Acquisitions Anonymous - #1 for business buying, selling and operating - Star Wars, Star Trek & A Failed Museum—Is This Business Worth Buying?

Episode Date: February 11, 2025

In this episode, the hosts dive into a truly bizarre business listing—a nonprofit sci-fi and horror museum in California that couldn't make it work but is now selling its collection of assets. The museum's listing even apologizes to potential buyers, admitting their failure. But does the inventory, which includes Star Wars and Star Trek memorabilia, justify the asking price? The crew discusses the challenges of turning failed nonprofit assets into a viable business, the surprising cost of niche collections, and whether this deal is just another bad sequel in the world of business acquisitions.Business Listing -https://www.bizbuysell.com/Business-Asset/hollywood-science-fiction-museum-7m-in-assets-props-sets-and-more/2319487/Key Highlights:The sci-fi and horror museum that couldn't survive—but still wants to sell its assets for top dollar.Why the listing apologizes to potential buyers before they even read the details.The risks of buying nonprofit assets and trying to turn them into a for-profit business.Could this collection actually be worth more than they’re asking?Star Wars, Star Trek, and horror memorabilia—what’s the real market for these niche assets?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]

This is the first listing we've ever done, Bill, that apologizes to us in the listing. Yeah, it's very strange. It's like they want to sell it to you so you can go start up a business. Which they've already proven doesn't work because they're out of business. Then no museums wanted it. And so they banded together to create their own museum. Hello, another episode of Acquisition Anonymous. Hello, another episode of Acquisition Anonymous. We don't have 100% here. Hey, Michael here. If you are ready for a deal that is just crazy and it's from California, and it evolved Star Wars, Star Trek, and Captain Picard.

This was the deal for you. We went through all four hosts. We're here today. We talked about this deal. It's a bunch of assets from a non-profit science fiction and horror museum out in California that they want to sell for more money than you think. So here's the episode. Stick around.

We had a ton of fun, and I bet you will too. Are you ready to take a leap into business ownership, but you don't know where to start? Well, look no further than Acquisition Lab, the premier resource for entrepreneurs seeking to buy their dream business, founded by Harvard MBA and acquisition expert Walker Dybul, The Lab is your fast-tracked success in the search diligence and acquisition process. With hands-on support, world-class resources, and a community of like-minded entrepreneurs,

Acquisition Lab gives you the tools and confidence to navigate every step of the journey. And we're proud to call Walker and Chelsea, the Lab's director, longtime friends of the podcast. They're passionate about helping entrepreneurs like you take the next big step. So don't wait to make your business ownership dream of reality. Visit AcquisitionLab.com today to learn more and say, schedule your free consultation. And when you do, be sure to tell them the Acquisitions Anonymous podcast sent you. Well, the best way I can get you guys to stop talking about the last deal is to click record. So I'm never going to stop talking about the last deal until they tell me that somebody else

has bought it. So how's everybody doing since I talked to you 35 seconds ago? Even better. I'm I'm pumped after that last episode. How much better can this one be than the last one? I'm so excited. I think you're going to hate this one, but I think it'll be good. We're actually continuing, you know, Discovery Channel has Shark Week. This week is website closers week. I thought you're going to say this week is Tampa, Florida week. There was another deal that was like CBD honey that I had, and then I went back to look at it,

and they've taken the listing down, so we couldn't do that one. But guess what? It was from Tampa, and it was relocatable. Of course. But this one is, oh man, this one isn't in Tampa, Florida. I thought it was in Hollywood. For what it's worth, I think website closers is in Tampa and they list all of their businesses in Tampa for some reason.

I've seen other brokers do that also. They listed in, like there's another one, Global Wired Advisors here in Charlotte and they list all the businesses in Charlotte. So it trips all of my searches. I'm like, oh, another e-commerce business in Charlotte. Like, no, they just have the Charlotte broker. Oh. So I do have a question.

And maybe Heather can answer this. Is Tampa the weirdest major city in the United States? Maybe I think as a state, we're talking about the entire state of Florida, right? Yes. No, no, just Tampa. Like the region. Like, they do all this, like, dorky stuff. Like, they have pirate parades and stuff.

