Acquisitions Anonymous - #1 for business buying, selling and operating - $4.5mm aircraft painting biz and Mills drops his mic - Acquisitions Anonymous 198

Episode Date: June 2, 2023

Michael Girdley (@girdley), and Mills Snell (@thegeneralmills) chat through an aircraft painting business that has high margins and the impact of some valuable real-estate.  Check it out here: https://www.beaconadvisors.com/listing/aviation-painting-and-exterior-refinishing-business/?utm_source=Newsletter&utm_medium=email&utm_content=New+Acquisition+Opportunities%3A+Aviation+Services+%7C+Transport+and+Leisure&utm_campaign=2+New+Acquisition+Opportunities+%28Aviation+RV%29-----Thanks to our sponsor!This episode is sponsored by HoldCoConference, the conference exclusively focused on HoldCo Entrepreneurs and Executives. This conference is where Holding Companies meet, learn, scale and grow. From tech to Home Services, Holdco Entrepreneurs from around the globe will be meeting in Cleveland this September 18-20th in Cleveland Ohio.Check out holdcoconf.com for more details.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.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]

Mills Snell here, I'm joined by Michael Girdley. We have a fun one today. We also have fun today, which I think is always the case whenever we get on and talk, but we talk about a really interesting business. It's an aircraft painting company. We talk about the dynamics with a really high margin business. I would say relatively high margin for something like this. Is that margin sustainable? What does the role of real estate play here? It's bonkers. It's a million dollar free cash flow or EBIT dot business. And with the real estate is trading for 13 times multiple. So we talk about whether or not

that's realistic, whether or not it's sustainable, what is the deal with the real estate. And we have fun while we do it. My microphone falls, which is the first time that's ever happened in 200 episodes, but we roll with the punches. So hope that you enjoy this one.

And let us know if you get the SIM and you find out anything that you can kind of share without breaking confidentiality, but anything non-specific about why the real estate is so expensive. This episode is sponsored by the Holdcoe Conference. This is a conference exclusively focused on holding company entrepreneurs and their executives.

It is where holding companies meet, learn, and scale, and grow. From tech to home services, hold co-entrepreneurs from around the globe, will be meeting in Cleveland this September 18th to the 20th, 2020, 23. And it will be there in Cleveland, Ohio, which has me super excited, also because I will be one of the speakers and attendees of the conference as well. So I encourage you to check out their website and consider joining us there. The website is holdcocomf.com. That's H-O-L-D-C-O-C-O-N-F.com.

And get more details there and sign up to join us. See you soon. Welcome back, everybody. Another episode of Acquisitions Anonymous, and boy, are you in for a treat today? I don't know why yet, Michael, but I, when we get there, we'll let everybody know. This was the nugget that you've been waiting for on today's episode.

We do have a fun deal. I raised my eyebrows. You piqued my interest when you read me the title. So I think that means it's going to be good. Yeah, and this one came from a listener, which those are our best deals. So this came from Dan Engler. So, Dan, thank you very much for doing this. Do you want me to go ahead and read the deal?

Yeah, take it away. This is amazing. There's even a YouTube video, an embedded YouTube video on a listing. When does that happen? Oh, is this actually YouTube? No, this is, dude, these people are classy. This appears to be Vimeo. Vimeo.

How artistic of them. Well, we'll put the link to this one in the show notes so you guys can watch the video. I think we've tried to do the videos during the episodes, and it kind of sucks. All right, so this is from Beacon Mergers and Acquisitions, sent in by this list, or Dave Engler. And so the price for this deal is $4.5 million. Located in North America, industry is transportation and logistics. About the business, it is a unique opportunity to acquire an established aircraft refinishing

company with a solid client base. The company operates out of an established facility located at the premises of a well-situated regional airport. The business services commercial corporate, military, private, and specialty aircraft, and key clientele includes some of North America's largest airlines and numerous regional carriers. The company has developed long-standing relationships and create a stream of reliable recurring revenue. Key differentiators. They provide painting and exterior refinishing services and as facilities capable of handling various aircraft. It has a competent workforce, proven processes, best in class turnaround times, and advanced printing technology to produce high quality finishes that set the company apart from

the competition. Increased demand for private jet production and general air travel are providing significant tailwinds for the business. The company's longstanding relationships, positioning in the market, and high barriers to entry in the industry allow for unique bargaining power and premium pricing. It is ideal for complementary businesses. This opportunity is ideal. It is ideal for a complementary aircraft refining company or an aircraft MRO business interested in acquiring a superior operator and strong client relationships in the rapidly expanding air travel industry. Astute operators can grow revenue and volume by leveraging pre-existing clients and finishing the construction of new hangar expansion already underway. The market offers for the business

