Acquisitions Anonymous - #1 for business buying, selling and operating - Is This Family Fun Center Worth $4 Million?

Episode Date: January 10, 2025

Explore the ins and outs of a San Antonio family entertainment center deal in this episode of Acquisitions Anonymous!Business Listing - https://www.bizbuysell.com/Business-Opportunity/san-antonio-family-entertainment-center-bowling-bar-trampolines/2260630/🎯 Sponsor SpotlightReady to make your business ownership dreams a reality? Check out Acquisition Lab, the ultimate resource for aspiring entrepreneurs. Founded by Harvard MBA and acquisition expert Walker Deibel, the Lab offers hands-on support, world-class resources, and a community of like-minded individuals to guide you through the business buying process. Visit https://www.AcquisitionLab.com to schedule your free consultation today!Episode Summary:In this episode, the hosts take a deep dive into a unique San Antonio family entertainment center featuring bowling, trampolines, arcade games, and a full-service bar and grill. With $4 million in revenue, the business raises questions about scalability, operational efficiency, and potential growth in the highly competitive entertainment market. They explore whether this franchise model is an opportunity worth pursuing or a deal to avoid. Tune in for an insightful discussion on location dynamics, franchise benchmarks, and potential pitfalls.Key HighlightsBusiness Overview: Features of the San Antonio entertainment center, including ropes courses, VR arcade, and dining options.Revenue Analysis: $4 million revenue and $870,000 EBITDA—what it tells us about the business's potential.Franchise Insights: Discussion on the Main Event franchise model and comparisons with other locations.Operational Challenges: Managing a family entertainment center—staffing, marketing, and revenue optimization.Demographics and Location: How San Antonio's unique demographic trends impact business performance.Subscribe to weekly our Newsletter and get curated deals in your inboxAdvertise with us by clicking here Do you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel. Do you enjoy our content? Rate our show! Follow us on Twitter @acquanon Learnings about small business acquisitions and operations. For inquiries or suggestions, email us at [e-mail]

I like this. I mean, this, talk about things that are not going to get disrupted by AI. People wanted to go someplace and like play games and drink alcohol. Like these real life experiential things are, there's, there's a lot of positive tailwinds behind them right now. The replacement cost of this thing, they had to spend millions of dollars building this out, putting all the arcade. It's still just unbelievable to me how little revenue for how big this thing is. Just said Acquisitions Anonymous. We don't have a 100% fear anymore. And thumbs downing on just the plus inventory line.

Hey, Michael here. Welcome to Acquisitions Anonymous. Today's episode was super fun. We did a family fund center here in San Antonio. It is my birthday tomorrow. We did not talk about that. But we did talk about how I could use some fun on my birthday. And this family fun center was part of it.

And you can see if we liked it or hated it. and here's the episode. Thanks for being here. Are you ready to take a leap into business ownership but you don't know where to start? Well, look no further than Acquisition Lab, the premier resource for entrepreneurs seeking to buy their dream business. Founded by Harvard MBA and acquisition expert Walker Dibble, the lab is your fast-track to success in the search diligence and acquisition process. With hands-on support, world-class resources, and a community of like-minded entrepreneurs, Acquisition Lab gives you the tools and confidence to navigate every step of the journey. And we're proud to call Walker and Chelsea, the lab,

director longtime friends of the podcast. They're passionate about helping entrepreneurs like you take the next big step. So don't wait to make your business ownership dream or reality, visit AcquisitionLab.com today to learn more and schedule your free consultation. And when you do, be sure to tell them the Acquisitions Anonymous podcast sent you. Gentlemen, happy New Year. Happy New Year. January 3rd. I apologize for being on AirPods today, but I went upstairs to my office and discovered we have a teenager guest sleeping over. And so this kind of stuff happens when you have college kids,

like random people just show up your house and start sleeping and eating your food. That's what's going on today. That's awesome. Well, Michael, it is January 3rd, which means you have just come through one of the two most harrowing times for fireworks distribution. And I also know that Seth was running his own fireworks stand this year. Tell us how it went. You know, it is a always,

a great season in San Antonio. I think consumer discretionary is definitely hurting. I could see that watching people. But, you know, San Antonio loves New Year's. I don't know. Did you guys watch any of the videos? Have you seen those? No.

