Acquisitions Anonymous - #1 for business buying, selling and operating - Is This $11M Truss Manufacturer a Solid Investment?

Episode Date: October 8, 2024

In this episode of Acquisitions Anonymous, hosts Michael Girdley, Bill D’Alessandro, Heather Endresen, and Mills Snell discuss a unique business: a premier manufacturer of wooden roof and floor trusses. With over $5 million in EBITDA and $11 million in annual revenue, the group dives into the pros and cons of this construction product business located in the southeastern U.S. They explore the implications of the company’s geographic location, customer concentration, and reliance on the construction market. Plus, Mills shares insights from a similar business acquisition and how it relates to this deal.Key Points Discussed:- Geographically Moated Business: How location plays a significant role in the success of this truss manufacturing company.- Customer Concentration: The risks and opportunities of working with building supply companies and contractors.- Cyclical Industry: What happens to businesses like this one during economic downturns in the construction sector.- Trusting the Trusses: The importance of high-quality, engineered trusses in modern construction and why they are in demand.Thanks to this week’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 at [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]

All right. Do we like this one? I think I really like this one. I like it. But to Heather's point, I think... Yeah, absolutely. There's the mood of credit. It makes a big difference. Right now, the mood of credit is worried. That's how I would describe things. Hello, another episode of Acquisitions Anonymous. We don't have 100% here. Welcome to Acquisitions Anonymous. I'm Heather Anderson. And today I joined Mills, Bill, and Michael. And we talked about a really great company in the Southeast that does engineered wood trusses. And it has great margins, great growth trajectory, and a really great new broker that Mills found that had, I think, a very informative teaser for us. So please check out the episode and let us know what you think. 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 Diable, who's become a friend. 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 complex. of the process, everything you hear us talking 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. The household gets crushed. You can, you're bankrupt and can't for groceries and there's riots. I love that, Michael, just...

I clicked to record because Bill started ranting about interest rate caps on credit cards. So I was like, this is a podcast content we need to have here. I'll catch you up, Gurley. So I said, while you were getting a drink, I said, I know I'm not supposed to argue with people on the internet. And I know it is a waste of time. And I know you're never changing anybody's mind.

But, man, people on the internet are dumb. Holy cow. And they asked me what we were arguing about. And I said, you guys may have seen, Trump, as he does, he throws things out that are never going to happen. And he threw out capping credit card interest rates at 10%. And people are like, there's like wave one of people are like, great idea. Like the credit card companies are ripping us off.

And then wave two of people who think they're the smart people are like, yes, I know this will restrict availability of credit card debt, but that's a good thing. And this company is too dependent on debt. And it's like, do you realize what will happen? Like on day two, everyone's credit cards will get closed unless you have like an 850 credit score. Like it's all except like the top 5% of borrowers. Like instantly your credit card is closed. But you're still going to owe the bank.

So you're going to have to keep paying down every month without the ability to re-borrow. So sucking that working capital out of the average households bank, you know, weekly budget, let alone a balance sheet, will bankrupt, you know, a huge fraction of America. Like instantly people are, because what they're doing is they're putting gross. on their credit card and paying off the credit card, which is functionally last month's groceries, right? So if you suddenly have to pay for last month's groceries and this month's groceries in cash this week, you're toast. And there's riots in the streets. So like, there's like multiple levels of stupid here. Like there's the people who don't even see that that's going to happen. And then there's the people who think that's going to happen, but it's not a big

deal. And it's like they're totally out of touch with just the amount of credit card borrowing in this country. I looked it up. 80% of America has a FICO. score less than 800. And 50% of America revolves a credit card balance every month. And you can imagine the overlap in those is not high. The people who revolve the balances all have a less than 800 credit score, right? So a policy like this just immediately wax all the lowest income people who they're claiming to try to help. So you're saying we couldn't make everybody in America a millionaire by just printing more money? That wouldn't work? I mean, technically that would work.

Millions, but they wouldn't be buying much, but it would work. Well, you have to ask yourself, if we just make everybody a millionaire, why don't we just make everybody a trillionaire? Like, why even stop? Like, let's just go. Let's just move to Zimbabwe. You can be a billionaire tomorrow.

