Acquisitions Anonymous - #1 for business buying, selling and operating - How This Sneeze Guard Business Earns 66% Margins

Episode Date: October 11, 2024

In today’s episode of Acquisitions Anonymous, hosts Michael Girdley and Heather Endresen analyze a unique niche business—a high-margin sneeze guard manufacturing company based in California. With an asking price of $1.25 million and an impressive 66% margin, this company specializes in sneeze guards and shower doors, with customers across all 50 states. The hosts break down the numbers, explore the e-commerce-driven business model, and examine the challenges of operating out of high-cost real estate. Tune in to find out if this sneeze guard business is worth the price or just a niche oddity.Key Points Discussed:1. Business Overview – A sneeze guard manufacturing company with $750,000 in gross revenue and $500,000 EBITDA.2. High Margins, Low Sales – The puzzling combination of high margins and relatively low sales volume.3. Growth Potential – How online sales and proprietary software could fuel future growth.Real Estate Dilemma – The complications of operating in an expensive California market with low rental income.4. Niche Market Analysis – How COVID-19 impacted the sneeze guard business and whether it's a sustainable investment.Sponsor: Acquisition LabIf you’re serious about buying a business, check out the Acquisition Lab. It’s the leading community for searchers seeking to buy small businesses. Gain access to tools, resources, and a community of fellow searchers to help you through your journey. Whether you’re a first-time buyer or an experienced entrepreneur, the Acquisition Lab can help. Visit Acquisition Lab to learn more.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]

So, I mean, back to this deal. So let's imagine we're going to go actually consider this. Like, look, there's enough weirdness to the numbers here that I'd be like, hmm. I think there is a good business here if you can figure out where to put it. I do. This is an Acquisition Anonymous. Hello, another episode of Acquisitions Anonymous. We don't have 100% weird. Hey, Michael here. Welcome to Acquisitions Anonymous, the internet's number one podcast about buying and selling small businesses. Today's deal that we went through was Heather and I. And we talked about a California business that does sneeze guards. And we'll tell you what a sneeze guard is. But if you were around during COVID-19, you saw a lot of them and these guys built them. So here's the episode. I hope you enjoy it as much as we enjoyed making it for you. 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 Dival, who's become a friend, the author of Buy, Then Build, How to Outsmart the Startup Game. So Acquisition Labs 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. All right, Gen XX episode. Let's go. Party. We can create the episode that no, everyone will forget exists.

How does that sound? That's right. That's what they do to us. We're used to it now. It's going. How's your week going? What's new? It's good.

This is the start of the fourth quarter. I know this is not live. So when people are listening to it, it's after that. But today is the first day of the last quarter of the year. And it looks like we're going to have lots of loans to close, which is great. Everybody go buy a business, get an SBA loan and call Heather. That's pretty much you need to do the rest of the year. I'm on over.

We are cranking. Yeah. Well, congratulations. You deserve the success. So I brought a deal that has been in my roster for a while. And I wanted to cover. or so can I pull it up? I can't wait to see it.

Other people want to bring good content. I want to bring interesting to talk about. So maybe they're one in the same. All right. So this one's off of Biz by Sell and it is a high margin sneeze guard business for sale. So they have a picture here. A sneeze guard is like when you go to a buffet or you go to a, you know, any sort of self-service bar, a salad bar. and they have the plastic there that stops your sneeze from getting on other people's kale.

That's basically the way to think about it. It's gross but necessary, right? It's gross but disgusting. So, yeah, I pulled up here if you're on YouTube, you can see this is supposedly an actual set of their product. So they've created all this plexiglass and glass of varying heights and custom to work around the serving areas to keep the customers' kooties off of your food. but you can still see food which is the whole idea right yes but they are transparent and translucent which are different things so so perfectly good all right so that's what they do asking price is $1.25 million they gross revenue of $750,000 EBDA of $500,000 $25,000 of $500,000, $25,000 of

furniture fixtures equipment, $450,000 in inventory, and they pay $10,000 per month in rent. They were established in 2004. They are located in the People's Republic of California, Heather. Yeah. You're just jealous. I know that it comes out sometimes that way. The People's Social Democratic Republic of North California. Okay.

