Acquisitions Anonymous - #1 for business buying, selling and operating - $4.5m Med Spa - weight loss, or losing money? - Acquisitions Anonymous 287

Episode Date: April 9, 2024

In this episode of Acquisitions Anonymous, Heather introduces a business deal involving a medical health and wellness center located in Boston, Massachusetts, priced at $3.25 million with seller financing available. The team discusses the details, including the motivations for selling, such as retirement, and the presence of a motivated seller willing to stay on for transition. They analyze the business model, focusing on its weight loss program, high-margin products, and success rates, while delving into the complexities of ownership structure, marketing strategies, and potential regulatory challenges, particularly regarding medical supervision and billing. Despite differing opinions on the business's specialization and growth potential, they find intrigue in its financials and location, prompting further interest in exploring the opportunity. Check out the listing here: https://www.bizbuysell.com/Business-Opportunity/medical-health-and-wellness-centers/2193221/For the past decade, BuyAndSellABusiness.com has been helping business owners connect with qualified and engaged buyers, facilitating over $3.9 billion in deal value with a success rate twice the industry average. From the moment you list your business to the moment a buyer engages with your listing, the platform excels at creating a self-sufficient experience. It provides the appropriate nudges to ensure that deals and conversations remain active. If you're considering selling your business, take a look at their Subscription solution. For only $99 CAD per month (roughly $70 USD), you receive unlimited listings, unlimited buyer introductions, a seller profile, and extra marketing exposure all with no contracts or cancellation fees. It seems like an obvious choice for a marketing tool. Try it today and use code AAP30 to receive 30% off the monthly subscription for life.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]

Acquisitions Anonymous. I'm Mills Snell, joined today by Michael and Heather. Talk about a really interesting deal. Heather's worked on a bunch of these. It's a medical health and wellness spa. And it's doing about $4.5 million in revenue, a million dollars in EBITDA, asking just three times multiple on the cash flow. It's in the Boston area. We take some very, you know, very offbeat, off topic kind of discussions about this industry, about the different products about the margin profile. Heather has a ton of insight into the way that these work and the way that a physician has to be involved in the deal, what the SBA likes and doesn't like about it. She drops some really helpful insight on this type of business if it's something that

you've looked at before or are looking at. I think it'll be really helpful, really insightful. And Michael is super entertaining in the episode, dropping knowledge about all these random health and wellness kind of, you know, tips and tricks that he's come across. I hope you enjoy the episode. Stick around for a quick word from our sponsor. For the past decade, buy and sell a business.com has been helping business owners connect with qualified and engaged buyers facilitating over $3.9 billion in deal value with a success rate twice the industry average. From the moment you list your business to the moment a buyer engages with your listing, the platform excels at creating a self-sufficient experience.

It provides the appropriate nudges to ensure that deals and conversations remain active. If you're considering selling your business, take a look at their subscription solution. $99 Canadian per month, roughly $70 U.S. dollars, you receive unlimited listings, unlimited buyer deductions, a seller profile, and extra marketing exposure, all with no contracts or cancellation fees. It seems like an obvious choice for a marketing tool. Try it today and use code AAP 30, so that's AAP 30 to receive 30% off the monthly subscription for life. And go to buy and sell a business.com to learn more. All right. What is this podcast about again? Business.

Beards. Beards beats Battlestar Galactica? I am a fan of your new beard, Michael. I think it looks great. I appreciate that, Heather. Thank you. You are welcome. Well, let me give you my wife's phone number.

She can let her know. It looks awesome. I will tell her. She doesn't agree yet. Yeah, well, for her, it's like, you know, it's too scratchy. How do you do with that, Mills? A badger hair brush. That's the trick.

You got to keep it brushed and well. No, no. Not too scratchy for me. Too scratchy for me getting close to my wife. Oh, yeah, yeah. I don't have any tips for you there. I'm sorry. I haven't figured that one out.

I thought you're going to say the tip is, just don't get close to your wife. That would work. She'll just get used to it. That's what's going to happen. But I feel cool. Like, I feel like I feel so manly. One of my early mentors said,

beards are for making young men look older and old men look younger. and I think I think it does it makes you it makes you look wise all your gray hair Michael I know the old man yeah I mean when you said the old man you let I went oh oh oh we're going there if you call me a boomer if you call me a boomer I'm kicking you out of this podcast but who not that I can kick you out because you're like a founder but I could knock you out of this recording I was going to say I'm logged in as host so can you Can you boot me or can I boot you?

