Acquisitions Anonymous - #1 for business buying, selling and operating - An RV training school. We love it. - Acquisitions Anonymous 189

Episode Date: May 2, 2023

Michael Girdley (@girdley), Mills Snell (@thegeneralmills), and Bill D’Alessandro (@BillDA) review a training academy for recreational vehicles. Check it out: https://www.bizbuysell.com/Business-Opportunity/licensed-and-certified-rv-training-academy-2-992-048-ttm-sde/2045901/?d=L2J1c2luZXNzZXMtZm9yLXNhbGUvP3E9WTJabWNtOXRQVGMxTURBd01DWnJQVkoySUNac2REMHpNQ3cwTUN3NE1BJTNEJTNE-----Thanks to our sponsor!Acquira - your acquisition in a box service. Acquira offers training to help you find, evaluate, and close on a small business. All in under a year.    Their team has bought over 30 businesses across  3 different portfolios. Whether you’re just beginning your business search, actively pursuing a specific deal, or looking to grow your existing company, Acquira’s training and team of experts can help. Their M&A advisors provide individualized support through the entire process. They will provide guidance toward your offer structure, drafting your LOI, in-depth due diligence, and securing funding for your deal.  They will even fly out to the business with you.  Once you acquire a business, they can help you grow it too.Acquira’s ACE Framework will help you transition that business from owner-operated to management-led, increasing profits and allowing you to step away from the daily operations and enjoy doing more of what you love.  And if “more of what you love” is buying and growing more businesses, they can help you build a portfolio of businesses, and eventually get liquidity from that portfolio by selling it to a financial buyer, or selling it to its employees.Space is limited each month, so if you’re looking to acquire a cash-flowing business this year, sign up now at acquira.com/pod-landerDo 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]

Hey, everyone. Welcome back to another episode of Acquisitions Anonymous. I'm one of your co-hosts, Bill Dallisandro, and this week, I'm exposing to you what is said at the end of the podcast. This is one of the top 10 deals we have ever reviewed in almost 190 episodes of Acquisitions Anonymous. This week, we unpack an RV training and licensing school that you can drive to in the state of Texas. You bring your RV and they teach you everything about how to operate and maintain your RV. this business makes three million bucks of EBITDA, has great margins. We loved it. Except there were one or two big red flags that we get into. Michael gets pretty fired up about. But this was one of the most fun episodes we've done.

I think you'll really enjoy this episode of acquisitions and honest. Today's sponsor is Acquira, your acquisition and a box service. Acquire exists to help you find, evaluate, and close on a small business, all in under a year. Their team has bought and operated over 30 businesses across three different portfolios, so they practice what they preach. With a priori, you can choose to go through their accelerator, set up your investment thesis, and finance credit in business by yourself, or Acquirer can do it for you. Their search team scours the continental U.S. for a business matching your thesis and gets it under LOI. Their unique business model combines an accelerator and investment fund. They can take

on minority interest in the business, making them something like a search fund, only you maintain majority control. Once you've signed an LOI, their M&A advisors provide individualized support through the entire diligence and closing process. They will provide guidance toward your offer structure, in-depth financial and operational and deal diligence, and securing funding for your deal. They will fly out to the business with you, and once you acquire a business,

they can help you grow out as well. Acquire as ACE framework will help you transition that business from owner-operated to management-led, increasing profits, and allowing you to step away from the daily operations and enjoy doing more of what you love. And if more of what you love is buying and growing more businesses, they can help you build a portfolio businesses

and eventually get liquidity from that portfolio by selling it to a financial buyer or selling it to its employees. Space is limited to each month, so if you're looking to acquire cash flowing business this year, sign up now at aquira.com slash pod-hyphen lander.