and the real estate will be reviewed for a share transaction with a normal amount of working capital on a cash-free debt-free basis. Normalized EBITA and revenue for FYE, so fiscal year estimated 2022 are below historic profitability and revenue over the last two years have trended higher. In addition to the business, the real estate, including hangars and land, is for sale, asking price for the real estate, $8.5 million for two acres of airport lands, a 42,000 square foot hangar set of buildings, and a 7,000 square foot mezzanning office and storage. Revenue, $3.3 million, EBITDA, $1 million, with 20 employees, and they are asking $4.5 million for this aviation painting and exterior refinishing business.

Mills, you have a beard. Would you like to own an aviation and exterior business? It's not a tree service. Why does a beard make me qualified? Okay, sorry, but all seriousness. What do you think? I kind of like it at face value. Okay, so this business, people bring their airplanes to you,

and it's exterior only, right? they said they don't do any interior stuff? I think they said exterior. I get the impression that it's exterior. So people bring you their planes when they need to be repainted. Or I guess it's probably that. It's probably not like body damage.

You know, like I don't think there's the equivalent of body damage, but maybe. The company provides painting and exterior refinishing services for various aircraft. So I don't see that they do interiors or mechanical. This appears to just be painting and I guess the equivalent of bodywork

because you've got to imagine you have a plane like this, there's a bird strike or a rock hits the body. You're trying to fix that stuff rather than get by yourself a new airplane. When they say printing too, that makes me think,

you know, they may be able to print like the Delta logo and maybe that's a really high quality sticker. Maybe it's not painted on and stuff like that. but yeah i know several things about aviation because i looked at becoming a private pilot and then i decided not to do it because i realized i would probably kill myself uh like that's that's that's a short story for you right there but um the uh there is like you have all these really old planes

flying that are like 50 years old like my buddy has a plane that was built in the 60s and like it just keeps getting rejuvenated and eventually you end up with basically an entirely repelped plane. But like he talked about going through this process where like you have to find the right painter to like get in and repaint the thing and has to happen every few years and think 70 years old and has to be done right because you don't want paint chips like flying into the engine like while you're flying and stuff. So there's a bunch of those. But then there's a lot of really modern planes happening, right? Like like you're seeing like I guess it's serious as like one of the SR 22. like the difference between flying in that and like a, what's it called, the 172, like the old school,

I'm totally blanking on the name of that. Cessna. The Cessna 172 that's like the most popular plane ever. But like one is like using a landline, you know, and the other one is like using an iPhone, like when you fly in the two different ones. But I think a lot of the new planes, like the Dreamliner, which is a big commercial, you know, the 787, like there's a lot of carbon fiber throughout that whole thing. So that makes me wonder if some of the printing is maybe.

carbon fiber related for some of the more modern planes. What I like about this is that it would be so regulated. You know, I mean, you know, it's not like you say, hey, you know, I'm going to call my painter and he's going to run down, you know, to the airstrip and, you know, touch this thing up for you. Especially, you know, for commercial airlines. Like for your private plane, maybe, you know, you can prime and paint it yourself or something. But, but this is, you know, high stakes.

I had a really good friend when I was living out West. one summer in college and he was uh he was into like base jumping and i was he was also like a wildfire fighter fighter he was like this epic guy and i was like hey how much does a how much does a parachute rig cost and he's like you know i'm sorry my mic just fell that was the nugget we were waiting for in that episode my mic just fell and fell in my lap first of all we got to leave that in it's like that's amazing um so i'm gonna DIY and rig this back really cool quick. So not to build attention anymore, but so he's a base jumper. And I ask him, how much does a parachute rig cost? And he's like, oh, you know, $4,500 or something like that. And I was like,

oh, really? I mean, can you get them used? I'm the idiot who's like, can you buy a use parachute? He's like, yeah, you can, but you don't, you know? I think this is one of those things. Like, could you do it cheaper? Yes, but you don't experiment with cheaper when you're talking about airplanes. Yeah. It's the fundamental thing where I always kind of, I always kind of wonder, like, I look at a car and you can buy a Tesla, which they're overpriced. It's like, oh, like, or an Audi, right? It's like $80,000. And you're like, wow, look at all you get for this thing.

