Acquisitions Anonymous - #1 for business buying, selling and operating - How Much Is a Portable Toilet Business Worth?

Episode Date: June 5, 2026

In this episode, the hosts break down a Wisconsin porta-potty rental business discovered by an AI-powered deal-sourcing agent, debating whether its strong cash flow and niche market justify a seemingly overpriced valuation.Business Listing – https://www.bizbuysell.com/business-opportunity/turnkey-cash-machine-48-cash-flow-recession-proof-porta-potty-wi/2464942/Welcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.Looking to build a professional website in minutes? Try Wix: https://wix.pxf.io/c/6898629/3115214/25616?trafcat=templateHubSpot is the backbone for how businesses scale without chaos. Try them out here: https://go.try-hubspot.com/OeG9VrSubscribe for more episodes: https://www.youtube.com/@AcquisitionsAnonymousPodcast?sub_confirmation=1Subscribe to our Newsletter: https://www.acquanon.com/newsletter💰 Sponsored by:FRANZY - Thinking about buying a franchise instead of an independent business? FRANZY is a free platform built for acquisition-minded entrepreneurs who want to explore franchise ownership without broker bias. FRANZY matches you with franchise opportunities based on your capital, goals, and lifestyle—and includes free coaching from experienced franchise operators. If you're exploring ETA but want a structured, system-driven alternative, check out https://franzy.com/ Quiet Light Brokerage specializes in helping entrepreneurs buy and sell businesses with experienced operators as brokers. They offer a free valuation clarity call to help owners understand what their business is worth and how to increase its value before selling. Learn more at https://quietlight.com/The Acquisitions Anonymous team reviews a 30-year-old portable restroom rental business located in Wisconsin with approximately $744,000 in annual revenue and $325,000 in seller's discretionary earnings. The business is listed for $1.6 million and includes over $570,000 in equipment, trucks, and portable restroom assets. The owners are retiring after decades of operation and are willing to assist with training and licensing transition requirements.Key Highlights:- Wisconsin porta-potty rental company with $744K revenue and $325K SDE listed for $1.6M.- Approximately $570K of equipment included, plus trucks and portable restroom inventory.- Requires a Master Operator License, though the seller is willing to assist during the transition.- Hosts debate whether the business is worth closer to 3–4x earnings instead of the implied asking multiple.- Potential growth opportunity through adjacent services such as dumpster rentals and expansion into nearby communities.Subscribe to  weekly our Newsletter and get curated deals in your inboxAdvertise with us by clicking hereDo 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]

Welcome to Acquisitions Anonymous. Michael here. Today's episode was myself, Bill, and Heather going through a really interesting deal that actually AI found for us. So I'll tell the story of how that worked and maybe you'll learn something from that and what we thought about the deal

when we broke it apart slash tore it apart, decide if we liked it. Here's the episode. We'll set acquisition anonymous. Hello, another episode of Acquisitions Anonymous. We don't have 100% years anymore. I can thumbs downing on just the plus inventory line.

One of the biggest risk in entrepreneurship through acquisition is buying a business with fragile systems. Unclear demand or a single owner who holds all the knowledge. Franchising approaches that problem differently. You are buying into an established brand with documented systems, unit level data, and repeatable operating playbooks. The hard part is knowing which franchises are actually worth evaluating. That's why Alex Moresniak, former CEO of 2U Laundry, built Franzy. Franzy is a free platform that helps acquisition-minded entrepreneurs explore franchise ownership without broker bias. You answer a few questions, and Franzy shows you franchise opportunities that align with

your capital, lifestyle, and long-term goals. You also get free coaching from people who have actually built and scaled franchise businesses. If you are exploring ETA and want to understand whether franchising fits your acquisition strategy, visit franzi.com. That's F-R-A-N-Z-Y.com. And thanks to them for sponsoring today's episode. Three seconds. And Michael goes, Bill, I've got a deal for you.

