Latest / Buying Local Podcast / Selling Your Business with Transworld | Buying Local S3E41

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Selling Your Business with Transworld | Buying Local S3E41 · Buying Local Podcast

0:00
But let's talk about Transworld. What for our listeners?
0:02
Why don't you guys just go ahead and introduce yourselves, Tell
0:04
us who we are and what you do. You want to start.
0:06
Yeah, I can start. So my name is Steve Tone.
0:09
Sean is the owner and a friend and he reached out to me and
0:13
knew I had business experience in the past.
0:16
We had a company in Lake George, the Pedal Cab Company, and we
0:22
had three seasons there. It was fantastic, the business
0:24
community and Lake George incredibly supportive.
0:28
And just because of regulation, we ended up closing it down and
0:31
I had an asset sale. And so I, you know, I didn't
0:35
really understand how to sell a business.
0:37
And so we just sort of sold everything and walked away.
0:41
And just this winter, Sean reached out to me and said, hey,
0:44
you have this experience. What do you think about coming
0:46
on board and helping people sell and, and educate people about
0:49
exiting businesses? And I got super excited about
0:51
it. And yeah, I joined Transworld
0:55
Business Advisor of Albany and it's been amazing just working
0:59
with people and companies and helping people who have had just
1:04
these dreams of building these great brands, these great
1:07
companies, and then trying to help them exit.
1:09
Cause a lot of times they're working in their business
1:12
grinding and they're like, oh, I'll just sell this thing.
1:15
And they don't have really a runway or understand how to do
1:17
that. So I came on board, really this
1:19
spring was down training in Palm Beach, July.
1:23
And yeah, we met you at that chamber mixer.
1:27
Amazing. So yeah, that's my.
1:29
We love the Chamber. The.
1:31
Chamber's been great. Yeah, Incredible.
1:33
That's the Adirondack Chamber to everybody, that Tricia and
1:35
Amanda, those guys are just amazing, so. 100% big plug.
1:40
Big plug, I know. Yeah.
1:41
I love you guys with the Albany County Regional Chamber too.
1:44
A little shout out to you guys, very supportive.
1:47
So yeah, same thing. I have a a long history and I'd
1:50
say corporate world doing big systems, big teams.
1:53
Got a little tired of that, want to do something on my own,
1:56
started buying real estate, ended up becoming a real estate
2:00
agent, then in real estate broker and dabbled with
2:05
commercial real estate like that.
2:07
And always through my corporate world, we were a a big company,
2:11
Fortune 100 company. We were the general contractor
2:13
building a large communication systems.
2:16
To do that successfully, we had to interact and hire small
2:19
entrepreneurial companies. And you could see how sensitive
2:23
they were to economic shift. And the things that we were
2:25
asking them to do were we were demanding and we had to keep
2:29
them healthy and we wanted them to be healthy.
2:31
And we was a there was a mutual ecosystem we were both feeding
2:34
off of. I had a big respect for these
2:38
small business owners because they helped us become
2:40
successful, which made our customers successful.
2:42
And it, it's all kind of, it's all intertwined.
2:46
And we, I had a big respect for that.
2:47
And I did not like seeing as now a real estate broker watching
2:52
small businesses who are smart enough to try to sell the way
2:55
they were doing. It wasn't maximizing the
2:57
potential. They were always putting real
2:59
estate first. And that's not what
3:02
entrepreneurs care about. The real estate is a tool like
3:04
our microphone here, right? That's just a tool that they
3:07
need to house their equipment that they do their work in.
3:11
So talking to people we all have in our lives that you don't
3:14
really listen to, you're they're telling you what you should
3:17
consider, but you're like, whatever, I don't need to hear
3:19
from you. Eventually it clicked with me
3:23
and I said, you're right, I should figure out like, where do
3:25
businesses sell? And I'm not talking about
3:26
mergers and acquisitions. We're not putting General
3:29
Electric and Westinghouse together, right?
3:31
We're taking mom and pop Main Street companies, people that
3:35
have put a lot of blood, sweat and tears.
3:37
And how about their own money that they put into this and they
3:40
need to get it back and continue to be competitive in the market.
3:44
So it's a, it's a challenge and we've found that a lot of DI
3:47
wires are also or these small business owners are DI wires.
3:51
So we're trying to help them bridge the gap between having
3:55
built something and then finding a way to monetize the value of
3:59
that whole thing they've built, not just a service that they
4:01
provide or the product that they provide.
4:04
So in my search, I'm very nerdy. I get into the research and and
4:09
my own type of our analytics of how things work.
4:13
I came across a bunch of companies that do business
4:15
brokerage and this one, Transworld is like the £800
4:19
gorilla in the space and they're there for a very good reason.
4:23
They have been doing it for 43 years, which is longer than
4:26
anyone. They have the most agents and
4:29
one of the common sites that people go to is Biz Buy Sell.
4:32
And the listings that Transworld has on Biz Buy Sell, it's 50% of
4:37
their entire market share. So we are very large part of
4:41
that global system of selling businesses and they've got a
4:45
system that's proven out over 43 years.
4:47
Yeah. And I don't need to build that
4:49
myself. Probably Steve and I could have
4:51
put that together. But why, right.
4:54
If it's already there and you can afford to buy into it, it's
4:56
a franchise. So we bought the Albany
4:58
franchise. That was a decision we thought
5:01
made the most sense. Yeah, because they do all of the
5:03
right things, right? We're going to sell small
5:04
businesses and get them the most money in the shortest amount of
5:07
time. Yeah, we're, we're like looking
5:09
at businesses under 5 million and most businesses, I think
5:11
it's 80% of the business are under a million.
5:13
Oh yeah. And so these folks, and I was
5:17
one of them, Sean's one of them, you know, you're, you know,
5:19
probably similar. Is yeah, for sure you're
5:21
working. So hard on your business and
5:24
then you're like, OK, I want to I want to exit.
5:26
I'm ready to retire, be your grandparent, whatever it is.
5:28
And kids don't want the business.
5:31
How do I get out or how do I exit with dignity?
5:34
And, and also the other piece, I'm locating the Adirondacks and
5:38
any time a business sells in the Adirondacks, like I'm, I'm happy
5:42
it's sold. I don't want it closed.
5:44
And so really one of our purpose, you know, driving
5:48
purposes to make sure these businesses, which are the
5:50
foundation of all these small communities do not close.
