Ahmed Raza: Importance of Due Diligence When Buying A Business #195

Hello, hello everyone. This is your host, Akhil Jabbar, and welcome back to another episode of Ask the Street. In today's episode, we'll be talking about the importance of doing good due diligence when buying a business. Today we have our guest, Ahmed Raza, joining us. Ahmed is the Director of Due Diligence at Rapid Diligence. They're a company that provides due diligence and consulting services for buyers who are looking to acquire businesses under $500 million. Ahmed previously founded a small-cap private equity fund to buy e-commerce businesses and lead due diligence for private equity funds focused on SaaS, e-commerce, FBA, as well as content website acquisitions. So welcome, Ahmed, man. Good to catch up and glad to have you on the show today.

Hey, thanks for having me.

So, I mean, you have an interesting background. You've done acquisitions, you've been moved into due diligence, you started Rapid Diligence a few years ago. But maybe if you can just— people listening in, just to understand your background, what's been your past ventures that you built, your background, and how did you get into doing due diligence and acquisitions?

Yeah, absolutely. So I kind of started in this space almost 8, 9 years ago at this point. I started with buying a few online businesses, primarily SaaS, e-commerce, content, software in general, and essentially using like personal capital, investor capital to go and buy some of these online businesses. And typically these were a bit smaller in size. 8, 9 years ago as a whole. And then I did that for a little bit and then obviously thought to myself like, hey, how can we utilize economies of scale here? So then started a small-cap private equity fund, did that for a couple of years, ended up exiting the fund. And I realized I just, I really enjoyed the due diligence process as a whole, mainly because there were good systems we could build around it. It became very systematic and, and kind of it was easy to improve upon as we kind of looked at different deals. So then I started working with a couple of search funds, a couple of private equity funds, and building out Their due diligence processes. And then like most people, I was like, hey, I kind of want to do this for myself. So I started Rapid Diligence. I think it's been like 3, 4 years ago at this point, and went full-time early last year. And yeah, most of the work we do is the buy-side due diligence process for online business buyers. So a lot of SaaS, a lot of e-commerce content, and kind of the variety of those types of businesses, usually in the $1 to $50 million price range. We've done a lot that are larger than that, and then we've done some that are also smaller But that's usually the kind of price point we play with.

Cool. Yeah, it's interesting, 8 years ago how things have changed, right? I remember buying a website, content website for less than 2x. At the time it was like 20x monthly multiples. I'm curious, what are you guys seeing right now in terms of multiples from some of the deals? You don't have to get into specifics of deals you guys work with, obviously, but are you seeing some kind of trends on the multiples of the deals you're working with?

Yeah, so that's very true because 8 years ago it was like 20x was a common thing, right? 20x monthly earnings. So it's like, yeah, this is standard. Now that's essentially impossible, right? And so I think we saw this big, big trend during COVID especially when a lot of people got interested in buying online businesses, right? Like they saw this whole, they saw how susceptible physical businesses were to something like a pandemic. And so they started going after online businesses. So we saw a lot of those, those multiples really hike during COVID They haven't necessarily come down a ton, but they have stabilized a lot, right? So if I was to give you like a rough estimate, I think a lot of these online businesses are trading at 3.5 to 4.5 times annual earnings. And then, as you know, SaaS is its own field. So especially good SaaS businesses, you'd be lucky to get it under 5, 6x. But typically, that's kind of the multiple we're looking at from an annual earnings perspective.

Yeah, I know. That makes sense. Yeah. Last year we didn't do any investment acquisition because SaaS multiples were just sky high. But that's the reason why we decided to focus on raising our fund right now, because we're just Super excited, like seeing all this great deal flow, seeing a ton of deals come in and then multiples finally coming down. Like we've seen almost, almost half, if not more, like 60% drop in terms of the multiples on SaaS. So it's a good time to be a buyer, I think. So if you guys are looking to buy, you got, you got Ahmed on your back to help them.