I'm clicking record. Well, I'm coming in cold or super hot. I don't know. Maybe you'll like it or maybe you won't. I recall there's certain types of business you like, and I found one. And mostly because I have programmed my open claw, Heather, which sits in my home office to go out and find us great deals to talk about on the podcast. So every night it wakes up at 3 a.m. And it goes out to find me three great deals and it puts them in a spreadsheet.

And it fast is the first one found. Yeah. It has no mercy. It doesn't quit. It doesn't complain. And it just opens up. finds great deals. Wow.

I love it. So you're telling me that spreadsheet is just going to fill up with awesome deals for us to learn about. Open Claw is the best thing ever. It's so cool. I'm in the process

of setting up another instance of it on my home server. Michael just put something on the screen that I love. It showed me this. I was like, do you know, Bill? All right. Good bot.

So let me pitch you on this deal. By the way, This one, Heather has a video. So we'll get to the video. Oh, a video of potty's. I don't know about this. No, Heather, a video of a turnkey cash machine. Oh, oh, okay.

Sounding better. I'll give it to this broker. She knows how to sell. I'm impressed. So I'll play the video in a second because I was watching it before the episode. Turnkey cash machine, a 48% cash flow recession-proof port-a-potty business in Wisconsin. The broker actually says Wisconsin.

like Wisconsin people do. It has some photos of just random porta potties in the snow. So it's Wisconsin. It's Wisconsin. Honestly, if I'm going to be schlepping porta potties around, I would much rather do it in the snow than in 100 degree heat in Texas.

True. I guess you got to deal with frozen poop. Frozen poop is better than hot poop. Interesting enough. Gurds, didn't we have a rule when we're going to make poop jokes on this pot have already veered. It's been like a minute and we're just comparing the heat of poop and the relative palatibility. So asking price is $1.6 million. SDE is $325,000 and gross revenue is $744,000.

They've been hauling around port-a-potty since 1996, so 30 years. A description is a 30-year-old legacy business with no marketing money spent, immediate ROI, a profitable portable unit enterprise with no competition. over $570,000 in equipment and supplies included. You can step into ownership of a highly successful portable business with 48% cash flow, a rare opportunity, a thriving industry with zero direct competition and unlimited growth potential. Revenue is generated from the following, I'm laughing, Heather, because I'm watching Bill's

face as I read this, and it's just like, it's the dubious face of like, what? So there's no competition. These guys have invented the portobody. Exactly. It's them for the bushes, basically. That's what it's like. That's right. That's right. Revenue is generated from the following loyal client base

with the highest percentage on top. Construction and government, community events, farmers, and the Amish. Why would you live? What? I feel like the Venn diagram of the Amish and farmers might overlap a little bit. This reminds me of like Michael Scott going and giving a talk about the types of economies out there, and it's like airlines, events, Amish. Anyway.

So it has exceptional profitability, enjoy strong financial performance, with approximately 48% cash flow insuring and press returns. It's a turnkey operation. They have an exclusive market position. Okay, so I'm going to read this part because I think it's important. No direct competitors giving you full control of a profitable niche. In fact, they're getting requests to go into markets that the competition is failing out. It is high demand and scalability.

It's their strong market need with room for expansion into new territories. There are two communities to expand and two for growth. It is eco-friendly and sustainable, yada, yada, yada. And then they kind of say everything again. High profitability, no competition this year moment. Don't let this opportunity pass you by. As an entrepreneur, acquiring an established business with a proven tracker and significantly reduced to risk associated with starting a new venture for a scratch.

With this business, you have the opportunity to step into a thriving industry with our strong foundation already in place. Lots of potential to grow and so on. Request an NDA to view all financials. If you do not hear back from us within 24 hours a weekdays, please contact us. Submit your request to this offering today. And Catherine took a selfie video of herself. which I will click play on.

Okay, today I want to talk to you about a 30-year-old Port-a-Potty business that I have for sell. She's the broker. It's located in Wisconsin. The cash flow is 48%. This is a recession-proof business. If you're looking into a legacy business that can carry your family for generation to generation, this is the business to look at. They don't do any marketing.

