Acquisitions Anonymous - #1 for business buying, selling and operating - Sovereign cities, $8000 pillows, and a 4th generation linen manufacturer - Acquisitions Anonymous 236

Episode Date: October 13, 2023

In episode 236 of Acquisitions Anonymous,  Bill and Michael discuss Bill's upcoming business management course and their mindsets on perfectionism. They express frustration over vague business listings and discuss the challenges of manufacturing textiles in the US. The conversation briefly highlights the positive contributions of immigrants like Neil Galati and explores the idea of creating new cities to solve problems in the world. Definitely an interesting episode this week. Check the deal out here: https://www.bizbuysell.com/Business-Opportunity/high-end-hotel-linen-supply-worldwide-[…]GFWRkJXV2tKUWVWcElVRlJKZDBwclRUbFdWazF0VlhveFRsTlJQVDAlM0Q=Thanks to this week's sponsors!Employer Flexible will help you take action to streamline your company’s HR processes. They are the proud provider of flexible and adaptable PEO services. If you’re a small business trying to grow, and you’re struggling with a lack of internal HR or you’re just dissatisfied with your current HR setup, consider Employer Flexible as your next vendor for HR outsourcing services.Check them out at https://www.employerflexible.com/.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]

Acquisitions Anonymous, new episode, Michael Girdley here. Welcome, and we're so glad you're here. Today, it was just Bill and I, and we had a ton of fun here on this Friday, recording an episode about a linen supply listing that we found on Biz Buy Sell, and we took it to all kinds of very special places beyond the listing. But I think there was a great lesson today that if you stick around, you can see what Bill does and really translate that into a way, you can figure out how to find a deal that you want to buy.

and all you have to do is just survive me pitching Bill on starting a new city, going nuts about $8,000 pillows, and a couple other tangents that we went on. But in the end, just a great opportunity here to learn from Bill, who is so smart, by watching this episode or listening to it here on your podcast app. I hope you enjoy it, and here is the episode after a quick word from our sponsor. Today's sponsor is Employer Flexible, and what Employer Flexible does is really function as a fractional HR department for your company or business. I've used them numerous times and putting together my companies.

I've used them when I've bought companies. I've used them when I started from scratch. And basically when you're moving quickly or when you don't want to spend the time putting together your own HR department, benefits, all that kind of stuff. And you want to get the scale of being part of a larger group, you can reach out to employer flexible.

And what employer flexible does is give you that buying power as if you're part of a bigger group and all that kind of stuff. And for me, I love working with them for numerous reasons. One is I know the owners and a lot of the staff, and they've always treated me super good. And then the second thing is I hate HR. Like, I don't enjoy it at all. And this way I can know it gets done right. I get the benefits of having a big fully staffed HR department and the flexibility of having a vendor like employer flexible being there as a partner throughout my journey

and making sure that everybody I work with is happy, taking care of, and we can focus on what, really matters in our business, which is take care of our customers. So you can find their contact details, locations of their various offices, as well as more details on how they will help your business by going to employerflexible.com. And again, that's employerflexible.com. And thanks to them for sponsoring today's episode. The best part of these episodes is where we just stop talking. And I'm just like, okay, go. And I push the button. And we start recording. So that's just what happened. Bill and I, by the way, listeners, we're so glad you're here. Bill and I just had a lovely catch up. We talked about all kinds of nerdy stuff.

And now we have the table talk about it. For several minutes. Good morning, Bill. We do have a deal, but I have a personal question for you that we can share with the audience. You're working on a course? Is that a secret? That's not a secret, right? That's not a, it's the worst kept secret out there. I'm working on a course. Yes. How's it going? So it is slow because I care a lot about making it very good. And in typical Bill fashion, like if you're watching it on YouTube, I've totally dialed in the camera setup and all the gadgets and shit. And now I actually have to

record the course, which I've clearly been procrastinating the actual content. 100%. Well, you know, you and I have almost the exact same culture index profile, personality assessment, and part of that is like this like super high demand for quality. Like there's a bar and if something's below it, it just drives us crazy. And like you see us both do this where it's like just grinding on stuff because we just think it has to be done a certain way or it's wrong. And like I think it's a superpower, but it's also.

it has a downside, right? Which is like sometimes we don't ship stuff because we don't think it's perfect enough. You know, in some ways, that's what the course is about. So the course is basically about how to run a business well. So there's a zillion courses out there on like how to do Facebook ads and how to scale your e-commerce business. But I talk to so many founders who have gotten to like 10, 20 million in e-com sales and they don't know how to do accounting.

