Acquisitions Anonymous - #1 for business buying, selling and operating - Unbreakable Glasses, Unbreakable Profits - Is It a Good Buy?

Episode Date: March 4, 2025

This Kid’s Eyewear Brand Is Making Waves – Is It a Good Buy?Business Listing - https://www.bizbuysell.com/Business-Opportunity/kids-ecommerce-brand-unbreakable-glasses-and-prescription-eyewear/2284928/Sponsors:Capital Pad – The marketplace for acquisition entrepreneurs and investors. Find or fund your next business acquisition at CapitalPad.com.HoldCo Conference 2025 – Learn how to scale and manage multiple businesses. Join us in Utah and get 10% off with code AAPOD at HoldCoConference.com.In this episode, the hosts dive into a 12-year-old, e-commerce eyewear brand specializing in unbreakable glasses for kids. With $3M in asking price, $770K in cash flow, and a 40% repeat customer rate, this business has solid financials. But is its dependency on a Blippi licensing deal a risk or an opportunity? The team debates supplier concentration, advertising reliance, and the true scalability of this business. Could this be an SBA-loan-friendly buy, or is there a hidden catch?Key Highlights:📍 12-year-old eyewear brand with a strong reputation and over 10,000 five-star reviews.💰 $3M asking price, 3.5x cash flow multiple – is it priced right?🔁 40% repeat customer rate – strong retention or just high breakage?🏭 Manufactured in Italy, assembled in the USA – is supplier concentration a concern?📈 62K website visitors/month driven by Google & Meta ads – is the business too ad-dependent?👓 Exclusive Blippi eyewear licensing deal – an asset or a looming expiration risk?📦 In-house optical lab and fulfillment – a moat or an unnecessary burden?🏦 SBA loan potential and the possibility of seller rollover equity.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]

I'm a little concerned about supplier concentration, maybe is the first thing that jumps out at me because it's... It's... You know who it is? Who is it? Flippy. Ah, genius. All right. When you guys get the book on this, I'm going to tell you why you're going to end up hating it. All right. Acquisition Anonymous. Hello, another episode of Acquisitions Anonymous. We don't have 100% here.

Hey, Michael here. Welcome to Acquisitions Anonymous. We had a delightful time with all four hosts here for this particular episode. And it was pretty darn cool. I'd say it's the first time we've looked at an e-commerce business that all four hosts, well, kind of Heather liked it, but all four hosts like the deal. So really exciting one. Stick around. This is a deal that maybe you want to do.

Hey everyone, it's Bill. And I want to tell you about maybe the most exciting sponsor we've had in a long time on the pod. It's called CapitalPad. And it is the thing that I wish existed when I started my journey of operating and investing in small businesses. So CapitalPad is a marketplace for acquisition entrepreneurs that is people who want to buy a business and need capital to list their deals and solicit capital from other people who want to invest in acquisition deals. So if you want to back somebody buying a small business, CapitalPad is a place to do it. And if you want to buy a business and need capital, you can go on CapitalPad to be introduced to investors.

So the really great thing, too, from the investor side is that CapitalPad takes care of all of the details that can get hairy with small business acquisitions. They handle standardized terms, standardized governance, standardized distributions all up front in black and white. Basically, CapitalPad professionalizes investing in small businesses, and the returns can be really, really good. I'm so stoked they exist. It's founded by my friend Travis, who is a phenomenal entrepreneur in his own right. So if this sounds like something that's appealing to you, if you want to buy a small business and need capital, or if you want to invest in small businesses, go check out Capitalpad.com and tell them that Acquisitions Anonymous sent you. Mills, how come you and I are the only two that are on time all the time? I was about to say if you're five minutes early is on time, on time is late. Late is not acceptable. That's what Brent, when Brent and I first got to know each other, he had had that article in Forbes about that.

You're either five minutes early or you're 10 minutes late. It's good. I like that. Yeah, that's the military people talk that way. Baby boomers talk that way sometimes too, when they call you from their vacation homes. Why are you late to this phone call? Speaking of, hey, Heather.