Yeah, absolutely. And do you think, do you think, just out of curiosity, do you think like the overall environment, like the, like not political, the economical environment, do you think that's played a key role in it? Because obviously we saw interest rates go from virtually nothing to what they are today, so it's just more expensive to buy. Do you think that's played a pretty key role?

I think so. I think both of them tied together ties into human psychology of fear, and they're like, there's just a lot of fire sales happening, people are getting scared, and I think just the market is reacting. Personally, I think of it as opportunity. Most people get afraid and they're like, we don't want to do deals, let's just wait it out. I'm like, I'm opportunistic. I mean, that doesn't bother me.

Absolutely. That's awesome.

So, I mean, you guys do DD, you know, all kinds of businesses. I mean, we understand SaaS a little better. You do e-commerce content sites. When it comes to doing DD, what are some of the biggest differences that you see? So if you're looking at SaaS versus e-commerce or content, if I want to buy one of these myself, what are you going to look at differently? How are you going to look at it?

Yeah, it's a great question. So with e-commerce, I would say defensibility of product is a big thing, right? So defensibility of product and then the systems in place. So a lot of the times we're looking at, hey, you know, is demand manufacturer? Are you dealing with one manufacturer only? Um, are, are the products being ripped off by every other person on Amazon that can find a supplier in China? Right. So we, we do look at defensibility of products a lot, and then the processes, it really comes into play after the acquisition. So with a lot of buyers, they'll buy a business. Um, and you know, there's not really good processes in place from an e-commerce perspective. And then, you know, they buy it and things fall apart because you don't necessarily have the same knowledge that the person that built that business and has been running it for the last 5 years does. So e-commerce would be, um, defensibility of product and processes. With content businesses, it really just comes— a big part of it comes down to website traffic, right? Um, and having good, a good variety of traffic. So you don't want to see a content business with 100% organic traffic, right? That's super risky. You don't want all of your referral traffic coming from one source. But one thing I also like to talk about with content businesses is the fundamentals, right? So if you were to put yourself in the shoes of the reader, Who is the target reader for this type of content? Would it make sense to you? And would this be helpful to you? Would you come back to it? And these are such general, almost no-brainer questions, but you'd be surprised at how many people would just say, hey, forget that. I'm just going to look at the numbers. But that's where things get sticky because 5 years ago, a lot of these content websites were doing top 10 reviews of everything. The numbers looked good. They weren't really providing any value, but they made sense from a numbers perspective. But then Google came down with the hammer and they were like, yeah, this is crap. penalizing all of these businesses. And then overnight a lot of them lost like 70, 80% traffic. So that's why it becomes important to look beyond the numbers in a content business, but really in any business. And then with SaaS is, um, for me, like stickiness is huge, right? So how easy is it to bring users to your product and how difficult is it for users to leave that product? Um, and, and obviously that's like that golden, golden scenario, right? Where both of those things are true. But one thing we also like to look out for is like, hey, is this just like a fad product and how susceptible is this to the general market, but also like to the, to the things it's utilizing, to what it's providing. So for example, we were looking at a SaaS business a couple of months ago and it provided like Twitter DMs, like it would DM anyone you wanted on Twitter up to like 250 times a day. And, you know, it was a good product. It had good like revenue and stuff. But one of the things we looked at was, does this actually violate Twitter's terms and conditions? Because if it does, if it's against their API, their API rules and usage, then it's only a matter of time until Twitter's going to catch up to you. And even if they don't, that's just super risky. And turns out it was, right? It was against Twitter's API conditions. You can't just cold DM people. I mean, it's fine if you're building a script and bot for yourself, but it's different when you're packaging it up into a $100,000, $200,000, $400,000 business and deciding to sell it to someone, right? So we look at that. And then one other thing we look at with SaaS is like the development processes in place. And this becomes incredibly important when you're looking at a SaaS business that's under like $2, $3 million, because a lot of times, and especially under $1 million, because a lot of times you'll have these solo developers that have built this entire business, right? They've built, they've written all the code and then they want to— now they want to sell this business. We want to make sure that there's processes in place. So when you take over as the new owner, you're not, it's not going to all just crumble overnight, right? Because documentation can't just live in the head of someone who's developed the software. It has to be properly documented. There need to be standard operating procedures. good procedures on releasing the software, making bug fixes, changes, all that good stuff. So that's kind of the breakdown with the 3 of them that I think we focus on from a high level.