Like they're on cash accounting or they don't know how to do, they're not running EOS. They don't know how to do employee reviews. You know, they don't have, they don't have all their process buttoned up. They don't have other people process and all their financial process buttoned up. And like, people come to me and pay me thousands of dollars a month to, to coach them on how to do this. So the idea is to productize that. I think it's going to be called, you know, first better than bigger or like better than bigger. So the idea is like, let's put the foundation in place for your business for like a good business.

So you as a CEO can be not stressed. You can be looking at the right KPIs. You can be confident your accounting is right. there's going to be a sub-module called for-year accountant. I think no courses do this, but like a business owner doesn't want to learn accounting. They want their accountant to learn accounting. So it's like, hey, business owner, like this is a 30-minute mini-course that you give to your accountant that tells them all the best practice for e-com accounting.

And then it goes with all the templates I'm going to give you about how to interpret what your account is then going to spit out. And you kind of get in this rhythm. So that's what the course is going to be about, first, better, than bigger. I'm excited. I'm excited. I'm going to promote the hell out of it whether you like it or not, so thank you.

Thank you for doing it. I think it'll be good. I am curious. Having done a similar kind of master class thing personally around holdcoes, like I have changed my mind about doing master classes. So I'm curious to see if you end up at the same kind of journey, which is anything I do future is like going to be shorter and more compact.

Yours is going to be so much better than mine that doesn't matter. But like, anyway, that's where my head's, I'm curious to see if you have a similar journey or not. I might have a similar. I mean, like you said, I'm like a perfectionist. I want to be awesome. Like, this thing is going to be 25 hours of great video, you know, plus a bunch of, you know, Google Sheets, templates and all that stuff.

So it's going to be like the mega bomb and it's going to be a couple grand. You know, but to your point, the other side of the course is like break each module into its own course, sell each one for $299 and make it more accessible. And I don't know what the right answer is. It's going to be an experiment. I have discovered that my course is a giff and good, which is the price is going up and demand us higher. We just raised the price by 60% and I'm selling more of them. So, yes.

Interesting. Yeah. I believe that. Me, Forcia and Louis Vuitton, all in the same category, Bill. Think about it. I do think of that. When I see you, I think of Louis Vuitton. Oh, yeah.

I'm very classy. You sort of, I bet, you know, like, you know, one year for Halloween you should dress up as like a European and fashion designer. I think that could really work. Like, get some really arty glasses and like a beret. First of all, awesome idea. Second of all, how dare you? All right, you want to do this linen deal?

All right, let's do this deal. I think we've given it. We've bullshitted enough to let us actually give us time to pull it up. I'm happy to read it because I'm interested to hear you yell about this one. So it is a high-end hotel linen supply worldwide. from Glasgow, Virginia in Rockbridge County. They have a picture of a, it looks like a weird hotel room

with like a lot of stuff in it. And then so seller financing available. They're asking $2.5 million. Cash flow is $1.1 million. Gross revenue of $10 million. They don't list EBITA, FF, and E. Inventory of $300,000. And it's been around since 1935.

1935. So it's a 100-year-old business. Sounds lindy to me, Michael. Sounds lindy to me. People have dirty stuff. So the family has been producing these fine textiles for about 88 years. The brand currently has a contract to supply all the bed bath table, linen and accessories to luxury hotel brands worldwide. Manufacturing distribution with pick-and-pack services are available from the seller at buyer request. The factory will continue to produce the items to the high standards with a royalty of 2% for use to the brand,

$500,000 down payment with 10% of sales towards completion of sales price. Seller will stay around for 12 weeks and they want to concentrate solely on manufacturing. And it's listed by Neil Gulade, Gullade from Trans World Business Advisors. And there's not a ton of detail here. So I'll click on Neil's stuff and see if Neil has some more stuff here in terms of the deal while we start to think about it. We'll start to see if there's something here. So this is interesting. So as far as I can tell, this is a linens manufacturer, which is the thing that's been around since 1935.

