Acquisitions Anonymous - #1 for business buying, selling and operating - A $4mm niche manufacturer in the middle of nowhere / A graffiti removal business - e21

Episode Date: March 9, 2021

We examine two small businesses for sale:- A $4mm niche manufacturer in the middle of nowhere- A graffiti removal businessIf you have a small business for sale that we should talk about, email it to [e-mail]-----* 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.-----Past guests on Acquanon include Nick Huber, Brent Beshore, Aaron Rubin, Mike Botkin, Ari Ozick, Mitchell Baldridge, Xavier Helgelsen, Mike Loftus, Steve Divitkos, Dzmitry Miranovich, Morgan Tate and more.-----Additional episodes you might enjoy:#62 Two Landscaping Businesses for Sale - Mike Loftus CEO of Connor's Landscaping#66 Analyzing Software Businesses for Sale with Steve Divitkos, experienced industry CEO#42 $900k Moving and Storage Company / $500k Rural Mini-Storage#61 Two Manufacturing Businesses for Sale - Brent Beshore - Founder and CEO at Permanent Equity#24 $5mm pool services and lifeguard staffing co / $2mm septic services business -  featuring baller @WilsonCompanies as a special guest!#45 $800k/yr cleaning business in Midland, TX / a $565k/yr window cleaning business in San Antonio, TX#48 Two Landscaping Businesses for Sale - Mike Botkin of Benchmark Group--- Support this podcast: https://anchor.fm/dealtalk/supportSubscribe 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]

All right, guys, we are here for another episode of, what's the name of this podcast again? Acquisitions Anonymous. It's the podcast where me, Bill, and Mills all talk about a handful of small businesses that are currently for sale. And sometimes we hate them. And sometimes we love them. So we do have a special day today. Bill Mills got a new microphone. It's a very, very big day.

Yes, he sounds smooth and velvety. It's all based on my co-host recommendations. So kudos. Thank you, guys. He is the Howard Stern of small business M&A. That's the way this works, Bill. Well, cool. So we got some deals today.

I'm Michael Gurdley. I'm one of the co-hosts here with Bill and Mills. I was told also by my professional radio friend that we need to announce the deals we're talking about. So what we have today is an e-commerce manufacturer business brought by Mills. Continued to make this mill Friday. It's very exciting. He has 100% of the deals.

And then a graffiti removal business. And then we may have a bonus business around a septic system servicing business. We'll see if we have time for that or not. But we'll get started at least with the e-commerce and graffiti business. So with that, good morning, Mills. Over to you. Great. Thanks.

For people who listen to this show more than just this episode, you'll be surprised that I'm talking about an e-commerce business because I don't usually like them. But I think this is the most non-e-commerce business that we've at least looked at or talked about on the show. So I'm not going to give a ton of details. But this company is based in the middle of nowhere. I was talking to a searcher earlier this week,

and they were looking for something kind of like this. And I said, hey, what about this place? And I had to look up where this place was. They had to look up where the place was. And they said no, no, completely, you know, just by the location, I don't care anything about the business. It's not, it's a no-go. But this company, they're a wood and plastics manufacturer.

And I can't say that much more about what they do. But it's a mix of custom manufactured products. and stock manufactured products that are made out of those two ingredients. The business has been around for 20, 21 years. It's got 10 to 15 full-time employees. And they've been on kind of a nice growth trajectory. In 2018, they did a million and a half in revenue. 2019, they went to 2.1. 2020, they went up to 4.1 million in revenue. And they're projecting 2021 revenue to be 4.7. Sellers discretionary earnings, we don't have a breakdown. There's a deck that I've got from the broker. They aren't really breaking down SDE into any detail,

but 2018 was about 200,000, 220 in SDE. 2019 was 240,000 in SDE. They jumped in 2020 to about 1.2 million in SDE, and they're projecting almost 1.3 million in SDE in 2021. This business, you guys have seen the deck, so you can maybe comment, you can help me try and figure out how to comment on the uniqueness of their product offering. But it's a very unique. This is not kind of a, hey, we got this thing from China and we put it on Amazon or we put it on our own. It's a very unique.

You'd have to be looking for this thing. And I think it's a fairly unique offering in the sense that it's not very crowded. You guys chime in. And then I have some specific observations about the SIM that I both love and hate. Yeah. So I think, so this business, as you mentioned, kind of plastic and wood manufacturer, I think we should clarify, it's like not kitchen. it's not like countertops or something.

