Acquisitions Anonymous - #1 for business buying, selling and operating - Is this car spinner business a good side hustle? - Acquisitions Anonymous episode 149

Episode Date: December 14, 2022

Want to receive this listing in your inbox? Signup for our weekly newsletter:https://www.getrevue.co/profile/acquanon-----Michael Girdley (@Girdley), Bill D’Alessandro (@BillDA), and Mills Snell (@thegeneralmills) talk about a Profitable auto display rental company for sale.We discuss the deal and gain insight into this company’s inner workings. There is some weird stuff about this deal, and we will try to understand where this business sits in the value chain.We came across some warning signs and potential issues that could affect this business, but in conclusion, Bill shares his innovative strategies and ideas for managing this rental.-----Thanks to our sponsor!SMBash.com - Join us in Austin, TX, from April 27th - 30th, 2023, for one-on-one interaction with others who focus on buying, operating, and investing in the SMB and Micro-PE space.SMBash is a live gathering of SMB, Micro-PE, and ETA owners, operators, and investors.-----Show Notes: (00:00) - Introduction(00:31) - Our Sponsor is SMBash(01:54) - Deal & financials: Profitable Auto Display Rental Company for Sale(02:19) - What does this business do?(03:53) - What do we think about this deal?(06:48) - What do we think of this product?(08:23) - How do Car Dealerships make money on new car sales?(10:01) - Mike’s rant about Tesla!(13:43) - Who should buy this deal?(15:58) - Where does this business sit in the value chain?(17:36) - How does the tax shield work on this deal?(18:21) - What do we like about this business?(21:00) - What is the hidden red flag on the inventory side?(22:00) - What would Bill’s strategy be for this deal?-----Additional episodes you might enjoy:#146 - Should we buy 239,000 Domain names?#145 - Is this design agency a good buy?#144 - We spot an amazing Business Broker#142 - Should we buy this Crossfit Gym?#141 - A very profitable B2B Internet Business in the Petcare Vertical#140 - Let’s SBA the heck out of this deal - with Special Guest Heather Endresen-----Subscribe to weekly our Newsletter and get curated deals in your inboxAdvertise with us by clicking here Do you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel. Do you enjoy our content? Rate our show! Follow us on Twitter @acquanon Learnings about small business acquisitions and operations. For inquiries or suggestions, email us at [e-mail]

Hey, Michael here. Welcome to Acquisitions Anonymous. Today's episode is a cool one. We found a company that sells those spinners that auto dealers buy to put cars on top of. So if you ever drive by an auto dealership and they have the cars elevated on a deal and they're spinning around to get your attention, these guys sell them. And it's a very interesting business. We dug into it and who might want to buy it. So thanks for being here. And here is the episode after a quick word from our sponsor. Today's sponsor is Essend Bash. Yeah, I made it to the conference last year in beautiful sunny downtown Orlando, Florida. It didn't, it didn't sun, by the way. It rained the whole time. But it was a great, conference. So yeah, they're sponsoring again. And, you know, I think we love that show. I love

speaking at it. And I think totally recommend everybody consider going, especially if you're a small business owner operator who wants to think about M&A. You know, it's a great, great conference. So I know, I No, you missed it last year. I was super bummed. I tested positive for COVID one hour before I was supposed to get on the flight. And I was like, maybe I could just ignore this, but it was definitely not the case. I got laid flat on my bottom. I liked it because it really opened my eyes up to kind of the future of conferences.

Like, I think the days of like Web Summit or like Dreamforce are these like huge, like giant conferences, like they're so lame. Like I don't think anybody wants to go to those. But I think much more intimate type things like with Asin Bash guys. did. Super curated. Yeah. Yeah. You get, you get more focused content around what you're trying to do. You get people that are much more like, you can have real conversations with people and they can curate who comes. Like, I think all that's really cool. So next to April and Austin. All right. Well, we're happy to support them and we want them. So go there. And you can go to smbash.com.

Is that right? Smba.sh.com sign up. So tell them we say yeah. And we'll go from there. Welcome back, everybody, to another episode of Acquisitions Anonymous. We got a fun deal today. Bill is going to read our deal and take us away. All right. Now, this one is cool. I love doing weird deals that are right in front of your face and you didn't realize we're a business on Acquisition Anonymous.

