Acquisitions Anonymous - #1 for business buying, selling and operating - Deer hunting reserve for fun and maybe profit - Acquisitions Anonymous 263

Episode Date: January 16, 2024

In this episode, Girdley, Bill, and Heather discuss a hunting preserve business for sale in Kansas. The business involves breeding deer for hunting, with prices ranging from $1,500 to $15,000 per deer. The property includes 160 acres of land, a lodge, equipment, and over 200 deer. The financials suggest an asking price of $3.2 million, with $350,000 in annual cash flow and $1.1 million in gross revenue. They explore the challenges of valuing the real estate versus the business and the potential for diversifying the business beyond hunting.Check out the listing: https://www.bizbuysell.com/Business-Opportunity/hunting-preserve-in-kansas-great-business/2068086/Thanks to our sponsors!CloudBookkeeping offers adaptable solutions to businesses that want to focus on growth with a “client service first” approach. They offer a full suite of accounting services, including sophisticated reporting, QuickBooks software solutions, and full-service payroll options.--------Check out Girdley's new course, How to find a great business to buy. It's chock-full of insights and is perfect for listeners of AA who are looking to start their own search!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 Acquisitions Anonymous. This is Bill Dallessandro, one of your hosts. And today I am with Michael and Heather, and we are going over a deer hunting ranch in Kansas. They've got 200 deer on the ranch. They have lodging. They have trips. They charge per deer. You can go harvest a deer. So it's a hospitality business, but it also comes with 160 acres of land in Kansas. Some really cool pictures on the listing. So check it out on YouTube. This is a fun business. We never done one like this before. I hope. I hope you enjoy this episode of Acquisitions Anonymous. Hey, Michael here. Want to talk to you about today's sponsor for the episode, which is cloudbookkeeping.com. So cloud bookkeeping is actually run by my neighbor, Charlie. So I've met him in person and can attest that he's a real human being and a good person. And what cloud bookkeeping does is offer a full suite of bookkeeping services all in the cloud for you around QuickBooks and other technologies that you're using as a small business owner.

So if you're interested in getting the bookkeeping part of running a business off of your plate and focusing on running your business, Charlie and his team are one to call. They can put together a bunch of other stuff in terms of helping you manage and grow your business besides just bookkeeping, sophisticated reporting, definitely helping you get your quickbooks online set up in the right way, and a number of things around payroll as well. So definitely know them and recommend them. If you want to find out more about cloud bookkeeping, you can go to their website at cloudbookkeeping.com,

reach out to Charlie. I know many of you have and see if he can help you make running your business easier and more fun by letting them help with a lot of the bookkeeping solutions. And when you call, mention this podcast, it would help us and help Charlie know that we're supporting him as well. So thanks a bunch. And cloudbookkeeping.com as the sponsor for today.

episode. Wait, is this our official Christmas episode? It is. I guess. Well, Merry Christmas, guys. This will come out after Christmas. So in continuing my disservice to our listeners, I'm sorry that we didn't get our Christmas episode out on time. This is the New Year's episode, I guess, right? It's Christmas 2024. Sorry, sorry for being me. Cool. Cool. Well, I brought us a deal. Do you guys want me to read it to you? And then you can poop all over it. Arrine, decide it's good. Okay. Let's do it. All right.

It is a hunting preserve in Kansas dash great business. It is an Oclusa, Kansas, Jefferson County. And it is loggy, loggy bottom white tails is the picture we see here. And there's a picture of a deer with a bunch of horns. Is that a technically correct statement there? Antlers, Michael. Oh, those are antlers. Okay.

Yeah. And one of the antlers looks broken here on the side. I don't know. I don't know why people look at this. You're like, you know what I want to do? I want to shoot that. Like, what's going on? Anyway, there's a little red house and a big red house and more red house.

It's a barn. It's like a big steel tilt up kind of thing with nice wood interior. Yeah. And so like, oh, there's like deer head on the wall and a kitchen. So this looks like a lodge where you can go and like stay. Like there's houses and bathrooms. Ooh, one of those like side by sides, the off-read things, they've got everything. I'm moving in.

