Acquisitions Anonymous - #1 for business buying, selling and operating - Should we buy this Vegas Wedding Chapel Chain? - Acquisitions Anonymous Episode 130

Episode Date: October 7, 2022

Want to receive this listing in your inbox? Signup for our weekly newsletter:https://landing-newsletter.acquanon.com/-----Michael Girdley (@Girdley) and  Bill D’Alessandro (@BillDA) discuss a Weddi...ng Chapel Chain in Downtown, Las Vegas.We talk about: Upselling opportunities & the important things we need to understand regarding this kind of business and responsibility. We will also see what their day-to-day challenges could be and how they can overcome these to get the business running smoothly. Lastly, we will find out if we are ready to hit Vegas dressed as Ministers.-----Thanks to our sponsor: NearHere's the deal. Remote hiring is expensive and hard. Near makes remote hiring simple and affordable.-> smart, English-speaking talent in your time zone-> save 30-70% on salary per hire-> no money up front, low-cost hiring, zero-risk-> dedicated recruiters & ~16k pre-vetted candidates-> Accounting/Finance, Sales/Marketing, Ops/VAs, Software Eng"Near is a cheat-code for any US company looking to stay competitive in the hiring market." - Sumner Vanderhoof, CEO of PropensityJoin 250+ happy customers (including @Girdley)Schedule a quick call today to get started-----Show Notes:(00:00) - Introduction(00:31) - Our Sponsor is Near(01:38) - Deal & financials: Las Vegas Wedding Chapel Chain(04:44) - Are we ready to hit Vegas dressed as Ministers?(06:08) - Which are the up-selling opportunities?(10:27) - What is the Bull-Case for this Business & Our guess on the Average Ticket?(10:40) - What is the most vital to understand in this kind of business?(12:12) - How does upselling work in this business?(17:29) - Is this business’ moat sustainable?(18:45) - What’s the story behind the strong EBITDA margins?(20:26) - What could be the day-to-day Operation Challenges?(22:10) - Is this Business affected by Covid Bump?(25:53) - What’s our Million Dollar Idea for this Business?-----Additional episodes you might enjoy:#128 Who should buy this $4.4m EBITDA, cashflow machine?#127 Should we buy this Exhibit House?#125 Should we buy a CBD shop?#124 How much would we pay for this Water Safety and Compliance Co?-----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 contact@acquanon.com

Transcript
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Starting point is 00:00:00 Welcome to Acquisitions Anonymous. Today's podcast is about a killer deal that we were so excited to see. It is a chain of three Las Vegas downtown wedding chapels. It operates with some crazy numbers, two and a half million or so in revenue, and almost half of that in profit a year, all from people wanting Elvis to marry them in Las Vegas. So Bill and I had a ton of fun with this one. Hope you do too. So thanks for being here, and here's the episode.
Starting point is 00:00:31 Our sponsored today is NEAR. Here's the deal. Remote hiring is expensive and hard. And NEAR is a company that makes remote hiring simple and affordable. It's the easiest way for U.S. companies to hire remote talent in Latin America. You can expect smart, very motivated English-speaking talent in your time zone, saving 30 to 70% per hire compared to similar U.S. talent. near offers a deal with no money up front low cost hiring and zero risk to you and you'll have a dedicated recruiter with a database of over 16,000 pre-vetted candidates available to go through.
Starting point is 00:01:07 You can use NEAR to hire for all types of roles, accounting, finance, sales and marketing, ops, virtual assistants, software engineering, and more. And NEAR will handle all of the payroll compliance and onboarding, making it super easy for you. You can learn more at hirewithnear.com or email CEO for you. Franco at hire withnear.com to hire some folks today. That is hire withnear.com or Franco at hire withnear.com. Thanks. All right, Bill.
Starting point is 00:01:39 We have a listener submitted deal that's so good. If we don't do it today, we have to quit the podcast. That's how good this deal is. This is an emergency acquisitions anonymous podcast. We got this deal in from a listener and Michael texted out to our group, emergency podcast. This was an hour ago. Here we are.
