Acquisitions Anonymous - #1 for business buying, selling and operating - What You Need to Know About Jet Charter Businesses: Acquisitions Anonymous Ep 329

Episode Date: September 6, 2024

In this episode of Acquisitions Anonymous, hosts Bill D’Alessandro and Heather Endresen evaluate a private jet charter business with a $2 million EBITDA. They explore whether the company operates on an asset-light model by leasing jets or owns the aircraft, and how each model affects profitability. The discussion covers key aspects of FAA Part 135 certification, maintenance, and the growing demand for private jet services. With insights into corporate, government, and individual clientele, Bill and Heather dive deep into the complexities of the private aviation industry, including Bill's fascinating story about the origins of EBITDA.Thanks to this week's sponsor:CloudBookkeeping offers adaptable solutions to businesses that want to focus on growth with a “client service first” approach. They offer a full suite of accounting services, including sophisticated reporting, QuickBooks software solutions, and full-service payroll options.Find out more at: https://cloudbookkeeping.com/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]

Yeah, I would, I mean, I'm almost positive they do not own the airplanes. But a very interesting business if, in fact, they don't have to own the planes. If they do own the planes, I would point out, then Iba does probably not the right metric. Hello, another episode of Acquisitions Anonymous. We don't have 100% pure. Welcome to another episode of Acquisitions Anonymous. I'm Heather Anderson. And today, Bill and I talked about a private charter jet company.

We really got into figuring out what kind of model it is, whether they own the planes or they don't. And we had different opinions about that, about whether we'd like the company based on that. And then Bill threw in a really great story about EBITDA and the history of EBITDA. I know that sounds boring, but it's actually really, really interesting. So I hope you stay tuned till the end for that. All right, taking a quick pause here, I have something to tell you. This is Michael. I hate bookkeeping.

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

So please give them a call, call Charlie, cloudbookkeeping.com. Tell them we sent you. They're a great way. If you're a business buyer, if you're a business owner, you're tired of hassling with getting your bookkeeping done. He's got a whole fleet of people that are well trained and work for him. He's located here in St. Antonio, so I can tell you because of that, he's awesome. And they're a great partner for you to potentially call to help with all your bookkeeping needs so you can do the important stuff in your business rather than worry about getting your books right. So give Charlie

a call, cloudbookkeeping.com. And now back to the episode. Hey, Bill, how's it going? It's great. It's Monday. I don't know what day people will be listening to this, but it's Monday. And I had a great weekend. I was very social this weekend. I went out both nights with my wife, which we never do because we have kids who are all under 40 years old. So I got to see some friends this weekend. It was really fun. We had his friends going away party. And then we also got to go see a live 90s cover band, which was awesome. Oh, that's fun. That sounds really fun. I had a good weekend, too. You know, it's summer. So there's lots going on. I went out on boat with my friends, my friend's birthday and my son's birthday. The only bad part of my weekend was I had is pick up my son from LAX on Saturday night. On Saturday night. Yeah, picking up from LAX is just, it's just, you've got to really love the person that you're going to pick up if you're Yes. It really just if I never had to go through LAX again, I would be a happy camper. Yeah, you correct. Yeah, I like, John Wayne's the small one, right? That's my favorite. Yeah, it is, but you can't really get anywhere direct out of John Wayne or can't go anywhere far. My son was coming back actually

from Europe. So it was L.A.X. Yeah. Cool. Yeah, I have to connect to get to John Wayne from the East coast, but sometimes it's worth it. Yeah, it can be. That's an easy, easy, easy airport. Yeah. The last time I flew out of L.A.X actually was from Palm Springs. And you might go, wait a minute. That's not close. And no, it was not close. I was in Palm Springs for an e-commerce event. E-commerce fuel has like a $10 million plus seller event and it was in Palm Springs. And Palm Springs also small airport. I was supposed to fly out on like a four o'clock flight. You know, delay, delay, delay, cancel. So it's like now 7 p.m. I've been like trying to get out. And they're like, there's no more flights today. Like goodbye. We'll see you tomorrow.

And so I go up to this gate agent and I go, this is not acceptable. Like please help me get home. And this guy deserved the goldest of stars. I mean, he was fantastic. And he's like, you know, he's like, he's a whiz. He's like, he's like fingers are moving a mile a minute. And he's like, okay, he's like, I have a red eye out of LAX. I can book you in a lie flat seat on the red eye. It leaves in three hours.