I don't care how much of costs. I'm in. I'm already in. Say no more. I am not moving in. Here's another deer blind. So Bill, like open, let's dig into the customer mindset here. What makes you when you see a deer with that makes you want to shoot it?

Oh, I don't want to shoot the deer. The deer can live. This is like the male urge to live on, you know, 50 or 100 acres in the world. That sounds awesome. Yeah. Oh, the job to be done here is to get you a break. Okay, I got it. Yeah.

There's a tractor. Yeah, the deer, I'm irrelevant on the deer. They can live. I don't care. Maybe somebody's urge when they see a deer is to shoot it. I would like to know why they want to do that. More land, a deer, another deer, more deer, lots of pictures of deer. Deer running, deer standing, deer looking, deer eating.

There's pictures of everything. Okay. Michael, for what it's worth. you're not mentioning is all of these deer have huge racks, which you can say about deer. They have huge antlers. Like that's all these pictures. The idea is that they are raising really high quality deer on this preserve. Heather, Merry Christmas to you.

I know. This is a very disheartening Christmas episode for me. An animal lover, a horse person. No, I do not want to kill these beautiful deer. Mambi. I want to kill Bambi's mom. No. So explain that last part to me, Bill, though.

These are not wild deer. They're actually raising the deer and they're kind of... Well, I think they're... I would call them free range because it says in the listing, it says a genetically superior deer herd of over 200 animals and a large client list. So basically what you do here is it's sort of like a farm. Like the deer live on the property. You know, obviously they breed with each other.

and make more deer. And your job is to not to make sure they're not overhunted essentially, right? So you have deer for years to come. So I imagine you're running this business. You manage this herd like a farmer would manage a herd of cows, right? Like you can't call too many. You know, you, the genetics are important. You know, I'm sure if you guys are like bought beef online, there are all these farms where they're very proud of the genetics of their beef and they, you know, they cultivate the line, the bloodline. So I think that's kind of what they're getting at here is that they've got a herd, right, over 200 animals, and they only call, I don't know what the right number is, but the right number every year, so the herd continues into perpetuity.

Okay. So I think of it like a stocked lake for fishing kind of thing. Exactly. They probably have to control the herd, like you said, a lot more carefully, because we're talking 200 total animals, and they've got to make sure that they maintain a certain size herd. So that makes sense. So it's probably pretty expensive to, this is a pretty expensive activity for the, for

guests that come? Yes. I have not done this, but I mean, I think you would pay hundreds, if not more than $1,000 to take a deer. Yeah. Let me read the numbers and then I could tell you what also I know about this business. So asking price is $3.2 million. They cash flow $350,000 a year and gross revenue is $1.1 million a year. Inventory is $800,000. I assume that's the deer with the horns on them. Real estate is worth $1.8 million. FF&E is $175,000 and it was established in 1993. And I mean, just another girdly comment on these pictures. Like, I thought Texas land out in the nowhereville in Texas was kind of

ugly. This is some really ugly land. I didn't realize rural Kansas was this unattractive. It just looks it just looks like a mess. Anyway, sorry for alienating all of our Kansas listeners. Both of them. I'll go, I don't think that at all. I think we have different opinions. There's some water wasn't there? There's a bunch of like big old tree. Like this, okay. This. This, Right, I pulled it up.

This is the only picture that we really know is for sure this place because it has the name of it and the sign. That just not look nice. Do you want to have a picnic there? No, you do not. Okay, anyway, sorry. All right, great established business with fall 2023 booked up. Okay, so this is an Airbnb basically with hunting on the side. This ranch and business are way too exceptional to describe here in a short paragraph.

This eight-foot high-fenced ranch is located 42 miles west of Kansas City International Airport. It is built on 30 years of experience and hard work. It is turned key ready, and even the labor can go with it. The sale of this business includes 160 acres of land, a seven-bedroom, nine-bathroom lodge, an additional building, equipment, and stands, a genetically superior deer hoard of over 200 animals, and a large client list that has all become close friends. It is entirely booked up for the fall of 2023. It can run on its own, or a new order can jump in to manage.