5:53
So how do we get someone, pair them with the with the right
5:56
buyer so that buyer can come in again, hopefully grow the
6:01
business and the people, the original owners or founders can
6:04
exit? Well, that's that's a huge
6:06
problem right now, isn't it, especially with with the baby
6:08
boomer community that is aging out and looking to sell their
6:11
businesses and they have no legacy program.
6:13
They have no plan. They their kids don't want it.
6:16
That's. What we want to help them do?
6:17
Yeah, and I keep hearing about it, like in the professional
6:19
services space, whether it's Law Offices, accounting firms, like
6:23
a lot of, you know, wealth management manufacturer.
6:26
Yeah, where they're doctors. Dentists.
6:27
Yeah, it's wild, right? There's a silver tsunami coming.
6:30
Yeah. There's going to be $11 trillion
6:32
in small business that's going to transfer in the next 10
6:35
years, 11 trillion in 10 years. And that's or close or close,
6:40
which is terrible, so. I feel like I just actually had
6:43
a conversation with someone that was was having that we're saying
6:46
that they're like, yeah, I'm just going to close my business
6:48
because no one wants to. There's no one to take over.
6:50
No one wants to buy it. I'm like, Are you sure no one
6:52
wants to buy it Like. Well, they don't know because if
6:55
they're a big enough business and there are smart enough owner
6:58
operator, they've probably hired an accounting firm and they
7:01
probably have some legal advisors.
7:04
And if they're really good and they're really smart, they may
7:06
even have like wealth advisors. And if you're in, if you're in
7:10
that trio of people, you have professional advice.
7:13
But this is not the common small business owner.
7:16
Many of them don't have that. So they're at a real loss and
7:19
they need to know that there are companies out there that will
7:21
help them sell their business. And there's a we need probably
7:25
three years for the really small ones that aren't using
7:29
professional help all the way. So a lot of people ask me like,
7:34
what is the best advice you'd give to a small business owner
7:36
who wants to exit? Give me three years to get
7:39
maximize what you're doing here. Like let's start reporting all
7:42
of your income, right. Yeah.
7:44
Like we can probably get you a little bit, but you already took
7:47
it because you're not reporting it.
7:51
Any others methods that we can use to help document the, the,
7:54
the, the potential that the business has on, on the books?
7:57
100% ideally, just put it on the books.
8:00
Like make your life easier. Let's monetize this thing to its
8:02
full potential. That could take two or three
8:05
years to do it. There's other things that small
8:07
business owners could do to help them build their value.
8:09
And you know, it'll be run better and it'll be easier for
8:12
them to run it too. Like just standard operating
8:14
procedures. What's my onboarding process?
8:16
Do we have an employee handbook? What is our vacation policy?
8:20
You know, small businesses don't like to think about that stuff.
8:23
But now with AI, Hey a a a right me and I'm boarding manual.
8:26
It's so easy. And but it's the time, right,
8:29
because they're grinding out, taking care of what they do
8:31
instead of the business, like in the business versus on the
8:33
business, that age-old thing. And I think it's really, we just
8:36
met with a client, he's a friend and he's like, I want to sell
8:40
his business, family business, second generation.
8:42
His kids don't want to take it. And he said, well, how much time
8:47
I'm thinking like, you think you could sell this in 6 to 12
8:50
months? And I was like, no, we had like,
8:53
we will sell it once we go through your books and we, but
8:56
this is what you need to do. Keep being profitable.
8:59
Let us work on the marketing. Let's get a broker opinion
9:02
value. Let's get a real value on the
9:04
real estate and on the business and make sure you have a runway
9:08
here. But if you want to just, it's
9:11
going to be, it'll end up being a fire sale.
9:13
So you have to give yourself some time.
9:15
You need a runway to be able to get those things that Sean's
9:18
talking about. That's what I was going to ask
9:21
was do you find that? Because I have to imagine I've
9:25
sold one business. How long did it take?
9:28
Well, it was, it was like a backroom deal where it was like
9:32
I had someone that worked for me and I was going to get out and
9:34
they end up taking it over and we worked out they didn't have
9:36
money. So like we didn't deal.
9:38
Where I kind of what I did is I basically I kept all revenue for
9:42
like 6 months. They did their job, ran the
9:45
business so I didn't have to have any like real activity, but
9:48
could at least guide them through taking it over and doing
9:51
things the way we did it. And then at the end of the six
9:53
months they took the business. It wasn't like a big bet.
9:55
I think we did like maybe $300,000 in Rev a year or
9:57
something like that. But it was going to be a nice 6
9:59
figure income for them. And it was just, I was off doing
10:03
other things and wanted completely out of that industry
10:08
and, and it worked out in that situation.
10:11
But I'd imagine that's not the norm.
10:13
I would imagine that if you have people looking to buy a
10:16
business, they're not looking to become me, right?
10:19
Like they're looking to buy a business that operates without
10:21
their involvement as much as possible.
10:23
They don't have to show up and make the widget or push the
10:26
button. That's a great question, Mike.
10:28
And there's all sorts of buyers, right.
10:30
So you might have that person or you may have, yeah, there could
10:34
be people that are just serial entrepreneurs and they want to
10:37
buy the business, but they want your staff to run the business.
10:40
They're going to, you know, that's absolutely.
10:42
But there are also folks who, yeah, they, they've always
10:46
dreamed of having this type of a business hotel on Lake George,
10:50
you know, And so they want to be used.
10:52
I want a campsite. That's my.
10:54
The campground. I do yeah.
10:55
It's always been a I'm never going to do it because I have a
10:57
buddy that owns a campground and it sounds like a complete effing
11:00
nightmare, but the idea oh, it sounds like so much fun.
11:04
I. Have a friend who has a
11:04
campground and he's killing it. Oh yeah.
11:07
Oh my God I got a guy that is thinking of selling their
11:09
campground. Oh man, Mike, let's go.
11:11
We got a buyer. Let me sell you send you a
11:12
seller profile or buyer profile. Give us some info.
11:15
Yeah, I'm such an optimist, you know, So all I see is I get to
11:18
hang out Dr. Firewood around, say hi to people like my buddy.
11:22
I'm like, I know that's not, that's part of it.
11:25
That's probably the best part of it.
11:26
But then there's all the other things.
11:28
All the toilets backed. Up right.
11:30
Right, right. Where does all this go anyhow?
11:32
Well. That's funny you say that too,
11:33
because that was the business that I sold was a property
11:36
management business. And at any given moment in time,
11:39
we managed between like 70 and 100 units.