You have to rent a car and drive. He's like the drive is, I think, almost two hours. Yeah, you're going to go now, like leave. He's like, you're going to run, you're going to go get a rental car. He's like, you've got to pay for the rental car, but it's one way, it's short and cheap. Yeah. And so I, like, pull up to Avis, and I'm like, give me whatever has the keys in it already. Yeah.

And I drove a Jeep Wrangler for two hours to L.A.X. And, like, same thing, pulled it up to the Avis. And I was like, see you later. Here's the keys. And they're like, you have to, you know, give me the mileage. And I'm like, bye. Yeah, I'm out of here. Yeah.

That's so funny. And I got on it at 10 p.m. from LAX flew Red Eye and was home. And slept probably. And slept. Yeah. Awesome. And it's home by 630 in the morning. So that was the last time I've been at LAX. All right. Well, good for you. That doesn't always work out so well. So good job. It was risky. But so that flight experience was almost as good as the flight experiences we are going to talk about today, which are private aviation flight experiences. How's that for a segue? Yeah. One of my favorite games on L. Yes, yeah.

Yeah, for real. One of my favorite games we play is how to segue into the deal. I thought that one was pretty good. That was good. Okay. So, Heather, who's reading it? I got it on the screen. You want to read it?

I'll read it. I'll read it. All right. So, well, this is an Axial deal, which, you know, a lot of times, there's a little bit bigger deals. And, I mean, on the whole, my clients tend to find a little more quality deals on Axiol. So let's see if this one hits the mark.

So we have a $2.000 private airplane charter company. The leading private jet charter and management operator has built a stellar reputation for safety service and customer satisfaction leveraging its FAA Part 135 certification to provide cost-effective and highly personalized flight management services. The highlights are established leadership, a leading and trusted operator in the private aviation space with a deep commitment to safety and service. operational excellence, all flights are conducted under strict FAA Part 135 charter regulations, ensuring a smooth, efficient, and safe travel experience. Maintenance excellence, a dedicated director of maintenance ensures all aircraft stay current with maintenance through advanced digital tracking programs. Comprehensive market analysis assist clients in finding the exact aircraft to meet their

specific needs and preferences. Revenue generation provides aircraft. aircraft owners with a unique opportunity to offset expenses through third-party charters. Market opportunity, business jet market expected to grow from $25.8 billion in 21 to $36.9 billion by 28 at a kegir of 5.22%. Private aviation growth. The private aviation market reached $24.4 billion in 2019. Significant growth expected in coming years. They pretty much already said that. Aircraft ownership, approximately 22,000 jets are in operation globally with 69% in the U.S. Wow.

Of these, around 3,300 operate under a Part 135 certificate. I guess we need to learn what that is. 2019 revenue was 6.1 million, EBITDA, 0.6, and that's an EBITDA margin of 9.8%. 2020, 6 million revenue, a little bit of shrinkage, year-over-year-nought growth of negative 1.6%, EBITDA of 0.7, and 21, they jumped up to 12.9 million in revenue, 115% year-over-over-year growth, and EBTA of 1.9% or a 14.7% margin, EBITDA margin. So it says it's in the South Central U.S. What do you think, Bill?

Okay, so this is interesting. Let's talk about what this is. So Heather, Michael's not here, so I was doing the part of Googling things while you were talking. FAA Part 135 certification is charter airplanes. So there's basically three parts of the FAA regulation. One of them is for general aviation, I think like a pilot flying his friends and family. Then there's part 135, which is for like charters, like corporate charters, basically. basically, like typically comes with a pilot.

And then there's another part, which is for like the big boys, like American Airlines, as far as as that part. So these guys are charter jets. And what I thought, and so they're doing 13 million sales roughly and 2 million of EBITDA, and that has doubled year every year. The most interesting part in this thing that I thought was provides aircraft owners with a unique opportunity to offset expenses to third party charters. So what I think this basically is, and I would love to see the balance sheet of this business

to confirm it. But what I think this is is probably an asset light like corporate charter. But what they'll basically do is probably go to someone who owns a private jet and say, hey, look, your jet is underutilized, probably, right? it sits in the hangar a fair bit. Would you like to lease us, you know, 30 hours a month or something? And we will pay you X per hour, you know, which should cover the wear and tear on your jet and then some, right?

