey of operating and investing in small businesses. So Capital Pad is a marketplace for acquisition entrepreneurs. That is people who want to buy a business and need capital to list their deals and solicit capital from other people who want to invest

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So if this sounds like something that's appealing to you, if you want to buy a small business and need capital, or if you want to invest in small businesses, go check out CapitalPad.com and tell them that Acquisitions Anonymous sent you. And we're live. And we're live. And we're live. This is the most quintessential Acquisitions Anonymous prep. Oh, man, it's getting even more quintessential. Heather just joined us, just popped in. We're already recording. This is the most quintessential Acquisitions Anonymous ever, Heather, because...

Two minutes ago, Michael and I joined and Michael goes, I found this deal. And I said, oh, cool. I've never even seen a business like this before. And then Michael just hits record and we're doing it live. And then you popped right in. So this should be a great episode. Okay. It looks like an interesting business. I see that. So for the chitchat part of our agenda here, yeah.

I do want to talk about right now is the peak moment here in San Antonio, and it's called Fiesta. Have I talked to you guys about Fiesta? What is Fiesta? It's basically San Antonio's version of Mardi Gras. So think about Mardi Gras, but instead of Creole, it's like Mexican-American. Wow. All right. That's good.

Like, here's the kind of stuff that goes on. Like we have parades and like every night people are drunk. Like it's just that kind of thing. Cause this is kind of the last period of San Antonio before it gets horrible for five months of weather right through August. And so the reason I wanted to talk to you guys about this is I was going for a walk yesterday through my neighborhood and

I'm having a one on one with the CEO and like I'm talking to him and I see out of the corner of my eye this lady walking the other way and she's got these she's probably in her 70s and she frankly looked like, you know, that prancer size lady. You remember that video where she the lady does prancer size? She looked like that lady, very fit, very thin. And she had taken her two dogs who were both probably two and a half feet tall and

and big thin kind of dogs. And she had dressed them up for Fiestas. So they were wearing like cute little vests and bells and all this stuff. And she had put little sombreros on them. And I paused the call with the CEO and I was like, hold on, I gotta put you on mute for a second. I went over to the lady and I was like,

Bravo. Like, this is awesome. I'm so happy for you. Cause she was just so excited that she addressed our little dogs for our, for our city party fiesta. And they had cute little surprise that she put so much effort into it. And I just wanted to tell her like, thank you for making the world a better place with these dogs wearing superheroes. Cause it was just so cool. Love it. You know, Michael, that's what they call the humanization of pet.

right it's a big industry there's probably no money there right no money in dogs nobody's betting on that uh so it does so and now mills is here mills welcome to acquisitions pleasure to be here thanks for having me awesome we started off light me and michael now we got the whole gang

I came in late, so I figured we were doing like a Cinco de Mayo episode or something with the sombrero talk. Well, Michael is totally wrapped up in Fiesta, which is like apparently a week in San Antonio that leads up to Cinco de Mayo. Oh, cool. It's off topic for the podcast, but at some point I have to go detail for you how crazy it is. Like people move to San Antonio –

and get exposed to fiesta and like you'll talk to them you know you'll be like what do you think of fiesta they're like it's so weird like because it's just so weird like it makes it more normal the longer you live there uh you just kind of know what they're gonna do like there's just

There's just this weird. So they have like, as an example, they have like this whole like coronation thing where they like spend $50,000 on these dresses to like kind of introduce a queen and princess and all this kind of stuff. And it's this big hierarchical like old money thing where everybody in San Antonio fights to see whose daughter gets to be whatever.

And so they have a big crowning ceremony and it's like kind of weird. Cause there's like this like old school, like guys like seeing how deeply they can bow and just kind of weird stuff. Sounds like something that would happen in like the old South, like in South Carolina. Oh, then San Antonio takes it even weirder, which is all the alternative people. So the theater they do the coronation in is downtown and it's this old ornate theater, but then there's a smaller theater that's connected to it. And you can actually hear between the two theaters and,

So like the alternative crowd does an alternative version of coronation while coronation is going on called coronation, which makes fun of coronation like 50 feet away. And like, it's run by all the alternative lifestyle people. And it's just, I mean, it's a ton of fun, but it's just like, wait, what are you guys doing? And then they don't talk. Like, it's just, that's just one of a billion things just that are just insane about the whole thing. Maybe we'll do acquisition anonymous Fiesta episode next year. Yeah.