Like, it takes you from here or there, like, you know, a magic carpet and hugely safe and reliable. You know, like, I got mad the other day because my 2017 Subaru, the battery stopped working like six years later. And I was like, oh, wait a second. Like, why am I complaining about this? Yeah. Like, it's a six-year-old car with 80,000 miles on it.

This is the second problem I've ever had with the thing. Anyway, but like it's totally different with a car and a plane, right? Like, and I think that it shows here in the margins, right? They have EBITA margins of a million dollars on 3.3 million in revenue, like 30% margin for painting. Like who does that? Like Michelangelo and these guys. And what's nice about it is that the actual, like the actual work that's getting done is not rocket science, right? It is still painting at the end of the day.

And it's probably not all that different than running like an auto paint shop. It's just that all the checks and balances, the product's probably a little bit more expensive, all the different processes and the adherence is the stakes are higher, you know. But at the end of the day, the guy who's painting it, he doesn't have to be like a master electrician or a master plumber or like the world's greatest artist. So I don't think your labor cost is twice as much, but you may be able to charge twice as much. you know. Oh yeah. Well, it's got a, it's that thing where you got to pay three times as much to do it, if you're going to do a 98% job versus 100% job, right? And you want 100% job when you're

risking your life up in one of these planes and you're going to pay for it. These situations are always so baffling to me when they have eight and a half million dollars worth of real estate. Right. And they're generating a million dollars a year in free cash flow. whenever somebody says the real estate and the business are for sale like this, kind of in a combo deal, it makes me wonder, and it's like always the first thing I go to when I get the financials, is the company, the company probably owns the real estate right now inside the entity that LLC or partnership or whatever, and they probably don't pay rent. Yeah. And that's a red flag because it's like, okay, either I'm going to lease this back from you and I have to start paying rent,

which let's just say that's $100,000 or $200,000 year or whatever for this facility, or I have to buy it and pony up $8.5 million or 10 or 20% down and finance the rest. But either way, I don't know, I'd be curious, is the profitability repeatable and sustainable under new ownership when you take into account either the carrying cost of buying the real estate or the carrying cost of renting the real estate that may not be reflected? Yeah, 100%. Well, and that's where, let's do the math here, right? You're $8.5 million for two acres of airport lands in a building and a 7,000 square foot mezzanine. I don't know where this airport is, but that sounds really, really expensive to me.

And then you say, okay, well, I'm going to spend $8.5 million on the real estate, and I don't know what rent this owner is paying themselves for using their own land. So $8.5 million in real estate, and then $4.5 million for the business, just at asking price. So that's $13 million total, if my math is right. So basically you're spending $13 million to get $1 million in EBITA.

Like, I'm not a math expert, but like you should probably just borrow, you should probably just buy some T bills. Right? Like it's one out of 13, whatever that is, like 7% return. Like it's not very good. And you have to keep operating the business

and transition and manage these 20 employees and hope you don't lose the customers and hope that you don't paint a plane wrong and it causes some catastrophic failure. Or your employees decide to unionize and like next thing you know, you're not making money anymore. Though I know you like unions.

But anyway, I mean, I've seen the other side of it with the real estate stuff too where somebody who's the business owner will charge their, you know, you talked about the mistake where they charge themselves too little rent or no rent at all and that doesn't get factored into the situation.

I've seen it where, they charge too much rent. They're like, oh, yeah, that's how we make our money. The business is barely breaking even, but they're killing it on the building that they're leasing to the building or to the business. Which is fun, right? Totally their prerogative. You just want to figure out what is market, you know, so that that gets adjusted,

either up or down to reflect the reality that you will have to live with, you know? Right. Yeah, I would be very curious how they're justifying $8.5 million for the two acres of land plus an 42,000 square foot hanger. What's interesting is a lot of land around airports, you know, is if it's part of kind of the permitted space that the FAA, I mean, the FAA controls land around every airport. You know, if you build a building close enough to an airport and some of them are like, actually seeing pretty far away, the FAA has to give clearance to your building heights.

They have to sign off on certain things that like, you know, do not pass go, do not collect $200. Like, you cannot move forward. can't get a building permit unless you get this clearance. A lot of the land, right, around our airport in Columbia, which is not, it's a metropolitan airport. It's not an international airport. It's quite charming.

