Acquisitions Anonymous - #1 for business buying, selling and operating - Payment Processing Business | The $15M Business Hidden in Plain Sight

Episode Date: November 26, 2024

Inside a High-Margin Payment Processing Business | Acquisitions Anonymous Episode 350This week, Mills and Michael take a deep dive into a payment processing business that’s both wildly profitable and incredibly niche. With $2.1 million in revenue, 81% EBITDA margins, and a foothold in state agency payment systems, this is the kind of deal that grabs your attention. But is it all it’s cracked up to be?Here’s what we cover:- How it works: The nuts and bolts of processing payments for government agencies.- The challenges: Long sales cycles, RFP-driven contracts, and slow adoption by municipalities.- What makes it tick: Is their niche defensible, or just a fluke?- Valuation speculation: Could this business fetch 10x EBITDA or more?- Risks and rewards: Customer concentration, market saturation, and the ever-looming competition.If you’re a strategic acquirer or someone in private equity, this one’s worth paying attention to. First-time buyers? Maybe not so much.Why This Episode Stands Out:1. High-Profit Margins: Seriously, 81%.2. Niche Market: Payment solutions for state agencies—could be genius or a total headache.3. Growth Potential: Doubling revenue year-over-year is impressive, but is it sustainable?4. Also, don’t miss Mills and Michael sharing some of the best banter we’ve had in a while—this one’s as entertaining as it is insightful.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 do think that there's a huge opportunity there, but how do you sell something like this? You have to go have traditional business development efforts. You've got to scan the universe of RFPs and all the databases. And then you've got to go just constantly knock on doors to try and get in front of the procurement folks. So here's an interesting thing for you. So their revenue is going to be the total amount of fees they have collected, right? Because that's how they're getting paid here, right? They're getting integrated once and they get a percentage of each charge.

All set acquisition anonymous. Hello, another episode of Acquisitions Anonymous. We don't have 100% here. Welcome back, everybody, to another episode of Acquisitions Anonymous of Mills Snell, one of your co-host, me and Michael currently talk about really interesting business. And I say they're all interesting, but this one really is, truly. And I think we probably laugh more on this episode than we have in a long time. It's indicative of just being at the end of a hard day for both of us.

But it was a fascinating business. 81% EBIT dot margin. This is a business on Axiol. They are a online payment. processing vendor for state agencies. 2.1 million in revenue, $1.7 million in EBITDA. We talk about the payment processing space. Who are the big players there? What is the impact? The big companies like Stripe and others. Talk about how do you even get into this market, right? If this is a payment processing to state agencies, it's RFP driven, the long sales cycle. What is the process

like to even run a business like this? And how do you even think about pricing it? So it's a really fun episode. Hope you enjoy. Stick around for a quick word from our sponsors. This episode of Acquisitions Anonymous is sponsored by Acquisition Lab. Acquisition Lab and their team, they've been longtime supporters of the pod and they provide a really great service for people who are looking to acquire a business. So it's created by Walker Dival, who's become a friend, the author of Buy, Then Build, How to Outsmart the Startup Game. So Acquisition 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 complexities of the process, everything you hear us talk about on the show. They provide a proven framework, tools and resources that support you all the way from search to close. They do it. There's a whole bunch of education material and support. So if you're serious about buying a business, check out AcquisitionLab.com, or you can actually email the program director Chelsea Wood directly.

Her email is Chelsea at buy then build.com. All right, Mills, you're like a barrel of news today. So I guess you start talking about it, but let's continue. So supposedly we're a hit at the University of South Carolina. Is that what's going on? Yeah, I had coffee with Brandon Mendez, who's the professor who put us on to Cameron. and everybody he posted it on his LinkedIn and it's probably the most engagement we've had on LinkedIn to date because of all these investment banking and PE students who graduated and went to

work and these seniors who are about to go graduate and work but they're all over LinkedIn and so they were commenting furiously about Cameron and his appearance so I thought that was cool. So yeah, so let's make that an invite. I mean, I thought it went really well except when I was given the kettle of hard time. No, I thought it was good. I think we should have more students back. Have you got a deal, student come on in if you're willing to take a beat down from a bunch of old dudes. The other thing, though, I told Brandon was since you're involved with Holdco conference,

he's trying to figure out how to make entrepreneurship through acquisition different at the University of South Carolina than, you know, all the big Ivy League schools. And his thought is focus more on the actual operations, not as much on the deal side. And so I was like, you know, you should think about sending a couple students to Holdco conference. This is live. I'm like I have not mentioned this to you yet. Yeah, that sounds good. I've heard dollar signs. Let's go.

