Acquisitions Anonymous - #1 for business buying, selling and operating - All America Series: Fireworks Store for Sale - Acquisitions Anonymous 196

Episode Date: May 26, 2023

Michael Girdley (@girdley), Bill D’Alessandro (@BillDA),  and Heather Endresen (@EndresenHeather) kick off a 2-part All American series. They review a fireworks wholesaler and retail shop- a business near and dear to Girdley's heart.  -----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.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]

Hey, everybody. Welcome to Acquisitions Anonymous, the internet's number one podcast on buying, selling, and operating small businesses. I am one of your four hosts now, Bill Dallessandro. And this episode was a really fun one. It is the first in a two-part series entitled America. F yeah. So this business is one of the most American businesses you can get. It is a fireworks store and distributor. This is really fun because, as you all probably know, Michael is in the fireworks industry. So we got a real insiders breakdown of the crazy seasonal dynamics of this business. And also, Heather has some really good insights from a lender's point of view as to how you would structure this deal. So this one is a really fun one. I think you guys would really like it. Enjoy this episode of Acquisitions Anonymous. This episode is sponsored by the Holdco 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, Holdco entrepreneurs from around the globe will be meeting in Cleveland this September 18th to

the 20th, 20th, 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-N-F dot com. And get more details there and sign up to join us. See you soon. All right. Welcome to Acquisitions Anonymous.

This is part one of a two-part series called All-American Deals. We are recording these back-to-back, and it'll probably get released back-to-back two days apart. So if you enjoy this one, you'll really enjoy the next one. So Michael, we've got Michael and Heather here. How are you guys doing? Great. Really good. Today's a big day.

Today's Heather joined the pod announcement day. So this will show up well after that. But we announced it this morning, got a lot of love on Twitter. stuff like that. So I thought it was cool. Yeah, that was fun. Thank you. Super cool. So yeah, for our listeners, Heather is with us today. She's going to be rotating through. You'll typically get, you know, three of us on most episodes between me, Heather Mills and Michael. So we're really glad to have her. But this one, Heather, I'm glad Heather's here for it because this is the Michael Gertley special. Michael, what do you got for us today?

We finally found an industry I actually know something about. So that's great. Well, look, I just want to tell you guys, I'm going to be on my best behavior today. I still took that comment from that guy on YouTube very personally. And I know he wants to be fired from the pod, but we're not going to let it happen. Today, I'm going to bring it back like Michael Jordan, we're in the four or five. He was hopeful that Heather was replacing you on the pod, I think. Yeah. I mean, so for listeners, I send all the good comments we get. We get like great compliments all the time about the pod. Thank you for doing it. Love it, et cetera, et cetera. And maybe one of 20 is like a total hater, and this is one of those.

So because I send all the good ones to the team that I run across, I also send the bad one. And this bad one happened to be one of the meanest things ever written about me, which it is what it is. Cool. This one is on Biz Buy Sell, and I think this is the second time we've run across a fireworks company that is for sale. It is a fireworks distribution and store based in Florida.

Asking price is $4.2 million. cash flow is $892,000. Gross revenue is $2.8 million, inventory of $200,000. They pay rent of $5,000 per month, and they have furniture, fixtures, and equipment of $305,000. So it looks like it's a wholesaler, so it sells to other folks, and then it's also a retailer, so it sells directly to consumers as well. Been around since 2003.

The description is highly visible business. Are you ready for an exciting and highly visible business to acquire in Florida? Heather, it's like they found you out with this one. They're ready for you to come in. Look no further than this amazing opportunity to acquire a wholesale fireworks distributor and retail storefront. Being one of Florida's largest distributors of fireworks brings the perfect opportunity for an existing fireworks distributor outside of Florida to acquire and grow in our booming

state. The owner has employees in place and averages 20 hours a week overseeing the operation, including permitting ordering products and managing inventory. With profits doubling year after year, the demand for fireworks has been increasing since Florida law made fireworks legal on July 4th, New Year's Eve and New Year's Day in 2020. There is significant opportunity to expand

into new retail market areas as well as target more wholesale sales. NDA and POF statement with resume required with inquiries, call 1-800-y-y-a-y-data, and then they have a video. Oh, a YouTube video. I hope it's just firewerexed. fireworks blowing up. Check it out.