And again, that's Acquira.com slash pod-hyphen lander. Who's hosting? Who's reading? You are, dude. All right, here we go. Welcome to our episode of Exhibition Anonymous. So when Michael sent this deal out to our group chat, I replied back, Michael, you already own this deal, don't you? Because it is

super interesting and I love how built out it is. So before, let me not sell the cow before I tell you about it. So this is a licensed and certified RV training academy. It has $3 million of SD, and they're asking $15 million for it. So they're asking $5X SD. They say SD and EBIT are the same. and the gross revenue is 8.7 million. So they got great margins. They're making 3 million of EBITDA and 8.7 a revenue, and they want $5x4 or $15 million. So this aggregation of seven operating entities with one parent

initially launched in January 2014, they conduct live RV technical training classes and hands-on labs utilizing only the most up-to-date RV industry standards. It has grown and expanded a rapid clip since inception and the current owners were introduced to each other after having a similar need to provide education and training on how to care for RV equipment. This ultimately led to their development

of an online education program, which then grew into live courses taught all over the United States. It became immediately apparent after teaching the courses. They needed a static location with a training facility, which had all the equipment for in-house hands-on training on how to operate, drive, maintain, et cetera, an RV. They went on a search and purchased what would become not only a 115 spot RV park, which includes 105 RV sites, five studio cabins, and seven

park model type of cottages, whatever that is, for their students to pay and stay on site while attending classes and training. And also a fully equipped 37-acre training campus that is home to all of the businesses being offered for sale. They are the only licensed and certified training facility in the state of Texas, and they are not surprised that this is in Texas. Interesting. Really?

The land of RVs? I'm here. Can you guys just wait to make fun of me while I'm not here? Ah, come on. It says they, so the only one in Texas, they're licensed and certified, and they go on later in the listing to talk about what a pain in the licensing and certification is for this. No other training facility offers a campus environment like this with a heavily equipped facility providing classroom and hands-on training. So basically what this is, is I believe you drive your arsons. RV to this place. So you're there in your own RV. And they teach you not only how to drive it,

but how to maintain all the systems, how to flush out the septic, you know, how to deal with the generators, how to level your RV. Like there's all, RVs are complicated things. Like this is a house on wheels, right? They have systems and stuff. So if you just go to the RV dealer and they hand you the keys, you drive it away, which very often you can do with a standard license, depending on the size of the RV, you get it back to your driveway and you're like, uh, what do I do now? Right? So it seems to me like this is the place where they train you in hashtag van life, I think. Is that y'all's take on this? I think you're right. It is. And I think I found the company. Oh. Because I Googled RV Training, Texas. And I came up first.

Can't be that hard. Well, actually, it's really not that hard because in the listing, they say, they Texas Workforce Commission, License, Certified Career School number S582. So that should be pretty easy defined. That is somewhat of moat. I've gone through that process, and Texas is renowned actually is one of the most difficult states to become a workforce development school. Guys, this is a not for providentity. Yeah, but next paragraph, the company holds a 501C3 status, which provides the unique opportunity for RV manufacturers and equipment vendors to donate equipment or sell it deep wholesale to this entity to be used in future classroom settings. I bet it's one of their subsidiaries.

Like, remember, there's seven entities. I bet they figured out how to have, like, I would love to see the entity chart. I just can't wait to learn about the corporate structure of this thing. What? Michael's like, why didn't I think of that? No, I thought of it. You don't do this because it makes you a scumbag. Really?

You don't know. I mean, that's, like, you don't do that. Like, okay, so here's the scam, right? The scam is, let's say, you own a, school. And the scam is you set up a nonprofit that specifically people donate to, and that nonprofit just happens to fund customers for your business, right? Or in this case, the scam is, like, we're going to let you donate this material, and you can write it off, and we're going to use it as working equipment for our business. This is a scam if you do this. Like, don't do this.

You'll probably get away with it because nobody in the government checks this, but this is not what good people do. Anyway, that's my rant about that. So does that make this business unviable? Is there a way to carve that out maybe? Well, it does two things for me. One, I know if they're cutting this type of corner and they're advertising it. I want to know what are the corners they're cutting that they're not advertising.

This is the type of business I would go into and I'd be like, okay, where's the other set of books? Yeah, probably. So that's number one. And number one is so bad, I forgot what number two was. That's how bad number one is. So I'm going to keep going. The other point for that is seven operating entities, right? I mean, that immediately go, why is this required?