And this is one of those. This is called a profitable auto display rental company for sale. And if you're on YouTube, you can see the picture. What this business does is they rent what are called spinners. So if you go to a car dealership and there's like a big truck, like lifted 20 feet in the air, like spinning on a platform, that is the equipment they rent, not the truck, the spinner that holds the truck up in the air. It says they rent and sell patented tower spinners that are primarily used to display new automobiles and light duty trucks for automobile dealership. Each of these two owners have primary businesses to which they devote most of their time. So this looks like it is a side hustle for two guys.

both of them spend very little time focusing on this company and both acknowledge that if someone were to focus on building it, the potential for growth is enormous. It says the spinners require very little maintenance and have proven to be extremely durable. They have found that once they lease one of the units to a dealership, which is usually on a one or two year lease, the leases are very often renewed. The monthly lease rates are between $1,500 and $2,000 a month depending on the term of the lease. There are an additional 13 spinners, sorry, 1112 tower spinners and 11, 2,000. spinners, I don't know what the difference is, available for sale to the new owner.

These additional spinners would be essential to meet the demands that you would create by future growth. So it looks like you get all that included in the sale price, you get all the spinners that are currently being leased, and there's also an opportunity to buy more spinners here if you need to grow. So it says those surplus spinners are available. They're valued at $700,000, which you could buy them extra if you wanted. The owners would strongly prefer to sell both the company and the surplus spinners to everybody. So what's weird here is I think this business owns like, you know, N number of spinners. And half of them are in use and they're going to include those. But they're going to try to sell you the other half, basically their idle inventory

as extra, which I don't, Mills, how do you feel about that? Oh, I mean, this is, this is like lower middle market. This is like Main Street, right, dilemma all day long, which is, you know, I want you to buy my business based on a multiple of cash flow, but then I also want you to buy my inventory or buy my assets. And it's like we, you know, it's really difficult to separate the two. I mean, they're asking for a three times multiple. So I feel like it probably starts to get a little bit, a little bit, you know, expensive. If you're having to buy both, you know, they want $600,000 for the leases in place, which you

could underwrite and figure out, you know, what are those leases worth. And then they want another $700,000 for. the idle equipment. We don't know, though, how many, you know, how many are actually under lease. And, you know, like, I guess the ones that are under lease are generating, you know, the four to $500,000 in revenue and $200,000 in cash flow. But you would have to, you need to know that in order to really be able to figure out what are these idle ones worth? So I'm the guy that does the math on the fly, right? So on the fly, my basic math, and we should tell our tell our readers the size of this business. So this business has $450,000 of revenue and $203,000 of

cash flow. So pretty sweet, 45% cash flow margin here. Now, of course, this is the part where mill screams, but the depreciation really matters, which is not in there. It says they got $100,000 of FF and E. So I basically did the math because they said the monthly lease rates on these things are between $1,500 and $2,000. So I'll average it out at $17.50 times 12, and I divided it into their $450,000 of revenue. So this should tell me about how many spinners they've got out. It's about 21 spinners. So the thing that is a little bit weird is I think they've got 21 spinners in the field, assuming that they're all leased at, you know, that they're telling truth here. They have 21 spinners in the field and they say the FF&E of this business is $100,000. So that would value each

spinner at $5,000, roughly. But then, so I think they got 20 spinners in the field. Separately, they say they've got 24 surplus spinners that they want, they want you to buy for $700,000. So you got, if they're, if 24 additional spinners are $700,000, then that means each spinner is valued at $30,000, roughly. And it rents for $24,000 a year. you get your money back in the first year roughly.

But I'm not sure these spinners are actually worth that much. What do you guys think? They're rarely worth that much. They never are. Well, it's the old conundrum of, you know, I think especially inexperienced sellers at this end of the market, they want to do two things. One is they want you to pay cost for what it costs them to get a piece of equipment. And they don't really value it at what the market value is for the thing today.

And then the second thing that I'm kind of surprised they haven't done, and maybe they are doing it, but they try to get you to pay for how much the business is going to be worth to you. So it's like, oh, you're going to operate it 30% better than me. Okay, add 30% to your, you know, to your profit number and then let's do a multiple of that. And it's like, well, wait a second. You know, this has to be a good deal for us too. I can't just be a good deal for you. Yep. Yeah, well, they want you to buy all these surplus spinners that they've got on their balance sheet and they want to wash their hands of it.