Fireworks rock. Did you guys see yesterday there was, or it happened overnight, like now some of the real estate private equity guys are starting to put videos for their deals on there. And then the other are on Twitter. And then the other real estate private equity guys are coming in and picking them apart, including one yesterday that was one that this guy's promoting it. And I'm not going to name names, but he's promoting it. And then one of the other real estate private equity guys figured out that he's actually

selling some of his family. He's doing both sides of the transaction. So he's like promoting a buyout, but he's on the other side as well. And not disclosing it. Like I'm like, oof. Like this stuff, it turns out doing things the right way is hard. Okay, so here's the video. In company business brokers presents a fireworks distribution company and store for sale.

The business operates throughout the state of Florida. The company has a year-round fireworks store, and seasonal retail outlets throughout Florida. The revenue is 98% from retail sales, and only 2% from wholesale activities. Here are some of the important financial information about the business, including the asking price, the annual gross revenue,

the discretionary earnings, the value of the included furniture, fixtures, and equipment, and the estimated inventory, value included with the sale. There is a growing demand for fireworks in Florida since the 2020 law was passed, legalizing them for private use on July 4th, New Year's Eve, and New Year's Day. There is always lots of opportunity to add new retail markets to the business's portfolio. The wholesale market is almost completely untapped, being only 2% of their revenue, so it's a great option to focus on for growth. Okay, so we've watched the video, it was pretty boring. Maybe we won't

put the listeners through it. But there are a couple key takeaways. Michael, what did you see in that video? So very interesting, they gave us the breakdown of wholesale versus retail. Okay. And so I usually totally, Heather, totally unqualified to talk about most businesses, but this one actually knows something about a lot because this is my first CEO job. There is two types of fireworks selling that you can do.

You can sell B2B, so you sell to other fireworks retailers. And they turn around and they have the location and they sell it at their place. or you can sell directly to consumers where you have the location and you sell directly to those, to consumers. The retail stuff is actually a very good business for the reason you think. You have a cornered resource of this real estate

and potentially a brand, and you have pricing power, you have control over the customers, you can do all that kind of stuff. Host sale kind of sucks. Hostale is the other thing, where you're selling a commodity product that everybody else has,

and then you have to shop around, you have all these customers that are shopping around and hammering you down on price. So the gross margin, on retail fireworks is like 70 to 80%. The gross margin on wholesale fireworks is 8 to 20%. One of those is a good business.

One of those is not a good business. And I'll leave it to the reader to figure out which one it is. So when they said that 98% of this is retail fireworks, okay, that's much more interesting. So this is good. So why, though, then, Michael, would they title this listing, Fireworks Distribution and Store

and lean all in on the fact that it has wholesale and retail business and say the wholesale business is the big growth lever. I think this business broker, Zach Knight, doesn't understand the business and didn't do his homework. I have no offense to Zach, but he should have spent more time prepping this listing. Sorry. But you think the seller would read the listing, right? Look, I've been in the fireworks of business.

My family's been there for 60 years. This is not the group of people. people that went to Wharton. Like, that's not, you know, like, and not, not, I mean, look, I'm a fireworks jump to and according to that guy on YouTube, I don't know what I'm talking about either, but, you know, it's a situation where that's kind of Occam's Razor for me. I'm kind of keen in on your question, Bill, did the seller read the listing or watch their own video?

Because I wonder sometimes, I've seen some where I wonder if they actually read it, because it's not very accurate. They could have easily corrected it. And you know what, Heather? I think they don't. I think most sellers don't. They're like, oh, I hired a business broker. I'm done now.

And that's why, like, you know, girly we were talking about on the last episode where you work with Clint and you were probably like a nightmare client, right? Because you actually know how businesses are bought and sold. And I'm a nightmare client too because, you know, the broker writes the listing and then we send them like a bunch of red lines on our own listing, which to me is so obvious. Like, of course, but I think most people don't do it.

