Acquisitions Anonymous - #1 for business buying, selling and operating - Comedy Club for Sale: Is This $3.5M Florida Deal a Total Joke?

Episode Date: April 18, 2025

A thriving Florida comedy club hits the market—does the $3.5M asking price make any sense?Business Listing - https://www.bizbuysell.com/Business-Opportunity/thriving-comedy-theatre-business-in-south-florida-prime-location/2317650/Sponsors:⚡️ Sponsored by Acquisition Lab. Ready to buy your dream business? Get hands-on support, expert guidance, and a powerful network to accelerate your acquisition journey. Schedule your free consultation today at https://www.acquisitionlab.com/. Be sure to tell them Acquisitions Anonymous sent you!💰 Need SBA funding for your next deal? Viso Business Capital helps you secure the best SBA loans with less hassle. Sign up for a free Q&A session at https://visocap.net and click "Zoom Signup" in the top right.In this episode, Michael and Chelsea dig into a unique listing: a thriving comedy club in South Florida with over $750K in cash flow and a $3.5M price tag. The business boasts a full liquor license, a 300-seat venue with all-new chairs and tech upgrades, and a 10-year lease—but does it justify the steep multiple without owning the real estate? The duo debate the hidden risks, potential upside, and what kind of buyer this business would actually be perfect for. It’s a deep dive into what it really means to buy a bar-with-a-stage in a strip mall.Key Highlights:🏢 Business Overview: Comedy club with $3M in annual revenue, $750K cash flow, asking $3.5M🍸 Core Revenue Drivers: Liquor sales and ticket splits—not the acts themselves📉 Real Estate Concern: Business doesn't own the property, raising questions about valuation🤝 Booking + Promotion: Importance of talent relationships and email list ownership📈 Competitive Landscape: Competing with national chains and music venues for comedy talent🪑 Asset Value: What are you really buying—just some new chairs and a video wall?🧠 Buyer Fit: Why this deal might be a dream—or a nightmare—depending on the operator⚠️ Deal Risk: Low barrier to entry and possible overvaluation make this a tough sellSubscribe 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]

You're buying a business that you have to go and hunt the talent, like the shows down. Your real only source of income then is going to be the liquor sales and your cut right from the ticket sales. You just look at that and you're like, oh man, like when comedy works and you can fill up these theaters, it is an incredible business. I like the industry because, again, comedy is always going to be around. People are always going to want to go to comedy shows. We'll say Acquisition Anonymous. Another episode of Acquisition Anonymous. We don't have 100% beard anymore.

And thumbs downing on just a plus inventory alone. Hey, Michael here. Welcome to Acquisitions Anonymous. Internet's number one podcast about buying, selling, and investing in small businesses of all shape, sizes, and forms. Today, Chelsea and I got together and did a deal that I found fascinating, which is a comedy club in Florida. and we dug into this space. It is a fascinating space. And stick around and see if we liked this deal, did it make us laugh or not?

So anyway, dad joke there for you. Stick around. Here's the episode. Are you ready to take a leap into business ownership but you don't know where to start? Well, look no further than Acquisition Lab, the premier resource for entrepreneurs seeking to buy their dream business. Founded by Harvard MBA and acquisition expert Walker Dybul, the lab is your fast-track to success in the search diligence and acquisition process.

With hands-on support, world-class resources, and a community of like-minded entrepreneurs, Acquisition Lab gives you the tools and confidence to navigate every step of the journey. And we're proud to call Walker and Chelsea, the lab's director, longtime friends of the podcast. They're passionate about helping entrepreneurs like you take the next big step. So don't wait to make your business ownership dream of reality. Visit AcquisitionLab.com today to learn more and schedule your free consultation. And when you do, be sure to tell them the Acquisitions Anonymous podcast sent you. Chelsea, welcome back.

the most interesting deals. I can't wait to dive into this one. I have a whole roster of them. I have a whole system where I go find just stuff that will make for interesting radio. I love this. So I personally found the worm farm, a couple ski resorts, the pizza boat. Oh, pizza boat? My husband would love that. Oh, if you have a moment, you know, we've only done 400 episodes, so I would recommend recommend going back and finding the pizza boat episode, but it is a fascinating story. You've never heard of the pizza boat before? I've not.