Hey, Heather, what's going on? I'm tardy. We're just talking about people being on time. Then Michael said it's like when baby boomers call you from their vacation. Like, why are you late? Why are you late to the Zoom call? You're kind of getting into my golf time. I am not a baby boomer, by the way.

No, no, no. We weren't saying that, Heather. No way. Shots fired if that's the case. Yeah. Heather, Heather, I think you'd appreciate I did a YouTube video about the decline in the wine market and explained what's going on. I don't know if you guys have watched this, but. Wine sales went down like 23% year every year from 2023 to 2024.

Like the wine market is totally cratering. And part of the explanation is generational. Like Gen Z has no interest in drinking. And everybody else is starting to get old and can't drink as much anymore. Anyway, when I talked about other alcohol and spirits as well. Oh, yeah. Not just wanting. Yeah.

Yeah. They're all cratering. And when I when I talked about it, Heather, I intentionally didn't mention Generation X in the entire video just to get all the Gen Xers really pissed off about it. I still am contributing to the wine sales. So I don't know what's happening. I am doing my part.

So. And I will continue to do so. Well, I brought us a deal. It's this unbreakable glasses and prescription eyewear brand from our favorite. Guys, I'm telling you right now, you don't have to say another word. I'm in on this deal. My mom is an eye doctor. She's an ophthalmologist.

And at least one of my kids out of the four already wears glasses. Like I'm hookline and sinker. Say no more. I have to sign the NDA before we hit publish on this. But after we talk about it on the episode. Bill, you are sold. I've never liked anything more.

I don't know anything else. I mean, like, look at these cute kids faces. I'm in. Everybody calm down. We got an expert on this one. Okay. All right. Here we go.

So it is a kids e-commerce brand. of unbreakable glasses and prescription eyewear located in Tampa, Florida, Hillsborough County, and it's relocatable. That's all needed. If I can just pause here, why is every business in Tampa relocatable? Like, are people trying to get, have you noticed this? Every business is relocatable if you ask a business broker. Yeah.

That's why. That's crazy. Okay. So the picture here, and it says seller financing available, is some cute kids with adorable glasses on, perhaps some of the cutest glasses I've seen in a while. And the asking price for this is $3 million. Cash flow is $770,000. Gross revenue is $2.8 million. So Bill, they're asking basically one-time's revenue and it looks like a little less than four times cash flow. Three point five times cash flow. Not bad. Nice. You guys have a chat GPT. I have Bill GPT.

This business was established in 2012, so it's 13 years old now this year. And it is a full-service optical lab with 40% repeat customer rate and 12 years in business. Website Closers presents a 12-year-old e-commerce brand specializing in the sale of Italian-made eyewear for kids and babies. Their products are endearing and built with resilience in mind, earning over 10,000 five-star reviews from satisfied parents. As the brand understands that children aren't always careful, their prescription eyeglasses, sports glasses, and sunglasses are built to be nigh breakable, nigh unbreakable.

Who taught, what is this? Is this, did Shakespeare write? This is ridiculous. They also offer a full replace guarantee if the rooms are broken are damaged in the first year. While the brand's frames are manufactured in Italy, all assembly occurs in the United States. An on-site licensed optician can process and fulfill

prescription orders from start to finish, setting them apart from their competition. The company operates out of a 6,800 square foot space where they handle their in-house warehousing, assembly, pick-pack, ship, and full-service optical lab. As they handle everything themselves, the brand offers an excellent product and fantastic customer experience. They ship an average of 90 orders per day, with this number spiking to 200 in the peak sunglasses season. Can I just stop you, right?

Like, that's awesome, but this business is not effing relocatable. Like, give me a break. got an optical lab and an optician on staff and they're doing it all in one sentence they go relocatable and in a whole next sentence they talk about all the custom build out they have in their 7,000 Griffith facility like give me a break I still like it keep going Michael oh I like it's out it's good that's a moat I like that but it's not relocated it's like why are you ruining this for me bill no I'm trying to say is you're moving to Tampa I have a sibling I'm going to move one of my siblings to Tampa. If you're listening, my sister knows it's her that I'm talking about.

