Acquisitions Anonymous - #1 for business buying, selling and operating - Falling in love with a country club - Acquisitions Anonymous 190

Episode Date: May 5, 2023

Michael Girdley (@Girdley) and Bill D’Alessandro (@BillDA) talk about the  country club of their dreams.Check it out: https://images.bizbuysell.com/shared/listings/209/2093880/bc9b4793-1be3-412e-b17b-9dfde243b787.pdf?_gl=1*1o8lxok*_ga*ODMzMDk4Mzg2LjE2NzA1MTc4Nzg.*_ga_NJNXMWK3N9*MTY4MjUyOTM2NS40My4xLjE2ODI1Mjk1NjQuMC4wLjA_____Thanks to our sponsor!This episode is sponsored by Acquisition Lab. Acquisition Lab, created by Walker Deibel author of Buy Then Build: How to Outsmart the Startup Game, is an accelerator with a highly vetted cohort-based educational and support community for people serious about buying a business. After going through the Lab's month-long intensive, you have ongoing access to almost daily Q&A sessions with advisors, regular live deal review forums with Walker, hand-picked vendors for your deal team, and a very active Slack group with other searchers on this path. Our team personally understands how to buy a business and will help navigate all the complexities of the process, as well as provide a trusted framework, tools, and resources to support you from search to close. The Acquisition Lab recently celebrated its 70th business being acquired and well over $100m in aggregate transaction value. The Lab is there to stand by your side, so you can take the right action (at the right time) and avoid wasting countless hours trying to "go it alone".For more information, check out acquisitionlab.com or email the Lab's director Chelsea Wood, [e-mail] 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, everybody, Acquisitions Anonymous, Internet's number one podcast about small businesses for sale and the case studies that we do of each one each week. Bill and I got together on a lovely Thursday today and recorded an episode about a country club that is for sale in Texas. And I think it's somewhere near Dallas, and we talk about the things that you would love about owning a country club and the things that, well, at least for this particular listing, that might give you pause. So I also told a bunch of stories because I got home last night at 3 a.m. on a red eye, so I'm a little punch drunk from that. But it had a good time chatting and catching up with Bill and talking about this deal.

And really, one of you should call and think about buying this business. It's that cool. Here's the episode. This episode is sponsored by Acquisition Lab. Acquisition Lab created by Walker Debel, author of Buy Then Build, How to Outsmart the Startup Game, is an accelerator with a highly vetted cohort-based educational and support community for people serious about. about buying a business. After going through the lab's month-long intensive, you have ongoing

access to almost daily Q&A sessions with advisors, regular live deal review forums with Walker, handpick vendors for your deal team, and a very active Slack group with other searchers on this path. Our team personally understands how to buy a business and will help navigate all the complexities of the process, as well as provide a trusted framework, tools and resources to support you from search to close. The Acquisition Lab recently celebrated 70th business being acquired and well over $100 million in aggregate transaction value. The lab is here to stand by your side so you can take the right action at the right time

and avoid wasting countless hours trying to go it alone. For more information, check out Acquisitionlab.com. Link is in our show notes or email the labs director, Chelseawood, at chelsea at buy-then-build.com. All right, Bill. You know how I'm kind of an elite person?

Are you familiar with this topic? Yes, extremely snobby. Super. Upscale. There is a country club near me, by the way. At one time, one time my mom, I can't tell the story, but one time there was a discussion about us joining the country club. And first of all, I don't know if the country club would take us, but there was a reaction

from my other family members was, why would we want to do that? Like, it was just totally like total, total dissentress from every girly, except for one individual whose name shall remain anonymous because she's a lovely, lovely person. Country Club would probably been like, you mean those roadside explosive shill and hippies? Oh, man. Fireworks, people, are you all serious?