11:42
And we did everything from renting, because I was a real
11:44
estate broker, from renting and rent collection to eviction to
11:48
property services like snow, lawn, construction, clean.
11:51
We did everything right. And it was I had, I had little
11:54
kids. I think my, my 2 younger kids
11:57
were like 3 and five. And you know, small business
12:00
owner, I'm already, I'm working 80 hours a week and I got two
12:02
small kids and I'm trying to be a dad and trying to spend.
12:05
Time always on. Phones always on it.
12:07
Literally the phone was always on to where at one point in time
12:10
I had. And to this day, I do not have
12:12
any notifications on my phone because I would literally get
12:16
like chest pain. My phone would be going off and
12:18
I would have a physical response to that Ding from a text message
12:21
coming in. And I say it all the time, every
12:24
Saturday, my phone would ring and it'd be someone saying, hey,
12:27
Mike, my toilet's been broke since Tuesday.
12:30
Yeah. And I'm like, why couldn't you
12:32
call me Tuesday? You had to wait till Saturday.
12:34
And it's a water thing, so you got to get after it right away.
12:36
And with a, with a toilet thing, you mean these folks would use
12:39
the toilet all week even though it was not working.
12:41
So when I got there on I, I either had to call a plumber and
12:45
pay outrageous fees or go handle it myself, which is typically
12:48
what I did. And then, you know, so you're
12:49
showing up to a bathroom that has been being used for almost a
12:52
week and not it was just, it was awful.
12:55
And after dealing with that for years, I was like, I'm done,
12:57
man. Like Get Me Out of here but.
13:00
Wow, Business is hard. Running the business is hard.
13:03
Work hard. Yeah.
13:04
Then you just want to or just hire somebody to do that, OK.
13:07
I hear that all I'm. Talking to the wrong person
13:09
because you don't get it yet. I I, I had someone tell me, oh,
13:11
you just need more managers. I was like, do you understand
13:15
management is dead money, OK? Like they are not a Rev
13:20
generator. They are not making the company
13:22
more money. They are a liability that may
13:24
make some efficiencies, but it's.
13:26
Yeah. I'm just taking money out of my
13:28
pocket so I don't have to deal with headaches at that point.
13:29
We're just not at that point where I can afford to take money
13:32
out of my pocket. No, it's tough.
13:34
And you know, kind of going back to what we started talking about
13:36
is the people that have been able to succeed at starting and
13:39
running and maybe it's even a profitable business, which by
13:42
the way, doesn't have to be, but if you are, you need to get paid
13:46
for that. Yeah, like you deserve it.
13:47
You've worked harder than I mean, we're in the capital of
13:50
the state, so there are a lot of government workers here and I
13:52
respect that they made that decision and thank them for all
13:55
the things that they've done to keep this state a great state.
13:58
But the entrepreneur that started from scratch, going
14:00
through all that paperwork and then making it profitable at the
14:03
end of everything, fighting through all that, it takes a
14:05
certain kind of person. Yeah.
14:07
And it's and it's not easy. And there's very few businesses
14:10
under 5,000,000 bucks that are you're going to be able to
14:13
manage remotely because that's one of the popular phone calls
14:17
we get. Oh, you know, I got 100,000 and
14:19
I want to buy a business that can generate 50 grand a year and
14:21
I don't have to do anything. Me too.
14:24
I'm buying all three. Businesses.
14:25
So I'm on the front of the line to find all.
14:27
Those businesses, yeah, they're a few and part between man.
14:31
Well, and you know, you said earlier you're talking about why
14:34
you bought the Transworld franchise as opposed to starting
14:37
yourself. I mean, when you're starting a
14:40
business yourself, you've got to work, There's that tuition you
14:42
got to pay, all those problems that you got to work through
14:44
that you haven't discussed in the franchise side of things.
14:47
That really quickens that learning curve, right?
14:49
I mean, I brought in this little flyer.
14:51
There's like, whatever, half a dozen Flyers in there that
14:53
somebody created and thought through and debated at what
14:56
should be in it, what pictures to use and what kind of paper to
14:59
print it on and printed it and sent it to me and I paid for it.
15:03
And then training, I mean the training that they offer is
15:05
unbelievable. And that was a network of
15:07
people. Hey, I'm selling a quarry.
15:09
And I mean, how do you put a price tag on a quarry?
15:11
We don't really know exactly how much is left in there and the
15:14
equipment, there's all this stuff.
15:16
That's I was a part of the a worldwide franchise Sandler
15:20
training that does sales training.
15:21
They're not they're not Sandler training.
15:22
I think there's Sandler now, but amazing organization.
15:25
But one thing I learned or one thing that I enjoyed the most
15:28
about being a part of that franchise was the fact that I
15:31
could knowledge share with hundreds of people across the
15:35
world that and what's the value on that practice?
15:37
Oh my God. Yeah, it's not just about the
15:39
price either, right? To me, it's a value.
15:40
So I bought a franchise and I got 20 times the value out of my
15:44
investment in that franchise from that money.
15:47
Yeah. And I'll do it 100 times.
15:49
Just call somebody up and ask them all the kind of weird
15:52
questions. There's five of us in the office
15:53
and some and some virtual support, so we don't know
15:56
everything. Yeah, we're not going to pretend
15:58
to know, but we kind of know what we don't know.
16:00
Yeah. And what we know is who to call
16:02
the. Answers are out there, yeah.
16:04
And we have a network of 1000 agents and we're in 18
16:06
countries, so we have a ton of experience.
16:09
Anyhow, there's it's an exciting company, it's an exciting
16:12
industry to be in and messing around in.
16:14
And I genuinely feel like we're actually helping people who
16:17
deserve help the most. Yeah, they're working everyday
16:21
and they're building something that they're proud of and they
16:23
have a passion about. Like you don't start a marketing
16:25
company because you don't like marketing, right?
16:27
You start it because you love it.
16:28
There's something about it that gets you going.
16:30
Well, you know, I actually started because I didn't like
16:32
the way marketing was being done.
16:34
Yeah, even better. Because I was I was a business
16:37
owner, I own a few businesses and I had to go to marketing
16:40
companies and I hated the way they functioned.
16:42
So we actually, we like, we laugh all the time that we're
16:44
the anti agency because we do all the things right that that
16:49
we hate about agencies. We do it differently.