Yeah. Yeah. A live, live episode. All right. Let me pitch you on this quarry thing. Cause I think, I think quarries are good businesses and I, I'm excited about this one. So I, I wanted to pitch you guys on this deal. All right. This, I was fired up as soon as I saw the teaser. So hit us with it. All right. So this is a quarry which offers gravel and wall stone in new England and it has municipal accounts. So it's in Hampton County, Massachusetts.

So the seller is retiring. They have great products and reputation. And since 1999, the company has been engaged in the wholesale of high quality stone and aggregate materials. The high quality natural or crust and processed gravel products are sourced directly through the company's quarry. So they have a hole in the ground where they're pulling these rocks out of.

They boast nine employees, including drivers, general laborers, equipment operators, administrative assistants, and foremen. They prioritize quality and on-time delivery, and the company declines new orders when overbooked, ensuring customers receive timely service. They adhere to rigorous safety protocols and provide comprehensive employee training, demonstrating its dedication to effective risk management.

The quarry itself is on 68 and a half acres, plus or minus, owned and included, currently amounting to 5.5 million tons of rock that is estimated to be still able to be extracted. They have strong customer loyalty, unique product value, strategic location in the vicinity of development sites, and they remained operational through COVID-19 pandemic. There are growth opportunities to expand the operations team, processing capabilities, and all that kind of stuff.

And then they could also add a wash plant to wash stone and it could diversify its product portfolio and generate additional revenue. They offer all these different types of stone, gray and tan wall stone, different types of wall stone that I've never heard of, flagstone.

et cetera, et cetera. And then they have 10% of sales revenue that comes from government contracts. And then in 2023, they had a 53.4% surge in net profit compared to 2022. It's been around for 26 years and they have nine employees. And did I skip all the numbers? Asking price is $17 million. Cashflow STE is 2.7 million.

So what is that as a multiple? 6.25 times. 6.25 times. They did 2.7 million in cash flow on 3.6 million in gross revenue, 300,000 inventory, and $6 million of equipment. And then they don't talk about the real estate. So it's not as good. It's got to be included. Yeah. I hope so. Yeah. Mainly because these are, you know, they're permitted mines, right?

So you end up getting like in South Carolina, it's DHEC, but whatever the, you know, the regulating authority is in Massachusetts, they give them a permit to say, you can go this deep on this amount of acreage. And, you know, there's a lot of stipulations around mining safety and stuff like that. But, um, it's, it, it, to me, it's very similar to like owning a, um,

like a cemetery where you just kind of know, Hey, we have X amount of spots to sell. Like we have 20, you know, we have 20 over here and a hundred over there. Like we have, we have 200 spots left and here's how much they're worth. And it's just kind of a present value of that future stream of inventory. It's very similar in the mind. Yep. And the, the cemetery analogy is an interesting one to mills because I have always, I learned a little bit about the cemetery business. Cause I said, you know, what happens when the cemetery is full?

Like they sell the plots, right? You don't like rent the plots. So there are a whole bunch of regulations requiring cemeteries to have like a perpetual trust to provide for the ongoing operations of the cemetery.

So even when it's fully booked, they're selling those plots as the net present value of the expenses to maintain them forever, which is really interesting. But that gives me the idea on this one is there's however many tons of rock in here. When you're done with that, you have basically a perpetual liability.

Right. I mean, what do you, how does that happen? So I sold a Sandman years ago. What, what you can do a lot of times is they regrade the entire site and it's expensive, but you regrade the entire site and then you sell the land. I mean, I don't know. Yeah. Yeah. It's totally usable. Now it depends on,

On the type of, you know, quarry that it is and how deep it is, like you can imagine that we have some here nearby that are like, you know, 400, 500 feet deep. Those you can't just regrade. But the sand mine that I'm familiar with, they once it's depleted because at a certain point you like lose the economies of scale as you have to go deeper and deeper. But you can even see in this picture they have heavy equipment.