Like, I heard a comedian described Tampa as a place where, like, people who wanted to be pirates as, like, a career. Like, they just settled there because they're like, yeah, that would be great. And so they've held on to that pirate ethos forever. I went to clear. Wow. I went to a conference in Clearwater, Florida, and the Uber on the way in from the airport, I had to finally ask him, why are there so many hooters here? And it was because it's the birthplace of hooters.

They were everywhere. Of course it is. Every two blocks, it was another hooters. I thought it was the strangest thing. So, yeah, I mean, it's a little different. When you get off the plane in Florida, you know you're somewhere different. That's a conversation. stopper right there.

Heather. Sorry, Florida. The floor on weird in Florida is quite high. The least weird city in Florida is the most weird city in any other state. Yeah, true. So you're basically saying Tampa is the Corpus Christi of Florida. That's basically what you're saying. Having never been to Corpus Christi, is that the weirdest part of Texas?

It's a very strange place. It's very strange. Isn't that where they shoot all the rockets off from or no? No, that's further south. So down at the very southern tip of Texas is what's called the Rio Grande Valley. It's like the cities like Edinburgh, cities like Edinburgh, McAllen, Harlingen, and then Boca Chica is where the, you know, the spaceport is. That's where SpaceX is, right?

Boca, yeah. Yeah. Speaking of space, there's an astronaut on this business listing. Yes. Yes, let me read this one to you. This is on Biz by Sell from website closers. And it is a Hollywood science fiction museum with $7 million in assets, props, sets, and more. It says it's located in Tampa, Florida, but I don't think it's located in Tampa, Florida, per previous discussion.

They have a picture of an astronaut and a bunch of people milling around in a museum looking place. The asking price is $7.7 million, and it was established in 2012. established in 2012. They give us no input on whether they're making any money or doing any revenue. They tell us nothing. It's just, it's $7.7 million. The self is worth, well, take or leave it.

I love that. $7 million worth of assets. It's like, well, we paid $8,000 for this astronaut suit. You know, I don't know what it's worth now, but it's $7 million sounds good for everything. Why the hell not? Okay. So they have $200. 88,000 social media followers with highly sought after collectibles.

Website closers presents a great opportunity for an ambitious investor to take advantage of an asset sale that contains scores of movie props and other memorabilia worth an estimated $7 plus million. These items came from a recently defunct museum in California devoted to classic science fiction and horror movies. The museum's closing has released a virtual treasure trove of valuable cinematic memorabilia. The museum is offering additional assets with the sale. It has six website domains, an email database containing nearly 10,000 plus subscribers,

and nearly 300,000 followers across eight social media platforms. Key performance indicators for this opportunity include 7 million plus in assets, highly sought after movie collectibles, 28,000 social media followers. By the way, they just said 300,000, and now they just said 28,000. So they're getting unfollowes as I read this. That means they have like 10,000 Instagram followers and like a bunch on Pinterest or something, you know. Like wherever the most valuable subscribers are, they don't have those because they haven't spelled it out between platforms. An investor has plenty of business opportunities with the purchase of these assets, with these sets, props, costumes, and other cinema items coming from beloved movie franchises such as Star Wars, Star Trek, and Lord of the Rings.

the new owner has the opportunity to market these products to millions of collectors around the globe, who often pay high amounts for items used in their favorite films. Items such as these have been top sellers on sites such as eBay or through online auctions. The new owner could also use the established websites and social media platforms to launch new businesses focused on movie history and memorabilia, which is likely to find a highly receptive audience. Please note that this asset sale includes all items as a complete package. We are not considering offers for individual assets or piecemeal sales. Thank you for your understanding.

This is the first listing we've ever done, Bill, that apologizes to us in the listing. Okay. As far as I understand this, this is a defunct, out of business, Hollywood memorabilia museum, right? With assets, you know, memorabilia that they value at $7.7 million, which they want you to pay at, you know, full price, 100 cents on the dollar for it. Why is this being sold by a business broker? Why is this not being sold at auction by Christie's or something? Yeah, it's very strange. It's like they want to sell it to you so you can go start up a business to sell.

Which they've already proven doesn't work because they're out of business. Yeah. Yeah. Or they would have sold it. Exactly. Exactly. I would go to the website closers page because there is some more info. So it says it was a 501C3 based in L.A. and launched in 2012 by fans of Star Trek with the simple goal of restoring the Star Trek Enterprise D Bridge touring set.