Asking price $1.25 million, gross revenue $750,000, and eBay. EBDA, $500,000. So selling for two and a half times EBDA? Yeah. There's some numbers here that are confusing to me. And they say they are a manufacturer of these sneeze guards. So I imagine you cut and, you know, you cut these to size. You probably get custom orders and, you know, this is the height and this is the length that we need, et cetera. Probably pretty simple manufacturing as manufacturing goes. I'm sure they, I would venture to guess they don't make the plexiglass that's why there's all this inventory of $447,000 there. Correct.

But what really got my eye was 500,000 of EBITDA on 750,000 of gross revenue. What is that margin? I can't even get it in my head. That is 66% EBITA margins. Okay. On 750,000 in gross revenue. That doesn't sound right. Let me read the summary week.

Maybe we can figure this out. This sounds like a mystery. Okay, sorry, I'm jumping in. Sherlock Gurdley, we'll figure it out for us. This company manufactures countertop sneeze guards, partitions, and display cabinets. A sneeze guard is a glass screen that is designed to protect food or people from exposure to respiratory droplets, which are dispensed when coughing sneezing sneezing or even talking. Sneeze guards have been used in restaurants for decades.

However, COVID-19 has heightened interest in these products, having appropriate sneeze guards installed to protect food products and food prep areas from the public as a health department prerequisite to conduct business. The company is a National Science Foundation certified manufacturer. All of its Sneeze Guard models and literature have been NSF certified, and the company's facility is inspected annually to maintain this certification. Using NSF certified sneeze guards usually means a rubber stamp approval by the local health department.

The sale of Sneeze guards accounts for 90% of the company's revenue, and the product is very high margin. Emphasis added by me. The company has an excellent reputation to serve customers in all 50, states, including Alaska and Hawaii, and does significant repeat business. Almost half of the company's revenues are from online sales. Given the company's well-developed online capabilities, there's potential for high growth from online sales. The company has sophisticated software to enable the customer to obtain price quotes, and once an order is placed, the company uses

that information from that price quote to generate a list of materials that are needed to complete the project. The company also sells online, shower doors, and shower door parts, and the company has a proprietary software package for shower door quoting, work orders, and invoicing. The software makes the generation of a shower door, quote, quick, easy, and efficient. The company's shower door customers are homeowners and small contractors as such they are responsible for completing their own insulation. Inventories include the asking price, the real estate is leased and it's a 10,000 square foot building with a lease that ends 1231, 2025, so approximately 14 months from now. Four total employees, they include the furniture,

fixtures, and equipment in the asking price. The company rents approximately 10,000 square feet from the business owner. The business owner is willing to sell the building. The building is worth something around $6.8 to $7 million. What? Okay. The company is a strong competitor and does not lose a lot of repeat business. There's tremendous growth possibilities for this business.

The company is only tapping small part of the potential market. The building may also be purchased, and the owner is willing to provide the buyer with extensive training and a reasonable transition period. So what do we think? that listing that listing was like going straight down the fairway I was like oh cool and then it's just like hard right turn like what just happened here

online business like shower doors what happened and proprietary software and online it's like the e-commerce software we got a lot going on here and again back to those really high margins they said it was high margin I mean

is that 66% margin really right but even so the the unit sales, the average sale, ticket price of the sale must be pretty small because they're in 10,000 square feet and they've only got $750,000 of sales for the year. That's, you know, it must be really small orders. Is that what you're thinking, Michael? It seems like it. I mean, I guess I don't really understand this business. So I imagined when I first saw the listing, and by the way, in true gridly fashion. I only read the first couple sentences. I was like, this is going to be good.

And it chose it to bring in. When I saw it, I thought, oh, this is a sneeze guard, custom design, manufacturer, you know, installer, installer, fabricator, right? I thought just like, like, we've talked about how, like, the glass installation businesses work, right? Like, most people think that your glass installer has a factory somewhere and they're making glass. Actually, that's not what they do. They fabricate window frames and they cut glass that they buy from, you know, from glass factories spread around the corner, around the country. Those are big, like high economies of scale, big scale operations. And so I thought this was like that, right?