They regrade the site and then they sell it to like a, you know, a track home developer or, you know, a Walmart or whoever wants it, you know, at that point. Wow. That's I mean, it's interesting, right? Because it's not toxic. It's just rock. Like there's no reason you can't live on top of it later. Right.

I would imagine the seller here has got to have a plan for that already. Like you got to know if you buy this, you got to know exactly what you're going to do when it's depleted and how much it'll cost and what you got to put into it and then what you'll get out of it. You got to have a complete plan for that. And it's got to factor into your model. Yeah. And a lot of times what happens is they just start acquiring adjacent pieces of land and just add to their permitted, you know, site because it's really difficult to,

to like go into a new neighborhood and be like, Hey, we want to open up a mine, you know, three parcels down, you know, across the street that people, these are hard to, to break ground on. So at a certain point they just kind of grow and then they kind of implode on themselves and, you know, they, they become something else. Well, is that great though? I mean, is that because you're not, your competition's not coming in, you're not permitting new holes in the ground. It's like a, it's like a trash, it's like a trash dump.

Like that's part of the genius of owning a trash dump now is nobody wants to permit a trash dump. So if you have one, it's kind of a gold mine. Well, an inverse gold mine. Yeah. So we have built to your to your point about this being somewhat of a covered land play. We have here in San Antonio.

like there's, we have a mall that's in a former limestone quarry. We have a golf course that's in a former limestone quarry. We have like a museum that's in a former, like people dig holes here and then they're like, let's put some buildings in it. And that's exactly what has been done multiple times. Wow. Yeah. One of them is actually called the, one of the malls is called the quarry. Cause it was literally a limestone quarry.

Yeah. So for all those reasons, going back to my original kind of offshoot of this tangent, I think the land is definitely included, which is why the multiple looks so high.

And also these are very, very asset intensive businesses. It's you have heavy, heavy rolling stock. Heather is already getting excited and not, not just the equipment to, you know, actually break ground and, and, you know, get mine all this, but it gets sorted. And so the sorters and the conveyor belts and the processors for this stuff are really cool because when you sell loose aggregate, um,

you're selling it by the like dimensions and the size of gravel. And some of it ends up just being like, you know, fill dirt or fill sand. So you've got to separate all that out and it doesn't happen manually. It happens on these conveyors. So I'm not surprised that they say 6 million of FF&E, which is almost two times their revenue because this stuff is big. It's dealing with a very abrasive product. It breaks down a lot. Like you, this, I've,

This is a business that has a ton of CapEx. Maintenance and any growth would be very expensive.

Yeah, I had a client look at a deal that sold the equipment to Cori's. And it was fascinating. Some of it has to be even custom equipment, to your point. Like you're sorting certain types of rock and stone, and a lot of the equipment they were selling had to be customized in some way. And it was replaced a lot, to your point, meaning lots of CapEx because...

It gets worn out when it's chewing up rocks. So, yeah, very, very heavy CapEx business. So you got to adjust that for any maintenance or replacement CapEx. Yeah, it's got to be a big chunk. So I did look at where this is located. It's halfway between what's basically due west of Boston, like two hours in Springfield, Mass. So it's like, yeah.

Western Mass. So it's kind of like 40% of the way from Boston to New York City. Probably pretty seasonal too, right? I don't, I mean, if the ground is frozen, are you still mining rock? Yeah, I think they still are. It looks like, so there's kind of two different categories when it comes to mining. You have commodity mining.

which is, you know, gravel and crush and run and sand and things that are used in like general construction, paving, road paving, you know, concrete filler, like there's just commodity products. Those end up staying really close to where they're originally mined because it's so sand is like the heaviest thing that you can move.

because it just fills every crevice of a dump truck. So you're rarely moving it over large distances.

The other category of mining and quarries is specialty products like granite, marble, slate, flagstone, certain things where it actually matters where it comes out of the ground. But when people want that look, when they want blue slate tile roofs, you can't get that in South Carolina. It's not in the ground here. So people will go kind of anywhere to get it. I looked at this really awesome business years ago.