Yeah, there's, but like to go on a soapbox more about this, the Texas, this is why career schools in Texas are so highly regulated because scumbags like this get involved in them, right? And like, they come in and they regulate, I own a career school in Texas, right? and they come in, they regulate the hell out of bus. I got to, like, sign my life away for all this stuff. It's because people like this do scummy-ass stuff. And, like, you run a truck driving school, you take everybody's money, then you haul ass across the border, right?

That's why it's so heavily regulated. And, like, anyway. But, Michael, they've passed all the regulatory. Right. They've done all that. Great. Okay, so what corners did they cut in that process that I've got to worry about now? Which, I mean, you know, again, understanding how hard that process is,

as you do intimately, having gone through it, most buyers, probably would not. I would assume that there wasn't ways to cut corners in a regulatory process, but maybe there are. Look, regulators are regulators. They stamp their forms and they'll do what you say,

right, a lot of times, right? Just like the IRS, like, well, they kind of, they trust you until they don't, right? It's kind of the same thing. But look, I'll give them this. If you have that career school stuff, it takes you a while to get through it. Like, it took us 12, 15 months

to get through the process. It's not as hard as being like, getting accreditation and all that kind of stuff, which is a multi-year process. But like this is a real thing. To get through it requires, it's a moat. So let's just not a very deep one. Let's, you know, not minimizing the 501C3 thing.

But setting that aside for a second here, there is a lot that is pretty cool about this business. I mean, I don't think these guys are scamming people and running across the border of Mexico. Like they are, they've done, this says thousands of students have successfully completed their intro and advanced classes, hundreds of anecdotal stories of people who rave about their experience.

it sounds like they're providing a service that a lot of people need. Frankly, I think it'd be cool. You drive there, you set up your RV. They teach you everything about it while you live in your own RV. So you're learning on your own equipment. And you kind of leave having paid. But of course, now like actually knowing about how to run your equipment. It's a little bit less like, you know, I don't need this for my job like the truck driving

school we did. You know, this is a little bit more I would think of a business to consumer, you know, information products. slash, you know, in-person training product, which is probably providing a lot of value. What's really interesting to me is they also say they own approximately 280 strategically acquired domain names, all directly associated with their core business. And they have a contracted press release writer that releases a minimum of one article or press release one time a week to the RV trade business and media outlets.

On Facebook and YouTube, they release technical videos and student testimonials weekly, monthly, and quarterly. That is how you do marketing. They have built a customer acquisition funnel and like hats off to them. It's, it's respectful. And it seems as though they are also, there's a lot of businesses who have built a customer acquisition funnel and then are not, you know, providing the value on the back end. I mean, or they're selling you a PDF essentially, right? They acquire a customer that email you the course and then they disappear.

These guys, like, you know where to find them. There's 38 acres in Texas. Like you, they acquire you as a customer. You drive to Texas and spend a week with them. they're in Athens, Texas, which is an interesting town because it's basically about halfway from Dallas to Houston on I-45. So it's very strategically placed at the right kind of, if you have to pick one side of the Texas triangle, that's a good side to be on.

You'll see some weird niche distributorships. There's actually a big fireworks distributor in Athens. That's how I know about Athens. But like, I've pulled up their website. Like, these guys have their act together. Like, they named it the National RV Training Academy. me. Like you have students that are willing to travel. They have, I mean, look at these call to actions, Bill. It's like, chat with a student advisor. Call this number right now.

Crush, knowledge of power. I love that they're marketing not just to owners, right? They're marketing to RV service technicians and RV inspectors. Who knew that RV inspectors was even a thing? But if you work at, you know, a car dealership or an RV dealership or a mechanic shop and you want to say, we have a certified RV service technician, that's, that's not. that different than a typical mechanic, but brilliant on their part. This is a good business. This is one of the best businesses we've ever looked at. By the fact they're maybe being very scummy on the 513C side, this is a very good business. These great margins, right? They're selling information. You know, it's, I fricking like this.