We have to pay for hotel rooms. Do you know this? They, they could, they could probably contribute some money to it. Yeah. Do they like to ski? Everybody from South Carolina is to ski. So it's got to be good. Yeah.

Heck you. All right. Well, we'll talk more about it offline. You know somebody's a student. Bring them on. We'd love to have them. But let's talk about why we're really here, Mills. It's 81% even down margins.

You brought an 81% even a margin deal. So let me pull this sucker up and let's talk about it because this is ridiculous. Yeah, this is an axial deal. And we get like the more interesting kind of a typical axial deals that either they are straight down the middle and it is a perfect. traditional leverage buyout, funded private equity back. Like it is right down the middle or it is incredibly unique. This one, I haven't even read it yet. So here we go.

All right. Is it. Are you reading? Oh, you got it. You read it. Okay. All right. So this came from our friends at Axial.

So 81% EBITA margin government services mobile app payment processing. All right. The company is a highly profitable provider of user interface applications that streamline the payment and management of state agency fees. Its software solutions are already integrated with multiple states with plans underway for further expansion into additional markets. All right. So what do they do? So. What I think this is is when you go online for the city of Columbia to pay your water bill, the city of Columbia doesn't actually accept that payment. They take you to a third party website. And that third party website says, yeah, no problem.

We have your data because you came, you clicked on a link on the city of Columbia's website. So we have the total amount. And it's $187, but we're going to charge you a $3.50 service fee to run this payment. Right. That you pay directly. The city is not paying for that. You pay it directly to this third party provider. They collect the total amount, remit, you know, 99% of it to the city, and then they keep $350 for themselves for payment processing.

I think that's what it is. All right. Well, there you go. Okay, so let me give you some financial numbers. The company has demonstrated exceptional growth with revenues and EBITA nearly doubling each year from 2019 to 2022. This track record highlights the strong demand for its solutions and its ability to scale profitably. The transaction rationale is that current ownership is seeking a strategic acquire to capitalize on the company's strong foundation and growth trajectory. This opportunity is ideal for a buyer looking to expand their footprint in the 50s.

Fintech and government services base or enhance their existing technology offerings. They offer scalable solutions designed for seamless integration with state agencies allowing for easy adoption across new markets, remote operations the business can be operated from anywhere while offering flexibility and reduced overhead costs. And there are growth opportunities. There's significant potential to add complementary revenue streams through new features and partnerships. We have one years of financials.

They did $2.1 million in revenue last year and $1.7 million in EBITA. For an EBITA margin of ladies and gentlemen, please sit down, 81% profit margins. So they made $1.7 million in EBITA on $2.1 million in revenue. And I have to imagine Mills, when you're in payments, the interest, taxes, depreciation, and amortization are pretty much nothing. Yeah. So it's a lot of, it's a lot of E in the event. Okay. So I have some questions, but I'll let you go for.

Well, so the business has doubled every year, but it's only at 2.1 million in revenue. Yeah. So that would have to mean 500,000 in 2021, a million in 2022, and that a little over 2 million in 2020. I mean, you know, you know software and you know online businesses way, way, way better than I do. Why isn't this bigger? I think the sales cycle, right? something like this? The sale cycle is pretty long. The way I understand stuff like this works is typically it's getting put out for RFP.

And so it's a B to G thing, right? And for something that's going to be selling this big, you are doing that level of going directly to, you know, you're like anybody else. You're answering RFPs to serve the government. So that's, I mean, that's exactly where my head goes to. like payment processing for government, taking credit cards for government. Like all of this stuff is straight up like a pretty red ocean as far as I've seen. There's some big players in it, but like it's pretty established and mature.