Oh, man. The thing that turned me off most, this was an old school country club, and each job was racially, like, segregated at the country club. It's like, oh, if you do this job, this is what color you are. If you're at this job, this is what color you are. I was just like,

Wow, weird. It's, there's remnants of old south around the south, and they all suck. That's how I feel about it. I was just like, I don't want any part of that. Well, we have a great deal today that we don't think is at all racially charged. Well, according to this, why I don't know, all the people in the picture are one color, but we'll figure it up. Okay, so we, I think we got sent this by a listener, and I think that's a great pattern, Bill.

the listeners are sending us better deals when we find ourselves. Oh, the listener deals are my favorite deals. Please keep sending us deals. As you can tell, we will record them. Well, and then the funniest thing, I remember this one, the guy DM'd it to me, and he's like, oh, hey, Gurdley, check this out. You've got to do this on this show. And he's like, oh, and also, it's from generational equity,

so Mills can go nuts about how bad it is. It is our interesting challenge, you know, because sometimes we talk to people, that are a brokerages to sponsor us. And it's like, oh, you know, that would cut out the number of brokers just we could make fun of. All press is good press, though, Michael, of course. Oh, yeah, that's what I hear.

Okay, I'll read this one. From generational equity, it's a private country club located in Texas. I didn't know that. Okay. This country club is comprised of two country club entities consisting of two private golf courses and clubhouses, eight tennis courts, and three swimming pools.

The company aggressively strives, provide a first-class private club experience for all members and guests. And the club courses have hosted a variety of significant events over the years, including PGA tournaments. The company offers golf, tennis, dining, social events, and its famous Sunday brunch to members. The company's excellent industry reputation and local brand awareness has established it as a preeminent country club in the region. It is a go-to source for high-quality golf on its beautiful courses and has widespread awareness

in their area for a famous Sunday brunch. The company is a client-based composed of 1,700 active member accounts with a 93-3-3-3-3-7-7-7-7-member accounts with a 93% rate of repeat businesses. So I'll pause here, Bill, because I want to just tell you a personal anecdote as I was reading this. Like, I want to join something like this that isn't so bougie.

Like, I want to pay for something cool. Like, I want to join something that would be cool like this, like in terms of some of these amenities, but it's also not Soho House. You know what I'm talking about with Soho House? Yeah, yeah, yeah. Like, I want to join something in the middle.

Maybe that's expensive, but not bougie. If you could find that for me, and it's in San Antonio, I'm totally informed. You don't want any of the trappings of exclusivity. You just want to purely sort by price. Is that what you're telling me? I think price is an amazing function to sort on stuff, right?

And I think it's great because it works both ways. Like my associate program, when I hire these associates, I intentionally pay them a bit below what they can get on market because that does two things, like what selects for somebody who has the right mindset to be an entrepreneur, but it also signals that the job is not. on a permanent job. Like, you need to do this for 12 to 18 months and then go find something. And, you know, for people who I'll have these, like, literally, I have these 26-year-old

McKenzie consultants that apply for the job and they're like, yes, I would like to make what I'm making now. And I'm like, isn't that like $250,000? Like, I can't afford that. Or making PowerPoints. Like, you're not going to be happy starting some company from zero if you've been making PowerPoints for a quarter million dollars a year. Like, good luck there.

Okay. So anyway, yeah, so I went Soho House, but like, for old people. For old people. Yeah. What would you do there? I'd just like hang around the pool and stuff. So you want a pool?

Have meetings. I'd like a nice restaurant. I'd like to be able to have meetings there. I'd like, it's kind of like, I would like an area where it's like a men's area where you can like, go in and just like read the paper

or like play cards with a friend, just like hang out and have a drink. I would like it if there was like a sauna and like a hot pool. area where you could do like saunas and stuff like that. So basically a country club, just not so country. Yeah. Okay.

Well, I think these are pretty country club considering the photos are golfers and tennis people and Sunday brunch capitalized. Yeah. Which sounds like it's pretty legit. Oh, and by the way, on golf, you know, I hate golf, right? We've talked about this. Yesterday we went to Top Golf as a board activity. Really great as a board activity.

But like, I made one change to my swing. and it was like, oh, this is why people like golf. Like, it was just like, because I just started hitting the ball. Like, so I was at top golf. You've been top golf, right? Yeah, yeah. So it was at top golf. And like I changed this one thing on my swing because I was watching this kid hit the crap out of the ball.

