Acquisitions Anonymous - #1 for business buying, selling and operating - The gang decides to buy a worm farm - Acquisitions Anonymous 214

Episode Date: July 28, 2023

This could be one of the more interesting episode yet. The whole crew joins in and takes a SERIOUS look into a worm farm. Check it out here: https://www.bizbuysell.com/Business-Opportunity/Nationally-Acclaimed-The-Worm-Farm-selling-Soils-Worms-and-Castings/2113910/Huge 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/.-------------------CloudBookkeeping offers adaptable solutions to businesses that want to focus on growth with a “client service first” approach. They offer a full suite of accounting services, including sophisticated reporting, QuickBooks software solutions, and full-service payroll options.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]

Hello, boys and girls. This is Bill Alessandro. I am one of your hosts and welcome back to another episode of Acquisitions Anonymous. This week is one of, for me, the most fun episodes we've ever done. We have all four co-hosts this week and we covered a worm farm in Northern California. Yes, a worm farm that is making one and a half million dollars. They sell worms. They sell dirt. They teach other people how to do worms. And it is priced at like 1.2 times cash flow. This was really fun, and I think you're really going to enjoy this episode of Acquisitions Anonymous. 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 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. Wait, did we? Nobody's hosting? All right. I'll do it.

Here we go. Here we go. One more episode of Acquisitions Anonymous. This one is pretty cool because it's about bugs. This is one of the weirdest deals we've seen in a while. Who has ever seen a deal like this? No. That's why I flagged it when I saw it.

And we came across it from Thomas Ince, who is a PE guy up in. in Austin, who is now tweeting a lot about small business and business operations and stuff like that. And so this is a fun one, so I flagged it to, and then insisted we do it today. So here's the listing, nationally acclaimed, quote unquote, the worm farm selling soils, worms, and castings located in Durham, California,

which is Butte County. I've never heard of any of those places except for California. So it must be somewhere very rural in California. As a picture here of a very, well, a worm bill wearing a top hat. It's amazing about that. It's a very, it's a very, it's a very sophisticated worm. They are asking $1.8 million for it. It cash flows $1.45 million.

Gross revenue is $2.5 million. Furniture, fixtures, and equipment of $400,000, inventory of $950,000, and it's paying rent of $8,000. $1,800 per month. So wait a second, they're asking $1.8 million for the worm farm and it cash flows $1.5 million. So they're asking 1.2 times or something. Yeah, okay. Yeah.

Valuation. For recent. I guess like where's my checkbook. Okay. Business description. And is an established business with great income and even all caps, bigger upward potential. Welcome to the worm farm. Since 1990, the worm farm.

has been a Durham staple offering worms, worm castings, premixed, and custom soils blends alongside their learning foundation, helping teach thousands of North State students, both young and old, their vermi-composting processes, ability to custom-mix blends to client needs, and their registered proprietary mixes have made them the leading supplier in the region, as well as having nationwide notability. While the company has grown significantly over the past three decades and continually becomes more efficient, there is significant upward growth available for a new owner to take this well-known and established business to the next level. Previously featured on CNBC's Blue Collar Millionaires

and gross sales in excess of $3.7 million in 2021. This bustling small business makes great returns for its current owners and can do wonders for the next generation of ownership. With this sale, including state-of-the-art custom software program tracking customer orders, inventory, deliveries, replacement inventory, ordering, and more extensive equipment of machinery,

existing inventory, intellectual property, yada, yada, yada, and they have a 503C of learning. Rending Foundation. Customer lists and much more, this offering represents a tremendous opportunity for a new owner.

Don't miss out, yada, yada, yada. And then they have a video here, Bill. I know. It's a shame that this is a, not an audiovisual podcast for most people listening. Six minutes long.