But a lot of the land is owned by the airport commission, right? It's a multi-county partnership, and they are like building business parks and different stuff. But if you own real estate, the real estate that is adjacent to the runway, I feel like is very rarely private. So that might be part of this is they have this, like, amazing asset that the highest and best use may or may not actually be painting airplanes because like, let's just say UPS, right, wants or FedEx wants to put a hub here. They're going to, they're going to pay $8.5 million theoretically or whatever, you know, whatever the case may be, an inflated value. I think that's part of the dynamic that's at play.

Columbia Airport. I love Googling airports, by the way. We have rocking chairs all over our airport. I've never seen that in another airport. maybe Spartanburg or Charleston, but it's charming. Top destinations, Atlanta, Georgia on Delta, Charlotte on American, and Dallas on American. And then, yeah, looks like American is like the big carrier. Yeah, congratulations.

Anyway, so back to this business. Yeah, so that real estate is something, definitely something to dig into. Like, and the other thing is like, there's just something wrong. It just feels wrong with the size of what this is. I expected it to be, you know, when we dug in, I expected them to be doing much more revenue. Like, I just expected it to be a bigger operation, kind of the way they made it sound.

And they're like, okay, like it's a $3 million paint shop. And I'm like, wait, wait, I kind of thought this would be at a bigger scale. If you're getting, you know, $150,000 at a time to repaint regional planes or big planes or whatever, like, like, and is missing critical of this, it just doesn't seem like they're doing that much in the grand scheme. So I'd be really curious to understand, like,

what does the customer backlog look like? How much is each deal happening? What is the customer concentration? Because that seems like a ton of the value with this thing. Yeah, you would definitely, you bring up a good point. Anything in like automotive or aerospace, if you're dealing with, you know, a limited pool of service providers, right,

you're going to have customer concentration. If you sell auto parts, aftermarket auto parts, you know, to a manufacturer, you're going to have customer concentration. If you do this, there's only so many customers out there that you kind of bring up a good point, Michael, which is, you know, if this company is not doing it,

how do you think it's getting done? Do you think airlines do this themselves sometimes and maybe they only sub out the hard stuff or maybe they only sub out the small stuff? My buddy works at American Airlines here in San Antonio and he's part of it. He's been there, by the way, he works nights.

This is a great story. He works nights. And so he would go to us like after working out and like he would drink wine in the morning. And I'm like, why are you drinking wine in the morning? Aren't you like, what's the deal? He's like, oh, this is the end of my day. I work nights.

And I'm like, he's older than me, older than us. And I'm like, you're in your middle-late 50s. How are you like, how are you working the nights? He's like, oh, I'm still the junior guy. Like, there's guys that have been there for 45 years that are the senior guys and they get to pick the daytime shift. So he's been stuck on nighttime shift for that long. But he told me there's kind of three categories.

of the maintenance that they do. One is there's stuff that they just outsource where they just fly to Brazil and the stuff gets done in Brazil and it's just much cheaper than having that done here in the U.S. And he said then there's stuff that they do here in kind of the remote bases

and that'll be some of the maintenance, that'll be some of the overnight kind of stuff that they'll do to planes and some of the kind of fixes that need to get done to get the plane back in working condition. You'll hear like, hey, we've got to replace a pump. Like that's his team like coming over changing it while you're sitting in the airplane and getting you back on the road.

Then he said at the bases, like Phoenix, Dallas, all that kind of stuff. That's where they'll have some of the heavy lifting, you know, engine tear downs, re-certifications. And I think some of these, you know, I don't know, but I got to assume some of the airlines have paint shops as part of that at their scale. But yeah, so it's, I think it totally depends on how the airline's going about it. He said every airline was kind of different. Like Delta was different than America and all that kind of stuff.

And then, of course, the regionals are different companies. as well. But I think, you know, one of the other anecdotes I have for this, there's, you know, there's that, the professional commercial aviation stuff, but then the general aviation stuff is different, right? Where it's like private owners and fleet managers for that kind of stuff. And my buddy went through getting his plane repainted, one of the 50-year-old planes. And he told me he went and got quotes and flew around, because that's fun when you own a plane, to like five different paint shops to get it quoted and, like, get the right thing set up. So, like, I think that's another dynamic going on here is like, you know, yeah, the margins are pretty good when we look at it.