That was a specialty like monument. It was like this bright white monument marble or granite or whatever it was. And it was used in like all the best, you know, statues in the United States. And you kind of could only get it in one place. And so it was really small TAM, but it was a very stable and secure business. Like as long as we keep putting up statues, um,

And, you know, monuments and stuff like that. But those are the two kind of sides of this. And I think based on this description, this is a more commoditized business. So it is nobody from South Carolina is buying stuff from this business. Nobody from Texas is buying stuff from this business. It's all probably within a, you know, hour and a half to two hour radius.

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Yeah, I knew a family that owned a brick factory and it's a total local business because the trucking can be more than the cost of the material at a certain point. You mentioned, Mills, that some of this stuff is commodity. And it sounds like this quarry pulls a mix of commodity stuff and specialty stuff out because it says wall stone, slabs, flagstone, that's the specialty stuff. And then you've got the commodity stuff, stone dust, aggregate, all that stuff.

Does the pricing of this stuff fluctuate like a commodity? You know, I think about like oil wells, right? There are some, there's a price at which some oil wells are not economic to pull it out of the ground. So they'll, when the price of oil falls below a certain level, they just stop pulling it out of the ground and they wait for the price of oil to be economic and they run the well again. Do you think you have that dynamic here with the stone quarry where they make more money in some years and less money in other years based on the price of this stuff? Or do you think it's relatively stable?

I think it's more on the stable side just because you don't have, you know, you don't have like an OPEC, you know, for example, that is totally moving the needle on production volumes. But I do think that one of the nice things about this and brick plants are the same way.

Your product doesn't go obsolete. It doesn't spoil. It doesn't waste. It's not like growing lettuce. So you can keep making bricks, even if things are slow and you just stack them in the yard and you could have 20 years worth of inventory. You kind of need to keep the factory operating. Like in this case, you need to keep payroll. They only have nine employees, but you need to keep everything running. Even if you're just making bigger and bigger piles of the stuff, maybe you throttle it down a little bit. You don't allow overtime, but-

Even if you were operating at a loss, you're at least building inventory that doesn't spoil. Interesting. Yeah. And their margins are incredible, right? Three, three and a half million in revenue and 2.7 of cashflow because their cogs are zero. It's just the labor to pull it out of the ground and the CapEx to keep it running. One of the fascinating things about the way these quarries work is they will quote you the price to deliver the merchandise or the rock or the gravel or whatever to your construction site.

And I'm speaking just how it works here in Texas. I don't know about other places, but I assume it works the same way everywhere. And so here in Texas, they will quote you the delivered amount, but they have actually figured out how not to run trucks. They don't have... If you notice, there's no fleet here, none of that kind of stuff. So they basically quote you the delivery price. But what they do is when you call and say, hey, I want...

aggregate. I want 20 cubic yards of aggregate and I want it delivered here on this day. They will go out to all the kind of independent trucking companies and say, give us a bid on what it will take to do it this particular day. And then they mark that up as well and incorporate that into their price. So it's pretty cool because number one, it shows you why being just like a trucking company sucks. You can see it from the bankruptcies that are going on right now. But number two, how they've kind of

Basically, because they're the sole source for these types of stones and rock, they can basically just own that whole component of the supply chain and delivery. I think it's pretty cool. And this business has been around for 26 years. So I'm sure they call the same trucking companies every single time. And the process to quote that out has got to be pretty structured and easy.

The one that I knew here, it was a family, and one of the brothers ran the mine, and one of the brothers ran their dump truck business. And they would haul for other people, but the business started because they would haul for themselves. Down at the bottom of this listing, in the kind of last paragraph, there's this little footnote that says approximately 10% of sales revenue come from government contracts and

But then in 2023, there was a 53.4% surge in net profit compared to 2022. So if we do that math, that means I think it was $3.6 million in revenue and a little over $2 million in EBITDA, right, or free cash flow. So the business was dramatically different in 2022. And they don't really say why it grew like it did.

The only thing I don't like about this is it feels like they're trying to top tick, you know, off of a really good year and get a valuation based on that.