I'm going to go listen. I don't have time to do podcasts, to be honest with you, so I don't ever listen to any. So the pizza boat, the pizza boat is fascinating. It's in the British Virgin Islands or the U.S. Virgin Islands, one of the two. And it's a guy from MIT type thing, and he kind of dropped out of life. And he went down and he got the only permit and the only anchorage in this particular cove in the British Virgin Islands.

And basically he brought down a full-style Italian pizza oven and bought a boat and a dingy to go with the boat. And you can roll up when you're sailing around the Caribbean and you can radio over to the pizza boat and the guy will make you a pizza and come deliver it to you via dingy. And they do incredibly well. Well, yeah. Yeah, that's amazing. There's businesses for everyone, I'm just saying.

Yeah, so it was for sale. The guy, you know, after a while, a boat that size gets pretty small, pretty quickly, and they were selling the boat two or three years ago. So we did this episode. I highly recommend it. I will. I'll listen to it. But I have basically the equivalent of a pizza boat to tell you about today.

Can I tell you about this deal? Yes, please. It is a thriving comedy theater and business in South Florida with a prime location. And it's a bit anonymized. They will not tell us where the comedy and theater is. No, but it has all new chairs. This looks like a generic stock photo, but I'm not sure. It is.

It is. Okay. For the theater, they are asking $3.5 million. Cash flow is $754,000 and gross revenue is $3 million a year. No inventory, no EBITU, And rent, so it's a rented property, is $15,000 a month. The business was established in 2015. It is a 300-seat theater.

Oh, it does have all new chairs. I know. That's what I saw. I was like, okay. I love that that's advertising. Six brand-new VIP tables available. A 24-by-24 video wall behind the performer, also brand-new. 10 years remaining on the lease.

It has a lobby bar available to serve patrons while they wait for the show. a full liquor license in place, and it is located in a shopping center with high foot traffic and ample parking. It has back patios designed for performer signings and meet and greet events, and advertising is mostly social media and email blasts. It is listed by Jason Hartman from Steinberg Real Estate Holdings, and the owner is selling because they have other business interests. Okay, so what does this business do? If you read that, what did you hear, what did you hear, what did you hear the business is? It's a thriving comedy theater, obviously. So they, I don't actually know what the business is because it's a rented real estate.

And so I have to hope that they have a bunch of booked shows already. And you're like buying the book of business of the shows that are going to be scheduled there. But it's not actually. a theater for sale, right? Because the theater's not for sale. It's a 10-year lease remaining. So you're really just buying a schedule of events hopefully. Yeah. Yeah, I think they, you know, there's, there's not that many theaters around. Though here in San Antonio, it's gone crazy. Like, over the past 10 years, the number of people building venues is just out of control. Like, we have way too many venues.

And, you know, I know people are hungry for live events and stuff like that, but I don't know how these venues are making money. Anyway, that's an aside. But so one of the reasons I want to do this deal is I was watching Instagram this morning and an ad scrolls by me. And guess who it is? Straight from the 1980s MTV, Polly Shore. No.

Polly Shore. And Polly Shore is out at the dog park. in L.A. And he is there just kind of doing a Gonzo advertisement. And the Gonzo advertisement is, hey, find people of San Antonio. I'm coming to your town, April 12th. And I'm doing a comedy show at a random small-ass comedy theater. And I'm bringing some people from Joe Rogan's Comedy Club up in Austin,

and we're going to have a great time. come see me at the Woodlawn Theater here in San Antonio, which is like a 300 or 300 seat theater and Folly Shore, 60 year old Polly Shore is coming to San Antonio to do a

comedy show. So I think there is somebody who is hiring and doing a deal with Polly Shore that has this venue and is doing some sort of deal with Polly Shore to come in to town. And that person has a business that is basically this business here in San Antonio by the equivalent

for Florida. So I think that's how this worked. There's a promoter who has the venue, who has the whole setup, does the local promotion, and then brings in acts like Pauly Shore and stuff like that to come do shows in South Florida. Have you seen the show, the TV show Hacks? No. Watch it, number one.