Like somebody's building a restaurant out and they call you these guys and say, hey, we need sneeze guards and we want to manufacture and design, build, install, give us a quote. Like, that's what I thought this business was. but then somehow we got into shower doors and online sales. So I'm confused. I am too. And it sounds like there is some kind of software ordering where you maybe the customer puts in all the specs. At least for the shower doors there is.

And maybe there's something similar for the sneeze guards as well. And then they're shipping to Alaska and Hawaii as well. So they're not just serving California. They're going, you know, well beyond California. obviously if they're going to those two states. I'm just, I'm a little surprised they don't have a higher gross revenue number. I think that's what's really puzzling to me, at least initially here. And also, of course, they're doing business out of a really expensive piece of real estate.

That I guarantee the market rent is not included in that EBITDA there. There's no way. And so, you know, there's our first. first problem is we can't really afford market rent or even to buy the real estate unless you're, you know, leasing it out or doing something else with it. This business is not generating enough cash flow for that piece of property. This is an interesting listing. And I think you run into sometimes when you have somebody who's who's in an interesting position, they understand that their business itself is not worth much because the business broker probably talked them down.

Like, look, your subscale, you know, like you can maybe get, you're buying some. somebody a job, like you have expensive rent. And then that's a reasonable price, right? And then you're stuck with, okay, well, here's the problem. Your seller has an unreasonable expectation for value for their building. And so the seller has been paying themselves $10,000 a month in rent, so $120,000 a year, but believes on the open market, their building would sell for $6.8 million. So basically, I think I would need to do the math because the ratio is so big. But if you take $120,000 a year in rent and divided by $6.8 million, that basically, hold on, that was so confusing to my computer.

It took like a couple seconds for the answer to come up because the rent is so low. It is a 1.7 tap. So that means it's a 1.7 return on value each year in terms of rent. If you're only paying $10,000 a month for a $7 million. Right. If that was the market rent, which I'm getting. guessing it's not. Well, either that building is not worth,

either that building's not worth $7 million or they are way undercharging themselves on rent, which maybe creates an interesting arbitrage for a building like this. Like maybe what you do, I mean, to some extent, you would be better off. Like, if this building's really worth $6.8 million, that means, say, like an eight cap, it should be making $500,000 a year plus or minus, right? in revenue, you would almost be better off buying this business. And as you do that, sign like a 30-year lease with this guy at their current rental rate, shut down the business and then sub-lease the building to somebody else at market rent and make $400,000 a year for doing nothing.

Do you see what I just did there? Right. Right. If he's not asking, but he's asking a million 250 for the business plus $7 million. So if you bought the whole package, you're at over $8,000. million dollars is not going to make any sense with this cash flow. Yeah. Instead of buying the business yourself, you just buy the below market rent and go from there.

So there's actually, the reason I thought of this, there's actually a really interesting property here in San Antonio. And it is on like a hugely like up and coming street, right? And so it was originally owned by a family that is, you know, now kind of third generation, like the dad died, he ran, he ran a garage on this property when it was pretty bad, like bad side of town. And so the, so basically the dad owned this, uh, owned this building and ran a garage out of forever and eventually just owned the, owned the whole thing. And so instead of, uh, instead of basically selling the property and giving the money to his kids, he went and sat,

assigned a 60-year ground lease that would pay the whole family $8,000 a month for this property forever, triple net. So the people, so somebody then was like, wait a second, this is a $3 million piece of property, and I can rent it for $96,000, you know, $96,000 a year and basically did this exact same thing. So a lawyer bought it, bought the long-term ground lease, and just started making payments on it. And then all the buildings and the surface area around it, he started to sub lease those to other people. So he was paying $8,000 a month and then like one of those buildings rents for $10,000 a month to him. So basically he just like found this below market lease and just treated it as like an infinite money printing machine and then just plays

arbitrage between that and the and the subs. So it's crazy. I don't know if I explained that well, but you see what the guy bought the 80, the 60 year lease and then turned around and leased all the buildings for more than the 60 year lease costs. And I knew that this. happened because I would do business at one of those buildings. And every month, there'd be like these like random people who would like drive up in their own pickup truck to be paid in cash. That was because the lawyer had it set up where the lease, the master lease, they were paying each family member would come pick up their own money and sign a receipt for it in cash. It's crazy.

