Acquisitions Anonymous - #1 for business buying, selling and operating - How a Lobster Business Can Make $55M in Nova Scotia

Episode Date: September 3, 2024

For this episode we found a live lobster storage and seafood processing company in Nova Scotia that's up for sale. They are asking $8.9 million, and are making $55M in revenue, but it all comes with its own set of challenges. We chat about what it takes to succeed in this niche industry, and why this might be a dream deal for the right buyer (or a nightmare for others). If you're curious about the seafood business or just love interesting deals, tune in Thanks to this episode's sponsor:Acquisition Lab and their team have been longtime supporters of the pod.Acquisition Lab exists to help people buy a business and navigate all the complexities of the process, as well as provide a trusted framework, tools, and resources to support you from search to close.If you are serious about buying a business, check out acquisitionlab.com or email the Lab's director Chelsea Wood, [e-mail] and mention us ;)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]

I mean, damn, like, this is a potentially very interesting deal. And you could see someone trying to sell that knows that that's coming. So you want to be, you know, suspicious of that and cautious about that. So are we thumbs up or thumbs down on this deal? Well, said, Acquisition Anonymous. Hey, everybody. Welcome back to another episode of Acquisitions Anonymous. This is the Internet's number one podcast about buying, selling, and operating small businesses.

And sometimes they are weird small businesses. and this is one of them on today's episode. This episode starts with Mills telling us the story of how yesterday he toured a prison where 70% of the locks did not work. So we opened with that story and then we segue into today's deal, which is basically a prison for lobsters. It is a lobster, imagine a giant facility that houses lobsters in Nova Scotia. They buy the lobsters off the boats, store them, and then sell them to grocery stores

and fish distributors around the world. 55 million in sales, 3 million in EBITDA, and we think there might be more assets here even than the asking price. So it's a really interesting deal. This is the type of thing you listen to acquisitions anonymous to learn about. Follow us on Twitter, if you haven't already, ACQU and on Twitter, and that's our website as well. Hop on our newsletter where we send all of these episodes out every single week. We send one to three episodes every week to our email subscribers. We also send links to all the cool stuff all the hosts are doing on the internet. And without further ado, I hope you love this episode of Acquisitions Anonymous.

This episode of Acquisitions Anonymous is sponsored by Acquisition Lab. Acquisition Lab and their team, they've been longtime supporters of the pod, and they provide a really great service for people who are looking to acquire a business. So it's created by Walker Dyvel, who's become a friend, the author of Buy, Then Build, how to outsmart the startup game. So Acquisition Lab is an accelerator with a highly vetted, cohort-based, educational and support community for people who are serious. about buying a business. So a lot of our listeners like you, you tune in every week to our deal reviews,

you want to get in on buying a business. You know, you're on this podcast because you're trying to learn how to buy a business. But if you're not quite sure where to start, acquisition lab is a great place to start. So they exist to help people buy a business and to navigate all those complexities of the process, everything you hear us talk about on the show. They provide a proven framework, tools and resources that support you all the way from search to close. They do it. There's a whole bunch of educational material and support. So if you're serious about buying a business, check out AcquisitionLab.com, or you can actually email the program director Chelsea Wood directly.

Her email is Chelsea at buy, then build.com. Hey, everybody. Welcome back. Ah, a Friday episode of Acquisition Anonymous, although the weird thing is we record on Fridays and then like people listen on Tuesday or Wednesday or whatever. But they just hear the relief in our voices and at our demeanor. and they're like, wow, you know, that put me at ease. I could tell they were less stressed.

Right. Yeah. Regardless of one day, a little bit of Friday on your Tuesday. I spent yesterday in a prison in a corrections facility looking at a roof. And it was, I kept thinking about all the inefficiency in ways that, like, privatization could happen. And it was bonkers. This prison had, it was 400,000 square feet of prison. and they had about 2,500 inmates.

And we walk in, we're having this meeting with the warden about their facility. And they say, by the way, 75% of the locks in the prison don't work. Wait, what? I'm not even joking. I feel like that's even more important than the roof. Yeah. It very quickly became the priority of the meeting. I'm not saying where this is because I don't want to out anybody.

But they also were like, by the way, we're really understaffed. We're at like 35% capacity. We have a 65% vacancy rate. And any improvements we try and do in the building, they break them down and make weapons. And they're like, let's go walk. We're going to walk to the roof hatch. And I'm like, wait. So the locks don't work.