It's hilarious. But it's a comedian and like she retires or something. I can't remember what happens, but she starts playing little. venues like this to like practice her material before she because she had a residency at in Vegas and like to test new material she placed places like this right so like to your point there's a there is a market for this size and type of venue I think where I'm struggling is it kind of just feels like you're buying a bar because I don't again unless they have a whole calendar booked right like that you're buying a

business that you have to go and hunt the talent like the shows down your real only source of income then is going to be the liquor sales and your cut right from the ticket sales. I don't know. I again, if this was the building and you were buying the building, my brain would process it easier. Yeah. But because you're basically, I guess, buying the chairs. It's all new chairs.

so you're buying the chairs and the screen. So you're buying the chairs in the screen and hopefully a book of business. Yeah. Well, in theory, in theory, you are, if you're promoting, you know, doing, basically this is, you know, promoting your venue and booking acts and stuff like that. If you're doing that, you're going to be getting, in theory, customer lists, people who buy one ticket, like in theory, you'll be able to own that unless you're subjected to kind of the ticket master live.

Nation monopoly, in which case they own the customers, and they're the ones kind of bringing in the acts and booking and filling out your venue and promoting it. In this case, this looks to be somebody who's outside of the Live Nation ticket master thing. Yeah, because it says it's promoting everything on socials, right? Yeah, because, I mean, it was a Pauly Shore promotion in Instagram, which did not come from, you know, Ticketmaster or any of that kind of stuff. So I got to assume the Polly Shore thing happening in San Antonio was an independent promoter here locally. So if this is an independent promoter, which it looks like it is, in theory, you would be getting an email list and cell phone numbers of people who have come to your shows in the past.

So you can promote new shows to them. So in theory, that's an asset you're getting here when you buy this. That's true. That's true. But are you in that situation, are you hunting down the talent? Yeah, yeah. Well, I have a buddy here who runs an independent venue like this. They own the real estate, which is slightly different, but they own an independent venue.

And the way he describes the way the industry works is there are tiers of acts. You know, at the top tier, you have folks like Taylor Swift, pink, like Rolling Stones. Like people who can fill like no matter what anything, they get one type of deal. And like it's kind of crazy, the economic. they'll get and stuff like that. And then you work your way all the way down to where like at the lowest tier, you'll have folks that are acts that are say like a punk band with a small cult following and they'll play Tuesday night in San Antonio and Wednesday night in Austin.

And they may get paid nothing like by the venue except for like 25% of the gate, right, of the tickets sold. Like it's it's all the way down to, you know, who's taking the risk. Like, as you work your way down, the hierarchy of these acts, like, by the time you get to this type of venue, like, the acts are taking a lot of the risk in order to do this stuff. Is this improv or comedy? What did it say? This is a comedy theater. Does comedy theater mean, like, stand up?

They hint here a 24 by 24 video wall behind the performer, also brand new. So my guess is these are mostly Polly Shore-style stand-up acts. I'm just trying to think of like expansion possibilities. So like can you, it's thriving, obviously. So there's no need to grow it. But if you did want to grow it, how would you do that? Would it just, is it just a comedy shop where you have kind of like, what is it, the funny bone or whatever used to be the place here?

Is it like that? I think that's what this is. that you say that that's exactly what this is like it's a it's a local comedy theater so you're booking polly shore and correct um i'm trying to think of some other kind of has been comics who are probably making five million dollars a year has been comics like that's the crazy they're doing great no no no yeah polysure probably lives in a 20 million dollar home in Hollywood hills so like kudos to him correct no no no no no no hate um but it's to your point though I would argue that I don't even know if this place would be hosting like the Polly Shores as much as the

stand, like the newbies, right? So like the newbies are the ones that tour here. Every once in a while, you'll get a well-known name. But for the most part, it's up and coming, you know, stand-up folks that are doing their grind, which is what that hack show kind of talked about, right? I guess the other thing you're buying with this business, Michael, is there has to be a network of managers, right? There has to be some kind of way that you can constantly have a funnel of new talent to bring in.