They grow organically 10% every year. Again, if you're looking to invest in a business that will pay off an immediate ROI, as soon as you close, this is the business to take a look at. It comes with all the equipment. They are willing to lease their land. They have a, I think everything's on about three acres. There's a garage office. It's warm.

It's cool in the summer. and warm in the winter, and then they also have two other garages to store the trucks and to work on them. It does come with employees. It is full turnkey. All you need to do is step in. That is it. Step in. Now, there is a caveat to this business. You do need a master's operator license. Now, don't let that discourage you because the owners are willing to carry their master's operator license until you can get yours. So that is one caveat that is outlined in the offering summer. You will see the details about that and all the links on what to do to get your master's

operator license. Again, this is an incredible recession-proof business. It's 30 years old. It's actually older than that because they bought it from someone else. And I don't think she knows how old that business was with them. And again, 48% cash flow. I believe it's roughly around $350,000 in cash flow. So if you're interested in this business, check it out.

Reach out to me, DM me or go to 10x businessbrokered.com. And I look forward to hearing back from now. Again, this is Kat Ramirez, CEO, founder of 10X business broker, helping business owners buy and sell their businesses. Full turnkey. Reach out. You got this. doing a three-minute impromptu video about your listing pretty good

like I'm impressed I love that I love that the broker's willing to get on camera and she even did like the TikTok captions for all of her audio I like it I have some issues with the content but I really like the marketing strategy it did very much sound like she was about to give the tour of a luxury townhome you know in in but I mean she's sold it I for appreciate it. But I guess it does lead to an interesting fact we haven't really talked about. They've operated this porta-potty business out of their owner's property. And you can either lease the property from him or from an M or not. And she did say that the owner is a she, which is

awesome. So we can not refer to the owner as a he like we kind of default to in the future. Sorry, Heather, we suck. Yeah. Agreed. Agreed. Hey. Okay, so hang on, they just glossed over a huge detail. The business run of the owner's property, you can lease the space from them or run the business from your home or property. Let's not close over that because that means store a bunch of porta-potties at your house, okay? That's a big deal. I don't want to run a porta-potty business out of my house and keep all the porta-potties on-prem.

As bad as that sounds, also being a tenant at your seller's house doesn't sound like a great idea. long term either. Yeah. Now, I mean, this is not a deal breaker, right? I mean, you need like a patch of grass, I would assume. So, like, you don't need with like a fence. So I'm sure you can find a place to do this, you know, a suit, but you just got to make sure the P&L is burden for whatever it's going to cost you to not operate it out of this woman's home.

Mm-hmm. Yeah. So now, Naster operator's license, that kind of surprised me, given the type of business that it is. What is the world coming to that you need something called a master's operator license to haul off poop? Like, what are we doing? I know. This is crazy. Let's hope it's pretty easy to get.

Oh, so this is interesting. So a couple more facts. One, retirement is the reason for selling and they're willing to train you. But the thing that's very interesting, it says it's in Dane County, Wisconsin. which you're like, okay, where's Dane County? It turns out Dane County is Madison, Wisconsin, which is not a bad place to live. I don't know if you guys have ever been in Madison.

There's a lake and state capital, and it's a university town. So pretty fun. I know some people that are from there. Yeah, I'm sure it's a nice place to be. The other thing about this business is, okay, you know, there's got to be other porta potty businesses in Madison, Wisconsin,

but maybe it's in rural nowhere. And in a port-a-potty business, you've got to be kind of close because you're going to be there, you know, every couple days to haul it off and clean it out and replace it. So if you're driving 60 miles each way, that's not going to be very efficient. You know, this is to some degree a route-based business and density matters. So maybe there's a geographic mode here. Yeah. And I think you want to know how many units this business has. How many port-a-botties do they have? Are they using them at full capacity? You know, it doesn't sound like based on where it is. There's a lot of growth opportunity, although they did.