Is it because you give every resident of pair of free fireworks to shoot off? Is that why? It is the thing to do. It is the thing to do because the weather here is so nice. And it's become over the past five years, 10 years, everybody goes out, buys backyard fireworks, has just beautiful family time in their front yard. And at midnight, the place is just incredible. So I encourage anybody, like, there's a number of cities around the world where this happens.

Honolulu is one. But San Antonio probably does it the best. Just go Google, like, New Year's Eve fireworks videos on TikTok and other stuff. It'll blow your mind. Like, it is the thing to do. So you're saying San Antonio is like a top three New Year's Eve city? if you like that kind of stuff I mean I think I think for sure

You got a total line here It's like Bill can't talk about pet Related deals pet products deals Michael doesn't want to endorse New Year's fireworks too strongly here Well it's a weird deal right Because Like the way the rules are written

In Texas is you're not supposed to shoot fireworks Inside the City Limits And we encourage people people to follow the rules, but people don't follow the rules. And they all don't follow the rules on the same night. And it's one of those weird things where you're like, it's the same thing like if you own a bar, you're like, hey, guys, don't drink and drive, don't do crazy stuff. And people still do them anyway.

So, you know, it's, it makes it hard. It's one of those entrepreneurial rock and a hard place things if it makes sense. And everyone in San Antonio is like, you can't arrest us all the same time. Let's go. A bunch of rebels down in Texas. It's pretty much exactly that, right? Speaking of San Antonio. Yes, we have a San Antonio deal today.

Speaking of fun in San Antonio, I brought you guys a deal. And this was an interesting one because I was looking at deals and as one does for relaxation. And there's a bunch of these types of businesses that I'm going to show you this one, suddenly on the market. And it makes me wonder if there's something interesting. for us to figure out as a trend here happening. So let me read you this one, and then I'd love to see what you guys think. All right. Let's hear it.

So it is a San Antonio Family Entertainment Center with bowling, bar, and trampolines located in San Antonio. And it has a picture here. It's on Biz By Cell. Basically, it has a bar and grill, kind of TVs. And then a lot of the stuff you would just imagine in one of these places, it has like a ropes course and arcade games and laser. tag and like a hollow deck type thing.

Is this thing a million square feet? Like the real estate for this has to be massive. They have a ninja course, virtual reality, arcade, bowling, bar trampolines. Like they literally, and it's a restaurant. I'm pretty sure. I'm pretty sure this is a franchise called Andretti's located here, which is like Mario Andretti's stuff. their rent is almost $34,000 a month is what this says yeah wow yeah it's just crazy okay so let me read about this and then and then we'll go um so asking price is $4.1 million not applicable in terms of cash flow gross revenue is $4 million inventory is $40,000 and EBITA is $870,000 and rent is $33,916 a month

furniture fixtures and equipment is not applicable and it was established in 2018 business description it's a ninja course with a virtual reality arcade and more it's a full family entertainment center for sale join the explicit growth in the family entertainment industry and it's an established franchise with over 10 years of experience and a leader in the industry the center features multiple state-of-the-art attractions that appeal to all ages including bowling laser tag arcade ninja course, trampolines, ropes course, and more. Other guest amenities include a pizza restaurant and a full bar creating additional revenue streams. Aide defensible site in a busy shopping area

with national co-tenants. Our successful operating model focuses on guest experience while keeping operating costs low. World-class franchise support included an in-house marketing team to plan and execute your individualized marketing playbook, business support to keep you operating efficiently as possible, and the new owner should have experience managing people and P&L management experience. It has 40 employees, the lease expires in 2031, and it has all updated state-of-the-art attractions

including bowling, VR, Ninja Coors, trampolines, dodge ball and basketball courts, 35-piece arcade with redemption area and more kitchen with all appliances, fully built-out bar and comfortable seating area for guests, private party areas for birthday parties, and large group events.