That's cool. So you guys actually go in and understand the API risk and the risk of, for example, the one on the Twitter side. You guys actually go in and check that beyond just the financials?

Yeah, absolutely. So we even do pretty detailed code reviews. And one of the things that I always say, As important as it is to review the code, which obviously we do, again, I just can't underscore the importance enough of understanding the processes in place because you just don't want to be in a situation where you're like, hey, everything's crumbling and the only person in the world that can help you is— and the only data and knowledge in the world that can help you lies in the head of the person that just sold it to you and not on a piece of paper somewhere.

Makes sense. Well, when it comes to the e-commerce side, so you mentioned supplier, risk of having some kind of not being so concentrated. And then the other side is like the channel of marketing of how the companies grow. So you see a lot of Shopify sites where 95% or almost all revenue is just driven by Google Ads and they're able to scale it pretty well. What's your thoughts on a model like that?

Yeah, that's a good question. I feel at least a little bit less anxious when I look at a business that's primarily ads versus organic. And I realize that organic traffic is free, but with ads, I feel it's much more controllable, right? So you can see exactly what's working. You can see what's not working. There's less guesswork that goes into it. And, you know, so I still don't prefer it over something well diversified. You know, at the end of the day, the goal is like you have something that has a decent bit of organic traffic, social referral, paid, you know, kind of everything mixed well. But I think if we're looking at a business that relies a lot more on paid versus organic, I feel a bit more comfortable just because it's more predictable, right? No one really knows what the next organic, like, what the next Google update's going to bring. But paid traffic tends to be more predictable because again, that's how a lot of these businesses are making most of their money.

Yeah, I agree. Makes sense. And then when it comes to running your due diligence process, can you maybe just walk us through a few checklists of things you look at on the high-level red flag report when you review, when it comes to recommending whether— and do you guys make recommendation or do you just say these are red flags, you decide? These are the red flags. This is what we recommend.

Yeah, that's a really good question. So I, you know, we have to be careful when we say like yes or no, definitively. What we tend to do is we'll kind of highlight the risks and we'll give you an idea of how major or minor that risk is and what you can do to mitigate, right? So I'll look at that from like a SaaS perspective. So let's say you're buying a business and the software, there's no like development environment or testing environment for the develop— right, for the software. Now that is a risk, but depending on how it's built, and the frameworks it's using, that might be pretty simple to integrate once you take over, or it might be very expensive. So what we'll say is, hey, here's the risk of not having a testing environment. Here's what you can do to fix it. And so we try to do that with all of the risks so that way we're not making these major definitive decisions because what really works for one person might not work for someone else. So maybe you're buying a business and you're okay with it having 100% organic traffic because you're an SEO wizard. So we can't say, hey, like, don't buy this business because it does make sense for you. But we can say like, These are what the risks are with this particular business and what you can do to avoid it.

Makes sense. Yeah, I think that makes sense. You can't give full kind of definitive— I mean, it's up to them at the end of the day to decide.

Yeah, exactly.

Yeah. So what are some of the maybe top reasons or red flags that you've seen that maybe recently have killed a deal, or you've mentioned as red flags, and then they've taken upon it and they've decided to walk away?