I was like, oh, he's doing that differently than me. So I just started doing it like him. And the next thing I know, I'm hitting the ball like 250 yards and hitting the back. Because I'm 6'5 and 230 pounds. I could get some momentum going. Next thing I know, I've got a three wood. and I'm hitting it on the back fence, just launching it,

like Tiger Wood style. And that lasted for about 30 minutes and then I got tired. But it was just like, oh, this is, we'll see if you can do it again. Let's see if this ever happens again. But it was just like one change to my swing

and everything like opened up. It was crazy. Yeah, golf is really fun if you don't suck at golf, which is why I don't like golf very much either. Golfers do it, but they all seem so unhappy doing it. Yeah, it's just like swearing and breaking clubs over there.

I'm frustrated. Meanwhile, I go on these three-hour bike rides with a bunch of other dudes my age and older, and, like, they all are about to puke because they're pushing themselves so hard for three hours, and they're just, like, having the best time. Like, they think it's just so much fun. So I don't know. I think the golfers are the same way. In retrospect, they're like, oh, it was a great time. I broke three clubs. I don't know, man. Here's the other problem I have of golfing is since I started cycling a lot, other men, like, had a business meeting this morning, and another man told me. me in the business of me, he's like, you look really healthy. He told me that. And I was like, that's, yes, you look hot too. But like nobody says that to golfers. That doesn't have no good. See, I think that's proof that you're not watching modern golf. Modern golfers are ripped. They like lift all day long. It's like been the last, you don't follow golf, I guess, but in the last five or 10 years, it's been this total flip. Like golfers are athletes. They figured out that if they actually train, they're more athletic and they can play golf better. What about 50-year-old dilettant golfers?

Oh, well, that, you know, I don't follow those guys. They're not on TV. All right, I'm so sorry. I'm so sorry. Let us get you back on the deal. Okay, so Michael hates golf, but this deal is probably not that bad. Okay, yeah, yeah. Let's do the numbers.

So there's $11 million in sales and $2.3 million of EBITDA and $2.56 million of cash flow. So I'm not an accountant, Bill. I play one on television and podcasts. But how does it work that you have EBITA that's lower than cash flow? Like, how does that accounting work? Because it doesn't start with E and then like, so I don't understand. Learn me here. Yeah, I mean, maybe you got some weird tax thing going on, you know, because there's real estate here.

So maybe there's some sort of weird accelerated depreciation that I don't really know. I'm sure one of our list, we'll tell us instantly on Twitter. So more company stats, 36 years of operations, 60 full-time employees, 81 part-time employees in multiple facilities with a typo. Like, just kills me here. As the Gen X representative, like, can we put this through a freaking spell check before we put it out, brokers? Come on.

Like, do your work. Yep. You want 10% of the deal and you can't spell stuff right. It's unbelievable. Unbelievable. Okay, continue going. 141 employees. right 60 full-time

81 part-time that's a lot of people now I assume a lot of this is grounds maintenance right I mean you're running two golf courses you got um you know during the summer and I this was the first job by the way the only job I've ever been fired

from in life was country called Lifeguard that's the only one I've ever been fired I've never been fired other than that dark did somebody drown what would you do to get fired it was so boring and they had these stupid rules like I was 19 years old And literally there would be nobody there like in the pool at like 11 in the morning. And they would make me sit in the Texas sun and like 15 feet away from the shade.

We had no customers, no swimmers. And I got written up because I refused to sit in the sun because it was dumb. This right here is the true hallmark of a future entrepreneur. When you start saying that rule is logic. logically inconsistent and dumb, why should I do it? The never entrepreneur says, well, because it's the rule, go sit in the sun. And the entrepreneur says, this is bullshit and gets fired. Stupid.

Okay. So anyway, superior name and, okay, here's the investment appeal. Superior name and reputation, the company enjoys longstanding reputation, course, blah, blah, blah. And they've supposedly also built a diversified customer base, local area for supplying high quality and high value recreational club services, and they experienced no significant customer concentration. That's, yeah, that's the way country clubs work, B2C. Management will remain through the transition. The officers will remain through a transition period. It would entertain remaining with new management for a longer period of time on a consultancy basis. So it looks like this

has been owner-operated. That's the best I can see here. And a strong management team, the company's management team has over 200 years experience in the golf club industry. This is like, I don't know, This is like me posting nearest revenue. And like, people are like, is that gross marketplace value or is that your net take? I was like, I was like, look, man, Twitter is the place for chart crimes. It's totally okay. I saw that tweet. That was really funny.