It's not like credit cards got admitted in 2022. They've been around for a while. Have you ever sold stuff to municipalities? Do I look like I've sold stuff to municipalities? I don't know what that means. You've heard me talk. Do I look like I could sit down long enough to try to sell something to a government? Okay. Got it. I have, and it is painfully, painfully slow. At the city level, at the county level, state, federal, it's just incredibly, incredibly slow. And you're right. I think it is largely RFP driven. And so the city decides, you know what, we had some consultant design a program for, for us and here's what we need to do.

You know, we need to be able to accept online payments. The city of Columbia, I know you think that we're like, you know, a third world country down here, but we have not had online. I'm just further back that point up a little bit. We have not had online payments for water bills and parking tickets for, I don't think, we've, we've had it within the last decade. Okay. But it hasn't been, it hasn't been multiple decades.

Back four years ago. when we got electricity here. We started accepting credit cards. Exactly. So, you know, this, I think there are still plenty of municipalities. I do think it's Red Ocean, but I think there are still plenty of towns and cities and counties that most of their systems are 20 years behind anyways. Even if they adopt something today, the rest of their infrastructure is so old because of just how slow the process is.

So I do think that there's a huge opportunity there, but how do you sell something like this? You have to go have traditional business development efforts. You've got to scan the universe of RFPs and all the databases. And then you've got to go just constantly knock on doors to try and get in front of the procurement folks. And you can't bribe them. You can't buy them gifts. Like there's procurement laws in every state that prohibit that kind of thing or try to prohibit that kind of thing. So it's just a very slow T.E.

process. It does make me wonder if these guys have found a very interesting niche, right? For example, if, you know, if for example, San Antonio here runs and build some of their own applications, other ones they third party out to other people. But if they're building them, managing their own application, not through contractors, through developers they have on staff, you know, are those, is there some aspect of something that they're doing that's like really, interesting. So for example, like, I'm kind of assuming these guys are like a stripe type situation. Like, do you know what stripe is? Yeah. Yeah. Um, so yeah. Well, you know. So, Mills, you're supposed to say, no, you don't. No. What is stripe? What is the stripe? Yeah. So this is set me up so I can

explain. So, uh, ladies and gentlemen, after 380 podcasts, this is what you get. Uh, people call each other out. We're having fun. So, you know, thanks for coming. If we have fun, the audience tunes out or has fun. Either way, either way it works for me. So Stripe lets you, if you build a computer program or a website or any of that kind of stuff, and you want to accept credit cards, Stripe makes it super easy for a programmer to accept credit cards inside of your app.

And so, you know, it makes me wonder if there's some niche here. While Stripe is very general purpose, these guys play into some sort of stripy type thing for government or some niche. thereof, which as I look at this, if they found like a corner of a niche that's really interesting, like if a government's going to be introducing their own mobile app and they want to take payments in it, like these guys are one of two or three vendors in it and they have some competitive technology they've built that's striped and other people can't do. Like that would be super interesting and leave me to believe that maybe this 81% EBITA

margin is sustainable. I do think that there's some riches in the niches with this type of thing. like, you know, you think about the types of services, one that comes to mind is like in the prison system. Yeah. There's an inmate who's like your family member and you need to send them money. And so there's like payment processing that goes on. But if it's specific to a corrections facility, it's very niche. It's not just like anybody.

I don't think Stripe plays in that arena. When they say state agency fees, it's really interesting to me. Like every state has, you know, I don't know, two dozen. or more state agencies. And I'm, I'm wondering, like, what if their niche was something like the Department of Natural Resources in every state has to, like, issue one specific thing? And, like, what if they're really good at just that one thing and they just go to every state? I'm thinking it either has to be super, super specific like that to just be this size, or they can't, they haven't figured out their distribution model yet. Yeah. Or, I mean, sometimes the way these

things come about and you and I've seen these and these B to G things numerous times, it's somebody's cousin got them the contractor, contract. You know, it's like, hey, I heard about this. Well, called Jim. He's my cousin. You know, he just got electricity down in South Carolina. I was going to say, this is sounding a lot. It's not kind of familiar.

Yeah. Yeah. You know, they just got rid of water and electricity down there. It's a crazy place. Crazy place. Very forward thinking. Yes. Roofs and they have amazing roofs, Bill.

