Acquisitions Anonymous - #1 for business buying, selling and operating - $19M for a Custom Art Biz – Smart Move or Overpay?

Episode Date: November 25, 2025

In this episode the hosts dissect a $19 million “painting‑on‑demand” e‑commerce business making ~$15 million in sales and ~$3.67 million in earnings, and debate whether the price tag is justified given a crowded market and uncertain moat.Business Listing – https://mailchi.mp/websiteclosers/new-deal-alert-online-art-gallery-ecommerce-brand-handmade-paintings-collection-strong-repeat-order-rate-3600-48-star-reviews2?e=42dc999128Welcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.💰 Sponsored by:Capital Pad – A platform connecting accredited investors with vetted small business acquisition deals. Discover exclusive opportunities at https://capitalpad.comTonnesen Accounting Services - Tonnesen provides full quality of earnings reports trusted by buyers, lenders, and brokers on over $500 million in deals each year. Fast, detailed, and affordable. Visit tonnesenaccountingservices.com or connect with Josh Tonnesen on LinkedIn for a free consult.The business under review is a niche e‑commerce company in the custom hand‑painted art space: a made‑to‑order model with no inventory, ~$15 million in revenue (~$14.963 million) and ~$3.67 million earnings, asking price ~$19 million. The owners claim high average order value (~$1,500), ~20% repeat customer rate, ~30% net margins, and growth since 2020.Key Highlights:- Asking Price: ~$19 million for revenue ~$14.96 million and earnings ~$3.67 million.- Business Model: custom hand‑painted art on demand, average order value ~$1,500, ~20% repeat customers, claimed ~30% net margin.- Operational Setup: no inventory, contractor‑based production, D2C Shopify site, paid media + email automation driving growth.- Risks: Extremely crowded market (many “print on demand” or custom art providers), potential rising customer acquisition cost, young business with limited track record.- Strategic Questions: Does it have a compelling moat (exclusive artist network, unique IP, proprietary customer funnel)? Could a larger buyer replicate or disrupt the model? What happens if ad costs or competitor entry escalate?Subscribe to weekly our Newsletter and get curated deals in your inboxAdvertise with us by clicking here Do you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel. Do you enjoy our content? Rate our show! Follow us on Twitter @acquanon Learnings about small business acquisitions and operations. For inquiries or suggestions, email us at [e-mail]

Welcome back, everybody, to another episode of Acquisitions Anonymous. I'm Mills Snell, one of your co-hosts, me and Michael have an incredible time today. It's just us, so we just, you know, we go wherever the wind takes us. And we found a deal that Michael brought that is a painting on-demand business that does 14, almost $15 million in sales. I'd never looked at something like this. I'm immediately going to become a customer. It's an e-commerce business, on their own.com.

It has like everything you would want, really high margin. Michael knows more about this business than the listing even describes. We have a great conversation. I think it's a really fun one. And we might have a little surprise, a little Easter egg, so to speak, that appears in a later episode because of this one. So stick around after a quick word from our sponsors. Well, so that acquisition is anonymous. We don't have 100% beers anymore.

And thumbs downing on just the plus inventory line. 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 CapitalPad 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 in acquisition deals. So if you want to back somebody,

buying a small business, CapitalPad is the place to do it. And if you want to buy a business and need capital, you can go on CapitalPad to be introduced to investors. So the really great thing, too, from the investor side is that CapitalPad takes care of all of the details that can get hairy with small business acquisitions. They handle standardized terms, standardized governance, standardized distributions all up front in black and white. Basically, CapitalPad professionalizes investing in small businesses. And the returns can be really, really good. I'm so stoked they exist.

It's founded by my friend Travis, who is a phenomenal entrepreneur in his own right. 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. All right.

