Acquisitions Anonymous - #1 for business buying, selling and operating - We liked this deal! - Highly profitable Dog Resort & Daycare - Acquisitions Anonymous Episode 123

Starting point is 00:00:00 Welcome back, everybody, to another episode of Acquisitions Anonymous. I'm Mills Snell, one of your co-hosts, joined today by Michael Girdley and Bill D. Alessandro. We have a fun episode today. A deal, for those of you keeping score, we actually like, and there's not, they're in the minority, which is kind of one of the things about looking at small businesses is that you have to kiss a lot of frogs. But this is an episode with a highly profitable dog daycare and resort. And it's in the Dallas-Fort Worth area. It's in a net population growth market. It's in incredibly high margin, almost suspiciously high margins. But we talk about some of the macro characteristics of the pet industry, which Bill has a ton of insight on and really share some good nuggets there, but also just analyze how do these businesses make money? Where are the profit centers in them? And what would it be like to own a business like this? There's some interesting financing pieces on this. The seller indicates they have some flexibility. And I think it makes for some really good discussion. It's a deal definitely worth considering if this checks your boxes. So stay tuned.

Starting point is 00:01:03 Hope you enjoy the episode. And big thanks to our sponsor Live Oak Bank for supporting us. Definitely one of the main go-to resources for SBA. And our listeners have definitely seen that to be true. Thanks so much. This episode is sponsored by Live Oak Bank, the number one SBA lender in the country by dollar amount. But they're more than the top SBA lender. They also provide USDA and conventional financing,

Starting point is 00:01:26 tailoring each loan to their customer's unique needs. Whether you're looking to buy or expand a business, let Live Oak be your financial guide. With Live Oak, you get a partner who believes in your success and is willing to take the journey alongside of you. Live Oak's M&A financing experts lend across many industries nationwide. They also have over 30 industry-specific teams whose lenders are experts in industry-specific small business loans. Some of these include health care, seniors housing, and service contractors as well. With their dedication to efficiency, collaboration, and in-depth knowledge of M&A financing, they'll take you where you need to go. Visit live oakbank.com slash aA and make sure that's a lowercase A and another

Starting point is 00:02:07 lowercase A to connect with a lender today. So again, that's live oakbank.com slash a AA with two lowercase A's to find out more about Live Oak and to connect with the lender there and tell them that the acquisitions anonymous folks sent you along. Thanks a bunch. Welcome back. We got another great episode today. We have our resident pet expert with us, Bill D. Alessandro. And just so you guys know, quick peek behind the curtain, we are only willing to talk about ethical pet businesses. Don't send us any unethical pet businesses because we're not going to talk about those.

Starting point is 00:02:42 But the one we have today, it's a feel good pet business. So with that note, Bill, take us away. Look, it's got to be good. Look how happy this dog is. Like, that's the best part of this listing. If you're on YouTube, you can see this. They have a picture of a dog who is the most stoked I've ever seen any dog in history. I understand.

Starting point is 00:03:04 I understand. It's awesome. So he's probably stoked because he is staying at this highly profitable dog resort and daycare that we are going to review today on a podcast. So I actually love, love this industry. And it's just exploded over the last couple years. So let's get into the deal. So it's a highly profitable dog resort and daycare. They do gross revenue of about half a million, and they do cash flow of 250,000.

Starting point is 00:03:28 That is a sweet 50% EBITDA margin for those keeping track at home. They have no inventory. They have $2,000 of inventory, which is included in the asking price, and no FF&E. So it does say they've, and then they're asking $625,000. So they're asking less than three times cash flow for a 50% EBITDA margin business. Initially, I go, this is amazing, but my spidey senses start to tingle. little bit because that is too cheap, assuming everything is good. So it says, this recently renovated dog resort is located in Dallas Fort Worth Metroplex in a county that was ranked number five in

Starting point is 00:04:04 growth over the last decade. The facility is the perfect size that allows for a nice income and is easy to manage with few employees. The owner has invested in upgrading the facility over the last few years, allowing the new owner to reap the benefits. Upgrades include a new roof, new kennel flooring, upgraded outdoor park with canine grass and water park, soundproofing, lobby renovations, and building expansion. The business has recovered well from the COVID-19 pandemic and had a record year in 2021 and is on set to have another record year in 2022. The freestanding commercial building is zoned industrial and is an excellent location with good visibility and access from a major interstate. The large outdoor play area and quality of care set itself apart from the competition.

