Acquisitions Anonymous - #1 for business buying, selling and operating - Two unsellable companies (but we have fun anyway) - Acquisitions Anonymous Episode 109

Episode Date: July 27, 2022

Michael Girdley (@Girdley) and Bill D’Alessandro (@BillDA), talk about two fascinating deals: A gigantic chain of environmental aquariums located in various malls around the US and a European compliance software package located in Switzerland. The first deal talks about doing millions in revenue a year and also looking for a capital partner or selling the business. As for the second deal, we spent some time acknowledging and digging into that one. Join us as we discover whether these deals are as fascinating as they sound.-----Thanks to our sponsor!Pioneer Capital Advisory operates as a full-service SBA loan consulting business. The firm has established relationships with SBA Preferred Lenders in the space. Their value offering is to take entrepreneurs through the process of application at no cost to the business owner. The firm’s goal is to essentially act as a concierge to the business owner, fully outsourcing the work that they would typically incur with having to apply for an SBA loan. Essentially, the firm will be fully aligned with the entrepreneur on focusing on a successful closing.If you’re thinking of acquiring a business with an SBA Loan and want to get professional guidance through the process, contact Matthias Smith at [e-mail] -----* 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.-----Show Notes:(00:00) - Introduction(00:54) - Our sponsor is Pioneer Capital Advisory(02:56) - Deal 1: A gigantic chain of environmental aquariums(05:34) - What should you look for in a strategic partner?(10:48) - What are the tailwinds for location and performance?(13:11) - Can it go wrong? What happened to SeaWorld?(14:43) - Deal 2: European compliance software package(18:30) - Is the valuation plausible, how is the competition in this type of industry with big clients?(20:22) - Do we think this is a good deal? What is the growth opportunity?(23:35) - How long is the customer buying cycle of your prospects?(27:21) - Who would buy this?Did you like this episode? Leave us your feedback in the comments!-----Links:Pioneer Capital Advisoryhttps://app.microacquire.com/startup/tLbRZBPxuQYSQqyb8KLroKy93J12/vl5DB45wvWRnoMRVHvQVSubscribe 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]

Hey, Michael here. Welcome to the world's greatest show about small business to M&A acquisitions anonymous. So Bill and I had a great time today. We talked about two deals that we found fascinating that are currently on the market. One is a gigantic chain of environmental aquarium centers that are located in malls across the United States that is planning on doing 250 million in revenue a year just five years from now. And they are looking for a capital partner or sell the business. And the second deal we did was super fun. It is a European compliance software package out of Switzerland that is perhaps one of the most unattractive deals I've ever looked at. And so we spent some time acknowledging and digging into that one. So me and Bill had a great time.

Hopefully enjoy this episode as much as we did making it. And we'll get right into the deals after a quick word from our sponsor. Hey, Michael here. Today's sponsor is Pioneer Capital Advisory. they're a new sponsor for the show and super honored that they're supporting us. So what they do is they're a full service SBA loan consulting business, and they have relationships with different SBA lenders in the space. They cost nothing to you as a borrower, as a buyer, and instead they connect you to these banks. And they take you through those steps of application,

and it costs nothing for you as the business owner or buyer. So really they act as a concierge to the business owner, and you can really outsource a lot of the work required to arrange SBA financing to Miteas and his team there at Pioneer Capital Advisory. So if you're taking a look at SBA as a potential for you and you want somebody to help you through that process and be fully aligned with you in it, we definitely recommend giving Miteas a call or an email. And you can find them at M-A-T-T-H-I-A-S-S-S-M-A-S-M-A-S-M-Py-A-S-M-Py-A-S-S-M-Py-A-Py-E-R-E-R-E-R-E-R-E-R-M. And again, thanks to Pioneer Capital Advisory, you can find them at Pioneer Capital Advisory.com. And for anybody pursuing an SBA loan, definitely a good option for you. Reach out to them.

Thanks. All right. Well, hey, Bill, I'm in Montreal. So that means we're going to have to do this whole episode in French. Are you ready? Oh, totally. I know a ton of French. It's hilarious because, you know, I'm here with my son and my wife.

And we go around. And they're just like, dad your accent is terrible and i'm like well get your ass up there and you do the talk and then and they're like no no no we just want to critique your accent we just don't think your accent is appropriate you don't say masseur appropriately i'm like well then you get up there and they don't so anyway that's how that's going so we have two amazing deals today and you're going to do the first one you're doing the aquarium to start with yeah all right i'll pull this one up it's badass this is really cool So this one, if you're not signed up for Michael's One Instring Deal newsletter, you should definitely hop on it.