Yeah, that's a good question. I think for a lot of things, especially when it's during the LOI stage, once there's been a decent bit of work done to get to that stage, to get to that exclusive due diligence period, it's rarely a single point that will kill a deal. It's usually a culmination of different things, at least from a buyer-seller perspective. A lot of it is things that weren't disclosed beforehand, right? So sometimes we'll look into businesses and we'll see costs omitted, and that's always a big thing because It's like, okay, for, from a buyer's perspective, it's like, okay, you omitted this. What else are you not telling me? Right? So I think it's that trust that, that then gets, you know, cracked a little bit and then it's difficult to then go back and say, hey, no, this was the only thing. So usually it's a culmination of a variety of things. But again, omitting information is a big one. And I think what scares a lot of buyers, especially first and second-time buyers, this is less prominent with buyers who are making strategic acquisitions under PE funds or portfolio buyers, is when they see a downtrend of revenue. So if you see this constant downtrend of revenue, you're a first or second-time buyer, again, the limit there is zero, right? So your biggest fear is like, hey, this business, I'm going to buy it and it's going to be worth nothing and it's going to make nothing for me 6 months from now. So most of the times you'll catch this before LOI, but a lot of times it's like, hey, no, we have reasoning there. It makes perfect sense why this is happening. We'll disclose it during LOI. And then when they finally disclose it, it doesn't really— for a lot of buyers, it's like, no, this is not— it's still making me nervous. I don't want to go through with this. So again, when you put together these different things that happen, it creates the perfect storm, but rarely will we see one singular thing kill a deal. And I do want to note that a lot of the deals we do, we work directly with brokers or we work with— a lot of these deals are sourced by pretty reputable brokers. So we don't see as many deals killed as when we work directly with buyers who have sourced these deals. And so that's a difference just because a lot of these deals have already been pre-vetted. So our process where we see a much higher percentage of deals go through is primarily because of that too. Okay.

The other percentage in terms of sharing just from the clients you've worked with, how many are after doing DD are successfully in closing and how many walk away? I don't know if you see that you get that information from the brokers.

Yeah, I would say honestly 85, 90% end up closing. Now, a lot of times what happens is The data we find, they might go back and renegotiate certain things, right? They might add an earnout. Like we might say, hey, like this adjustment, this add-back doesn't make a lot of sense. So, you know, you promised the 3.5x multiple on trailing 12 months, but let's take that trailing 12 months and let's adjust it based on what we found. So a lot of times it's rarely that, you know, I would say like maybe 15, 20% fall apart completely, you know, likely closer to 10%, but the rest The rest usually will find something where they'll go back and renegotiate either price or earnout or structure.

Makes sense. So the DD basically pays for itself, I guess, at that point, right? I mean, if you find something and you can go back and negotiate the price, it makes sense.

And that's the goal.

Yeah, absolutely. Yeah. What's your thought on the investment side when it comes to ecommerce and affiliate websites in the same niche? I know there's a model where a lot of affiliate sites will convert their high-converting pages or products and then build out e-commerce pages around that. Have you seen anything like that?

Yeah, I have. So I actually, I love that model, right? Because on a more fundamental level, you have this attention, right? Like you have these eyeballs on a certain topic and you also have the product that these eyeballs are interested in, right? So you have both the attention and the product. So I think it's a really, really cool combination. And we've seen a few clients do this with affiliate and e-commerce. We've seen them do it with affiliate and SaaS. And I'm always like, very awe-inspired by this combination. And so I think it's really cool. I think the model there to follow though is to do it as organically as possible, right? Because if you build an affiliate site and people start reading up on it and they realize every single article is now pointing to this one e-commerce site, that's a little suspicious. It's going to raise some red flags. So I think the way to do it is organically. You start adding it into a couple of those product guides, then maybe you feature a few standalone products. Maybe you add a couple of display banners, but you still want to give people the freedom of choice, right? To be able to select from different providers or different e-commerce businesses. And so, yeah, I'm a big fan of it and I think it's just important that it's done properly.