Starting point is 00:04:46 Real estate can be leased or purchased separately for $625,000. I assume that would be on top of the $625,000 they want for the business. It says seller financing is available on a case-by-case basis. They're going to charge you $100,000 more for the business if you want seller financing. So you can buy it for $625,000 free and clear up front, or you can buy it for $725,000 and they will finance 50% of that purchase price. So they'll finance about $370,000 or so for you if you buy it for $7.25 or you can buy it all cash for $625. Fairly aggressive seller financing here. So it's in Fort Worth, Texas.

Starting point is 00:05:32 It's been around since 2006. The building is 2,500 square feet, and it rents for $3,000 per month. If we had our resident real estate expert, we could figure out what the cap rate was because you'll remember they want to sell you the real estate for $625,000. Looks like it leases for about $36,000 a year. So it's probably like a five cap-ish. And yeah, I mean, it sounds like, and this as owner is selling because he's retiring. So what do you guys think about this one? It's a 5.8 cap. I just did the math. Yeah, that college calculus is really paying off. That's based on rent. That's not net operating income.

Starting point is 00:06:11 This is, well, is this gross $3,000 per month? net. So you got to factor in taxes and insurance and everything. So it's, it's even worse. If it's triple net, I'm definitely going to just keep leasing. Maybe there's, maybe it's a multi-tenant. No, they say freestanding. No, I'm leasing either way. So I think we're already out on buying the real estate. So let's talk about the business. $625,000. It took 30 seconds. We're like, all right, chop the purchase price in half. Figured that out. Okay. This isn't real estate anonymous. Call Chris Powers for that. This is Acquisitions Anonymous.

Starting point is 00:06:47 We're talking about the business. So this business is $625,000 for $250K of cash flow. What do you all think? So I would be very interested to dig in first and foremost to understand the location here and the market dynamics. So ultimately, like I knew people that are customers of this stuff. They're upscale. They spend more on their dogs than most people spend on their kids. And like, for them, it's like, is you?

Starting point is 00:07:14 doggy daycare somewhat convenient to me, totally inconvenient, or very convenient to me, right? And you can see these things popping up, like in Dallas, like there's a bunch of them that have popped up right near the airport. Why? Because people go traveling, they drop off their dog, and two minutes later, they're at their gate. Lovefield, San Antonio Airport, every airport's starting to see these. So somebody like this that potentially is in an industrial zone building nowhere near the airport or nowhere near anything interesting, interstate's going in and out of town, like potentially you've got a problem here. where you're at the tail end of getting your market cannibalized by people who are going to be more convenient.

Starting point is 00:07:49 The second thing that I would be really interested to understand is there has been a huge arms race in these doggy daycares to install like a ton of technology. Like my friends actually moved from doggy daycare A to doggy daycare B because doggy daycare B let them pull up an app on their phone and see what their dog was doing during the day, which was like, you need a different hobby. That's what I told them. But they thought it was awesome, but they totally switched. The third point I have about this, by the way, and you guys can react to any of this stuff is, you know that question? People ask, what thing 50 years from now or 100 years from now are people going to look back on and think it was just totally insane at the time? Like that question, have you heard that?

Starting point is 00:08:28 Like, people ask that on Twitter or stuff? Okay. I think people are going to think this is insane 100 years from now. Like, why are we treating dogs better than people? Like, this is ridiculous. I think it's going to be opposite. Anyway, I'm done. I think it's going to be opposite.

Starting point is 00:08:39 I've done. I think if 50 or 100 years, it's going to be more, it's going to be more egregious. And they're going to be like, I can't believe that pets were treated so inhumanely 100 years ago. I'm not, I'm not like a crazy pet person or anything. I don't have any pets, but I just, the trend, I think. And maybe it'll, maybe it'll have a massive mean reversion and just break. But Bill has more of a vested interest in this than I do.

Starting point is 00:09:03 Oh, I'm sorry, Bill. Yeah, I'm sorry. People are going to love their pets. I will tell you every single piece of data, all of the trends, everything that is happening says Mills is right, that this is go, I mean, now maybe in 50 years is different, but things like, you know, decreased human birth rate, increased rate of animal adoption. I mean, all of these things say that we're going to, you know, pets are much more part of a family going forward. And if you don't drop a member of the family at, you know, in like a dark

Starting point is 00:09:33 hole when you go on vacation. It makes me sad to totally agree with you. The other thing I think will happen in our lifetime is people will spend several thousand dollars to buy a device. that allows their dogs to talk. Yeah. Like I think that's definitely, I think definitely that will be bought. Like the next thing you know, little Fido will be like beer, water. I mean, is that that thing crazy? I would have bought that thing in a second when I had a dog.