And they wanted to like donate it to a museum. Then no museums wanted it. And so they banded together to create their own museum. Oh, sorry. I mean, this is interesting. It is interesting. So there's a, I know a guy who has the, the pistol of Han Solo's from Star Wars. And no joke, he paid a million bucks for it.

So there is something to say for, you know, the kind of nostalgia trading value of some of these things. But the fact that they say the collectibles industry has, you know, a tam of 460. $62 billion is completely irrelevant. What's interesting is it says the museum's organizers do not plan to renew their lease at their Santa Monica property and they're looking to sell

their massive list of props, costumes, and memorabilia. So, I mean, I just, this needs to be at auction like by someone who specializes in Hollywood memorabilia, of which I'm confident there are many. There's a way better way to sell this stuff than hiring website closers, right?

Yeah, this is very strange. The listing is very strange. And I apologize to Florida because this is a California strange thing. So I will own that. On the list of strange, there's Florida and then there's California. Yeah, this is very odd. I mean, so what do you do? Like, what do you actually do with this?

I've got to think there are a 501c3. Have you guys ever bought anything, bought assets from a nonprofit? it? Can you? I mean, I assume. Yeah. You can. Then they've got to figure out what do we do with the proceeds.

So like they obviously, you know, banded together. They probably raised some money. They spend some money buying this stuff. But I don't think it, hint, I don't think it was $7 million to buy all this stuff. So then they're left with the dilemma of what do we do with the money once we have it? $7 million is not a small check. to a nonprofit. No. I almost wonder, you know, when we talked about the Alex Jones Info Wars auction, like it makes me think of some angle like that where you go to these folks and say, you have zero

chance of getting $3 million for all this stuff. But you know what? I'll partner with you. If you were like a hustler and you knew how to move these types of goods, you partner with them and say, hey, I'll give you on consignment. I'll take all this. And I will, work my hardest. And for the next two years, I'll give you, you know, 30% of what I sell. But it might even be that you're saying, hey, I'll, instead of you guys pocketing all that, a certain amount of it needs to probably go to causes that you care about or something. Because that's what they're going to have to do at the end of the day is figure out to get rid of this money.

You can't just stay in the 501C3 forever. I mean, I wonder if they had a whole bunch of Star Wars fans that donated things to the 501C3. probably took a tax right off. And then if they sell it for a gain, I mean, who knows if they're going to sell it for a game, but let's say they do sell it for a gain, these super fans are going to be like, hey, like, you know, pay me back. And the 501c3 cannot pay them back where it's income to them, right? Because they already wrote it off. I imagine this could get really weird between the stakeholders of the museum.

Yeah. Interesting. So they got started, by the way, with doing something that I would love to do personally. So the Star Trek Enterprise D bridge is what they started with to build this museum. That's the Captain Picard Bridge. Like, how freaking cool would it be to have that be your office backdrop? Like, you're sitting there, like, at the little data's chair where he was flying the thing. And that's your desk.

And, like, people are with you on Zoom. you could rip off some killer podcasts from that studio that's worth that's worth at least five hundred dollars of the of the seven million i wonder i mean so they they arguably probably had you know revenue like ticket sales or you know like people were walking in the museum i don't know what the rules around uh not to be confused with ebit or ebit da but ubit ubi i t unrelated business this income. So if you're a nonprofit, if you're a tax exempt organization and you go start selling assets and doing things that are unrelated to your cause, there's there's tax associated with that. So I don't know, I don't know the exactly when you, you know, split the hairs on

this. If this would be, you know, exempt behavior or exempt, you know, revenue or sales, but it could get, it could get kind of tricky for them. It would depend on their stated purpose, right? I mean, if their stated purpose were like to preserve these artifacts, I think so. I don't know. I mean, where I've interacted with it is churches before. Like if churches start to own assets and like generate rent,

you know, or they, they sub lease part of their building. Those activities are not always tax exempt. Interesting. That makes sense. So according to AI, each state has its own rules for what happens when a nonprofit dissolves.