It's like, yeah, that's what I had, you know, Hayden, who's my partner in it. He gave you a chart. He's like, well, you know, they're going to tell you it's a chart crime. And I'm like, yeah, so what is Twitter? That's what everybody does. If you're not making any money, but your business is growing, you quote revenue. If you're not growing and you want to quote, and you don't have much revenue, you quote high profits. And if none of that, you just kind of allude to it and then lie anyway.

It's quote gross merchandise value. Yes, we did. To be fair to us, with Neer, by the way, like, Hayden was like, oh, yeah, I forgot to put a third of our revenue in that chart that I gave you, because that's only stripe. There's like bill.com and all this stuff that happens as well. Anyway. Okay. So this is a country club.

Two country clubs. Yep. Look, and I think my first reaction is, I think country club, I think country club. and waste and trash disposal sites, dumps, have something very much in common. Oh, boy, here we go. Like, no, it's, they are in this category of stuff that in the built-out suburban American environment, once there is one there, it is virtually impossible to put another one nearby because you need a lot of land.

And you end up with a situation where the nearby land is way too expensive for it to ever make sense, right? like nobody comes in and does an infill golf course, right? Yeah, because these get built way away, and then society comes to them, and then it's too dense. Yeah, and then suddenly you are the thing in the middle of everything, and that smells like what's happened with this one. Like, it wouldn't surprise me if this is somewhere on the north side of Dallas,

Plano area, and like it has sprouted up. They built it there 70 years ago when Plano was a bunch of fields, and now Plano is the middle of the city. for the Dallas area, and this has got a total, like, you know, lock on the local area and the local community. Like, if that's what this is, which is what it smells like it is,

like huge fan of this. Yeah, so, I mean, what do you think about, though, risk around, you know, on millennials still playing golf and tennis? Like, are these boomer sports, you know, at some point, does this become not viable? So I think the risk, I think the risk. And to make it about Gen X, because we have some issues as Gen X.

I don't know if I've mentioned this, but us Gen Xers, we're pretty scarred because nobody talks about us. But the problem with what's happening demographically here is baby boomers are starting to age out of this stuff. They don't want to play golf as much. Like they're traveling more. And there's a lot of them. And they have a lot of money. And then you have this problem where there's not that many Gen X to give you the sample, the percentage of people that want to go walk around in, you know, salmon colored shorts and hit a ball

with a stick in a field, which is my description of golf. There's not that many Gen X, and we haven't got to the point yet where millennials, their kids are old enough that they're spending much money on this stuff. So long term, like, I'm still bullish about this. Like, millennials are going to show up. I think they're going to play golf. I think you're seeing them more and more as a response to what happened to COVID, want to spend time outside and, like, go be active. But, like, there's a challenge right now, which is millennials mostly have little kids like you do. Yeah.

Not a lot of time. Yeah, and you don't have a lot of time to go do all this stuff. So long term, very bullish about it. Near term, like the demographics are not in your favor. So I guess you want to be underwriting

location and local demographics pretty strong. I think it's, well, look, if you're in Dallas, Dallas is winning almost more than any other city in Texas right now, by far. Dallas is just every day.

it's like another W shows up. And doing it at a scale that is makes, Austin gets all the mind share, but for everything Austin does as a win, Dallas does it five times and nobody covers it. Like, yeah, if you just, if you just, the scale of Dallas is just unbelievable compared to almost

any other city in, in the, in the world, right? It's just so big. And then you have Houston, which is almost as big. Oh, right? Like, there's like no borders to Dallas. They're just like, make more Dallas. It's like the amoeba eating the world. You know, we do business for the fireworks stuff out on the outskirts of Dallas, and our stuff just keeps moving. And it is just a

matter of time until our stuff moves from Dallas to Oklahoma. Like, that's the next step. Like, it's not that far. I'm picturing you guys as like the, you know, the vagabond riffraff roaming the outskirts of town shilling fireworks. And as they move the city limits, you have to like get pushed further and further out. It used to be that way. And then it all changed in 2015 and 2017. And in the state of Texas, the laws changed to make being a fireworks vendor much better than it used to be. So like one time my dad told a story like in the 90s, he went and spent basically almost a whole year's earnings to buy one piece of property to open up in Dallas. And he goes through all this stuff, spends all this money, comes out of savings, puts all the equipment on there, ships out fireworks.