These qualities, coupled with their highly competitive price point and status as the only official I wear licensee for another major brand, have given them a strong reputation in the market. They have an average order value of $62.80 and a notable repeat customer rate of 40%. Here are some of the brand's notable KPIs, 12 years old, highly sought after in the kids' vertical, and the only official Iwear licensee for a major Iwear brand. They have 75,000 email subs, 62,000 website visitors per month, $63 average order value,

made in Italy and assembled in the USA, full service optical lab, they do in-house warehousing and fulfillment, and solid sales channel mix and full team in place, including a listing that seems to repeat itself a lot. So their marketing is managed by two key third-party partners with the first handling all ad spend for Google, and meta and the second running their email marketing to their roughly 75,000 subscribers.

This strategies have given them an average of 62,000 visitors to their website every month. If you're interested in seeing what else this brand has in store, please contact website closers for more details from our brokers. It is located in Tampa, Florida, is relocatable, they say, and eight employees total. So, Heather, before Mills gets really excited, what do you? I'm the least qualified for this one. What I see I like. I'm with Mills on this so far. I mean, I feel like it's priced right.

I'm a little concerned about supplier concentration, maybe is the first thing that jumps out at me because it's some brand that's made in Italy. And so you probably have a single supplier and you've got to check out that relationship. But everything else checks out pretty good. I like this one a lot. And it doesn't say SBA prequalified, but I'm going to SBA prequalify it right now. Just like that. Boom, I stamped it.

There you go. So, Bill, what do you think this means only official Iwear licensee for a major eyewear brand? Is it like they're like license? You found it? Yeah. I thought we agreed not to do this anymore. I didn't.

I mean, it wasn't that hard. All right. Girdley, tell us. Girdley, Snell, tell us what you got. I'm not doing this. This is actually interesting. Preface it, Michael, and then I'll decide whether or not to disclose. Okay.

Well, I think I was asking, Bill, what does this mean when they say only official Iwear licensee for a major Iwear brand? I think it means that they've got like, I don't know, Calvin Klein, probably not Calvin Klein, but like they've probably got a brand like that that they license and they can, it's probably like a kid's brand. I'm having trouble thinking of one. It's, you know who it is? Who is it?

Blippy. Ah, genius. Which is so smart. Blippy is this guy who now has his own like YouTube and, you know, TV show phenomenon. And he has these bright orange glasses. And so they're like, you can look like blippy. Genius. So smart.

I found it to Mills. It's not that hard. Yeah. You just, yeah. But I mean, I love it's a family start of this business. The thing I'm trying to figure out is why I, they want to sell it. I know. I like this business a lot. I mean, it's, here's the things I like about it. High repeat rate, 40% in glasses, which is kind of ironic that things are supposed to be unbreakable,

but people keep coming back and buy more, which is awesome. People got more than one kid. They want different styles, et cetera. I think it's great. I love that it's 12 to 13 years old, which is hard to do in e-commerce. I like that it's $3 million in sales. I'd like it to be a little bit bigger. That said, this is a big category, I think they're not bumping up against their TAM at all, I don't think. I actually like that they do some of their stuff in their own facility with the in-house optician and their optical lab, et cetera. I really like that. Now, it does kind of tie your hands to doing your own fulfillment, which I don't love. I would wonder if there would be a way if it's just light assembly, if you could still outsource it to the right 3PO.

I want to understand if that would be possible. The tricky thing here, I think it's probably a little bit regulated from the optician standpoint, but like the frames are probably, you know, fairly stock skews. You have different colors, maybe different color front versus like different color side pieces. But the prescription of the lens that goes into the frame, I don't, I mean, maybe there's a 3PL provider or a service provider who would do that for you, but I think it is like a little bit regulated. And I think you would have to be like a board like, it's not like the medical board, but you'd have to be like board certified for. Yeah, but you wouldn't.