Talk about, like, massive, you know, regulatory risks. Like, Visa and MasterCard and Amex, their business would, you know, basically go under overnight. But it wouldn't because it would never get passed because that level of, like, the riots. I mean, that's not actually helping the people who they think it's helping.

All right. Before we talk about this deal, Michael, I know you're ready to move on. I have a really important announcement. Okay, I don't know if you guys notice, but I'm not wearing an aquacil shirt. I'm wearing a really nice shirt. And I got sent some swag from Live Well 30A and John Wellborn. We talked about Live Well 30A, but we didn't out the name on a previous episode. And John called me and said, hey, you talked about my.

business and here's the things you got right. Here's the things you got wrong. It started out. He had a mini retirement, I think he said, like maybe sold a business and then was in 30A area and had a golf cart rental business and a beach chair rental business and needed uniforms for his employees. And so put Live Well 30A on a shirt and sent his folks out into the field and people were wanting to buy the shirts off their back. And so he started doing branded apparel. This is now the nicest shirt that I own. It's incredibly solid. He sent stuffed animals to my kids. Big thanks to John well-born. And he said it was okay to use his name on the air. So if you're, if you're interested in retail and Florida and licensed products, that was a fun episode. And it seems like a really good

guy. That is awesome. Livewell 30Agear.com. He did not pay us to do that. But I guess he paid emails. He sent us to five. Dude, I mean, I have a gift box that looks like it's worth 500 bucks. This thing's amazing. We will put in the show notes, I think, the link to the episode that we did not know at the time, because acquisitions is anonymous, we did not know it was Live All 30A. So if you want to listen to that one and then compare it to the real business, you can do that. It's part of our new strategy not to Google company names during podcasts. Yeah, not piss people off. We're so classy now. No, it still doesn't keep us from getting, it's not going to be a get out of jail free guard.

I think about the Alaskan cruise operator. You know, sometimes you just can't do anything about it. Well, Mills, you brought this deal today. What does you go for us? Yeah, this one, it really piqued my interest because it's, I think this is pretty unique. I mean, construction products are not, you know, are not unique in it of themselves. But this is a pretty decent sized business. And this is a broker I've never heard of.

So this is a listing from Lee Henry, who is a certified exit planner. I think that's what that is. C-E-X-P, but he's with Golden Shield business brokers. He's the president and CEO. I've never heard of them. I'm not sure where they are,

but this is called Project Mountain Trusts. It says premier manufacturer of wooden roof and floor trusses focused on the highest standards of quality, service, and delivery. And if you're not on YouTube, this is a perfect episode to look at on YouTube because this is a very descriptive teaser.

So they say they're a high standards. High in, that high customer concentration in the mountain regions leaves tremendous growth opportunities in other areas. We've got a beautiful bar graph here of their revenue in EBITDA, but it looks like in 2022, they were doing around 11 million in revenue, right over 11 million in 2022 revenue. 2022 EBITDA, $5.1 million. Revenue for 2023 was, I think this is a little bit dated, but it was year-to-date through 930. They were at $8.6 million in, in 2023 revenue, and 2023-Ebit Da, year-to-date, was $4.3 million.

So this is a pretty high-margin business. They have a backlog that is three to four weeks out. I'm not sure if that's good or bad for this type of business. But I say they. primarily sell to wholesale building suppliers in the region. Markitable service area includes multiple major metropolitan areas. Most buyers, most of their customers are custom home builders. They're a leader in high quality trust manufacturing, centrally located in the southeastern

U.S. That's weird. They sell into mountain regions. Maybe that's, I was picturing like Colorado, but I guess this is southeast focus. We have mountains in the southeast. There are mountains. I know. But I mean, you think about like the, Colorado comes to mind, you know, not, not, you know, Ashville, North Carolina.