did say there were two neighboring communities you might be able to go into, but I think you sort of judge portapody businesses by how many units they have in operation. And then there's a little bit of cap-ex to replacing and maintaining. It is fascinating that they are not branding these port-a-potties. That's like the number one thing I see every port-a-potty company do is actually put their name on the port-a-pottie. These guys just have them as generics. It's fascinating. Do you think these are just AI pictures? now they could be heather i thought maybe the first one was a stock picture but like the one of the trailer and all the port like that one is definitely a stock picture but like is that one a stock i don't know

it says the company has three drivers and one truck i think michael at the bottom yeah which this is this is not three drivers in one office assistant uh i don't know how many trucks they have so this is not a huge operation right they got about five hundred and seventy thousand dollars of FF&E, which I got to assume that's Port-a-Potties. I don't know what else it would be. And they got three people driving them around. I don't know how much a Port-a-Potty cost, but maybe they got 100 potty-ish, I don't know.

And you're kind of building a route every day, dropping off, picking up. And your cash flow is how much here? 300 grand or something? It was like half of the revenue. The revenue was only 760, was it? Yeah, 700. 44,000 revenue SDE 325.

Margins are pretty good. I mean, I like a 48% margin. Yeah. Now, that is SDE, and I always say you've got to take off a salary to figure out how much cash flow is going to be left for the debt. Maybe in Madison, or maybe wherever this is in Wisconsin, the salary doesn't have to be very big, but you're talking, you know, maybe 250 of EBITDA. that a lender would look at. Yeah, I mean, highest case, right? So let's talk about kind of the math on this deal.

So they've got, to your point, Heather, $250K of EBITDA. They're asking $1.6 million for it, which is five times, roughly. It's six, isn't it? Six times? Not quite six times. Six would be like $1.8 million.

Oh, yeah, okay. So it's like five times. And I don't, like, yeah, I think this is kind of the classic, hey, I've got half a million dollars of potty's in it. So they feel like you got to buy the potty's and then you got to buy the business, which is the thing that always just kills me, you know, with brokers. Like, I can't, we just sell me the business without the potty's? No. And vice versa, no. Like, this is like the classic kind of working capital type question.

Like you can't run a business without the equipment. You need to do the business. So I have a feeling that's what's going on with the asking. Yeah, right. They probably grossed it up for what they think they should get for just the equipment. And it doesn't work. You're right. So I did look at it.

And a typical porta potty is $1,000. Oh, wow. So you're telling me that you think they have 500 poties? Well, I guess the trucks, okay, let's say they got $100,000, $200,000, $200,000 of trucks. You think they have 300 potties? That's a lot. That's just the basic kind of plastic ones are $1,000,000 on average, new.

Some of these fancier models, like this one's like an ADA one that they have here on the screen. These can be like $1,500, $1,500. But yeah, and then I think these, they have some pictures of these like fancy trailer things with the air conditioning. I call these the wedding quart of parties. Yeah. So these, I'm sure, are 10 to 15,000 a piece, if not more. Yeah. But even still, I mean, there's probably 100 things you've got in the field at any one time.

So it's not a simple logistical operation because there's placing them and then servicing them and then picking them up. This is another business that I think how many. callouts, am I from driving a truck? Except in this case, you're not just driving a truck. There are probably some not fun parts of pick it up and dropping off Port-a-Potties. Well, I mean, the pickup and drop-off is one thing. But if you're like, let's say you're paying $300 a month to have this at a job site, where you make your money is the $50 to $60 a couple days a week that you go out to run a pump truck

to suck all the poop out of it and replenish the fluids in it. And that's why this is a local business because you've got to have, you know, those are happening a couple times a week. And they have a picture of one of the pump trucks, which is this one. This is the poop pumper truck. Oh, so it holds one porpo potty on the back

just in case you need one because if you can't pump it out, you got to drop the fresh one. And then you fill that tank. What do you do with the tank? I assume you put it into the sewer. Like on the side of the road? Like, do you go to the water treatment plant? Like, is there a toilet?