I'm wondering if you're board certified optician needs to be on site at the 3PL. That's what I don't. You know, that's what I don't know. Because like you think Warby Parker, right, people have solved for this, which is you get your prescription. We'll send you a bunch of frames. like dummy frames, see what you like, and then we'll pop the right prescription in and mail them to you. And maybe there's one optician that oversees, you know, 50,000 orders a day or something. Like it's kind of a token.

Right. I mean, if there's 20 skews of lens, you could just stock them at the 3PL. And now all you've got to do is teach the 3PL is to do light assembly, right? I mean, and there are 3PLs that specialize in custom like engraving or, you know, embroidery or like there are three. PPLs that are used to touching every order for customization. So like that's not a barrier. You just got to find the right partner. I would want to understand whether that was a choice on this business.

I would hope it was. It would not be a deal breaker if it wasn't, but I would hope that it was. So your platform risk here is not Amazon platform risk. Your Amazon, your risk is meta, basically. It looks like they do Google and meta. So that was one thing I was going to say as we were first reading it. if you are buying this business, you need to understand that this is an advertising business, right? I mean, this is like, I like that it's been around for 12 years, so you have some word of mouth.

But like, I bet they are spending a lot on meta. And if they're not, they really should be. But like the continued success of this business is dependent on your ability to continue to make good ads and attract new people to the brand. Because you don't have, I mean, people are having kids every day, right? People are having kids for the first time every day, which means people, are entering your tam every day, which means you always need to be advertising, right, to catch those people as they enter your tam. It's a dynamic tam. It's kind of like a rolling tam, right? Because people roll out and people roll in. But it's like, I'm not going to be a customer in this brand for,

you know, 10 years. I'm going to be not a customer at all. Then I'm going to be a customer, then I'm going to leave. So you need to always be advertising. And if this is not a core skill of yours, you better be prepared to learn it because it's a key part of this business. So it says here that it's done by two key third party partners. So that means the expertise is not in-house. So how should I feel about that? I would feel as though it likely means they're leaving a lot on the table. Like that actually, it excites me because I know how to do Facebook advertising.

And I work with a lot of agencies. And I have really, I've met one agency that I feel like really does a great job. It's the one we work with now. Who shall go unnamed until they sponsor us. The podcast is accepting sponsors, agency. But I just every agency, they got 20 clients, right? It means they think about you 5% of the time. So I have, I'm sure they're doing an okay job.

I mean, the proofs in the putting, this business is doing all right. I would think somebody who's really good at Facebook advertising and customer acquisition could come in here and really do pretty well. Hey, Michael here. I want to let you know that I'm hosting a conference. first time I've ever done it, and it's called Holdco Conference 2025. If you want to learn how to manage multiple businesses at once, how to incubate new companies, or how other Holco owners and operators run their fleet of companies, then should come to Utah next spring.

We've got a ton of great speakers, including Walker Dybel, who wrote buy-then build and founded acquisition lab. Plus, we're hosting it an all-inclusive mountain resort so you can hit the slopes at the end of the day. So please go to holdcoconference.com for your tickets and get 10% off with your discount AAPod. That's holdcoconference.com and use code AAPod for 10% off. Now, back to the show. So it's interesting, like Bill sees this as a huge opportunity. Heather, you made a noise that made me think it scared you. Yeah, it scares me.

It scares me because, well, what kind of buyer is it going to be? It almost sort of says it has to be a buyer that knows what they're doing and could bring this in-house because otherwise, very risky. If that is the crux of your business, the selling that you've got to be doing on Google and meta and you're outsourcing it, you know, huge risk at Redfern. flag for me as a lender. I would, I mean, if this agency decides to stop doing business with you, there are 4,000 in line behind them who would like to do business with you as well.