And most of them, want you to take your gains or proceeds from the assets that you sell and give those to other nonprofits or the government itself. Hey Michael here and for just a few seconds I want to tell you about my company near. Before 2020, I thought what a lot of people do, that hiring global talent wasn't serious enough for my small business and it was just impossible. And I also assumed it was just call centers and low level employees. But then I started a company with my colleagues, Franco and Hayden, and realized it's been taking too small. There's incredibly high level talent all over the globe. And for those jobs that are hard to hire for like accountants or CPAs, there's suddenly no shortage of top-tier candidates when you search well everywhere.

And I saw a need for international talent and a bunch of my companies, and that's where I started NIR. So they can help you too. They can make you a list of high-quality Latin American candidates for any role and then deal with all the red tape of hiring them. So go to hire withnear.com slash AAPod to get 5% discount on your first hire. That's hire with near.com slash AAPOD for a 5% discount on your first hire. Tell them we sit in you. California, of all the states, is probably the easiest to deal with. on something like this?

So was that a joke? I was like, really? Can't even build a house there. If you wanted to make money from doing this, besides just partnering with them to liquidate their assets, which let's be real, none of us are better qualified to auction Hollywood assets than someone in Hollywood.

Like there is the right partner that they should partner with if they want to liquidate that stuff, this stuff. I think the realistic highest and best use, of these assets is some sort of touring show, right? Like leasing a building in Santa Monica, not good enough. Like pack it up, put it on a truck, set it up in a local warehouse, make it experiential. It's in town for three weeks and then it moves. That's how you monetize the stuff, like the traveling Star Trek experience. And you get all the trekkies in each city and you're just going around the country. That's a good idea, Bill. I mean, that's how you

money with this, not, not whatever they're doing now. My sense, I don't think you can pay $7 million. No, exactly. That's what I was thinking. I was doing the math in my head thinking the margins on that. And yeah, there's no way you could start out paying $7 million for the stuff. Yeah. So Heather, just for people who may not follow your math, how did you math that out?

Well, I, we've got to, we've got to spend money. We've got a crew. We've got vehicles. and we've got locations, we've got to run out all over the country. I guess I've looked at a business like this that did music festivals. It's what it reminds me of. It was a food concessionaire that went around the country, and that's all they did was sell a certain food product at music festivals.

And it's a tough business. It's very expensive to move your entire business from place to place and hire new crews. And you know, you're never going to make enough money doing that to have. have, you know, had to start out with $7 million in capital just for the stuff, not even the trucks and everything else. You're working capital. So, I mean, maybe you could lease the, the inventory or the stuff that you really like. Maybe you could come to an arrangement like that and make money that way. But to actually invest in owning all of this stuff first, too expensive. Yeah. The way I mathed it is, so you got, let's say you pay $7 million for these

assets. Let's assume they're not grossly overvalued, which they might be. But let's say you've spent $7 million in these assets. In order to justify locking up your $7 million, I mean, you've got to earn, what, a 20% yield on this, just to make it worth it, which means that you've got to put up $1.4 million of EBITDA every year, which means you've probably got to do $5 million in sales, I would think, ballpark. By the time, to your point, Heather, you incur all your costs. You probably do $5 million in sales, which means you got to do half a million in sales per location, right? Because you probably get 10 spots throughout the year, unless you're really hustling.

So like, I don't know what you charge, maybe 50 bucks to get in. You know, can you sell 10,000 tickets per city? This reminds me. I don't know. Seems a little, little steep. Yeah. This reminds me here in San Antonio, we have like an aviation museum that's like a similar type deal.

It's a nonprofit deal. And it feels like, you know, I just, they told us who the museum is in the listing. So I broke our rule and like pulled up their website at scifi world.org. But it feels like this museum we have here in San Antonio, which is just like a random pile of uncoordinated stuff that like is like everything from like old airplanes to people's like World War II bomber jackets to like some people brought in and donated like some train sets. Just like random stuff that people were like, yeah, we'll add that to the museum. And it ends up being like a fun thing to go to, not because of the exhibits here in San Antonio, but because of the guys that work there are like these like characters. You go and kind of see them just like hanging around like random World War II bombers. But anyway, it's not a good business.

It's there though. And it's entertaining. And this feels a lot like that. These guys do also have a hall of robots. Ooh. We can see Iron Man and R2D2 and all this kind of stuff. Okay. That is cool.