I mean, they're executing well on the marketing side. It's also, it's like a massive playground, right? You know, when, if you guys have ever seen in Atlanta, Porsche has like their, you know, headquarters, but they also have the driving school. And for like $650 to, you know, $1,500, you can go out and like take a car out on the course. And it's just a total playground. It's an adult playground. Same thing, right, for this. If you're into RVs, it is, it's just like a big playground where you can go and, you know, get better at what, it'd be like going to a freaking off road course for somebody who's into ATVs. my son here went to a drift, a drift school. Like you go, you go learn how to drift, which evidently,

evidently, they just put you in a parking lot and then they spray the parking lot down with water and then they just tell you to go in a circle. I was like, that was $500? Yeah, so they go what it was. All right, the thing we haven't talked about with this business, though, that I think is really going to create problems, the COVID bump. Mm-hmm. Ah.

Mm-hmm. Oh, there you go. That is, this industry, I mean, is on fire or was on fire with COVID. And I think there is an impending cliff. Now, they have probably found, you know, a way to mitigate that to a certain extent because they're not in manufacturing. They're not actually making this stuff. And it's very high margin because it's all services for the most part, you know, and

hospitality, basically on site. but my guess is, you know, if you look at what their revenue has been and what it's going to be over the next two years, it's dramatically different. I mean, this is Earnout City, right? I mean, you just have to. I wonder if the land, if their expectation is that the land is included or not. I mean, 34 acres in Texas that is built out and developed. I could see the five times multiple if the land's included. they had a picture here about the space and it looks like it's included in terms of stuff meet the leadership well it also said under facilities it says value of the real estate is

to be determined by a third-party commercial real estate appraiser so i think they just want five x for the business which i still don't think i think they might get it i don't think bonkers. I mean, this is $2 million, sorry, $3 million of EBITDA, right? I mean, it's business is cash flowing. This might be the type of thing you carve out the real estate and, you know, they keep it and you also make them roll equity. They also say in here that they're willing to, you know, stick on. It says that they're looking in search of growth capital and experience partner. So this is the type of thing. Maybe you buy 51%, you know, make them keep 49, make them keep the real state and lease it back to the business at a market rate, you know, and go from there.

It looks like the whole business is run by two couples. Kathy Joe Anderson, Steve Anderson, Avata Cooper, the RV Kitchen Expert, and Office Administrator as well. And then the co-owner is Terry Cooper, the Texas RV professor, who kind of looks like what you'd imagine a Texas RV professor looks like. These people are amazing. I'm just telling you, if you go on a site visit, these folks are fantastic. Fantastic. You can already tell.

I don't know if you're noticing in his photo right here. He is wearing a Texas flag shirt. It's not immediately obvious. But that left shoulder is a big scar. That is a Texas flag button up shirt. Sheesh. Nobody is more patriotic about our state than Texans. Michael is also wearing a Texas flag shirt right now if you're on YouTube. Guys, I felt good about my beard before this moment.

Holy cow. Oh, my goodness. This guy, he might be Mennonite. Wow. Yeah, this is, I pulled it up for those of you listening. Todd Henson, who is the Director of Education and League Technical Instructure for RV Fundamentals and RV Solar, has a beard that it looks like it weighs about three pounds. It is a hell of a beard. And then a handful of other folks. I've never quantified beards based on their weight. This guy, director of sales and market. I mean, here's what also I like about this business. Like, you know how you look at people's like photos and you're like, okay, that guy's pretty smart. Like, they all have that look. Like, they've hired a very capable team.

I mean, here's a great example, Pam Jeros, like, who does she look like she's a killer? Like, do you think your RV's getting out of the field, out in the field without it passing by her? Hell no. Like, these people, like, I'm impressed. I'm really impressed. All right. One thing, though, that this does bring up, these two couples seem like absolutely amazing folks. how many partnerships have you come across that have four partners that everybody still absolutely

loves one another, there's no strife, there's no animosity, the partnership is in perfect harmony. Under this scenario, you have to have some kind of risk rolled forward. Chances are these two couples do not have perfectly aligned long-term goals, personal financial goals as it pertains to the business. There will be drama, right? These folks look. absolutely amazing. They look like the most wholesome people on the planet. You will have problems in this business going forward based on just their different needs and preferences. And who wants to roll equity and who doesn't? Who wants to stay involved and who doesn't? It's just the reality of doing something like this. The other thing that's really interesting if you read all their

bios, and a funny thing you can tell reading the bios here is you can kind of tell who's in charge by who has the longest bios and how much they're truly involved. And one of the couples, the wife is like, she's got two sentences about her. I don't think she's doing much. That's my head there. But like, a thing about this is,

first of all, the people running this are in Athens, Texas. Okay, you are, that is, I think it's a 2,500 person town. You're out of the middle of nowhere.