And so I think that's probably equally as important as a list of customers that have bought tickets would be a list of like the talent. So I just pulled this up because we have a comedy club here in San Antonio, you know, because we're like the center of human culture. Most people don't know that. People think it's New York or London, but it's actually here. But yeah, these are the, these are all the locations these guys have, the laugh out loud one. And I was just trying to pulling up some of the comedians. Where's the events calendar? Like they have a lot of these.

I've never seen some of these folks. Well, that's the thing, right? Like it's going to be at least in the show. And I don't mean to act like TV is real, but like their whole, the whole pitch in the second season of that show. Oh, I know who Josh Blue is, though, on there, is that this is the people, like the up-and-comers, the people testing new content that they just tore in these tiny little places to test out the material, and then they go do Vegas, right? And so every once in a while, you'll get somebody that you recognize, right? Todd Packer from the office. He's coming to San Antonio. All right, buy tickets.

sign me up. I'll come to see. But in all seriousness, it is a business, right? And so as long as this business comes with, again, how you're actually booking things, then I think it's okay. But if there's no system in place to book talent, you're always going to have people that want to be stand-up comics. That is always going to exist, period. Yeah. Right?

And so, like, I don't hate the business model. I just think for the purchase. price. There needs to be a very clear. I mean, no, the purchase prices, I think it's over. It's too much. Like, what was the purchase price again? It was a lot.

3.5 million asking price for $750,000 in cash flow for basically what is a bar? Correct. So like I would never not happening pay that multiple, unless they had some like, I don't know, 10, 15 years booked out of, of, you know, things that aren't going to change. I don't know. There's just, it's too much. There's no value levers, in my opinion, to justify that high of a multiple. But I do like the business model.

Yeah. Sorry to get excited, but I just Googled the comedy clubs near me in San Antonio, you know, cultural hub, cultural representative of America. And there are like a dozen comedy clubs in my town. I had no idea. Yeah. I mean, there are places that people will go for birthdays, graduations, bachelor parties, divorce parties, right? Like first dates, comedy clubs will always be a part of

our, to me, it's an evergreen business, right? Like, it just depends on how well it's managed on if it does well. I think this one said it had been around a long time and it's thriving. So obviously, you should pay a 5x for it. And they have new chairs, Michael. It's all new chairs. Yeah, well, the chairs make all the difference. But I am curious, aren't you curious at all if the other business models or the other comedy centers are owned the real estate? I just think it's fascinating that they don't own the real estate. Yeah, this, I mean, this one here, the Woodlawn Theater. This is, this is where Pauly Shore is playing. That's a cool venue. I think this is owned by the city of San Antonio. Yeah, that's a cool. This historic Woodlawn Theater. Hi, Heather here. When I'm not

breaking down deals with these guys, I'm helping people get the right SBA loans for their business acquisitions. Because when you're buying a business, the best financing isn't one size fits all. There's the best rate, fastest to close, the specific loan structure that you need, or a little of all of those things. That's why my company, Vizo Business Capital, works with over 30 different lenders to find you the best funding in less time and with less friction, so you can focus on the deal. Sign up for a free live Q&A session on SBA loans at Vizoccap.net. Then click Zoom sign up in the top right corner. That's V-I-S-O-C-A. So, AP.net and click Zoom sign up.

So, like, I just, I have questions because I just feel like I don't know if I love the business model when the real estate's not involved, because at least when you own the real estate, there's an appreciating asset that's like, at least there's a reason why you might pay a, but with this business, just there's fear for me on like, what are you actually buying? Like, what is the actual business? Yeah. Right?

Because it's literally. going to be a book of business, hopefully, and some kind of list of customers. Ideally, you'd have a contract of some kind, I would hope, in place. But it just doesn't feel like, what's the earnings again? You said seven something? 750,000, and they're asking $3.5 million. I mean, it's a nice earnings, right? It doesn't give us revenue, does it?