I don't think we have time for that. We could talk to Ty and see if he wants to include some part of this. Or maybe we put it at the end of the episode. We'll put it in the comments. Yeah. So it's a, what they have here linked is a CNBC

segment that is a YouTube video that is six minutes and 30 seconds and so on. Okay, so location, here's some rehashing everything, location in Durham, California, inventory including asking price, real estate is leased, they have a 20,000 foot building, the lease does not expire for employees, FF&E is included in the asking price, and it's located in 10 acres in Durham, California, different warehouse type buildings, a mixed use building for the educational foundation, manufactured building uses an office, multiple medium-duty state-side trucks,

large loaders tractors, especially mixing. All right, here's the, if you ever wonder, who competes with your worm farm? While this business propagates and sells worm and worm castings, by far and above, the largest portion of this business are mixed soil blends, both proprietary and custom blending available. The worm farm produces the highest quality soil blends in the area

and is highly sought out through the region. So I don't know, maybe there are other worm farms. This really surprised me, right? Because you hear the word worm farm and you go, this is an operation that produces and sells worms for bait. Like that's or for, you know, put in your garden or whatever. I thought they're selling mostly worms. Turns out they're selling mostly soil that the worms have lived in and enriched and shed their skins in and has, you know, nutrient rich properties, which I didn't see coming. So this is a dirt farm. I guess that's wormcastes. is worms. If you go to their website, though, four pounds of worms is $150.

I mean, four pounds is a lot of worms, but $150 as an average order value on e-com, this is amazing. Yeah, 10 pounds of worms, $350. I have purchased worms for my garden, and I think they probably came from, because it had a funky logo on it, you know, that I thought was pretty funny. And I could almost guarantee It came from this place. And I don't remember what I paid, but I ordered them on Amazon. And we put them in our garden. And, yeah, I got a bag of worms.

Heather, you made it four and a half minutes into the episode before you dropped that bomb. I know, I'm really impressed. I was thinking, you know, maybe I shouldn't tell people about this. So you bought live worms on Amazon? That's possible? I did. I bought live worms on Amazon. And they were great.

They're still like, there's a whole column. out there in the garden. That's amazing. So Heather, why did you buy the worms? Is it good for the soil? It is. So I'm into gardening. So we have a garden. We have a vegetable garden every summer and we love tomatoes and zucchini and all that kind of stuff. And we are always trying to figure out how to make the soil a little bit better because we have clay. It's a clay soil here. So it's we wanted to aerate it and enrich it. And this was kind of one of the easier ways when we were researching it to do that, is just add worms. So we did. A couple years ago.

So you get in the mail just like a pile of nightmare fuel wriggling worms. I was scared what it was going to be like. It was like a bag that was sort of aerated and had dirt, but mostly worms, you know, dirt and worms. And, you know, and it comes like, hey, you know, you've got to go take care of this right away, you know, make sure you keep it damp and all that kind of stuff. So. Oh, wow.

Crazy. How was it shipped? Was it like FedEx? I don't remember, but it had some special shipping. It definitely did. Like, you know, so it was kept damp and it was kept kind of cool. so that they would be alive. I mean, guys, the margin on this has to be incredible.

One gallon of worm castings, which is, I guess, just like the stuff that they, you know, spit out and poop out. A gallon is $27.98. And it's free shipping. So, but if you get a cubic foot or a cubic yard, shipping's not included. But a gallon, to ship a gallon of something is not, I mean, I know it's expensive. But if it's $28, Bill, the unit economics on this have to work. Even in e-commerce. Especially because what you're selling here is like worm poop.

So the dogs are low. Yes. Well, and if you look at the listing, their business is doing two and a half million of revenue and one and a half million of cash flow. So yeah. Although there is a hint. I'm wondering if the business is in decline because they said they did $3.7 million in 2021. I'm getting a sense that that is the CNBC bump.

Because it's mentioned in the same sentence as when they, they were on CNBC. Yeah, yeah. So I think that's a little bit artificially high, but I would like to see the trend. At the same time, though, worms, like this does not seem like it's going away. If people are fishing and gardening,

you know, I don't think the internet is disrupting worms. Heather, how did you find, you just went to Amazon and you said, I want garden worms or how did that go down? I go to Amazon first for these kinds of things. So I do my research, I figure out what I, you know, what weird thing I need or want. And then I go on Amazon.