We'll link it in the show notes. But this was sent out to the One Interesting Deal list about a month ago. It was fascinating one. So located inside of shopping malls, this is a chain of 13 conservation-centric nature and aquarium centers for sale or investment. Where else can you swim with a stingray and then pet a porcupine? Well, these people have figured it out. Here's a note from the broker. By the way, not to interrupt you, but I want the record to show I wrote those three sentences.

These people should pay me to write their teasers. There you go. Go ahead. Just don't, Michael, when you become a business broker, just don't take a photo with a hat or touching your face. Just remember that. Count on me. So here's an note from the broker. I'm really introduced incited about Project Water.

It is one of the most impactful animal rescue and environmental conservation land and sea adventure companies in the world. The company gives individuals and families the opportunity to experience. over a thousand animals from all oceans and five continents with activities like snorkeling with stingrays, interactions with sloths, sharks, otters, reptiles, porcupines on many others, facilitated by knowledgeable team members. Each of the 13 locations throughout the United States, Waters' mission is to rescue animals and educate families about the environment and conservation. Malls are clamoring for more locations. Their 2022 revenue and Eva dies suspected to be 62 million and 16 million respectively. Whoa. A strong equity partner will help the company accelerate this vision.

So they're really focused on conservation. If I just kind of look at their trailing financials, which we have on YouTube here if you guys want to see them. They have 13 locations. They have scaled in 2018. They were doing 19 million in sales and a million bucks of EBITDA. LTM, March 22, they're up to 50 million in sales and 12 million in EBITDA. And they are projecting by the end of 2022 to be 62 million in sales and 16 million in EBITDA. Their revenue mix comes about 16 or about 56% from daily admissions, about 15% from token sales. They do 9% in the gift shop, 6% in an attraction admissions and 14% other. So what's interesting is like this is I guess a mall attraction, that mall's

want to have to get people into the mall. It's like a sea world slash nature museum in a mall, right, Michael? Yeah. That's the way I read it. Yeah. I mean, this is fascinating. So there's 13 of them. They're doing, I mean, if you just kind of average it out, 16 million of Ibadah, 13 locations,

they're doing a little over a million bucks of Iva da each. Michael, what do you think about this one? Dude, I love fish, mostly eating them, but also swimming on them sounds good. Yeah, I have some questions. I mean, number one really interesting to me is, you know, they have this huge growth projected, right? If you look here, you talk to these numbers, Bill. They started at 19 million in revenue in 2018. Then they are going to be at 49.6 million in the last 12 months.

And then they show themselves getting to a quarter billion in revenue by 2026, like this amazing hockey stick growth. And if this was a software company, I would be very excited about this growth. But this makes me wonder, like, what's the cost? for all this. How many more of these kind of systems, you know, the sites are you having to build in order to reach these numbers? Because, I mean, this looks like a lot of capital investment is going to be required to keep this thing growing as fast. Oh, yeah. I mean, the question two is, I mean, so they got 13 of them. I assume that some of these are going to be, like, not every mall can take one of these things, right? You need sort of like a high quality mall, like with enough

foot traffic, big enough, et cetera. So my question is, how many of these you got to open to get to get to their 2026 projection of 250 million in sales and are there enough malls that want one and how much cap-x does that take does the mall split it with you you know how much does the mall care that you're here you know build the build out is not nothing as you said yeah i have talked to you know one of the big mall reeds before about how stuff like this works um and i'm not not an expert in it but they were very clear that they the way they want to set up something like this is the mall owner they have the place where you have to be for something like this. Like there's one mall in San Antonio where you would put one of these.

And there happens to be one. But that allows the mall owner who owns this trophy property to come in to that potential tenant and say, we know you have to be here. Here's the way the lease works. It's the greater of these two numbers. 15% of the gross or this number. So it's a heads I win, tails you lose situation, which, you know, when you have a business like this,

that is a huge cap-ex, huge fixed expense, and then you're going to make great money if you overperform and you're going to get murdered if you don't hit your minimum number required to support the operations. It gives you a lot of risk as an owner that you can swing to negative cash flow very quickly in a situation with one of these. Yep. This is going to be entirely the balance of power between the tenant and the landlord, because you can't exactly pick up and move all of your aquarium tanks and your stingrays

like across town. Because I'm right. I mean, it's like, screw you, we're leaving. Like, okay, you have $5 million of

Capax in your new location. Good luck. So it's pretty tied in. The other thing is you mentioned, like there's one in San Antonio. I would bet like if you're the type of mall that wants one of these, you probably also want the company to agree not to open more within so many miles, right?