What's up, Mills? Yo. Since it's just us, we could be like total bro today full male energy it's the thing i love about having heather on the podcast keeps me in my keeps me in my uh center of the road energy yeah i just i picture her you know closing her eyes off camera and just rolling her eyes like these guys uh because we're like who cares if the sba won't underwrite it she's like no i live in reality well it reminds me of there's that

Sex in the City episode from like the early 90s or maybe in the late 90s where the ladies are all around the table and like they talk about what happened on some date that one of the ladies was in and they're like figuring out oh what's all this stuff going on

on the guy's head and all this confusing complex stuff going on and one of the ladies' boyfriends is no I know what's going on. He's just not that idiot. Like he's just a like that's just it. Like there's no complexity there's no mixed messages.

Like, it's just like, you know, it's just simple. And that was one of the things Heather and I talked about, I think on a time you weren't here, which was just like, I love working with men. You guys just super simple. That's awesome. I'm not going to be insulted by that,

but probably it should be. And you don't have to have an algorithm to figure out what we're actually thinking. No, it's pretty straightforward. Is football on this weekend? No? What? Yeah.

All right. So you guys did a deal on Tuesday. That was really good, but you had technical difficulties. So we're going to try to do it again because it's that cool of the deal. Yeah, I am, I keep, I've been thinking about this deal in the meantime, which I think this is a perfect like buy versus build kind of situation. Oh, this is the one I shared. Yes. Yeah, you sent it to us.

So this is a, I've got to pull up on the screen if you're on YouTube. It's a paintings on demand pod, which I guess is, I can't imagine there's. hundreds of companies doing this, but maybe there are enough that there's an acronym. It's a pod painting on demand production company, large artist support staff, all made to order designs, zero inventory or working capital, which there is actually working capital. It's just that they get paid up front, but I like where they're going. The asking price is $19 million for a painting on demand, zero inventory. The sales are just shy of $15 million.

$14,963,000. And the earnings, which we don't know if it's EBAA or SDE, but the earnings are $3,670,000. And this is an acclaimed paintings on-demand production company. They specialize in handmade, made-to-order paintings, been around since 2020, and they've transformed the art-buying experience by offering made-to-order model that combines exclusivity,

craftsmanship, digital accessibility, with more than 30,000 paintings sold and over 10,000 satisfied clients worldwide. The brand has become a trusted destination for discerning collectors boasting stellar online ratings, 4.8 stars from 3,600 reviews and 4.6 star rating on Trust Pilot. They continue to post year-over-year growth driven by an impressive $1,500 average order value, 20% repeat customer, 30% net margins. So what they say is their model is highly automated, low overhead designed for efficiency and scalability. The owners dedicate limited weekly hours to strategic initiatives such as financial oversight, supplier negotiations, digital growth planning.

A skilled team of contractors manages daily operations, including customer service, marketing execution, and creative production. From the company's website, you can select from over 1,3,3.3.3,000. 300 paintings. Each painting is then personally sized and crafted per the customer's request by professional artists. Once painted, the pieces are framed by a reputable partner, which maintains high quality standards without the burden of inventory and all the costs associated with storing, picking, packing, and managing warehouse operations. I think that means they're using a 3PL that maybe is also integrated with their framer. Yeah. Customers can interact with the artist during production process to ensure they receive exactly what they want. and their piece of art. It's made-to-order approach provides both flexibility and high margins while fostering strong

customer satisfaction. They talk about some of their digital marketing and traffic. They have a footprint that's anchored by a robust D2C direct-to-consumer Shopify website that serves as the exclusive sales channel. So no Amazon, all D2C Shopify hosted. And they have a mix of high-performing paid media campaigns with profitable, email automation delivering strong ROI and consistent engagement. Company already enjoys steady organic traffic.

Further growth opportunities exist with influencer collaborations, affiliate partnerships, and expanded social media storytelling. It looks like they say they're well positioned to capture additional market share across North America and Europe, so I'm assuming those are the two markets they sell into. I'm going to try and skip ahead on some of this. They just talk about their operations is basically all third party growth opportunities. We kind of hit on. Business broker takeaways, interesting that the broker did this, rapid expansion.