To kind of help get out from under the hurdle of this big pile of assets. Yeah. And well, that was why, Mills, I made the comment about commodity pricing, because that type of net income swing feels like oil, right? In a year where the oil prices are high and boom and bust, right? So that did give me pause, because if this is a stable, pull the rock out of the ground every day type business, your net income shouldn't pop 50% in one year.

Because if it, let me tell you, if it pops 50% in one year, it can drop 50% in the next year. Easy. I don't know. The only scenario I could imagine is if there was a really big like site work or really big paving, you know, this can be somewhat lumpy revenue. You know, a bond referendum gets passed and all of a sudden they're like a penny tax. And now, you know what? The county is going to repave, you know, a hundred miles of roads and they need a bunch of aggregate for that.

they're not necessarily the person who is winning the job and bidding for the job with the county, although they do say they have some revenue like that. But, you know, whoever the, you know, DOT contractor, whoever the road paver is, is coming to them. And they may be, there's, it looks like just from Googling, there's a lot of quarries in this area because there's a lot of natural stone. It's not just unique to this one kind of site, but, you know, it may be that

It was something like that that made their revenue and net income pop. You know, this is a good – sorry. Go ahead, Heather. We all spoke at the same time. This is a good potentially a deal for the USDA program, which we hardly ever talk about.

Uh, but USDA is kind of very similar to SBA, but the first thing you have to find out is if the property is in a rural location, which I'm going to assume this is, we said kind of two miles West or two, two hours West of, of Boston. So if it's rural, the other thing that the USDA program does, it's,

It does larger deals. It can go up to $30 million loan amounts. So it would actually fit within that based on this asking price. And the USDA program is really sticky about the amount of assets that have to be included in the deal. So like regular business acquisitions, even if they're rural, don't usually fit because it's all cashflow. There's not much in hard assets. But this business, it's real estate and a lot of equipment, and it's probably rural.

This is actually could be financed pretty well with a USDA loan. USDA loans will go way out on the amortization, won't they, Heather?

Yeah, 30 years, I believe. I'm not an expert in USDA because I hardly ever come across a situation where the deal actually fits, but I think this is one where it probably would. Yeah, so the terms are really good if you can get it to work. So you can get a 30-year loan on this business potentially through the USDA program? Potentially, yeah. As long as the real estate truly is included, it needs to be included here, which I think it is.

Yeah. I mean, I think it would have to be included for anybody because that's your feedstock for the business. But there's $6 million of FF&E not including the real estate. I have seen on Twitter a number of folks talk about the USDA program as one to basically that –

lower capitalized people can come in and do a covered land play outside of rapidly growing cities. Like you go figure out, like go use that USDA program to go buy 250, 500 acres outside of a Houston or a San Antonio or a Dallas. And you just plan on sitting on it for 20 years until it's worth $30 million.

as the city goes. I don't know that you can just buy land with it maybe, but I haven't heard that one. I do know you can do solar farms. There's a lot of different initiatives within USDA that you can use the program for. And to be clear, I wasn't suggesting land banking. I was saying like there has to be an operating something on there. Tree farm or something. Hey, worm farm. Yeah.

So one other thing that jumps out at me about this, the business is listed by a broker, J.M. Inbar, and he is a certified merger and acquisition pro. I've never seen that designation before. I'm not sure who gives it, but certified pro. He's elite on BizQuest. He's been a business broker for 25 years. Best of small business awards. I mean, this guy has been in it for a long time. Probably knows what he's doing.

It's like you focus on the Northeast. Do you guys think, I mean, this to me screams family office. I, it's like that, this type of kind of long-term cash yield, you know, stable thing that family offices just love. I mean, yeah.

I think you've got to – either this goes to somebody who's figured out how they can bid with a 30-year USDA loan or a family office just takes it out all cash. Because I was – we initially looked at this as like a 6.25x multiple, but I flipped it and this is more like a 16% yield on your capital. Yeah, yeah. And I think that's probably how people are going to see it. So I do know a family office who did just this with a quarry here in Texas. Yeah.

It highlights the challenge with this business, which is there's a significant amount of operating leverage. And by that, you can tell here their profit went up 50% year over year. Because when you have a high fixed cost business like this, like...