just search it and there it was. Yeah. Amazing. Yeah. One thing that's kind of interesting about this, this is obviously a geographically dependent business. You know, they have 10 acres, they have a 20,000 square foot, you know, building or it's multiple buildings that are obviously pretty specific for what they do. Like they say they're dirt floor buildings. That's not very common. So you got to go be in this area. But when you look at this, they include the inventory and they include, include the FF&E, which even if you take a discount off of it, there's $1.35 million worth of inventory and FF&E. Even if you say 50% of that is the real value, you know, or the actual depreciated

cost or something like that, I mean, there's a pile of assets here relative to the cash flow and relative to the purchase price. That's a good point, Mills. Why is this so cheap? So they're trying to sell it for 1.2 times cash flow, but net of inventory. or maybe they're going to buy that different. I mean, net of inventory, it's free, essentially. They're going to give you this business. Yeah, that doesn't, it doesn't make sense. And it's way up in Northern California.

So I think maybe, you know, the location, they maybe have a very limited number of buyers who can, you can have to move there. You know, you have to, you have to manage the operations. And by the way, shouldn't it be called a worm ranch? Isn't that? Yes, it should definitely be called a worm ranch. It is.

interesting, you know, I've pulled up their website, which is great that they're telling us who they are and everything straight up, but they claim to sell, you know, why, I guess the question is, why is this not just another worm farm, right? That's a, you know, like, what was the last time you saw a farm that's not doing illegal drugs that could do these kind of profit margins? Like, it just doesn't happen. And they claim that they have some couple differentiators. Number one, longevity in the market. They've been around for a while, and people, keep coming back because of that. They have these relationships with families, university, schools, non-profit agencies, all these kind of folks, lawyers, Hollywood celebrities. I've heard Matthew McConaughey is a huge worm guy. I don't know if you guys knew that.

Simulator research missions to outer space, home and commercial gardeners, and on and on, people just like you. So I don't know if that's BS or not. Then they claim that they do this special type of composting worm called the Insinia Fatita red worm, but they're not just another worm company. So I don't know.

Do you guys buy that? It's like show worms. I don't buy that they've got special worms. So I googled worm farm because, you know, while you're talking, Michael, I kind of wondered how unique is this. And I found a ton of content on like create your own worm farm in your backyard, like small time hobbyist content. Right.

I found maybe two or three. There's this other one, this one called the Arizona worm farm that looks like it's a pretty decent operation. They've got another one called Uncle Jim's worm farm that keeps coming up that I think sells, you know, has been around for 40 years. I don't think this is like there's a worm farm on every corner type thing. Yeah. It is, well, so two things. One is if you go to the contact us page, there's actually two, they have two worm farms for, the worm farm, they have worm farm

Durham and then they actually have worm farm Oregon near Portland. But I don't see anything about that one being sold as part of this. Yeah. So anyway, and then I had a second point, but I'm sure I'll take a bit of a minute. I don't, sorry. So I don't hate this business. Yeah.

No, I'm kind of thinking, Bill, why would you not buy this business? I mean, okay, so it's very cheap, right? The downside is you've got to live in nowhere, California. But, I mean, there's worst places to live in Northern California, right? Yes, but do you? I mean, this is the type of business that you could hire a general manager for. I mean, literally, you got to sit there and

watch the worms eat the soil. Like, I'm not to minimize their business, right? I'm sure there's no, you got to move. It's like heavy equipment, right? You're probably moving quite a bit of dirt and it's a dirty job. It's a messy, it's a messy business for sure. But it's farming. Like, there's a ton of like good general manager farmers you could hire to do this business. I mean, you've got you got $1.5 million of cash flow. I mean, you could pay $150,000, and that would be more than the average American farmer makes, period, working their entire farm. Just get the best farmer to be in charge of this and live wherever you want to live. All right. Taking a quick pause here, I have something to tell you. This is Michael. I hate

bookkeeping. I hate bookkeeping. I hate doing HR. I hate doing all that kind of stuff. But for bookkeeping, I have found a solution. It is my friend Charlie's business called cloudbookkeeping.com. So that's cloudbookkeeping.com. They are your perfect partner if you want to get bookkeeping out of your hair and focus on making your company,

your customers happier and more successful. So please give them a call. Call Charlie, cloudbookkeeping.com. Tell them we sent you. They're a great way. If you're a business buyer, if you're a business owner, you're tired of hassling