Starting point is 00:09:56 I mean, I'm in a second. Frisbee. Outside. That's like. Walk. Walk. Walk. So what I can't figure out about this business is it looks like it is fricking great because it's got a

Starting point is 00:10:07 standalone location. And, you know, I agree, Michael, we should look into the location here in Charlotte. It could be in one of these kind of previously zoned industrial rapidly gentrifying areas like South End in Charlotte. But it's got, it says kind of record year last year, 2021. It's having another record year in 2020. It seems like they've already done all the CAPX that says they've invested in new roof, new kennel flooring, upgraded outdoor park, all this stuff. So the trajectory of the business is positive.

Starting point is 00:10:34 They've done the CAPX. You've got clients. It's almost recurring, right? people are dropping their dog off every day or every week. And it's proven out, but the fact they got freaking 50% gross, or net margins, according to what we can see here. So the 50% net margin business selling for a little over two times, if you have cash up front, $625,000 for $250K of cash flow.

Starting point is 00:11:01 Like, what's wrong with it? I don't see. I think we're looking at the same seller's discretionary earnings math, getting us, getting us off. You know, I think let's say you're going to hire a real general manager for this business. That's going to be the type of person that rich people want to hand their dog to. You know, let's say you're looking at 55, $65,000 a year. You know, okay, well, we're down to, we're down to three times earnings there.

Starting point is 00:11:26 Okay, it's a little bit less. Three times. It's still good, though, but I'm just saying. Yeah, I think you're right. But still, so three times for a 50% EBITDA margin, recurring revenue on trend, tailwind business with the CAPEX already done? The other thing, the other thing I love about this business is most services, business like this are incredibly difficult to hire for.

Starting point is 00:11:49 Like, oh, you want to hire, you want to grow your plumbing business? Good luck with that. Our roofing business, I don't know if you've heard about this, Mill, it's hard to hire good roofers these days. But a business like this, you know, in our coffee business has the same thing. Like, people are like, do you have trouble hiring? I'm like, no. Like 22-year-olds and 20-year-olds are definitely looking for flexible jobs.

Starting point is 00:12:09 that work around their schedule where they just get to hang out, sling coffee with other 20-year-olds, and be, like, happy with other people. Like, that's, like, it's not hard to hire for that. But this is the same thing. It's like, hey, like, Mrs. 19-year-old or Ms. 19-year-old, do you want to come hang out with dogs all day? And they'll be like, yes, I will be right over. Like, that's not a hard hire at all.

Starting point is 00:12:28 Yep. So the thing I will say about this business, this is a, I mean, this category is on fire. As you mentioned, Michael, there are a number of franchisors in this category also. Dogtopia being one of them that are absolutely killing it. As I understand it, the Cappex to build one of these is not that much either compared to the cash flow it throws off. So I would definitely expect a lot more of them to open and I would wonder if that could potentially cannibalize this location. The thing that's important to know, though, if you go into this business, this is a business that is like an airline in some ways. because if you have one airplane crash, your business is over, right?

Starting point is 00:13:09 If you kill one person's dog or abuse, one of your employees, you know, does something and it's on video, you're done and there's no coming back. So, like, every, it might just be, it's so easy. This is one of those, like, creepy, like, not creepy, but like sneaky, looks like fun, but actually needs to be real business. Like, if you let this devolve into just, we put all the dogs out in the yard and it's not that formal, like before you know it, one chokes on a chicken bone and your business is over. Like, so you need to, you need to have like really rigorous employee training, safety, audit, video, but, but, but like this needs to be run like a freaking military barracks if you want to protect it. And it's just not obvious because you've got the picture of the listing, this smiling Jack Russell Terrier, right? So it seems like a really fun business.