Or at least cover the wear and tear and, you know, help pay half of your lease on your jet. They're basically releasing it or leasing it for people who already own it to help owners blend down their cost basis in their own jet. And then they recharter it out at a month. much higher rate, I would think, and kind of keep the spread. Probably also arrange the pilots and the staffing as well. So that's my read on what this business does. And I like it a lot more if it doesn't own any airplanes than if it does own airplanes. Yeah. Absolutely. It's kind of like what is that car rental tour? You know, where it's a platform and you can put your car out there,

but, you know, it's people, other people are renting it. It's kind of that concept. Now, I got the sense, though, that maybe it's a little bit of both because of the director of maintenance. And, you know, because they're talking about ensuring that the aircraft are maintained. Maybe there's, maybe it's a little bit of both, or maybe they are able to do that with other people's aircraft who have sort of signed on to their, to their platform. But I agree with you. If they don't own the aircraft, much better business, because this is just a service business, basically, at that point, as opposed to. to something with a heavy CAP-X that's really hard to predict. Yeah, I would, I mean, I'm almost positive they do not own the airplanes.

What I don't know is how much of them are dedicated leases that they lease the airplane 100% for their own use and how many of them are like a fractional lease where they lease 50% of the operating hours of the airplane and agree to take on 50% of the maintenance expenses and responsibility and all that stuff. you know, not operating a private jet charter. I'm not exactly sure how these contracts work. But I am pretty confident that it's pretty well defined as far as, you know, like we'll take the so many hours that makes us responsible for this exact amount of maintenance.

You're responsible for this maintenance. You must certify that it arrives to us for our hours with, you know, the FAA maintenance checklist all the way completed to our satisfaction. We hand it back to you with the maintenance checklist completed to your satisfaction. you know, this airplanes, because they're such expensive assets, they get fractionalized and and leased and released and, you know, a lot. So there's a lot of precedent transactions for, for these types of things. Yeah. And I mean, they're pointing out something, which is a really interesting phenomenon. That is that the demand for these charter jets is growing, you know,

they're predicting this kegger of, where is it? It was. Is it, no, it's already grown. Oh, they're predicting a Kager of 5.2% by 2028. So just the demand for private jet charter is growing each year. And I think there's a lot of reasons for that. You know, it's complicated to fly commercial. And this is obviously can be a much more convenient, although much more expensive option. But, you know, you see a lot of businesses.

I used to work for a business that owned their own jets. And it was far more expensive, but their justification was it saved a lot of hours of people's time that they would have spent trying to get from point A to point B with commercial travel. But there's also the other side of it, which is, is this really great for the economy? You know, there's sort of, you know, some folks try to hide maybe the amount of private jet usage they might be using because, you know, folks will get upset about what that does. to the environment with all the fuel. And plus it's just kind of flagrant consumption, right? It is. It required this reputation of, you know, burning money and like ultra wealthy, you know.

But I see it in a corporate context. I mean, what is a day of the CEO's time worth? Like in a large business? I mean, I think the new, what's the new Starbucks CEO's comp package? Like billions of dollars? Right. What's a day of his time? Like, you're going to send this guy through an airport?

I mean, that's insane. He's not going to go southwest, no. Like in group four or something in southwest. Yeah, it doesn't make any sense. There's very, very much a market for this. And so I think what this probably is, so you have a lot of fewer and fewer companies want to own the jet. Like you mentioned, your prior employer had the jet on the balance sheet because it's not

what they do, right? They're not in the business. They're not an airline. They're not the business buying jets. You know, what if they don't need the jet next year? You know, now they've got to contract out the maintenance of the jet and try to keep it full. You know, more and more businesses are preferring kind of this fractional model. Yeah.

Right. You have the net jets of the world where you can just buy hours. You know, you kind of like buy a card and you get to use a certain number of hours every month. And they kind of charge you per hour. As I understand it, those hours are very expensive compared to kind of what it would cost. But of course, that's because they're maximally flexible. You don't have to own a jet. You don't have to think about the pilot staffing.