And they also have what I'm going to term like a side hustle, just, you know, taking care of these luxury hotels worldwide. What I think is a little hard for me to tell Michael from the listing is, are they, is this like a linen service where they're picking up the dirty linens, washing them and returning to the hotel, or are they selling the linens to hotels? Honestly, I mean, this is one of things, it's hard to tell. And it's one of the crazy things about people marketing businesses that's like, well, why don't you slow down and like actually tell us enough to understand what the business is, so I don't waste your time, right? And there's so many brokers that complain about tire kickers wasting their time. And then they put out listings like this, and it's just like, can you just slow down and like spend another 15,

minutes investing and writing a couple of paragraphs on what you actually do. How am I going to figure out if it's a car if I can't kick the tires a little bit in this case. I can't even, the car is underneath the sheet. I have to kick the tires. No pun intended. I mean, this guy was very specific with listing, listing that the inventory, exactly which city it's in, Glasgow, Virginia, and that inventory is not included in the asking price.

Like, they've spent a bunch of time thinking about how they want to have a structure of the deal. but they've not slowed down to tell you what it actually does. Well, that is a good thing, Michael, because they did, as you said, go out of their way to put that it is in Glasgow, Virginia. It's been around in 1935, and I have something called Google, and I know you do too. So I can tell you a lot more about this company, which is called Castello Home, fine Italian bed bath and table linnings, which is the number one result on Google,

and the number two result is the biz by sell listing, which is amazing. So what it sounds like is this is a manufacturer of linens who doesn't want to sell them anymore. They want to own weaving machines and make really nice linens, and they want you to become the brand, and they want to be a contract manufacturer. So this to me sounds like a carve-out of the Kessi. Castello brand from the Castello manufacturing company, which actually, I think, can make sense because if there's one thing I know from selling physical products forever, it's that manufacturers

suck at marketing. Yeah, right? Like people who are really good at making things are usually really bad at selling them. And that is why, you know, value chains exist and manufacturers specialize specialize in brands than specialize. So the question, though, Michael, is which is the better business, the manufacturing or or the branded selling of the linens? Neither?

Is that an answer? Neither? No? So why neither? Why do you hate it so much? Well, okay, so the manufacturing side, first of all, I think you're, it sounds like they're manufacturing these here in the United States.

Like the United States is not set up to do textiles well. We have too many environmental restrictions. We have too many high-cost labor things. Like, unless you're in a specialized niche, I don't like that. I mean, textiles have been not made here for a long time and moved overseas where there's a comparative advantage there. So there's that. And then I think on the supply side, you know, unless you're in a very specific niche, I think

somebody like this, you know, you're in a situation where there's a lot of buyer power for these luxury hotel brands. They're going to shop what you're doing from the 15 other people that can provide it. it's very much a big expense item for them. So they're going to be very cost conscious and beat you down a lot. And so I think neither one of those, when I just think about it holistically,

without figuring out, okay, is there a blue ocean corner of this market or either one of these markets that I can be in? Is there something there? Without having an answer for that, I'm not excited at first blush about either one of these industries based on that cursory, gurdily, I know nothing,

analysis. That's fair. B2B selling with a whole lot of competition is really, and buyer power is really tough. And you can see their EBITOM or their cash flow margins are 11% based on the numbers that they show here. And the very first question I would have when you talk about doing a carve-out like this is, are the margins really 11% or are the margins only 11% if I get the sheets at your cogs, which you will definitely not sell them to me at because you need to make a margin. You're not going to make these things for free for me. So, you need to recast the income statement. I'm almost sure, nothing against Neil Galati from Transatlville Business Advisors,

but I'm almost sure that you will need to come in here and recast the income statement for what this is going to look like when the brand is not owned by the manufacturer, and the manufacturer has to make a margin selling the brand of the sheets. I'm not sure it's the same Neil Galati, but it's very interesting when I Google Neil Galati, an article comes up about a guy from Richmond, who is the Mattress King of Richmond. And he was the biggest seller. He's an Indian immigrant, biggest seller of mattresses in Richmond, Virginia, which I don't know if that's different from where this is. But it's just, well, it's Neil Galati says Transworld Business Advisors dash RVA, aka Richmond,

Virginia. It's got to be the same guy. Yeah. It's pretty cool. Speaking of a positive thing. Now he's a business broker? Like, maybe. I don't know. I would want to kind of dig into understand the guy's story a little bit. He may own this business. That could be the other part. You just see some crazy stuff. He may own this business. And it's could be self-listed.