They open up the doors, and a guy from the little nearby town drives up and gives him a piece of paper and says, congratulations, you're closed down. Your property has just been annexed by the city of blah, blah, blah. And he was just screwed. Just done. It was over. But the law has changed in 2015, 2017 in Texas where they can't do that anymore. And they can't, like, and even if they do manage to figure out how to, like, shut you down, you get 20 years to figure out where you're going to move to.

So it's almost like, okay, well, go ahead. ahead, like, I'll get all my money back. By then, my property will be worth a lot, and I'll sell it to somebody that's even worse. That's what I'll do to you. Exactly. Something really talks. One time this little city pissed me off so bad that I sold the property to this guy, and I didn't really, you know, we had owned a property like that, a little town like pissed me off. So I sold it to the guy. And like, it wasn't intentional, but I saw the power of doing this. And he was the worst possible tenant ever in this city. Do you want to do you want to know what he? He turned it from a fireworks shop into something else.

And would you like to guess what he turned it into? Something loud or smelly? No worse. He turned it into a brothel. No. A legal brothel? Yeah, you open an underground brothel. I was like, oh yeah, screw you, little town.

Don't come at the king. You best not miss. Oh, man. All right. Important to note, girl, girlie goes low sometimes. Oh, no. I mean, he had, I didn't. I never even asked.

It wasn't intentional. It was just like, okay, well, like, yeah, the karma's a bitch. Oh, man. So do we think they're selling the land as part of this country bill deal? Definitely not. And that brings me back to a point that I really wanted to make about this listing. It is insane that this seller hired generational equity. And I do not say that to poop on generational equity in Mills's stead.

I say that because the obvious buyer here, here is there are whole roll-ups of these of country club management companies, right? I mean, there are tons of them rolling up country clubs all over the United States. And, you know, they know how to do the deal. I'm sure they know how to separate out the land. Like, this is a complicated structure here, right? There is a ton of land value here, but you also kind of can't sell it. This is one of those businesses where the business relies on the land and the land relies on the

business. It's not super separable, but you do have to devourable. but you do have to value it separately. You can't just say, hey, four times cash flow, you know, for this country club because it also comes with an insane amount of land. So because there are roll-ups, there are brokers, or intermediaries that specialize in brokering these things. Like this is a perfect example of a specialized business.

You have got to hire a specialized broker. Like the fact that generational equity is just blasting this private country club list out to the same list that is buying concrete companies and, you know, all the other stuff we review on this podcast is, you're not going to get to the right buyers. If you hire the right guy who knows how to sell golf clubs, he's going to call directly the 25, you know, private equity-backed roll-ups of country clubs in the country. He's going to know exactly what your business is worth, and he's going to help you through the deal and it's going to be done, bada-bang, bottom. General relational equity, no offense to them, this is not what they. This is

they do. Yeah. Have we figured out what they do besides just blast people with the book stuff? Well, I mean, they're like, they're a generalized broker, right? So without picking on them specifically, there's tons of generalized brokers. And this business needs a specialized broker. Well, I think the great case of point we did the funeral or the cemetery brokerage a few weeks ago. And it was like, we discovered there's some guy who just does cemetery plot brokerages. The cemetery plot, you know, like, he specializes in funeral home sales. This is like, that's all he does. So yeah, call that guy.

Call that guy. Yeah, exactly. Exactly. So, I mean, I like this business. I don't think I'm going to be all to outbid the guys who like, who buy these businesses. No, absolutely not. It's really interesting. The listing doesn't actually talk about the, talk about the land and the infrastructure at all.