That's right. I think that's right. And I do think it's really interesting that the, video had some really key information that the listing didn't. So did the broker listen to the video? The broker. Yeah. Yeah. This is, I mean, this guy looks like a certified badass in his picture of this business broker. Like, look at that beard. And like, I mean, this guy looks at it's Florida or Texas as it comes. And his bio says he was actually born in South East Boston. So I don't know that I want to like running this guy on the street. I'm a little bit worried to trash him too

hard. But this listing needs a little work. So it's this, we could. We could start playing my favorite game, which is, let's figure out which business this is, actually. And for full disclosure, I sent this to our fireworks business, and they're calling on it and sign the NDA, but I don't know, I haven't signed the NDA. I don't know anything about it. So this is a pre-NDA discussion. But you can always do the, you can always do the, like, my favorite trick, which is like, okay, try to figure out which one it is. So I googled fireworks stores in Sarasota, and why did I do Sarasota? It's because that's where the broker is located. And I know this is an independent store.

And so I know that this Sky King, they have multiple stores, so it can't be them. This Phantom is a big national deal. So that really leaves us with, I think, two, maybe three stores here, that it could be pyro junkie, pyro city, and maybe this galaxy one. And so it's one of those three in Sarasota to do the math. So I love what just happens. So obviously Michael's in the fireworks business, but he doesn't know anything about this listing. despite the fact that there is basically no identifying information in this listing, except

the brokers in Sarasota, Michael just went through a Yelp listing and was like, that can't be it because this one's a national roll-up. That can't be it because this one's a multi-location chain. And he just knew that. So if you, just for sellers out there, when you hire a broker to sell your business, everyone's going to know. Like in your industry, you know, like, there is no way to obfuscate it enough that your industry won't be able to tell, while still also providing enough detail to tell buyers to get

interested. To obscure this from Michael, you would have to not say what state it was in and not reveal who the broker was, or maybe not even say it's fireworks. You know, like, you just can't obfuscate it enough from people in the industry. I did just click on one of the websites for the one called Pyro City, and it is a blank, hacked version of WordPress, best I could tell, that's their website. So there may be a marketing opportunity. It is actually really interesting what has changed in the fireworks business over the past 15 years.

And you see the impact of technology even in these totally not technical businesses. So fireworks, for example, the way everybody used to find a fireworks location here in Texas was you would sit at your house, you would get a newspaper advertisement, and then you would look at the map on the newspaper advertisement and you would drive out a road until you found a fireworks location. That about six, seven years ago totally shifted with Google Maps and Apple Maps. Now everybody just goes into Google Maps or Apple Maps, types in the word fireworks and goes to the nearest one to their house. Totally, and it's totally changed the dynamics of everything. And like, we used to spend hundreds of thousands of dollars a year on newspaper advertising.

Like the paper that the grocery store puts in and like it's all died. It's all dead. It's all dead. And I'm sure like billboards, like next exit, we see them all in North Carolina because North Carolina has illegal fireworks and South Carolina has legal fireworks. So all up and down 77, it's, you know, there's a highway that goes between the two states. You know, next exit, fireworks, fireworks, fireworks, like turn here, fireworks. But you're right. And I just mentioned it, it's fewer lately because I think people just Google map it. Yeah, it's 100%.

Michael, I'm curious about the comment that fireworks just became legal in 2020. So is it true that this business has only had three seasons since it's been legal? So this will be a fun thing that I know a bill will love to harp on. So the way fireworks actually became legal in the state of Florida was the scruiest deal. So the big national chains, so like Phantom that I talked about in T&T, they spend a ton of money on lobbying and like they know how to do that. So look, go into a state that has historically been closed. hire a bunch of lobbyists to allow fireworks to be sold there, and then they will figure out

a crack in the armor to like figure out how to make fireworks legal in the state. And what they did was they figured out that they could get a bill passed back in the late 90s, I think it was, that would allow you to sell fireworks, but the buyer had to sign an attestation that they were going to use them for agricultural uses only. So you would go in if you were a consumer. What's an agricultural use of fireworks. Scare birds. Okay. Yeah, like you don't want birds eating your, you don't want birds eating your,

your, your, your, your, your alligator farm. Like, it's Florida. Michael, I'm picturing you, like, running out into a field, like, with Roman candles chasing birds away from your corn. Yeah, or firecrackers, like the little, you know, the little things on the ground. Yeah. Well, yeah, but that's not all they sell. They sell, like, those big mortar things.