16:51
So we don't do what they do. And, and that was literally not
16:55
because I had a love for marketing, but because I hated
16:57
the way it was being done and it was pissing me off so much, you
17:01
know, so. And like, I'm a real estate
17:03
agent now, broker, because I was building a portfolio and I
17:06
couldn't find an agent I could work with.
17:07
Yeah. And it's wild.
17:09
Just do it myself. Yeah.
17:10
So I'll get licensed. And that's why I get it.
17:12
What you're saying. You just don't like the way it's
17:13
being done. And do it the way you want.
17:15
Yeah. And then it grew into a passion
17:16
of being able to help, especially small businesses,
17:19
business owners to be able to give that.
17:21
You know, our mission is to give unwavering support to small
17:24
business owners and entrepreneurs while they're on
17:26
this journey of entrepreneurship, right?
17:28
Like they are counting on us to be able to do what we do to help
17:31
them grow their business. And we take it super seriously.
17:33
And and that's what I'm very passionate about.
17:35
I'm not so much passionate about marketing.
17:37
I'm passionate about that mission though.
17:38
And they've given you their trust.
17:40
Yeah, dude. And that's a fragile thing.
17:42
And you've got to respect that because it's a it's an easy
17:44
thing to lose. Yeah.
17:45
And it's important. And I think that's really key.
17:47
We're really focused on confidentiality.
17:50
So when somebody goes to, they don't want to next day come in
17:53
and see a big sign out front and you know, and their customers
17:56
like you're selling like their best customers, you know, so
17:59
they. Order PNL online somewhere
18:01
right? Like, yeah, why is that out
18:02
there? Yeah.
18:03
So we're very focused on confidentiality and really
18:07
working with our sellers to make sure that we can connect the
18:10
right buyer. Good deals, good people.
18:12
That's really. So let's say I'm a mom and pop
18:16
something, right? And I've been doing business for
18:18
20 years. I've got a great business.
18:20
I'm still in it, still working in it.
18:22
But you know, I've got a great client base.
18:24
I've got a solid brand that's recognized and trusted.
18:28
What are some indicators that it's like a good time for me to
18:31
sell? There's a number of things that
18:34
drive owner's reason for selling.
18:39
That's too big of a question, I think, because they all sell for
18:42
different reasons. If they're most people need
18:46
money to continue to live. So if they've saved enough money
18:49
or we feel that the value of their business is at such a
18:52
state that when they get paid for the business that they could
18:54
retire on that that might be a reason to sell.
18:57
It could be that they're just burned out.
18:59
I don't know when in the conversation we talked about if
19:01
we were on mic or off mic, but there's that situation that we
19:05
run into where they're burned out of the business.
19:08
It's a good business. It's making money.
19:09
They've put some money away. They still like what they're
19:12
doing, but they're just stressed out, right?
19:13
So we look at that and if there's like multiple locations,
19:16
if it's a, they're just too many locations for them to manage or
19:21
too many people, there's a way we can also work with them to
19:23
grow that business through franchising.
19:25
So it doesn't always mean they have to sell or they should sell
19:29
or they want to sell. We're problem solvers, right?
19:32
And if they tell us that they want to sell and we're looking
19:35
at the business, it might be a win for them if they franchise
19:39
that business, keep that passion, run a flagship
19:42
location, share that passion, be the creative side of it.
19:45
And they could just turn that into a franchise and we can help
19:48
them do that. And there's a lot of other spin
19:50
offs in, in owning A franchise that are beneficial besides
19:54
just, you know, selling the the upfront fee and the royalties
19:57
and all those other things. And if that's not a match form
20:00
and they just need to get out now, we can help them do that
20:02
too. But I don't think there's a
20:04
single answer to that question. That's not like one reason that
20:09
people sell. I'd just add to that, though,
20:11
that again, back to I can't remember if we were on mic or
20:14
not, but like having that runway.
20:15
So making sure that, you know, everybody should be thinking
20:19
about an exit strategy. You know, we, we do this in our
20:21
own lives with estate planning. Hopefully people look at that
20:25
and take it seriously. Wills those well, you should do
20:28
that with your business. What's the five year?
20:30
Where, where do you want to be? When are you looking to?
20:33
So if like you were just talking about this silver tsunami, OK,
20:36
if someone's in their late 40s, early 50s, OK, this is a time to
20:40
be thinking, all right, three to five years out, that gives us a
20:43
lot of runway to find the right buyer for the right price versus
20:47
all of a sudden the situation that I was in where I'm like,
20:50
OK, we got to sell the business and we're going to sell.
20:51
It and just liquidate it and liquidate.
20:53
Like and we see those things happening.
20:55
All the time. And it's tragic.
20:57
It's tragic for our local communities, our local business
21:00
communities, and it's also tragic for the owners.
21:03
So I think really people should be thinking about exiting their
21:07
business, not to exit immediately, but what's their
21:09
strategy? So I just had a friend who sold
21:12
his business and right from the beginning I was consulting with
21:14
him and I said, like you're 55, what are you getting out of
21:18
this? And he's like, oh, it's not for
21:19
a while. I mean you have to plan that now
21:21
that that's like how you've your corporate structure, you want to
21:25
make sure like for instance, client that we that we're
21:29
working with they have their property in the family name and
21:33
then the corporate well, you don't necessarily.
21:35
I bet that happens a lot, yeah. So you want to structure all
21:37
those things properly before going to sale, making sure that
21:41
all owners are on board and and you know, people set up
21:45
businesses and maybe they gave a minority ownership to their
21:49
great aunt or uncle. Are they on board with selling
21:52
this? They could, you know, mess up
21:53
the process. So making sure all those dot and
21:56
those I's are dot and T's crossed so.
21:59
What is there like a a minimum volume they need to be at?
22:03
Like do they need to hit 500,000 before they start considering it
22:06
or? They could be losing money and
22:08
we can help them sell it. Which seems wild to me.
22:11
We should talk No so yeah, right, but but how it so I guess
22:18
like if I'm let you know I'm making I'm I've got 500 grand in
22:22
gross Rev. I'm putting 200 grand a year in my pocket.
22:26
What am I selling my business for?
22:27
So, so there's there's, that's a great question.
22:30
Yeah, that's a huge, it's a huge, huge question.
22:32
Yeah. Let me let me answer that in in
22:36
a different way and back up to build off something that Steve
22:38
said that triggered a thought in my mind is maybe you just want
22:40
to know what your business is worth.