But the second thing that these people all talk about, which I think is really cool, they are doing this. They love RVing. Like, they talk about the RV lifestyle. Like, it's just like,

I don't have the RV lifestyle in me. You know what I'm saying? Like as an owner of this business. I love this too. It says the big red schoolhouse and community center, the new home base of the NRVTA was Cooper's vision. Like it, like this is a,

this is like a whole thing, right? This is like, it's the church of RV. Yes, yes. It is like a community. There's like a culture around it. And like you talk about buyer business fit bill.

And we had somebody shout out to you on Twitter about it. And you better trademark that thing soon. Yeah. This is like, you cannot be from New York, right? And be politically liberal and not like guns. And you know what I mean? Like you could make a long list, right? And like, I'm not trying to like be a lightning ride here.

But like, you have to live and breathe and eat and sleep this thing. Or you have to be aligned and partnered with somebody who's going to be living on site and doing this. Because I'd be willing to bet these folks live. within five minutes from this thing. I think that ties into something worth noting here, right? This is a very owner-dependent business based on what we've seen so far. These people are in the lifestyle. They're leaders in the lifestyle.

They're teaching, of course, this might as. Yeah. Yeah, and look, I mean, this guy, he's, he is like at Texas Tech, technical college. You know, like, they're in the industry. They're like on all the, you know, panels for the different, you know, events and they're the experts. And I love the name. She's like the RV Kitchen Expert.

That's amazing. Terry Cooper, who starred the business, his bio says the following. He does not hesitate to describe this school as his calling. He might think that lectures on RV systems would run a little dry. But when Cooper speaks, his mastery of the subjects permeates the room.

Story after story bring his points home and make them memorable. It's like, is this a church? church? Or is this a, is this an RV school? Like, come on. Yeah. I mean, ultimately, I think it gets back to the fact that you need them to roll equity. I mean, this guy is, they're teaching the courses. Like, it's a little bit of a personality thing in that he needs to stay on. So this is a, you know, and also the real estate thing, what you don't want to do is end up in a situation where they keep all the real estate and you keep the business. And as soon as that leases up, they have all the pricing power, right? And because this business depend on the real estate. So I think pretty much the only. way to structure this deal is to leave the real estate in a separate entity that they keep, but also force them to roll equity into the OPCO so they are heavily incentivized not to screw you and set up a really, really long-term lease that the OPCO can basically renew indefinitely at reasonable prices.

Or by the real estate. I mean, that'll help you finance this too, right? If the bank knows there's hard assets in there that are praised for $3 million or whatever, I think that's where I would lean on this one. It'll help. There's so much of a moat with businesses like this, specialty kind of training businesses. I went and took the general contractor and specialty roofing exam prep course with this guy. I drove an hour away.

This guy has, it's very similar to this, he has every single license in the state of South Carolina. He's a licensed plumber, electrician, boiler, mechanical, like literally every single thing he has them. and he's taking the test. And he got to the point where the people at the testing entity said, you can't come back here anymore. You can't keep taking the test. You already have all the licensure. It's this amazing business.

Everybody flocks to him. They will go out of their way to sit in his class. None of it is transferable. Who is going to go and get 25 years of experience on test taking with the South Carolina labor licensing and regulation? It's very similar to this, right? These people, they have all of this amazing institutional. And they have built a team, right? There's other people on the on the leadership, but it's,

their personal brand and the business are so intertwined that they would have to have a long off-ramp. And honestly, they probably wouldn't be opposed to it if all the incentives are right, because they love what they do. Does it say what they want to do? Does it say they want to leave? It doesn't clearly say that, but at the bottom, it says, reason for selling in search of growth capital and an experienced partner to grow to 100 million by 2020. So that to me says that they're very open to some sort of partnership. Yeah.