There's not enough guards and everybody has a weapon. And we should just walk through. Melz, how do you get yourself into these situations? It was amazing. And it was, it needs a lot of roofing work too. So I'm a happy camper. So there's a 400 square. 400,000 square foot prison somewhere where you said they've got a 65% vacancy rate,

but 70% of the locks don't work, which means 5% of the prisoners are in room of the locks that don't work. They can lock, they can lock like the pods, you know, but not the individual cells and stuff like that. But apparently this is endemic. Like this happens across the board in state prisons,

across many, many states. They're just way underfunded. And who at the legislature is going to get reelected by spending money on prisoners instead of schools? It's like the last thing they want to give money to. But are they going to be able to pay you for a new roof? Yeah. Yeah. I mean, they got to figure that out.

Before the locks. The locks, whatever. No, they are working on the locks. The problem was they retrofitted all these prisons to try and modernize the locks. And like the old locks were just way better. And so the new ones, the prisoners figured out, like we can just, there's like ways around and we can like jimmy them open. So I feel like we did an episode on those unlocks for prisons. We did a long time ago. We did. You're right. I need to dust it back off. I've got, I've got real experience now.

I actually, I actually might know a little bit about what we're talking about. Yeah. Compared to then. Mills, when you texted us about how we had to move our meeting the other day because I will be out of prison. I've never, that is a text I've never gotten before. And Michael was like, I'll be in prison. Michael was like, I knew one of us was going to jail. That's right. Okay, I don't have a segue. I got one. I got one.

Okay, yeah. Speaking of prisons, here's one for seafood. So I found this deal and it jumped out of me. This is from Murphy business sales. I'm going to share my screen. There is so little info, but the headline just absolutely. reeled me in, pun intended. Oh, pun number one.

Here we go. So this is Murphy Business Sales and it says live lobster storage and seafood processor. It's a wholesaler of seafood. They don't say anything about where it is, what city, none of that information except that's in Nova Scotia, Canada. The list priced is $8.9 million. They want an $8.9 million down. payment, which I think is just their way of saying, we're not going to sell or finance any of it for you.

And the description here is lobster and seafood pound. I'm not sure what that means. Maybe that's what they call these places, specializing in live lobster storage and processing ground fish. The company's direct procurement from local harvesters as well as seafood distributors across Atlantic Canada sets the stage for their operations. They store, package, and distribute their products. to markets across Canada, U.S., Europe, and Asia. They list some financial info here. They have accounts receivable of 2.8 million, inventory of about 2 million,

furniture fixture and equipment of a little over $2 million. They say that the real estate is not included in the sale, but they list the amount of the real estate at the asking price, or a little over the asking price. So I'm not really sure what's going on. Oh, actually, no, the real estate is. included in the sales. Sorry, the formatting of this is a little weird. They're saying that the AR is not included, but you do get the inventory and the FF&E. I'm going to get the AP as well.

Yeah, yeah, exactly. I'm going to keep my AR, you take my AP. They have, they list $10.3 million worth of liabilities. We don't know if they're long term or current and total assets of $13 million. The thing that is weird, it's left out of this teaser, but it was on the website when I saw, is that this business does $55 million in revenue and 3.1 in discretionary earnings. I'm not sure how they define that exactly. And the broker here is named Ken Talmage with Murphy. And he is a nice looking guys wearing a suit and a tie. He's not wearing a hat.

He's not touching his face. What do you guys think? I think how in the world is Ken in Mount Pleasant, South Carolina, and he got this listing in Nova Scotia. That blows me away. Yeah. Maybe he's a lobster specialist or something. I don't know. So what we have is a $55 million revenue business with 3.1 of EBITDA of earnings.

So it's like a 7% margin business or something. They have, Mills, when you go back down, they have $2 million of AR, which they want to keep. They also state they have $10 million in liabilities, which they state they're going to keep. Yeah. So first of all, $2 million of AR, and I see this a lot in low margin businesses. This is a lot of AR compared to the profit of the business. Compared to the revenue of the business, it's not that much, right? It's, it's almost a year's worth of cash flow. But it's a year's worth of cash flow in AR, right? Yeah. So your ability to collect AR, the quality of that AR is functionally everything.

You are taking massive credit risk here. Like you're functionally a lender. Right? And if you are not underwriting your customers, which most companies don't do, oh, you want to buy stuff from us? Great. Net 30. And they do very little underwriting.