Starting point is 00:01:58 We're going live. It all caps. Let's get into it. Okay, okay. All right. So this is so cool. It makes me want to buy an Elvis suit. We're going to do it.
Starting point is 00:02:09 Okay, so it is from first choice business brokers, the number one world's authority in business sales. And they are located in Las Vegas. The title, I hope you're all sitting down. The title is three Las Vegas wedding chapel. Chapples, plural, on the Las Vegas trip netting over $1.2 million a year. Located in downtown Las Vegas, this wedding chapel chain is priced at $3.4 million. It does $2.4 million in weddings per year.
Starting point is 00:02:42 Total adjusted net income is $1.25 million. So they're asking $3.4 for it. It does $1.25 million adjusted net income, has $60,000 worth of fixtures, equipment and it is established in 2018 and is located in downtown Las Vegas. It is represented by the very perky-looking Trent Lee LLC, who is located in Las Vegas. And Bill, you will be happy to know he is wearing a coat, appears to have shaved today, and is neither touching his face nor wearing a hat, which are our business broker or business broker peaves. Yeah. So, okay, so here's the description. Now is your chance to own three Las Vegas.
Starting point is 00:03:23 strip wedding locations. Seller is semi-absentee, and according to his tax returns, nets over $1.2 million. The seller has years of profitable history and is moving out of country, which is the reason for the sale. According to the seller, a new owner operator should easily be able to earn the same amount he has netted. This turnkey business is extremely profitable and all staff are willing to stay for a new owner. For information, including a detailed confidential opportunity summary with financial information and photos, please email Trent Lee at Trent at FCBB.com. They go again through the financial information.
Starting point is 00:03:56 There is lease information listed here. So they have a base rent of $9,300 a month for $5,100 square feet. It expires in 2024, and there's an option for one additional five-year period after that. So your space is locked up through 2029. They've put $250,000 into these wedding chapels and have 10 full-time employees. the seller will do a 14-day training period and has a licensing requirement, which is a handbill solicitation license and wedding chapel license. So what I understand it from the handbill solicitation
Starting point is 00:04:32 license is if you want to be one of those people that hands out flyers on the Las Vegas strip, you have to have this from the city. And of course, there's a wedding chapel license that I assume comes from the state and county. And the reason for selling is the seller is moving out of the country. So Bill, let me ask you this. Are you ready to dye your hair black? Get one of those Elvis 79 jumpsuits and move to Vegas and make a lot of money selling this, buying this wedding job. I picture that's what you have to do in order to hit the true SDE number. Like I picture that the owner is dressed up as Elvis marrying people on the Vegas strip.
Starting point is 00:05:08 And if you don't want to be dressed up as Elvis, you got to hire an Elvis impersonator. That's how I, that's how I picture this business. But so the first thing I did was wonder how many people are getting hitched for, $2.4 million of top line revenue. So I did some Googling. There is, I just pluck this off the front page of Google. I have no idea if this is the businesses for sale at all. But this is the Graceland Wedding Chapel, Las Vegas.
Starting point is 00:05:34 It's Elvis themed. It's kind of everything you pick with a wet or you picture with a Las Vegas wedding. They've got packages as low. The traditional wedding package is $249. So I don't know. I don't know what you spent on your wedding, Michael, but this is a deal. $249. it goes as high as $4.99, which is the Las Vegas VIP wedding.