Yes, yeah, good point. It's a thing that you can buy online and be mailed to you. And it's kind of like a home item. So like it makes sense that they got a COVID bump for sure. Yeah. As people kind of thought more about what their environments were like at home. And it's interesting because they're projecting about the same year every year, but it makes me go, you know, is this the type of business that maintains the COVID bump?

Is this a, is this an e-commerce bump that they got? or is this kind of the same bump that Home Depot got, which is that everybody's gardening and improving their spaces more. And when we're back at restaurants, they won't care so much. And of course, Mills, they're selling on TTF. Are they not? Yeah, exactly. Well, and it's interesting, you bring up that point because I've seen like sign shops, you know, like franchise sign shops, like a signorama or, you know, places that just do like kind of commodity print work who are like, we have Plexiglass. Let's make some partitions for, you know, the local grocery store, you know, checkout counter. So it's hard to tell, right? Has this company kind of gone rogue,

so to speak, from their traditional product categories? And we can't tell. But they could have had just an organic in their lane bump. They also could have started doing stuff that, you know, nobody needs, you know, these Plexiglass partitions. And I don't know if they're doing that or not, but this is just me kind of posing the question. And you are right. I googled this place. that is in the middle of nowhere. And the thing that makes it worse about being in the middle of nowhere, I was like, well,

maybe there's a nice big town nearby and you could commute in for like 45 minutes. The nice big town is a middle of nowhere, medium-sized town that is world-renowned for being a dump. So it's like it's not like it gets better if you keep driving. Like it's not good. Yeah, yeah. Very fascinating. They also,

what's interesting is there's a comment here. It is buried in the SIM, which I want to get to the comments on the SIM, but there's a comment in here that this company used to do all their own manufacturing, and then they've outsourced it to just kind of folks in the general vicinity. And so I think they make mention of the fact that you could relocate this business, but there's some strategic advantages to being where they are. And I don't think you could relocate this business just based on the vendors that they're using to, they're just a reseller.

They're just a distributor, in essence. Maybe there's some customization. Maybe there's some fine-tuning or assembly that they do. But I don't think you could just up and move this business to, you know, Miami or something if you were trying to follow the crowd. Yeah. And I guess we got to kind of dance around. This is one we're trying to make sure we keep anonymous based on how it came into us. But what does strike me as interesting is there's definitely some headwinds for the type of consumer that you're targeting for this type of stuff. It's not, it's not mission critical for anybody's life. This is the type of products that are in the category with boats and jet skis and nice to have's RVs. And I would worry about this business, not

doing as well in a post-COVID world compared to how they did this year. Yeah. Yeah, I think there definitely is some of that. All right. On the SIM itself, it's about 30 pages, almost 40 pages. 12 of them are just a copy and paste of the Biz Buy Sell annual report. That just grates on me in a really big way. I totally understand what the broker's trying to do and say, hey, look, you know, here's the state of the market. And plenty of Sims have that. But it's just, a lot of fluff right in the deck. And it's literally copy and paste from the Biz by Sell report. Another thing that jumps out is, I don't know if you guys saw this, but the company on the company's books, they have $50,000 to $80,000 worth of inventory. But there's a note

here that the owner personally holds between $250,000 and $350,000 of inventory just in case they need it. So guess what, right? You know, you are going to have to buy that amount of inventory from the owner because it's specified, it's not included in the purchase. They're swearing up and down that you only need about $100,000 worth of inventory. But if the owner has to have a two to three times cushion on inventory, you probably need that too. That's a big red flag to me. Well, this just comes back to Mills, you, and I feel like we talk about it.

If this podcast exists for one reason, it's for me to try to get this message out that working capital peg needs to come to the lower metal market. Like there's a certain amount of inventory that is wired to run the business. If you will not sell me the business without the inventory or the inventory without the business, then clearly they're required they go together. And if the seller has made a decision to be way over-inventoryed, it's not my responsibility as the buyer to bail them out of that. But many sellers think it is.