But why would you do that? Why wouldn't you just buy them as you lease them up? You know, I mean, that's the first thing I would ask for. Also, I mean, if they're saying you need these to keep up with demand, then why aren't they leased? Like, maybe there's a backstory. They just acquired them. They haven't had time to put them in the field.

And it's like, okay, well, if there's so much demand, why don't you wait three or four months, put them all out into the field and then I'll pay you a higher price because there's cash flow associated with these assets instead of just, you know, they're sitting idle and I have to store them. I do think it's worth talking about like, we talk about like, we're talking about. about buyer business fit, which I think is like one of your genius ideas, Bill, and I'm glad we keep bringing it up. But then there's also like buyer customer fit. Like, I don't know if you guys have ever dealt with businesses that try to sell things to car dealerships. Card dealerships are like

up there in the top 10 worst customers. Like, it's just unreal. Like, they have no, you know, they have no real attribution. Like, they're whole, and it kind of, it kind of comes in my mind from how card dealerships actually make their money. Like, I mean, I assume you guys have looked at this, right? dealerships don't make any money on new car sales. Like, it's mostly just a services and a parts distribution business with like a new car sales attached to it. And a financing business. And a financing business. Yeah. And, well, there's the consumer financing, but then there's also, you know, the guys that are auto dealers here in San Antonio that got super duper wealthy. They're the ones that went in vertically integrated. So like, they also got into the planning business, which is like

you make loans to auto dealers to help them pay for their on-site inventory, like their inventory finance loan. So it's like how meta. Yeah, it's like, yeah, like some of the richest people in St. Antonio, like this, this city is basically, if you go look at who like donates to all the political campaigns, it's like, auto dealer, auto dealer, auto dealer, and everybody is like, wonders why we don't have mass transit here. I was like, I'll tell you why. The train lobby is not in there giving money to like the, to the politicians. So nobody votes for it. They build more roads and we have more interstates. Well, not just that, my mind. The crazy thing is that car dealerships are a, I guess, is federally or locally, they're protected.

Car companies are not legally allowed to sell direct in most states, right? So they are mandated to exist, and that's why, because they give a ton of money. Yeah. Oh, I had a rant about Tesla. Could I do my rant about Tesla first? Yes, do your Tesla rant. I bet they use the Spanners. All right, here's the deal.

There is, like, I ran into some buddies this morning, and I was leaving a coffee shop. They were coming in. I drove up in a 2017 Subaru. One of my buddies drove up in a Lambo SUV. I was like, look at this guy coming in. It turns out it's my friend. Another guy drives up in a $250,000 turbo Porsche, and he rolls right into the handicapped spot and puts the handicapped thing up on his, on his dash and gets out of it.

He's in his 70s. So like, he gets a pass there. These are your friends, right? You prefaced it with these are my friends. Oh, yeah. You know, I only hang out with ballers, guys. That's how this one. These guys are a car dealers, apparently.

Neither one is a car dealer. But they're like, Gurdley, why do you drive a 2017 Subaru? And I told them, like, the absolute last thing I want to do in my entire life is talk to a car dealer. Like, it is the worst thing. Like, that's why I buy a car that never breaks because I never want to go in there. I never want to talk to one of those guys. I never want to get, like, go through the whole thing because it just makes me feel dirty to

do the whole thing. So anyway, like, getting rid of car dealers is why I wanted to get a Tesla. And I'm like, okay, I'll get a Tesla. they're going to get rid of that. But then Elon goes and totally screws it up. And he keeps marketing this full self-driving thing for $20,000 that isn't freaking full self-driving. So I'm like, oh, you did this one thing that's just great. But now you're lying to me to try to get me to pay an extra $20,000. So like you just wouldn't have ruined it. Like, you just ruined it, Elon. So don't do that. I want to drive a Tesla and look like you're this modern tech guy. But now you drive a Subaru

and look like you probably wear Birkenstocks and smoke weed in the weekends. soccer mom yeah i'm down with that so anyway so back to my rant like you got to think about who you're going to be trying to sell these things to like these are not these are fickle people they don't have good revenue attribution when they buy this spinner from you they don't know if it works they literally do not know if it helps and they will never find out it's just all stick their finger in their mouth hold their finger wet finger up to the air and say i think it made a difference so like this is the opposite of whatever mission critical is it is just like some general manager being Like, I think it works.