And they don't look like they're older. No. I mean, they look like they're maybe early 60s. They didn't put retirement as the reason in the training. Now, for leaving. Now, that being said, you come in here. Your goal is to resell this thing, right? I mean, they want or at least recap them out, right?

Like, they eventually are going to want their equity out at least, which means that you priority, strategic priority number one, is to pivot this thing away from being a cult of personality around Terry Cooper and to being a professional school with a rotating set of instructors, right? Because when you go to sell this again and he's five to ten years older, the buyer is going to have a legitimate concern that he needs to retire and he's the whole thing, the whole business. So you're like a major part of your strategy has got to be, this is no longer the Terry Cooper show. Yeah.

100%. And you look at our school. there is no cult of personality. We built it that way from the beginning. And, you know, our CEO and my business partner is out front. But like if he quits tomorrow, like the school keeps going. It's not like our Terry Cooper's faces anywhere. And so you've got to do that.

I 100% agree. Man, look at business. Like, if there, what's the path forward on this? If somebody's like, I want to buy it. Who is that person and what is their path forward? It's way too big of a purchase price for SBA. I think this is your standard mid-sized searcher is the way I would take a look at this. So maybe somebody coming out of one of the sponsored search kind of programs or something like that.

And I'm totally blanking on our buddy that has the Briden Group. The Briden Group. This is a Briden Group type thing. Because I think what you want to have is the ability to go not only raise the purchase price, but then be able to go inject, say, 10 or $12 million in this and then look up 10 years from now and have five of these locations.

Because there's got to be one in Florida. There needs to be one in the Pack Northwest, and then there needs to be at least one or two in the Midwest and the Northeast, right? You could see that happening here in America. So for me, that's who I would go to for this. Like a Bryden Group graduate, and then they should be able to go round up

$25 or $30 million to both buy the business and then eject growth capital and run that process and make the transformation that Bill talked about. So that's who I would, that's who I would encourage to do it. I think another buyer here would be a strategic, somebody who is in the business where they own, you know, niche schools like this,

and they buy it and run it as part of a roll-up that way. Old code, that kind of stuff. So by the way, I have a school. If anybody wants to, if anybody wants to overpay for a school, I have one, I'll sell it to you. Michael, I have the same rule. If anyone wants to overpay for anything I own, I will sell to you.

This is a blanket rule. Everything I got is available for 12 times pro forma EBITDA. Just send me the offer letter and I'll send you the wiring instructions. Yeah, I love this business. I actually think someone will, I think someone will pay every bit of $15 million for the business. Yeah. You know, plus real and figure out how to make them keep the real estate or buy the real estate in. You know, similarly, if you're expanding to multiple locations, you're going to need four more pieces of real estate.

There's probably a way to structure a, you know, a real estate. Opco type thing. There's creative ways to finance that. So can I just go a mini-girdly rant? I've had people say to me that they think the American dream is dead. And I argue with them, I was like, this is total BS. Because, I mean, Terry and these guys, Terry. They said this thing's only been around since 2014.

I mean, this is not like a 60-year, you know, overnight success. These people have worked hard for nine years. This is amazing. Total American dream. These people are not HBS graduates. they were not born with a silver student in their mouth. These are just normal people who worked jobs, became RVers, and then found their way. I mean, look at a VETA here.

Like, this lady looks like just, you know, she does not look like she graduated from Stanford Graduate School of Business. Like, there's no elitism going on here. And these people have manufactured $15 million worth of generational wealth in nine years just by working hard. What's cool, too, about this is, like, they are the, persona, right? It said something as you were strolling by. Like, she only started RVing in 2007. This is like, you know, kind of post-retirement. What do we do? You know, we're empty nesters.

And so it appeals, right, to kind of hands-on training. They, you know, you have somebody who's retired, they look something up on YouTube. And all of a sudden, they're like, oh, wow, there's a treasure trove of information. But they want more than just the YouTube videos and the free articles, they're going to drive out to Texas, drive their RV, stay a week, go visit some friends along the way, make a road trip out of it. I mean, it's very compelling because it is like completely synthesized the experience. So I have one more question. I think we should shut it down because we're running out of time. Is there a boomer risk to this business, right? So the boomers are this ginormous generation. They were born 46 to 65. They're starting to age out of the workforce.