National competitors are in the market, but this location will out position many of them, full family attractions, to set you apart from the competition, and then they talk about why they want to get out of it. And basically, it's an established franchise, and they want to divest themselves from the business. And they actually give the exact address of the business here. I'm glad they do because that matters, right? This is a little bit of a location-dependent business.

So this is not Andretti's, then. And I know we're trying not to do the thing where we don't out the... But they put their address on in your business. I mean, this is. If they tell us what it is, I guess we can look at it. So, yeah. Well, here, let me just zoom in on Google Maps. I'll just go ahead and do the street view.

Oh, it doesn't work. Okay, well, let's talk about this deal. I'll keep looking on that. I'll keep looking on Google. Just type that address into real Google and it will come up. That's what I did. It keeps giving me that spot. It's interesting.

Weird. So, okay, this is a children's wonderland, right? I think it's adult. It's an adult wonderland, really. It is? That's the first question. Is this for kids or is this for adults or it's for the whole family? I think it's family.

But I think it's one of those places. It's so funny. Before we hit record, I was just telling Bill, we just got back from Great Wolf Lodge right outside of North of Charlotte and Concord. And I think if you're doing this right, you find ways to entertain everybody. So although like the pictures make me think like they're showing live sports, you know, here. They have a full service bar. I'm guessing, I don't know, there's no pictures of the Ninja course, but that could appeal depending on like the scale of it.

That could be kids only or kids and adults. But bowling, I mean, I'm thinking this is all family. That's what they claim in the listing, family entertainment. I like this. I mean, this, talk about things that are not going to get disrupted by AI. You know, like, Brandt always says that he likes pool companies because people are always going to be dipping their bodies in water for relaxation. Yeah. You know, that's not going anywhere.

People wanted to go someplace and, like, play games and drink alcohol is not going anywhere. Yeah. Like, these real life experiential things are, there's a lot of positive tailwinds behind them right now. Do you know this place, Michael? Do you have a sense for like, are you a regular? Do you have a membership? Yeah. Do you have the frequent flyer card?

Have you been accruing points? I think I found it It's this main event San Antonio Entertainment Which is right here on this west side of town That looks sweet That's kind of more of what I'm imagining Yeah

Ninja course is gotta be it It's huge So it's like a giant warehouse They've got bowling they've got this high ropes course Like erector set inside And what's cool is it's over the arcade Yeah The Ninja courses on top of the arcade

This is pretty sweet I like this. I mean, the replacement cost of this thing, they had to spend millions of dollars building this out, putting all the arcade. I mean, maybe, so maybe, right? Yeah, they had to build the high ropes course.

They had to build a bowling alley, and they had to do a bar and kitchen build out. Right? The ropes course, though, looks like just basically some riveted together steel. Like, it doesn't look that intense. And that all the arcade games could be least.

Yes, true. You know, like, there might not be as much cap-ex in this as you think, and it looks like the location is sort of on a highway. So their rent, now looking at how big this is, their rent being $33,000 a month, I would say only $33,000 a month. I think it's kind of crazy to me is relatively how little revenue they do. That's a good point. Yeah, only $4 million in revenue.

I mean, to put that in perspective, like, your typical, like, coffee shop for a Starbucks, will do, you know, could do two million a year for a little tiny Starbucks. And this is, this is relatively low. How many fireworks stands would it take to get to $4 million in revenue? Are those closely held secrets? I mean, if your average head spends $100,000, that's 40,000 people a year. You know, is 100 people a day, is 150 people a day? Kind of cost.

That does seem a little light. That being said, on four million of sales, they're doing what, $850,000 of EBITDA? So it's 20% margins. I looked at this car wash, like maybe 12, 13 years ago. And I knew the seller and I was doing some work for him. And I just offhandedly, it was like, I mean, just like curiosity, how many cars do you do a day? And it was like I asked him what color underwear he was wearing. He was like, we don't talk about throughput.

put, those are closely held secrets for our industry. Like, he did not want we're getting out how many cars. I'm like, somebody could sit across the street and count how many cars go through. It's not that big of a secret. So the lease is up in six years. Which I was kind of, I was imagining like an impending cliff, you know, until you got to that point. Like, the lease expires next year and then they're just trying to stick the buyer with the renewal negotiation.