All located in Tampa, but like you said, there are lots of others out there, but are they going to do it as well? It just, it feels like where I first said maybe there's a concentration risk of the manufacturer, now I'm kind of thinking there's a concentration risk in the service provider, in the, you of the agencies. And that would, it's something that would get easily overlooked in the underwriting process of a loan. You know, that is something that lenders would miss. They would not understand the business this way.

And, you know, I think it's a risk. But that, like, so let's compare, if I'm the buyer, the lender can say, Mills, we have major reservations, you know nothing about hiring an agency and you, like, you haven't worked with 20 of them before and know the best one. If Bill's buying it, though, Bill could run circles around. underwriting, you know, in terms of helping them understand that this is a value exploitation, you know, not a hindrance. But that little nuance of know of a lender knowing that that's the key to this business

will get missed nine times out of 10 by the lenders. Yeah. So this, this kind of prompts me to share a thought, which is that this is why I am so skeptical of anybody buying an e-commerce that doesn't already know about e-commerce. It is just so easy to get murdered. I mean, this is good because it's, so this has moats, right? You're not going to be competing with 10 different people from China doing, or 100 people from China doing prescription glasses.

But you do have to understand the nuances of meta and Google advertising. You probably should take this brand to Amazon, which means you will begin to be subject to all the intricacies of that. There are just so, there's so much dynamism in every e-commerce business that if you step in cold and don't realize that you are suddenly in the deep end, gird yourself for that and learn aggressively for two or three years. A lot of people will buy this business. I mean, you can already hear it, right? Minimal work. Outsource customer service. Outsourced advertising. Right. You can already hear that kind of passive income voice coming into this listing. Yeah. And if you buy this

business and go, oh, the agency is doing everything and go to the beach, guarantee you you're defaulting on that loan in two years. Yeah, I agree. It's scary. Bill, what about this average order value? I like it. I mean, 62 bucks. Like, higher is better. Always higher is better. But like, it's not 30 or 40 bucks. And the weight of the shipping. This is like my favorite soapbox of yours. Yes. So, these are going to be cheap to ship. You're going to be able to ship these. They're going to be sub one pound, which means you're going to ship them for like four bucks, first class mail or mail innovations or some kind of cheap and slow, sub one pound service. If these glasses were 1.1 pounds, 1 pound, 1 ounce,

it'll cost you $7 or $8 to ship them. So just by being sub one pound, you're saving dollars per order, which is great. I mean, when you look at an average order value of $6, saving $3 is 5% EBITDA versus a heavier product. Yep. Another way to think about it, too, is it is hard to do meta-advertising kind of below a $40 CPA cost per acquisition, which means if you have a $40 average order value,

you're losing money on the first order and lifetime value is what you're banking on. That's a tough way to run a business. I mean, it's just you have to finance that. You've got to have really sharp pencils on your modeling. Like lots of people do it. Tons of business run that way. But it's better if you can make money on the first order, which it seems like this business can because I've got to assume at a $63 average order value, their margins are probably pretty good.

I bet they got 40 bucks of contribution profit in that, which you'll give to META, but at least you can run break even. And then you've got a repeat customer rate of 40%. And you're not losing your shirt while you're waiting for those people to come back. It's interesting. They offer a full replacement guarantee if the rims are broken or damaged in the first year. How many children manage to make it a year without breaking their glasses or stepping on them? The real question is how many children managed to break their classes multiplied by the fraction of

that actually remember to return them. Fair. Right. Because I think what you have to do, and this is, I love this, this kicker is on their website, you have to register your warranty. So, you know, you get, you're super excited. Like, you've already tested them. They come in, your kid puts them on.

And then, like, a month later, you've totally, I mean, an hour later, you've forgotten about registering the warranty. So, like, the funnel of the people who buy them and the people who actually get replacements is probably pretty small because they have to remember to register, probably within a certain window of time. Then they have to actually submit a claim. And these aren't like $500 items. The average order value is $62.