It's a perfect business for the outdoor person. Please email me the owner with any questions. I'm willing to stay on to help train and enjoy the hunting. Please check us out on Facebook at Foggy Bottom Whitetail Ranch or visit us at the web address below. are asking. Inventory and real estate is included in the asking price of 4,800 square foot building, six employees, FF&E is included in the asking price, 168-acre land, then there's a bunch of equipment, ladder stands, 200 plus tier, and established customer list, growing demand, the pace of the market growing is outpacing any new competition. Business is currently utilized at about

30 to 40% capacity, additional seasons and species could be added, will not finance, but some financing in place can be transferred. Please contact the seller. or for transfer or for training information. One interesting thing, and I'd love to hear what you guys think, whenever you see lodges like this that supposedly sleep like seven people, they'll always have like a ridiculous number of bathrooms, like more than the number of bedrooms. And this place has seven bedrooms and nine bathrooms.

Like, are you really going to have nine people simultaneously needing to go at the same time? I don't know. Anyway. Okay, what do you guys think? Do you want to own this business that is a hunting lodge? Michael, you have these businesses in Texas. This is basically the Kansas. version of like a gentleman's ranch.

Like this is like you look at 160 acres here. Like, you know, you probably hunt a few deer yourself, but mostly you just love taking care of the land and all that. And the business kind of helps pay your expenses, right? I mean, that's what this is. Definitely there. There is just, there's a weird dynamic with these two and some of the things that people do.

So I'm down here in San Antonio. And like, I kid you not, there's some of these hunting style ranches here west of San Antonio. For those of you on YouTube, I pulled it up and, zooming into the map. And literally, I had one time somebody contact me and offer like big numbers to like buy my business. And they're like, but we want you to drive out into the middle of nowhere and like meet with us. And I was like, okay, well, I'll drive out and like we meet with you. And it turns out they were just using the discussion of my business to write off the fact

they flew in in a private jet and we're staying in one of these places to hunt for the weekend. I was like, what is going on here? That reminds me of a bank I once worked for. the bank owned a hunting lodge somewhere in Texas. And it was like all the mail executives, because they certainly weren't inviting me to go hunting with them. Like it was the exclusive club, you know, where they went and had all their meetings but could basically write everything off.

Yeah. That's fun. Very common for large corporations to own like retreats and whatnot for exactly those reasons. Yeah. So maybe that's a buyer for this. You know, there's a business out there that's doing really well, this is, you know, maybe not 3.2 million worth, but whatever price they can negotiate,

maybe that's worth it, you know, as a retreat and a bit of a tax write-off. You know, like I said, I work for banks that had them, so I'm sure there's lots of other businesses that do something similar. Yeah, it definitely seems like the right buyer for this is somebody that loves hunting, loves socializing, wants to live out in the middle of nowhere, wants to piddle on the ranch all day and wants to host people and get to know them and have them come in and show them a good time and help them hunt and all that kind of stuff

and also manage the ranch. So like you talk about, though, like this gentleman, gentleman ranch or gentleman hunter type style. Okay, so I found their website. You asked how much it costs to take a deer. So there's a thing called an SCI score, which I'm learning about on their website,

which I think is a measure of, how a quality of deer right uh if you go to book a hunt michael in the nav you'll find it um SCI score there's a like how many points on the rack like all that stuff the cheapest deer you can take is between 1500 and 3,000 the best deer are between 9,000 and 15,000 dollars wow for one deal um so there I mean these are when they say there's 800,000 dollars of inventory here they ain't kidding in the deer. So they also say at the bottom, we always try to have a few, and this is in quotes, freak nasty deer that are SCI 250 and up, sometimes way over 300 SCI score.

And those are very expensive. Those are $6,000. So they've got, and then there's also, you know, you put down a deposit and you, you know, you go out there and hunt. There's also free range hunting for $3,500. you can do bow hunting. So, like, all right, I'm actually changing my tune on this. I'm starting to think this maybe could be a good business.

I literally love that. So they charge you an entry fee. It's like Costco for deer. Like, they charge you an entry fee and then you, like, pay based on how big of a deer you shoot. So, like, and these guys all show up, they want a bag, like, a big deer with a big SCI score. And it's like, okay, well, like, we're going to take care of you. Like, our incentives are a lot. You pay us more, the bigger of a deer we get you.