Starting point is 00:13:59 But the people who really win in this are just SOP heavy checks and balances. and nail the operations. Not to mention, these are regulated businesses by your state health department. So, you know, there's permitting and regulation and inspection that goes along with it because you're dealing with, you're dealing with something that's alive, you know, in the same way that if you were dealing with, you know, livestock or food or drugs or whatever, like, it's regulated. I really want to know the pie chart of their revenue and what the sources are because this

Starting point is 00:14:35 is one of those businesses that, you know, they are covering probably the vast majority of their expenses with just the day rate, right? Like, I don't even know what this cost, but like, hey, it's $20 a day to drop your dog off. But it's like, do you want them to have a bath while they're here? Do you want them to have a haircut? We have a vet who comes on Thursdays. You know, like, whatever the add-on services are, my guess is, you know, it's a substantial portion of their revenue, but I bet it's a huge, you know, contribution to their net margin. And I would just be dying to know what that is. Kind of to your point, Michael, like, hey, we have the, we have the kennels, you know, that are, you know, don't have cameras in them. Those cost a certain dollar

Starting point is 00:15:16 amount. But if you want to be able to FaceTime with your dog at any point, like those costs, you know, 50% more. I would just love to know the breakout of revenue. You know, since they don't have a lot of inventory. I mean, you know, I don't think they're like also acting as a retailer, which I would not be surprised, right, if these kinds of places adopted retail counters and we're selling, you know, treats and toys and accessories and food, you know, all that kind of stuff. But it doesn't look like they're doing that or much of it. So Mills, I can shed a little bit more light on that. There is a doggy daycare chain that I stupidly did not invest in. had a chance because started by a friend and they've just crushed it.

Starting point is 00:16:00 And so they do. So there's kind of variety of services that you stack. And in this listing, it says there's significant opportunities to grow the business, including expanding capacity and then adding extra services. So kind of the core here is doggy daycare, right? You drop your dog off. They watch it during the day. You pick it up in the afternoon when you get done with work.

Starting point is 00:16:18 This business that I'm talking about here has added then boarding on top of it, which is stay over the night, stay over a weekend, et cetera, which adds significant revenue. Of course, you got to staff it up. You got to be open 24-7, all that stuff. But leave your dog for a week at the dog resort instead of just the day. You can add a lot more revenue that way. Grooming is also really big. Shampoo, haircut, all that stuff. You can charge a good bit of money for that.

Starting point is 00:16:45 And as you mentioned, you already got it on site. It's easy to bring in a dog groomer. Luxury Suites is listed here. So as you said, like the one with the camera, the one with the nicer bed, that, you know, et cetera, a bigger room. Dog training, like all these kinds of services, then adding on retail in the front, selling dog supplements, bones, leashes, all that stuff. And then the one that I know actually added a bar.

Starting point is 00:17:09 So they sell beer and liquor. So you can like come and instead of taking your dog away, you can hang out with all the other dog owners and have a beer or a glass of wine or a cocktail for like an hour. like happy hour with your dog and they crush it with that. So there's just like a million ways, you know, because you've got basically affluent, probably millennial customers, right? Just ask yourself, what do they want? Yeah. So let me ask you a question about this. Or, you know, we've just talked about the wave of people that have entered well before this into this space and the amount of money that's flooding in. Everybody else is looking at the same kind of metrics.

Starting point is 00:17:49 you are, Bill, and seeing the same demographic trends. What is the chance that we're late to the market with this business? We're buying at the top. It's possible. So there was, it's possible, but let me give you a couple of caveats. So this business, this dog boarding business got absolutely wrecked during the pandemic, but it was a weird dynamic, right? It got wrecked because everybody stopped going to work so they didn't need doggy daycare, right?

Starting point is 00:18:13 But then something else happened, which is in the pandemic, 11 million new people got dogs. while they were staying at home, right? And now, so it's poised. Now everybody's going back to work, and there's 11 million more people than there were pre-pandemic, they need to do something with this dog when they go back to work. So it was this deep crash and then this kind of springboard, and as it says in this listing, and they had a record year in 21. They're having another record year in 22. The Tam expanded for this dramatically during COVID, even though it didn't do well during COVID. So it's possible you're buying the bounce. And the thing about, dog. Thinking about COVID bounces or bumps is they can be temporary, but there's 11 million new dogs.

Starting point is 00:18:54 These dogs are going to live for 10 to 15 years? Like, what are you going to do with them? You know, like you can't send them back. So there's this kind of structural tailwind and everything pet right now because of that. Yeah. I remember during COVID, my kids were like, let's go over and look because our cat passed away during COVID. Let's go over and look at cats. And we called over to the shelter. They're like, yes, don't come. We're sold out. I was like, wait, you give away cats for free. Like, how are you sold out? They're like, yeah, no, everybody came and took a ball, even the ones nobody wanted. So, yeah, it was pretty scary. So switching gears a little bit on this one.