It looks like most of the glasses, the prescription glasses are right under 70 and the sunglasses are like 20 to 30. So I think a lot of times people are just like, like for my daughter, we have three pairs of glasses for her and she's 11. because you know, you're constantly losing them. And I love this. I love this too. They also have a,

I don't know if it's a big opportunity, but there is an opportunity to add adult sizes also. I mean, I could see wanting an unbreakable pair of sunglasses to like wear rafting or, you know, doing extreme things when I don't want to break my, my fancy ray bands. So like throw one in the cart for dad while you're placing the order.

I mean, we look at a lot of econ businesses on the show. and I hate a lot of them. We also look at a lot of businesses from this broker, which I almost always hate universally. So this is a unicorn with two horns. It is from this broker that is usually selling garbage, and I really like it.

And it's an e-commerce business that I also really like. All right. When you guys get the book on this, I'm going to tell you why you're going to end up hating it. Oh, I love this. You want to know why? I want to know why. Pour the cold water on, Gertz.

Mills, are you sitting down? You are. Actually, I could see you on camera. So this, you're going to discover that this blippy contract is the major driver for this business. It's the only reason they're able to get much margin. And you're going to discover that blippy contract was signed before blippy blew up. And it has an expiration date that's coming up really soon. And you're going to look up and not have much of a business after that expires.

That's my prediction. That would be a bummer. That would be a bummer. My hope for exactly that reason, Michael, is that. that not a huge fraction of their sales comes from that endorsement deal, which I don't even see it on the homepage. I agree. I agree. And it looks like they started the Blippy thing in 2021. So I think you're, you're at least partially right. You know, that was before his heyday. Yeah, I want to know, like if Blippy is 10% of sales, no problem. If Blippy is 60% of sales, I'm a little scared.

Right. Because that means Blippie's got you over a barrel. me and Heather are like, who the hell is Blippy? I'm texting my sister about this right now and she's like, I had to Google Blippy. But Blippy has like 10 million YouTube subscribers. It's got to be in the top, you know, the top 100 YouTube, you know, income generation. I don't know if you guys have read anything about this, but like old school traditional media kids programming is totally getting disrupted by Blippy and YouTube native stuff. Like just eating it alive. Sesame Street and all that kind of stuff.

Like they're downsizing big time. Funding's going out the door. Like there's viewerships way down. I could run through the gamut of these. Like Ryan had his heyday, has his own TV channel, like migrated from YouTube into his own channel, like owned all the content, controlled the distribution, started doing licensing deals for toys and stuff like that. But then like you have up the spectrum, up the age spectrum. dude perfect who just took private equity money.

You can build a really big business, a big content business on YouTube. According to the 12 people who watched my videos last week, they agree with you. I think Gertley's right. I think he's right because I was surprised, especially given who the listing is from, I agree with you, Bill. I thought, wow, it's priced so well. So I think that, you know, when you see that, that you kind of have to wonder what is the catch and it feels like there probably is a catch with the licensing agreement.

This is kind of a wave of popularity that they rode and it's going to cost a lot more. Their margins are going to go way down. All right. So somebody's Mills is getting the book? 100%. Do you promise to report back on your findings? Maybe. I mean, if it's that good, then I'm not talking about it to anybody.

This will be the last time we ever speak of it. So the oven in the middle's his attendance really fell off. He's in Tampa. So the options are. I see you have glasses. Yeah. I heard he's an ophthalmologist now. Or you show up to the next episode with a pair of these wacky glasses on,

flippy glasses on. That would be classy. Okay. So the outcomes either are a picture of you on the beach in Tampa. Or coming back with some education for us on why this deal is a pass. All right, my, like, haven't signed the NDA, haven't gotten the book. My, my thought is, and I used to do a lot of sell-side M&A advisory work, and I had a big cohort of clients who were kind of in, I think what I'm surmising is probably

where this family is that started it. It is way bigger than they ever anticipated. And they've gotten into a critical mass that feels like, I mean, their AGI has to, their adjusted gross income as a family, as a household, you know, is, It's probably both husband and wife who were working on the business at this point. This is the big driver of their family's balance sheet and, and, you know, family's income. And they're probably like, what do we do from here? We don't know how to take it from, you know, 2.8 million in revenue to, you know, 10.