But maybe if they've had declining top line, then. and they're trying to get out of the lease liability. Maybe. I love the reason for selling is we are divesting the business. That's like saying why are you selling and you say we're selling. We're getting rid of it. Why are you selling to get rid of it? This is interesting.

So the business was established in 2018, but the lease expires in 2013. I think this is the first time in life I've ever seen a 13-year lease. Well, it could have been like an eight-year lease. the five-year option or something like that yeah something like that yeah and like yeah i think in the end of this lease you know the landlord is going to have some room to increase you but it's not like this is in downtown san antonio where they're going to have tons of people i mean this business can probably pay the most rent in this warehouse spot than anything else you would put in it anything else is

going to be warehouse yeah um so like if i'm the land like i mean i'd get ahead of it if i was the tenant here but like i would think you could probably work out an extension i think the biggest the criteria on this is who can run this business who can actually run it in terms of you know buyer business fit this is not everybody's cup of tea this is nights weekends lots of employee turnover i'm kind of i'm thinking for something this big i'm surprised there's only 40 employees like i think the average chick fillet has like over 200 employees which well they're more transient you know they're probably like high school college age kids um but i'm just thinking like that that that's the biggest question to me this is Michael like you wouldn't touch this with a 10-foot

poll based on conversations we've had over the last 350 episodes um yeah I'm confused by this I think I'm with I'm with you like I understand how they have a restaurant a ropes course a bowling alley you know and a bar and grill in here and they only have 40 employees and they're open every day of the year like how does that work right the restaurant by itself should have 40 employees and people working there. These types of things, like maybe talk about the trend of these things, at least here in San Antonio, it seems like there is one of these family entertainment centers, like popping up all the time. We used to have just a couple, and, you know, like there are dozens of trampoline parks,

dozens of these family entertainment centers. Like, is this getting overbuilt, given the number of, you know, the opportunity? here? I don't know. I mean, I think you'd probably want to figure out, like, per capita, what are these average? There's, there's a math formula here that per capita supports however many. Like, these are not, like, a fad. I mean, I used to go to a place like this when I was a kid, you know, 30 plus years ago. So, like, these have been around. I'm sure, like, there's some ongoing KappaX because you need, like, the latest arcade machines or, like, I'm sure there wasn't a VR place here in, you know, in 1985, but like, you know, so there's a little bit of

CapEx to keep it current. I also think, though, there are kind of arcade companies that you can lease these machines from and you probably just switch them out. So it's probably not, you got to pay attention to it, but it's probably not huge CapEx to stay current. You know, occasionally got to refresh the fun stuff, the, the ropes course and whatnot. But honestly, like, I don't think this is a heavy CapEx business once it's in place. Well, so, interesting we have a listener who I've talked to he came through Columbia and I met up with him for lunch who does consulting for trampoline parks like selling them equipment helping them install equipment and stuff like that and I think at least from what he said the phase of the cycle that they're

in is mainly now like revenue optimization you know like there's been a big boom you know and people grabbed the land or the market share and all these different markets. And now it's about, okay, how do we, you know, consolidate the assets from the ones that failed or repurpose them? And then for the ones that are still operating, hey, you need to get like this new, like this new thing. Maybe it's like the ninja course above the arcade or there's now like a virtual reality thing that, you know, we're telling everybody to put in or like a foam pit or whatever, you know, whatever the different kind of things are and there's at least like consultants in the industry who are who are salespeople but they're consultative who are helping the owner operators figure out like where the market is moving

in this yeah it's going to be about dollars of revenue per square foot yeah right have you guys speaking of that have you been out of chucky cheese lately no so i had not been probably not in 30 years exactly me either um and i kind of remember chucky cheese as you know sort of sort of like this, like a mix of things to do, some of them physical. I took my son to a Chuck E. Cheese birthday party. It is the most ADD schizophrenia-inducing, flashing light arcade situation I have ever been in. Chuckie Cheese is an arcade. It's like they've taken out all of the bowling, all of the, everything that is not video games is gone from Chuckie Cheese.

