Acquire.com Buyer Office Hour - May 20, 2022

Foreign. What's going on? Everybody? Welcome to Microcquart Buyer office hours. Before we get started, we're gonna just wait for people to trickle in. But in the meantime, if you can, I'd love if you could just let us know where you're from and see. See who we have in here. All right.

Except I'm not there right now.

Yeah, James is. James is native to Seattle.

Holding down.

We have London, uk. Spencer, great to have you from Atlanta. Stuart, great to have you from New York City. Tim, Boise, another Seattle. We should do a Seattle meetup. Riley. Oh, Tom, thank you for joining from Toronto. Renee, thank you for joining from Virginia. Harry from la. Ottawa. Nolan, welcome. Orlando. Getting. Getting a. A plus one for Seattle meeting.

You tell me where, man, and I will be there in the flesh.

Well, also gotta say, happy. Oh yeah, Roger. Walnut Creek, all type of mind. I'm in San Mateo. All right, so we'll get started in a little bit. We're just waiting for people to trickle in. But also, happy Friday to everybody.

No relation to Ryan Graves, unfortunately.

Oh, you're in Denver. Nice.

Yeah, it was like 90 yesterday. And it's snowing. It's supposed to start snowing in like two or three hours, like up to 6 to 12 inches or something.

That's so weird.

So I don't know what's going on.

And we got one question. I need to run early. Any chances will be sent out after the session. So, yes, this will be recorded and we will be sending the full recording. So if you have to jump, no worries. We'll send you the recording afterwards.

Yeah. And Mark, if you want to ask any questions, go in the Q and A, ask it now and we'll get to it. And you could take off whenever you need to.

All right, I think we're probably going to get started.

All right, so everyone, I think right now I want to go over our newest product release, which is the LOI builder. And I wanted to share that real quick. If everybody's not familiar of kind of where that is, but actually, sorry, Paul just reminded me that we should do intros. So Gaz, you want to take it away first? Yeah.

Andrew Ozeki, founder, microcquire. Really appreciate each and every one of you and looking forward to answering any questions you have about buying Stardust.

Paul Kelly, VP, M&A. About 20 plus years, experience doing deals. So have a lot of knowledge through experience, good, bad, and everything in between. Happy to share. So glad you all showed up today.

Yeah. And then James Graves, I'm the general counsel Formerly outside counsel. And I'm on inside, so good stuff. Excited to be here. And then Rob, I just saw your message. I'll email you.

And I'm Roger, just head of marketing here to keep everybody in line and no deal experience, but here for entertainment purposes. So with that, I will showcase the LOI Builder real quick if everybody's not familiar and we'll walk through it real quick. But building LOI is the in product.

Experience and so it's really standardizing things for both buyers and sellers so you're both on the same page and just making acquisitions a lot easier for everybody. So definitely check out the LOI Builder. If you haven't. And definitely without saying any acquisition you do, please use an escrow service. Do not ever send money to someone without an escrow service. Don't. You know, I've heard some people, you know, on smaller deals like escrow might be too expensive, but it is definitely, you know, an insurance policy on, you know, if you don't actually receive the assets. So always use your nest for service and definitely check out the LOI Builder if you haven't already.

All right, and so with that, we'll just jump right into questions. So I'll start with the preset questions that you guys have asked. So the first one's from Jared. While I am an entrepreneur with money, I lack technical expertise. How should a non technical buyer approach acquisitions that require specific technical skills to maintain and grow?

I can take that one. So I always say if you're not technical, what you want to do is, in my opinion, is learn how to manage product teams. So one one way to really get around that is work with an agency. So if you find an agency that's really good and you say, hey, I'm looking at buying and we see buyers doing this all the time. And I highly recommend it. If you're not technical is, you know, reach out to the agency, tell them what type of application you're looking to buy, what it's built on, and then have them go in and do some due diligence, learn about how it works. And then what's great about working with an agency is you're not bringing on, say engineers full time. You're just bringing them on to ensure the app is working appropriately. And just as a personal example, you know, maybe two years ago I bought like a Shopify SaaS app and it's maintained by an agency, no in house engineers. And that's been very cost effective. So that's where I would start, is just maybe go on Google type in, you know, web development agencies and a really good website is Clutch Clutch Co. I believe they have a, a good list of agencies to reach out to. So that's where I'd start.

Right. Let me push that CEO in the chat. All right, I'll move on to the next one. So next one's from Ed. Can you please walk through how an acquirer could use Pipe to finance an acquisition on Microacquire? How much would an acquirer need to put in versus being able to borrow with Pipe? An example, using easy to understand numbers would be very useful. Assume an AR of 100k and seller's asking for multiple 3x EEG 300k all up. How much could be financed with via Pipe? What is the seller's involvement? Do you need to organize and finance the pipe with Pipe on the acquirer's behalf or do they not need to be involved? Now put this question in the, in the chat too.