But in low margin businesses like this, if you don't do underwriting, you can lose huge fractions of your entire profits just to bad debt. Yeah. Yeah, such a good point. Working capital is everything in businesses. like this. Well, then there's inventory of $2 million, which they say they will leave you. I hope so.

That's the lobsters. Yeah, that's live lobsters. And just the idea of, you know, doing a final count and knowing the value of what you're getting sounds pretty daunting in an acquisition like this. So they get $2 million also of FF and E. So I got to believe what we have, let's just talk about how we think this business works. So a 55 million in revenue and 8% margins. I think what is functionally happening here is you have a whole bunch of lobster

fishermen who are out there in the waters. And lobster fishermen are fishermen. They are not lobster salesmen, right? Like they want to bring the lobsters to the dock, dump them on the dock, and have it become someone else's problem. And that is how most fishing supply chains work. Like there's a whole bunch of fisher boats. They come back to the dock.

And at times there are buyers like on the dock. like on the dock as they pull up, like waving cash at them, like bidding by the pound, like for tuna or whatever it might be. So this business, as far as I can tell, either is one of those people waving cash and takes possession of the lobster and or they are like a self-storage for lobsters. Like if you just bought a bunch of lobsters off a boat, you know, they need to be in cold water and stay alive. You got a storm somewhere preferably kind of near the dock.

I actually think they're probably taking title to the lobsters. And the reason I think that is because their margins are so slim. So I think they're basically buying lobsters holding them, marking them up by 7% and then selling them. You bring up a really good. If this was a self-storage business, their margins will be way better. Yeah.

And I mean, and the balance sheet, right, the impact of that is huge. But you bring up such a good point, though, with businesses like this that are like commodity trading, you can't just be an outsider and be like,

like I'll, you know, I'll figure out, you know, how to staff this business and how to make sure we collect money better. The institutional knowledge that comes with pricing, because like, this probably trades very lucratively at the dock, literally, and you are functionally making the market, right, with these fishermen. If you are buying 50, you know, if you're buying, I don't know, let's say it's not $55 million worth of lobster every year, but let's say you're buying $20 million worth of lobster every year or whatever it may be, you're making a large part of the market there. But you have to know who's buying it on the other end of the trade from you. And if you price it incorrectly and you just are a nice guy and you want all the fishermen to

be your buddies, you could get underwater like very quickly. But it's not just, I mean, this is constantly moving. Like global supply chain, you know, global commodity speculation is happening with all these commodity goods. Right. So you could. price it correctly, but then by the time you sell it two weeks from now, the price of lobster is down and you're underwater. Yeah. Again, pun number two. Yes. Yeah. And you're shipping live lobsters probably in most cases. So you also have the keeping them alive and shipping them alive. And there's a lot of risk in that as well, just holding on to the product. I would think best case scenario, they've found some way to de-risk that and leverage somebody else's, you know, transportation network and

logistics network, you would hope. I mean, especially if they're sending it so far, I don't know, could you send live lobsters like to Asia from Nova Scotia, would they live? I don't know. I'm sure. I'm sure. Yeah. Yeah, there's got to be a way. I mean, but you think it's, I would hope at this point, at that point, when it leaves, when it leaves their storage facility or their processing facility that they de-risk at that point. And somebody has bought it and they're not saying, hey, we're going to move it to another market and still have it on our balance sheet and then continue to further speculate it. I would think that this is a very multifaceted kind of multi-step supply chain and distribution network where a lot of, it changes hands several times, hence why the price of lobster is what it is when you get it at the restaurant. So if you're going to buy this business and you're going to close on it, the season matters, the time of year matters because that $2 million.

of inventory of lobsters is probably not marked to market every day, right? Let's, you kind of have to get into what is the accounting? How do we come up with two million? And what am I really getting? What is the actual valuation on the lobsters that I'm getting? I did a seafood acquisition deal a number of years ago, two companies. It was one seafood company in Seattle buying another in the San Francisco Bay Area. And it didn't close in the season that they had wanted.

you know, like a lot of deals. Everyone thinks they're going to close on a certain date and we never seem to make it there. And what happened was the fluctuation in inventory levels of the different types of seafood that the two companies had was huge. There was a dramatic swing. And it drastically changed the valuation of the deal because of the inventory and what was going on with it.