I mean, I guess they're proposing you would buy the business. and then lease the land from the family? That is a perfect example of like red flag that it's not even mentioned in the teaser. Like that is a huge, huge part of this deal and it's just not even mentioned. Lots to like about this. I mean, especially if you can buy the land with it,

like it's very financeable. Like a bank would love to loan against all the land. And then they have a track record of cash flow. And it's at four, it looks like it's a, four and a half times EBDA is what they have for or four and a half times cash flow basically. No, they don't,

they don't have an asking price. Generally, I should actually. Oh, did they? Oh, no, that's the revenue. Oh,

sorry. Yeah. Yeah, they're not, they're smart enough at least to not do that. Which also sort of tells me they have no idea how to value this thing. Oh, yeah. Yeah.

My flight last night got it at 2.30. So if it seems like we're a little out of it, it's because I'm out of it. Okay. Well, that's the other thing. I mean, And we haven't talked about this much. Like when you go, one of the things I like to do when I first have a call with somebody

like this is just have a price expectation discussion. And like this happened to me yesterday for one of my business, somebody reached out and they're like, hey, we want to talk to you about buying the business. I was like, okay, tell me how you're going to think about pricing the business. Like what is your pricing model? Like, how do you think about it? Are you going to think about it as a multiple of growth or multiple of revenue? You're going to think about it multiple of profit.

or you can think about it with multiple pro forma profits, or are you going to think about it as a discount to your last valuation? Like, how are you thinking about it? And the guy, you know what he said? I don't know. Everything's on the table. And you know what I said? Call me when you have a clue.

That's what I said to the guy. Like, don't waste my time. Yeah. Which is fair because whatever you come up with, they're going to find flaw with. Yeah. Well, and it's not like it's being marketed. So I don't have any idea what price is, but I have an idea of kind of area where I think it's probably worth.

And tell me how you're thinking about it. Is it, are you going to pay me a, are you going to pay me a premium to my current net, you know, net present value of the business? Yes or no. No, we'll think about it. So, look, I think if you do, you know, before we wrap up on this one, like, I think if you think about the things that you want to buy in a business, like predictability of demand, like being in a good, upstanding business, like, look how happy that people are

in these photos. Like, you're providing joy to them. You potentially have limitations to competition. You have some generational and demographic things in your favor. You're in Texas. There's a lot, lot to like about this business, for sure, for sure. There are a few red flags that you want to just be mindful of when you have that first call.

Why are you listening with generational equity? Like, what's going on here? And then go from there. Maybe we should sign the NDA on this one. I mean, I would as a concept, you know, private clubs I do really like. The thing that is nice about this as a private club is, you are not as much dependent on, like the community is nice, but like it's the golf and the tennis and the pools and the family life and all that stuff, right? When you think about like a more of a social club or like a, you know, industry association or whatever, you are dependent on, you know, that industry can die or like a new competitor could, you know, a new website could pop up and everybody goes and joins that group.

But this is so geographically locked in. It's hard to be with you. It's hard for this to become not cool in the neighborhood. Like there's a ton of houses on this golf course, I assume. Yeah. Well, and I think it ties into what makes owning, you know, communities so attractive. Like you're part of e-commerce fuel, which is an online community for, you know, e-commerce sellers.

And like, how much of the value of that is the peer network that you have where you can go ask questions in the group or the relationships you've made with people? Or your, I guess your YPO is another version of this, right? Like you join the club and suddenly it's the old adage. Like you're not, if you're joining a club, you're the product. Right. And that's really hard, right? If you own the club, you've got to continually curate the product.

You know, who's in it. Adjudicate disputes between members, you know, somebody who is a member says something horrible, it reflects on your group. And that's, I mean, I guess true of a country clip too, but it seems less so because you can't, people can't just go, oh, I don't like this country club anymore. My house is on the golf course. Yeah. You know what this also kind of reminds me of the summer camp industry.

We should definitely do a summer camp at some point. Oh, that would be an interesting one. A lot real estate related. Oh, yeah. Seasonal. You're competing with nonprofits. And then you see, you know, my kids went to this YMCA camp up in New Hampshire for like 10 years. And like the guy that runs the camp, like he knows everybody, parents by name.