The worst example I ever saw of this was a costume business that was for sale. And they carried a ton of like, do you remember that old Will Ferrell movie where he's a basketball player, like with an Afro, it was like not a popular one. It like came out like one year. I forget what it was called tropical thumb. Anyway, I don't know. Anyway, they had like a hundred grand of these costumes and they just didn't sell them. And they're sitting on them. And at this point, the movie's like four years old. No one remembers the name. And they want to get paid for all. Yeah. So it happens a lot. At 100% of cost. That's the issue. Yeah. One thing that struck out to me, when I look at a sim like this, I look for things that change in terms of patterns or things that are just like a

radical shift. And on their balance sheet year over year, there's this huge uptick in terms of assets. And they have them listed as an acronym that I don't know what it is. So I was curious, as you saw that, what was your next step there? And to put that in context, it was like 500 grand. Yeah, that's cash. That's cash. So that, that acronym, I think, is their bank. And then they give the last four digits to the bank account number. Well, that's a good excuse. I'm cool with that. That's okay. But then again, you wonder, right? Like, okay, the business had 50 grand in cash last year and now they have, you know, $450,000 worth of cash. And is that all cash flow from operations? Because the business, it looks like they've really made this money, right? The SDE has jumped significantly year over year. It looks like they've actually made that money. But again, it comes down to sustainability, right? How sustainable is this level of earnings? And this is a good sign, right? actually hit the balance sheet. So Mills, do you want to talk a little bit more about the operations of this business and expand on why you thought this was the most non-ecom, e-com businesses that you've ever

seen? Well, I mean, it's just, it's not a trinket, right? It's not something, I can't see Amazon getting into this business. There's a, there's a little bit of customization, there's a little bit of specificity with these products that I think it would be very difficult for Amazon. I mean, sure, they could, right? I just don't think it's going to be in their path of progress. The website itself also looks like it came from the year 2000 when the business started. So, I mean, I'm not like an e-commerce optimization guy, but I would think that there's a lot of room for improvement. I think there's a ton of friction on the website.

The menu is like 50 items long, you know, and it's just, it's confusing, right? You look at it and you kind of, there's a little bit of paralysis that happens, not to mention the font, the graphics, all those things. It's not a matter of Mills opinion here. Like, this website is awful. I just have to, I mean, it's like raw blue underlined hyperlinks. Like, most of it is image. Like, it is so retro.

But I look at that and I'm like, awesome, right? This company just generated, you know, $4 million in revenue on this website. Like, imagine if they had had a half decent, like Shopify page. Oh, yeah. So one of my favorite terms in e-commerce that I've totally co-opted as like the elements brand slogan is if you live in the Southeast, which mills, I know you do, and maybe you've seen this, there's these billboards all around that say, we buy ugly houses. Oh, yeah.

Yeah. They're everywhere. Maybe they're nationwide, but they're up here. And what those people know how to do is, you know, remodel kitchens and bathrooms and then they flip the house. Right. So they buy ugly houses. I always joke, my friend Dana jokes that she buys ugly websites. So I say, yeah, like when I see it on the website, like what I know how to do, I don't

remodel kitchens and bathrooms, I can flip this website and like make the house more value, right, and make the company more value. So when I see this, that just makes me go, I buy ugly websites. that is a huge opportunity for someone that buys ugly websites. So before anybody tries to use that, that brand has a stranglehold trademark on that phrase. So you cannot say I buy ugly, you know. Anything?

Anything. Nope. You are going to get sued. Oh. Well, I only use it colloquially in podcasts. So please don't see it. You use a colloquial podcast.

Just don't put on your ads. You'd be tough. The other interesting thing about this one before we move on is the broker has done, I think, just some interesting work here. If you guys look at page 34, there's a proposed financial structure. It's really weird. It's like it's not square to the page. It's just a really weird formatting thing that he's done. I don't know how I feel about it. Sometimes I like it. Sometimes I just want to poke holes in it. But when the broker tells me, hey, look, here's how you can structure your deal. And they're modeling it out. Their return on cash invested is 63% in the first year. Because they're saying, look, go borrow $3.8 million.

So they're asking, I didn't say this, right, but the purchase price of the business with the inventory and the real estate is 4.75. Sorry, I left this out. That's an important detail. 4.75 million on 1.3 million in, you know, 2021 SDE. They're saying, go get an SBA loan for 3.8. You need $950,000 cash at close, $750 in a down payment, $100,000 of working capital that you bring, $100,000 of inventory you have to buy. and then they're saying, look, you know, the first year's cash flow based on 2021 projections is almost 1.3. We're going to take off, you know, some addbacks in terms of, you know, hey, you don't have to pay the same thing you were paying the other owner.