Business has been around, his family owned and operated since 1990. They have a veteran management team. Owner has been absentee since 2013. Company culture emphasizes quality, productivity, on-time delivery. They have a proprietary delivery system enabling deliveries to even the most challenging mountain regions. That is super interesting. Low employee turnover. Most employees have been there.

more than 10 years. So it says they do roof trusses, floor trusses, and specialty trusses. QuickBooks streamlines, I guess they're on QuickBooks for payroll, estimating, project management, and their bookkeeping. And then they use the MyTech suite, which does their model trust design and things like that. They have a customer mix graph down at the bottom. Building supply companies is 61% of their customers, individuals is 12% and contractors are 26. Anything else that I'm skipping over you all that catches your eye? This is a, like you said, this has a lot of information.

I mean, I've got some technical problems with this listing, but I've got some business broker comments, but not about the business. All right, what do you guys think? So I'll start by saying I like the business, but this business broker is killing me, man. They tried really hard Golden Shield business brokers. I really love the formatting, but I got a couple of things going on here.

They have quoted year-to-date revenue and EBITDA in the same graph as they quote, full-year-to-date EBITDAs historically, and it makes it look like the business is falling off a cliff. Yeah, it looks like a massive decline. They should annualize. They should say year-to-date and then like annualize it. They should annualize it, exactly. And but then, and I was like, oh, well, maybe they've never heard. of annualizing things.

But then in the top right of the teaser, if you scroll up a little bit, Michael, so the YouTubers can see, they appear in the top right to have annualized the 2023 EBITDA, because they say, 2023 EBITDA of $4.3 million, which would be the annualized figure roughly,

they'd have about 2.8 or 3.8 or something through the year. So they seem to have inflated or annualized or something, the EBITDA, but then two bullets below it, have not annualized and say, 2023 revenue is 8.6 million, which is the three-month figure.

So sloppy, sloppy on the business broker side here, which kills me. And it's a little bit more than a technical point because buyers are looking at tons of teasers. And if you're not like really looking hard at this, you think this business is declining and you flip to the next page. And it's a graph. You went to the trouble of a graph.

So make the graph look, show the best qualities of what's happening, which is growth. Yeah, typically the chart crime is that like the hockey stick is too steep and you're like, this is ridiculous. You're showing me 50% year-over-year growth for the next three years. But in this case, it's like you're chart-crime yourself. You're hurting yourself. Chart crime.

Chart crime and yourself. I think there is a Twitter account that I followed at one point that was like chart crimes. And it was just, you know, repeated instances of it. So what this business actually does, right, is somebody's building a house and they order lumber package from the lumber supply company, and it's all the two by fours and the two by sixes and the plywood and everything. But trusses in the building code have, the building code has started to encourage more and more engineered trust systems because you get wider spans. People want more, you know, spacious homes. They want more, you know, open floor plans. And so you end up having to

have engineered trusses. And especially, most people don't stick build their roof trusses. They're pre-engineered trusses and they come, you know, ship delivered on site and you just put them in place, stand them up in place. And it makes the process go a little bit faster. So most lumber yards kind of do this to a certain extent, but I think they typically subcontract out this because it's not as commoditized. It's a little bit more specialty. And I think there's an engineering kind of oversight layer that's this part of this. I have a friend that works for one of the big, like, kind of lumber, like, I don't know, best way to describe it, like conglomerates, like they do all the different stuff. So they have like trust manufacturing. Then they own like the,

whatever, the lumber mill, right? They own a series of those things. So they're like vertically integrated into all of that. And you know, they've built several trust plants and they have them around the globe. You know, they have one in San Antonio. They have some up in North Texas as well. And it kind of reflects how this business works, right? These trusses are very, big, bulky, low dollar per kind of square inch things, right, to where you're typically sourcing trusses like this from within a hundred miles or even less of where you're going to be using them. And so that's one of the things I really like about this business. To your point, Bill, like this is a geographically, like geographically moated business. Like you have a moat because of

geography where you're going to have an advantage over other folks just by being in that geography. Of course, the worry there is if somebody comes in and builds another plant right next to you or it's a more efficient, bigger plant making these trusses, potentially your business could be cut in half or whatever, right, if they come in, especially as a big incalomerate and decide to compete on price for a period of time. But I do like the geographically constrained nature of it. You don't have to worry about China producing these and shipping them in. Hey, Michael here, I want to let you know that I'm hosting a conference, first time I've ever done it,

and it's called Hodeco Conference 2025. If you want to learn how to manage multiple businesses at once, how to incubate new companies, or how other whole co-owners and operators run their fleet of companies, then should come to Utah next spring. We've got a ton of great speakers, including Walker Diabell, who wrote buy-then build and founded Acquisition Lab. Plus, we're hosting it at an all-inclusive mountain resort so you can hit the slopes at the end of the day. So please go to holdcoconference.com for your tickets and get 10% off with your discount AAPOD. That's holdcoconference.com and use code AAP for 10% off.