22:42
So we'll give you a valuation, we'll charge you a fee between
22:45
usually four and $5000. And the reason there's a range
22:49
is it depends on the number of factors, But some companies
22:54
manufacturing, they might have like work in progress, like
22:56
they've bought something, but they haven't gotten paid for it.
22:58
So there's some amount of work they're either doing to assemble
23:01
it or to install it and close out the project.
23:03
So if it's more complicated, it's more money, but maybe you
23:06
just get a valuation on your business.
23:08
And in doing that, we're totally transparent.
23:11
We want to show you the process for getting you a business
23:13
valuation because that'll help you run your business better.
23:17
And by better, I just mean more money, more profitable, and
23:20
maybe it's more profitable day-to-day or more profitable
23:23
when you're thinking of that exit.
23:24
Is that because you like? When you go through that
23:26
process, you see where like the gaps are under?
23:28
What's missing? There's thousands of industries.
23:30
You did this, Yeah. We and we have all of that
23:33
again, Transworld, this huge, you know, we look and say, oh
23:36
listen, oh, you're in the auto body industry.
23:38
Most successful auto body shops are spending 10% on marketing.
23:44
You're only spending 1%. Or you're spending 40% like back
23:48
off on your marketing your. Who are those guys?
23:49
I'd like to talk to them. Yeah, yeah.
23:51
Well, we'll give you a list. We do have a.
23:54
List. You'll see us hesitate too.
23:56
And the reason we're hesitating is we want to share everything.
23:59
But we do have this this promise of confidentiality.
24:02
So we're trying to measure our words very carefully not to tip
24:05
our hand. We're working on probably 120
24:08
files. We have 15 listings active right
24:11
now. We're negotiating a bunch of
24:12
deals. So it's, it's an exciting time.
24:16
If you're buying a business, you know, give us a call.
24:18
If you're looking at selling, it's, it's a, it's a great time.
24:21
Or if you just want to know what it's worth and we can help you
24:24
understand that value. But I want to answer your
24:26
question too with a little bit of detail.
24:28
So it will start with your tax returns.
24:31
And if you don't have tax returns, I need some sort of
24:33
documentation on your revenue and your expenses.
24:37
But there are four or five different very common ways of
24:40
doing it. And it's all about your seller
24:42
discretionary earnings is like the first one, the first one
24:46
that's kind of go in order would be your revenue.
24:48
So we could look at that top line revenue and tell you rule
24:51
of thumb wise your 37% of your top line revenue is your value.
24:55
OK. Based on the industry.
24:57
Yeah. On that industry segment that
24:59
you're in and we look at the tax return, your industry code,
25:01
that's on your tax return, right, Because everybody's got
25:04
that and they know what it is hopefully or we can figure it
25:07
out. The next one would be the seller
25:09
discretionary earnings. So we look at some of your
25:11
income and expenses. After that, we look at EBIT or
25:14
EBITDA and each of those have different multipliers.
25:17
And there have been many situations where we come to a
25:20
seller who thinks their business is valued based on a multiplier
25:24
of their revenue. Yep, what they didn't realize is
25:27
that multiplier is a fraction. So if you're making 1,000,000
25:31
bucks, maybe your multiplier rule of thumb is .37, whereas if
25:35
it were on SDE it could be like A4 or A5, right?
25:39
And they're different for you. To hear those multipliers thrown
25:42
around like, oh, 13%. 13 X Yeah and.
25:45
They're like the 13 X to the revenue.
25:47
No, no, no. Sorry, you misunderstood.
25:49
Yeah, googled it wrong. Yeah.
25:53
Yeah, Gronk got this. One.
25:54
Oh man. So what's a pretty?
25:56
In our view, it's a pretty fair investment.
25:59
If you've got a company that is part of your retirement plan to
26:03
make a four or $5000 investment to figure out what it's worth
26:07
is, is not that big a deal. And this is a big report.
26:10
Take us a full week, week and a half to to push this together.
26:13
And by we're going to be asking the owner a ton of questions.
26:16
Yeah, Like why did your other deductions go from 40,000 a year
26:20
to 70,000? Like what changed in that year?
26:23
They don't remember, right. So now we started documentation
26:26
process. OK, let's talk to the accountant
26:28
that did. Let's go back and dig up those
26:29
receipts, like show us because we're listing the business for
26:32
sale, but we're also the skeptical buyer, right, Because
26:36
we want to prove to the buyer that this is the value.
26:38
Yeah. So we do a lot of, I'm not going
26:41
to call it forensic accounting because it's not.
26:43
But we do a lot of Q&A with the seller to figure out, to
26:46
understand what they've done. And it takes trust.
26:48
That's why we have that confidentiality because if
26:50
they're running their taxes from their camp through their
26:52
business, OK, but you know that $5000 bill that you're putting
26:57
through your business? So your business doesn't show
26:58
that $5000 of profitability, Great job, you're not paying
27:02
taxes on that 5 grand. But that 5 grand on the bottom
27:05
line to your SDE on a 4X multiplier.
27:07
Now all of a sudden that's 20 grand on the value of your
27:10
business. So it's, so it's not just bro
27:12
science. It's not that.
27:13
No, this is not. Trust me, bro.
27:15
It's it's 2,000,000. Yeah.
27:17
No, no, no. It's we document everything and
27:20
there's this International Business Broker Association, the
27:22
IBBA, these methods for doing valuations or is not by
27:26
Transworld or not by Steve and I certainly the accountants don't
27:30
make them up. There is a regulatory body
27:32
that's totally legit, that's recognized by everybody that's
27:35
doing this. And our job is really we're an
27:38
intermediary between a buyer and a seller.
27:40
So we need to prove that that value is there to a buyer or
27:44
that buyer is going to walk. And if they're getting a loan,
27:47
which you know, you want to probably use OPM right on the
27:50
people's money. That's like things something
27:52
some people like to do. It's a whole big thing out
27:54
there. And if the seller doesn't feel
27:57
confident because the buyer is coming in with no experience in
27:59
the industry, they're not going to be willing to do owner
28:02
financing. Yeah.
28:03
So we want to be able to market that to a bank and we'll take
28:07
that product, that valuation that we did and we'll bring it
28:10
to a bank and say here's what we got.
28:13
What kind of buyer do we need to bring to the table?
28:15
So we're pre qualifying the business we're selling, whereas
28:18
in residential, even commercial real estate, it's the building
28:22
and the buyer that's being qualified, not the actual
28:25
object. That's the business.
28:26
Yeah. So it's a it's a whole different
28:27
thing. It's, it's not something that
28:29
should be done by people with no experience.