Well, I mean, that worked out well because it was a ground lease. And, you know, they were kind of, the landlord was kind of stuck, I'm sure, legally or it wouldn't have worked. A problem here is, is if you buy this business, the same person probably, well, he does, not probably, the same person owns the real estate. So they're going to make you sign a lease that's at market. They're not going to sell you the business and let you sign the lease. I mean, I don't think they will. I don't think their lawyer will let them do that. So you're going to end up, my problem is you're going to buy this business and your EBITDA of 500,000 is going to turn to almost nothing when you pay another $400,000 in rent or whatever, we think the right market rent would be here.

So I think that's the challenge is it's like a lot of businesses in California, it's in a building that's too expensive for what it's throwing off in terms of cash flow. You have to move. 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. And that's exactly why we created ScalePath.

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dot com and use code a pod code for your first month discount now back to the show absolutely well and it's uh it's the crazy thing about southern california so it the curse of you guys not being able to build everything massive don't get me started on my baby boomer wealth transfer rant but anyway um yeah it's and it's it's just a tax on all of california right when you have to overpay for stuff because you can't have enough competing businesses because the rents are too high and you can't hire labor just a mess just a mess right so but the first thing Go ahead. My idea only works if he keeps renting to you at $10,000 a month and you sign like a 30-year lease.

You just turn around and lease the building out at microprice. Yeah. He'll say, no, now you have to pay me what the rent should be. And then at that point, you realize you have to move this business. And, you know, can you move close enough where you don't lose all the employees or can you start over somewhere else? I mean, it basically for a business this tiny, it almost wipes out the value of the business. It almost makes it just kind of a non-transferable business, unless the seller was to move it themselves first to a cheaper locale, keep it running at a place where, you know, the market rent was reasonable. But short of that, a buyer to come in there and have to do that, I think that makes it pretty challenging to buy.

This is just such a confusing business. So, like, they show this picture of a buffet line with beautiful sneeze guards. and then they're like, okay, well, basically, like, we just have a website where if people need specialty sneeze guards, they come on and they enter a, you know, enter a quote and a design of what they want. We quote it for them and then we give them a bill of materials or stuff. They need to go buy to have his equipment to install and then they install it themselves. And like, it's just very, it's a very confusing niche into the business. I thought this was a buy build design contractor and it turns out it's just an e-commerce shop. Yeah.

that cuts the plexiglass to your order and ships it to you. That's what it looks like. That's about the only way I think it would make sense to have this kind of margin. And it's only got four employees. And I'm assuming one of those is the seller. So what are you buying? You got many people. The other one's the seller's spouse.

And then the other one's the person who knows how to operate the website. And then the other person is the guy out in the warehouse running the cutting machine. That's basically that's the whole business. But that explains why they have so much inventory because that was the other thing that I was like, wait, wait, if they're a contractor, why they have so much inventory? So the way, you know, a lot of like glass or plexiglass installers like this work is they order on demand, like only when the project demands it do they carry inventory. So they're not sitting on, well, like this guy's looks like they're sitting on over a year's worth of inventory. They're not doing that if they're doing their job right. Right.

So that totally explains. This is an econ. And they're doing subscale. one sneeze guard at a time, high margin, e-commerce website. So, yeah. And that inventory concerns me a little bit. Whenever I'm looking at a really small company with a lot of inventory, you know, as a percentage of the overall deal, it concerns me that, you know, is that the right number,

that inventory number? Is there some obsolete inventory in there? You know, what happens to the pieces that they cut that are, you know, kind of odd sizes and too small? Is that still an inventory or are they writing that off properly? And you as a buyer, what are you actually getting? So, like, the first thing you'd want to do is understand what constitutes that $447,000 of inventory, whether you think it's really worth that much.