So, I mean, that's one thing. thing to look at here. Like at one of the spectrum, potentially you have something that is a niche, a very defensible, interesting growing niche, which they're in. At the other end of the spectrum, it might be because you're in a red ocean and cousin Billy hooked you up. Or like you had somebody who used to work for the state agency for the state procurement office and they were like, this sucks. I'm going to leave and do it. And I know the ways to navigate, you know, the ins and out of this procurement and follow the letter of the law. There are so many people that have learned how to navigate the procurement process, know who to call, know who to take to lunch. Basically,

I just described the entire economy of Washington, D.C., so. Yes. But, um, 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 Holdco Conference 2025. If you want to learn how to manage multiple businesses at once, how to incubate new companies, or how other Wholeco owners and operators run their fleet of companies, then you should come to Utah next spring. We've got a ton of great speakers including Walker Diable 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 A-A-Pod. That's holdcoconference.com and use code AAPod for 10%

off. Now, back to the show. So here's an interesting thing for you. So their revenue is going to be the total amount of fees they have collected, right? Because that's how they're getting paid here, right? They're getting integrated once and they get a percentage of each charge. So, you know, let's say roughly most of these like pay your government bill by credit card thing, it's like three, they charge you three and a half percent. That's the percent I see typically. And then that means they have a, you know, a delta of maybe one and a half to two percent of what they're charging on top of the standard interchange fees for Visa MasterCard AMX, right? So if you just do the math there, so it's $2.1 million divided by 0.0035.

which gives us the total amount of money they're pushing through, right? Because we can figure out how much revenue is going through them. That is, if my math is right, that's $610 million, right? Oh, no. Yeah, I have what extra zero? 21, yeah. So that means these guys are doing 60, they're processing $60 million a year worth of payments. So it's not tiny, whatever this thing is.

Yeah, but I mean, you think, like, if it's, property taxes for one municipality. Yeah. You know, that's way more than 60 million. So I pay, I routinely pay my property taxes with credit cards. So before you hate, allow me to explain. Allow me to explain. Oh, well, since you're in Columbia, a credit card is this device, Mills, that you may get

soon where you can swipe it without paying with money. And our money also has, some of the more recent presidents on it like Abraham Lincoln and Andrew Jackson, you guys may learn about those soon. Anyway, it's South Carolina. We still use Confederate currency. Is that what you're implied? You're still. See, now you're getting fart up. So I do it because I can get more than three and a half percent, you know, value on sitting on the money, you know, the float for a month, right? And then secondarily, like turning that into status on airlines or companion pass or whatever for my for my wife uh and so but like those that so anyway the reason i bring

this up is i went and looked at this company that was had this has the bear county which is the san antonio area contract to take property taxes and it's a pretty secretive company like they have dozens of cities and states where they're doing this and it's a really big business like massive payments business that they've built by just basically allowing people to pay you know, their property taxes or credit cards, but very secretive. Like people, payments businesses are the one kind of business where people don't talk about how good they are. Yeah. And I, and, you know, I think President-elect Trump, you know, has already kind of said one of the things in the crosshairs of this administration is going to be credit card fees, right? And the amount of interest

that credit card companies can charge. So if they're capping, the fees and the interest rates they can charge consumers, you've got to think that they're going to turn the other direction and go towards the B2B side of their business. So there's a funny rumor about Visa. And you know how Visa and MasterCard came around, right? Do you know the, how those happened? Are you lying this time or do you really not know? You'll never know.

Good. You're co-hosts of the day. Way to go, Ms. Okay. So the way Visa and MasterCard came together, and let's go. let's just take Visa, for example. Visa came together because the banks themselves wanted to start issuing credit cards. So they created a company called Visa, which would run all of the back end and all the banks would own part of it. So it's your typical kind of like the distributors of

the thing, create the thing and then own it and then make a ton of money on it. And so what's interesting about Visa is it is one of the rare businesses that is so profitable and so good that the CFOs of Visa in their public filings will actually do things to make the business look worse than it actually is because they don't want to attract attention. So they start diminishing every other CFO in the world is like, look at me. I have a train. Look how much money we're making on this stupid ass train. Visa's like, no, no, nothing to see here, guys. Like, just because we're a 2% tax on every dollar that gets exchanged in the United States, don't worry about that. It's not a big deal. You're totally fine. And so.

look over here. It's hilarious how it all works out. Yeah, I just personally would be very, very scared to invest in something that's payment processing related because I just think you could get crushed by not so many people, but a few different people that you would just be like a bump in the road to them. Maybe this is such a small tam that you're not on anybody's radar, if what they're doing is so niche. But I just would be so scared that other people could dictate the terms of your pricing power so easily. Yeah. Well, I mean, it does tie back to some of the things that Visa MasterCard and Amex are scared of, right?