Now, back to the show. Has anybody ever bought one of these? trusses, I have bought one, which was a weird experience. So Michael, while I agree with you that these are so heavy and big that it's hard to ship, they are not cheap. So we were building a porch on the back of our house, and we wanted basically the back of the porch with some stairs down to be open. But per the building code or the structural limitations of like you're kind of off-the-shelf

lumber, the biggest gap you can have between supports is, I think, like, 12 feet. And then you need another column. But we wanted a 20-foot gap because we wanted the stairs to be 20 feet wide. We didn't want a column, like right in the middle of the back porch. So, you know, the builder was like, oh, no problem. Like, but you need an engineered truss, you know, a special trust for this. The trust was eight grand versus like the wood would have been a fraction of that. But it would have left a column right in the little space. And we were like, you know, all right. So we bought the trust.

So it added, you know, it was kind of like a specialized bill of materials purchase for the project. And you had to have this engineered trust. And I bet the margins, at least from looking at the EBITDA margins on this page, were pretty darn good on that $8,000 trust. And that's just one. So like, and there's like glue lamb beams, LVL beams. I bought some of these when I was renovate my house too. There's varying degrees of sophistication. depending on the span and, you know, what exactly you're doing and how much load it's bearing.

But, you know, when they're talking about, like, engineered floor trusses like this, sometimes they're taking, you know, multiple pieces of wood putting them together. Like the roof trusses, they're, they're, all they're doing is putting together two by fours and two by sixes and framing them and pre-framing them. What you're talking about, Bill, is like just a one, it's one product probably. It wasn't multiple pieces. It's just one laminated beam, right? Yes, it's just one beam.

Yeah, yeah. So it's laminated wood put together. And like you said, like you could get a two by 12, but you can't span that much because it just can't bear the structural load without deflection. Yeah. So you got to have it. So I sent, I have a friend who sold one of these businesses to Builders First Source. They're like one of the big players.

And then 84 lumber. There's a bunch of them out there. But he sold a business, I think in the 90s to Builders First Source. And I sent this to him. And he said, I wish I was young again. and I wish I had never gotten out. So I thought that was great. He's like, I'm too old to do it, but I wish I'd never stopped because it's a great

business and they're basically killing it. So this is a, it has a manufacturing component to it, it seems like. So you are, is this all wood or are there other materials we think? Usually if there's like steel like plates or eye beams, that's something totally different. I think they're probably just doing wood. I mean, a lot of times engineered roof trusses have like a bearing plate or like a, you know, has some metal plates that go into the assembly, but it's, it's 99% wood. Okay. So, but are they like chipping wood, like mixing it with glue and extruding it into a beam? Like, how do you make this? Somebody else is doing that. But I think these guys are buying, they're buying those beams from like Georgia Pacific or whoever makes them. Okay. And they're just stocking them or putting them together or kind of configuring.

them specifically. So this so it says premier manufacturer of wooden roof and floor trusses, but you think they're actually a distributor. Well like when you like the roof trust. The roof trust is you're assembling that and and like they they reference the software you know because somebody sends the plans and it's probably not just like a simple gabled roof. There's probably tons of hips and valleys and like all kinds of different you know roof angles. And so they're putting those together based on a set of plans and it just saves the framer so much time because they're not having to figure. out how do I do all this in the field while I'm, you know, three stories high. Okay.

So this is not, there's a service component to this business then. It's almost make, it's assembled to order, right? It's design too, right? Is there some design? Didn't they say they have some system that they're using? So, yeah, there's an order that comes in. They have, somebody has to design it. And then they've got to put it together, right?