with getting your bookkeeping done. He's got a whole fleet of people that are well-trained and work for him. He's located here in St. Antonio, so I can tell you because of that, he's awesome. And they're a great partner for you to potentially call to help with all your bookkeeping needs so you can do the important stuff in your business

rather than worry about getting your books right. So give Charlie a call, cloudbookkeeping.com, and now back to the episode. This is definitely a business that's, I think it's one where you think it's difficult to recruit for this, but it's so inspiring. There's like an unlimited number of people who want to like be close to nature, be, you know, be helping like host kids to come in as part of this foundational work they do. Like talk, there's worm nerds.

I guarantee you there's worm nerds who want to do this. Like, even though it's 90 minutes north, so 85 miles north of Sacramento, like, I don't think it would be as stupid as some of the other stuff. We've looked at, like staffing some of this stuff, like in rural North Carolina and stuff. And it's just like, oh, that's not, you're never going to have, you're never going to staff your bowling alley in rural North Carolina. But like, I think this is one that I wouldn't be so scared, right? So what one thing that's kind of interesting is this, this broker, Warren Bullock, who if you Google his phone number, it looks like he's a real estate agent in Northern California.

And he has like a consulting business. So, you know, this is not, obviously, this is kind of a funky listing. no investment bank is going to take this to market. I don't think a private equity firm is going to scoop this up, and it's not big enough to be a platform acquisition, and it's too weird to be a tuck-in for anything, probably. But I think this guy's like a consultant, probably just like a man about town in Northern California

who just helps people with the general kind of business problem. So this is really intriguing. So why is this bad? Because on the face of it, it's super attractively priced. I don't, it's semi-unique. You know, I think you could probably staff it. I mean, this guy ran for Paradise Town Council and he has a clamor shot. Oh, wow, yes.

So this is another thing. For those of you listening in, I Googled him. And he and his wife, I guess, our business partner, is not really. clear. They both have very distinct red hair and decided to wear purple in all of the photos. So it's really great. These would be cool people. I'd like to know these people, but they definitely dressed differently. Also, in case you're interested, the most famous person named Warren Bullock is a UK-based ballroom dancer, and this is him. If you're on YouTube, you got to check this guy out. Yeah. All right. Sorry. Go ahead, Bill. Sorry.

So I think this is a good business, right? So it's a practically priced. It's probably not going to be a ton of competition to own it because it's a little bit dirty, right? No pun intended. And you got to, there's physical operations. And as Mills said, not a great ad on or tuck in. It's represented by, and I always love this, like, you know, probably not widely shopped, right? Warren Bullock is a realtor.

It's not complicated. You probably saw a lot of stuff online. I even wonder if, you know, four employees. They have four employees. So it's not that complicated. It makes $1.5 million a year. You probably don't have to live there. You might even be able to open one or two more of these things,

you know, somewhere in the country, if there's like a local business supplying soil amendments, maybe you open a few more. This is not terrible, right? Is this the first acquisitions anonymous deal? I mean, I know we want to do the pizza boat, but pizza boat, this is better than pizza boat, I think. I don't know, Bill, do you like this worse?

I mean, it's a little less sexy than pizza boat. it's less sexy than pizza vote, but it's pretty cool. So like this is like the quintessential. Do you want to be cool? Do you want to be cool at like a Whole Co conference, buy this business and then tell people that one of the businesses in your whole co is a worm farm in Northern California.

And there is like a small segment of nerds that will just be so aroused. Right? Okay. So let's figure out how to make this deal work. So, okay, Heather, do we need an SBA loan? We should get the NDA and sign it and decide whether or not we want to publish the episode. If we're going to try and get it under LOI, we need to wait and not publish the episode and not create all of our competition for the deal.

Oh. Broker Warren Bullock is not listed to our podcast. No, no, I know. But if we publish this, right? And then simultaneously, we're trying to get the SIM, or I mean, there's probably not a SIM, right? If we're trying to have a conversation with the seller and Heather's going on the site visit for us. I will. And then simultaneously, all of, you know, S&B, Twitter is also trying to hit up this broker.