That's so screwed. All right. So Heather brought this deal and I will read it because I think we figured out that Mills, you will be the most entertaining today. And Heather will be the most insightful. And that leaves me just to be the passenger. So I got you guys covered. All right.

So this one is on Biz Buy Sell. And it is a medical health and wellness center located in Boston, Massachusetts, with seller financing available. the asking price is $3.25 million and cash flow is just over a million. They do gross revenue of $4.7 million. Medical health and wellness center. Okay. Business description.

Motivated seller and willing to stay on in transition. Three locations. A leading physician-supervised weight loss brand with a clinical program for being fast, safe, measure, results to patients. You have multiple residue streams. You can earn on patients' checkups, counseling, and regular weekly visits. And most patients will buy high. high-margin products to, from supplements to meals to exercise equipment.

A system that works, the average patient loses 20 pounds in their first month, and they do it safely under medical supervision. In addition, the system has a 90% success rate for patients to achieve significant weight loss of the long run. Reason for selling retiring. Seller will stay on in transition, and a medical doctor is willing to stay on and be a quote-unquote partner if needed. Located in Boston, Massachusetts, this is being sold by Tom Gessimondo from Transitioner from

trans world business advisors. Tom, by the way, Mills, since you're calling me old, also has a beard with with some gray hair in it. I can't really tell, but it looks like he has a ponytail, which is a first for us.

Yes, thank you to us. Man, yeah, so. All right. A ponytail is a new thing. But I think that's awesome. I wish I could grow a ponytail. So anyway, Tom looks very trustworthy. and yeah, so what do we think about this medical health and wellness center being sold for $3 million with a million dollars with a million dollars in cash flow?

Well, sounds like a good multiple off the top, right? That's pretty good multiple. And it looks like about a, you know, if the cash flow is EBITA, if that's the equivalent, it looks like about a 20% margin, which is kind of what I would expect from something like this. Some of the little clues in there when it talks about the physician staying on as your partner. I think what they're getting out there is if you're not a physician and want to buy this, and that's, you know, on Biz Buy Sell, there's not going to be too many physicians looking so that most of the market is going to be made up of people who are not. You can do something called a medical service organization, MSO,

and basically the doctor, the physician, either this physician or some other physician that you want to bring in, can be the owner of that kind of billing entity. and the billing entity is just to pass through. So it's not really the business. And they serve as the medical director of the clinic. And that basically is a way that, you know, companies like this can comply with regulations around billing for medical services when, you know,

somebody that's a non-physician is owning the business. So it's a little tricky because a lot of lenders, when they see this structure, this MSO structure, their eyes glaze over, and in particular, if you wanted to use an SBA loan, my experience has been there's only a few lenders who understand it and would structure a loan properly around it. I have gotten a few of them on board. I worked really hard to do that because I like med spa businesses and other businesses like this. But out of all your SBA lenders out there, there's really just a handful that would understand that particular nuance of this one. I mean, these are regulated. Is it regulated by what body?

Is it at the state level? And it's like, it would be like if you're open in a doctor's office. But you're not regulated by like the medical board, right? Well, I don't know about the medical board. That could be part of it. But I know this. Every state is different in terms of this MSO regulation. And so a lot of, anytime you're going to look into this business,

you need a specialized attorney, first of all, that's specialized in health care. Don't even, not the regular M&A attorneys that are sort of industry agnostic. You need someone who's very industry specific. And then there are, there's one law firm called Bernardo, B-Y-R-D, in Texas that is totally focused on medspa MSOs and dental D-SOs, which is the same concept over in dental. And they will help a buyer figure out what regulation. apply to the specific location and then what they have to set up, you know, how to comply. But it's different in every state. And so it is, you know, very confusing. And even for a lender,

a lender would have to rely an attorney like that as well. They wouldn't know what every regulation was. So it's interesting. But basically, I think it boils down to if you're doing something that a service or a procedure that requires a physician to do it, then the physician has to be the owner of the business that's billing for that. It can't be Mills's business billing for, you know, you can't have the physician just be your employee. It has to literally be owned by them. So this MSO is sort of a shell sort of entity in the middle.