See, I would be the opposite. I would say, no, I'm going to do this and go for the bargain deer. You know, what? It's the same experience. I'm just going for the bargain deer. I'm not going to do it. I'm not doing the deer. The experience is not shooting the deer.

The experience is hanging the deer on your wall and telling all your friends that you shot the deer. And that's why they want the bigger racks. Wrong. All of it. And then at the Christmas party that your wife makes you host to show off to all of your social circle of friends at the country club. And then you have something to talk about and brag about while everybody's getting drunk on egg knock.

I've been to these parties once. That's exactly what happens. The job to be done here. So actually, I think, and Michael, I'm thinking about that place in Texas, we went Rough Creek, where they have like, you know, the lodge on the property, they have meeting space, they have a rifle range, they have all kinds of other things. So, you know, what I see here in this business, like, I think the crude way to scale this is you're like, how many deer can I raise and how many can get shot and all that stuff.

I think the better way to scale this, and they sort of mentioned this in the listing a little bit where they said add some other species, add some other activities. Like, you could put all, you could put a conference center in one corner. Like, how you could have, you could host like whole corporate events. So you don't got to shoot deer. What if you just go shoot rifles at targets? What if you go shoot bows and arrows? You know, what if you go hiking in the woods?

Like, what if you built this thing into, I mean, I'm sure you guys have like been to these places that are destinations. They got a little vineyard on it. They've got, you know, corporate housing. They got all this stuff. And I think those could be great businesses. Yeah. I think you could add a lot of things to this.

And I like the idea of like a shooting range and, you know, just sort of some skills. And for people who aren't necessarily interested in killing the animal that just want to go out and have fun out on the open, you know, land, I think that that would be a great addition to something like this. I do think it's not that easy to manage a herd of semi-wild animals, you know, and I, you know, they, they die on their own and you've got to be able to kind of track what the herd size is. And if they're not fenced in, can't they just go somewhere else? I would think they're probably fenced in, but that being said, like deer can jump some serious fences. Yeah, right. They definitely can.

But they, like, they feed them and like they're like they kind of incentivize them to stay. I think they've said something about an eight foot fence and I think that's enough to keep the deer in. Most deer. I've even seen some horses scale fences like that if they want to. Once you start shooting at them, eight foot fence is nothing. I wouldn't think so. Yeah. Are you looking for a small business to acquire?

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In the course, you'll learn three things. One, how to narrow your search with a tight thesis. We're hunting with a rifle here, not shotguns. Two, how to scale your outreach to get the most possible leads. This is a numbers game after all. And three, how to run your funnel like a pro, so you can boil down thousands of leads to find your one great deal. Plus, you'll get a couple of exclusive Chili's jokes that I've never published before.

So what's not to love? Go to gurdly.com slash great business to take the course today. Man, what a fascinating business this is. So can we figure out based on these prices? By the way, the prices are as of 2021. They've never updated the prices here. So that has me, like, curious about the state of some of these numbers. But, you know, they talk about kind of the average hunt and how many deer you take in.

If they're doing $1.1 million in revenue, I was just trying to think about how many hunts does that mean they're doing on average. If you average like $4,000 a deer, that's $275 deer. But there's lodging income, too, so it can't all be deer. And I'm sure they charge up for that because you've got to stay there. So we, by the way, a girdly personal chef anecdote for you guys. So just for listener space, because of challenges at my house, we've hired a man to come in and he's a former chef. He cooks for us. And it's delightful.

He's a wonderful man. He's a semi-retired chef. But one of his main side hustle now is to go cook at ranches like this when there's big hunting trips. So he'll go and disappear. And he'll go to these different ones. It's always rich, snobby people flying in on private jets, whatever. you know, like the type of thing. But he says a couple times a year

some of his clients will hire him to go do these hunts in these ranches in South Texas. And what the hunts are actually designed for is to expose kids from all sides of life to hunting as a sport. And so they'll bring in these kids from like the inner city,