You don't have to think about the maintenance, any of that stuff. So if there's kind of net jets up here for like most expensive, most convenient, and then there's like owning your own jet, which is like cheapest but like least convenient in a way because you have to deal with all the everything else. This is private charter. So I think this is in the middle. So I think this is like, you know, we're going. I'm taking four executives from A to B on this date.

You call them and you charter a plane. Yeah. Right. It's in the middle price point too, right? So it's probably, you know, although it is very expensive to own your own jets because you have to, like you said, either outsource the maintenance or you have to bring the maintenance inside and you have to use the jets optimally, which is really hard. If you own them full, if you own them full, are you going to keep them flying? It's not that easy. I've seen that in real time.

So, yeah, it could be less expensive all things considered to do it this way. So that's a really good point. 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,

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That's holdcodeconference.com and use code AAPod for 10% off. Now, back to the show. I think it's a volume thing too, right? Like, if you have only occasional need, it doesn't make sense to own a jet because you've also got to deal with positioning, right? If you fly, if like the jet is needed in Atlanta, but the jet is currently in Washington, D.C., you know, that's tens of thousands of dollars just to move it to pick up the person it needs to pick up.

Yeah. Right. So like when you're, when you don't have this density, I mean, the network plan of an airline, it's complicated, right? you're like pretty quickly like your Bank of America I don't know how many jets they have but it's more than one you know like they're running a little mini airline right trying to make sure that all their jets are in the right place and they're not wasting empty legs and all that stuff so it's really nice to go to a company like this who might have jets positioned you know where you already need it and even though you might pay

more for these hours you don't burn an empty leg right I would want to know who their customers are specifically. That's the next part I would really want to get into is are these corporate, you know, executives flying around there. I've seen private jet charter companies, for example, that cater to government contracts. So, you know, literally like immigration issues where they've got to deport people and or move prisoners around, believe it or not, the government does some contracting with some of these private jet charters. So I would be really interested to know if we're like talking government. or if it's a mix of government and corporate clients. So if you get deported, you get to fly on a private jet, you get your own

Cessna back to Mexico or whatever? You might, yes. I have seen it. Even if you're a prisoner, you might get a special plane ride. Isn't that nice? Wow, fancy. Yeah. Versus the cost of just keeping them for a few more years.

Yeah. Yeah. So I don't think they do a lot of it, but they do do some of it. And they have contracts with Charter Jet Corporation. crazy. So it could be government. It could obviously be corporate. And then, you know, obviously individuals, charter planes as well all the time. Which would you prefer, Heather? Like, what's the best revenue? I think it's corporate most likely. Government contracts are, they sound good on the surface, but they have recompete. There's a lot of issues where you can have it for a short period of time and

then you can lose it. And sometimes they have fixed price mechanisms where, you know, if your, if your costs are changing. And I feel like we're in a time where costs are changing kind of rapidly and dramatically. And so for those reasons, I would, I would prefer corporate where they're a little more flexible and, you know, you have a wider sort of potential demand pool to tap into where the government is just one place and they may or may not really need you next year. And they may not pay you enough next year as well. Although I guess there's different levels of government, right like you could be with a city or a county or a state you know it doesn't all have to be federal but you're i think you're right the there's probably not going to be huge margins in those contracts i wouldn't

think you know it's pretty well defined when an hour of private jet travel costs yeah you know and they're they're going to bid that out and it's more or less a commodity i would think you know unless you find yourself in the position of like mine is the only jet at this airport yeah it's needed right now and then it becomes not a commodity really fast um so that's that's what i think is really interesting about this business is network planning meaning like where are your airplanes and are they in the right places becomes a pretty important part and even if they're not your airplanes it's oh i have a lease with an airplane at that airfield which you know is either a short flight from where i needed to be or it is exactly where i needed to be and i'm just fascinated by the

complexity and the cost modeling that has to go into that and also then the sales you know the sales strategy. Like, how do we go out and sell more hours? Like, I can't, I got to have a lease for a jet in a market. And then I got to try to sell hours in that market and hope they don't conflict with my other stuff in that market. It sounds like an interesting problem. Yeah. I mean, it's got to have some software behind it that's pretty complicated, as you, as you mentioned. But the selling side is something that sort of perplexes me a little bit too. You kind of have to kind of go shotgun style out to kind of a big market so that you capture folks who need your planes where you have your planes at that time. I can tell you a little story. I was on the private plane from my employer

and it couldn't leave where we were. They had some part issue or whatever they couldn't take off. And they needed to get me out of there and they had insurance. And the insurance covered the passengers to be picked up by another chartered jet. Oh my gosh. Yeah. Yeah, so the insurance, that's another potential customer of a company like this, is they insure so that, you know, you get stuck somewhere, you're not getting, you know, you don't have a commercial airline. So they send another plane for you and take you on the charter plane back to wherever it is you're going. So that's not. So did. So did get off the company plane and get on a charter plane?