This, I love this one. Less possible management team structure is $200,000 that they're reducing. I don't, I'm not even sure what that means. Some capital reserves and then the note payments. And they're saying, look, you can make 63% cash on cash return, you know, in the first year. When brokers do this, I just cringe a little bit, right? Because I think that people actually, they go along with this, right? It's just like asking the barber, do you need a haircut? Yeah, of course. If the broker's giving you this deal, you should not just follow it hook, line,

and sinker. That being said, I think it probably works very well for most brokers. Because if you're a relatively unspiscated buyer and you're trying to buy a job, essentially, and you go, oh, like, I only got to put down this much and I'm going to get this much back in year one, it totally sweeps under the rug, like all the risk and, you know, do I want to structure it in a different way? Like, do I really want to take on that much debt? You know, was the business going to, it sweeps a lot out of the rug. But I think it's pretty effective marketing tagget for brokers. So I start to see it more where like here's your proposed deal structure. You use an SBA loan. You're going to get this much R.R.Y, et cetera. So just be very skeptical as a buyer that they've made a ton of assumptions.

And you should do your own work. And you can tell that this broker is, you know, early on the learning curve in folks that they deal with because the next pages are, there's a one-page document, steps to buying this business. One, sign the NDA. Two, review the SIM. Three, conference call and or meeting with the broker or and the owner. Four, submit a non-binding offer. Five, due diligence. If they're having to list it out, that tells you, right, they're dealing with maybe not that sophisticated buyers. And then there's a buyer education page. Like, hey, make sure you keep things confidential, you know, buy a business that you like and command it's very bottom shelf, right? And so in my experience, you may look at that and go, oh, wow, I'm more sophisticated,

right? Or I bought businesses before and I maybe, you know, have some leg up. It also is just going to make the transaction process so much more difficult because the seller is not necessarily that prepared. The broker is probably not in a great position to add a lot of value, prep the seller, set expectations correctly. There's probably not going to ever be a data room for this deal. You know, their tax advice is probably the same account that they've had since they started the business. Their legal guys, probably also the guy who drafted their will. Like, it will be fraught with difficulty. So just know, you know, yes, you can extract some value on this end of the food chain, but it comes at a cost at a headache. For the right buyer, I don't hate this. This reminds me to some

extent of the watch business. Remember that one, which was watch brokerage. And, you know, we can't really talk specifically about what this product is, but it is one that people will often love because it's their hobby. And I don't hate it. I don't hate it for that reason. The same reason why I wouldn't get in that watch business unless I was a watch nerd. If this was something fun and I wanted to live in middle of nowhere where the next big town is blood and guts, horrible place to go visit, like, yeah, I would consider this. But you can live in the middle of nowhere and be exposed to the upside of e-com, which is the cool part about this business. Like very many businesses, this is probably the only business in this town that is actually ecom upside exposed. So like if you're an operator that wants to live

in a small town, like there's definitely a manufacturing component to this. Like if you know a business, you want a business that you can feel in touch, but also is, I mean, what are they 90% plus ecom mills? Like they're selling online with a terrible website and they're not selling on Amazon. So if you think e-commerce is the future, which you would be smart to think, and you have a manufacturing background, like this is a great business. This is great. Hey, so this is a good one. Without anything else, I think we'll go on to the next part in our agenda, which is we need to acknowledge our sponsors.

We have sponsors now, guys, which means we don't have to pay to have these. Hopefully, we won't have to come out of pocket to have these things edited going forward. We have patrons. Oh, they're patrons. Yeah. So I'm going to acknowledge them now. And these are monthly folks. So we have five folks or four folks that are monthly.

And then one that is a one-time donation. So the one-time donation was $25 from. Mitchell Baldridge, who's a Twitter friend of all of ours, CPA, a very friendly guy. We're super helpful to folks. So definitely follow him on Twitter. Consider him for your CPA services. And then we have monthly supporters who are patrons that send us money every month. We have them from 99 cents up to $10 a month.

So should I start with the biggest one and go small or start with the smallest one and go big? Start small. Go away the time. We have, okay, well, I'll start with the one that's easy to pronounce. We have Jay Lynn, who's doing 99 cents a month. So thank you very much. Kerry Koviamminimini who's doing 99 cents a month. From Lifetime, thank you, Carrie.

Yeah, if you up it to $4.99, I will figure out how to pronounce your name. Make you a deal. No, I'm just kidding. Thank you very much, Carrie. For $4.99 a month, we have William McNabb. Which is actually, his name's actually Ben. He's a USC student, University of South Carolina student. And I texted him to make sure it was him.

