Acquisitions Anonymous - #1 for business buying, selling and operating - Should we buy this printer moving company? - Acquisitions Anonymous 240

Episode Date: October 27, 2023

In this episode of Acquisitions Anonymous,  Michael and Heather discuss a printing equipment business for sale. Heather shares the business's details, including an asking price of $5.8 million, a cash flow of $724,599, and its specialization in plant relocations for the printing industry. They highlight the challenges of finding suitable management for the niche business and the unique hustle required in smaller towns. Thanks to our sponsors!Acquisition Lab. Acquisition Lab and their team have been longtime supporters of the pod.Created by Walker Diebel, author of Buy Then Build: How to Outsmart the Startup Game, is an accelerator with a highly vetted cohort-based educational and support community for people serious about buying a business.Many of our listeners tune in each week to our deal reviews and want to get in on buying a business but don’t know where to start.Acquisition Lab exists to help people buy a business, navigate all the process complexities, and provide a trusted framework, tools, and resources to support you from search to close.If you are serious about buying a business, check out acquisitionlab.com or email the Lab's director, Chelsea Wood, at [e-mail]--------------Double Jump Media is your one-stop shop for creating engaging, high-quality videos.Double Jump is a boutique video production company with over a decade of experience creating professional, memorable videos for clients from around the globe and in various industries. All while helping those clients generate millions in sales through video content.So, whether you’re rebranding a business you recently purchased, launching a new product or service, or want to look awesome, Double Jump is down to clown.Visit www.doublejump.media to check out their portfolio and schedule your free consultation today.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]

Welcome to Acquisitions Anonymous, Internet's number one podcast about buying and selling and investing in small businesses. Today, Heather and I had Gen X Corner for the entire of the episode, and we talked about a deal near Arkansas that is in the printing services business and was super unique. And we loved it except for one thing that was terrible. And so you have to stick around to find out what that is. But here is the episode, and we hope you enjoyed as much as we enjoyed. in. 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 Diabell, who's become a friend,

the author of Buy, Then Build, How to Outsmart the Startup Game. So Acquisition Lab's 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 turn to 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 talking about on the show. They provide a proven framework, tools and resources that support you all the way from search

to close. They do it. There's a whole bunch of 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. So to our lawyer and listeners, Heather has been a magnificent addition to the podcast because she's so chill. Like, we threw her in the deep end. We're like, yeah, just show up, record some episodes. And we've been doing this for like 200 episodes. So like everybody's like an old hand. Like we don't even talk. We just like click start. And here I am. And you've been amazing. And also each week, your video and audio quality keeps going up. So you'll fit right in. Oh, good. Well, thank you so

much. I am learning by, you know, doing. This is always fun. So I found an interesting deal for us to look at today. Oh, before we do that, can I compliment you on closing your first loan? Or is that, or am I jinxing you? No. It's already closed. You cannot jinx that one. It is closed. We closed our first one. It was very exciting moment. And now we have a whole pipeline full of deals that are closing, you know, in various stages of it. And it's really exciting. But yeah, to get that first wire in was like, oh, my gosh, now I'm a real business person.

Right. My brother and I, when we work together very, very closely, would have moments like that where like the first anything happens, you know, for a big effort. and he would always quote the scene from the Empire Strikes Back. That was the second movie, and they're on the ice planet at Star Wars. I may be going full nerd, but it was the ice planet, and they would, everybody's like running around in the ice caves, right, and the rebels are trying to escape because the Empire has showed up,

and you hear over the loudspeaker, the first transport is away because they were evacuated to the base because Darth Vader is attacking, and everybody goes, hooray! And then they get back to work. And, like, that was... My brother and I used to say that all the whole time, the first transferor is array!

And then we go, hooray, and then we get back there. All right. I have to watch the group again. Okay, I'll have to watch it with that scene in mind. That's a great scene. I'm not a Star Wars, Star Trek, whatever movie person, star things. You may have to return your Generation X card for a period of time.

I know. I know it's totally wrong of me. I did. I do have childhood memories of the first Star Wars. That was awesome, but it kind of lost me after that. The second one is actually the best movie. If you actually look at Star Wars and Star Trek, the second movie was the best.