But I really wonder, like, what are you dealing with on the ground? Like, are you just offering a commodity service and somebody's very highly incentivized to shop around and bid you against somebody else? Which is, you know, not what happens in auto, right? Auto people tend to pay, like, whatever you're going to charge them right there because they have the expense of taking the car to have somebody else look at it and pay them to look at it. Here, it's like, well, you can pretty easily see. say I have a Cessna 172, 1985, what are you going to bid me to paint it with this particular kind of specs? So that does worry me about the dynamics of this. I would much rather be in auto airplane repair than I would like to be in this business. Because also when it's, when it's repair, like the airplane may not be operational. You know, it's not like, oh, I'm going to fly to the next you know, FBO and get that mechanic to work on it. You know, it's like, no, I'm here. I either have to pay for a mechanic to come or have to use the one that is already here on a regular basis.

I got to put my plane on a truck and drive it to the next repair shop. It gives you a lot of pricing power with all that. So I don't know. The more that we deal with this, I'm more like, okay, well, it's not very big, super expensive if you include the land. You're going to be paying of that EBITA, you probably have to take another 300,000 or $250,000 at least to rent the hangar and run it and all that kind of stuff. I mean, you know, it just, I don't know, maybe I've talked myself out of this business.

I got excited about it. And like, I'm like, maybe there's some dynamics about this that aren't as fun as, like, recertification and engine repair and all that kind of stuff. The thing that I'm thinking, I agree generally with you, I'm just thinking, if you get the SIM and you love it, right? And you're like, oh, this is awesome. I, like, I want to go meet with the owners. What, like, what have you uncovered that makes you go, yes, I actually do like.

it now? Is it that they're super specialized and like they're the only ones who can paint like fill in the blank? Like a specific part or a specific color or specific manufacturer? Like what what thing would make you go, I like it. I dig it. I want to I want to know more. Yeah. I mean, for me, I'm going to start with looking at a business like this with saying, okay, I need to understand what is the durability of my margin over time. Right. Like and so and that I mean that quantum of margin, right? Like, how likely is it that I'm going to keep making a million dollars a year here on out, or can I make that $2 million? Like, what is the, what is the durability of that margin? And I'm going to step back as I go through and dig in the business, just kind of like I did

a second ago and ask myself, like, oh, okay, like, that's going to grow, like, or it's going to get more durable. So I would look for, as an extreme example, like a new regulation is coming through that's got to make it so only certain types of certified paint shops of which I have one can do this type of work, right? Or there's a new licensing thing or that kind of stuff that's going to keep me from being a red ocean, which is kind of what I worry about right now, right? I worry about I'm offering a commodity service and somebody's just going to come in and copy it. But I'm going to look at that durability of pricing power and see if that lasts or not.

And I'm going to test like that whole kind of Porter's Five Forces way of thinking about it when I look at the whole thing. Yeah. And I think we've talked about it a bit on the, people ask me like, how do you go learn an industry. And the way somebody goes from where we are right now, which is not knowing anything about an industry, the fastest way to learn about that industry, if you want to learn about a type of small business, is go out and try to buy one of those types of business. So when I, if I have a call with this person, dang certain I'm going to go find every other aircraft painting shop on the

market. And I'm going to go have conversations with those brokers, those sellers, read their Sims, understand it, start to get a picture of the market. Because like, when I started buying software companies? Like, I didn't know anything about buying small software companies. I didn't even know how to do it. Like, I had no idea how it all worked. L-O-Is, I-O-I's, networking capital, no idea. And I was like a 44-year-old dude. Like, I had no idea how to do this. I'm exaggerating. I was like 43. But like, how did I do it? I just started having lots of conversations with sellers and brokers and lawyers and like being okay, being dumb. And I'd be like, hey, I don't know anything about this. Like, tell me what you think. And like 30 calls in, like, I was a freaking expert.

I had it all figured out. And that's exactly what I would do if I was curious about a space like this. Just like go talk to every single one of them that's for sale. Yeah, I agree. The thing I keep thinking is like if this company can extract 25 to 30 percent margins, then the airlines are not going to let that happen at scale. You know, I don't think this company or this type of company repaints all the airplanes. You know, it might be they're too small.