You want it to be kind of a unique attraction. So again, maybe that's not bad, but like you're definitely getting into bed with whatever malls you're in. you'd really want to understand your leases and your terms and renewals and then also say, like there is an upper bound to the number of these you can put in the United States. And where is that? And are you okay with that as a cap on your growth?

It might be much more than $60 million in revenue, but still. Yeah. The other thing I'd want to dig into here, they have a good location breakdown of visits per week per location. So location one has 40, 100 visits on average per week. But let's say if you look at location number eight, which is their weakest location that has 1531 visits per week. So I assume it still costs the same amount to feed a stingray,

no matter how many guests you get, which is kind of the problem with this thing. And I would be very curious how much their projections and their actual is two or three of the locations generating almost all the profits and the other ones maybe even being close to money losers. And that happens a lot in retail. As you know, like you end up with this very power law distribution where you have 100 locations, but it turns out 10 of them generate 90% of your profits.

I would be very curious what's going on when you kind of dig into the portfolio here. And it's telling when you look at location 11, 12, and 13, notice they're projecting them to be the three of the four highest performing stores for the next three they're building. It's like, oh, of course. Is that the way this works? Yeah, and the thing that's also interesting that I don't know the answer to what I would be curious about, you know, when you think of something like SeaWorld, right, SeaWorld is a tourist attraction, like you will fly there and go to SeaWorld and spend a day at SeaWorld,

and people will come from all over, and your total adjustable audience is like all tourists in the United States. You put a stingray exhibit in the San Antonio Mall. Like, Michael, you live in San Antonio, like, you might go once, but you're probably not going to go, like, every year to the San Antonio Mall stingray exhibit and like pay to feed the stingrays and walk through and all that stuff. So I would wonder, like, this company is relatively young, I think. But so my question is, can you rely on your locations that are good to stay good? Or is this the type of thing that kind of gradually falls off amongst the locals? You know, and if it falls off amongst the locals and that it's not driving traffic to the mall,

all of a sudden your landlord hates you and you have a huge problem. Yeah, yeah. Well, let me give you the bull case for this. I think there are there are a lot of tailwinds for a business like this. And I think if you look at a market like San Antonio, for example, it's interesting because San Antonio has the number one and number two biggest tourist destinations in the state of Texas, but our airport is like way underperforming. And you ask yourself, like, why is that?

And it's because a place like San Antonio, which is the Alamo and the Riverwalk, the number one and number two destinations in the state, those are drive-in type folks, right? And you go through downtown San Antonio, and it is all budget hotels. like will there be grand opening of some apartment building three months later it's a budget hotel like over and over again it's because this drive-in market with kids they come in and they're just like insatiable for stuff like this um and my anecdote i tell people that my office in san antonio is by the zoo which is one of the best zoos in the country uh in san Antonio but we literally had like three miles of cars trying to get into the zoo during spring break because all these people were

driving in so actually i think there's a ton of tailwinds with this business because you're going to have situations where the people who were flying to Orlando are looking up and being like, oh, it's $800 a ticket for me to get to Orlando. I'm just going to drive to San Antonio or I'm going to drive to Houston instead. And I think these type things are going to benefit a lot from what's going on right now, especially with air travel. That's a great flip side. It's a local attraction.

And maybe there's enough locals that, you know, you could keep them entertained for years before you've turned through all the locals and the drive-ins. Yeah, I mean, I guess that's a question for me. without knowing what this is, like, is this the type of thing that you would go to if you were not going to the mall anyway? Like, is this a standalone attraction? Or is this going to be specifically, like, I'm at the mall. Like, I'll pop in or like I'll choose to go to this mall rather than that mall, et cetera, because it has it. Yeah, I mean, I think we were kind of circling around the drain of the idea on this that potentially there's a lot of upside, especially the thing keeps doing well.

You have high fixed costs. But once you exceed those, like every other customer coming in, gravy. But the downside is pretty significant here, right? You have a lot of risk. Like you were talking about, Bill, the sea world risk. If you do the Shamu problem and people decide you're not the right thing or, you know, you just end up with this fixed cost problem where you can go negative just super duper fast. Yeah, this is the type of thing that scare. I mean, after everything SeaWorld's gone through, I don't know if you guys saw, you know, they were accused of abusing the animals. Like now, like you can't go to SeaWorld without being a bad person on the internet,

et cetera. I don't know how much has impacted their business, but like you kind of run the risk here. You got all these animals in all these different malls being, you know, there's just a lot of ways this could go wrong. And like one stingray dies the wrong way and you get canceled. Yeah. That's a little scary to me.