So that was probably a little more complicated than this. This is maybe just lobsters, but still there's a season to it and there's a market valuation fluctuations, and you as a buyer better know exactly what is happening with the lobster market around the time that you're going to be closing. Yes. The one thing I will say that mitigates is their inventory is only $2 million worth of lobsters on $55 million in sales,

which means they're turning their whole inventory pretty fast. So I would wonder, like if you're good at this business, you've probably got like standing demand from Cisco or like some seafood distributor or some or Kroger or something and like they want your lobsters at a certain price and up to a certain volume. So you can probably pair your supply and demand a little bit, especially because this is fresh food like you can't sit on it forever. So it is turning fast. So how fast can the market and lobster move in four days? I don't, I have no idea. But it's not like you've got four months of lobsters in your tanks that you're real and you've got millions and millions of exposure.

Like I think this is ripping through every week or two. Yeah, because I mean, I don't know. Maybe lobsters could. You think about spoilage. And I think I've talked about one of my friends here in South Carolina who they wash lettuce, like at massive scale. And the spoilage of that, once lettuce is like been cut and it's, you know, just waiting for packaging and distribution, they have to turn like this massive, massive several hundred thousand square foot building of inventory like every 48 hours. Well, the nice thing about this is they're still alive. That's the thing. I'm thinking it actually may be.

And if not, right, because they mentioned some ground fish processing ground fish. If it's if it's live, maybe you have some flexibility as long as you're good at keeping them alive. And if not, it probably is getting frozen. And so you create some elasticity for yourself. The thing I'm looking up, though, is like, my Google history is going to be really interesting after this episode, but seasonality of lobster in Nova Scotia. Hey, Michael here. If you're a leader in business, you don't want to spend hours searching for the best way to do things. You just want answers.

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membership. That's join Scalpath.com and use code AAPod code for your first month discount. Now, back to the show. So yeah, I mean. I'm curious about a couple things on their balance sheet as well. The real estate is really included at the purchase price. I guess if that's true, I'll buy it. I'll take it. And these liabilities are greater than the purchase price, which, you know, as a lender,

I always like to know, is a seller getting out with, you know, a payday, basically are they coming home with some cash? Or are they trying to sell out from under a bad debt situation? And if that's the case, I want to know how they, how and why they got themselves into that. And is that maybe a red flag for what could happen to a new buyer? Yeah. I guess you have to have the real. I'm picking, you have to have the real estate, right?

Oh, yeah. Like a giant warehouse of tanks, like a custom built, you know, lobster penitentiary. This is basically what it is, right? Yeah. Yeah. I mean, the replacement value, this is one of those things that, you know, it's probably, you know, worth a few million dollars in this transaction, but if you had to go recreate it, I mean, it would be just many, many multiples. Google is telling me that lobster fishing in Nova Scotia

is available year round, but then there's different districts, you know, in terms of, you know, different seasons. But it looks like most of it is the last week in November to the last week in May. That's when the South Shore lobster fishing lobster curl says that it occurs. It's the cold ones, right? 40% of all lobster caught in Canada are caught in just a few districts of Nova Scotia. So you're like, you're in the mecca, okay, of lobster fishing in Canada. And I don't know, I would be fascinated. Is this the largest yard? Is this the largest processor? Or are they They're like, you know, two main, main people are multiple. And this is just like a very, very small portion of the market.

This is so interesting. So there's the lobster part and there's also the ground fish part. I'd be willing to bet there is a fish processor nearby that is grinding all this fish and didn't have enough place to store it or wants to offload it or whatever. And these guys several years ago found their way to insert themselves in that supply chain and go, yeah, we'll buy your ground fish. We'll hold it for a couple days because Kroger also buys groundfish. And now we can put it on the same truck as the lobster. And it's kind of all geolocated right there. And it makes a ton of sense. Yeah. Which I really in some ways like,

because who else is going to buy these lobsters besides the guy with the giant lobster penitentiary right there on the lobster docks? Yeah, you could show up and want to compete with him and have, you know, five million bucks to spend. But you can't create the. capacity to receive this overnight. The established infrastructure is like massively critical. And you should be able to pay the best price because anybody else has more trucking in it than you do, right? Functionally, I'm guessing, but you should be the most competitive buyer for ease and at the best price. And it's good and it's hard for someone else to build another lobster penitentiary right next to you. So I do like it. It's just complicated as heck. Like you're a fish trader.