The recent addition of a company-owned frame shop is working to significantly cut logistics costs and improve delivery speed, unlocking broader market. So is this something they've already, yeah, a recent addition. So they own their own frame shop now. they talk about creative upsells and cross-selling potential, streamline scalable model. That's pretty much it. They don't list how many employees there are. They don't list a reason for selling.

We know the business has been around since 2020. What do you think about this, Michael? Well, let's start. I have thoughts. And also, I have an insight that I think will prove interesting with this because I know something about this market because I watched a YouTube video on it once. So let's talk about what they do first. So this is if I have a picture of me and my dog,

or like if you remember the Sopranos, remember when Tony got a painting, custom painting done of him with the horse, remember this? Yep, oh yeah. This is if you want to get a custom painting done. And I think it is almost always these days done from a photograph or a series of photographs,

and then the artist represents that in a painting. an oil painting or a watercolor painting, however you want to get it at your size, custom to what you want to do. And this is produced, and then it gets shipped to you, and then you get to hang it on your wall and say, well, we had a painting done of our family. Yeah, custom piece.

What do you make of this, though? The company, from the company's website, clients can select from over 1,300 paintings. Is that like the background? And then you say, hey, I want, like, it's a landscape scene and I want my family painted into it, or it's a beach scene and I want my dog on the beach or is it the way I read it was these are just basically stock you know of renderings stock

things and you can say I want that in you know a 24 by 36 with a wood frame so I think there's three things you can order here I think number one you can get obviously like a hand-painted replica of starry night by vengo so I think you can get that then I think there are Etsy style designs that they probably have where it's like, okay, you can get this in whatever size you want, and it shows up hand-painted. I've done that. I don't have it in this office, but if you go to my when I'm at my other office, it has, I have those kind of paintings. And then I think there's a third one, which is, hey, here's me and my dog and Tony Soprano, and I want a picture painted that way. And I think you can do any of those things via these guys. Which is fascinating because it kind of gives you

the allure of, you know, I'm into art and I want to kind of collect. And I want to kind of collect. and they are original in the sense that they're not, like you could go on and you could order a print of Starry Night for probably like 50 bucks, you know, without a frame in whatever size. But it's not, it's not really painted. It's just printed.

So this is a level up from that where you can say, I'm kind of getting into art and I want some of these pieces with a higher price point. $1,500 average order value. Yeah. That's amazing. All right. I mean, can I tell you the thing they're not talking about? Yes, please.

It's hinted, but they're not talking about it. Do you know where the world capital of mass-produced hand-done oil and watercolor paintings are? If you say San Antonio, I'm going to shut my laptop. No. Okay. It's Shenzhen, right outside of Hong Kong. Okay. Yeah, they got into, so if you go look, there are just factory after factory of,

these incredibly talented artists, people who are Chinese, and they're sitting there in a factory, and you order a starry night clone or whatever this is, there's factories after factory that does this stuff. And they can probably do it to almost absolute perfection. Yeah, it's all they do all day. Like, you guys just do it. So, yeah, that's, it may have moved since I studied this industry a few years ago to other countries, but it's a fascinating corner of, like, labor arbitrage and how, you know, besides phones and some of the other stuff the Chinese have decided to own, they're in the oil painting market big time. This is, I mean, that makes sense given how crowded this search is. So I just searched Painting on Demand Company on Google.

And there are three, four. Yeah, yeah. So Painting on Demand Company. First sponsored post, design pickle. Sponsored post InstaPainting. sponsored post canvas on demand sponsored post paint your life then in the organic search this is actually an outlier because this is like painting your house uh painters on demand but then print seekers art prints on demand canvas on demand was in the paper click but it's also high on the organic search luma prints art pal finer works i mean the like this is printful all these are seem like they're doing the exact same thing Right. Design and sell custom products online.