He's going to feel like he hit the lottery. Do you know what? Well, look, I'm not actually that interested in owning the business. I just want to go tell my wife that I have to go on a business trip to a worm farm. I just want to record that. I think it makes some good short form content. I don't actually want to own the war farm. I just want to have to go explain why I'm going to a worm farm north of Sacramento for the weekend.

I'm a horse person. So I think like I would say, well, this would be awesome to own, live there, have your horses, have the cash flow. I mean, I think it's a great business, honestly. It really is. Can you get an SBA loan? Yeah. You could.

Definitely. this is the tricky part about a loan on this one is the lease. You've got, it's all on lease land. So we need to know who owns this land. How long is that lease good for? That could be the only trick. We don't know much about that. And they've been there for an awfully long time to not own the dirt.

And that is the business, obviously. So not probably the easiest thing to move. Literally. You know, it's all underground probably, or a lot of it is. So that's probably the toughest part about figuring out whether it's financeable. And really, even if you weren't financing it, even to buy it, you'd have to do a lot of diligence on the lease.

I mean, it's 10 acres out of the middle of nowhere. How could we not buy the land with this? Like, surely, and they're only getting $1,800 a month. Well, that's what I was going to say. I don't think being the landlord is a good business here. You're making $25 grand a year in rent. Well, like if you do, let's say it's $1,800 a month and I don't even know. So it's $25,000 plus or minus.

Let's say they're getting $30,000. you know, 30 gross out of the whole thing. Or at least 30K triple net. Even if you pay them a 10-Kal, that's 300 grand for the land. It's kind of worth it for that safety and security, not to know you ever have to move. I would agree.

And there's a lot of lease land in farm country, you know, so it could be just, you know, those kind of farm leases. And that's just, you'd have to do a lot of diligence. And I agree you would want to own the land if you can here. But even if they double your rent, they hit you for another 20. 25 grand a year.

You know? Like, I could probably get comfortable with this. I think you go to the landlord and you're like, I want a 99-year lease and I'll lock in 5% step-ups until the end of time. Can we get one of those crazy farm loans? Don't they have those things? Oh, maybe the subsidized agricultural loan. Yeah, we get an FDA loan.

You've got USDA. Okay. You could go USDA or SBA. I don't know that there'd really be that much of advantage to USDA because they want assets. It's a weird program where they have to have machinery and equipment or, you know, certain amount of assets. It's probably better as an SBA if you're not buying the land. Okay. So here's the deal on this episode. We're like six, three or four weeks ahead. We can even delay this one a bit. It gives us some time to actually go try to make this happen. So, all right,

now we've got to go to the important thing. We have the idea. Who wants to do all the work? Ah, that's always the problem. Well, Heather has to do all the work because she's new, right? That's how it works. Oh, yeah. That's how it works. Okay. No, I would, I would go up there. I mean, what do we want to do?

Just get the SIM and, well, there's no SIM, right? Just get the financials or whatever we can get. I'll reach out to this guy. I already, I already messaged Warren and I texted him as well. Okay. Yeah, I mean, it's an easy fight for me to go to Sacramento and rent a car and drive out there. Let's get the SIM. And then here's what we need to do.

When it shows up the SIM, we need to get together and record. us reviewing it and recording an episode of us. We'll do this live through the whole thing and people can see people are like, how do you go from zero to like creating something? How did you end up owning a warm farm in Northern California? A great exposure of how people are like, oh, that's how business gets created. You guys are just as stupid as the rest of us. You're just not dumb enough to slow down and question what you're doing.

So then we should record it. We'll record us reviewing the sim as the as the episode. Assuming Warren Bullock would carve out any NDA, he would make a sign to allow us to do that. Well, and I think what we could do, right, there's, there was this famous series of articles called Street Smarts in, I think it was Inc. Magazine years and years ago. And it was a guy who was selling his business. And like part of the whole process was that he just told all the buyers, look, hey, I'm just going to be totally transparent. I'm like doing this, you know, you're going to be, you're going to be part of this national article that goes out every month.