Yeah. So, yeah, it's a pass-through. But a little confusing, like I said, to lenders and especially within the SBA rules, because what you'll find is a lot of lenders will interpret that ownership as, uh-oh, we must have this physician personally guarantee. the loan, and of course they're not going to. It's not really required, in my opinion, and in others' opinion, under the regulations. And I think it really boils down for the lender to, can you replace a physician if you lost this one? And the reality is, it's really interesting.

Yes, there's a whole market for that. It's very similar. You might know, like, I think it's called RMO in contracting, where you can sort of rent a licensed person, licensed contractor to hold the license. This MSO system is kind of the same way, and there are businesses out there who assist people in locating and replacing medical directors. One of them is called we treat.io. So you'll see if you go to that website that it's totally dedicated to med spas for, you know, for this exact purpose getting the medical directors in and setting up the MSOs. What, I mean, what actually happens at a med spa? So I go in and I say, I'm unhappy about my weight and I want to be healthier and I've tried some things and they haven't worked. Am I signing up for a membership? Am I, is it a one-time fee? They obviously talk about some of these high margin products. And, you know, there are those products that you come across and you're like, I know they are making so much money. And yes, the supplements and the meal plans or one.

Like, you know, you just, from the outside, you can look at that and go, yeah, I bet they're making a killing off that. Yeah. So the interesting question about medspa's, this one is definitely very weight loss driven and doesn't say that it does anything else. And any med spa that you look at, you're going to find you've got to look at the mix of services, you know, and what percentage of revenue they each make up to decide if this is really, you know, the recurring revenue type or not.

So it might be anything from Botox, which also requires an MSO and a physician or any kind of facial injectables. There's all kinds of laser, laser tattoo removal, laser hair removal. Lasers just for wrinkles and then general facials and all kinds of skin treatments. And then weight loss. And so you'll find a mix of all those things in some med spas and others that will just tend to focus. on one thing primarily, you know, that that's their go-to. So this one looks like it's mostly weight loss, and it also says it's a brand. So I don't, you know, this might be kind of a franchise situation. They didn't state what the brand was and they didn't confirm, you know,

I don't know 100% that this is a franchise system, but it sort of seems that way. And three locations, Michael just highlighted that. I think that's also really an important part about any of these types of clinics. It's all about density. It's all about, you know, what's your competition? How many people around you? What are the demographics? Where can you put these locations? And I'm sure if you peel back the layers, you know, some of these three locations are newer than others and some, you know, there's probably one that's performing a lot better than the other two. But that is generally how these are, these businesses go. You know, you get one sort of core location and then you try to geographically expand, you know, to the adjacent territories.

But I think, you know, this looks like a good business if someone can figure out the MSO part of it and the debt side. It doesn't say it's SBA pre-approved. And I wonder if that's because they know this MSO thing would be a challenge for most people. But it otherwise looks like a decent business. Do you think there's an OZMPIC slash, you know, whatever the other stupid drug is that people be objecting that makes their faces shrink. Like, are we, or is that, is this a benefit for this particular thing?

Because that's all like the stuff that you have to take via injection and you have to go in and it's under doctor supervision. I would assume this is probably got Ozzympic or something like that. This is probably what that is. But the only part that threw me off is a weight loss brand. You know, that's not really how Ozympic usually works. So it could be that. It could be that they also do hormone treatment.

There's a lot of clinics like that that are focused more on kind of a wellness, hormone replacement, pellets. I've done a couple of these deals as well where they say you'll get weight loss as a result of all of that as well. It could be something more like that. I would want to know what exactly it is they're doing to treat people. But 20 pounds is a lot in a month. By the way, you can't lose 20 pounds in a month healthily. But anyway, don't worry about that. I'll keep that common word is because I want to talk about butt pellets.

So there was actually, you talked about the hormone replacement stuff, and what I saw happen in my CrossFit gym was like 10 years ago was, I looked up and like suddenly everybody was getting like a lot stronger and there was also like a lot of infidelity going on. And I was like, what the hell is happening here? And then I realized that one of the OBs who was in the gym, she realized that she could make a lot of money doing testosterone replacement for everybody. So they would go into our office and get butt pellets. That's what I call them, because they cut a little flap in your butt, and then they put in the pellets.