Yeah. So you got to worry about for sure these landlords trying to capture the value. You got to deal with. And to me, I think the other thing we haven't talked enough about is just if you want to keep growing a business like this, the CAP-X is enormous, right? You've got to keep building new places or find somebody to fund it for you. And to some extent, I think that's why when you look at this listing, the people don't really want to sell the business. They actually, it says here pretty

clearly that a strong equity partner will help the company accelerate this vision. That is code for me for, we want more capital to grow more quickly and we have this big vision, which, man, more power to them. I think a PE firm with some sort of experience in, this type of, you know, the entertainment space, like should totally dig into this deal. And maybe they already did. Yeah. Very interesting one. All right.

Let's do the next one. The next one's pretty cool, too. This is a gurdly special. All right. Well, it's from our friends at our favorite site, Microacquire. So I found this one this morning looking around. The title for this one is a scalable SaaS startup. So a scalable software as a service startup.

with disruptive solution for our growing industry, a billion dollar opportunity. Interesting thing, the first thing I notice here when I look at this is the person who wrote this description here is not a first English speaker. So that is something for us to just kind of think about. They are asking $2 million for the business, and it is an 8.7 times revenue multiple. Company was founded in 2016 with a startup size of three, and they have between 10 and 100 customers. And here this explains the English, English thing I just noticed. The SaaS startup is from Switzerland.

So the description is it is a scalable, mobile first, self-funded compliance software SaaS with customers, growth, revenue, and profits. It's so funny, Bill, that those are like unique features these days. We're a software product. That is actually a business, too. Congratulations to us. So profitable SaaS with $230,000 in trailing 12 months' revenue. revenue and $30,000 month, $30,000 in total profits.

So $230,000 in revenue, $30,000 profits over the past 12 months. They enable subject matter experts, so SMEs, and corporates to instantly implement compliance programs irrespective of size, industry, or geography. We disrupt an industry led by large incumbents with deep pockets so we expect an acquisition this year. So, okay, that's kind of the first thing. Whatever that means. If you expect to sell to some big strategic this year, why,

you here sell on MicroQuare. So any, it is what it is. They did 20,000 revenue last month, so they appear to be growing slightly. And they are profitable. And their competitors are EQS Group AG, NavX, One Trust, and GAN integrity. So let me pull up one of those here on the old YouTube and we can see kind of what they do. That's one of the best ways to understand this stuff.

I looked at it, Michael, while you were reading, I pulled up a couple of these. This whole industry appears to be like one of these. buzzword salads. It like maintain a more resilient business. Design a stronger, more ethical workplace culture. A comprehensive suite of ethics and regulatory compliance software aligned with national and international regulations, guidance, and directives. It's just a lot of that.

Build ESG principles into the way that you do business. There's this whole kind of circle of, and there's another word that goes with that, but there's a whole circle where it's like a group of people get together and create some sort of like standard that we're all going to follow. And I understand why we need those when there's rockets or health care or whatever involved our airplanes. And then there's a whole other people that show up afterwards to create like the software to help you to comply with them.

It's just like the most bizarre kind of merry go round of stuff. Yep. So this as you, we've got it up on the YouTube. We're looking, Michael's looking at one called One Trust Now. And it looks like some of it's around. I would guess this is. sort of like workflow management around like are you protecting your data the right way have you asked all of your suppliers whether they comply with human trafficking guidelines yeah uh you know like

all of that's like a workflow management around that um you know are you getting consents from people you know obviously all these websites have a the huge uh allow all cookies pop up on the bottom yeah which is only appropriate for compliance i will definitely do that give me all the cookies guys i'm cool with it um so i i guess my question for you Michael is. So this is a small business, right? It's $30,000 in EBITDA. Of course, they want, you know, millions of dollars for it. So I think the valuation may be a lot. This kind of strikes me as one these classic positioning where they say, we're itty-bitty and we compete in this big industry that sells into enterprise clients. And so we are going to disrupt that. Is that plausible or is that

always bullshit. It potentially is bullshit, but it's also potentially plausible. The times I like something like that or when somebody can come in with a micro something and say we're going to do this big world of, let's say, CRM, customer relationship management. And you say, okay, we're going to do CRMs just for this little niche and this little use case, right? You say, for example, we're going to do CRMs just for plumbers that are in Topeka. And that's an extreme example.