Let's get a spinner. We did good when we had one before. And in this world, there's these consultants who go around to car dealers, you know, on a, on a brand by brand basis and we'll say, hey, you know, here's how you can drive sales. Here's how you can, you know, generate more revenue. Here's what everybody else is doing. And it's like a total herd mentality. The thing I can't figure out is why is it that the dealership doesn't own this, right?

If they sign a one or a two-year lease and these guys are making their money back within the first probably, you know, 12 to 18 months, why aren't the dealers just buying these? I mean, maybe it's just a cash outlay thing, but you got to think if you're sending a two-year lease for, you know, what would that be $36,000 and these things cost anywhere near that same amount, why wouldn't you just buy it? Maybe it's smaller dealers. Maybe it's not like the big marquee ones, but I cannot figure that out.

I don't get, I mean, I don't get it unless they're like, hey, I want to test it. But as Michael said, they have terrible attribution. It's not like they're running an AB test and they're going to look at cardio or car sales when there's a spinner up and not. So I think, as Michael said, it's just a hunch. And they're like, oh, we'll try it. Maybe it's easier to say try it if you just got to wave your hand and these guys erect it and they'll take it down if you want it gone, all that stuff.

I don't know. I agree. Like you lease it for one year and then the next thing you do is buy it. It does say in here somewhere that they lease and sell these things. So maybe that's what happens. Maybe they lease it for a year. and then they sell one. And I don't know, maybe the math works out, right?

They basically sold it twice. It would be interesting to think about what kind of buyers should buy this. And I was just thinking about it. I was like, you know what it needs to be? Like somebody that's already like one of these car dealers and like knows all the car dealers, both in the independent and the branded shops. And like, you know how to talk to those people. You can walk in there and be like, I got a spinner at my shop.

You know what I did? I sold a, you know, 2008 Cadillac STS for four. $42,000 to some sucker. By the way, that's the car we give my teenage kid. It's really, it's amazing. He says it's not helping with his dating life as much as I thought it would. Anyway, you know, it's been great. I remember when I was in the 80s and I was just desperate to get a car because that was the way like in suburbia.

You like got to actually be a real human being. and we went through the standard COVID post stuff with our teenagers where they wouldn't leave the house. And now, like, my son has a car and he leaves the house. I'm like super excited. But like five minutes after he left, literally, this is the conversation. Well, what do you think he's doing out there? Is he getting into trouble? I was like, we were just dying for him to leave the house.

Like, what do you mean? What is there to worry about? He's probably out there trying to rent spinners to car dealerships or some other similar side hustle, gurdly style. Let's go. Always time to make money. It turns out one of the owners of this business is, girly son that is side hustling this. But I think if, you know, if you were somebody already in the car business who understood these people, knew how to talk to them, like, that's the type of person

that should buy this. You know, somebody that talks like me, like, no way. I would fail at this business so fast. You got to think, though, I mean, this, like, equipment rental as a business, like, you're going to ask the same fundamental question that I was just asking, which is why wouldn't you just own it. But at the end of the day, there's billions. I mean, United Rentals is like an $8 billion business, right? And Hertz and Sunbelt and all the others. And it's because, you know, why spend $70,000 on a piece of equipment when you could rent it for $500 a week? That just happens. That's just a phenomenon, right? People don't necessarily need it all the time. And it doesn't make sense to own. This, though, is something that's stationary and it sits there. So I'd really want to understand more about,

like where does this company actually sit in the value chain? Because like you said, could be totally discretionary, could go away overnight. Everybody could realize, you know what, spinners are out. And, you know, now, I don't know, you know, like you see some of these places that build like towers, right, you know, and have an elevator and they put the cars up in there. There's no way that, you know, from a cost benefit analysis, there's no way that actually helps. Did you just equate this business to Carvana? We're supposed to be nicer to the deals, you can't equate it to Carvana. From a sales tactic standpoint, right?

Like to your point, if you're having to spend $1,500 a month on one of these things to sit out front of your car dealership, you probably need to be selling like a pretty high volume and you need this to, you know, attribute to that volume or contribute to it. And so I just, I would really want to know where it sits in the value chain. This is a great time maybe to get into this business from a timing perspective. The post-COVID, we can charge whatever we want for cars. Days are over, right? Interest rates are way up.