Rath of Khan and Star Trek is the best. Oh, Star Trek. I just switched star things on me. So yeah, I can't keep up. Got to keep up with these Gen X nerds. We keep moving. All right, let's do what we're supposed to talk about this deal. Am I reading or are you reading?

I'll read it because I found this interesting little business here in Nash, Texas. It is a semi-absentee printing equipment relocation, fabricator, and reseller. Seller financing available. Asking price, $5.8 million. Cash flow, $724,599. Gross revenue, $3.1 million. EBITDA, $624,599. FF&E, $386,000 inventory, $700,000 real estate, $2.5 million, established in 1984.

So it is a high growth potential absentee, I guess that's owner, printer, equipment, relocation, fabricator, and reseller. Very specific. We are pleased to announce the availability of this semi-absentee 39-plus-year-old printer equipment relocation, brokering, reseller, and laser alignment company. This company specializes in facilitating plant relocations for heavy equipment that is used, that is focused on the printing industry. Those specializing within the printer industry, they also offer rebuilding, printing, laminating, and equipment coding of all types. Both husband and wife owners work in the office, 4 to 8 hours per week and another 6 to 8 hours per week remotely.

In their day-to-day operation of the company, in their day-to-day operation, the company is being run as a lifestyle business where the gating decision as to whether to take on new work depends on if the job can be accomplished within their current 15 hours availability. In fact, the company routinely turns down new jobs as the owners don't want to work longer hours, and they do not want to add employees to perform the additional work. Above all, a couple enjoys spending quality time with their adult children and their grandchildren and spending quiet time together in their cabin. Specific services provided by this company consists of moving and installing printing equipment

includes client's own rigging, machinery repair, electronic system integration, equipment brokering, central impression drum repair, offers central impression drum plating, dry ice blasting as well as retrofitting clients' equipment to the state-of-the-art. Equipment appraisals, dry ice blasting, manufacturing in-line equipment, both backside coding, 2 equals 4 stack presses, don't know what that means, rewinds, downstream coders, brings equipment to the state-of-the-art, both mechanically and electrically. Let's see. And they do some laser alignment as well.

The company features strong booking rate for projects of $150 per hour, per employee hour, I guess, plus expenses. It currently employs nine employees, including the sellers. It has highly qualified, well-tenured employees, the absentee company, boasts the following financial results. Year of 2021 revenue of 1.9, SD. of 802, 802,000, and year 2020 revenues of 2.143 with SDE of 7773,000.

Nash, Texas, there is a building included, I think in this purchase price, it is a 43,000 square foot building. Yes, it is included. And that's, I think, most of the description there, I think the rest of this gets a little bit repetitive down below. What do you think, Michael? There is just something I saw you scan past.

They had an eBay business before where they would sell machine parts online. Do the tragic passing of their daughter who ran that business. The sellers like the bandwidth to adequately manage that revenue stream. Huh. Wow. There's a lot of personal information in this listing. That's terrible. Yeah.

Yeah. So they had an eBay business. It sounds like they sort of deal and used equipment quite a bit. Yeah. And I looked it up. they're actually in Texarkana. So Nash is a suburb of Texarkana. The nearest major cities are Shreveport, which is an hour away.

And you're like halfway between Little Rock and Dallas right on the Arkansas, Texas border. So hence Texarkana. So it is a, they are in a tiny suburb of a tiny town of a Texarkana. And it smells like one of those like businesses that spring. brings up in a town like Texarkana, Corpus Christi, Lubbock, these type of places that are, you know, 80, 120,000 people. And like, there ends up just being, you're just big enough to support one company like this.

That's like the jack of all trades for printers. And they just, they do the hustle. So a funny anecdote for you since, you know, it's 30 seconds in, so I'll give you a funny anecdote. But our friends moved to Marfa. Have you ever been to Marfa? No. So it's famous because a guy from New York moved

A famous artist moved there to get as far away from New York as possible back in the 60s and transformed it into a West Texas art mecca. And so, like, all the, like, they have all kinds of art type stuff, like, L.A. people like fly in and own homes there and stuff like that, but it's 2,500 people. So if you want to live there, you end up kind of doing what this business does, and they call it the Marfa Hustle. Where instead of having one real job, you have six kind of jobs. It's like, oh, I wait tables on the weekend.