But like if you can get to a defensible thing like that, you can start to build features for them and it can start to be much more interesting. Or you say, I'm going to do GDPR compliance just for companies in Switzerland because they have this specific thing. That becomes an interesting thing. But, you know, software, unfortunately, is a situation where the week stay weak and the strong gets stronger by nature, right? Because it doesn't cost you more to copy Salesforce one more time and sell it to another person. But each time you have a customer that gives you more money to make Salesforce better. and you have this kind of snowballing of like comparative advantage. And so little guys like this, you're either doing one of two things when you buy a company like this.

One, you're milking out the revenue stream and just letting it run out because you know, you know, someday you're going to get squashed by one trust or one of these bigger guys. Or you've found a niche that's defensible. And at least looking at this right now, it's not really clear what their defensible niche or use cases. It looks like just another Me Too product that has, you know, a very uncertain, if not, not good future. So one thing it does say here under growth opportunity on the microwire listing is it says, our solution is distinctive as it offers the only mobile first solution to solve the last mile problem,

which means reaching non-office workers, a large challenge for companies like FedEx, Walmart, Gap, etc. We are different. Our mobile solutions offer instant access to compliance policies, training, hotline, et cetera, along with real-time tracking. and our competitors only are desktop functional, which is not sufficient to meet requirements under U.S. federal sentencing guidelines in terms of easy access and usage tracking.

We were two weeks from an exit to our competitor in 2021, but the acquirer itself was acquired just before the deal and it fell apart. This is a billion dollar opportunity as only an estimated 1% of companies have mobile policies and are ready for that. This needs to change. And we have technology that,

that lets you do that. I thought there's an interesting context. That being said, this reads to me like they're saying the big competitors don't have mobile apps and they have a mobile app. So maybe they get acquired. It's like a buy instead of build thing and One Trust rebrands it as their mobile app. Or maybe One Trust comes out with their mobile app and this business is to fund. Yeah.

I mean, there are all, there are a million solutions for, it's a solved problem for taking a desktop app. and making it mobile first. And it can be clujy, but it works, right? And everybody from Amazon to other folks have this, that it's pretty straightforward and pretty easy to do. So I don't think that having a mobile first solution, unless there's something special that is a dynamic here that I just don't understand, that's not a sustainable competitive advantage.

Like you're potentially going to do, they're going to do exactly what you said, right? They're either going to buy you, your best case here is they'll buy you as a team and then you'll be the team to come in and mobile first, what they're already doing, or they just slowly get to the market and do it themselves. And that's the problem kind of with, if you think about, like, software selling B2B, you have two options, right? You're either stuff that is a must have that they have to buy,

and the CEOs in the room like, okay, what's the minimum we can spend on this thing that we have to check this box, or you're the thing that's helping the company grow more. So like CRMs, like are they an easy sale? because they're helping the company grow more, and you know you can grow inside of accounts pretty easily because the CEO says, well, if I invest more in the CRM, my people can sell more.

Pretty straightforward. Compliance is exactly the opposite. It's the thing where people are like, the CEOs like, how do we spend a bare minimum on this? And it's rare that you're going to see a CEO or a CIO coming in and wanting to bet big money on something like this. That's a checkbox item a lot of times when they're just,

it's not going to make any more money. It's not going to make their mission any better, whether they're mostly ISO 29,001 compliant or fully, you know, 100% that way. And that makes incumbent solutions extremely sticky because even if your product is literally 10 times better, they don't care because right now they're not thinking about it. Right. It's like some peon in the compliance department's job to work this software. And in order to rip it out and re-implement the new one, it requires a cross-organizational effort

that the CEO is going to have to pay attention to. And he's like, no, just go back in your hole and keep using the one that we already have. You know, that's a feature of our larger enterprise suite. And that's the thing that worried me about this is this whole listing says, we need to sell into companies like FedEx, Walmart, Gap, et cetera. Like, these are big companies with really slow buying cycles and really, and I'm sure they got some solution already. This sounds like absolute murder to sell this.

product in, it would take forever. Rough. Well, here's, and here's the selling details. I apologize for not reading the whole description. We're going to piecemeal people on this one, but selling details. I am founder of two other growing startups, and we believe that our product will reach its potential with a fully dedicated team, either independent or as part of our competitors. So not only is this guy or person wanting to sell you their tiny little startup that they do

a couple hundred thousand in revenue for eight times. eight times revenue. Thank you very much. And do they only have a couple people on it. They also are working on other stuff. So you're not getting a complete team with this. You're going to have all these carve out issues. So in effect, the thing that this person is saying with this listing, unfortunately, is here's this Me Too product in a small market that's very crowded. I want to sell it for eight times revenue. And I want you to take over my problems, which is, you know, I haven't been able to grow this thing and I'm focused on other stuff. Like, here, take it, take it over.