And what that tells me is that that is the maximum revenue driver, is the video game. It's not unlike casinos, right, where the slots drive the most revenue. You can just look at the floor space dedicated to things in casinos, and you can see what drives the most revenue. And, like, table games are over there in the corner, and there's all these slots with flashing lights. And I feel like I was just standing in Chuck E. Cheese going, whoa, this is, like, grooming kids to go play slot machines later in life.

It is interesting how almost everything here is crazy high gross margin. I was just looking at this ropes course. and like they charge you 15 bucks to do the rubs course or here's this hollow gate like VR experience where you're shooting you know shooting aliens in a VR yeah and it's like we'll charge you 20 bucks to do it and the marginal cost on that your point bill is like zero like just super easy yeah and this it's entirely like a you put in the you put the capex in the ground and then you try to optimize the dollars you get out of it it's interesting that there's two in san Antonio

We're looking at main event San Antonio West, and there's also one to the north. Oh, well, we mentioned this as franchised. So that's probably a different franchisee, I would think. So now I have questions about protecting territory. What if it's the same franchisee and they want to sell this one? Oh, well, that would be really interesting. That would be really bad. But either way, I've got questions, right?

Because maybe what if that new one just opened last year? Yeah. And that's why this guy. guy wants to sell this one because he sees he's going to split the market with these other guys. So the other main event is here, I think I'm sharing the right tab here, is here on the north side of San Antonio. The San Antonio's like demographics are very interesting. Like a lot of it is the byproduct of redlining from nearly 100 years ago. Are you guys familiar with redlining?

Not really. Okay. So redlining was basically a way to post. segregation and before segregation to use kind of economic divide to create segregated communities. Basically what they did, and it still echoes in the poverty of San Antonio today, was carve out kind of the, if you think about San Antonio is kind of like a big circle, the top pizza pie piece in the middle is affluent and mainly white, right? and then they intentionally started to push African Americans to the east side of town,

and then the rest of the town was Hispanic. And so that shows up today where the airport is in the north central, and the medical center is in the north central, and the affluent people tend to live in the north central part of San Antonio. So that ties back to where these two main events are. One is on the west side of San Antonio, which is definitely like a working class, you know, middle class kind of area. And then the wealthy folks and upper income folks are here with this other main event at 281 and 1604,

kind of on the north side of town. So this one is in the affluent area or the not affluent area? Not affluent area. If it's this main event, this right here is definitely working class area. Okay. Is it up and coming? Like what is the demographic trend of this area? Stagnan or growing?

This part right here. is pretty static. The fastest growing part of St. Antonio is this way, out to the west. Okay, so this is between the fastest growing part and the center of downtown? I would say that's accurate, yeah.

This right here, where my cursor is, the west side of St. Antonio, is like the roughest part of St. Antonio. Okay, so this is iffy. It's near the rough part and the fast growing part. If you had to pick,

if you had to pick disposable income either the north side or where this is, I would choose the north side one. There's a big question for me as to whether you could get people from out here, this kind of west side area, where there's, there is growth of money and that sort of thing pushing out into the sprawl as the city grows to the west really quickly. One thing that's kind of interesting, Dave and Busters acquired main event in 22 for 850s. something million dollars main event has 58 locations now Dave and Busters has like 150 okay and Dave and Busters is similar to this I would think maybe a little bit more video game oriented

but same idea yeah but it looks like this originated in Texas so most of the density of their locations they've got like I don't know probably 20 to 25 in Texas bill there's one in Greenville okay so do we like this business I mean is this a good business or no I don't know. This feels really hard to operate to me. And I mean, a lot of moving parts for four million bucks in revenue. Do you think, so what my first question would be is, is four million bucks fully optimized? Like I would want to understand, like this is a franchisee, right? So there are lots of other, assuming this is main event. There's lots of other main events. There's like a benchmark, you know, for how much revenue you should be doing. I wonder if this isn't like fully mature yet. I mean, it is, It has been six years. But like I'm trying to do, like it's fixed cost. You got to get more people in the door and you got to sell more drinks.