from like the rural area, from the city, bring them in and they'll introduce them to hunting. And so I asked him, I was like, oh, like, you know, what are the little kids like with the guns like? with the guns. And he said, like, it's, you got to, you got to keep your wits about you. Because when the little kids show up, they'll shoot anything that moves. Like, they're out there with these guns and they have to have an adult next to them all the time because of a

cricket, like, rustles in the grass. The little kids are like blasting the thing. So anyway, so that's why we don't get our private chef to come in during the month of November because he's out working on stuff like that. But anyway, he told me that story. And I was like, I'm never going on that trip. That sounds super deep. dangerous. With kids, yeah, learning to shoot. My son, my brother took my son to a shooting range when he was younger and he showed me the video. My son was really excited that he shot the target and turned around with the gun, you know, to face the camera with the gun. And I'm like, no, you know. Yeah. Okay, that's why I don't take them places like that. So, okay. So this business, if you go back to

how it's priced. They want $3,3.2 million bucks for it, right? But it comes with 180 acres of land plus all of the housing and stuff on it, right? So you can't just purely price this on a cash flow multiple. What's it doing in cash flow, Michael? Cash flow is $350,000 on an asking price of $3.2 million, $1.1 million gross revenue. So how do you even think through this, right? So they say the real estate It's worth 1.8 million. So if you were just to lop that off the top, just to try to get a sense for the valuation of the business, now you're down to basically 1.4 million in purchase price, which is still four times cash flow. I mean, four times, though, right? Four times.

So it's not totally insane, but you got to remember it also comes with $800,000 of walking around inventory. Right? Worked. Yeah. Work to be. Right? I don't know if you take that out. I mean, that's working capital.

But it doesn't cost you anything, by the way, to replenish the inventory as you sell it because the inventory breeds by itself. I mean, yeah, you've got to feed it. And, you know, so there's some expenses. But I'd be really interested to understand, like, if they charge $5,000 to take a deer, how much do they feel like they have in it, you know, over the three to four years that it takes that deer to reach maturity in food or medication or, I don't know, fertilizing the land, so the right things grow.

Like I would be really curious to understand kind of where the cost is and also how they're accounting for it. I mean, talk about a really interesting accrual accounting problem. Right. Like, how do you how do you amortat? Like, are you supposed to like accrue the revenue over the time that it takes to raise the deer or at least spread the cost out over the life of the deer to wreck, you know, you capitalize the cost of the deer's food and then you depreciate it out functionally

when you recognize the revenue from having the deer. you're harvested. Really interesting. Yeah. If it's truly livestock, I think you do kind of do it that way. If they own the deer, yeah, that would be interesting. I mean, the costs are just, you know, subtracting the 350 from the gross revenue of a million one. It's costing about six, a little over $63,000 a month to run this business. You know, that's significant budget. There's, there's ranch staff, I would imagine. Yeah. They're probably feeding people, right? There's, the cost of the lodging and the feeding of the people, feeding the animals, and just taking care of the property. I have a hard time with businesses where you're supposed to value

the real estate, when it's real estate like this, totally separately from the cash flow, because the value of the real estate is in the cash flow it can produce. The real estate sort of becomes like a piece of equipment, you know, in the logical sense, just like equipment is in other businesses, I guess, is what I'm trying to say. I mean, is it? So, I always struggle with this, and I don't have a good rule of thumb. Because, like, you could buy this. Somebody might buy the same 160 acres and just live on it, right? Like, and not necessarily, like, there's some, just intrinsic real estate value here, right?

If you're going to live on it, maybe. But is this the kind of place that someone's going to live? And if they did, took all the deer out, what is, how would you appraise that? Maybe it's not really worth a million eight at that point. I don't know. Yeah. And the way these guys talk about it, they do live there. Look, the way I always think about this stuff is you have the real estate is, it's another

piece of equipment, right? Like you're talking about Bill and like, like, if you're going to be buying the real estate and the business that runs in it, like you have to deduct from whatever earnings there are in the main business to assume that you, you know, that's the cost of you using that real estate rather than for some other purpose. And you need to pay fair market for it and then use that to analyze the value of the business. And so, you know, that's where stuff like this can get hidden pretty quickly, which is they're not really figuring in into this cash flow number what they would be paying