Starting point is 00:05:56 And you're suggested to tip both the minister, the photographer, the limo driver, and then you pay a marriage license of a couple bucks to the state of Nevada. So unless I'm like really not understanding like the amount of upsells that go on here, which I imagine there is a ton, like average ticket here is like 500 bucks, I would think. So that's a lot of money. thousand weddings a year that's a lot i that's like 15 a day did they have a drive-thru you got three locations right it sounds like so you're doing five a day moving through oh that's high throughput there's got to be there's got to be a bunch of you know upsells that they hit you on the way in
Starting point is 00:06:40 i mean you're going to pay extra for elvis you know if elvis's going to sing you got to be paying for that i mean that's got to be the whole deal right like in other what what do these 10 people do that they have. I mean, how many elvises do you need? One of them's got to play the organ, right? One of them's got to be a photographer. Like, I bet there's all these different, you know, think of everybody that participates in a wedding. Yeah. Well, then there's somebody's, somebody's, it's just so cool. I'm sorry. I'm just like totally for glimpsed. Again, as an example. So I'm on this, this Graceland Wedding Chapel's website, the given example of a ceremony, where this is a two couple ceremony that they're sketching out here. So you can get married, double wedding. The Viva Las Vegas package, $249, at a second couple for $75, at a second set of flowers for $40, sales tax of $43, you're out the door for $407 plus tip for everybody.
Starting point is 00:07:33 You're out the door for $567 is what they say. You've got two couples married for $567, roughly, with flowers for everybody. But what's interesting about this is it does show kind of the level of upsell that's going on here, right? add a picture package, add a second set of flowers, add a song by Elvis, you know, add a engraved plaque, add, add, add, add, add, add. So, I mean, on one hand, I like this business because I think people are begun married in Las Vegas until the end of time. You know, like, I don't, this doesn't seem like a thing that is, that is trendy or that is going away. So I kind of like It's in a durable market.
Starting point is 00:08:16 It's kind of fun. So let me, let me stop you there and interject. I would actually tell you that I think that this market is going to keep growing. Because every like Gen Z that I talk to is starting to get less and less enamored with the I'm going to have like a giant like destination wedding wherever, right? They are, they just, they do not see. You know, you talk to my kids who are teenagers, they do not see any validity in this thing. And I believe it or not like, I've been watching my kids. kids, they're kind of messed up, this whole new generation.
Starting point is 00:08:48 They, every single kid that I know comes back and says, I'm not trying in this class, and then you say why, and they say, because it has no utility whatsoever. Because every single one of these kids has grown up, like, watching YouTube, and they all like, they've only watched practical, useful stuff because that's what YouTube, it's either entertaining or practical. That's it. So they don't understand why I'm in seventh grade and I got to read the outsiders. Like, they don't get it at all.
Starting point is 00:09:11 It's like, well, you're learning how to learn. They're like, I already know how to do that. I open up YouTube. So anyway, that all just ties back to these people. Like, I think this is going to get even bigger. Like, I think it's going to keep growing. Yeah. I mean, tailweds like a lope to Las Vegas for, I bet you could go crazy for $1,000 at a
Starting point is 00:09:28 Las Vegas wedding chapel, maybe even a couple thousand dollars, right? Like, that's the top end of the ticket, I would think. It smells like my last trip to, you know, I took my son to six flags in Mexico City. And I did not live tweet his experience. So I'm sorry, it wasn't as good as my friend strip. But the thing that happened, which was just crazy, was how much they had in terms of price discrimination, where it was just like, you know, you go to Six Flags in Texas. And we have three of them here in Texas. You pay 80 bucks.
Starting point is 00:10:00 And then maybe you get a VIP, skip the line, and it's $120 or whatever. And that's the most they do for price discrimination. The one in Mexico, it was like $25 to get in. But then they just hit you over and over again. like every stop. Like there was this one part where they had you walk through the little carnival games in order to get to any rides whatsoever. Like just like this choke point where like you,
Starting point is 00:10:21 you had to like avoid dropping 20 bucks on like plushy games. Games that give you plushies. Anyway, like I would bet you there's no way the average ticket is less than a thousand bucks on this. You know, I haven't gotten the SIM, but I bet you the upsells go nuts. By the time somebody's done, I bet it's four or five grand a lot of times.