And they're basically asking like less than three times. I mean, it's not, it's not a ridiculous expectation in terms of purchase price. And I mean, if the real estate is included, it's got to be substantial real estate. You know, even if it's a million or $2 million of the purchase price in the way that they're thinking about purchase price allocation, it's still, it's meaningful. So which is just driving your multiple for the cash flow down. Well, so Mills, you bring up a great point. So if there is, the purchase price is 8.9 million. If there's $8.9 million of real estate included and $2 million a lobster, right?

The assets of this business, if you take them at face value here, are higher than the purchase price. I think there's, I don't know, maybe, maybe that's possible, but I think surely not. There's maybe a typo or something in here when it comes to the value of the real estate. People are also really good at overvaluing their real estate. Yeah. Especially lately. Yeah. The market of real estate has changed.

They're like, what do I feel like? How about $8.9 million? But like whack it in half. Like, let's say the real estate is worth $4 million. Still, you got $4 million in real estate, $2 million a lobster that's $6 million of hard assets on a business they want $8.5 million bucks for. And in theory, it's got $3 million of cash flow. Yeah.

I mean, damn. Like, this is a potentially very interesting deal. Yeah. Yeah. one of the things that I've noticed about these kind of businesses that are adjacent to commodities. So this one's lobster. I've looked at one that was like an almond broker in California. And then I looked at another that was like a really interesting,

sophisticated business that brokered Connix containers, like shipping containers. And all of these, all of these folks have just this incredible knowledge base. this weird, incredible, institutional knowledge about the space. Yes, which you would need, I think, unless you're also a fish guy, you've got to have the seller stay on. I mean, this is a classic kind of transition, earn out, you know, like the seller can't just be like, here's $2 million a lobster in my giant lobster building, like, goodbye. Yeah.

But you could definitely see, like, you can get out of this business. I think there's something about this business that's going to be attractive to some person, but you can't just cannonball into it. If this seller is willing to hold your hand for a year or two and, you know, share the risk with you as you take it over, I think this is probably transferable. I think you're right. I mean, the guy can't move to Florida the week after close, you know, and just say good luck. But I think there is a way to navigate a transition and have that knowledge handoff.

The other thing that makes me wonder is like, there's got to be a giant seafood processor that should buy this from this guy. Yeah. Right. That's what I was thinking. It needs to be someone from within the industry. And there surely, it's not like a guy from within the industry. It's probably like a billion dollar corporation already in the industry, right? That knows exactly how to do this and trades in lobster and ground fish already.

But, you know, there are a lot of business owners that own this type of asset who are like, over my dead body what I sell to, you know, I think about like the dodgeball analogy, like Globo Jim, you know, like they're like, we would never sell to that guy. There are some amazing stories. And I heard, I heard one the other day where, um, seller meets with two different buyer groups. One of them is the 800 pound gorilla and they're the guys who have consolidated everything and are just paying, you know, nosebleed prices. And then they meet with these like young kind of hungry up and coming. Like, yeah, we can really relate to these guys and like there are people. So they meet with both parties and going into, they meet with the young up and coming guys first.

And they're like, we love them. Like, we're definitely selling the business to them. It's a competitive offer. Like, we should totally do it. And they're like, well, I guess we'll just meet with the, you know, the Globo Gym guys. We'll meet with the 800 pound gorilla just, you know. And but they're like, we don't, we don't like them. We've never do business with them.

They fly in. It's everything you would think. It's like private jet, three piece suits, like very off putting. They have, you know, a site visit. They go to dinner. This is a true story. and they slide a number across the table, like in textbook fashion. And it is like three times more than the other offer.

And this is like a several hundred million dollar difference. And they like go about their evening. They meet with the investment maker the next day. And they're like, we love those guys. Those guys are awesome. We should totally sell to them. They're not as bad as we thought. I do think it's a fragmented industry, though.

I do think seafood is fragmented for a lot of good reasons. You know, they're very, you know, the supplies are small. and they're seasonal. And so I think there is a lot of, you know, it's pretty fragmented like a lot of industries. I did also look up whether Nova Scotia lobstering is sustainable because you have this with, you know, seafood now, right? All kinds of seafood kind of gets on the bad list and restaurants don't carry it anymore.

Apparently it is the practices that they're using in Nova Scotia are currently considered sustainable. And, you know, because it is pretty far north, it's not as impact. yet by warming, you know, ocean temperatures, but that's something to consider as well. Yeah, that's a good point. Like, are you in, are you in the right flow, you know, of this industry? Are you in the path of progress or are you the antiquated producer who, you know, is, is never going to catch up? And you could see someone trying to sell that knows that that's coming. So you want to be, you know, suspicious of that and cautious about that.