I mean, I suppose if it was, the price is actually fairly good if you're really getting almost $500,000 of inventory for a million 250 purchase price and $500,000 of I betah, that sounds pretty good, but it does have some other challenges. The broker, the broker consistent with this, you know, it says retirement is the reason for selling, but the broker is consistent with what you'd expect in today's market. It's this guy, Donald Grava, who is, and I just brought it up because he looks like he's been in the business for a long time, founded this group of M&A for the middle market in 1987, and they're located in Boston, Massachusetts,

which is a long, I don't know if you know, that's a long way from California. I do know that. Where this is supposedly located. Yeah, and I guess we're seeing that more and more that used to be like, we'd feel like the business broker was always local to a small deal like this. And now we're seeing a huge change where the business brokers are national.

They're, they're getting listings far away from where their office is. And I guess that, I guess it's okay if it's done right, but it does give me a little pause. Like, does this broker really understand this business if they have never walked the floor? Yeah. Man, should I start a business brokerage? It looks like it's so.

And may, you know, like if I look at people who watch our podcast or read our podcast and listen to it and read my tweets is like they're all buying and selling businesses. But man, being a business broker is just so hard. It's so difficult. I mean, you see how tough it. is getting the loans done. But I mean, the people have done so much work just to get to you. It's just, yeah, so difficult. And they're managing, I think there's a lot of work, no doubt, a lot of work. And then it's a lot of managing expectations and personalities. And then when they get a good listing, they are inundated with a lot of buyers. And they have the challenge then

of how do you even manage that process and sorting through those buyers? to find the right ones to put in front of your seller. It's a very hard job. And it has very high odds of failure transaction to transaction, right? I mean, a transaction that you put a lot of work into as a broker never closes. I think that's the challenge. That's the really hard part about this job. Yeah.

Well, and then I think it's actually getting worse and harder to be a business broker now because, you know, if you talk to every business broker, what they're all desperate for is good listings. and sellers who want to transact. So like if for the chance of finding a good listing or getting a good listing and finding somebody who is willing to transact, which are two separate things, like it's not like you as a business broker can go to these folks and say like, hey, I want a $25,000 retainer. And, you know, any, any good business for sale is going to have dozens of business brokers and investment bankers that are going to take their listing for free and take all the risk.

and you're never going to be competitive. So you have to figure out how to have enough of a flywheel to where, even if only like one out of every five listings close, you have to be able to afford all this dead deal work, broken deal work that you have to do over and over again to bring stuff to market. And as the market's getting more and more competitive, chasing fewer and fewer deals, like that only seems like it's trending worse.

So anyway, thanks for talking about this. It's a terrible idea. Yeah, don't do it. Don't do it. It's very hard. Yeah. And I think it's even hard for them to get, you know, when we get into lending, we start asking the hard questions, right? They really, you know, the questions seller makes them uncomfortable.

I mean, if you're trying to get the listing as a broker, I don't think you're in a good position to be able to ask those questions earlier. You know, and you may be finding out the same time as the lender and the buyer are finding out that there are some big problems with the business because you weren't really able to dig that deep without upsetting or turning off your client earlier. I think that's a huge challenge. I do think there is a niche that if I was to do it, I would strongly do, which is I would pick a niche and I would just own that niche. Like I would become the FedEx route guy or I would become the jeweler guy, our gal. I would become the educational business guy. And like one time it was pretty enlightening. You know, like we talked to an educational business broker and like that guy knew.

so much about our business and the model and everything like that because he was a special specialist he wasn't having to learn it from scratch and he probably knows this thing's not to take because of all that knowledge absolutely absolutely it's some of us like you know our buddy clint fiori uh who's a business broker on twitter like he he he's pretty good at sussing out i don't be just i'm not going to take this listing like uh we listed a business with him and he was like yeah i'm not going to take this listing, unless you do XYZ. And so we did XYZ because I trusted he knew what he was doing. And he was right. So I think that's the other way to go is like just be very discriminatory. But yeah, I would totally specialize. I would just like maybe Donald Grava is the