28:31
It should be done by a professional and you should be
28:34
hiring those professionals to do it, even if it's just a simple
28:37
or even more complex valuation, like what's this thing worth
28:40
that we've built and what can we do different?
28:43
And we're not business consultants necessarily.
28:45
We are going to show you what industry averages are.
28:48
Yeah. And and it's not certified.
28:49
That's the other piece, like our evaluation, right is like it's
28:53
not some people go to Cpas, they'll probably pay.
28:56
Or forensic accounts. Shout out to Ferrara, Modio and
28:59
Zurich. Let's go for those guys.
29:02
Yeah, absolutely. That that's a great option.
29:04
Those are, but hey, if you want to have a a really good dive on
29:09
what your business is worth, broker of value is an incredible
29:13
way to go. Yeah, sure.
29:14
It's a big deal. It's a whole thing.
29:16
It's a very interesting. It was fascinating to me,
29:18
especially because I do like small business owners and
29:22
entrepreneurs. They're my people, right?
29:24
And I, yeah, so it's like I, I always want to like, I want to
29:29
make sure I'm asking the right questions that's going to be
29:31
useful to them, right? Like so and so if I have a
29:34
business that I want to get out of for whatever reason.
29:36
That you created another product and you're tired of this one
29:39
that inspired the new product. You want to focus on the new
29:42
thing. You can look to sell it off and
29:44
you guys can help with that. So it can be something that's a
29:47
couple $100,000 or it could be a couple $100,060,000, right?
29:51
Whatever. Whatever it is, that's there's.
29:54
No industry limit, there's no income limit.
29:56
Now what we do have is if it's too big and too messy for us, we
30:01
were contacted by a large retailer locally.
30:04
They have a lot of locations and just to collect the leases from
30:08
all of those locations is a huge job.
30:11
And it's not something we do. We don't charge an upfront fee
30:13
99% of the time, right, Right. So the M&A world, the mergers
30:17
and acquisition folks, they get a retainer, give me 60 grand and
30:20
I'll start investigating this and I'm going to you know shop
30:23
it to find some buyers, but I need some money upfront.
30:27
Then that's not an uncommon figure, you know, 50-60, a
30:29
100,000 and in something that's worth 5-10 maybe up to 30
30:33
million bucks it there's so many variables, it's hard to get
30:36
pinned down on it. We would turn that over to
30:38
either a local M&A person that we trust and we're really we're
30:43
in a very tight relationship with the Teal Group, OK.
30:46
So we're working very closely with them.
30:48
Kathy's amazing. Yeah, she's been super
30:50
supportive of what we do when that mom and pop, you know, Main
30:52
Street Market and she's another person that we lean on to for
30:56
information. And that's a part we would refer
31:00
you to, to a person like Kathy in the field group.
31:04
We also have a group internally at that Transworld that can, we
31:09
can still be involved if the seller wants us to be involved
31:11
or we can hand it off entirely down to to our team down there.
31:15
But we're really only going to do up to like 40-50 million will
31:18
be the Max that Transworld will do.
31:20
We're not doing it here at Albany.
31:22
That's like we know, we don't know that.
31:23
That's a different view. That's a whole different, a
31:25
whole different animal and. And they're networking with all
31:28
the private equity companies and that's just not where we are.
31:32
We're working with, I'm not going to say regular people
31:35
because certainly we're all regular.
31:36
Our own. Irregular way, but smaller
31:40
companies. Is is there any industries or
31:43
sectors that have a higher demand than others right now?
31:46
Yeah, the any home services company plums electrical wow
31:50
painting Oh my gosh anything any well and even like.
31:54
Auto Body Shop like you, it's unbelievable actually.
31:57
There are people looking and if you look on biz buy sell,
32:00
there's tons of buyers. I mean we have in our database
32:02
what 650,000 buyers that are looking for.
32:05
They're looking for that kind of thing.
32:06
Transworlds. Yeah, it's crazy.
32:08
It's wild, man. I I keep coming across that like
32:11
anything trades related, home services, all that like it's
32:14
just, that's the next 10 to 20 years is going to be wild.
32:18
If you are in that business. There's going to be a lot of
32:21
millionaire plumbers and welders and there already are trades
32:23
people. Yeah, there already are,
32:24
absolutely. And.
32:25
There's going to be more and the.
32:26
Healthcare services are also a big deal.
32:30
New York State has changed their regulations on the way you get
32:33
paid for. You could expense some medical
32:38
transportation visits through Medicare, but that's all change
32:43
now. They've subcontract that,
32:45
subcontracted out that service out of state, but there's still
32:50
a lot of other long term care facilities.
32:54
Assisted living that's anything health related is still like
32:58
dental offices, medical practices, physical therapist.
33:01
Not software though, guys. Aren't, you know, people banging
33:04
down your doors for software well?
33:05
Software development you mean? Or like software sales?
33:09
I well, I have a piece of software that I built I'm going
33:12
to be selling at some point in time, so.
33:15
This is where I would dive into our database at Transworld and
33:17
say, I don't know like where we go, like what kind of what kind
33:21
of software is it? And there is a person that's in
33:24
my personal network from Transworld who is in that space.
33:27
Interesting. Now we just hand it to Andrew
33:29
and say Andrew, like, take a look at this.
33:30
Like what do you think I'm? Trying to I'm trying to figure
33:32
out where how many users I need to get to so I can sell it for
33:36
$50 million. Yeah, I'll put you in touch with
33:37
Andrew. 50 million. That's my number.
33:40
Yeah, good. I love it.
33:41
It's not even close worth to that yet, but it.
33:43
Will be, but it will be on the dream board 50.
33:45
Million. Cows are expensive man.
33:48
I need to buy some livestock. Well, listen, I know we're
33:52
getting short on time, but I and there's, there's so many things
33:56
I can ask you about the business.
33:57
Program whatever you need and this is like a living thing and
34:00
it changes too. Right.
34:01
Yeah, I guess let's ask this question and I got to ask you
34:06
about Mount Rainier. I can't let you leave without
34:08
getting an answer on that because that also fascinates me.
34:11
But if you're going to tell a small business owner they're
34:15
doing anywhere from, I don't know, it doesn't matter, 500,000
34:18
to a couple million. If you're going to tell them one
34:20
thing about getting their business ready to sell, what
34:22
would it be other than call you guys?
34:25
Call us. Yeah, well, get your taxes in
34:27
order. Like do a genuine, genuinely
34:30
good job of reporting your income, looking at what your
34:33
expenses are and just documenting everything.