And even outside of, you know, just is this is this sustainable. in this area. Like, we actually do a lot of fish buying, right? We sell a lot of fish oil. And I have learned so much about how these commodities markets move. So one thing that's really interesting is if you take fish oil, you host or listeners, for many, many years, it was likely anchovy oil. Because when you buy it, it just says fish oil, right?

It doesn't say what kind. And the reason it was likely anchovy oil is that anchovy oil for a very long time was the highest DHA EPA, which are the omega-3 fatty acids that you want from fish oil, like the nutrients. It was the highest nutrient to dollar ratio. So it was the cheapest way to buy a gram of omega-3s was anchovies for a long time. And so that's what everybody used. In the last two to three years, the oceans in Peru, where most anchovies come from, have been unseasonably warm.

Whoa. And anchovy is one of the big, uh, exports of Peru. And they, so the Peruvian government has locked down the anchovy fishing because you can easily overfish them. And if you overfish the young anchovy stock, there will not be enough anchovy stock next year. And it's like a huge portion of their economy. So they need to really make sure that doesn't happen. So in over the last 24 months, the price of anchovy has exploded. And it has completely turned the whole fish oil business upside down. because everybody now has to reformulate their products.

Currently, now Pollock is the cheapest DHA EPA per pound. So everybody is reformulating to Pollock. But you're like usually not changing your label on the front, but like the ingredients are changing, the guarantee analysis on the back is tweaking a little bit. So when you make fish supplements, you're always kind of pivoting based on this year's catch. And sometimes this is crazy too.

Sometimes this year's catch has a different nutrient proponent. than last year's catch based on what they ate, based on the temperature of the oil, or the temperature of the water, rather. So you have to then, that's why you'll see a lot of blends. So like pure anchovy oil, you can't even guarantee that it's the same year to year. But what you can do is if you sell like an anchovy pollock blend, once you figure out the nutrients of the anchovy and the pollock for the year, you can change the ratios to hit the same nutrient profile.

So I've learned a lot about fish. Fish is a crazy, crazy market. And if you buy this business, you will be canniballing right in the middle of it. Yeah. Kind of also pun intended. Yes, three fun. Three fun. So are we, are we thumbs up or thumbs down on this deal?

Does the, does the requirement for like insider knowledge and becoming an insider scare you guys away? Yeah, me, it does. There's like, yes, preach. There's like, Nova Scotia is very cold. I'm staying in Florida, no, or in California, rather, no thank you. And I'm kind of the same way. Like, I don't want to move to Nova Scotia and become a lobster fisherman.

So, no thanks. But super, like, I would financially back a guy who wanted to move to Nova Scotia and become a lobster penitentiary manager in a second. I think it's pretty interesting. So it's like, I think if I didn't own a business and I wasn't married and I didn't have four kids and I didn't have roots in South Carolina. Like, you could go, this would be like an epic tale. You know, it would make for an amazing story.

And it would probably make for like a really fascinating quality of life. My, I'm, my suspicion is there's got to be some seasonality, you know, like for most of these types of businesses. It's a very, very intense season. And then there's like a big lull. And so I would think that you could have like a really interesting, you know, quality of life where seasonally, you know, once once the dust settles, you're there and then you kind of take the off season, you know, and you live somewhere else and you kind of enjoy warmer climates and stuff like that. I'm dying to know more about those. Yeah, cool. I like it. It's interesting. This is like a classic acquisition anonymous, like weird

corner of the economy deal that I really like. And we did not Google any more than we needed to because we don't want to upset somebody in Nova Scotia after already upsetting somebody in Alaska. The Canadians and Alaskans, but we don't want to. step on their test. Yeah. Well, there's just not that many people up there comparatively, so you can narrow it down pretty easily. Yeah.

If you know about this business, we would love to hear from you on Twitter. If you know about the fish business, the lobster business, especially in Nova Scotia or how the supply chain works, tweet us at ACQU Anon on Twitter or X, if you will. And also, if you go to our website, ACQUanon.com, you have this, we'll find this episode and all other episodes. You can find really interesting, weird deal we've done like butane bottlers or toilet stall dividers or almost anything you can imagine. We have reviewed it on this podcast. So go to the website, ACQU andonon.com and also hop on our email list there.

We sent out only one email a week. It includes the episodes we've done for the week and some cool links from other stuff the hosts are doing around the internet. So thanks for listening to this episode of Acquisitions Anonymous.