Starting point is 00:10:38 That's the whole ball game in this business, right? I mean, the way I see it on this business, you basically got two levers. How many people can you get in the door and how much can you charge them? Like, how much can you upsell them? Right? So, like, if I'm diligent this business, deligencing this business, I want to understand how do you guys do marketing? As you mentioned, Michael, I think they've got a hand bill license. So are they like, they got armies on the strip?
Starting point is 00:11:00 Like, do you want to get married right now? Like, passing out flyers? Like, does that work? What's the attribution on that? Is it more about, you know, their trip advisor ranking? If you Google Las Vegas wedding travel, which is what I just did. The whole first page is like top 10 Vegas wedding chapels, which tells me that there's probably a lot of SEO marketing going on. You know, you could probably pay your way into some of these listicles.
Starting point is 00:11:20 You know, I want to really understand where these customers are coming from and understand if it's, if they're going to take more of my margin. So like, so like pretty much like the person, if you rank number one for top 10, you know, Vegas wedding temples, they can raise the price on you by a ton before you're going to cry uncle. So I want to make sure I wasn't totally dependent on, on a source of leads that I didn't control. And then I just want to say, how optimizes your upsell? You know, I would, by the way, I would definitely go get married there. I would get secret married at the chapel.
Starting point is 00:11:51 I was looking at by and just see how much I got upsold. Like, see how they really ran the thing. I'll go with you and I'll be Mr. Della Sondro. Yes, there you go. Just for you. We'll tweet the photo. We're not taking it past that, but I will be Mr. D'Elazandro just for this episode. Anyway, the thing I also love about this, like, I don't know if you've ever looked into, like, the funeral business and what they do to upsell you is like, I hate and I love the funeral business, right?
Starting point is 00:12:22 I love it because it's so beautiful of what they're doing to people. Like, they're taking advantage of them and this like really infirm time that's only going to happen once that their mom dies, right? And it's like, are you sure mom would be happy with a $3,000 casket? Don't you think she'd like the $14,000 gasket? it. So I love that because it's kind of beautiful with its like pharynge-esque, like, taking of money out of people's pockets. But I also hate it because it's like, I feel like they're taking advantage of vulnerable people. And it just goes on and on. Right. And I've seen it happen to my family where I'm like, oh, these people are just taking advantage of us. And
Starting point is 00:12:53 you drop the 18,000 bucks on the funeral and they do it at 90% gross margin and sell you the box and the ceremony and all that kind of stuff. And you move on and it's a once in a lifetime thing. The cool thing I like about this is it has some of the same dynamics where you have people that this is the only time they're ever going to get married, you know, in the next couple of years until they go to a second marriage. And like, at least, at least it's praying on something positive, you know, it's like, hey, you're getting married to this person that you maybe just met at the black check table at Circus, circus. Like, I'm cool with that. But it's the same kind of dynamic in beautiful, like what the, what the funeral, you know, the funeral home people do. Yep.
Starting point is 00:13:28 You know, speaking of like upsells, I was sitting here fiddling with my wedding ring. I guarantee you this place sells rings. I wonder if this is a jewelry business with a wedding chapel attached. You know? I mean, it's, I would, so I would just love, I mean, I've never been married at a Las Vegas wedding chapel. Like, in order to understand this industry, you have got to fly to Vegas and get fake married, or maybe real married.
Starting point is 00:13:50 I don't know, at a Las Vegas wedding chapel and experience all the upsells. As you mentioned, that's, and I want to break it down too. Like, if it turns out you don't make any money on the $400 wedding package and the whole thing is selling people wedding rings. You know, I'd want to really understand who's my vendor for that. Like, how does that all, if this is all just elaborate lead genver rings, I want to understand that too. Yeah.