I'm trying to do like, you know, events for Spurs games, events for NFL on Sunday. Like I'm trying to get more people in the door to get more yield on my fixed cost. And I don't know if four million is good or bad for this business. Because if you go to five million, that's going to drop straight through to EBITDA. I mean, there's enormous, right? Enormous, right? You grow revenue by a million bucks. you go revenue 25% you've doubled EBITDA.

So to me, I think that's what you got to understand. Is there any potential for growth here, or is this just it is what it is? And because it's, I mean, thankfully, because it's a franchise, we don't really have the, you know, the bandwidth to do it during this recording. But in due diligence, you could very easily get the FDD certification for main event and see what's the dispersion of their revenue and profitability across whatever sample size they're reporting. and what's their guidance? What should it be? If they say, hey, average revenue per location is $8 million, then that tells you a lot about what you're buying here.

Now, do you think so, Mills, let's say you figured out that the average revenue for a main event was $8 million, and this one's doing four. Does that excite you or scare you? The thing that scares me with multi-unit is like, why isn't the other operator? There's so many operators in Texas, or maybe there's one, and they control all of them,

but why in the world haven't they bought it? Like, why would I be the lucky one that gets, you know, gets to see this all the way in South Carolina? All the people who probably met them at the Industry Association, you know, or at the franchisee meeting, they've already been like, we wouldn't. We wouldn't buy that thing. That's what scares me. Yeah, you're right. I mean, like, the other, the natural buyer for this is the guy that owns the other one in town. Because they share staff and logistics and all that stuff.

Yeah. It's scary also that they don't list cash flow, but they do list, they do list EBITDA. It's like, okay, well, like, let's talk about how big the I, the T, the D, and the A are. The interest fans are 400,000, you know, or something. Well, back to, back to, I forgot which one of you said it, but it's like, oh, this is a lot of equipment. And I bet they, you know, so if they do, you know, have a lot of initial investment in the, in the equipment, potentially they have a tax yield from the depreciation, which is good. But on the other side, it's like, oh, how big are those that the free cash from this thing is really not that substantial?

Well, you're going to get, if you buy this, you're going to get to reamortize all the goodwill anyway, right? You're going to try to put as much as possible in the equipment because it's going to depreciate faster. But you are going to get a big tax shield from buying this. If you do an asset purchase. Yeah, if you do an asset purchase, which you definitely should. I mean, who knows how many, you know, for small business like this, I don't think there's any reason you should do a stock purchase at all. Unless you have to to inherit the franchise agreement,

but on the other hand, I would think they would make you sign a new franchise agreement anyway. Yeah. On that case, you need to look at what the lease says, right? If you're doing an asset purchase, the landlord would have to agree to a transfer. So hopefully whatever the lawyer they used to put together this lease would make selling the business relatively easy.

though sometimes you know sometimes it always comes back on a lot of these big franchises I think it's our buddy Chris Powers says the landlord always seems to win in these deals like it's the landlord there's one group definitely getting rich out of this whole thing and it's the landlord who's getting 34,000 a month no matter what from having this tenant all right so what if what if you're the buyer and you look at this and this seller has personally guaranteed the lease and the landlord says no problem I'll

sign the lease and you have to personally guarantee it, which is more than likely the case. I don't know, you're also probably personally guaranteeing the SBA loan and for a money and for a pound. Yeah, in principle. It's still just unbelievable to me how little revenue for how big this thing is. You know, it's just crazy. Like, like, they're sit down, there's sit down restaurants that do more than this, you know, in terms of revenue. It's kind of mind-blowing that they have a sit-down restaurant and all this other stuff. And this is all the revenue they're doing. So maybe you do find out they're not doing any marketing or they're not billing.