Revenue is $3 million. I don't hate the margins there. I just don't understand why, if it's a comedy theater, it's not including the real estate. I'm just like if the real estate was included, I wouldn't question the asking price as much. I would still have questions, but like I'm just really struggling with what exactly you're buying for $3.5 million. I think that's the fundamental thing here. Like it looks like the barrier to entry to this business is super low. Yeah, there is none.

It would be one if there was real estate, right? Because you'd have to go buy real estate. But like according to this, you can just go rented. And it looks like they have a longstanding lease. And they probably built this out in agreement with real estate investors, is my guess. What do you think? You know how they'll like come in and redo like an area of a city?

And you can partner with the real estate investors to like put something in there that's going to bring talent. and vibe to the neighborhood. Yep. Yeah, I've run into a lot of those kind of placemaking real estate developers. It's a fascinating thing where people who want to rejuvenate a town will go partner with these guys to come in and do placemaking. And it was fascinating when I talked to them about how they do it. Do you know what the very first thing they always bring in when they're trying to rejuvenate like a little town is, the very first. the very first thing.

It's always a high-end restaurant, a high-end destination restaurant. Like they'll go hire like a celebrity-style chef and they'll make this big thing. And the idea being that you can bring in high-dollar people who are like, let's go drive 45 minutes out into random wherever to get a fancy meal. And that's what they start with. And then they start to bring other stuff. But one of the things they eventually bring in is like a, you know, a concert venue or an event's venue. is like step three or four.

Kudos to them. They have style. I do not have style. I'm curious to see about the expansion capabilities, no matter what. I mean, what do you think of the listing itself? I think this is one of those very binary deals. I think it could be horrible or I think it could be great. I think it could be horrible if this is just a generic comedy business with no moats whatsoever

on a short lease in a random strip center. in Fort Lauderdale. Like, I think that's horrible. But I think if you dug into this and there is something that is kind of a secret sauce to this that justifies 5X for a business that only has nine more years left on its lease, there could be something magical there. Like, are they part of a broader network of stuff? Like, do they have a hookup with specific acts that other people can't get?

Like, is there a booking company that has, you know, these kind of mid-tier comics like the Pauly Shores of the World who can fill a theater? for you consistently. Like there could be something there, but I fear that it's the first situation, which is this is just an undifferentiated bar with a microphone. Well, and I would say to your point, if it's the actual one that could be amazing, the broker should do more in the description to make it, like there's nothing in here that seems interesting, right?

Or there's no unique differentiator. It seems very vanilla. And I have the same fears as you do, right? Like I like that they're highlighting the new tables and the new chairs and the new video wall. But it does say it's located in a shopping center, which gives me strip mall feelings. And so there has to be, to your point, something interesting, I think, to make this work really well. Or there needs to be some very distinct difference, right? Some niche market that you're owning, right?

Let's say you get all the, by the way, I've been over the past few years trying to learn Spanish. So I'll watch comedy in Spanish. It's really funny, like Mexican Spanish. But like, let's say you had a hook up with all the Mexican comedians that are coming through the U.S., Miami or whatever, and you're turned into that community. And this is that. Like, you own that niche. Like, cool. Okay.

Like, I can see that being interesting. But fundamentally, fundamentally, I still feel. like they're asking you to pay 5x for a bar. Well, and that's fundamentally what they are. And it's not even like a bar that you, I just really struggle with the valuation and the fact that the real estate is not included. Yeah. Because it's really you're paying 5x for a video wall, some new tables and some new chairs. And the right to pay rent no matter what every month.

Like, thank you. Thank you. And it's like, okay. Again, to your point, though, if this, if it's not described in this listing, but if it's there, having some kind of assured, you know, exclusive access to a bookings or something. There has to be something. To me, as described, there's literally no value levers list that make me think I would pay much of anything, honestly. And that's one of the things I liked.

I think if you heard me talk about when I pulled up the different comedy clubs here in San Antonio. And there were two types of comedy clubs. There were like random independent, just like Joe Schmo, like hoping Polly Shore shows up type situation. But then you had folks like this one, the Laugh Out Loud Comedy Club, which has, it looks like a dozen plus. And it looks like about 20 locations. I mean, they have them in Dallas, Houston, San Antonio, Arlington, and then all over Florida in these different places. But at this scale, it's pretty fascinating that they can start to get acts where they book them and say, you're going to do, you're going to do a tour of all of our venues.