We current offer Canvas prints on demand for more than 30 different formats. Like, it seems like a very crowded space. A million percent. So, I mean, that is the question for this business and these guys. Like, what is their go-to-market motion? Besides, I'm in a really competitive bidding situation where if somebody Googles this, I have a problem. Yeah. So, I mean, it clearly looks like Google is a huge red ocean.

I bet these people, some of these folks are paying $30, $40, $50 a click. Like, it wouldn't surprise me. I mean, I wouldn't be surprised if it's more even. Yeah. So there's a way, I don't, this is way outside of my wheelhouse, but there is a way you can, you can, there's some websites that kind of aggregate that and tell you where the average cost, you know, per click is. But that's not my, that's not my world, my cup of tea. But I would be curious about it. Yeah, it's fascinating.

So is this a good business? My guess is Google doesn't work for them. My guess is this is a meta ads play. Totally. So I think that's where the whole dig in on the whole thing is. Because you're not getting a lot of repeat buyers for stuff like this. Like how many times are you getting the Tony Soprano, you with their horse painting once? And they made me call back.

But it's like, okay. So then I would say maybe the lifetime value of the customer is maybe a painting and a half at the most. just because you'd have so many people who are buying one. Average order value of $1,500 makes me think, I mean, some of these could get probably quite large. If I wonder if they're coming from overseas and it's on a canvas, I mean, surely it has to stay on a frame. It's not like you could break down the frame,

roll this thing up to reduce freight cost and then re-put it on a canvas, frame it in the U.S., and then drop ship it in the U.S., this would be a big bulky package is what I'm thinking. Yeah, my suspicion is they are probably, you know, the painting gets done, it's rolled up, it gets overnighted to the U.S., probably on an airplane, and though it may find its way over it, because you won't have the stuff temperature controlled. And then it shows up at a framing shop somewhere in L.A. or the West Coast somewhere, and then it moves on from there.

and the framing gets done here, save for the bulky stuff. That's my suspicion on what's going on here and why they're talking about having their own framing shop, I bet they've been outsourcing that. On the other side of the spectrum, I have never seen a busy framing shop in my city. Like every single one, there's always parking spaces.

So, you know, you have to wonder, like, should you have your own framing shop? A lot of these people have tons of excess capacity. Well, and, you know, there's like this interesting kind of secular decline, I think on high-end custom framing, high-end wallpaper. These things ebb and flow, but like the majority of homes now are not getting wallpapered. There are plenty of, you know, the best wallpaper provider, the best wallpaper installer. Those guys and gals probably stay busy all the time.

But the market has just declined because of stylistic preferences. I would think that the number of homes that are getting custom-framed art has got to be lower demand now. than it was 30 years ago. How dare you insult Mrs. Gurdley that way? Do you have pictures with like six inches of like, you know, mahogany, ornate gold, gold inlay? We've gone to Home Depot basically and we've bought all the furniture they have there. And then we've taken spray cans of crayon gold and spray painted everything for extra.

Yeah, we're an all gold family. No, I'm just kidding. No, we live in a, so we live in a weird house that was built in the 70s. So back then, like, people didn't care what they spent on air conditioning. And, like, they were just like, sure, like, we'll put a 30-foot ceiling in your living room. So we're the fourth or fifth owner of this house that was built in the 70s. So there's some big walls. And storage, like crazy.

Evidently, people in the 70s expected they were going to have a lot of crap because there's just, like, incredible. So, yes, we do have some of that going on. in our house, but I'm also 50, like, we're, this is what 50-year-olds do. Like, we nest. Yeah, because you're empty, you're about to empty nest, so you have to re-nest. Yeah, 19 and 16. Don't, nobody seems really should leave in the house so far. We'll see if that changes.