Like, how does this actually work? I assume there's an, the fluid you're using, I assume, is one where you can put it down the, put it down the city sewer and it goes to the waste treatment plant. So I will ask, I will ask the internet. Just to be clear, you think this woman drives this back to her home, parks it in front of her house, runs a tube down the, like, the street sewer, and that's how you empty it? Not the street sewer, definitely not. But like she uncaps a cork in her yard and just unload the city sewer in front of her house?

No way. Okay. No, no. Here, this is great. This is a great question. Okay. It goes to a licensed municipal sewage treatment plant or a specialized waste treatment processing facility. So wherever there is.

They go to the plant. Yeah, they go straight to the plant. They don't put it into the sewer. Okay. So you got to bother. Just breathe a sigh of relief. Yes. I'm not any more willing to have this at my property yet, but still.

So, I mean, let's talk about this business overall. Like, is this a good business? Is renting Portapotties a good business? Do you guys like it in concept? I've seen them that I really like. They're a little bit bigger than this. I think this is a tough size to start with, potentially, unless you know exactly how you're going to grow.

But I've talked to folks who have bought them. I think it really depends on your customers. Some bigger port of potty businesses have, they serve like data center construction sites, which are great for a long, long time. You know, they're putting hundreds and hundreds of potty's out there year round because the construction is going on all the time. Talk to other folks who serve the oil and gas construction market, and that's cyclical. So if, you know, the customer you serve is cyclical, then you're going to be cyclical.

too and that can be more problematic. So I think it comes down to like who do you serve and how regular is the business. You know, what did what are their needs like? Do we think the Amish are cyclical and farmers? I think they're consistent. The Amish are there are. Yeah. Because this is the like this must be their non-technology solution, right? I guess. I guess. So the thing that is also interesting to me is these guys have ballpark 100 potty's and they don't have the other half of this business that you always see paired with porta potty's do you guys know what that is oh what is it bill and is it your favorite business in the whole world it is my favorite business in the whole world that one day i would like to own one

almost every time you see dumpster rental paired with porta potty rental um and the reason is the job sites are the same right you're going to do construction you need a dumpster and need a porta potty So you're visiting that job site to haul off the dumpster and to clean out the porta potty. I'm just kind of shocked this business has been around for as long as it has and they don't rent dumpsters. No mention of dumpsters, no picture of dump, like nothing about dumpsters. That would be one of my first questions for the seller is, did you try and fail at dumpsters? Why have you never done dumpsters? Because if they've never tried, that could be a major growth area.

You could buy 10 dumpsters, which are a couple grand to pop, like pretty minimal. cap-ex and you can be in dumpster rental business overnight. You're already going all these job sites. This episode of Acquisitions Anonymous is brought to you by Quiet Light brokerage. And I'm sitting here to tell you I have both sold businesses with Quiet Light and bought businesses from Quiet Light. And in my opinion, they are extremely high-quality people, very, very rigorous and they're really straight shooters. One of the things that differentiates Quiet Light is every single broker at Quiet Light has been an operator. They have been an operator of a active business and they have sold it. Many of them have also bought businesses. So they really

understand what it means to be in the seller's seat and how important that is to you. And they also really understand what it means to be in the buyer's seat. So they don't BS you, but they really do know how buyers think. All of the transactions I did with Quiet Light. In fact, one of them, they took over a sale process that another broker had not been able to get done. And they got it done for me inside of 90 days. So I've had very positive personal experiences with Quiet Light. And I do recommend them wholeheartedly to a lot of people. And now they're sponsor of the podcast. So one thing you can get for free is if you head over to quietlight.com, they will do a valuation clarity call with you, which is not a sales call. They're not pushy people. They'll just kind

of tell you, hey, here's what your business is probably worth. And here are a few things you could do to make it worth more. And hey, maybe don't sell it right now. Do these things. Come back to us in six months and you'll get a much better multiple. So if you're thinking about selling your business or you're thinking about buying a business, especially in the e-com space where they're very, very strong and been doing this for over a decade. Go check out Quietlight Brokridge over at Quietlight.com. There are some of the dumpster models that have like a porta potty attached to them now. They're like integrated. We have those here in San Antonio. Yes, that's right. So there's a big franchise that has like, it's like one giant hunk of metal

with a can, both types of cans in one unit. And they just kind of pick it up and drop it off. I can't remember what it's called. It's called like red boxers or red. They're red. Anyway, I get that. But there are also, you know, tons of businesses that don't do it integrated and you just drop off one of each. So I'm very curious here.