34:36
Because when you go to sell it, that buyer is probably going to
34:41
be pretty sophisticated. Even if it's a $500,000, two
34:44
$100,000, or a $50,000 company, these buyers are going to spend
34:50
a lot of their savings on it, and they're going to Google it
34:52
and they're going to talk to us and they're going to want all
34:54
these weird questions answered that you think are irrelevant.
34:58
Anybody who's buying a pizzeria knows if I'm making $100,000 a
35:02
year, I'm actually really making more.
35:05
No, people don't know that, and they're not going to trust you.
35:08
They don't know you, so just document as best you can all of
35:13
your income and all of your expenses, and part of that
35:16
documentation should be your taxes, OK?
35:18
And then I'd also say if you can get like standard operating
35:21
procedures, those manuals that we were just alluding to, those
35:25
things drive up the multiplier like like basically so we could
35:28
cook Whoever steps into your business doesn't have to
35:31
reinvent the wheel. Here's how we make the cookie.
35:33
Here's how we make the pizza. Here's exactly what we do.
35:35
Like you're selling, you're not going to be there.
35:37
So if the business relies on you, it's not a great business
35:40
to. Right, right.
35:41
Yeah, you guys, you have to be able to walk away and whoever
35:44
picks up the manual can run it and make money.
35:47
Or be prepared to do a bunch of seller financing.
35:51
Yeah. But I think John, when you say,
35:52
I'd say most of it like we really encourage our our sellers
35:56
to have some skin in the game. So, you know, be prepared to
35:59
hold a little bit of paper it it demonstrates commitment, belief
36:03
in the business. And so yeah, we really look to
36:07
like, we try to qualify everything with the SBA, but
36:09
like just absolutely having some, right.
36:12
I mean, be prepared for that, even if it's ten percent, 20%,
36:16
something of that kind. Like if we can't get your
36:18
evaluation to where you want it based on documenting what you've
36:21
done, that gap you're going to finance.
36:23
You're going to finance it? Yeah.
36:26
OK. So it narrows your funnel down
36:28
right to those different buyers because there's going to be some
36:30
that want it and have the down payment, but you don't want to
36:32
fund them because they don't know anything about cutting down
36:34
trees. Right.
36:34
Yeah. One other question before we
36:37
talk about Rainier just way more.
36:40
No, not at all. This is fascinating to me.
36:43
But also when he told me he was going to Mount Rainier with his
36:45
boys that go climbing, like I got to talk to him about that.
36:48
Yeah, right. The question I have I meant to
36:51
ask before was you had mentioned that you could sell a business
36:53
even if it's not making. Oh yeah, absolutely.
36:56
Like do you have to go in and do the work to get it to making
36:59
money or can you sell sell it even though it's.
37:01
Showing I'm not running your business, I'm helping you sell
37:03
and market the business for sale.
37:05
So we would look at why it's not making money.
37:09
Yeah. And we would we, you know, total
37:10
transparency to the buyers. Like this isn't a shell game.
37:13
I can always sell my company if I can get 1,000,000 bucks for
37:15
it. Well, I'm not trying to RIP off
37:17
a buyer and I'm not trying to, you know, RIP off the seller
37:20
either and get them just out of the business with needs to be a
37:23
transparent process all the way through.
37:25
So this isn't. Maybe somebody needs a write off
37:28
and so they're looking for a business that's losing money.
37:31
Or maybe they have industry experience that the person who
37:33
started the business doesn't have.
37:35
Maybe somebody bought a franchise.
37:37
Yeah, I actually, oh shit. What's her name?
37:42
There's a girl that's got like, she's basically an Internet
37:44
influencer about buying businesses and I can't remember
37:49
what the hell her name is, but I could.
37:51
Almost guarantee you that they have never actually bought or
37:53
sold the business. I don't know, but she often
37:56
talks about buying businesses that are losing money,
37:58
undervalued, and that you can buy them cheap and then you go
38:01
in and you just got to fix what they're doing wrong and then
38:03
you're turning a profit on a business that was formerly.
38:06
I have a friend in Houston that was just at this training and
38:09
that's what he did, 55 businesses.
38:10
He looks to go in to buy undervalued businesses.
38:13
And so if they're losing money, he's like, that's fine.
38:16
He looks at it and says, I think I can flip this thing and make
38:19
in three, three to five years and help it make money.
38:22
And he's done it with all sorts of things, oil change, Lube
38:25
shops, you know, those sorts of places he's done it with.
38:28
I have to imagine it's you're buying businesses that don't
38:30
have those standard operating procedures, right?
38:32
Like, so you're going in, you're going to clean up the mess,
38:34
you're going to organize it, get it streamlined, get it
38:37
profitable, and then sell it. That's exactly what they're
38:39
doing. Sounds fun, that is.
38:41
It does right it. Sounds fun.
38:42
We'll get you in our database, yeah.
38:45
I got no money. I own a newspaper.
38:49
All right, thank you for answering those questions.
38:51
Let's talk about Rainier. Just real quick.
38:53
So I don't want to keep you guys all day, but I just tell me
38:55
about climbing Mount Rainier with your sons.
38:57
Yeah, So, well, you know, my sons from jiu jitsu and yeah,
39:02
they, well, they're triplets, so.
39:05
And one is a marine stationed in Pendleton.
39:08
And he asked last year, hey, dad, he knew I had done a bunch
39:11
of mountaineering and just a guide.
39:12
And he said, do you want to go to Denali?
39:14
And I was like, do you want to climb Denali?
39:16
And I said, Sheamus, to get to Denali, there's a lot of baby
39:19
steps. And so I said, let's first do an
39:21
expedition to Rainier. And so we had a week on mountain
39:25
Rainier. And, you know, as a father, you
39:28
know this, it was like joyous for me.
39:30
Oh my God. It sounds amazing.
39:31
It was absolutely it was, it was.
39:34
There was some suffering. There's always suffering
39:35
involved mountaineering, but well, 'cause it's still.
39:37
Cold this time of year. I'm not Rainier, right?
39:39
Oh, yeah, It's cold. Well, like, our day one was like
39:42
45 and rainy. We got soaked.
39:44
Yeah, You know, we were like, mildly hypothermic.
39:47
You're getting into altitude. Yeah, yeah, it's only getting
39:50
colder and you're wet, right? Yeah.
39:51
Sweet. Let's do it.