Yeah, it makes sense. You don't want to shove it down their throat that this is the only product you have to buy.

Yeah, exactly.

Yeah. So last question here before we get into the rapid-fire question. I mean, if somebody's listening in, a lot of our audience is in the SaaS space. But maybe they're looking to also acquire maybe their first online business. SaaS maybe is not the right place to start. I mean, maybe it is if they understand it, but if it's a new buyer, what kind of business would you recommend them to start with? And where do they start? How do they get started and even looking at deals?

Yeah, that's a great question. So I think what I would first say is come up with that investment thesis, right? What type of business do you want to buy based on your strengths? So again, a lot of this advice is fairly derivative, but it gets forgotten. So first thing I would say is play to your strengths, right? So if you have a background, if you have an SEO background, go after a content business. If you have a more product or tech-oriented background, maybe go after a software or SaaS business, but don't cross over for your first or second acquisition. It's really important to play to your strengths. And then the second thing I say is passion can come later, right? So I have a lot of clients that will ask, hey, I don't really care about lava lamps. And I'm like, well, I don't think most people do, but if it's a good ecommerce business selling lava lamps, it might make sense for you, right? And my approach there is, hey, for like, you can go back to your passions on your third or fourth acquisition, but for your first or second, focus on buying sound businesses that make sense from your investment thesis. So that's my second thing. And my third point is, you know, obviously everyone understands the risk of going too big, right? And so you don't want to buy a $5-10 million business or a $5 million business and you're using an SBA loan and there's a personal guarantee But there's also a risk with going too small, right? Because I think if you start looking at businesses under $1 million, for certain businesses under $300K, $400K, now you're kind of running the risk of buying a job, right? You're buying a business that's not necessarily— doesn't have all the processes in place for you to continue to take over successfully as an owner. So play to your strengths. Passion can come later and don't go too big, but also don't go too small. And I actually, I put together a Twitter thread the other day on my Twitter. It's @rapiddiligence. I actually really recommend taking a look at that. It took me a few hours to put it together, but it has all of the resources to take you from ideation to the idea like, hey, maybe I want to buy an online business or a SaaS business. And it takes you from the ideation point all the way to closing. So it outlines that whole process. So I do recommend that as well as a resource.

Cool. Yeah, I think that'd be super helpful. We'll link that to the show notes for people to check Awesome. Thank you for that. So ready to get to the fun part of the interview?

Yeah, let's do it.

Yeah, let's do it. All right, so beyond playing basketball, I don't know if you're still playing, but me and Ahmed played together when he was here in Guadalajara. So what's one activity you enjoy outside of work that gets you into flow state?

It has to be running. Yeah. So I recently got into running like 3 or 4 months ago. And so I started this program. It was called Couch to 5K. So it's a pretty popular program. And so the whole idea is you get from to a point where you really can't run at all to like where you can run a 5K nonstop. And so I did that earlier this year, like I think it was like July, August. And since then I've just been running and I've just been adding miles. So like I'm at like 8, 9 miles nonstop now. And the goal is to get to 13 by January for, for a half marathon. And I don't know, man, there's, there's something so beautiful about like being 2, 3 miles in and your legs are warmed up, your Your heart's kind of beating and you're just going. And I love running. And I don't like running around a parking lot or anything or a circular park. I just like running when you're in a straight line and you come back in a straight line and it's like you almost forget you're running, right? You're in this zen state. So that's definitely been my thing and I've enjoyed the heck out of it.

Yeah, I went to this retreat this weekend. It was meditation, all that. And they were saying How, yeah, there is a form of running meditation. I guess that's kind of what happens. But you get into flow state, you're just in the zone, and it's like, you know, just ideas start coming to you. And I'm like, yeah, it's a beautiful place to be.

Yeah, absolutely.

Yeah. I'm going to change the number here, but what's one piece of advice you wish you had known? You can go back with your 20-year-old self because I know you just passed 25 years old not too long ago.