So there's some skilled, there's some skilled labor that you're pretty dependent on, right? I think like the estimating in the design is probably skilled and for a business size is probably two people doing it. And then they're taking a set of shop drawings out into the field, which is out back in the shop. And they're putting all this together. So if you are going to own this business, one thing I do know is a lot of the people working on the floor and doing the actual manufacturing Spanish speakers. So you guys know I've been taking Spanish lessons.

So I have a future in an end here to run this business. But a lot of the folks working in this based on what my friend told me, do not speak the English in terms of working in the business. So anyway, just another case of point why having a reasonable immigration strategy is what America needs. Like a lot of these businesses, that's just doing the work inside the plants. And I would be shocked if it's not the case for this one. You know, another thing to think about this business that I might like, but also then scared me the more I thought about it, is you probably have some

pretty regular customers. It looks like, so their customer pie chart is 61% building supply companies, 26% contractors, and only 12% individuals. So, you know, if you've got a whole bunch of people who you're basically their trust guy, right? Like every time they build a house or a building or whatever, they just call you for the trusses and they kind of know they work well with you and all that stuff. That's great, right? You've got some sticky revenue. You don't have to sell new business all the time. they're going out and selling new business and then just you do the trusses. But then I thought this is probably very leverage to construction because we know that that end market, right, the building supply companies, the contractors are very cyclical.

So it depends a lot. I mean, we already said this is in the southeastern kind of mountain region. And the southeast generally is a great growth market for construction. But you definitely need to diligence your end market here. because your business could fall off substantially if we have a recession. And they're just people are going to announcing cards. They even say building permits pulled in region consistent with 2022's real estate boom. Right.

So they, I think, acknowledge it. They're not. Now, I think, yeah, Bill, you got to be really careful about it because it could just completely fall off a cliff if new housing starts slow down. Yeah. And it's not a reason not to do it, but trigger Heather talking about using debt to do it. I'm already freaking out. Yeah, exactly. The problem with these businesses is they are cyclical, no matter how you look at it. The end market is going to be cyclical. And therefore, you have to set the leverage to the low point in the cycle or where you think that's going to be. Right. So they can't

take much leverage because they've got to be able to pay back if that low point hits while the debt is still outstanding. Or you have to get a really creative lender that's going to have, you know, unusual repayment terms. But lenders just generally don't like cyclical industries for that reason. They can't get paid consistently during the years when the low cycle hits. And we never know when that's going to be. Although everybody seems to tell us that it's going to be, you know, tomorrow lately.

Well, but if they're trying to borrow from you, it's going to be never. If they're prognosticating the Internet, it's tomorrow. If they're a credit approver in a bank, let me tell you. They think that the next recession is always tomorrow and they believe every negative headline. So that's what you're up against. It is amazing to me how much lenders, like the, how much emotion plays into lending, right? Like, they're always like, if things are going well, like they're always going too well, right? Like at a lender, like they're, their, their glass is overflowing when the glass is just full.

And then when things are not as good, like, it's the other end of the spectrum. Like, it's for all the process and regulation happening in banking and all that kind of stuff, like there's still, it's just fascinating to me that there's still people involved. And I think that's key to understanding when you borrow for one. Yeah. What you're described. Absolutely. There's the mood of credit.

It makes a big difference. Right now, the mood of credit is worried. That's how I would describe things. But they've been sustaining worried for a long time. Like, they're kind of cracking up over it because it. They've been worried for a long time about something that hasn't quite happened. So it's interesting. Well, and it's also an interesting dynamic that a lot, it seems like a lot of banks have been spending a lot of opportunities, have had a lot of opportunities to deploy capital.

And that is not what's been happening in a lot of Main Street lending over the past six to 12 months. So a lot of times they're kind of just like playing defense and figure out what to do with their portfolio, which is kind of fascinating to watch. So, you know, looking up, looking up this broker, he's in South Georgia. He's in Norman Park. Yeah, I looked this up. I was like, how far is this from Columbia, South Carolina? Because I know a guy with a great beard who knows a lot about construction and is pretty smart. It is, it's five hours away.