People can't afford $1,500 a month car payments. And you go look at car dealership lots now. They are full of cars, full of cars. So this maybe is a good time to be somebody that's like, hey, you know what you should do? You need a spinner. That's your problem. It's not high interest rates. So do you see it that way, Michael?

Or do you see it as this is a discretionary car dealership expense? They're way heavy in inventory. I don't know if a lot of cars are going to be sold over the next two to three years, and they might be trying to cut the discretionary $2,000 a month spinner thing. I think because these guys operate at basically zero margin for their sales, you know, for direct sales, if you show up and pay cash, right, they're making very little on the car post cost. I think they have a total, we just got to move inventory mentality.

We don't want stuff sitting on our lot. We don't want to pay taxes on it. Like this doesn't, you know, the car dealership world feels like a, it's another world because it really is. These guys are just a lost leading vehicle to try to get you to buy the razor. So you'll buy razor blades from the back door later at a high margin. So that's just the mentality. I think downtimes help something like this.

If you're doing this or like the wavy hand, you know, like inflatable guy, like this is boom time for you. Let's go. This is your peak moment. All right. All right. So let's talk about some things I do kind of like about this business. on one hand, there is some major tax shelter depreciation, bonus depreciation going on with these

things, right? Like, you're buying a bunch of assets. You're 100% depreciating them in the first year, which is going to entirely shield your first year of rental income from taxes completely, or you can bleed off and take into other businesses that you may own. So there's a really, really nice tax shield built in here. The thing that if you could get these on lease and they do just sit there, I mean, 100% ROI, right? They return capital every year is really not bad, especially if you are not having to pick them up and tear them down. If you are having to pick them up and tear them down, though, you know, I start to wonder how much does that cost? And also, like, at some point, all the car dealers in your town, you kind of dated all the girls, right? Like,

everyone everyone's had a spinner for a year. Like they don't have a spinner. Like, do they come back? Or like, I wonder if you got to start trucking them further and further to get your yield on your assets. But, you know, this is the type of thing that's interesting. It's a side business, right? So it says specifically in here, two guys own it and they both got other businesses.

So this is like a pure side hustle for these guys, which you got to respect. Like, they were like, let's go out. I'm sure this, I love to hear the story. Like, let's buy two spinners, Mills. Like, let's see how it goes. talk a car dealer into it, right? Like, see how it goes. And before you know, they got 20 of them in the field, right? So, like, good on them, like, super cool. I just don't know how this scales. Like, you think it could scale, like, full time? Like, you're going to have to really start trucking these things. No, I don't think so. I mean, I mean, you think about how stationary they are and, you know, they turn over, you know, once every 24 months, right? Or maybe once every 12 months and you only have maybe 40 and, you only have maybe 40 and, you know,

the field. So you're talking about like one or two tasks per month, you know, on average to maybe move and relocate these things. I think there's a guy, you know, with a flatbed trailer who does this for you. And, you know, it's fairly, it's fairly hands off. No big deal. And then you just store them in a grassy field somewhere on the edge of town. That's true. They may not even have to be like stored inside because it's an outdoor piece of equipment. Yeah. So like, I don't hate it if you don't end up with your balance sheet upside down. And I'm starting to wonder if maybe that's what happened to these guys. Like I wonder if they had to, maybe these are custom fabricated, or like maybe they had to buy 40 of them. And they've only got 20 in the field that are productive.

Who knows, maybe there's debt on it from when they had to, you know, had to buy all 40. And it sounds like they're trying to get out from under kind of a balance sheet that's a little upside down. Because the thing that just really freaks me out about this is in addition to the spin that are currently being deployed and earning revenue, there are surplus spinners valued at $700,000. That is scary to me. And it's also scary. There is a sentence further down the thing that says the current owners,

basically it says like, we strongly prefer to sell you both the business and the surplus spinners. This is having trouble finding it. But basically they come out and say, we really, really, really want you to buy both. And that tells me that they really, really, really. they do not want to own all these assets anymore. Yeah, I mean, definitely not.

If they're not leasing them anymore, it does make me wonder, though, is there some potential like creative deal structure where maybe, you know, you have a first right of refusal and an option to buy the remaining ones as you, you know, as you kind of actually put them on lease that you're then starting to take them down from these guys. But it depends on how, you know, how desperate they are in wanting to sell both. And obviously, the person who buys the least ones is definitely the buy. the buyer of preference on the ones that are surplus. Yeah.