But don't you think, like, if you're buying a business like this, you know, you've got a, you've got to, you've got to obviously just completely pivot to what is like the most kind of hip segment of this market. Like, I doubt that I doubt that there's as much demand for the kind of replica of Starry Knight or the Mona Lisa as there is for we're a family. We want like a high-end portrait. We had photos done and we want a custom painting of that. I would be really curious of like the revenue by segment. Yeah. Well, and just like you're talking about like, what are the trends here? Is this growing or shrinking? There seem to be a lot of entrants, especially if like I think, I think. think it's just a sandwich layer where everybody's going to the same factories in Shenzhen and getting these things done. What is the moat of this business? And look, could you pull it up again? These guys started in 2020. And it's a $16 million business five years in. Yeah, I know

it's e-commerce and stuff like this can shrink just as quick as it grew. But kudos to these guys. Like five years in and it's a $15 million a year business throwing off $3.6 million. Like, God bless America. I just, the hard thing I, I totally agree. This is phenomenal and amazing. And I bet the business is actually making close to this amount of money. I think a lot of it does fall to the bottom line. Their cost on the production of the paintings is probably minimal compared to their customer acquisition cost and then the freight and logistics and all that. But this is just a really, really great business to own and a really difficult business to buy. At $19 million, So many things have to go right for so many years.

And the market, to me, seems like it could change just as fast as it was created, which was probably in the last, you know, five to ten years. Hey, Michael here. This episode is brought to you by Toninson Accounting Services, the leading provider of quality of earnings reports for small and mid-sized business deals. Every year, their team reviews over $500 million in transactions, and the reports are trusted by buyers, bankers, sellers, and brokers nationwide. What sets Toninson accounting services apart is premium quality work at an unmatched price, a full quality of earnings report for just $6,000. You'll get more depth and insight than firms who charge twice as much, which is why so many dealmakers turn to Toninson accounting services when accuracy and speed matter the most. There's a link to Toninsonaccom in the show notes or reach out to Josh Toninson on LinkedIn for a free consultation,

where he'll walk you through the process step by step and answer any questions that you have. Tell them that Acquisitions Anonymous send you. If I told you it's growing 30% year over year, how would you feel then? The business or the market? The business. I would just say, how in the world have you differentiated from this really, really crowded, you know, organic and paid search? And if they had some X factor, great.

But I would think that based on how crowded it is, everybody's coming for your 30% margins. Because that's, it seems like it would be higher than, higher than average in this. Well, I mean, if you're, is there any way people are getting customers for this besides meta and Google? Is there any way? I mean, they talk about, you know, we want to do more online. We want to do more affiliates. But like, you know, I don't know if you're on Instagram, but like if I look at one thing on Instagram, right, just one video, then I'm inundated with just dozens and dozens of ads for that thing. Like I looked at a special backpack for a gun. I have probably seen 10 ads a day of different companies of different backpacks and like fanny packs for guns. It's just it's got to be so crowded.

And I'm thinking, yeah, it's an expensive backpack. But what's what are they paying for all these impressions? The biggest mistake I made personally was about six months ago. I looked at two of the like business buying get rich quick gurus websites. And oh my God, it's just like, retargeted to death. Yeah, I've just been retargeted to death. I could tell you their conferences, their offerings. what kind of nasal strip you should buy to maximize the airflow. Like, I've got them all. Like, I've got to figure out what kind of tank tops to buy. Like, they've got to, you know, totally, totally tuned in.

So I actually got to a point where I was like, I got to fix this. So I actually just in my mind was like, okay, what do I need to buy? Like, let me just make up something to buy. Yeah, to throw off the algorithm. To clear the cash. Anyway, turns out new ski poles for downhill skiing are a hell of a pallet cleanser. I recommend it. And it turns out also a lot of people are trying to sell ski poles.

You have a very generic feat now. I get ski poles and get rich quick schemes. So, I mean, I think that this is a, I think this is a viable business. I just would be really concerned with, you know, this person has done an exceptional job in five years and they want to get out without holding the bag. I just would be worried. I mean, obviously this is way above. we don't have Heather here, but this is way, way above, you know, SBA category. My thought is that if you own one of these already and you're, you know, you're PE backed and it's a PE firm that has a specialty in the e-commerce space, those have like completely, you know, been separated wheat from the chaff.