Starting point is 00:19:28 So we like it, which is great, especially if you like dogs and you want to talk to dog owners about dogs. What, you know, financing this, this seems like one where the owner seems to own it outright. You could definitely get into this one with an SBA loan and very little out-of-pocket cash to make this work. Yeah, I mean, I think you could. I mean, because you're your cash flow in 250K a year. And let's say, as you said, Michael, take out 50K for another manager. So your cash flow in 200k a year, you only got to finance $625,000. Go get an SBA loan here and you're clearing it easily.

Starting point is 00:20:03 I mean, you're going to be cash flowing. At a 10-year loan, it's $62,000 a year of principal plus a little bit of interest. So you're cash flow in six figures a year even after servicing your debt. Or if you can't qualify for an SBA loan for any reason, take them up on the seller financing, right? You only got to put down like roughly $350,000, which you will get back in a year and a half, you know, and take them up on this. I think that's always an interesting tell whenever the seller like broadcasts right out of the gate, you know, like not, you know, the token, I'll do 10% seller financing, but I'm willing to do up to 50.

Starting point is 00:20:39 And I've even thought about the fact that that changes the price dynamics. I would really want to press on that and ask a lot of questions and understand, you know, just let the seller talk about it because they're probably going to drop some nuggets that you might be able to run with. And you may, you may be able to structure this deal a lot more than just the, you know, fully financed or 50% seller financed. Yeah. I mean, there's, there is some sort of turd in this punch bowl that we are not seeing

Starting point is 00:21:11 because on the surface of this, it seems like a freaking great deal. You know, I'm very into it. Great industry. All the CAPEX started done. You can tell that because you're benefiting from it with a 50% EBITDA margin. You know, I don't think the depreciation on these doggie kennels, like how often you've got to replace the turf. It just can't be that expensive. So I think this is, this looks great.

Starting point is 00:21:33 It looks like an awesome opportunity to come in and kind of reap the next 10 years of this person's investment in CAPX. what I don't understand is why they're selling. It says retirement and why they're selling at this. And how long were they on the market at full asking price? That's the thing too, Mills. Yeah, that's a price reduction from 700,000 and 625. So I think this is one of those things where you will probably say, I would love to do this. And a lot of people did.

Starting point is 00:22:00 And then you start to do your diligence and there's something wrong with it and you back out. I clicked on the broker. Most of his deals have a surprisingly reasonable asking price. It's very interesting. I was like, what's up with this broker? He also has another dog resort and daycare with real estate listed in Fort Worth. I wonder if this is the same one. This is the same one.

Starting point is 00:22:25 Oh, he listed it twice, once with the real estate and once without. Yeah, this is the same deal. These dogs do not look as happy, though. I wonder if it's different. It is, I'm glad you clicked on this, Michael, because it is always, worth noting if the broker's going to, you know, show you his, uh, his current, you know, portfolio of stuff he's working on to just look at the dispersion of purchase price and cash flow of what, you know, is normal for him to, to work with. And does he have a niche? Right. In this case,

Starting point is 00:22:57 no, it looks like it's all, you know, Texas based. Um, and, you know, the, the, it looks like maybe the highest is about a million, one point one million dollars of cash flow. Uh, the low is, you know, $7,000 of cash flow for a mechanical engineering firm. I think that's a typo because they have a huge GSA contract. But just look at it. You know, like one of these things is a fried chicken restaurant with a drive-thru. There's a bakery. There's, you know, this pet grooming stuff.

Starting point is 00:23:29 Fast casual Asian fusion. Just know what you're getting into. And, you know, this guy's going to act like he's done this a million times. But he's a generalist. So know that going in and know what his comfort is. sweet spot is. It does look like he wants to price stuff to sell, which is a good sign. Number two, he's not wearing a hat or touching his face in the picture.

Starting point is 00:23:50 Also a good sign. Number three, I clicked on his other listings. We got to do this one in a future episode. Profitable Exhibit House with recurring revenue. Asking price $1.4 million. Cash flow $1.1 million. Sign me up. I don't care what business this is.

Starting point is 00:24:05 Well, maybe I do care. But like, we got to do this. Let's put this in the parking lot. This business manufacturer. trade show exhibits. So we can do that. We can do that next time. I know a little bit about this because we're a customer of one of these.