I did. It was a really, and they couldn't pick me up until really late at night. And they radioed ahead to the airport I was going to to just keep the, the hanger open. It was getting in really, really late. And they said they would, but they didn't. So we arrived at the airport in Ontario, California, and they had closed the hangar. And we had to actually sneak through the hangar to get out to the parking lot.

It was me and the pilots in the middle of the night. It was pretty interesting. But I made it home in one piece. So that was good. Wow. I can't imagine how expensive that must have been for the insured. Yeah, right. It was insured.

So that's another. So there's probably a lot of different types of customers. And it's probably pretty complicated to kind of have a wide enough swath, you know, so that you are getting the right demand for your aircraft wherever they are whenever they're available. So what's interesting, though, is this business is not that big. I mean, this is a 13 million in sales, 2 million in EBITDAB business. It's got 15% EBITDABs, which is, you know, nice, normal, healthy. But, you know, whatever the, and I'd also be interested in the

accounting method that they're using here because, you know, is this, is revenue the gross value of the flight? And then cost of goods are what it cost you to lease the hours for that flight. And then you end up with a 15% spread. If that is the case, $13 million is not that many trips. No. Right. So there's a fleet of planes that they represent or lease or whatever. It's probably not that big. Right. So like, I mean, if you're making, if you could net, you know, 50 grand, if you could net 20 grand on a trip even, you know, we're talking 100 trips a year. Yeah. Right. So it's like one every three days. So it's not a lot. It's not a big business. And I'm not sure if that's good or not. But certainly doesn't have the scale.

you know, to really get the efficiencies of I got planes everywhere. I also wonder if it doesn't have the scale for economies of scale because, you know, that director of maintenance could probably maintain more planes than they currently have going on, right? He's probably only in one airport. So maybe you've got to get, he's just one guy, right? You've probably got to get your planes back to that airport to be maintained by the director of maintenance. So I could see a lot of, I mean, also obviously scale matters all of the large. airlines are merging all the time right like there's major major returns to scale in this industry so i would wonder if this is big enough to be a really good a really good business yeah

it's two million native dot so it's not awful yeah might be a better as an add-on uh to a similar company because it's probably all about the fleet the size of your fleet and how much demand you can bring to bear on that fleet uh yeah but but a very interesting business if in fact they don't don't have to own the planes. If they do own the planes, I would point out, then EBITDA is probably not the right metric because depreciation being added back to something that's CAPEX heavy is really not free cash flow. You know, it's quite a bit lower than that. Not just depreciation, but CAPEX itself, which might not be being expensed, right? It's probably being capitalized. That's the thing we try to point out a lot of times. As soon as we look at a business with heavy machinery and equipment,

and that's key to the business. And there's these huge depreciation addbacks in a cash flow. We say, wait a minute, you can add back the depreciation, but you have to deduct maintenance cap X. And that's not a number that's like set in stone. You're really kind of guessing when you guess at maintenance capx if it's been capitalized. It's not going to be the same amount every year. And it's for a buyer to come in.

It's actually a very difficult number to project. So are you familiar on that note? Do you know where EBITDA comes from? Like who invented EBITDA? No, I don't. So what you just articulated, which is that EBITDA is not a great metric to understand the true profitability of a CAPEX intensive business. The irony is that the term EBITDA was coined by John Malone, who was doing in the 70s,

and he was doing a roll up of telecom, which is extremely capital expense. So the reason he invented. the term Ivedah was to hide to make his capital-intensive business look better than it was. Yes. It looks really good. Oh, my goodness. That is, that's funny. And that isn't that, you know, that's what we have to watch out for.