They're too big. their, you know, partial paint jobs, whatever it is, I think there's some other way that this work gets done most of the time. And so maybe the total addressable market is just this, right? It might be $3 to $5 million a year top line, which is not bad. You just want to know going in. Like this is not, you know, this, you know, hyper growth kind of thing that you can just roll up and expand. It may be, you know, intentionally limited at this margin profile, you know, at this level of no. margin. Yeah. And they kind of, the broker kind of hints about this not being that awesome of a corner of the business when he says, or she says, whoever wrote this. By the way, this is a Canadian

brokerage, which is another thing. I'm like, okay, this is interesting. I wonder if these are real dollars or Canadian dollars. But this opportunity, it says this opportunity is ideal for a complementary aircraft refinishing company or an aircraft MRO business, which is maintenance, repair, and overhaul. Kind of that corner, I was like, oh, I'd rather be in that business. Uh, interested in acquiring a superior operator and strong client relationship in the rapidly expanding air travel industry. What this says here is like being in air travel as a market is good. They're not saying, which worries me,

they're not saying this is a good market, our corner of the market to be in. We're getting to the point where I'm like, 13 million dollar investment to make a million dollars in this kind of crappy corner of the market as I think about it, there's probably easier things to buy out there. By the way, gold star for grid like 25 minutes to say, I hated the deal. We left them hanging until the very end.

What a long con. Yeah, the long con. The short car and set him up for the long con. Yeah, I mean, look, I think there's also, if this is a business you want to be in, you just should know what you're getting into. It just seems really expensive for what it is. I do think the broker's done it. good job, right? I mean, they're, you know, laying the groundwork for, you know, there's,

the table is set for working capital. It's a, it's a discussion. When I see that in the listing, I'm like, okay, this is not their first rodeo. They're not used to selling real estate and now they're trying to sell a business. Maybe hopefully they've prepared their seller, you know, for a normalized amount of working capital. They've addressed the fact that, hey, you're going to get this sim and you're going to see declining numbers. Revenue is declined, you know. Maybe it's a one-year kind of blip or, you know, and maybe they have some rationale, but at least they're kind of not sugar coating it. They're putting it out there, you know, hey, this is something you're going to see. And, you know, we have an answer for you. Instead of getting the sim and being like, what the heck,

you know, like this is a falling knife and I want to run away. So I would say kudos to them for at least, you know, addressing some of these things. I'm dying to know about the real estate and the way that that plays a part. I mean, when you see something like this, you know, you kind of have to be curious when you're when you're on this journey and looking at listings and it's easy to get discouraged, you know, when you, when you go down a bunch of dead ends. But this is one where you're like, I just want to learn more about it. And I want to have a conversation with the broker or with the seller and find out like, tell me, just tell me about this amazing real estate thing that, you know, I'll probably never run into again, but I just want to know this little tidbit of,

oh, yeah, we have the largest, you know, industrial warehouse at the airport and everybody wants it. And, like, really, that's their competitive advantage. It's just that they have the real estate or whatever it may be. Supposedly, there's a huge shortage in a hangar space that is conveniently located next to airports, especially ones with, like, good base operations and stuff like that. So I know some folks that are, like, doing a reed around airline hangers. It's, like, publicly traded now. So that's another trend going on here is it's kind of like coastal land.

You know, it's like they're not building anymore. And I think your point about it's hard to build airports, just like it's hard to build golf courses, all that kind of stuff now, because the land has been consumed by those things already. Like, you're definitely in a situation. It would not surprise me if this is one of those situations where the owner is like, the business is kind of noise and his, her net worth is all this land next to the airport. Yeah, you got to wonder where this airport is. And given this as a Canadian brokerage, and they have global kind of offices, I would be curious where it actually is if somebody were to look at it. It might be in Toronto or someplace like that where it's just almost impossible to build. They do have, their Canadian offices are all in Ontario, and they list those first.

So I think those might be the headquarters. Yeah, 8-4-416 area code. 416 area code, I think is Canada. yeah, so it would not surprise me if this is a Canadian operator as such. So for an American buyer that makes it even harder to potentially, you know, to potentially be part of that. But yeah, it's a fun one. Definitely worth kind of double-clicking and, you know,

and understanding, I think, to your point, all of the interesting nuances and corners you can find, even in an industry like general aviation, you're like, oh, like, well, yeah, this has got to be good. Well, maybe it's in a part of this good part that's not actually really. very good, which has me, you know, kind of scared of this, of this painting corner. It may be also why it's small, right? It may explain my original question. Yeah, absolutely.

Super cool. Okay. Well, yeah, you're hosting. So I'll shut up. No, you're good. We'll wrap it up there. That was a fun one. And I don't know if we lived up to the hype.

I think the real aha moment was when my mic fell down. And we're not going to delete that. We'll just keep it in there. Thanks to the editor for just. You know, keeping us going. Stay, come for the deals. Stay for the stupid human tricks. Be antics.

That's the way it works. Yeah. Thanks again to our sponsors this week, too, and we'll see you next week.