And, like, yeah, so anyway, this is high margin stuff. Like, I think I've seen where OBEs and stuff like that, they will be breaking even on their core practice, and then they're killing it on all the other crop. They're selling people, Botox. Like, if this is all high margin stuff that people are paying out of pocket, the butt pellets, and it is, you know, it is what it is. But anyway, that's my butt pellet story for you.

talking about, it is shocking to me. You put pellets, and women, you have the hormone replacement pellets too. And basically, I guess it replaces estrogen as you're getting older, but it's basically like a pellet, like a time-release pellet they put under your skin so that you're not having to take a pill every day. But it's kind of scary, anything time-release like that, because you don't know really, like, everybody's body is different. So, but that is a very popular thing.

I think this whole anti-aging health, wellness, looking better is just a huge, it's just becoming ingrained in our society. I mean, people don't just want to age the old-fashioned way, I guess, anymore. I don't want to personally, but it just happens. And I think that's kind of what's going to drive, you know, these businesses forward, kind of long-term, if you ask me, I think they've got a tailwind because even the younger folks, I mean, you know, it used to be, didn't start thinking about stuff like anti-aging until it was already starting to happen to your body. And that's not where we are now.

We've got really young women, I don't agree with this, but really young women going to med spas for Botox and, you know, kind of like preventing the wrinkles and doing the fillers and all that kind of stuff at a much earlier age. So that just broadens the market tremendously. And so it's said it brings up a good point. I mean, this business, like, I thought that this was more just, hey, we have a bunch of coaches and they're like maybe borderline dietitians and they're going to help you, you know, you come in weekly, you get your meal plans, you get your supplements. Like, we connect you with the gym and like we're coaching you to just basically eat right and exercise. And I've seen some of those. I know people who own some of those. And it seems like, yeah, people need some extra accountability.

and if they're paying, you know, $150 a month, you know, it motivates them maybe even more, but just kind of behavioral change. But to your point, I mean, this could be none of that. This could literally be just kind of external forces, you know, just, you know, maybe supplements and maybe a little bit of like meal restructuring, but it could be a lot of cosmetic, a lot of aesthetic things. The fact that there's a doctor involved here means this is they're putting you on drugs. Yeah, yeah, that's a good point.

There's a go. And before OZempic, there was a bunch of stuff that's just not as good. OZimic is just an evolution of this type of weight loss stuff. And it dates all the way back to 60s when they, the 60s when they used to give like, you know, housewives, like it was the 60s. That's what they called them, unfortunately. But they used to give housewives speed, right? Like, you know, mother's little helper. Like, that was real. And it's evolved to get better and we're at Ozimpic. But like, remember, they used to give these ladies speed to lose weight. Like, it's just, it is what it is. So, but yeah, there's a fact, there's a doctor here. Like, that means there's, they're putting you on drugs. The good news is with Ozimic,

potentially it's a better drug than what they've historically been using. There were, there are clinics, um, I assume still around, but for a while there was a trend where it was a, a hormone from pregnancy, uh, that they said would cause you to burn fat. And, and you go to a clinic like this and get injections for this hormone. But the reality was they put you on a 700 calorie a day diet. That's really why you lost weight. That's really what did it. Yeah. I mean, I mean, kind of, you know. The other thing, sorry to get, sorry to get on a roll here. I'll shut up after this. No, you're going to go, Michael. Just give me a little bit more. The fact that the average patient loses 20 pounds in the first month, you don't lose, you can't, unless you go on a starvation diet,

you can't get there. But it shows you how many people when they go into a place like this are just like super chronically inflamed and are retaining water like crazy. You can lose 20 pounds in a month. It's mostly water weight. You'll lose maybe five in terms of actual fat itself at most, right?

But the rest of it is just you like shedding inflammation because you slow down on the big red and the Cheetos and your systems is like, oh, is this what real food tastes like? This is terrific. Let's do this. Like help ethics and, you know, behavior and modification aside,

If you just look at this as if it was the business I thought it was, which is coaching, go exercise, eat right, we're going to make it easier for you and give you some accountability. I think that is probably like more sustainable long term, except that you're going to churn. It's like planned obsolescence. If people are doing what they're supposed to be doing and you actually can deliver results, eventually they're going to be like, hey, I've learned this. I've ingrained this behavior. and now I can do it without, you know, paying you for a monthly subscription. So from a business standpoint, I don't think it would be as sustainable. If it's what I think it is now because of what you guys are saying, people are, like you said, Heather, people are not going to be less vain.