Yeah. So I actually turned 25 Like, yeah, last year. And so if you want, I can still do the 25 because I have some— because I think for me, 25 was instrumental because it was the year I, you know, I took this business full-time, right? Like, I quit my corporate job. So I'm almost 27 now. I'm about a month or two away, but I'm going to keep milking this I'm 26 thing for the next month and a half, for as long as I can. But for me, I would, you know, I would go back and and tell myself like it's going to be okay, right? And to like really trust myself and trust the process. And the reason is because at least for me, you know, I didn't grow up with a lot. And so most of my late teens, college years, there was a lot of financial struggle, right? Like with making ends meet, paying rent, getting groceries, all that good stuff. And so when I finally graduated, right, and I finally got that quintessential like 6-figure corporate job, and for the first time in my life, I didn't have to worry about a paycheck. I didn't have to worry about making rent, groceries. And, you know, I had things like vacation days, I had paid days, I had friggin health insurance. Right. And so, you know, to risk all of that, like to jeopardize everything that I had up until that point and to jeopardize this comfortable life that I finally had to pursue was what was nothing more than a pipe dream at the time. It was, it was terrifying, right? It was paralyzing. And so, you know, I think I would go back and tell myself like, hey, it's going to be okay. Trust the process. You know what you're doing. Just wake up every single day and do it. And a lot of it is going to be grueling and you're not going to regret it, but you will have days where you look back and say like, damn, did I make the right decision? But yeah, that's what I would tell my 25-year-old self just like a little under 2 years ago. And I know we chatted about this a little bit before we kind of started, but zero regrets, right? I'm so glad I did it and I'm incredibly grateful. Incredibly grateful that I get to wake up every day and do this for a living.

Yeah, I remember we having that conversation where you're kind of having a struggle of like, should I do it, should I not? And you're just kind of going through that loop and finally you're here and you look a lot happier. So I'm glad you did it.

Yeah, that's awesome.

What are some of the biggest challenges you guys are currently facing? Continue to grow rapid diligence, meaning what keeps you up at night these days?

Yeah, so because it's a service business, you know, the challenge is really with scaling people, right? Which is always the most difficult thing to scale, 'cause software processes, it's fairly easy to scale. So I think it's this idea of like figuring out how we can scale the people on our team. And, you know, I have a software engineering background, so a lot of the way I think is process-oriented. So I think that's helped a lot where, you know, I can build processes around our people and make sure that we're building it that way so that there's not an overreliance on that, but that's definitely one thing. And I know you're probably thinking in your head, you're like, yeah, this is why you buy SaaS businesses, man. It's all about the software scale. But the second thing is because we sell like a high-ticket service item, there's a lot of volatility on a month-to-month, which again, doesn't make an impact on me personally, but it does make an impact on the business. So it's like, can we really afford to keep this person on retainer? Can we really afford to hire this person if one month we're making 3, 4 times what we're making the next month? And sometimes that's just a couple of deals, right? And so I think those are probably the 2 biggest challenges. And I think that's more with a lot of B2B one-off kind of high-ticket service items. It's pretty common, but that's probably what is difficult right now for me.

Yeah, that makes sense. Who or what are some of the best free resources? It can be books, mentors, or people you follow in the space who you'd say have been maybe most instrumental to your success over these last Yeah.