I report for the newspaper, and I also repair toilets. And they'll be like, they call it the Marfa Hustle. So that's how I kind of think about this business is it looks like a Marfa hustle done in Texarkana, where there's not much competition, and your moat, to some extent, is the town that you're in, can't support a real professional organization doing all this stuff. But you end up being the only folks doing anything around printing for your whole area. Right. So, but how many printers are there?

or could there be in a metro area of that size? It's definitely interesting. We've ordered, you know, I live in San Antonio, and we've ordered a lot of printing, and a number of the printers are in East Texas. They're like just random outside of Houston, like just printing stuff. So I never figured out why,

but like a lot of them are in these places like Nacadoches and Lufkin and north of Lake Conroe, just like random towns full of like a printer. Out there. Uh-huh. So I guess you would look at this business and say, how many printers can we serve? And really, can they really be any busier than they are? You know, yes, they say they turn down jobs, but they probably still do the same job later, you know, because maybe someone else isn't really coming along and servicing that job that they're turning down? That's my guess. Yeah,

my guess is these guys have carved out an amazing niche in this town. Everybody knows them. If you have a printer, you know, you have to call, you know, I guarantee their names are like Jim. and Deborah. You call Jim and Deborah, who also goes by Jimmy, but only to his high school friends. And like, you know you have to call these guys,

and that's to some extent where you're getting here is, and they also know that it's a small town. Like, I don't know how much business you've done in small towns, but like the smaller the town gets, the lower the expectation

of like responsiveness and fast moving gets like, oh, Jimmy will take care of us. Like, yeah, I think you got some of that going on. Jimmy will eventually get there. My brother's name is Jim. And only my mom calls him Jimmy.

Okay, then. Yeah, yeah. I was trying to figure out if I insulted your brother. No, no. I mean, Jim, Jimmy, but I never called him Jimmy. I don't know. And none of his friends ever did either, but we were California raised. So maybe that's the reason.

But yeah, this seems like a business, like someone from the town kind of has to take it over. I can't imagine someone coming from the outside taking it over, I guess, unless this was just, you know, good, good income, good lifestyle for somebody that really you'd have to have a lot of knowledge about the printing industry and the equipment, wouldn't you? Yeah, I think all that's learnable. I mean, if you know management and stuff like that, I could envision somebody who comes in and decides they want to live in Nash, Texas, which, man, like, you should go drive around like rural Texas before you decide to live there.

It's weird. It's not for me. I like amenities. And I want to live next to an airport and like a Best Buy, like in a hospital. The hospital is very important. People forget that. My friends are doctors here in San Antonio. And I was like, hey, you know, like, what do you recommend if you get, like, injured or something like that outside of one of the major cities?

And he said, first thing you do is demand they put you in an ambulance and drive you to San Antonio Austin, Dallas or Houston. Do not. Like, don't let it. Don't let it. Because you end up like, you know, with a selection bias there of the people that are. medical professionals who are well-intentioned, but like if you have a choice, are you choosing to live in Nowhere's-Filled, Texas,

with no amenities? And yeah, that's what they all say. Like, do not get yourself in an ambulance and get driven to the big city. Well, and that's just why I question some of these retirement communities that are really out there and small and they don't have great health care

and they're retirement communities. It doesn't make any sense to me, health care-wise. When you're going to be consuming the hell out of retirement health care, I'm watching my parents and that generation go through it now where they're like every day going to a specialist or a doctor and it's brutal. Yeah. So, yeah, I think that's the first thing when I think about this, Heather, like if I was going to buy this business, like I would think about how am I going to have a great general manager or CEO in the place and how am I going to get that either via myself or getting somebody who wants to live in a suburb, Texarkana to come out and do this business. And I think that's your biggest problem and also the