And anything with financial metrics is, you know, window dressing, making something look a little better than, you know, it really is if you dig in and you know a little bit more. But that's, that's fascinating. It's also a terrible term. It's a bunch of letters that don't belong together. And nobody says it the same way. And it's kind of a mess. It really is. It's a, it's just sort of those like one of those path dependency things, like a local maximum. Like we ended up stuck with this term EBITDA. And like now it's just used by everybody and here we are. But had we knock on down this path, there was probably a better way. And we would arrive at a different term with slightly better definition. Yeah, exactly. But here we are. Because of John Malone, who was a genius. But he is the guy that popularized EBITDA. It worked for him. And it worked very well for him. He made.

a ton of money using this concept because it valued his businesses that much more highly, and it allowed him to get that much more leverage to buy that many more cable companies. There you go. How funny. When you hear EBITDA know that it was originally invented to hide the capital intensity of an asset-heavy business. And so if you see EBITDA being used in a capital-intensive business, your red flags should go up. I want to include this in my next newsletter because it's such a good story.

Would you allow me to? feel free. I will credit it to you. I think Gustavo is going to clip it into a YouTube short for sure. It's a great way of remembering this point that, you know, sometimes it's easy to forget, but the story really helps people remember something like that. So that's great.

That's right. That's right. So assuming this business does not own the airplanes, I'm fine with Eva. If it does own the airplanes, it's not really a $2 million dollar bottom line business. Right. Okay, so Heather, thumbs up, thumbs down.

I mean, so this is Axial and means there's no asking price, right? Generally, Axial has a little bit more sophisticated deals, bigger deals, which is why we like it, but it means they come with no asking price. Assuming this business does not own the Jets, which makes the valuation simpler because you don't need to think about the balance. Assume it does not own the Jets, I mean, does this go for four times, just like anything else, three times, four times, just like anything else? I think it goes for five.

If it doesn't own the jets and that growth, you know, if you get behind the notion of the growth and demand, it's probably five because it's two million of EBITDA in 21. I mean, I'm sure it grew again in 22. That's my guess. What do you think? Yeah, I think it could be. I mean, I would need to understand how it went from $6 million to $13 million in one year. It did that also. So the $6 million year was 2020.

The 13 million year was 2021, which is the COVID year, which is when a lot of people did not want to fly commercial. Yep. Right. So I would really need to understand what happened post-COVID in this business if it renormalized or if it kept growing. Yeah. Very good point. So that's the thing that bums me out about this a little bit is that we only have 2021 financials here. And so you see a whole bunch of growth, which actually could have been driven by COVID, even though COVID destroyed so much of the travel industry.

it's possible that private aviation did well. So if this was sustainable, or even if it's not sustainable, it doubles every year, even if like it renormalized at this higher level, yeah, I think this gets five times. Yeah. Yeah. Interesting. Yeah. It is, we're still looking at a lot of businesses where we, 23 and 24 is really the year that things stabilized.

So, you know, we're still, you know, looking at a lot of deals like that. I bet you this one probably already traded. And it would be really interesting to know. you know, who ended up acquiring it. I'm sure we won't find out, but that would be really interesting to know, too. Yeah. Yeah. Well, this is good.

Heather, unfortunately, now that you work for yourself, the private jet's probably not a big part of your life. No. I am back to Delta or whatever is cheaper than Delta. Spirit. Yes, no, not spirit. I haven't gotten that bad yet. I draw the line at spirit.

Yeah, we're not going on spirit. No. I might be self-employed, but I'm not poor. Yeah, right. Exactly. Well, this was a good one. Thanks for the folks at Axiol for sending us this one. We enjoyed doing it.

And if you guys like this episode, if you like private aviation, I think we have done some other aviation-related deals. And if you would like to find them, our website at ACQU-Anon.com, you can search through all the deals we've ever done and find the other aviation-related deals we've done. So if you're into this deal, you can find other ones that you're interested in. You can also subscribe to our pod on wherever. your podcasts are sold and distributed. We are in all the platforms. And we also have an email list where we will send out, it's just once a week. We send out the episodes from the week, a couple

links from all the hosts. And occasionally, Michael tries to slip a joke in there. But I'm trying to slap the wrist on that one. But it's a good newsletter. It's worth of time. It's not a lot of fluff. And it doesn't overwhelm your inbox. I think you guys will like it. So with that, thanks for listening to Acquisitions Anonymous. We will catch you next time. Thank you.