I mean, the other way, if you want to be real devilish with them is you try to make them keep all the assets and you lease them from them. I love this about you, Bill. I love this about you. Yeah. So you're like, I'm going to do all the operations. I'm going to do all the marketing. I'm going to install them and remove them, like all that stuff.

But like when they are at a car dealer, I will rent them from you for $750 a month, which is your cost of capital plus a spread. You're just an equipment leasing. I'm your only client, right? And I run around and do all the work, and that's why I make a surplus. That's how you make them really hate you and tell them to, and they hang out the phone on you. Right? Because that would tell you, if you propose that deal, that would tell you the thing that they

really have a problem with is their huge balance sheet. So, I mean, a dumb question on this. Like, if I own this right now and I was these guys, it smells like they had a bunch of these leased and then they took their eye off the ball and now they have a bunch of them, only about half of them still out in the field. And neither one of them is spending much time actually out doing any selling. And car salesmen don't make a lot of money in general, I guess, unless maybe you're selling Gwagons at the Mercedes dealership. But other than that, like, why wouldn't you just hire somebody?

I mean, if you're cash flowing $200,000, you could grow this business a lot. It smells just like having somebody actually work on it and try to grow it and go, make some sales would be the great way to unlock it. And they sound like they're just trying to, you know, give what is, kind of smells like a distressed business off on somebody else. So I don't, I don't get it. It's very confusing. It feels a little gimmicky, right?

Like they bought a gimmick and now they're like, oh, we got to get out of this thing. You know, somebody was like, this is amazing. This is your path towards passive, you know, passive income. And then when it actually panned out, they're like, oh, it's not so passive. And, you know, what, we're upside down, you know, you know, on our, on our assets, the liabilities. Yeah. I mean, there could be some, like, so we think they're about half utilized.

There could be something, like, let's say you live in the adjacent state, right? You find a way to finance the existing business, right? And you try to get your existing guys on longer term leases or whatever. Maybe they finance it. Maybe they sell or finance it for you to take some of the risk out of it. And then you live in the adjacent state and you go, I'm going to run this, these guys are Illinois. I'm going to run the exact same playbook in Indiana using the extra.

or 20, which I'm only going to buy from you and finance with my equipment finance people, you know, when I need them. And I'm going to make sure I put them on three-year leases instead of one-year leases to match the term of my financing. And maybe if you creatively do it, before you know it, you've got a really nice, you've doubled the business, you know, and you haven't had to come out of pocket a lot if you got them to finance the existing ones and share some risk if they came off use. And you got maybe an equipment lender and longer or leases to finance the adjacent state ones, maybe you've doubled the business. I don't hate it.

I don't hate it. There's worse stuff that we've looked at. Well, I mean, back to people's complaints. Like, why do you guys poop on everything? And it's like, well, almost everything's crap. That's why it could be crap based on it's just general crap. Or it could be crap because you don't understand it. Or it could be crap because like you're not the right buyer for it.

Like, I mean, out there somewhere, you know, there are some good deals. But yeah, our hit ratio is what I would expect it to be where there's like one out of 20. Because we actually select the other 80. There's a reason search funders take 18 months to find a deal. Like it's not because they're just like only looking at 18 deals. It's because you've got to go look at a lot, a lot, a lot of stuff. And if people take away anything from this, it's like, yeah, like you got to be patient, got to look at a lot of stuff.

And that's why we hate stuff because they're supposed to. Yeah. But eventually you've got to find the one bringing back to buyer. business fit that you hate the least, right? There's always going to be something wrong with it, always. But you got to find one that, you know, to your point earlier, Michael, like, maybe you got a lot of car dealer connections. And so like this one, you hate the least. And this is a great pit for you and you've got to pull the trigger or you just got to go back and get a job. Eventually, you got to buy a deal. So my really wise friend of mine said once, he said, all small

company deals, whether it's VC or purchases, have red flags. It's just up for you to figure out if you're okay with those red flags or not. Like, I thought that was really smart when I heard it. So, but it's really true, right? Like, there's, at this small size, there's always big red flags. And you just need to make sure you understand them. And then price and that risk, just part of the deal. So, super cool one.

And yeah, send us more stuff. Super cool. All right, guys. We'll catch you next week. Great job.