And if you're like a really good consolidator with a long enough term, long enough time horizon, I don't think you end up buying these. I think you end up competing. Like let's say you had one of these already and you're trying to grow your market share. This would be a really expensive way to do it. I think that you just go sacrifice margin and grow the top line and compete with these folks instead of buying. There's certainly room for somebody just to outpid you on meta and Google ads. I mean, and they didn't say anything.

There's no other way they're going to customers is it's all digital marketing. Yeah. And I don't think a business like this, you know, really, obviously they don't say anything about Amazon. But, you know, Amazon, there's no room for this because the customization options. And I think like if you end up on a website like this, you're not only picking the print, you're picking the size. You're picking like the sheen. You're picking the frame. you're picking, you know, multiple, like, wood types, colors, like everything, you know.

So there's no way that you could get all this in Amazon like you would just, you know, something that's more commoditized like a set of sheets where it's just what size bed do you have and what color. This is so many more flavors. Have you seen Amazon's like print on demand service and stuff like that? They've rolled out. I've seen a little bit of it on the publishing side, you know, like where you can, oh, you know, oh, you should go check this out. Yeah, I think, no, no, it's like if you want to get a banner, you know, you have to get like banners for your job sites and stuff like that.

Yeah. Like go do Amazon's banner printing stuff. They have disintermediated all the print shops and Amazon merch on demand is what it's called. So there's merch on demand, but try to get, do like a, yeah, do like a banner, like a four foot by 32 foot banner. And like you can customize them. You can upload your own art. You can do all this specific stuff. It is a reality that something to worry about here is Amazon may want to own this space in the future.

Amazon custom paintings. And they may have already looked at it, but it's just a matter of time. But like banners there versus going to a local print shop, I don't know where they're sourcing them from or if they're getting shipped straight from China or whatever and they're full of cancer chemicals. But it's like a tenth to 20 percent the cost is buying them domestically. And you could totally customize them. although they're doing exactly what you're saying, but for banners and signs already. Audience,

if you're not on video, you can see I'm doing a good job because I've officially blowed Mills's brain. He's furiously texting. He's furiously typing stuff into a... But I can't find it. So let me... Oh, well, maybe I've blowed your brain that way.

Just do buy a custom vinyl. Banners and signs customized outdoor. Yeah, I don't think any of these are actually... Like, look, these are all third parties. Yeah. But that's what this company is, though. No, yeah, I agree. I agree. I see what you're saying. So, yeah, I thought you were saying Amazon was doing it themselves because like, look at this. Look at Amazon merch on demand. Yeah, I'm just saying it's just, it's not a big step forward to Amazon to do this painting stuff. That's what I'm saying. Like, look at this. This is an Amazon landing page, you know? Yeah. This is like highly curated by Amazon. Yeah. Is this a matter of time until they get into painting?

Yeah. Yeah, this looks like an incredibly crowded space on Amazon, you know, and the price variance on this. I mean, like, these are, these are incredibly cheap. Eight bucks for a custom banner. Yeah. So cheap. We've bought these multiplies. So anyway, I don't know, you know, they're not going to last forever, but man, they are cheap.

So back to this business, like, what would make it interesting is if they had some kind of moat. Like they had partnered with a bunch of local people, photographers or whatever, they had an affiliate program where they were like signed up with exclusives or frame shops or something like that. But all I'm seeing is a business that's grown really quickly because they've gotten early into the trend, got their operations optimized pretty good, and they've gotten in while meta and Google advertising is not saturated and super expensive and eating all the margin. That's what I'm seeing. I wish they had a better moat than what they do for the price they're asking. It just seems so risky. I mean, even if you were paying two times, which they're asking, you know, six times or five and a half, whatever the math is. But even if you were paying two times for this business, it just seems like it could change so fast and you could just get your lunch completely eaten.

Yeah. Well, it's whatever the, it's the anti-Lindy idea. Like this business has only been around for five years. It's grown like crazy. I will tell you what, when it grows that fast that quickly, it can shrink that quickly. I've seen it happen. It sucks. But the nice thing about this is they don't have like a lot of fixed costs.