That's true. I think this is, like, if I could just give a commentary about, like, why, like, this is why when people are like, we don't want immigrants coming in the United States, like, it just makes me so sad. Like, it's not full. Like, go drive out to West Texas. But, like, guys like Neil Galady, you show up and become the Richmond King of, you know, the Richmond King of Mattresses.

Like, dude, don't we want more? of that in America. Like the guy came in and made the world a better place for him, his family, and his community. Like, we want that kind of stuff. And that's why- And paid a ton of taxes along the way, right? Tata taxes. That's great. Like, you want better jobs for America? Bring it some people are going to make some. Like, I think it's just a great thing. I do have, by the way, I've been working on a startup idea in my brain for like 15 years and I can't figure out how to make any money from it. But here's the startup idea. You go out to West Texas or a place where a city should be and you go found like your own brand new city.

and like just do it unfix, undo all the mistakes that we're doing in our cities currently, and like just start from scratch. So that's my grand idea for you, Bill. Have you heard about the guys that are trying to do this in California? And like California is having none of it? Yeah, like, well, first thing you do is don't do it in California. I don't know what you're thinking. Exactly.

Do you hear about this? It's, I forget what it's called, but it's basically like it just leaked for like five years, a bunch of like the who's who of venture capitalists that you've heard of put like a billion dollars in a kitty and they've been buying up land north of San Francisco in like nowhereville rural California with like continuous plots of farms and the idea is exactly what you described like a city that doesn't suck but to your point like clearly these guys have never thought haven't thought too hard about this because they're trying to do it in California and so basically like they got crap you know they it all cracked open this week

and California finally figured out who was behind all the anonymous LLCs. And like every California government person is like absolutely not. Like we are definitely not letting rich people found Elysium north of San Francisco. Such a good movie. But I think that's where you have to do it. You have to do it so far out in the middle of nowhere, like that nobody can complain. And that's the problem with California. Like it's too crowded and everybody has an opinion.

But yeah, like I would do it in Texas. Like West Texas, people don't know about West Texas. there are parts of West Texas that are at very high elevation, like six and seven thousand feet. So they're actually remarkably pleasant. They're kind of like, like it's one of the jokes we always make here in San Antonio.

Like if you want to get out of the heat in the summer, you don't fly north. The fastest way to do it is you fly to Mexico City or Guadalajara, which are both at like six or seven thousand feet of elevation. And they're delightful. Like the weather is so much better in those places than it is here in San Antonio. And the truth is, look,

look, Bill, just so you know I'm a realist, if I founded my own city and built this, thing out, like, it would just have, it would, there would still be things that suck. It would just be a new thing, a new set of things that sucked. I just, whenever you go fix some problems and do better than it was done before, you're going to create some new problem. And I understand how it is.

But the thing that would not suck is we would make some more houses in a country that is desperate for more houses and opportunity for people. That's, that's the something of it. At the very least, you would for sure make more houses, definitionally, if you're building a new city. So, you know, at least you got that going for you. I think the other thing to do is, I mean, the other, approach besides going out in the middle of nowhere is you go do the like what I call the lock card plan

and i call it the lock heart plan because lockhart is basically 45 minutes from san antonio and about 45 minutes from austin and like that's out in the middle basically nowhere there's freeways nearby you're relatively close to high-end health care if you need to go see a specialist or whatever you can do that in san Antonio or austin uh you can drive to either airport like you don't have to recreate those pieces of infrastructure and people could technically do that commute if they really want to like i think think that's a more reasonable plan and it's kind of what they did um what's the name of the community the master plan community in the north side of houston totally blanking on it but like uh the the woodlands like that's basically the woodlands play like you go 45 minutes outside of a major city and like