Starting point is 00:24:17 I think it's also listed twice with and without real estate. Because if it's further down, it's listed for $6.7 million. Same cash flow, same listing kind of thing. So we'll talk about that one next. Yeah, that sounds good. All right. Anything else to say about this one? So, Bill, are you calling up your lawyer to submit an LOI?

Starting point is 00:24:42 or you're just going to write the LOI yourself? I mean, if I were looking for a business, I would definitely dig, I would dig into this more. I mean, this looks really interesting, especially if you want to live in the area. You know, again, it's a kind of almost retail. So you've got to be around. I don't know that I'd run this absentee and risk killing someone's dog. But yeah, I mean, if this was an area I wanted to live, I would look hard, but fully expect, I would try to find the thing that made the other buyers walk because it was something and then make

Starting point is 00:25:09 sure I was comfortable with it. And I would not buy the real estate because it's really overpriced. And I would try to negotiate with the guy. If you're not going to buy the real estate, he's going to be your landlord. So obviously a long-term lease needs to come with this acquisition, which is really important. Don't negotiate that separately. And you will probably very quickly find that you're able to put him in a logic trap because he's going to want to sell you, you know, based on his current rent, right? He's going to want to sell you the building at a really rich price where the cap rate does.

Starting point is 00:25:41 doesn't make sense. And he also, you know, if he's going to raise your rent, it makes it, he just, he's going to get caught between higher rent, higher asking price and lower rent, lower asking price. Like, he's going to realize that at that rent, his asking price doesn't make sense. So you're going to get caught negotiating that up front. I do think this is a, I do think this is a deal that we will get listeners being like, send me that listing, which is a good thing. Like, I think we'll get that. Number two, I will, uh, I will bet one chili. gift card to anybody that when you go dig into this, the owner is much more interested in who he sells it to because he loves these dogs that he's been taken care of for 15 years to death,

Starting point is 00:26:21 or she is, and much and less prioritizing how much money they get paid. I bet you will discover that this is a group of people that has enough money to be happy, and the seller just wants to know that these pets are going to have a friend in the next owner. I bet you that. I bet a Chili's gift card. That's what happens. And if you can convince him that that's you, that you're going to get a great price in this business. One part of thought for me is that, you know, I think people look at this and they go, what's my ceiling here? And, you know, buying this one business and let's say after debt service, after hiring a manager,

Starting point is 00:26:57 you're not there, you know, 80 hours a week and you're clearing maybe $100,000 a year. And that looks and sounds pretty good if you're unemployed or, you know, you want to buy a business and pivot into ownership. It will be hard to do this deal, right? because it's hard to do any deal, but it don't just bank on the fact that you're automatically going to be able to do two more in the next three years and get to a critical amount, you know, of cash flow. I think there's, I talk to a lot of folks and I hear from a lot of folks who are like, well, I'm going to buy this and then I'm going to buy something else and bolt it on to it.

Starting point is 00:27:32 And then deal number one will make sense. And the reality is once you've done a deal or a couple deals, you realize how hard it is to, you know, stack the deck in that way. But just think about, you know, think about play the tape for it a little bit and what is it like to actually own this business and are you content just owning this, just this one, not, you know, doing a roll-up and a consolidation and bolting a bunch of them on. It's not as easy as you think. Oh, I was going to say, so, I mean, you see a lot of these people that are taking the risk to go do a business acquisition and do a personal guarantee. You know, I think that's the big ding about this one is in the grand scheme of things. This isn't the size of quantum of money that a lot of people are looking for,

Starting point is 00:28:12 right? You have those people that are searchers and look at a buy a business to make their career that they want to be in these $600 to $1.2 million in earnings because they're upending their life and maybe giving up a job that's paying them $200,000 a year because they're pretty talented people with agency. And that creates, you know, a no man's land for a deal like this. And I think what you're talking about Mills is, you know, think about is that what you really want because you may be kind of stuck with this deal because, you know, based on location or size or just the market dynamics, you may not be able to get it much bigger than this. You may be just kind of stuck. All right. That was a good one. I really enjoyed it. We didn't hate it, which

Starting point is 00:28:50 for those of you keeping score, I'm really glad. I'm really good. We have one more to add to the, we don't hate it, Paul. See you guys next week. Four out of like 130. Yeah, yes. See everybody next week.

Acquisitions Anonymous - #1 for business buying, selling and operating - We liked this deal! - Highly profitable Dog Resort & Daycare - Acquisitions Anonymous Episode 123

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