You can swing very quickly to one way or another. And if you don't operate it well, if you don't have the hustle and the sales, if you're not watching your costs, businesses like this can go very poorly very quickly. So I've heard stories about mismanaged quarries not doing very well. So that would be my one concern. If you're going to be a family office getting into this, you better make sure you're... It's not just mailbox money. You got to be on top of it, make sure it runs well. I've heard of bad quarry deals too. Yeah.

Tell us Heather, spill the tea. Well, I can't say too much, but I do know of one where the loan defaulted and it was a quarry play and it was special stone that you would think was a special color and it had a lot of uses. I don't remember what all the problems were, but I think it had to do with CapEx and exactly what you're talking about, fluctuating demand. You've got a quarry, you've got one product, you can't really change it and

And if nobody wants it that year, you've still got all that cost sitting there. So I think it had something to do with what you were just mentioning. And that's why I mentioned family office money. Like I could see you buy this with no debt and you're looking at kind of the yield over 30 years, not the debt coverage this year. Right. Because eventually this is all going to come out of the ground.

Right. And it's going to get smoothed out and you're looking at you're not looking at fluctuation. But as soon as you put debt on it, you got to make you got to make coverage this year. And that makes it scarier.

especially in a business that apparently the net income can fluctuate 50%. Right. Anything cyclical, whatever causes the cycle is not well suited for debt to your point. Yeah. Speaking of that, do we want to talk about how this deal could go wrong? We've talked a little bit here about mismanagement, but the macro environment is going to affect this business significantly. Yeah. I imagine this is cyclical to construction. I mean, this is a sort of a construction business, right? It's an input to construction.

which is famously cyclical. I think it goes back to Mills's point about them top picking.

I'm very thumbs up on this, though. I would be very curious to sign the NDA and have a conversation with this broker and try and get face-to-face with the seller. They want to retire. They probably have somewhat limited options. I mean, I don't know. It says it's a hot listing, but this is not an easy business to transition and transact on because of the limited... You just have this

There's no airball when it comes to the assets. It's just more that you probably can't service the debt associated with such a high level of assets and such a high purchase price, therefore. So you've got to figure out, is there some way with the seller that you help them help themselves? Yeah, I don't. I'm actually as, you know, as competent as I'm sure a broker here, J.M. Barr is. I'm a little surprised that this is not listed with a specialty broker.

who understands quarries and mines and things like that. Because this is the type of deal, I mean, if you're Joe Searcher, you can't buy this deal the same way that you buy an industrial fencing company or anything else. This has deal structure considerations, financing considerations. So many considerations are going to be unique to quarries. And if I don't know anything about it,

If Jay is not a specialty broker, first thing I'm trying to do is hire a buy-side advisor that understands how to buy these and structure them to protect my risk and finance them. Structure against to protect downside, finance them. Maybe it's USDA loan. Maybe there are other specialty financing sources that finance quarries all day long. I would want to talk to a lot of people, but you're not going to be able to take your standard

SBA loan, small business buying playbook and bring it to this thing. Before we rate this one, I would add a data point that this has been on the market for a while. It was something I'd found a while ago and I popped it up this morning. So it's been- It says it's a hot listing, Michael. Yeah. I was going to ask what qualifies for hot listing here? I describe myself as a hot listing, but other people don't agree.

I will tell, as someone who is in online advertising, I will tell you exactly what qualifies as a hot listing, an extra $100 fee when you pay BizQuest to list your listing. Oh, good. That is good. Got it. All right. So Mills, you said you're, you're, you're, you're thumbs up and you're going to be getting. I'm dying to know more. Yeah, I'm dying to know. I have not started my family office yet. So I'm thumbs down.

Meaning Heather doesn't have $20 million to sink into this thing. Just discretionary. I think this is thumbs up and worth a double click. But I think it could either be great or terrible depending upon the situation. This is thumbs up for me, but I'm hiring a buy-side advisor who understands this immediately. Awesome. All right, everybody. Thanks for being here for this episode of Acquisitions Anonymous. We will see you next week. If you liked this episode, please send it to a friend.

who would love to hear it and that'll help us keep growing the pod. We appreciate you. See you next time.