create a brand new city that people love so i think that's another way to do it's all the infrastructure and be close enough for all the infrastructure the airports all that stuff and of course still pay the taxes and use the infrastructure and that's all square deal so not another wrong with that um but you need enough space to kind of start from scratch. Correct. Anyway, here's the deal. Gerdley's only working on stuff that can make money, and I've heard how to make money from it,

so I'm just going to leave that in the bin of, well, I've considered that idea that I'll keep moving on. So back to this listing. Also, it sounds very hard. Do you want to go to like a planning and zoning and zoning meeting? Like, my life's too short for that. I'm not going. That's why it's hard because it's consensus building hurting cats.

No thank you. Yeah, there's, send somebody else in for that one. Goodly, you're going to sit at home and write some tweets. That's what I say. Okay. So sheets, though. Sheets, though. You're going to need a lot of sheets in your new city.

For sure. Are we going to, maybe we could locate a textile mill in the new city that makes luxury sheets for a hotel brand. I love it. I trying to spend this to be a good deal. So you actually looked up the business. So what do we know about this business? Yeah. So this is, and I could put it on the screen if you want.

It's called Castello Hostelow. Hospitality, C-A-S-T-E-L-O-O-O-Hospitality.com. They also have just CastelloHome.net, which is what came up first in Google. So that sort of reinforces what this is, is a linens manufacturer that does not really know how to go to market. You know, their websites are not awesome if we pull them up. I guess I can share it for our YouTube friends. This is the, this is Castello Home.net. It looks like a WordPress template, you know, like.

The sheets look nice enough. The website does not. Bed linen, you know, like they've got everything. Wood fiber, pure linen, necral, standard sham. Like, I'm not a huge bedlins dude, but this looks like a comprehensive selection of bed linens. So it's a fourth generation Italian linen manufacturer established in 1935. Like, I believe these dudes know how to make linen. Like, I bet it is nice.

But to your point, Michael, like, can they make it at a price? that is cost competitive with China, and how big is the market that people actually care? I wonder, though, actually, the more I think about this, this might be made in Italy. So if I go to their contact us page, they've got three addresses. One in Glasgow, Virginia, called home, one in Radford, Virginia called Warehouse, and one called Castello 1935 in Milan, Italy. So for what it's worth, I think there's some real Italian heritage of, not manufacturing here.

Yeah. It's cool. One of my buddy actually has a business where he, he moved all of his manufacturing to Istanbul Turkey, which I think he partially did it because he wants to hang out in Istanbul a lot. But like, it's pretty, it's pretty cool. It's like we've talked about the, there's the statistic that when they move the headquarters of a major corporation, did you know it's like 94% or 95% of the time it moved. closer to the CEO's house.

You've heard that stat? Makes sense. Makes sense. And the other 5% of the time you open a satellite office in the CEO's hometown. Oh, yeah. So like when we moved our code up business,

the first thing the real estate agent did was, the commercial broker did was ask where our CEO's house was. Drew a circle around that. That was really smart. Not his first time, I guess. Anyway, I think that's, but so you're thinking what this guy's doing with this is it's actually manufacturing in Italy and he may have a factory he owns there or contracted and then they have been trying to market that stuff in the United States and they are

trying not to market that stuff anymore because it sucks. Yeah, I think so this, oh, this is interesting. The first generation guy just died in 2022. So I wonder if that is motivating a transaction here. This is the guy, the original founder's son, who is the manager of Castello in 1935, group, 80 factory workers, 50 subcontractors at its peak. There was a Montreal factory. Like, there's some serious history here. So I don't think this is like, like, Castello is like some dumpy fly-by-night thing.