And it was like, I think what the editor at Forbes told me was that, or Inc, was that it was like their most popular, you know, article in like the history of time. But it was just like every month, people were like, what's happening next with, you know, so-and-so's deal. That's cool. I could video the site visit, you know, take a, take my phone out and video some of that. And yeah, I don't know why you keep talking like you're going by yourself. I'm trying out there for sure. All right. I, you got to get your mind right on that.

Michael's like, I don't want to own any of it, but I will do diligence to the heck out of it with you. No, no, I'm in. I'm in. I want to be part of this. I want to be on the board of the worm farm. I want to have like worm farm retreats. I want to be like testing the product and throwing the worms in my backyard. I want to have like my Twitter bio being like owner, coffee, school, software, worm farm.

Like, yeah, I'm all in. Yeah, let's go. So one more thing on this business, I would be really interested to learn more about how much of this business is the worm farm, like selling the soil amendments and the worms, and how much of this business is the education, the, I don't know, maybe people come and tour the worm farm and they sell them beer and, you know, teach them how worm farming works. You know, maybe it's like a tourist chain. resell other products, you know, different, you know, kind of pest control and books and different things on the website. It's like etymology. I bet you, I bet you the owners are etymologists or they have, you know, there's a lot of folks up in the Central Valley that that's their background and they, you know, service farms. That's to me what it seems like. They call themselves vermiculturalists.

So vermiculture is the practice of farming worms, I guess, and other bugs. Other vermin, perhaps. So what I wonder, though, is if this is like sort of a unique worm farm in that they've built a brand around it. Like how many soil production companies have a logo of a, you know, a worm in a top hat? You know, like they've, and when I see the margins too, like they got 50% or 60% cash flow margins. Like that feels to me like they're selling some non-physical products with 100% gross markets. Look, how would you like to be the people that started this and you're in Durham, California? with a bunch of other farmers, barely scraping it by,

and you're the guy, like, showing up in a Maserati to, like, the local diner, because you're just killing it. And the license plate says worms. Yeah, it's just like, how are you that guy? Like, it's just got to be such, that's the other reason to go on this site visit is a million percent, the people that are doing this, that own this thing, you can see it in their website. They have enormous personalities, and they're going to be characters. And you just going to go to their house, there's going to be, you'll invite you in to eat and have coffee.

just be like a bucket of worms on the kitchen table. Like, it's just going to be that kind of experience. So one time I was looking at buying a piece of property that was maybe like 15 years ago and I flew out there. We were buying it from some guys who were in the panhandle where it still snowed a lot. And they would, in the summer, they would run tractors for the individual like farms. But in the winter, they would snowplow with the same tractors. So I'm there for like 20 minutes.

And next thing I know, like, they're letting me drive the tractor like around the parking lot. I'm like snowplowing. And this thing's huge. It's like 30 foot tall. It's like one of those ginormous combine ones. So this is one of those experiences. I'm just telling you, you'll remember it for the rest of your life. So that's where we're going.

All right. Well, I'm going to make one guess, a prediction that that's not really the cash flow. Like, it's a realtor. He doesn't know what he's looking at. So I'm not saying it will be terrible, but it may not be, that's maybe not the cash flow. What does he think cash flow is? You know, that's a good point. It's probably revenue.

And we're going to be like, oh, you guys made 180 grand last year? You won't $1.5 million? Yeah, it is. Nice bucket of worms you got there. Let's find out. Yeah, it's suspiciously cheap. Mm-hmm. I love it.

All right. Well, okay, so we're doing this and the pizza boat or just this? Love it. That's the new, the new Holcoe model. One half the year of the worm farm, one half the year on the pizza boat. You'd be the only person of the world with that career. Pizza worms. You're saying about Holcoe after you completely deeatheye.

reconstructed it on somebody else's podcast last week. This is the new whole coat, the new Buffett, worms and pizza. Things that don't belong together at all. That's the whole premise. Yeah, I love it. Heather, we call that uncorrelated in whole colon. So it now

sounds even, it sounds sophisticated. It's really smart. That's how you make it sounds sophisticated. Amazing. All right. Anything else you guys want to cover on this one? Otherwise, you'll probably hear from us talking about this again, even if it may be, hey, we discovered they're not actually really making money. Very cool. I love this one.

All right. That wraps it up for this week of Worms Anonymous. We will see you guys next time.