Amex has more pricing power and ability to play games because they're number three, right? But Visa, part of the check for them is they are scared of what Trump is talking about doing such that they're being. relatively like they're not going to push it too far because they don't want to kill the golden goose yeah i think with this whole thing so that to me that's a defensible aspect of this um that i actually like and i'm actually struggling to really find things about this that i don't like it and maybe that's just easy because they're so vague this teaser yeah but like i already thought of somebody i was like i want to send this to this person because i think this is something they should look at like it there's potentially something here especially when you see 81% even a margin i really like that they

say state agencies. Like, you get broader distribution than the city government, but it's probably not as competitive as federal. And the federal government doesn't really accept that much payment online. And when they do, they own the website. Yeah. You know, so I like that even if this is not a fully exploited niche or they haven't finished figuring it out, I like that part of this a lot. Michael, what does this sell for. Depends on how sustainable the growth is. But man, it could sell it 10 times EBTA easily. Wow.

I mean, if it's a sustainable niche, it's totally possible. If you get the book on this, you sign the NDA and you get the book and you find out that they've like, they're 95% saturated or something like that in their niche and in their market. And it's just going to be a bond that you clip a coupon off of. What do you think? I would, if it's, if let's say it's going to stall out at 2.1 million. And we think, you know, so a lot of questions that might have is like customer concentration, duration of the contracts, you know, tailwinds versus, you know, versus headwinds and stuff like that. but like if it let's say it's going to stop growing right i think something like this probably trades at seven or eight if it's going to keep growing man i i probably want to revise where i was

before you're probably trading at 10 to 12 like at least and and you know me like i've i've under underpriced every single deal we've ever looked at on this yeah on this show like yeah i'll pay 12 dollars in a bag of doritos like every one of my bids is basically that so take take take what it is What do you think? I mean, I wouldn't have any idea. I mean, this is just you obviously, you're not buying this as a first-time buyer. Yeah. You're not buying it with an SBA loan.

You pretty much have to be, you know, a funded sponsor or a strategic in order to buy something like this. I mean, you could see this as somebody that is in the payment processing market already, knows it very well. and has a sponsor and is looking for a gross venue, like I could see it trading there pretty easily, you know, and it's trading it six, seven, eight times revenue. And it just makes you wonder, like, how durable is this? You know, could you spend $2 million and recreate this? Yeah, well, I mean, the nice thing about Stripe and other stuff,

there's a lot of nice stuff about Stripe. But one of the nice things about providing an API to somebody is the same kind of benefit that like Amazon AWS is, right? Which is AWS, Stripe, all these guys coming in. They're like, we're open standards. We're easy to change out. And then in reality, when somebody goes to change it out, like you have a couple problems. One is like it's risky to change it out. It costs you money to do it.

Number two, you potentially lose all the history you have with those folks because Stripe also. Stripe gets economies of scale, but they also get like, I don't know if this really thing, they get economies of time, right? Which is they start to learn you as a customer and you as a customer don't want your credit card processing to go down. So you, the longer you stay with Stripe, the more valuable it is for you to be with Stripe because they know you and they can risk price you better. Economies of scale happen with Stripe also where the bigger they get, they know more about their marketplace. place. They know they get a greater surface attack area so they can see which of the credit card numbers are being used for fraud over and over again. They can build a database of that. Like, there's just things over and over again that as they get bigger, they get more powerful. And to some

extent, that's why Stripe is such a big powerful business. Like, it's kind of beautiful in the grand scheme. So anyway, like, if this is parallel to that, like, and has found a niche that Stripe's not playing in, like, that's pretty cool. Yeah. Yeah, I agree. So just a quick Google, Stripe process more than a trillion dollars in payments in 2023. It's it's equivalent to 1% of the global GDP. Yeah. So here's another fun thing to do. Like look at Stripes total payment processed versus GDPs of countries.