Yeah. Right. Which is, you know, worst cases this business just shrinks in half and the profits go down to half. You know, and the owners are just doing instead of private jet well, they're doing fractional private jet well. Right. And like, yeah. Like it's still a really good business. Yeah, I think.

But then that makes me, that begs the question, why doesn't the current owner just keep it? hold it for that long tail, you know? Why don't they just let it play out, even if you're in a declining total addressable market, even if you have declining sales? This is probably a completely distributed business. There's no office, right? It's just a, it's a kind of decentralized system. Worst case scenario, just keep it and run it and, you know, watch it shrink slowly over time to, you know, still a million dollars of earnings. Yeah. My guess is, like many website closer deals, this is priced at a make me move price and kudos to them.

I hope they get it. They deserve it. And you see stuff like this over and over again. I know somebody, I know I'm going against the book of, hey, buying business is a great path to entrepreneurship. But look, like, there's a lot of counterfactuals to that idea of strategy.

And maybe you should just start a freaking business. Like there's, you know, don't close the door on that because the world is short on assets. There's too much money chasing them. And this is a great example of if you're just smart and you just like have a little patience and you self fund a bit, you can create something really magical in a handful of years. And anyway, don't close the door on entrepreneurship. That's what I'm saying. With a lot less risk, right? I mean, it's the whole, you know, we have Chelsea on all the time, but Walker wrote the book on, you know, buy, then build.

But it's almost like we talk about a lot, you know, is it biverse build? And for a certain business like this where you could say, instead of shelling out $19 million, let me budget a million dollars to go try and see if I can, you know, out-compete this person or underpriced this person. With 30% that margins, you can. Yeah, totally. Or just pick an idea that is this in 2020, right?

That's the other thing I tell people like, don't start a hard business. Like, go start an easy business. It's much more fun. I've done both. Hard businesses suck. like they suck don't do it like you know what's great about easy business they just ship you a bunch of money and then you tap dance into work and you know i want you to text me after we're off record about what the list

of easy businesses is because i've not found it yet i tweet it all the time you should read my stuff i do read your stuff read my tweets uh anyway okay so what's your uh do you want me go first on rating this you want to do it. I'll go. I mean, I like this business. I'm dying to sign the NDA and get on, get on their website and see, like, is this completely, like, optimize the user interface, like, the checkout experience. Like, if there's no friction around this and I find myself accidentally buying a painting because I navigate it onto their website, like, I think that's what happens. If this is like fully optimized, I'm going to send you, I'm going to send you a portrait, Michael, of me. No, no, no, I got, I got it better. Here's what you should do.

this is what you should do you should go on this site and you should order a painting of you me bill and heather and and don't tell anybody you did it and then show up to show up to a recording with it in the background and act like nothing's happened like nothing's happened what if we send heather a painting of just you me and bill and a horse it's like on horses That would be worth, I think we could budget that from the pod, $1,500 for a custom. Go tell the team we need money for the marketing budget. Okay, so we're going to sign the NBA just so we can do it from this website and it'll be totally worth it. Okay.

So, yeah, for those reasons, I'm out, but I want to be a customer. Love this business. That's where I'm at. Love this business. Terrific business. Hate the price. You know, it's a, I just don't have any proof that it's going to continue to produce this kind of profit in the future, which makes me really worried. Yeah.

So, cool. All right, you want to close this out? Yeah, if you enjoyed this episode, there are 450-ish more just like it. You can go to ACQUanon.com and search by keyword, deal type. We have pretty much everything under the sun. But if you come across a deal that we have not talked about or an industry we haven't talked about and you really wanted to be covered, that's how we get our best deals is either Michael sends us deals at 2 a.m. and or customers send us deals because they're like, hey, I've never heard you talk about fill in the blank. So send us something. If you find something interesting, we love talking about new and different things. And thanks for joining us today.