That is pretty neat. It's probably not the real R2D2, right? Like it, I mean, maybe. Maybe. I mean, they got $7 million of assets. It might be. I mean, this is pretty neat. They've got like tubes with each backlit tubes with like an Ironman suit,

RTD tooth, C3PO, a whole bunch of other famous movie robots. It's pretty cool. So why hasn't Disney, like the technology is here now with LLMs and autonomy? me, why aren't they selling like an R2D2 that hangs out at your house for $50,000? Like people would buy that. You could totally do it now. I mean, they have toys, of course, right? No, no, like, I'm talking like R2, like, C3.3.

You could program a C3PO with an LLM now to like walk around your house. People just talk to you and quote lines and and be C3PO in your house. I mean, he's a translator droid. He could totally do it. Like, yeah, and be scared of things. You should buy these. assets, Michael, and transfer and start selling them.

Tournament, I mean, that's a cool business idea, Bill. I'll put that on the list. Yeah. So I just, I don't think to Heather's point, you can pay $7 million for this. I think if you, your two paths here are liquidated with a Hollywood auctioneer and get what you get. Penny's on the dollar.

Penny's on the dollar. I mean, probably, or maybe it's probably your classic, you know, 80, 20. I bet 20% of the memorabilia is 80% of the value. And then the rest of it goes in the garbage. Or I think try to turn this into a traveling show. You can't pay seven million bucks for it. Maybe you pay two or three million bucks for it, which lowers your hurdle substantially. Maybe you combine with another traveling show, you know, that already is kind of sci-fi-esque. And you say, want to you add a Star Trek wing, you know, give us a revenue share, you know, lease our assets or something, you know, and just put them on your trucks, move them around. It's got to be some kind of

model like that. I don't know that I want to run the full business. I'd be trying to lease these assets out. There are, you know, there are like regular conferences like Star Wars does like a big conference in Florida celebration is what they call it. But it's like 80,000 people come. Like you could you could go to the Star Trek version, you know, the Star Wars version, the Lord of the Rings and say, hey, we have, you know, we have nine really cool things from these films and, you know, pay us to come bring them there and set them up. Bill, I think there is a little bit of a precedent for what you're talking about. I've one time brought my kids to Charlotte for like a huge dinosaur exhibit. At discovery place.

Yes. Yes. And I mean, it was, I don't remember how much, but it was way more expensive than I thought it should be for us. Just walk around the park and look at like big fake dinosaurs, but my kids loved it. Yeah. Yeah. Natalie and I just went to like a virtual reality slash art thing here about space, about the international space station and, you know,

the history of space exploration in the United States and astronauts. And it was really cool. And they had a bar there. We got drinks and like appetizers. There was a virtual reality thing where you was like you were in the space station. There were these interviews with the people from the international space station. Like it was awesome. I think we paid 50 bucks a pop.

Yeah. Like you got to turn into plus drinks. You got to turn this into that. Immersive experiential. Yes. And then your. Tam is, you know, it's not just people who are traveling to Santa Monica who are interested in this thing. It's, you know, everybody in Atlanta and Charlotte and Dallas, you know, you just, you go on the road.

You got to be on the road. Got to. And selling alcohol. It all comes down to booze. Everything is just an excuse to sell alcohol. It's really interesting that so much of high retail and restaurant, uh, rents are basically because in New York City are basically because of how much people drink there. Like if you talk to young people, did you either of you live in New York City or any of you

live in New York City as a young person? Nope. Like I missed that train. I should have. I've had employees live there in their 20s and they just describe it as being like the unhealthiest place on the planet because there's nothing to do except go out and drink. So everybody just drinks a lot, a lot, a lot, a lot. And stay up super late.

When I was young, every time I would go there, I'd be like, up till four in the morning because all the bars stay open. Yeah. Crazy. It was fun if you're 25. Good times. I miss being young. Yes.

All right. This is cool. This is cool. It's totally different. I think you'd have to get creative here. I would wonder if there's a path to leasing these assets to someone else who knows how to go on the road. And you can turn it into, I got a couple million bucks in it. And I get a 12% yield on the lease payment every year.

and that's the business, not actually operating trucks. Yeah. I think it's all comes down to is the stuff they have actually remarkable enough to be in a museum. Like, do people actually care? At least a few of the things, like the bridge and stuff like that, it kind of looks cool. But you would need an appraiser. Like, that's the whole thing here. Yeah.