Oh, that was him that we talked to? Oh, yeah, yeah, yeah, yeah. That's great. And his friend Michael Moll. He texted me and said they're getting a lot of value of the podcast, so they wanted to support it. So thanks, guys. Yeah, thanks a lot. Yeah.

And then our big donor, our flagship platinum provider in the platinum club is Matthew Weidert, who's doing $9.99 a month. So thank you very much. For those of you that don't follow us on Twitter. It costs us about $60 out of pocket to put on these podcasts because we pay somebody to professionally edit them. And on top of that, Mills just pulled $60 out of his own pocket to get a very professional sounding microphone. So pretty big deal. So thank you to our supporters. So let's do our second deal for

today. Mills over to you, continuing on this Mills Friday. Yeah, this was a deal that I posted to Twitter because I really thought it was interesting. It's a graffiti removal service provider. It's in the Washington area, although you know what? I just was assuming it was in D.C. But I don't I don't know if it's in Washington, D.C. or Washington State, but I've been assuming D.C. The 2021 estimated revenue is about $1.1 million, and 2021 estimated EBITDA is about $225,000. So I'm just going to read this briefly. The company is a graffiti removal service provider. Services provided include graffiti removal, power washing, and anti-graffiti coding.

In 2020, the revenue was derived from a recurring revenue program that accounted for about 54 percent. One-time graffiti removal was 13 percent. Painting was 21 percent and other services was 22 percent. The company differentiates itself on numerous fronts, including 100 percent removal guarantees. They have some proprietary removal products and methods, train and certified technicians, and weekly maintenance programs. The company primarily serves property management and facilities firms. That's about 75 percent of their revenue, as well as government entities. that's 20% of their revenue. And then direct to business owners is 5% of their revenue. Management attributes its success to its reputation for high quality products and dedication to service.

They have a strong client relationship history. They have longstanding clients and a high rate of repeat business. Four of the top five customers based on revenue in 2020 have been clients since 2004, 2005, and 2006. They have good name recognition. They're well established. let's see, their recurring revenue ranges from about 52 to 59% over the past several years. They've been growing top line at about 9% a year over the past several years.

And then they say that there's a franchise or opportunity that this company has started the initial work to sell franchise units because they believe they have some differentiation. So what do you guys think about this one? This reminds me of a very frequent search fund darling business. which is a window washing business with, you know, long-term B2B contracts where you show up and you wash the windows. You know, this is the same thing. Like someone spray paints their wall. You show up, you clean it off.

Happens again three months later. They just call their guy. So this reminds me a lot of that kind of this B2B recurring B2B services. Like just like it, it rains and birds poop on your windows, people spray paint your walls. Like it just happens. So, I mean, first blush, I like it. Is there anything special about what they're doing technique-wise? Is it just like we have the tools and we do this?

You know, like it's kind of like the cleaning business is one of those things. Like people outsource it because it's a pain in the ass and they, they don't want to do it themselves. But is there anything magic about the way these guys are getting graffiti removed or anything like that? Or is it just? We don't know. I mean, they say they have some proprietary removal products and methods. But my thought is, I mean, these guys aren't, you know,

they don't have like a chemistry lab where they're mixing up, you know, proprietary paints that, you know, spray paint doesn't stick to or something like. like that. So my guess is that it's probably that they've realized, hey, look, if, you know, natural brick, unpainted brick gets tagged with spray paint, we know the right way to get it off without damaging the brick. And as a property owner, that means a lot. You know, as a property management provider or a government entity, like that, that's probably worth a good bit. And, you know, I would think that the new entrant of the market who tries to come in and compete, you know, if you mess up the wall of somebody's building, that's, that can be very, very costly,

especially if it's, I still am thinking this business is in D.C. But you know, you imagine, you know, some, you know, really, really expensive exterior of the building. If you mess it up, you're toast. Mills, I really liked your tweet on this topic where you said, I wonder if the owner supports the arts community and their local town. Hands down, you know what I mean? Yeah, they're giving money to like street art education, you know, and stuff like that.