I'm imagining, like, people chasing birds. out of their cornfields with giant mortars. Don't get me wrong. It's a total farce. If people would walk in and be like, okay, you're going to use these for agricultural purposes only, right? Wink, wink, wink. So that's the way it started in terms of being able to sell

kind of the big boy stuff. And then there was a rule that came in that allowed you to sell like California-style fireworks, like the little safe and sane stuff, fountains and snappers and stuff like that. So that came in, and that had been around for a while. And then what this indicates, and I haven't been really up to speed on Florida fireworks laws lately,

but it indicates that that stuff that you used to have to lie and say you're going to use it to scare birds, all the good stuff that's legal in the United States is now legal in Florida as of 2020. That's what I heard on that particular aspect of it, Heather. But it looks like reading this listing, it says now that fireworks are legal in Florida only on the 4th of July, New Year's Eve, and New Year's Day.

So it seems like the farce is still going on. You just have to sign an attestation that you will only shoot them off on these certain days, I guess, in Florida. Yeah, well, depending on the state, there's compromise that the fireworks people made with the legislatures back in the 50s was to have seasonality of sales. And that's what we have here in Texas, where it's like, okay, there's two 12-day periods that are the big periods of the year where you can sell fireworks. And that may be what they ended up here, which is, okay, well, we're going to let you sell fireworks, but you're only going to do it around these holidays because we don't want you selling them while school is in session. And that's how that ended up happening.

The compromise was you can't sell fire. Back in the 50s when they were trying to figure out what the laws should be with fireworks in the United States, like the problem was little kids would buy fireworks and bring them to school. And so they decided not to sell fireworks during school year. So if you see, like in Texas, fireworks are only sold during that seasonality. there's out of school sales periods, and that may be what they did in Florida, too. I just, I don't know.

Man, this is a freaking brutal business, Michael. I don't know how you do it. You said you can sell for two 12-day periods every year, and the rest of the time you can't, and God help you if you run out of inventory on day nine because your whole year is ruined. Oh, yeah. Yeah, I remember I was driving around,

and I don't work in the business, but I feel guilty sitting at home on when all the actions happening. So, like, I remember driving around and going up to Dallas and seeing a competitor near one of our locations was closed down and out of business. Like, they had run out of inventory on July the 3rd. And I was like, oof, our location nearby is going to have a really good year.

So I called the staff. I was like, hey, you got to know about this. Like, these guys are out of fireworks. They're a huge trouble. Because their next time to sell was going to be 364 days later. They would sell anything meaningful. But the other is just as bad, right? If you have a ton of fireworks left over on July 5th,

working capital nightmare. 100%. What about supply chain? How far ahead do you have to order? When do you lock in the decision? Back in the 2000s, the early 2000s stuff used to be really nice. You could order like in February and it would show up in May. It was really nice.

But that was before some stuff happened. One is the law has changed to change how the supply direction works, some provinces banned fireworks in China that made it really hard. The other thing is the labor pool in China has radically changed. I used to go, like, when I went there the first time, like, in 2006,

you would see, like, young and middle-aged people working in fireworks factories. Now it's only old people. Like, the whole thing about there being a population bomb in China, it's 100% real. Like, they're running out of cheap labor. And if you look at the numbers, like Mexico's actually cheaper in many situations than China is

just in terms of per hour wages. And then the last thing that happened is the Chinese government, they basically run the country like a managed economy centralized around the CCP. And like the local folks have all carved out their part of how they're going to make money from it. And they'll do things like limit supply or like make sure that they're partners in all the fireworks organizations and then close down the other factories. So all that has happened to where, you know, over the past 20 years, It used to be that the American buyer or the global buyer had like all the leverage, and now the Chinese have figured out how to have all the leverage.

And so there's a joke, like the only billionaires in the fireworks business are the, they're all Chinese now. They figured out how to make that happen. At the same time, like for many centuries or, you know, dozens of centuries, the only billionaires in fireworks were also Chinese, right, since they invented them. So kind of comes full circle. It's kind of a millionaire. There's any billionaires in the fireworks industry.

I mean, it's tiny. It's one of the things where, like, people in the Vyrix business, they go and they, like, want to lobby. And they're like, we're a big industry. We employ 2,000 people. I'm like, that's three chick-fil-aes. Like, do you know what you're talking about? Like, wake up and smell the gunpowder there, bro. Yeah.