And it would probably be like country number nine. Like just do GDPs of countries for me. GDP. GDP by country. and we're looking. All right. So I got it. United States,

25 trillion. China, 17 trillion. And we keep going down. If Stripe was its own country, it's bigger. It is bigger than the Netherlands. And it's slightly smaller than Saudi Arabia. Like,

and Saudi Arabia is like all oil, right? Yeah. They don't have many people. But it's bigger than the Netherlands. And the Netherlands is, what is this? 1% of the world GDP. Like, just ridiculous. Yeah, yeah.

And they have 17, almost 18 million people. I mean, the thing people don't think about with GDP, your average person doesn't really realize it is how power law dynamic it is, right? You have, here I'll pull it up. You have the United States versus a quarter of the global GDP. One quarter of the world's economic output happens in these 50 states. 51 if you count Puerto Rico. Go America. Well, you got to subtract.

South Carolina and ad back in Puerto Rico. So you got 50 states. So United States is 25% of the global GDP, 25% of the economic output. China is 18%. Between China and the United States, where 43% of the global economic output, those two countries together. Then you're like, well, what's number three? Well, who gives a crap? It's Japan, 4%. Like that in Japan, Germany, India, and then it just like drops off a cliff after that. Like, like the United States and China, like, are the global economy. It's pretty crazy. I, anyway. Sorry. And then number six is South Carolina. So the, the bottom of the list, if you scroll down, is kind of interesting, too, because a lot of these are places that I haven't heard of. We don't learn geography here in South Carolina. We don't learn no geography.

Yeah, so the lowest GDP country in the world is the island of Tuvalu, which has $60 million in GDP, global domestic product. And 9,900 people live there. 9,900 people live there. So to put that in perspective, that is the economic output of one of your grocery stores in a city like San Antonio or Atlanta or whatever, like a typical urban grocery. grocery store, that is about four or five months of sales for a good-sized grocery store. Like, that's Tuvalu. It's very crazy. All right.

So back to this paying business. So I got to tell you already, I already texted this to my buddy to get him to get the book. So let's see if he does. Before we hit publish, make sure you get this. Dude, this is a business somebody should call about. Unfortunately, I think if you're a, the only way you're buying this business is if you're a typical searcher or a typical buyer is if you like don't, you know, if there's something horribly wrong with it, customer concentration, the uncle Billy phenomenon,

something like that. I think that's the only way it's going to get priced such that a searcher can do it. I think if this is as good as you and I think it is, it's getting bought by, you know, some big private equity platform that wants to drop $15 or $20 million into the business. You know, $15 million to buy this thing, put an earn out on top of it, and then deploy five or $10 million for the people to go grow this payments business and keep it going. Yeah, it would be a, it would be a layup for somebody who has been there and done that before. Yeah.

When was this postage? Did you see? No, I don't know. I don't think it's, is it in the bottom? Yeah, it's probably already sold. I mean, yeah, this is a freaking great business. So, okay, so we're coming up on time. Are you thumbs up, thumbs down, or gris?

Those are your options. I am super interesting business. Thumbs up. I have no business buying it. So I don't know what that makes me. Thumbs up or thumbs down. One of each. Thumbs up,

I'm the wrong person for this too. Like I think this is somebody, this is some business that already understands payment processing really well. Maybe already sells to the government and wants to own this niche. Or this is a total piece of crap. It's somewhere in between. One of those two.

I'm dying to know their niche. Like what? what's the origin story and what's their niche? Because they're probably linked, like you said. Yeah. I mean, if this is on Axial, these guys are expecting to sell for $15 to $20 million. Like, it's banged. There's somebody in here that's doing this.

Like, yeah, it's just one of those things in life. It just takes one, one hit and you're there. One roofing company. One move to South Carolina. One, whatever the hell I do all day. One fireworks stand. One fireworks day at a time. Super cool.

All right. Hey, there's a great one. Yeah, fun times. I'll see you next week. Yep.