So, yeah, this is just a non-starter. This is one to check up in your idea of, hey, I need to look at 100 different software companies before I actually make an offer on one. Now we only have to do 99 more. Well, good for us. And how many have we looked at in total on Acquisitions Anonymous? So we might be approaching the ability to buy one software company soon. We get there at some point.

Yeah, this is a, there's just so many. things why I can see that this person wants to sell for eight times revenue. I mean, geez, I want to sell for eight times revenue. I can't, it's hard to think of something that I don't want to sell for eight times revenue. Right. Well, it's also, I think, highlights the difficulty with running, you know, a business like Microacquire. And they're really working hard on this is you have guys like this who to some extent

come in and pollute the platform a little bit or any, any platform, business by sell or whatever, because they just come in with these totally unrealistic time wasting kind of asks. And it's, it's sad. And the tough part is when a guy like this who's delusional puts his on here is he's wasting his own time too. Like, nobody's going to pay this for this business. Or maybe they do. Maybe there's a crazy person out there, but no sane person is going to pay this for this business. I mean, is this business worth, right? It's doing $30,000 of EBITDA. Like, is it worth $60,000? To a financial buyer, most, maybe. I mean, for me personally, in, I mean, we've talked about this before.

There are some of these businesses that are at such a size and such a dynamic that you'd have to pay me to take the business. It has negative enterprise value. This is one of those. Like, this is just a bunch. You're buying somebody's problems. So, yeah. I don't know how to be meaner than that.

We need some sort of trademark. Like, that's like the girly poop right there, like the huge dump. We don't see it very often, but that's the huge dump, folks. You'd have to pay me to take this? Yeah, it's pretty much, yeah. Yep, this is negative of enterprise value. Now, okay, who should need this? Potentially, there is a strategic out there who is most likely in Europe.

I would be willing to guess at these people, most of their customers are in Europe. And there's a strategic out there somewhere in Europe that wants to be in this business and wants to kickstart their way into the market, and it's worth $2 million to them. More power to them. They should probably do this. To a financial buyer, this is an insane purchase. absolutely insane. Right, because you're basically buying a lottery ticket, which is that some strategic would come in and pay you a number that gets a return on your investment.

Yeah. Or the other lottery ticket I would do, I would just take the $2 million in cash. I would take $200 grand of it and I would go have a great weekend in Vegas. And then I would take the other $1.8 million of it and I would go build three different lottery ticket software startups and hopefully sell one of those. That would all be better ideas than this one. So that's my plan. All right. Don't buy small SaaS companies for eight-time sales, especially with enterprise clients. All right. Anything else to add on this one?

No, other than that, I loved it. Oh, great. Loved it, loved it, loved it, loved it. Unless you think we favor our sponsors around here, that is pretty solid poop on a MicroQuire deal. Thank you for sponsoring against MicroQuire. We love MicroQuire. We love Andrew. We think MicroQuire is great.

Somebody put this deal on MicroQuire. we don't think it's so great. But definitely go to micro, definitely go to microacuire when you want to buy a business, especially a startup. Those guys are great, and we appreciate them supporting the show.

Other cool businesses on MicroWire, this is not one of the most attractive ones. Well, your case in point, you sold a startup there. I mean, I think that was the thing that when I heard that story from you, I was like, man, this is fantastic.

Like, I love these guys. I sold a startup for a six-figure number in 11 days from listing to wire in my account. blew my mind. Unbelievable. Do they buy teenagers? I've got like a teenager. I think that also falls into the negative EV category.

Michael, you could pay me to take on your teenager if you want. Oh, man. Well, yeah, they're right now I got one who's at the age of complaining about everything. This food is too good. Oh, yeah, that's great. Yeah. Thanks, buddy. All right.

Well, we will leave you to deal with that with your, your Canadian teenagers. This wraps up another episode of Acquisitions Anonymous. We will see you guys next week. See ya.