I mean, there's probably plenty of construction going on in Madison, Wisconsin. Like, there's need for dumpsters almost everywhere. I'd be curious why they're not doing dumpsters. Big growth area if there's no reason they're not. Well, if they're retiring, they may have just decided to just stick to porta-potties. Well, yeah, but they bought this business 30 years ago for the broker from the original owner. So they've had 30 years to add dumpsters and never did. What do you think is weird?

There's got to be a reason or they tried and failed and got out of it. I mean, there's just no way it didn't occur to them for 30 years to start doing dumpsters. Didn't say it's SBA pre-qualified, but I think this is an SBA-sized business. So this is the kind of deal where you'd use an SBA loan. So, Heather, let me ask you for lending, are lenders going to like the asset base here? I mean, there's half a million bucks of FF&E port-a-potties, right? I mean, that's depreciable or maybe they're expensive, 179. But either way, like, those are assets.

It's an asset base. Does that count or no? Not as much as people think it would because what a lender has to consider is, what is this collateral going to be worth and is it going to be there if this business falls apart and the loan goes into default. Well, usually if it's a portable asset, it's not going to be there. You have to assume that they get sold off or something happens. And by the time the lender can actually get their hands on the asset, it's gone. So they don't tend to value portable assets of any kind as something that they're actually going to be able to collect on. So I'd say

that. Plus, these are depreciable. They don't know what they would actually be worth on resale, used porta-potties. You use port-a-potties not worth a lot? I thought I bought the person in the bank that has to go find this out and try to sell them. Can you imagine it's like your first day in the workout group at the bank? And they're like, here you go. First situation, you've got to liquidate 120 port-a-potties. Yeah, there's some pretty good liquidation stories.

But, you know, banks just kind of know they would not get much, if anything, for these assets. So that's not going to change their calculus. They're going to think of this, like they do, most business acquisition loans, what multiple of EBAA can they lend kind of on a max basis, and that's usually 3.75 to 4. So if we're talking 250 of EBIDA, that's a loan of 750 to a million. So again, the 1.6 million asking price is just,

it's too high relative to the cash flow. That may be why they're having to record videos to sell this one. The price is high, and it's in a small, relatively rural corner outside of Madison, Wisconsin, like your pool of buyers is pretty limited. And I don't think any of the Amish can buy it, which is a problem. Why not? I think unless you're not allowed to use that type of pump.

I think that's not allowed by the Amish. Oh, you could use the potty, but not cleaning out. Yeah. That's interesting. I think they're not allowed to use that type of technology. I mean, I could be totally wrong, but I'm an expert in many, things, the Amish ways of doing stuff. Amish tool at the trees, not.

I don't think you're allowed to use a mechanical gasoline-powered pump. Things I would not like to do manually without a pump. Own this business. Yeah. I furiously Googling can an Amish person run an electric pump. I don't know. So in general, what I really like about this business, while you figure out you would on your Amish rabbit hole,

is that this is entirely leveraged to construction. I mean, not entirely. It says they do events and weddings and whatnot. But generally, businesses like this and dumpster rentals are pretty leveraged to the economic vitality of the area that they are in. If there are buildings being built and remodels being done and people are moving and houses are being remodeled and weddings are happening, there's demand for this business.