If I were the owner, I mean, you just got to think there's because even if nothing like that is going on, right? I mean, graffiti is always going to happen, but there's probably some ways you could continue to grow this business. Like, I would think whatever municipality you're in, you could really probably tee up a great contract with them because, you know, I know that like the city of Columbia, right, they don't encourage graffiti and they probably don't like it. It's an eyesore. The one that you would be very hard to go after is any railroad companies, right? Like every rail car I see is tagged and almost covered in graffiti. And it's a pain to do business with railroads,

but I would think if you could find some way to provide the same services, you could make hay. Or maybe railroads just don't care. And they consider it part of the, you know, part of the mystic. Yeah, yeah, exactly. So how do they do sales on this?

And did it tell us what their average customer contract value was? No, that we don't, this is just a teaser. So I should have specified that. So we don't, we really don't have that much information, haven't talked to the business owner, haven't talked to the broker. But that's a good question, right? Is, you know, are you buddies with the owners of the top three property management firms in your area? And they just know that you're going to send them this work. Do you pay for their, you know, football tickets? Do you know, do you take them golfing

once a year? Like, it could be very, you know, very kind of good old boy network, depending on, on how their sales funnel works. I think that that's my initial reaction. As a first thing I want to do is, like, double click down. Like, what do the customer contracts actually look like? What does the brand moat. How do I go about growing it? Like all of those, just go through and check the boxes to find whether this is a good business or bad business to be in. Because unlike some of the other things we look at where it's like, okay, you're an insurance broker. Like, okay, I know that's a pretty good business to be in or a car dealer, like check, like pretty common industry. This is a pretty niche one where I think you really have to go in and try to understand the

niche before you shell out the few milly. And I would not be surprised in this case if they have no contracts, right? I mean, my thought on services like this is that the owner who grows this business from zero to 1.1 million in revenue, they're doing it because a lot of grit. And they're like, look, I mean, I've earned this with my blood, sweat and tears. And I don't need a contract because I know that we're different. And these folks, they keep calling me. And we don't have a contract right now. We've grown this big. So why do we need it? Now, as a new owner, you come in and you're like, I don't feel quite so sure about that. I want some, you know, I want some paper to substantiate that these guys are going to keep calling you over the next 12 months. So you're at a size of business that's kind of at an

election point where the previous owner probably doesn't care about contracts and the new owner cares a lot because this could theoretically go away overnight. Yeah, totally. Cool. That's a fun one. Yeah, I mean, I'm glad somebody's taking care of their graffiti. I do wonder how much graffiti is a localized problem, especially in big cities, like, or a situation in which the city has decided, okay, we're going to, we're going to own graffiti abatement

ourselves. You know, speaking as a property owner myself, there's a number of times the city comes to us and says, hey, you have graffiti on your property, take care of it. So we have to, you have to abate it yourself. I do wonder if there's a way to like stick your flyer in with those like notices that the city sends you and go from there in terms of building a business really quickly. If the government's going around doing your customer development for you, that can be a pretty good business. We've had that recently. I don't know if you guys had the same thing, but like there was a big campaign recently in Columbia, South Carolina where the city through a third party vendor, homeserv, sent out these notices and

said, hey, just so you know, it's your liability if anything happens to the water line between the meter and your home. And that could cost $10,000 or $15,000, but you can insure it for $3.99 a month. Now, HomeServe collects that $3.99 a month and they insure the water line from the meter to your house. But I would be willing to bet that the city of Columbia is getting something from homeserv, whether it's a one time, here's $100,000, let us go sell into your market or here's a clip of everything that we receive. So yeah, that's a good point. I mean, if you have a had the wherewithal to do it and the creativity right to structure the deal the right way or maybe just the cash to shell out, I bet you could kind of ride coattails. Super fun. Super fun. Okay. Well, cool,

guys. I think, Bill, you were right that we ran out of time to do a third deal. So maybe next week. I'll save that glorious septic service business for next time. By the way, I think I'm the first person in life ever to be like, oh my God, we're going to talk about a septic business next week. It's glorious. I guarantee you we'll have a guess that freaking loves it. at some point. And I think they're very good artists, just like dumpsters. We are working on somebody to come in and talk about septic services. But, man, there's a lot to like about the septic business.

I'm excited to talk about it. That sweet, sweet recurring revenue. Very good. All right. Good episode, day, guys. Great jobs by you. And then for listeners, our recording maybe a little sporadic because spring break's coming up in the next couple weeks, but we'll keep crank out episodes.

And we have a special guest coming up in the future. So Mills arranged that. So I'm pretty excited. this is a lady who's looking at some stuff pretty unique compared to some of the folks we've had on so far. Cool. All right, everybody. Talk to you next week.