But I'm going to be in Valdosta, which is, I think, maybe like 45 minutes away from there. This is like very, very South Georgia, almost to Florida. But on his website, he has. as a trust manufacturer is two, the one that we're looking at. And he also has one that's 40 years old that's doing 91 million in revenue and 48 million in EBITDA. Wow. He's the trust guy. Yeah. Well, he also has, let's see, he has a wood flooring manufacturer, electrical contractor, and a freight company doing three million in EBITDA. So there's something about South Georgia. There's also an agricultural bypoint, which is a multi-location. farm servicing company that does four million and even though this is a cool this is interesting so i don't think i don't think most americans understand how much timber is grown in the southeast mills like i think most americans they think about where does my wood come from like they're like oh it comes out of

oregon or canada or whatever like it does not your your wood is coming out of the warm wet southeast of the united states where this stuff just grows like wildfire and um no problem pun intended, but like I didn't really understand until I dug into the industry and just started to see how the southeast is just like so, so much timber is built here. And to your point, like, why are these trust manufacturers there and all that kind of stuff? It's like, well, Atlanta and all these southern cities are growing like crazy. And it's where the wood comes from. Yeah. And it's just nuts.

I have a friend who sold a business in South Carolina and they made telephone poles, which, you know, there's not a lot of making that goes into that. You basically cut down straight trees and you treat them, you know, with creosote and other things. Sold the business for $220 million. So like it's, it's a big business. I'll take it. Not a lot of telephone poles being put in in the southeast. Yeah. Wow.

All right. Do we like this one? I think I really like this one. I like it. But to Heather's point, I think, I think buying something like this, you, you basically have to find some way to do it with little to no debt. It's screaming out for seller financing, right? Yeah. I mean, perfect candidate for seller financing that is flexible and can scale up or down with revenue.

I think that this is one of those industries too where the pendulum swings really hard and really far between consolidation and more independence. And so there have been a ton of, you know, just cycles of big acquisitions, like the one that my friend got caught up in. And then, you know, somebody comes along and says, hey, I want to do this and they grow it. And then, you know, 20 years later, it gets caught in the next cycle of acquisitions. There's, I think, kind of a, it's not really a land grab as much as it is like a geographical kind of customer grab for these that I think really drives it. I like it. I wish I owned the business. Sounds up with no debt.

Heather's like, you just made my job easy. No debt. Perfect. I like it. Someone should buy this. All right. somebody get mills look your name is already mills like you should be in the timber business so like get on the horn call i'm gonna be very close to there in the next like three weeks i might reach out to lee

and look i mean yo his website he looks like a really nice person he's got a picture of his family on his website yeah look bro we covered this you drive down to 30 a apparel you represent you buy that business on the way back you swing by this lumber thing drop a few milly and then come back like instant hold co. Capital call is in your inbox already, Michael. It's too. Oh, yeah. Sorry.

I only speak Spanish in my inbox. All right. Well, great job, guys. Any other words of wisdom on this one? Otherwise, man, I think, I hope somebody calls on this one and it. I like it. Props to middle for introducing us a new business broker. I'm going to call before we hit publish so that I can front run it a little bit.

It's only fair. You have to look out for our community, bro. Look out for our community. Would they do that to you? They definitely would. Definitely. All right, everybody. If you enjoyed this episode, call a friend, tell them you loved it.

And I think the coolest thing, Bill, you point this out in the chat is people get exposed to what we've done. And the back content library is huge for them. There's people who just go through and listen to all 300, which, by the way, if you just did that and you're catching up, right now. I really apologize for episodes 1 through 3. They're not very good. But if you stuck through this long, I think it's super good. 1 through 3. How about like 1 through 50? We were figuring it out

for a while. I was telling somebody the other day, we were doing two businesses per episode. We were looking at two deals for episode. Unbelievable. And I was doing a bunch of prep work beforehand. Do you guys remember I had notes? What idiot.

I was like, wait. Why am I doing homework. I don't want to do homework. At least you never did spreadsheets. I think that was a really smart move. That's a really good one. Publish a model for each deal in conjunction with the episode of sheets. Oh, dear Lord. All right.

Catch you later. Bye.