In recession, there is much less demand for this business. I mean, yeah, everybody's still got a poop in a recession, but they'll do it at home because they're not working. You know, it's like this and the dumpster business are somewhat sick and cold per construction and economic activity in an area. So to me, if you're looking at a business like this, you need to underwrite kind of the boom or bust ability of the area that it is in. So I don't know a ton about Madison, Wisconsin, Dane County. But if I felt good about kind of a long-term trajectory, there's a lot of construction going on, there's a huge population growth in the area, that would make me more comfortable buying this business. If this was a kind of flat to shrinking population area, I would have, I would feel

a lot more exposed owning this business. Yeah, good point. What multiple would you pay for it, though? Let's just assume kind of middle case there on growth. I mean, I think it's worth sort of your standard small business multiple. I mean, I think it's worth. three to four X, you know, maybe three X cash, four X with some structure. You know, assuming there's like nothing wrong with it, like this business is worth three to four X. It's not worth five. You know, it's certainly not full five and certainly not cash. I mean, sure, if like you want, if you, I can structure a deal that says I'm paying you 1.6 million for this, but it's going to be mostly earn out with really aggressive targets. And if they haven't grown it bigger than this in 30 years, You know, as friend of the pod, Brent B. Shore says, small businesses don't say small on purpose. And this business is 30 plus years old and it's $750,000 in revenue. Now, if I add dumpsters and a whole bunch of other stuff and expand a new area, maybe, but that's not because of you, seller.

Yeah. You know, that's my cap X and my risk and all that stuff. I'm not going to pay you on all those growth opportunities that you just haven't pursued, but I have to use my capital and risk to pursue. I would feel better about it in kind of southeast Sunbelt, you know, Charlotte, Atlanta, Nashville, Texas, Florida, like those types of place. So if Florida would be dependent, it can be a little bit more boom or bust than some areas, especially on the construction side. But I mean, do I think this business is saleable?

Like, yes, I absolutely do. Is it going to go for 5xie? But on no way. It is interesting. Like, I mean, the most famous. adjacent P.E. roll-up is waste management, right? But that is more trash routes and less dumpster. And if you kind of look at most cities, there is not like a dominant dumpster player. There's United Rentals. There have been a number of P.E. roll-ups in the equipment rental space, which serves

some of these same markets. But it's really interesting that those businesses, I mean, if you're already renting cranes and cones and fences and all this stuff to these same job sites, you don't want the dumpster business? To me, that's curious as to why that is, that P has kind of never rolled these up, considering, I don't know how asset-backable portapotis are, but I would think dumpsters are pretty asset-backable. I mean, those things are reusable. I got a long life. You could probably liquidate some dumpsters. You would get at least some leverage on a fleet of dumpsters. So I'm kind of surprised, to your point, Michael, that there hasn't been more P-E activity in this space. All right. Are you guys making a bid for the Port-a-Potty rental company,

the turnkey cash machine, recession-proof port-a-potty with 48% cash flow? No. I don't want to be in this business. Number one. That is just out just doesn't like that. Just because of the business. But also, it's overpriced, and I think it has limited growth potential where it is. Unless you can add dumpsters, Heather. Unless the dumpster thing works out. But I feel like somebody else already did that in this area. I'm guessing.

Yeah, I'm curious about that. Well, I have good news for both of you, that $1.6 million is only the asking price. You, dear buyer, are free to lowball the crap out of these people and tell them exactly what you think it is worth. And I feel like it's just worth saying on the pod for search or out there. A asking price being too high is not a reason to pass on a deal. If you like a deal, but the price is wrong, just offer them less. It is just an asking price. That's how this works.

The market needs to do price discovery. You are part of that market. Just offer them less. So I feel the same way. Like at 3x EBITDA, if you already live in this town, I don't hate it at all. you know, especially if you've got maybe a different local route-based business or if you feel like you really can add dumpsters or, you know, something else that serves the Amish or the construction industry or whatever it might be. I like this as like kind of a basic, stable cash flowing cornerstone of kind of a local business conglomerate in this town. Sure. At 3x even, duh, right? At 5x and I don't live there and we can't add dumpsters, there's just no way this pencils. at all. But I'm intrigued. I'm intrigued. Not at that price. All right, this is an easy one. If you guys

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