biggest moat for this business. Like nobody wants to move to Nash, Texas and compete with these guys. Like, yeah, like there's better ways to make money. Right. Right. So this is, this would be a tough one, but they did definitely advertise the absentee part a lot. Yet I'm sure these are local folks who are pretty involved when they do work is what, what it seems like. Look, this broker knows what they're doing. They're putting some good stuff in here. Like, and this is actually one of the best written teasers I've ever seen. Like, I love the trick of giving out all the personal information because you feel like they're treating, they're giving you a straight dope. But meanwhile, they're turning around and telling you that a

business, you should pay them, I mean, let's just do the math here. Yeah. You should pay them $7.20 or $5.8 million for a business that cash flows $725,000 a year. Like, you know, like, poke my eye out. Like, that sounds horrible. And I'm questioning the real estate value as well. If you're, you know, you're telling me about this town, $2.5 million for this real estate, does that seem right to you? It could be.

I mean, a lot of it depends on what else is going on on the property, how big the building is. But, I mean, they have a picture of this business, which is cool, which is also scary. So they're like, okay, well, like, this is, they have not touched about CAPEX here. And what I see is a lot of CAPEX staring me down. There's like a bunch of equipment back there and stuff hanging off the walls. And at least it looks sort of clean, but not that clean, which is a bad sign that this place is also a mess.

It looks like a mess. Yeah. It looks like, well, it's funny that the broker was like, for those of you can't see, there's a picture of like a giant rusted blue machine. But I'm like, well, is that really the best picture you can go with this? What is the bad part of this look like? It would not be the picture I would choose, but there may not be a better picture, to your point. Yeah, it looks like a bit of a mess, not real well taken care of, not real organized.

And interestingly, do they not have an employee that they could sell the business to? You know, you would think in a small town like this, someone's got some skill. They've got, what did they say, nine employees? I feel like this is one of those opportunities where it kind of needs to go to that one of those people. Their best, their best employee could buy this potentially. You know, and with SBA loans, there's a way that that employee could actually buy it with zero down. You know, so the SBA has made it very easy if the seller wants to carry a 10% note that's on standby for 24 months, that the employee wouldn't have to put any equity in.

and they be able to carry that much and get some cash out. It's not going to cash flow for an SBA loan at the price they're asking, of course. That's way too high. They're going to have to, you know, rule of thumb, if you look at the cash flow of $724,000, let's just use the EBITDA because that, you know, takes out salaries that you'll need. $624,000. You figure an SBA loan can't work for more than about 3.75 times EBDA. that's about as much leverage as you can get.

So what is that? I've got to do my math on my calculator here. 624 times 3.75, 2.3 million. That's the max leverage. So that's how I look at numbers. You know, I just kind of rule of thumb it and go, okay, if you could only borrow at most, 2.3 million, you know, what could you pay for this?

And you couldn't pay for the real estate. You know, no way. this you're not going to buy the real estate with this. It's underutilized or that's way too high of value. So they're dreaming on the price. But, you know, there's a nice profitable business there for somebody who really wants to live there and could learn the equipment, the printing equipment industry. Do you need video content for your business that doesn't suck?

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going to get. They do everything soup to nuts, consulting, scripting, strategy, production, post-production, helping you put it all together to produce something that is just as top-notch as your brand. So whether you're rebranding an existing product, you've just bought a business, or you're trying to grow the one that you have, the double-jump team is one that is down to clown. By the way, they've wrote that down-to-clown thing. I know what it means, but it sounds awesome. So to get in touch with them, visit doublejump.com.com media, fill out their form, tell them that we sent you, have an introductory call at no cost to you, and figure out what's best

for your business. They're great folks and can help you on your journey and produce. amazing video content to help meet your business needs and goals. And thanks to them for sponsoring today's episode. Yeah, and it's a big market. I think people, you know, have talked about the demise of paper and the demise of stuff, but like my buddies that own sign companies, like their businesses are thriving because we still have to print stuff and still people, you know, not everything has gone digital.

And it was always the funny thing where people are like, they'll be the paperless office. Do you remember the paperless office when people talked about that? Yeah. We just like in all the paper, like, then I looked up, but there was like more paper. It's like, what's going on? It just got really easy to print stuff. So I don't think this industry is going anywhere. I really like that.