if they didn't own the land. And there's a cost for you to hold on to that land, which, let's say, you know, at a 10 cap, and it's worth $1.8 million, that means it's $15,000 a month that somebody would charge you to rent this property and all the buildings and all that kind of stuff. Like, I guarantee that's being lumped into the cash flow from the business side and not accounted for anywhere else. And it can artificially inflate what people like this, you know, charge for something like this, which, you know, you have to put in the cost of carrying the land and holding it, just like you're talking about, Bill. But, you know, also, I don't know this area, but 160 acres, you know, if you own this business for another 10 or 20 years, it's possible if developments

come in this way, or if there's the highway nearby or who knows what, like, you know, there could be investment value in the land. You'd have to talk to the local realtors. Yeah, and then you're also competing with, okay, you're going to use the land for the business, right? And there's a market value for that. And then you're going to compete against, okay, well, how much would this land be worth if some rando off the street, rich person wanted to have it run it as a gentleman person's ranch, right? And so, like, we had a family ranch for a while. And, like, the people came in and paid us a lot of money for it. They weren't trying to run a business on it or any of that kind of stuff.

they were just looking at it from an enjoyment, like, you know, hey, we're like, they were two doctors with, like, a private jet living in Dallas. They're like, yeah, let's throw some money around. So that's the thing you also have to compare this to. The land may be worth 1.8. It could be worth $3 million to one of those people who's just looking for, you know, to own their own private park and hunting village. And by the way, you could, let's say you built, I don't know, three homes on this thing.

You could sell each of those three homes as private hunting cabins, comes with a membership, comes with five deer a year, you know, or whatever it might be, and you could put them off on three different corners of the property. And maybe you make a million bucks right there or more. That was a huge, a huge hustle for like 20 years. So when all the boomers, like in the late 90s and early 2000s started to want to find their next chapter of life, there was a huge hustle in South Texas where these guys made fortunes.

And what they would do is they would go out and they would buy a thousand acre working ranches. They would go in and drill wells every 10 acres or every 20 acres. They would fence them in, give them roadside access, and turn it into a micro ranch and sell each of them off to rich San Antonio's or Austens or Houstonians or Dallas and whatever Dallas people are called up in the hill country in San Antonio. And you spend a million dollars on a thousand acre ranch and you sell a bunch of 10 acre ranches, less expenses for $2 million a piece. like they were killing it. I would see these guys like when they first got started, they would show up in these like junkie pickup trucks. And next thing I saw, they're all showing up in like

King Ranch Cadillac Edition like pickups with like fell taps on. So yeah, there's, you can subdividing these things and turning them into something, you know, making it ready for somebody, like totally, totally an option. Yeah. I think that's where the value is in this entire thing is you got to understand how to turn this. I feel bad calling them amateurs, but like it's clearly not fully monetized, right? This 160 acres, if all they're doing it, like, look on their website. It's all camo and come here and shoot a deer. Like, what if you pivoted this to come here and shoot rifles and stay and hunt?

And it's, like, classy. You can, and you build, like, put a little bit of money in and build nice lodging in a couple private homes. Like, I think there's probably a lot of intrinsic value here that's not being squeezed out. You're in an excerpt here of Kansas City. That's where your money's going to come from. from. And it looks like you're near this lake called Lake Perry Yacht and Marina. So it's interesting they didn't really list that. But it looks like you're like 20 minutes from all of that.

And here I can click on Lake Perry, Laud and Marina. There's one other part of this that I was want to talk about. And Heather, I wonder how much you know about it. It says that there is existing financing in place that can transfer. Is this probably like one of those agricultural loans or something? It could be. It could be a USDA loan. So anything in a rural area can qualify for the USDA program, which is very similar to SBA. The government guarantees about 80 percent and it has a lot of features that are very, very similar. The main thing about USDA is you have to have hard assets like real estate. So that could potentially be a USDA loan that they've got on the real estate.