We're only becoming more and more vain, you know, and more and more, you know, just attuned to things that were maybe not on people's radar before. And like you said, at earlier ages, I think that this business has some staying power. Just it's in the path of progress. Oh, yeah. The next thing that comes out, these businesses will figure out how to, you know, also be, you know, provider or practitioner or, you know, dispenser of that thing, too. Well, I'm worried about the claims. I'm sorry, the claims of, you know, 90% success rate for patients, I highly doubt that. I mean, you know, there's a lot of people that go on yo-yo dieting.

And it may be a little bit unethical, but it also might be, you know, there might be some regulations around. on these kinds of claims that they might be violating. I would be worried a little bit about that. Yeah, that's also a risk here. But that's also why you dump it on the medical doctor's malpractice stuff, make it their fault. So here's something I'm struggling with on this. And I understand the niche, like Americans are fat.

We don't want to be fat, and we want to buy a magic pill to take things the easy way. That's America. We've got that covered. That's not changing. frankly everybody makes too much money with that being the everybody wanted to take the easy way out why should this business be independent as opposed to a component of a broader med spa because i feel like all these people who are vain or unhealthy enough to want to lose 50 pounds they also want to get rid of some wrinkles and they want to get some hair removed like is this the

future or is an all-in-one med spa like a lot of these like franchise concepts and stuff like that that are coming out, is that the future? And are we buying an antiquated model here that's too specialized? I think that this is too specialized. If it were my business, I would want it to be a component of those other things because if you bring people in the door for weight loss, you can certainly cross-sell them into wrinkle treatment and, you know, facials and all kinds of other things that a med spa could do. So I would rather see a little more diversified revenue stream. I think that this one focuses the way it does because of this idea of it's a brand. You know, like maybe they're sort of required to stick to that lane.

And also it's probably a lot of marketing. I mean, it's $4 million in revenue. That's quite a bit. That's quite a few patients. I would love to know how many patients it is. And I still think there's probably a lot of churn, no matter how they're, achieving their success rates or whatever. I'm sure they've got a lot of churn in there. And it's probably heavy on marketing. I would imagine, you know, of the $3 million or so in

expenses that this business is carrying, a lot of that is probably marketing. And it's easier to market one thing, you know, weight loss than it is to market Botox and everything else all in one under wet roof. But I would rather own a med spa that has all of it. Yeah. And I've seen, I mean, now that they think about it, these billboards are everywhere for people advertising this, it's got to be what they're doing. And online as well, there's have to be the two things. And whenever I see those billboards, I'm like, yeah, just don't go to Chick-fil-A. That's what I tell myself, don't go to Chick-fil-A.

And so you're stopping by to get your Chick-fil-A. For a while, for a while there was like, do you guys remember, and maybe this was before your diet mills, but there was this whole thing where they started to use, like, fat substitutes to reduce the calories and things. Do you remember this? Oh, yes. It was like a fake fat. Oh no.

It was an oil. Yeah. Yeah. Yeah. And they had to disc, it was like it started to show up. It was like aspartame, but for fat. And like it just reminded me of that because they had to discontinue it because everybody started leaking out of their butt like because it would leak.

It was so porous. It would like leak out of your hair. I'm so glad you're here today to educate us. I forgot. Well, it's just a testament to how absurd America is, right? Wow. Like, well, no, I mean, I love this country. I love this country.

I don't want to live anywhere else. But part of the thing I love about it is we just do absurd stuff like this or develop weight loss drugs instead of just like, oh, you know what you need to do? Like, take the sugar out of your food. Like just call me crazy. Or don't sip a 64-ounce doctor-pap. all day while you sit at a desk. Like, just try that, just a little bit.

So, but yeah, and then we do crazy stuff where people just want a magic pill, and it's causing butt leakage. You know, it's just like, oh, God. I do remember that. It was like, I was excited, too. And if, what, there's going to be potato chips that you don't get the fat, but no, it was not so good.

What do you all think about this being like, if it's, you know, around four and a half million in revenue, you're talking about a million and a half dollars per location. Heather, what have you seen? I mean, I'm also thinking about just, Michael, you had, like, when you were doing the coffee, you know, the drive-through coffee, I'm mindful of the fact that at a certain point, there's probably, you cross this, like, sustainable versus not sustainable line of revenue per location and overhead per location.