I mean, Michael, is this business? So it's got $900,000 of cash flow. As far as I can tell, you don't work that much, right? I mean, you get two busy seasons and it's pretty slow otherwise. and you make $900,000 a year. The margins are very good because it's got $2.8 million in sales. I mean, this is like a 30%

EBITDA margin business. Like, is this a good business? I think it might be. Potentially. Potentially. Here's the thing to think about is the trajectory of this industry in Florida.

And if you think about it, like what fireworks really is is a byproduct of the regulation. right? And so like the example I give is, you know, my ancestors here in Texas decided to sell fireworks. There's another group of ancestors that decided to become liquor distributors, right? And you guys know the three-tier system that works in Texas? Are you guys familiar with that? So basically like if you want to buy like Budweiser, like you're going through one group of people in Republic distributing or whoever. And those people fly around at private jets. And I have, I, hope for rain. Those are the two ends of the spectrum in terms of the byproduct of what our ancestors had. But so that is a level of regulatory capture that those distributors have that's like hugely

powerful. The same thing applies to fireworks. Because the rules are different per state, you need to understand what the limitation of somebody opening up right next to you if you buy this business is going to be, because you're selling a commodity product. You're all buying the same fireworks. The way the laws are written in the United States, there's not much creativity or differentiation that you can have. You can't really compete on price because, like, do you want to? Like, you only get to sell twice a year. Like, you want to try to be the Walmart or fireworks, good luck. You're going to go out of business. And you really have to understand, like, okay, this is in Sarasota, like, what are the local laws? What are the state laws? How hard is it for somebody

to look up in a year from now? There's 10 more stores. That would be my big worry about this one. And the law is changing in 2020 to be liberalizing. At first, you would think that's maybe a good idea. but the reality is if three more stores open up, it's not like Burger King and McDonald's opening up next to each other. Both of their sales do not go up. There is only so much money spent on fireworks, and you have to understand if somebody's going to come in and carve them. So that would be my very first question about this.

What is the legal framework and what barriers do the laws present right now to keep somebody from coming in and taking my business? Like if this was, like there's some stores in New Hampshire, for example, that there's one little town that will allow fireworks sales and they've issued two permits. If you own one of those permits, you're making bank. Otherwise, you're screwed. If you're in a free market with unfettered competition,

I would have a hard time paying five times for this one. That's a really great point. I've seen that in some other businesses. I looked at a Hawaii tour business where the permits were limited. And that was really the franchise value with the limiting of the permits. That's a great illustration. Heather, how do you, from a lender's point of view, I mean, on the surface, this looks like a, you know, it's got $900,000 of cash flow.

It's been around since 2003, right? It's probably pretty predictable. You know, on the surface, I go, this might be financeable. But of course, then there's the massive seasonality impact, right, in the working capital. Like, how does a lender think about that? Lenders don't like it, surprisingly. No, no. Lenders don't like anything.

Well, that's not really meaningful. No, it's a really tough thing to put debt on because debt is generally going to be term debt that's got monthly payments. Sometimes you can put a loan on a seasonal payment schedule, but banks don't like that because it's kind of an odd ball, doesn't fit nicely in the portfolio, et cetera. So they generally do not like to lend on something this seasonal because what you're doing as a lender, if you do that, is trusting your borrower to conserve working capital properly throughout the year. and manage their margin and all of those things that Michael just talked about that could also go wrong. I've seen it done before where the bank could set aside like an escrow account and say, fine, we don't really trust you to manage this working capital, put some on reserve so that if things don't go well, we can tap into that reserve to make the loan payments.

But again, that's kind of an oddball thing to ask a bank to do and they don't like to do things that are kind of really different. If they can't do it at scale, they don't generally like to do something like that. So this would be a tough one. This is like the classic, like the IRS doesn't trust you to save up your money all year and then make one lump sum tax payment. So they make you do, I mean, for W2 folks, they take it out every week. And for business owners, they make you pay quarterly.