And they are assumable. So that's probably what they're saying there. You could come along and assume it. It's not the easiest thing in the world to do to assume a government guaranteed. loan, though. In most cases, it's problematic for the seller because they don't always get released from liability fully. So sometimes the seller says, oh, yeah, it's assumable because they heard that. And then when they get deep into it, they find out that it's not so great and they don't want, you know, they want you to just pay it off and get your own debt. But the good news is it would qualify

for a USDA new loan. It's in a, I'm sure that's going to be a rural area. I mean, I'm guessing, but just from the map that we looked at, I'm sure it is. And it's a business, so it would, yeah, absolutely qualify under the USDA program, which is interesting. It don't have to go that way. It's small enough that it could go SBA. And, you know, I'm kind of back to agreeing with you on the land. You know, you're right. It's not just a piece of equipment because it has this potential to appreciate,

which equipment never does, of course. So, and if you know what you're doing, and I am not a real estate pro for something like sub-dividing and the things that you guys are talking about, but someone who is, yeah, this could be a great opportunity on a real estate play. Yeah. And sometimes there, like if that loan is in place and is assumeable, sometimes there's extreme hidden value. I mean, if you can step into a $1.5 million USDA loan that is rate locked at 3% in

in today's environment, you know, that is worth serious cash, right? And it's kind of also no scan off sellers back either. I mean, unless the liability thing, as you mentioned, but hopefully, you know, that just helps, if the seller's smart, it helps them command a higher price for the property, right? Because they know that they can pencil it out and know what price would cash flow. But a lot of times, you know, you might be able to come in and kind of you value the financing higher than the seller does. And you can, you can maybe not put a lot of cash in here. Yeah, absolutely. And, you know, we've seen that many times there's folks out there talking about

this on Twitter all the time about the EIDL loans. You know, those were locked in usually around a 3% that rate and they're, I think they're 30-year loans at locked in at that rate. So everybody that buys a business that has an E-I-D-L wants to assume it, but it's turned into like really, really hard to assume those. The SBA, it's kind of a goes into a black hole that that particular program. There's nobody really to talk to. All right. Let me put you on how to kill it with this deal, Bill. This is you. Are you ready? All right. You're like, oh, wait, he really wants to respond. Okay, what you do? Why am I feel like I'm about to be offended?

I don't know. Well, because Heather's not going to do this, but at least it's plausible you would consider it because you're like, yeah, I'll blast Bambi. I'm cool with it. All right, it's got to be better than the pizza boat, though. So sell me. Oh, I got a pizza boat's good. Okay, so here's the pitch.

I think if you look at this, they're 30 to 40% booked, right? They're a bunch of country people. Their website looks like a bunch of country people. I think the opportunity is you go in there, you buy, this thing and I think a whole category of hunting Twitter needs to exist. We need deer hunter guy or like big buck guy and like you just make that your thing. And like what this reminds me of is there's this guy, I don't know if you've seen him. He does millions of views now on YouTube now. He is just all about mountain biking. And he's called Burn Peak and he like bought his own house at the top of a

mountain in North Carolina bill. And like he just like mountain bikes and talks about mountain bikes. But literally this morning, I watched a 15-minute video about why crank length, the crank of your pedals, why that matters and why they are the way they are. Like, it was just super interesting. But like, I think you could become that guy for this. And if, look, if you take this from 30 to 40% and triple it to 100%, like, that's a $3 million of your business. It pays for itself like in 18 months. So that's my pitch for you. You need to move to the middle of nowhere, Kansas bill, start shooting Bambi and then tweeting about it. Instant millions. And I'll mute all of you.

I'm muting all of that side of Twitter. And Heather disowns us as a result. I mean, but like actually like, I mean, Michael, that's funny, but you're right. Like this is an asset utilization. Play, right? Like, if it's 30% utilized and you got to think 100% utilized through whatever marketing tactics you want, you know, marketing tactics could be, as I said, install some nicer facilities, recruit events, all that stuff.

But you get, I don't think your costs are going to go up that much. if you get fully utilized and you're crushing it, just like a factory or anything else. Nope. Hunting guy. I think Bill should do it. Yeah, let's know how that goes, Bill. I don't know.

The weather in Kansas versus the weather on my pizza boat is not really comparable. That's the drawback. All right. On that note, Merry Christmas to both of you. Thank you for doing this beautiful episode today. And we'll catch everybody next time. Merry Christmas. All right.

Merry Christmas.