These people look like young boomers. That's what in terms of age. They're in the early 60s. That's what I'm guessing. Like, is it a situation where Gen X is going to come along and doesn't want to live the RV life? Speaking as a resident Gen X are on the podcast, I have no interest in doing this. Like, this sounds like driving around in a car that has poop in a big tank in the back,

like, that does not sound interesting to me at all. Like, I might rent one, but I don't want to live the RV life. So do we, is there a risk here that like Gen X just like we aren't, Gen X doesn't care about car and hot rods? Like is there a risk there? No, no. I mean, I think, I think there's the boom bus that is going to happen. This industry cycles super hard. I mean, super hard. I've looked at some RV like manufacturers who supply to the RV man, you know, to the big RV manufacturers like Winnebago and stuff. And it's just total very, very roller coaster cycles. But millennials, If you look at what happened with COVID, like millennials were buying, you know, sprinter vans and converting them themselves.

And so I think, I think there's a long tail of demand on this thing that's not just boomers. Well, you also mentioned, too, Michael, like boomers rolling out of the workforce and retiring. When do you buy an RV? Like, they are at the beginning of their hashtag van life journey, right? From 65 to 80. Like, that's it right there, 15 years in the RV. The other thing that's important note is, you know, this is a version, this is also a version of the American dream, right? Like, the open road, like see the country, you know, the whole thing.

This is like the dream retirement for a lot of people. And it's also very financially achievable, right? I mean, this is not like huge house in Florida. Like for a very modest amount of money, you can buy an RV and live in it because it's your house also, right? So you can sell your house and roll that money in an RV and see the whole country. A lot of people think this is a freaking awesome retirement. And I just noticed that here, they said they want to do licensing to offer GI Bill. There is so much GI Bill money sloshing around for stuff like this.

And yeah, the VA is as organized as you would imagine it would be. And they have made it so easy for people to like, there's so much GI Bill money, just crazy. And I could pay like $27,000, like a lot for stuff like this. Man. Cool. All right, you guys are ready to wrap it up there? We will put the link for this one in the episode notes because I know all you're all going to be calling on it.

So, yes, you can thank us by leaving a review. This might be in the top 10 favorite deals we've looked at in, you know, 185 episodes. Yeah, so if you're one of our listeners that is like, you guys never like any deals, listen to this episode again. That's what I have to say to you. I also would say that this episode, if you listen to this episode and liked it, please stick with our other episodes.

because what this episode revealed is Michael's propensity to poop on the deal in the first five minutes, even if he ends up liking it. You went off on the 501C3. And I, like, people turn it off, right? Don't do that. Hang through it. You're making so much money and you do that scummy stuff. And it just sends like just the wrong message to everybody involved.

Like, don't do that. Like, okay, so it takes you from making whatever $3 million a year. Okay, you're going to make $2.7. Like, it's not worth it. It's not worth it. It's totally not worth it because now they're going to, I mean, buyers are going to not buy this thing because they're not going to be able to unwind that, right? Michael, I mean, that's scared you away. Right.

Otherwise, you love this business besides that, right? Like, this is a great business, but this tells you a lot about them. It makes me think that you guys are some scummy RV drivers with low ethics. That's what it makes you think. Can't trust people in our, you know, Bill, you know what I think? You can't trust people whose houses don't have foundations. That's the great thing. Because their morals don't have foundations.

either. Yeah. Yeah. I think what it really means is you don't trust people from Dallas is what it is. That's true. I like Dallas a lot, actually. I think it's my second favorite city in Texas. Okay.

But I mean, I think this one super cool business, the 51C3 thing is a red flag that you've got to find a way to structure around or unwind or whatever. You got to figure out the real estate and to make sure it's not too dependent on the lecture. but other than that, this is a great business. Yeah, I love it. All right. We'll click stop there and we'll catch you guys next week.