But like I'll tell you what I see with businesses like this that are massively overpriced, whatever. What is it? What are they priced at? They're priced at like seven times earnings. No, nine times earnings. Yeah. Yeah. Yeah.

Yeah. Seven times. Yeah. Nine times cash flow. Like, are you crazy people? Like, but you see something like this where it's like a stupid price. and then like you tell them, hey, like, this is a dumb price. I'm not really interested, you know, like, when you come to your senses, call me.

And then what happens is, it's like over nine months to a year, the seller eventually, they're going to have a health problem, and then you discover the thing sells for a one-time's cash flow and a million dollar seller note to one of their buddies at the country club. Right. And like, and you'll be like, whoa, whoa, what happened? Like, I would have paid more than that. And they're like, well, the seller just went with an easy clothes. Yeah, that's exactly what happens.

And you waste your time as a buyer trying to educate them that this is the wrong price. It's very true. Yeah. So, I mean, it's always an interesting conundrum. Some people are like, oh, just put in your offer, which they will consider lowball. And then there's other people that are just like, just move on. And I think the more and more I do this, I'm just in the move on category. Like, if you see somebody with unreal expectations, just be like, okay, well, like, I wouldn't even have a call with this broker.

Just like, oh, sorry. Yeah, I think that's wise. I think learning when to pass and how quickly to do it is a skill that new searchers lack. So I work with a lot of people who just started their search. And I watched their learning curve and I start to observe what this learning curve looks like. And in the beginning, people are wasting time on deals. Even though they kind of see the red flags and they can talk through the red flags, they're still pursuing the deal.

And sometimes I'll kind of scratch my head like, are you actually still looking at this one, you know, they'll call me back and they're still talking about that deal. And so, and then if you look at people maybe six months in or more, they've learned. I've wasted too much time on, you know, certain, and now I see certain red flags and I just don't even bother. That's like a skill that has to be learned in the first six months. Yeah. Man, it's, and it's watching the searcher journey with how many searchers, and I had a call with one last week who did like a mentoring call with me. By the way, you can pay for my time. It's pretty crazy.

Did people do it? But it was good because at the end of it, I was like, oh, I gave this guy 30 times return on his investment. But anyway, but I see it over and over again where these searchers, like, they'll spend six months being like, oh, I want to buy a business. And then like, then kind of the call we had on Friday with the guy was like, you know, I think I might start a business. I'm like, yeah?

Sounds pretty good. Yeah, sometimes it's a better choice. But you know what? Your advice is only worth that 30X if they take it. I get a little frustrated. sometimes I don't get paid for my advice. I give it out to try to, you know, work with them with the loans, of course. And I get a little frustrated when people don't listen, you know, and they continue to pursue

something. And multiple people may have told them not to. So, but, you know, I guess it's all part of the learning curve, you know, knowing who to listen to, you know, knowing what to focus your time on. So here's my strategy to deal with that, Heather. I got this. Okay. The thing you do is you just forget whatever you told them.

immediately after, and then it's impossible for it to be frustrating. That's true. People come up to me, like, literally, I was at the whole conference, and people came out and be like, do you remember when you told me to do X and I did it? Like, thank you so much. And I'm like, what? I did. I was smart.

You never think, oh, I was smart that day. That was good. I was like, a couple times I'll be like, I said what? That's true. You have to. I don't remember a lot, too. You're right. I do that.

That's, hey, we're Gen X. We got to keep it up. That's where it goes. That's right. Just keep it busy. This is a super interesting deal. Like, what would you pay for this deal? Okay, so I said it can't do more leverage than 2.3.

I probably wouldn't pay more than $2 million. That's, I'd probably pay $2 million at the most. Yeah, I think I would do something. Yeah, like, and again, my, my, this is, this is at a size deal that I just don't really want to do. you know, it's like it's too big to not worry about and it's big enough that it's like a pain, it's big enough that it's not big enough if that makes sense. Like if I'm going to go through all this hassle on this, like I wanted to be five times the size. But yeah, I think that's kind of where I would end up as well.