It's been around for 87 years. I think that they don't know what to do. I think they've got, it's probably a. a little disorganized. It's, you know, it's too spread out. They've got too many members of family and they're trying to do something to reinvigorate it. What I would do is come in and go, look, I don't want to just buy the, you know, I would entertain all structures. Like, I don't want to just buy the hotel side of your business, which is I think they're trying to, trying to sell you right here. They're trying to, I think they're trying to keep making, keep owning all the factories,

keep making the sheets and probably keep selling the sheets to retailers and even direct consumer online, and they want to sell you the hotel business, because that's what the listing says, high-end hotel linen supply. So they want to keep making a sheets. You do all the selling to the hotels, and they probably keep the better parts of the business, which maybe are the high-end manufacturing and other channels. But I would go in and go, look, your patriarch just passed away. You know, you probably are looking for a liquidity event of some kind. Is there a better deal to be had here? I would immediately break out of the bounds the broker is trying to put me in, which is the hotel linens business, and go,

I want to look at the entire asset and see if there's a deal here. Yeah, the way they're structuring this is almost like you're a manufacturer's rep. Like, yeah, you're not, I don't know what you're actually buying here. You get, you're buying yourself. This is a buy yourself a job situation the way they're structuring it. And I agree with you. Like the brand, I mean, I like that brand. Like I look at it, you have some history and,

Like, there seems like there's some opportunity there. Though I think bedding and bath and table linen is one of the things that really, like, the luxury brands haven't penetrated, unless there's, like, Louis Vuitton sheets and I just don't know about it. Does Supreme make sheets now or no? So, I don't know if Supreme makes sheets. But, like, check this out, though. If I go to the bio, and I'm going to put this on the screen again for YouTube, Taylor Campbell, the third generation, now is vice president.

he continues father's path and concentrates solely on the high-end luxury, bringing on the finest customers the industry, Seaborne Cruise Line, MGM Resorts International, Amman Resorts, which are some of the nicest resorts in the world, Fairmont Hotels, Four Seasons Hotels, versus Carleton Hotels. They have account managers in the U.S., Canada, Europe, Middle East, Asia, Russia, warehouse and distribution points, west and east coast, and the United States, Europe and Asia. And then Castella has been manufacturing private label for customers for years. and it looks like they only went into their own line in 2018. So there's a lot here.

They could have a massive private label business for other brands, or maybe it's private labeled for Ritz-Carlton hotels and Ritz-Carlton sells Ritz-Carlton branded sheets, right, that have their brand on it. Like, this could be a more interesting business, right? Because Ritz-Carlton sheets need to be awesome. They don't need to be made in China because they're sold for absurd, you know, absurd margins because they have the Rit-Roulton brand on them. They need to be made in Italy,

right? So you might have some defensibility here if you have good contracts with these guys. You know, them and Amman and MGM, et cetera, Fairmont Hotels. So like this might be a more interesting business. The more I read about this, I'm just horrified at the level of detail that the broker chose not to include because there's a whole bunch of really interesting stuff here that I found by Googling and pouring through their website here in 20 minutes. But also I think more and more there may be something interesting here. Like there may be a deal to be had. This is sort of one of the things where I think you could find in the small business market

and make a crap load of money. Like you can find a family that is a motivated seller, you know, needs liquidity, and you can put together a deal that maybe they hadn't thought of or the people you're bidding against haven't thought of that works for both parties and potentially control a really interesting asset. and clean up a cap table too and probably all the mental management of people who all have the same last name. I like the creativity. I'm all over it. Here's my thing. I think, well, especially for our future first deal for the acquisitions anonymous business ownership partnership slash buy a business

that we can sell some crap to our listeners. No offense listeners. That's what we're going to do. I mean, we'd be stupid not to buy a business that couldn't sell stuff to our audience. Like so nobody's going bite lit it from us. But anyway, I don't think this is a good candidate for that. Michael, everybody sleeps. All of our listeners sleep. I'm confident. Look, Phil, I know about you, but none of our listeners want to think about me before they go to bed. That's what I'm telling you. That's probably true. Oh, let me snuggle up in my Girdley branded sheets. Honey, come on over here. Then you look down and it's like Michael Gurdley's name on your pillow. It's like, nobody wants that.

Honey, you've been listening to too many episodes of that podcast. We need to take it away. Yeah. Well, no, I mean, for clarity on the business we should buy, it's to be something that will be meaningful and interesting to our listener base. And I think that would be my opinion on it, which the worms definitely meaningful and interesting.

I wonder if Mills has made any progress. Okay, but can I just bring us right back to the linens for one second? $1,800. Probably sells an $1,800 for a pillow. One pillow. $1,800 for a pillow? The most expensive one is $7,200 for one pillow. It is a certified Icelandic Iderdowne pillow.