Starting point is 00:14:13 I bet you there's, I mean, they're, they're selling you champagne. They're selling you chocolate packages. They're putting you together like, they're selling you a dinner package. They've got to be doing the whole thing. My buddy just actually did this. I should probably talk to him about it. He didn't invite me to the wedding. Well, speaking of which, I, I,
Starting point is 00:14:32 I don't know if you've dealt with this, but like, have you dealt with like your teammates, like your colleagues getting married and like the whole dance of like, you know, do you invite your boss? Do you not about your boss? They usually come down on the, you don't invite your boss side. I invite a couple of them to my wedding, actually, but I usually don't get the get the invite. Well, I mean, I just, one of my teammates is getting married and he's like an awesome person. And all he talks about is this wedding because it's like that his wedding and the 85 other weddings he's going to this year are like what he does every weekend. And so I just, I was eventually just like, try to put myself in his shoes where I was like, well, I bet he struggled with this. Does he
Starting point is 00:15:13 feel obligated to invite me? And I was just, I just came to one day and I was like, hey, man, I would like to get you a gift. Number two, I want you to know, I didn't expect it to be invited to your wedding. And I think you should have it a ton of fun without me around being, making things uncomfortable. Like, which was great, which is great. But then he thought I was trying to weasel to getting invited. And I was like, no, I'm not coming. It's in Maine. I'm not going. Yeah. Yeah. I can't, I can't fly on the way to Maine for your wedding. I'm sorry. Well, you know, the interesting thing, too, about this business is kind of, you know, as you mentioned, there's the whole you got to fly in, right? People come in. You know, you got to eat dinner.
Starting point is 00:15:49 Like maybe you want to do, you know, a bachelor party the night before in Las Vegas. And if you've ever been to Vegas, you know that this like whole town goes around on referrals and Legion and, you know, and promoters and all this stuff. So I would imagine, like, the optimum, like, if you're good at this and you can get your tendrils into the plane flights and the hotel rooms and the dinner, the bachelor party night before, and the celebratory honeymoon at the Mandalay Bay or whatever, you know, like, you could probably rack up a bunch of other ancillary income streams, even on stuff you didn't sell with affiliate arrangements.
Starting point is 00:16:26 Yeah. Do we think, do, that leads me to wonder about this. So there's three different chapels. Do we think this owner has done price segmentation around that or optimization? Like, do we think one of these is optimized for the fly-in crowd who's premeditated and looking for you on the internet or the bigger spender? And then there's another one that's like over-the-top cheesy. I mean, that would be something I'd be very curious.
Starting point is 00:16:51 Like, how is he segmented this or is it just three like Me Too down market kind of thing? That would be super smart because you could try to, you know, share leads between them and move people around. I also wonder, you know, Michael, this comes back to the classic point you always make on a real estate business. You did mention that their lease is locked up through 2029, which is awesome. You know, I do wonder how much of this is foot traffic and how much of this is, you know, you pick up a flyer, you get in a cab or a black car and you drive there. You know, how much does location really matter? I'd want to understand that.
Starting point is 00:17:21 So I understood how big of a problem I was going to have in 2029 when the landlord wants to double my lease. Yeah. Well, I do recall, and I haven't been to Vegas in years, like I kind of grew out of going to Vegas. And like, I do recall when you go between downtown to the strip, there's a bunch of like chapels, at least three or four, you know, along that route. So I think that's another consideration. Like, to some extent, you are selling a commodity here beyond whatever positions you've gotten in the SEO stuff or in Google. And then secondarily, like, your network of stuff, I think is also a. a moat around this business. But by and large, it's pretty low costs required to start when he's up,
Starting point is 00:18:04 right? You rent a building, you hire an Elvis personator, and you get 60 grand worth of, you know, furnitures and plastic flowers. So I think that would be the other thing I'd really dig into is how durable is this revenue and profit going to be if other people are coming in? The good news is on the other side, you're selling stuff at incredibly high margin. It looks like if they have 10 employees and they're paying rent and they're paying those guys and then they're keeping 50% of the revenue is profit. Like, that's a pretty good sign. There's a lot of ability to keep paying more for for lead gen and that sort of stuff. So anyway, maybe I just talked myself into a circle of like this deal more and more. But that would be other stuff I'd be worried about. Are more people going to
Starting point is 00:18:43 open one of these right around the corner from you? Well, that's a really interesting point, right? Because as you mentioned, it's commodity. It's easy to start up. There's not a huge barrier to entry on starting up one of these. And there's more than three wedding chapels in Vegas. So you're selling a commodity, you don't often see a business selling a commodity service at a 50% EBITDA margin. It just doesn't typically happen. So I would want to know, you know, maybe it's really hard to get a wedding chapel license, right? And they're not handing them out.