And you get like this guy, Francisco Ramos, I guarantee Francisco is going through every single one of these Lafout Loud Comedy Club. So, you know, when a Godfrey or one of these guys, I guess these guys are famous. You said you recognized one of them. I recognize Todd Packer from the office. I think Josh Blue was on here. And he won my last comic standing like, I don't know, a decade ago probably, maybe 15 years ago. So I remember him from that. I mean,

that's literally the, that's the extent of, that being said, I am going to a comedy show tonight. I have tickets. I'm taking my mother to see whose line is it anyway live. And so, oh, Kevin Neeland. Kevin Neeland, we recognize him. This is showing our age. It is.

We're old. Yeah, we're super old. for those of you that are under our age, he was on Saturday Night Live in the 80s. So back when I was a pre-team. So back to my point about this, like, okay, so you're already competing against like the Live Nation acts, right? The Taylor Thomason, like, you know, the top tier, you know, what's his name, Jerry Seinfeld, like these guys who can fill a theater or fill a, fill a big venue. So you're competing with them. And then a step below that, you're competing with big chains like this Laf Outlaw comedy club who are going to get the Kevin Nealins of the world.

And you're just kind of left picking up the scraps for your comedy club. And that looked like the rest of the comedy clubs in San Antonio. And it looks like this one in Florida, which just seems like a beat down. Well, in the like we don't have a lot of comedy clubs in St. Louis. We have the one that I can think of. And it's the funny bone. And I don't remember what it's called now. but our comedy shows are just done at music venues. Everyone. So not only are you competing with local small, hole in the wall type other competitors in the space,

but also good comedians, even not so good comedians, will book at music venues because the music venues also need to have people in regularly to cover their bills, you know? And so it's like, I don't know. I like the industry because, again, comedy is always going to be around. People are always going to want to go to comedy shows.

Yeah. I just need to know more about what the value lovers they were looking at when they decided to list it for $3.5 million. Okay. Can I do a rant about how awesome the comedy business is when it works? Yes, please. So if you just think about it, okay, let's think about you're the Rolling Stones or Taylor Swift. And you're going to put on these productions. Like, I don't know if you saw what Taylor Swift.

did for her truck drivers. Did you hear about this? Yes. Yeah, just incredible, incredible situation where, like, she had like 15 semi-truck drivers on staff to drive around to do her eras tour. Like, that is how much crap, like, it takes to put on a big production like that. Just an incredible investment. At the other end of the spectrum, you basically have somebody like, let's say, Jerry Seinfeld, and he will play a 2,000-person theater here in Cesar.

San Antonio, he'll sell every ticket for $150 to $200. And the capital investment required is a microphone and a private jet to fly him here and fly him home. And like, you just look at that and you're like, oh, man, like when comedy works and you can fill up these theaters, it is an incredible business. Because that's like, I mean, you just do the math, 2,000 people at $200 a piece. what is that that's four million dollars for this is where bill usually like corrects my math when i'm like hey so i'll pull it up two hundred dollars times two thousand that's a four thousand dollar night so he's going to take home let's say two hundred fifty thousand dollars out of that four hundred thousand minus expenses for doing a two hour act like that's

freaking incredible right and then it's a different story when somebody does like the big the 15 thousand person venues like kevin hart and stuff like that one with these with this venue a lot of times the comedy show itself i feel like at least at like the funny bone when i was and we're talking 20 years ago so like i'm outdated with the the numbers but like i don't remember paying for the show itself it was always paid for the drinks yep right you go and it was a two drink minimum and and you would always drink more than the two because you were you know in your early 20s and that's what you did um and so i don't even know where the revenue is and It just continues feeling like a bar to me.

Right. Well, that's the best part of like pulling up this laughout loud comedy club in San Antonio website. They don't show you any comedians when you open up the website. They show you the drink menu. Like, it's like, who can't? Like the comedians are just to get you there to pay to pay $350 for a bottle of don't pay and yon. That's what they're trying to do. $7 for a butt light.