Like they and I'd be at the low end of pricing. Like I think to make something like this work and you're going to be driving out to Texark can all the time. I don't you think they have an airport. Like no offense. Maybe they do. But like it's, if it is, it's like two flight today type thing. and like, you know, I don't know. Like, you'd have to, you know, for me to spend time in Texarkana,

and a lot that that would be, yeah, a challenge. So I don't know, this definitely feels like it's going to end up transacting somewhere in the one-time's cash flow plus like a earn-out. But it's going to go to one of their buddies. Like, and so, I don't know, that's where I would be. And that's probably where all the other buddies at the country club are going to be as well in terms of pricing this. Yeah.

And I will add, you know, when you say too small, too big, I get this question a lot. Do it, you know, isn't it safer to go smaller, you know, or, you know, and I don't think so at all. I think going too small is not safe. It can actually be riskier. It can be really hard to get bigger. And to prove it, I have stats on my website where we looked at the SBA default rate and the default rate for acquisition loan, just for acquisition loans, not all SBA loans, but just acquisitions. And the smaller loans have a higher default rate than the larger loans. We cut it kind of below $2 million and above $2 million. And as a lender, you kind of intuitively know that,

but the stats groove it out. They're riskier, actually, small deals. Yeah, I mean, when we first started acquiring software companies, we saw a huge difference between the quality and how easy it was then also to run the business when it was, say, above $2 million revenue. And it's interesting because, like, what you're talking about, like the smaller the businesses, like what's small for a reason,

because it doesn't have good systems and like the leadership is stressed and stretched. And then you think about like what you do with it afterwards, like a small business, you have to go and hire all these unicorn generalists. You have to hire a CEO who doesn't want to make that much money because you're not bringing in much money for a $2 million your software business.

They have to know, be able to get in and do sales. They have to get in, be able to do admin. They have to get their hands dirty and all this stuff. You can't hire specialists for anything. So it just becomes a real mess. And you know, it also explains why the bigger business is get, the higher the multiple gets paid. Like, that's just, yeah, because it's a better business.

That's why the multiple is higher. Then a lot of stuff is easier and more dependable. And I think if I was an SBA buyer, like, you're putting your whole life at risk anyway, like, borrow as much as you can. Like, do the biggest deal you possibly can and get in there because it's going to be on average, a better business, exactly what you're saying. I 100% agree with that. It's just counterintuitive for some people to think that bigger is safer, but it is.

Only people listen to us. The good news is when people don't listen to me, they pay me first. That is good. I mean, I would be a lot less bothered if that's the way it was working. Yeah, I used to do a lot of free advising and stuff like that. And like, now I just tell people like, okay, like, I've spent 30 years like accumulating some foundation of knowledge and experience. Like, pay me. Like, you don't want to pay me?

That's fine. I got plenty of people I could talk to. Yeah, great. Yeah, but I gave up on my Twitter DMs the other day. Oh, you did? Just let it go. I just turned it off. It's been great.

And I know there's people that can't, like, I don't think you can because you have potential clients coming in. But yeah, it's been great. I highly recommend it. I bet you're free. Freedom. All right. All right.

Well, hey, this is a green flight. So how'd you find it? Biz Buy Sell, just scrolling around. that's how I found it. Really? You did after hours research? I did my homework today. Wow.

All the millennial co-hosts who aren't here today should take your example. Listen up. Yep. Super cool. Okay. Did we cover everything we're supposed to cover on this one? Who should buy it? We don't know.

Country Club guy. How much should you pay for it? How would you structure the deal? How to think about it and what things to go look at? I think we did all of that. I think we did. I like it, but I hate it. Yeah.

So, yeah, it's a duality man. It's a youngian thing. I like it. I need it too. All right. We're having fun with these guys. We'll wrap it up here. If you enjoyed this, number one, check out Heather's business.

She's cranking if you're going to be braw on money. And what's the website again? It's visocap.net. VISO. People say Vizzo, but it's FISO out of the word advisor. So I'm a loan advisor. I think that's great. And tell your friends about the podcast because we're having a lot of fun and we keep growing.

I think we're going to hit a million download a year run rate soon. So pretty fun stuff. And we're having a great time. So we'll wrap it up there and we'll see you next episode.