39:53
So, so yeah, that was at 8500 feet and then we get up to
39:58
10,000 feet. We were doing disappointment
40:00
Cleaver route, pretty standard route, really.
40:03
There's a lot of guiding on it. Spent two nights on at Camp Muir
40:08
and did a whole bunch of crass rescue, ice climbing, you know,
40:13
just sort of glacier travel, navigating all that.
40:15
Went to high camp. One of my son's actually got
40:17
altitude sickness. So we were debating, do we go
40:20
down? And it's this whole family group
40:22
dynamic. And Sheamus had two other
40:25
Marines there. That he's buddies with and so
40:28
the six of us were like figuring it out and Brendan was like, I,
40:32
it was incredible because he's like, listen, I think I'm good
40:34
for you guys to summit and then we'll go down and he's AEMT
40:38
Wellness EMT. So he's like, I think I'm fine
40:40
you guys summit. I don't want to have to get up
40:42
and turn around at 12,000 feet because I can't breathe.
40:45
So we, we climbed it and you know, we get to the summit and
40:48
you know, I'm 56. So my one son looks at me and
40:52
goes, dad, you know, that was really hard.
40:54
He says I'm I'm I can't believe you did it.
40:57
It's great. And I was like, oh, and I
40:58
thought we were having a moment and I said, OK, thanks.
41:02
I go, well, just think when you're my age, you could take
41:04
your kids to an ear and have this moment.
41:06
He goes, fuck that, I'm going to the beach.
41:09
This is not. Suffering.
41:12
Yeah. I meant like, I've never done
41:14
anything like that, but I've read all the books.
41:17
Yeah, you know what I mean? And I've always wanted to do
41:19
some sort of mountaineering and do some sort of like crazy.
41:22
Let's go do it, man. Dude.
41:24
I mean, there's so much great mountaineering.
41:26
You. Know like the Adirondacks, like
41:27
north face of you could do the trap dyke, you could do north
41:30
like what is it the I'm thinking of the Gothics north face.
41:35
There's a lot of mountaineering objectives on the east.
41:37
And then obviously Rainier is then, you know, it's beautiful
41:41
and to have that moment with my kids was it's amazing.
41:43
It was amazing. I mean.
41:45
But to be clear, outside of like reading Iger dreams, I don't
41:48
know anything about mountaineering, man.
41:50
I, you know, like I've never done other than just standard
41:53
hiking, I've never done any sort of climbing like that.
41:55
So it fascinates me. Oh, it's amazing.
41:57
Yeah, I used to. I, I work for Knowles National
41:59
Outdoor Leadership School in Wyoming and work for Outward
42:01
Bound and did a lot of mountaineering prior to having
42:04
children. Yeah.
42:05
And so it was was. It like as a father up there
42:08
with your sons, were you like freaked out worrying about your
42:11
kids that something was going to happen the whole time?
42:12
Because I feel like I would be the worrywart.
42:14
They'd probably. Did most of that, yeah.
42:16
Yeah, right. Yeah.
42:18
True, you know, You know what it was like the day that we were
42:20
hypothermic. We had big packs, we're climbing
42:22
up. We weren't majorly hypothermic,
42:24
but it was uncomfortable. And my son Brendan was
42:27
incredibly supportive. And I was like, again, they're
42:31
25. And I was like, you're a man.
42:33
It was this moment where I was like, he had empathy, he had
42:36
leadership, and he was doing all these things.
42:38
And I just, I didn't feel like, oh, I'm in charge.
42:42
I'm the dad. I got to keep you safe.
42:43
I was like, we're part of a team now.
42:44
It was like this reckoning as a parent.
42:46
That's cool. Yeah.
42:47
It was. It was amazing.
42:49
Yeah. And honestly, I think it's
42:51
always the same, but like having some form of a little bit of
42:53
suffering and then, you know, it was glorious.
42:55
There, I'm all about the suffering.
42:57
I do love that part. Yeah, I know you do a lot of be
42:59
great. I yeah, Anything that's hard.
43:01
That's good. Very uncomfortable and
43:03
suffering. Love it.
43:04
Yeah. All right.
43:05
Yeah. No more neon belly.
43:06
No more neon belly. No one.
43:07
That's what you. I think that's actually what I'd
43:09
have to. I was, I was thinking about it
43:11
afterwards. I think you've got me with neon
43:13
belly. Neon belly.
43:14
What is that? It's a you basically put your
43:17
knee on someone's belly with a lot of force and then you're and
43:20
then I probably, yeah, I don't know if I, I probably moved to a
43:23
choke or an arm bar or something.
43:25
But yeah, it's a lot of fun. Love jiu jitsu.
43:29
Love it. It's fun, yeah.
43:30
Have you rolled at all? Well, you know, it's such a
43:33
drive down here, but we have mats in my in our gym and every
43:38
place we travel. I've rolled.
43:39
So I actually rolled at Jocko's gym in San Diego.
43:44
Yeah, that's awesome. So still the white belt.
43:47
Well, that's all right, man. You got to get over to the new
43:49
Alliance shop over at the mall. I want to.
43:51
It's amazing. It's great.
43:53
I mean, those guys are awesome. They're.
43:54
Incredible. Yeah, we loved.
43:55
I mean, that was formative for my whole family, actually.
43:58
It's a great program, a lot of great jiu jitsu in the area, but
44:00
I do love that alliance system that they have so.
44:03
Yeah, I do too. It's cool.
44:05
Wow, just so great. Mike, thanks so much for having.
44:07
Us thanks for coming out to the farm and coming to the kitchen
44:09
table and having a conversation. I love the kitchen spot.
44:11
Yeah, yeah. Thank.
44:13
You a lot of fun, so thanks so much.
44:15
If they want to, someone wants to get a hold of you guys, where
44:17
do they find you OK? Yeah, just go to
44:19
transteeworld.com. OK.
44:22
Back slash Albany, Yeah, Go to Back Slash Albany to see our
44:25
local office here, Yeah. OK, you guys on any social media
44:28
or anything like that? Yeah, we have a Google page, of
44:31
course, our website, We have a Facebook page.
44:34
You just search on Teeworld or Transworld Business Advisors.
44:38
We're gonna be the full couple pages of Google Chat GPTS.
44:42
Awesome. We'll make sure there's links
44:44
and stuff in the bio too so people can get a hold of you.
44:46
Appreciate it, love it. Thanks so much, Mike.
44:49
Absolutely. Absolutely thanks everybody for
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