It is a king-sized pillow. Oh, my goodness. Okay. Now I'm more interested. You can't sell a $7,800 pillows made in China. Okay? There's no way. A gift from the Iderdown.

There is no. physical contact with the Ider duck in the processing of this product, they molt and leave the Ider down in their nest for farmers to harvest after they've left for the season. It's hand processed and a hundred percent pure Icelandic Iderdown. This just goes to show you that there is a, the luxury market for anything goes like ten times higher than you ever think it would. This is an $8,000 pillow. Okay.

I think our listeners can definitely get behind us selling $8,000 pillows. Like, there's no way they were... This is the coolest business ever. How do they now talk about this? This broker should be crucified. I mean, there's so much here that he did not even mention. Just put on the listing. You sell $8,000 pillows.

Michael, if this podcast doesn't work out for us, it's nice to know that we can always go be the best business brokers in the world, if we have to. That's good. Yeah, either that or I'd go be an EOS implementer. I can always make, I can always make money doing that. Too many people. No, thanks.

I do think, I mean, it doesn't meet my career for new ventures, but it's totally a Nick Huber style. Like, I could spin up an agency doing EOS consulting, like, immediately. Like, just, like, because I talk about it so much, like, every other tweet. Dude, you know, I do some consulting. Like, a huge part of it is drawing from EOS and helping people who are already on EOS do it better. EOS is very cool.

It's like, without diverging into a whole thing about EOS, I think it is like the perfect balance between like enough structure and not too much structure. And it draws on like all kinds of old wine from all kinds of really good business thinkers and puts it in like one wine skin called EOS with kind of a perfect balance. Well, I think that, I mean, Gino, who's the guy who built it, like none of that is new ideas. It's zero new ideas. The new idea is, I think what he did was go through and pick out the stuff that doesn't need to be there and just focus on the key things, right?

It's just like, you're just going to focus on goals. You're just going to do this. We're not going to, you know, and there's stuff that's not in there. People are like, well, how do I do manage employees? It's like, you don't. Like, we're not going to talk about that because that's important, but not as important as this other stuff. And that level of focus is the genius of it. And it's just that one idea and that one rubic that he had when he built it that just made it so good.

totally did. That's great. That's great. All right. Anything else to say? We talked like a little bit about linens and a lot of bit about other stuff, but hopefully that's interesting to people. Look, I mean, I think the lesson for today for me, just reflection is like if you're

looking for deals, like what we did today, I think is a great example of what you have to do to find a deal. Like you've got to find it in a weird way. There's got to be some hair on it some way and it's got to be hair that you're okay with. One of my friends used to talk about every deal has red flags at the earth. You just have to know if you're okay with them.

You know what they are and then make sure you're okay with them. I think that's such a good line. And so his, you know, what you did today where it's like, well, this listing's really terrible, but it's kind of, it might be interesting. Like, let's spend five minutes Googling it and go turn our brain on. Like, that's what you have to do to find a good deal these days.

And you're not going to find it in the perfectly marketed, broker does a good job, well-written sim in a, you know, vertical SaaS marketplace, right? It's just not going to happen. And I thought that was genius, an example by you. And yeah, a lot to learn from that. Thanks.

Yeah, I mean, that was a terrible listing. It was one paragraph. And at first we thought it was linen's distribution, like to hotel, like actually a laundry business. But in fact, it's an Italian factory with worldwide distribution and four generations of family. And what's great is 95% of searchers, their eyeballs are going to roll right over that deal on biz buy sell.

Yeah. Right? So good. Thank you for being terrible. broker, you know, less competition. Oh, did you see the guy, did I share the thing where the guy was like, why are you shaming me? One of the brokers on YouTube was like, why don't you just respect my hustle?

And I was like, well, why don't you spell check? That was fine. That was my reaction. You spelled hustle wrong, bro. Do better. Why don't you run the spell check? So anyway, we're not being, we're not being mean. But we have a point.

That's how I think about it. So super cool. All right. We'll wrap it up here. talk for like four more hours so i always enjoy it thank you bill yeah that was a good one all right hope you guys like this one see you next time bye