I mean, but you can't have your revenue model be totally whack because this is a franchise. So they're kind of telling you how to run it. I mean, the other thing that's scary about this, like I just Googled Family Entertainment, San Antonio, and zoomed around what we think. I think we're still not 100% convinced it's this location, main event, San Antonio. But like, there's 14 other things just within a couple miles of this particular location that came up. So Aquatica theme park. Well, this is all, this is SeaWorld here. But K1 Speed, this arcade, fun zone, just all over the place.

I think we're on with this because with some Googling, it lists main events total revenue across the franchise was just under $500 million with 50 locations. So just straight average, you're at close to $10 million per location. And let's just say there's some outliers there. So maybe the average revenue is $7.5 million per location. I think that this could be, you know, an underperforming franchise unit.

It definitely smells like this. You know, I talked about the demographics of San Antonio and where the money is. This is the furthest south kind of full service family entertainment. place in San Antonio. All the rest of them are up over here, kind of in this more affluent area of St. Antonio. It may come down to location, location, location, and this is not a good location.

I'd also be, I mean, if, let's talk about what would make this a good deal. It is possible that the franchisor is pissed and wants this current franchisee out and has teeth in their franchise agreement that might facilitate you buying it for a very good price. I mean, I'm not sure I'm paying $4 million for this thing, but like, I don't know, at $2 million, is this a good deal? You know, a lot of times the franchisor, they don't have a whole bunch of capital in it. They just want to see the revenue get up and the royalties get up. So they don't care if you get it for a dollar.

And the other guy gets completely creamed as long as you grow it. So, Mills, did I hear you right? This is an underperforming location based on chain averages. Yeah, that's what it looks like. I mean, not perfect data. I didn't get the FDD, but just from, looking at some of their public filings prior to the Dave and Buster's acquisition. Yeah, it looks like that they are not, they're not even close.

Yeah. This may be a turnaround situation then. That may be why none of the other franchisers, franchisees want to touch it with a 10-foot pole, Bill. Yeah, it could be. And if they're asking, you know, they're asking one-time's revenue. It's kind of interesting arbitrage when you look at the franchisee versus the franchisor. The franchisor sold for like two times revenue. All right.

I'm falling down on this. Well, that was depressing. That was depressing. It sounds like I would like to go there, though. It sounds fun. Yeah, it's a good place to go take your family and spend $250. Yeah. I mean, if you're going to spend $250, like, if everybody spends $250,000,

that means they're bringing like 20,000 people a year through this thing, which probably means it feels like a ghost town. They got a final way to get people through the door. That's all the town. I don't know if people are spending $250. I just am even thinking, like, if this were in Columbus, be a South Carolina and it were the right price and there were no like major skeletons in the closet. I still don't think I would do it. Like I can't imagine this. Too many screaming children

and drunk adults and like, you know, nights and weekends. Yeah. Yeah, exactly. I just, I just think it's funny. You guys love the fricking cheese factory from last episode and you hate this. You can make cheese between nine and five, Michael. We're like, Wisconsin. Here we come. That guy, you know, that guy never responded to my email. He might have heard the episode. I may have just been tired at the end of a long year, you know, but I'm still, I still reflect on like how just shocked I was that Mills was like, I'm going to ask about this cheese factory.

I want to open a cheese factory. I was like, WTO. He's like, you want to do what? It was called. Mills is a guy who loves cheese. I mean, I just still, I mean, you know, quick update. The guy is still not email me back. which is, you know, maybe indicative of what people face when they're trying to find a business to buy.

Maybe it's already sold. Could be. Every searcher I know is number one, HVAC, number two, cheese factory. They're all going for those. There you go. Manufacturing, Michael, manufacturing. We're reindustrializing American. That's right, a traditional American manufacturing industry.

One cow at a time. Yeah. All right. Let's wrap this one up. If you guys like this one, we actually have other franchise deals. We've done a couple ones recently. Go on our website, ACQUAnon.com, and you can hear all the franchise deals we've ever done. I think we also did another Family Fund Center, one or 200 episodes ago as well.

So, yeah, we're occasionally we've got to do one again. You know, we've evolved, you, listener, have evolved. Sometimes they're different. So thanks for listening this week, and we'll see you guys on the next episode of Acquisitions Anonymous.