Let's get out, you know, while things are still good. And used to work with a lot of people like this. I think this is like the way I would hope that it would go is. is they're willing to stick around as a minority partner to, you know, keep all that institutional knowledge and, you know, bring more of a team around them. I would, if I were them, I would want to hold on to 20%, 25%, you know, and bring in someone, you know, like me or somebody that knows about an e-commerce business and actually scale this. You probably make it more profitable.

I mean, they're doing all of their own own manufacturing and fulfillment. I got to believe they're at the scale where there's probably a couple hundred grand of margin there. If you take that to to a 3PL, you know, figure out a way to do it as we talked about earlier in the episode. And I would then take all of that savings and I'd plow it back into meta ads. I'd also take this to Amazon. There are ways to do custom on Amazon where you could choose your prescription. Well, prescription. I'm not sure if you could do that.

But you could take all your non-prescription stuff to Amazon, which I would definitely do, especially the blippy stuff. I would also work way closer with Blippy. I mean, I'd make sure he was mentioning it in every episode. I'd scale up my partnership with him if possible. Like, there's a lot here if you really wanted to be aggressive and go for it. And there's enough profit that you could finance doing it. All right. So we think Heather's going to buy this one and you guys hate it.

That's what I'm hearing. So Heather, can I do, can I buy this business with an SBA loan and let the seller keep 20%. Is that possible? Yes, you can't. Well, you want to let, you want to let them. keep 19% because if they kept 20, they would have to personally guarantee your loan. But you can do rollover equity. Yeah. So absolutely you can. In the beginning when they rolled out that rule, it had to be a stock sale. But now they've changed that too. And it could be an asset sale with

rollover equity. So yes, you can do that. Oh, good. Okay. So roll over equity is allowed. But in practice, it's capped at 99% because of seller's not going to want a PG. The personal guarantee. Yeah, threshold. Why would a seller personally guarantee your loan to buy the business to buy in? But yeah, partial buy-in is okay. Okay. Yeah. I would be making some sort of offer like that to these folks. We'll get your loan started immediately. Yep. All right. Better hurry because a whole bunch of people are coming for this one after Mills and us release this episode. So Mills, you got a one week head start.

Yep. I'm already on it. All right. I'm looking for wrong. Thumbs up. If you guys weren't already pursuing this one and I wasn't really busy and I had more money, I would totally do this one. So if I had time, I would, I would be looking at this one. I think it's a good, I mean, again, like, I wouldn't buy this cold, not knowing anything about e-commerce. Yeah.

But like, if you were looking for an e-commerce business, you understand what you're getting into, this is on the much better end of e-commerce businesses that I've ever seen. Okay, Mills, you hate it. I'm quiet because I'm now at this point. I'm done talking about it and I'm emailing Ron. Oh, we've gone, we've gone from idea to action within the span of a 24-minute podcast. So well done. Heather, what if this was glasses for horses? Would you be in then? Maybe. Yeah, maybe it's because I don't have little kids anymore. I like the deal. I am, I'm just worried. I think there's a few little nuances and it has to be the right buyer, which Mills and Bill we've already established are, you know, but a lot of other buyers, that's what I'm worried about is as an SBA lender, a lot of other buyers might not understand what they're getting themselves into. It might not be right for this.

Yeah. Well, in Mills's case, there are tons of roofers who make the transition to e-commerce, brand of e-commerce. I've seen it happen. Maybe we'll start making safety goggles or something like that. There you go. Blippy safety goggles. I like it. Blippy, unbreakable. Rightly colored safety glasses. On that note, before I ruin this episode more, we will end it here. And we'll follow back up and see what happens to this one in the future. If you enjoyed this episode, please do us a favor tell a friend about the podcast especially somebody who wants to learn about business laugh at dad jokes and and see what's out there in the world of m&A so talk to you next week

bye