Starting point is 00:19:11 Like that would be great to know, like a taxi cab medallion or something. Maybe there's an artificial monopoly here, right? I'll give you another one that's running at a business consumer one that's running at 50%. Funeral homes. There you go. It's like a parallel. I told you, like you're either catching with the beginning or the end. And there you go. So like, I want to understand what is it that these people are earning super normal returns on capital, right? You know, 50% EBITDA margins on $60,000 of FF&E. That's freaking amazing. So what is it that's letting them win? Are they better digital marketers? Have they got the on the strip flyer handout hustle really nailed? Do they have the upsell dollar extraction game? Like, what is the part of this business that is better from a business perspective from all the other chapels on the?
Starting point is 00:19:59 the strip. That's what I want to understand before I owned it. For sure. I mean, I think also to go about your idea of buyer business fit, you know, this, we're the types of things we're talking about to really, you know, bring a lot of value out of this business, required to go get your hands dirty and spend time with the type of people that are hanging out at a Las Vegas strip, you know, so it's a nice way to say it, strip wedding locations. And these people are not like, people are not getting married by and large at 3 p.m. on a Tuesday. Like, that's the other thing about this. Like, you know that? I'm sure there's some of that. But I bet you, I bet you're, I bet you're your most valuable clients are interested
Starting point is 00:20:37 in getting it married at 1 a.m. when they take the Uber from, or the, when they take the limo from the black check table at Circus, Circus. Wait, they toured in Circus, did they? I could have a Luxor. It's terrible. The Excalibur. By the way, I used to stay at the Excalibur because we would play poker there. And the best part of it is they would let you play with coins. So we were $1, $2 or $0.50 one dollar poker. Anyway, that was back in high roller girdly days. But anyway, I mean, I think that's the other part of it is unless you have a good general manager on site, which hopefully this does, like, there are going to be problems at 2 a.m. on a Tuesday. And you have to make sure that somebody's going to be there to take care of that stuff. When somebody gets drunk and goes crazy, the bride barfs on the, you know, the altar, like all that stuff is going to happen in Vegas.
Starting point is 00:21:24 Because I don't know if you've heard Bill, but crazy stuff happens in Vegas. That's right. I mean, that's, you would have to just not be phased. Like, there's an SOP for when the bride vomits on the altar. Like, you know, we know exactly what to do when this happens, right? You know, like it happens once a week. And maybe that's how they talk about, you know, price discrimination or customer segmentation. Maybe it's not three different locations.
Starting point is 00:21:46 Maybe it's by time of day, right? The premeditated folks, you know, to fly in, they take the 3 p.m. on Tuesday slot. And the 1 a.m. on Sunday or Saturday slot, that's a whole different customer. this is amazing so one one thing i think worth digging into is it just a it just occurred to me these may be covid adjusted numbers like big time right because because you know covid well i what i talked about with my um with my colleague you know it literally the poor guy like i was like what are you doing this weekend i'm going a wedding what are you doing next week i'm going to another wedding what doing the weekend after them, going to another wedding. All those people who didn't get married in
Starting point is 00:22:26 2021, guess what they're doing this year? They're getting married. It's pretty, it's pretty crazy. So I would definitely want to have historical financials before betting on this. And maybe it isn't really two and a half times EBTA. Maybe this is really five times EBDA when you do a five-year average on what their revenue has been. That's maybe, maybe that is why this seems so cheap. This is a COVID, a COVID blip trailing 12 months, 2022 number. And that has me scared. Totally could be.