They're obviously profitable. But, you know, is there a line where you would say, okay, we just should shut one of these down because if we can't get at least a certain dollar amount per location, it's not worth the effort. A million and a half dollars location sounds pretty good. Yeah, it does. And I would say we're in a phase of growth for these kinds of businesses. So what we really look at most of the time is let's look at where we can put the next store and what's the break-even period. And believe it or not, the break-even for a new store if you do it right, you know, do your analysis on the location and everything, is like a year, sometimes less.

So that's really what they're looking at in most of these businesses is, you know, what's the growth plan by de novo clinic rather than, you know, acquisition? And what's interesting about med spas and this MSO space is a lot of private equity was doing DSOs. They were buying dental practices and rolling them up as DSOs. And so they learned that playbook really well. But what was interesting is you don't really need to build out de novo dental clinics in this country. We have enough for, you know, relative to the number of people that are being treated.

And this is the opposite. This is where you acquire, but then you grow by de novo clinic expansion rather than acquisition, which is cheaper. I mean, as long as you can get that 12-month break-even period, which most of them that I've seen can. So it's usually more around that, like, how do we expand? So, you know, you'd want to look at this deal and. and ask, you know, when was each clinic opened?

What was the strategy around that? And, you know, where would they go next if they were to open another clinic or two? But you're right. There's, you know, if demand were to shrink, yes, absolutely. There's a point at which you don't need three clinics. You consolidate down to your best one or two. So to push back on that, my suspicion is this functions like a lot of other businesses. People choose their doctor or their coffee shop or their local beard provider.

mills based on proximity to their house. And like a lot of times these folks end up, and you see this in medical offices, they end up having three offices that they rotate through just because their clients won't drive 30 minutes to go to the office and they want them to do that. So that would worry me about shrinking this down unless one of those, one of these offices is just not profitable, which is totally possible. Good point. That's a great point.

Yeah. That's what my kid's orthodontist does. And it's like, you know, Monday, Wednesday, Friday here, Tuesday, Thursday, there. And, you know, it does help, you know, the kids after school get to the, you know, to the orthodontist instead of driving 45 minutes across town. Yeah, this is a good one, Heather. Plus, first ponytail. Oh, yeah, the ponytail. That sells it to me.

No, I don't like ponytails. Anybody on men, period. No. It's just no. I have a confession, Heather, I used to have a ponytail. I'm sorry. I'm sorry, Mills. It's okay. It's okay. I'm not taking it personally, but I had a ponytail for years.

I never wore, I never wore my hair down. Really, I had a man bun before they were cool. Okay. Well, that's, that's a totally different trend. I get it. But like, I guess what I'm looking at is someone of my age group. Yes. A man with a ponytail is not a thing that we would like. No. Yeah. But to each their own. I like this business. I would order the book on this. one just because I like the multiple and and I like the margins and I like the metro area that it's in Boston I would want to learn more about this one. The other exciting thing about it is like if you think about a cause bigger than business like you're helping people like get get thinner and that's you know my

buddy is a GI gastric bypass doctor here in San Antonio and he was like how do I do better on social media. I was like, look, you should just sit down and whenever you have an inspiring patient come in, have a form, ask them to sign it and record a two-minute video of you asking them about their experience, that's the best marketing you can do, right? Because you're sharing the relatability and the journey with your potential customers. And he does that now. And it's like great Instagram content because ultimately, like, this is a cool space to be in because you get to see people on the other side of a journey and you get to be their Yoda to help them get there. And, you know, I think that's the other reason to like being in this business, right? Helping people live better

lives. Like, there's nothing better. I agree. That was a good one, Heather. Thanks for bringing it. Absolutely. Yeah. And we found an episode where I didn't do all the talking. Go. But what talking you did was high value, you know. Very entertaining. I covered butt pellets. What was the other thing? That's some great ones. The leakage. Oh, anal leakage. Yeah, bud pellets and angle leaks. That was my contribution to this podcast. All right, well, thanks everybody for sticking around to the end.

We should tell people who've lasted this long. Our GM starts in like a week. So we're going to have like adult supervision in here, Gustavo. I think he's if I have his name right. So it should be really good. So we'll start doing more clips and no talk about butt pellets. It would be fantastic. Adult supervision.

On that note, we'll see. you next week.