So I think with books, you and I actually talked about this once, I believe it was The Miracle Morning. I love that book. That was an awesome read. And I think it really shaped things up because it's all about building the process around your day-to-day, right? Like your life. Because discipline falls short, motivation falls short, but sometimes if you have the right processes in place, they're going to take you there during the tougher days. I really enjoyed The Hard Thing About Hard Things. That was a good book as well. I enjoyed that one. My First Million podcast, that was a good one. And I think it's a pretty easy listen as well. It's almost like fun, but then you have these little epiphanies as you're listening to it. So I enjoy that. And then obviously I have to mention SaaS District and I have to mention you. And I mean that genuinely because I know we worked together for not a very long time, but in the time we You did, you know, I actually, I genuinely learned a lot from you from like a leadership perspective. And I think the coolest thing I learned from you was that it was okay to figure things out along the way. Right. And so I remember one time, and I now don't know if you even remember this, but we were doing like, we were looking at a deal and, and this was, this was early on. Right. So I was like, hey, like, you know, we don't have financing for this deal yet. Like how are— and your, your, your response to that was, you know, if it's a good deal, we'll find the financing, right? Like investors will come in.

So I thought that was like a real—

I still I still hold that to this day. I'm like, that was a really, really cool perspective because it's like, yeah, just you'll figure it out along the way and some things you're not going to know right away and some things are just going to be like, I don't know how I'm going to figure this out, but you will. And so I think you've also had a big impact on me over the years as well, just being super encouraging, super supportive, and kind of providing a lot of those little insights that ended up going a really long way.

Thanks, man. I really appreciate that. Absolutely.

That's cool.

Ahmed, what does success mean to you today? Whether personally, business, financially, life? I mean, there's no right answer, but how do you look at it now? How do you judge it? How do you rate it?

Yeah. So at one point, success, I think in college I kind of talked about when you don't have money, I think success is money, right? Success is 6 figures, whatever it may be. Success is that. But today I think Success to me at least looks like being able to work on things that I genuinely find fulfilling, right? Like having waking up in the morning and feeling like, okay, I'm making a difference in someone's life. I'm doing something worth doing. And funny enough, a lot of our clients at Rapid Diligence, we have some clients that are like PE funds. They make massive purchases, stuff like that. But the vast majority of our clients, they're just first and second time business buyers, right? Like they are people from very humble beginnings who've worked corporate jobs for like the last 10, 20 years. And their goal has always been to go and buy a business, or to own a business. And so to be able to be a part of that process with them and to serve as their last line of defense, I mean, that's incredibly inspiring. And it reminds me every day, especially on days when I'm shuffling through deals and they're like, oh man, this is a lot. It's like, hey, we're actually making a difference in these people's lives and they're entrusting us with 15 years of savings essentially, and to go and buy this business. So to me, that's what success looks like right now. It's being able to do that and being able to wake up and say, am I making a difference in someone's life in a material way? And if the answer is yes, then I feel like I'm successful from that definition.

Yeah, that's beautiful, man. You're giving them comfort right there. This is a huge decision in their life. And like you said, some of these one things in your life that just completely shifts everything, like you've seen, right? Moving from work to business. I mean, a lot of them are doing the same thing. Right? They're maybe buying this business to quit their job. So knowing that they can now move into a company, you know, give it their all, and you know they've understood all the risks behind it, I think that's huge. So appreciate what you do out there as well.

Yeah, absolutely.

Great, man. So Ahmed, yeah, where can people listening in get in touch with you? Where's the best place to find out more about Rapid Diligence?

Yeah, so you can find us on just rapiddiligence.com. If you want to talk to me, you can email me directly at ahmed@rapiddiligence.com, and then And then on Twitter, I'm @rapiddiligence as well. So yeah, either, either of those work. I'm available kind of in all those spaces.

Cool, man. Thank you. Appreciate you jumping on, man. It was good catching up again.

Yeah, absolutely. Great catching up with you.

All right, see you later, man. Bye. Thank you all for watching this episode and joining SaaS District today. Don't forget to like, subscribe, and hit the bell for future episodes where we interview top leaders in the SaaS industry. If you're a SaaS company looking to grow and unlock the true value of your business, get in touch with us at Horizon Capital, and myself or one of our consultants will provide a free assessment to help you get there and hit your goals. If you have any feedback or suggestions for this podcast, please comment down below and help us improve our content for you all. Thanks again, and see you on the next one. Bye.