This is sort of like the same thing, right? The bank is putting a lot of trust that, you know, the business owner will have his big period in July 4th and save enough money to make the August, September, October, November. December payments until his next big bolus in January. And I can see how that is a lot of trust for a bank to have. Yeah, that's a tough one. Yeah. And also if he has a, if he doesn't sell enough in July, so the cash that was earmarked to make the payments could be in fireworks on the shelf waiting for January. Yeah, one bad season and the whole rest of the year, they can't make payments and a bank can't defer payments for a year. That's too long. Yeah. Yeah. So on a positive side,

like that difficulty presents opportunity, right? It's like, okay, suddenly you have an opportunity that do something other buyers can't or will be scared of. That's a good mental model to potentially find a deal. So I don't know. I think our team's going to talk to these guys. I haven't signed an NDA.

I don't know anything about it. So it is what it is. But we're on kind of an inquisitive streak and we'll see what happens. But yeah, I mean, plus my in-laws live near here. They live in Fort Myers. So, you know, could be doing it. Well, I mean, that's what I was going to say, you know, this is, Heather, am I right in saying, like, is this even SBA eligible?

Like, could you do this or is SBA going to spike it because it's seasonal or because it's fireworks? I don't know. Well, it's eligible. So that's fine. SBA doesn't have a rule against it. But the uphill battle is with a bank and the credit people in the bank making a credit decision for this one. Okay. So I imagine that would be pretty hard.

So on one hand, if you're actually interested in this business, This is a good sign, right? Because a ton of your potential competitors, your other buyers, just got knocked out because they can't use debt. So this is basically an equity plus seller finance deal, I would think. So if you're in a position, and by the way, this is not just true of fireworks, right? This is true of anything. If there is no leverage available in the market, multiples come down, which is interesting to me that they've priced this at 5x, roughly, right? five and a half X or something in an industry where the buyer's probably not going to have

be able to use any leverage. So that would make me think it's probably not going to trade at the asking price. Probably a turn to a turn and a half higher that it should be. And they said that they've doubled profits year over year. And so they're trying to go 5x over the highest year. That's, you know, so we know the other years were quite a bit smaller. So I think that's tough too. So here's another thing, Strategics know, that normal don't know is COVID was a huge beneficiary for fireworks. Huge. Just people stay at home, wrong stuff up? Like, okay, imagine you're like a normal person whose whole life has been turned upside down. It's 2020 and 2021. You're forced to sit in your house and the government

is telling you what to do all the time. Like, what do you want to do? And you've got nothing else to do. The bars are closed. The concerts are closed. You can't go to your friend's houses. like you put on a mask, you go buy some explosives, and you sit in your front yard and you vent. And that is what the entire world did. I've never seen anything like 20 and 2020 and 2021 as far as fireworks went.

Now that you mention it, I remember my neighbors did this. I remember hearing a lot more those couple of years than I do now, so that's funny. Yeah, tell them to get to work. My kid's got to go to college, Heather. Right, exactly.

Get out there, fireworks, blow some stuff up. So if you're a strategic here, I think this makes a lot of sense if you know how to do this. This has every recipe, like for a searcher to just get absolutely annihilated because this is a hard mode business with the seasonality and the working capital and all that stuff. Really tough. Really tough. Cool.

All right. All right. Well, if we buy it, I'll call you. I'll let you know. We'll see if it actually is Pyro City or whatever we have on the screen. We could do the, we did the episode, Heather, where like I sold a business. Now we can do the Gertley buys a business type. Yeah, that would be fun.

All the stages, too. All the stages. Yeah, that would be awesome. All right. You know what we could do is if we do start working on it, we could record some episodes of mid-thing, like the stages of doing it. And then only if the deal works out or doesn't, we could publish them later. But I could tell you what's actually going on. That would be great.

Yeah. The ups and downs, it would be super fun to see. the whole cycle. Yeah, that's the one thing on Twitter where people are like, don't celebrate fundraisers or like growth equity deals. I'm like, do you know how few of those

actually get done? Like people have no clue how much work happens for every deal that gets announced. Like people that complain about that should just shut up. They just don't understand. Or go try to fundraise

and then tell me if you think you should celebrate after you get it done at that point. Like totally different, totally different. It is not easy. All right. That was a good one.

We'll wrap it up. And if you like this one, Stay tuned for part two of America businesses coming next time on Acquisites. America F yeah, that's the theme for today. That's right.