I mean, it's just like, and there's 300 campers at this thing, like, just like this insane, like, community, you know, proto community kind of idea like we're talking about here. So. Yeah, very cool. All right. Well, somebody should call on this and holler at us, I think. I think this is cool business. I love a lot more about this one. It is cool.

Man, if you're like somewhere in the infill in Dallas, this would be a license to print money. Those Dallas people love their country clubs. They got a lot of money. I mean, it also could be who not. knows, buy it and develop it is a license. I don't know how often that happens. But that's what these dedicated country club brokers and buyers would know that, you know, these real estate heavy businesses require specialized brokers and buyers,

I think. Totally. Totally. Yeah. This is akin to the ski resort we did a few weeks ago. Same stuff. Like, why is this on random real estate brokerage? Like, somebody knows how to do this and it's not this guy.

Right. Yeah, I don't get that. All right. Good one. This is a good stuff. All right, man. Happy Thursday. We'll get this recorded and published and get it out there and I'll get some sleep.

Business travel is not as glamorous as they say it is. I don't know if you're aware of this. No, it's really not. It's like in limited amounts. We almost didn't take off last night because the flight attendant, the third flight attendant was like taking a nap in the corner or something. It didn't show up. We almost missed the window because you can't land at the scene at

an airport after 2 a.m. And so we almost missed the window to make it back. Oh, that would be terrible. Is this really, is this, is this the, is this the goal, are these the golden years? That's what I asked myself. I'm here at Las Vegas airport at 9.30 at night. I have made the huge mistake of booking a red eye back from the West Coast. You know, I'm like, oh, I want to get home to see the kids.

And I've booked it. And then I just know I'm going to hate myself the whole time. So, I mean, the positive of red eyes and that like this particular flight left Vegas at 9.30, or let's say 9 p.m. and it landed San Antonio 1.30 in the morning because of the time change. We're two hours ahead. And the nice thing about it is like you sit down, watch a couple YouTube videos on the phone, put on a podcast, pass out for like an hour and a half, wake up 20 minutes before landing, and then we're on the ground and I'm driving home and I go back to sleep again. So that I can appreciate. And I've done that evening flight from Salt Lake or from

from Vegas and that's okay but I don't know six hour red eye back to Charlotte from LA it's tough tough tough tough tough gonna be tough okay well I told me I'll probably be recording with you the morning after I do it oh okay well I've told a lot of stories anything going on with you we need to talk about uh haven't joined any country clubs lately so I do still think there's this there's this gap in and I don't know if you have anything like it in Charlotte but like I want to join like a men's club. So we have one in Charlotte called the city club, which is located in a skyscraper downtown. And it's like the same thing. They got a gym. They got a pool. They got a ruin to play cards.

You can go eat, all this stuff. They just don't have golf or tennis or any of the grounds. It's a little stuffy though, because it's like, you know, it's uptown and it's all old Charlotte money and stuff. But I love the concept. Yeah. We had one of those. Yeah, we had the same thing. It was called the Plaza Club here in San Antonio, wood paneling everywhere. Yep. And it's just like kind of the same thing. It's like, well, can we have something? I don't need it to be like Soho club hipster, like for very young, you know, Austin, New York people. But it's like, I don't want like super stuffy mahogany wood for guys wearing, you know, old school suits, you know. Yeah, well, I think the problem is what you're, you're, you want like a millennial gen X

club. And as you mentioned earlier, all those people have kids. Like, they're not quite there yet. you know, maybe in another 10 years this business model will work. You throw kid, you throw child care in there. I think you could kill it. Oh, see, that would be interesting. There is a club here.

You need a CEO. You spin it right up under the girly umbrella. I don't know if you've seen my tweets lately. I'm allergic to CAPX. It sounds like a very CAPX-E. I'm over it. Very CAP-X-Y, that is true. As a coffee and fireworks fender,

it's like, I've got, I need a CAP-C-C-C-Vax vaccine. That's my new thing. Cappex vaccine. All right, man. We'll get some rest. All right.

Asta man. All right. Asa, Oss de Olegia.