Starting point is 00:22:57 Yeah, I'd love to see that because on one hand, like Vegas shut down completely with COVID in 2020. But then Vegas opened up decently quickly, I think. And while a lot of the other country was, you know, people's wedding plans has gotten blown up and you're like, oh, we missed our wedding date.
Starting point is 00:23:11 And people are like, screw it. Let's go to Vegas and get married. You know, they're probably a big bump there. Yeah, that's what I'm betting on. The thing,
Starting point is 00:23:18 another thing that always amaze me, And today seems to be an episode where I'm like, here's this random observation I have. But anyway, the other thing that always that amazed me was, you know, the things, some of the things that didn't close down during COVID time. And, you know, the thing that kind of blew my mind was liquor stores, right? Did you ever notice that? Like, liquor stores redeemed essential businesses. That should tell you something about liquor. That was really interesting.
Starting point is 00:23:44 Yep. And they crushed, right? Do you see all the stats about, you know, the increase in at home drinking as people weren't drinking at bars? crush. Yeah, people are doing that and baking bread at home. Oh, yeah. Yeah, they are countercyclical. Great businesses. Dude, I got a newsletter to hell out of this one. This is a good deal. I want somebody to go try to buy this. The other thing about this is the size is good. Like, this is definitely like SBA loan. You know, the owner is retiring to move out of country, probably joining everybody else and moving to Portugal.
Starting point is 00:24:15 And, you know, maybe you could get them to contribute some of the equity for you. you know, and really reduce what you have to put into this whole thing. I mean, this definitely feels like one where you could come up with a couple hundred grand of equity, do an SBA loan, and then you have, you know, the seller with a hold a note on full standby and really lever the heck out of this thing. And it's the type of business I think you'd want to do it. Yeah, stable demand profile. Just because of the high gross margins. High margins?
Starting point is 00:24:43 Absolutely. Yeah. What's interesting to me is he's got three locations and it was started five years ago. in 2018. So I wonder if he bought it or if this guy is an Elvis impersonator and thought, gee, I should open a wedding shop on before you knew it. It was three of them. And now he wants to move to Portugal. You know, I love to understand like where this came from. Um, you know, is he spun these three locations in five years. Like, that's pretty good. Yeah. And also, it's not like Vegas weddings are a new industry, right? They've been on this,
Starting point is 00:25:15 But this is not, the Quicky Vegas weddings have not been, they're part of the reason why people went to Vegas, quickie weddings, quickie divorces. But like, it worries me that maybe the mode around this business isn't as good as we think, given it has become such a sizable thing since 2018. And maybe this person bought it then, which is a good sign. But if they just started it de novo in 2018, it makes me wonder, like, what's stopping somebody else from starting one of these? Right.
Starting point is 00:25:42 And did they take $1.2 million of EBITDA out of the pockets? of the existing wedding chapels, or did they somehow expand the tam for people getting married in Vegas? I don't know. Okay. Let me give you a make this a home run idea on top of all this. Okay. All right.
Starting point is 00:25:59 TV show pawn stars. Okay? You know how that's all kind of staged, right? It's all faked. But you do a reality show with your wedding chapel as the center of the whole thing. And you follow like three weddings along at a time. follow the people coming in from wherever the hell they're from. They fly in.
Starting point is 00:26:18 Then there's just drama ensues. Cousin Susie goes nuts. Drunk cousin Jim does crazy stuff. And, you know, then you do exactly what Pond Stars did. Oh, yeah. And then best part, you triple your rates after the show because now you're famous. And now it's not modern anymore. Yours is the only chapel that was on Vegas wedding disasters on Eve.
Starting point is 00:26:38 Because of it. Oh, man. It's so good. Dude, on that note, like, this is a cool one. So if anybody knows anything about wedding chapels, definitely hit us up on Twitter or drop as a note. And just a reminder, we have a newsletter for the listeners that every time there's a new episode, we send a link to the deal and we alert you that it's available.

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