national broker specialist for sneeze guards. I don't know. I would put that on my website. If it's true, go from there. That would be a micro niche, I would think. But yeah, I think verticalization is the key in anything financial. If you look at the number one SBA lender, who I used to be working for, it's Live Oak Bank, and they got there by verticalizing. They were the first and only lender doing small business lending with verticals, with industry verticals. You'd seen it a lot in the middle market, but you'd never seen a bank do it before, and certainly not the number of verticals that they did then and still have. And it was a huge game changer. You know, they have these groups that just totally understand an industry inside and out. And they're well known within

those industries. So they get a lot of business that way. So I think it's smart, really smart. So you're saying I should be the fireworks coffee software podcast media guy. I got you. Yes. Let's do it. So I mean, back to this deal. So let's imagine we're going to go actually consider this. Like, look, there's there's enough weirdness to the number. here that I'd be like, hmm, like, let's, like, at least I want to make a phone call about this. Because, I mean, one thing I like about it's, it's kind of on the small side. It's very niche. Sneeze guards are not going anywhere.

It's priced right. And like there's something about these numbers that just doesn't make sense. To me, when I see something confusion here, it's maybe it gets me to be like, okay, well, do I want to buy a job? Yes. Is this maybe a space I'd be excited about? Maybe. or yes, and then like maybe it's worth giving Donald a call. And seeing if he's,

maybe there's something wacky or maybe the gross revenue is really supposed to be $2.75 million on $500,000 in EBIT and then it would make, I think you and I'd be like, oh, I get it. Like, makes four cents. Here's how I would buy it. I'll tell you what I would, I would buy it if, if I could go get my eyes on that $447,000 of inventory and decide whether it really needs to be in a building this large.

And if it could actually be, you know, if I could move this. to some little industrial condo unit that was really cheap and, you know, still have my inventory the way I needed it, it might be, might be worth buying then. That would be my key, is if I could still have these numbers, but in a much smaller building with reasonable rent, it might be a good business. And you might be able to grow it. Look, I think the other reason to go after this deal is I think it's kind of like our worm farm deal or the pizza boat. Like, I want to go to SoCal and visit this guy's office because I guarantee there is a giant like desk kind of like Dwight from

the office with his Uday Hussein desk. Do you remember that episode? I think. Well, there was so in the office there was the episode where they let Dwight for some reason run the office. So he took it on a total power trip. So the first thing he did was go out and buy an antique desk that he claimed was formerly Saddam Hussein's son, Uday Hussein, who's like a 12 foot wide desk, made with ivory. And so it was a replica of that. He brought it into the office when he replaced it became the boss of the whole thing. But anyway, I think that's the weird office reference. I'm sorry. But I think dollars to donate, you go to this place. It looks like the land that time forgot. There's junk everywhere. And I guarantee he has a giant office. He has a landline.

He has one of those speakerphone things like Don Draper in Madman. And there's like piles of paper everywhere. Like 1975 tax return, it's over there at the other end of the thing. I just would want to go in there and see it. And there's a guy named Juan who runs the machine and he has worked there since the 60s. He's 85 years old. Like I guarantee that's how this is and you just want to go visit it because I guarantee it it'll just be a once in a lifetime event. So I think there is a good business here if you can figure out where to put it. I do. I think it would be interesting. And maybe I actually go do the site visit. I can just drive over here and check it out. Well, called Donald. You just need to worry about it that he's four time zones away from you.

And then let us start with you out. Yeah, but maybe he'll let me in. But yeah, I think I think there is potentially something very interesting here. And if any of my California clients check it out, let me know. I'm curious. Very cool. All right, we'll put the link in the show notes and all that kind of stuff. Thanks for being here. Any parting words, Heather? You're ready to go for Q4, right? Let's make some loans. I am ready. I'm ready. I mean, we are cranking along. We are going to close a lot of deals in Q4. Absolutely.

And we're not going to ruin the holidays this year. We're not. We're not going to do it. Everybody. Where's the button where I can put a bookmark so I can pull that up December 20th when you're like. When my holidays are ruined. Like this sucks. All these people want to close by the end of the year.

Why? Exactly. We're used to. It's okay. All right. Great job today. Gen X Corner. We'll see everybody next time.

Thank you.