I mean, I think the other thing they're probably navigating as well is when people donated this stuff, they assigned a value to it. And they're like, oh, yeah, that Enterprise D. Bridge is worth a million dollars. It's like, okay, well, find somebody that wants to pay a million dollars for it, but they deducted a million dollars off their taxes. So there's some stuff. That's so smart.

That's exactly how they got to $7.7 million. It's the aggregate of the write-offs that all these geeks assigned to it when they donated it to the museum. That's definitely it. Correct. Well, it's also what rich people do with art donations to museums when you're like, hey, this Picasso is worth $43 million. I had it appraised.

I'm going to use that to deduct against my stuff. How much did you pay for it? Well, I happened to pay a million dollars for it six years ago. But the appraiser says it's worth 43 now. That's how it works. And we'll use the appraisal from my friend who just sold something else very similar for $41 million. And they also donated theirs. That's right.

The other thing the hyper, the hyper rich use art for is to circumvent currency controls. Right. Like I buy a $50 million Picasso and then I just ship it to Paris and nobody notices. And then I sell it for $40 million. in under the table. And suddenly I've laundered my money. So yes, good for money laundering.

It's perfect. You know too much, Michael. Yeah. It's funny because I don't know if it was like conspiracy theory currently Friday, but like there were like two or three things where I was like, oh,

I should totally talk about this thing going on. I was like, I'll save that story for a future time. Well, one of them, okay, all right, I can't help myself now.

I don't know if you guys have seen this, but there are people who've started to put normal content onto pornography sites. I haven't seen it. You mean like just regular YouTube videos? Yeah, it's like I'm going to teach math or whatever. They're just using it as a platform for something else. Because I have seen, because I did see something like that. It was, yeah, I did see this.

Yeah. The reason is is because the CPMs on Porn Hub and places like that are enormously high, compare it to other platforms. So they pay their creators more. So people are like, yeah, I'm going to put these algebra lectures on PornHub, because my CPMs are much higher. Wait, it pays better. I would expect it would pay worse because there's not as many advertisers

that want to advertise against that content. No, people, they're advertising adult content and things that you can't advertise on other places. So those advertisers pay up. Interesting. So okay, so that I was wrong. So CPMs are higher. they're making more on X-rated websites per thousand visits so they can revenue shared with

the creators a higher amount than YouTube can. Yep. Wow. Crazy. So as long as you're okay with your math lessons, having adult ads against them, you make more money. There you go. So anyway, there was when I was like, I'm not going to bring this one up today, but I can't

always. It's really, as long as you're okay, your aunt Millie was already pretty skeptical when you told her you were an online influencer and math teacher. Now you have to tell her that all of your videos are on Pornhub. She's going to be very skeptical. A million percent. All right. On that note, let's wrap this one up. This is perhaps the weirdest episode we've done. And I apologize in advance for anybody listening to it. So, uh, not in advance. I'm so sorry for what we've just put you through. I'm sorry. I was going to record the intro and say the same thing. People, People walk up to me.

And by the way, I had the first person walk up to me the other day and go, you're Gurdley. I follow you on LinkedIn. So we said that. I was like, oh, God, I'm such a loser. Can I tell you one? I was at a conference and there was an empty seat and I was trying to be quiet. And I said, can I sit here? And the person before they even looked at me said, Heather and they looked at me and I didn't know them.

They go, oh, sorry. It's from the web, the podcast. Wow. I know your voice. I've heard it so many times. It was really funny. So before they even turned their head, they identified the voice. Yeah.

it was going to be somebody I knew and it wasn't. So it was pretty funny. Yeah, it's, it's very, like, surprises you if you're not used to it. People will be like, are you Bill, Alessandro? And I'm like, are you going to kill me? Like what? Like, why? It's very scary. But I mean, it's nice. I'm glad you can still keep coming up to me. I do think it's cool. It just surprises me sometimes. My normal response is they say, oh, I follow you on Twitter. I follow you on LinkedIn or YouTube or whatever. And I go, I'm so sorry. That's what I do I watch. I'm so sorry.

I'll do better. I'll do it. What I say is I'm so sorry for Michael. I'm so sorry. On that note, we'll wrap up this episode. Thanks everybody for being here. And tell a friend about the show. And we'll see you next week.