They want you to just keep drinking. but it is basically just a bar with entertainment, right? Yeah, yeah. A stage and chairs and a new screen. Well, a two item minimum purchase per guest, 18% service charge, prices subject to change. And that's about right. Yep.

Yep. It didn't say if they had food, though. So they don't want to feed anyone. So they want everyone to get super plowed. So they just keep drinking more drinks. full liquor license so and they keep highlighting the fact that there's a bar to serve people while they wait and so it's like yeah I think that there's a business here obviously but to me it really is

a bar with entertainment I had I had a buddy who owned a bar here in San Antonio and he said it was horrible just absolutely horrible so you know your people people that are hanging out at bars at 2 a.m. are either kids who are making bad decisions or they're adults who are making a lifetime of bad decisions like are you know like it's not a healthy place to be so you got that on one side the customers are that way half of your employees are alcoholics or you know at the end of the road so you got that so the other part of the triangle is horrible so your customers are horrible the employees like horrible and then you have the third part of it which is something most people don't think about, which is, at least here in Texas, the liquor enforcement people treat you like you're like a pariah, like you're ruining the world.

And everything comes in and you are presumed guilty. Like they come in with guns and like it's like SWAT team. Like it's just he said it. He said that was the thing that pushed him over the edge was they would come in and he's like, I'm just selling people budd lights here and we're doing the right thing. and I'm sorry somebody made a mistake, right, or, you know, whatever happened. And, you know, why are you translating that to me being a bad person? He said that was the thing that pushed him over the edge was just the way that enforcement people treated them was just over the top.

Yeah, I mean, I don't feel like my experience, the full disclosure, little experience that I have with going to these kind of places, the likelihood of seeing somebody plowed or on drugs is pretty high, right? And so to your point, right, you have to ask yourself what kind of And we talk about this all the time with our members about like what kind of business you want to buy. It's like you have to really visualize the type of environment that you want to be in. And if that is it, cool, more power to you. Go buy this.

Question the 5X. But like, whatever. Maybe it's the value's there and we just haven't heard it yet. So anyway, so we love this deal. Is that what we're saying? For the right price, I love every deal. So I will, can I push back on that? There are some times where people pitch me things, and I tell them, you could not pay me to take this deal.

Like, you would have to pay me to take this deal. This business has a negative enterprise value for me. And for me, personally, owning a comedy club or a bar is negative enterprise value. You would have to pay me to take it. So for the right price, if somebody came in and said, you can have this for negative $2 million, I would consider it. but the last thing I want to be doing is like telling my family like, hey, it's 11 o'clock on a Thursday. The bartender didn't show up. I got to go.

Like that's negative enterprise value for me. No, but I think that brings in a good point. And we talk about this a lot when we're going through this whole like what kind of business should you buy is like, do you want to be working weekends, right? Do you want to buy a business where you have to work nights, right? Because at the end of the day, if the work's not getting done, you as the owner have to step in and do it, is it the type of work you want to be doing? And I think that's a really valid point. It's not a business I would want to buy. But I probably could reach back into my history and find somebody that's willing to do.

This is like their dream, right? Just not, not me. Probably not no one that I work with in the lab either. Cool. All right. Well, let's wrap it up there. This started out strong. It finished stronger.

Great job. I killed it today. I'm so glad I'm here to help. I'm here to help. Cool. And so where could people find out more about what you guys do and work with you and that's where they're. And I know there'll be ads for stuff. Yeah. So you can find more at AcquisitionLab.com. You can message me on LinkedIn. Chelsea Lynn Wood. You can email me at Chelsea at Bidenbill.com. We are an accelerator that helps people buy businesses. We are lifetime service. So we will help you buy any business you want to buy from the time you join till the time. you get tired of us and tell us to leave you alone. That's about it. It's scary out there, so I think it's great what you guys are doing. I mean, I like it, but I built it, so I'm super biased. Well, I think it works.

Yeah, thank you. Cool. Thanks for being here. We'll see you next time.