So, yeah, let me get the details on that one. So the first thing I would recommend doing is reaching out to Pipe, given that we are partnering with them, but we're not experts in their product in terms of. Because every financing they do is dependent on your recurring revenue. So the most simplistic answer I can give is, with Pipe, what you're able to do is advance current recurring revenue. So if you have $100,000 in current revenue in annual recurring revenue, you can advance that. So you get $100,000, maybe less, depending on the health of your business and the churn and stuff like that. And you can use that to either grow your business or acquire your business. So one of the biggest misconceptions about financing with Pipe is you don't like, you can just apply for financing and get financing without any sort of collateral. That's not the case. What you need for financing a pipe is existing revenues from your existing company. So an example here would be, let's say I'm running a SaaS company. We're doing, you know, a million in revenue and I see a business I want to buy for, you know, 500,000 or something like that. I can advance up to, I believe Pipe advances Now up to 100 of your monthly recurring revenue. And so, or excuse me, your annual recurring revenue. And so you could take that million and then use that for the acquisition. So essentially what you're doing is advancing money that you'd be collecting over a year up front to pay for the acquisition. So you do need to have some sort of revenue source to apply for pipe financing.

All Right. Awesome. And then the next one is from Daniel. When looking at small companies, pre revenue up to a few thousand dollars, mrr, how do you evaluate the opportunity offered?

You can answer.

I could take that one. But do you have a good answer, Paul?

I mean, I think that regardless of size, you want to look at some of the standard things. You want to see how the business is organized. You want to look at their financial reports, whether it's on a dashboard or in some kind of financial reports in a P and L. And I mean, you could speak to the rest, I guess, as far as the smaller size companies. But I, I'm not sure if the question is related to the, the offer, what the business is listed at as it relates to their earnings because it's small, or if it's talking about just evaluating, you know, doing diligence on the smaller. Not sure exactly what.

The first thing I would recommend doing is reaching out to Pipe, given that we are partnering with them, but we're not experts in their product in terms of. Because every financing they do is dependent on your recurring revenue. So the most simplistic answer I can give is, with Pipe, what you're able to do is advance current recurring revenue. So if you have $100,000 in current revenue in annual recurring revenue, you can advance that. So you get a hundred thousand dollars, maybe less, depending on the health of your business and the churn and stuff like that. And you can use that to either grow your business or acquire your business. So one of the biggest misconceptions about financing with pipe is you don't like, you can just apply for financing and get financing without any sort of collateral. That's not the case. What you need for financing a pipe is existing revenues from your existing company. So an example here would be, let's say I'm running a SaaS company. We're doing, you know, a million in revenue, and I see a business I'm going to buy for, you know, 500,000 or something like that. I can advance up to, I believe Pipe advances now up to 100% of your monthly recurring revenue and so, or excuse me, your annual recurring revenue. And so you could take that million and then use that for the acquisition. So essentially what you're doing is advancing money that you'd be collecting over a year up front to pay for the acquisition. So you do need to have some sort of revenue source to apply for Pipe financing.

All right, awesome. And then the next one is from Daniel. When looking at small companies, pre revenue up to a few thousand dollars mrr. How do you evaluate the opportunity offered?

I could take that one. But do you have a good answer, Paul?

I mean, I think that regardless of size, you want to look at some of the standard things. You want to see how the business is organized. You want to look at their, you know, their financial reports, whether it's on a dashboard or in some kind of financial reports in a P L. And I mean you could speak to the rest I guess as far as the smaller size companies. But I'm not sure if the question is related to the, the offer, what the business is listed at as it relates to their earnings because it's small or if it's talking about just valuating, you know, doing diligence on the smaller. Not sure exactly what the question is.

Yeah, the way I would think about it is if you're looking at smaller acquisitions, it's a lot different than larger acquisitions and I'll explain. So, so let's say you're looking at a SaaS business doing 2 million in revenue, a million in profit, and with that you have a very sustainable business and you can use that profit to either invest in growth, hire an operator. There's a lot of different opportunities that you can go after when you have that much cash flow in the business. But if you're looking at smaller businesses, there's just not enough to really cash flow. So you know, when you look at smaller businesses, the way I would view them is, you know, you want to look for something that aligns with your expertise. So you want to find a business that has some traction and you know, has maybe a product that you're excited about, but more importantly growth opportunities that you can exploit upon. And what I mean by that is maybe you're a pricing expert, maybe you're really good at paid ads, maybe you're really good at direct sales. Whatever it may be that could drive the business forward is what I would focus on. Because if you're buying smaller businesses just to cash flow them, I think that's a really bad acquisition strategy because if you're buying on the low end, ideally what you want to do is grow the business substantially. And that's kind of one of the best parts about Microacquire is you can find really good products just you know, with a lack of, you know, sales marketing, just general go to market strategy. And if you're able to implement that and 2, 3, 4 or 5x the business, it could become a, a decent lifestyle business. So that's, that's where I'd look. I'd I really get clear on what you're good at. What numbers are you good at improving in terms of SaaS businesses? And then when you find one that is interesting to you and aligns with your strengths in terms of how to grow the business, that's how I view it.

And also we're seeing kind of to dovetail onto that. We're also seeing a lot of buy versus build strategies being employed here where, you know, there, there's some founders that have built a SaaS company, they've gotten out of its infancy stage. It's, it's functioning, it's past beta, it's got a couple customers and it just makes better sense for somebody to bolt that onto their existing operation. It's a starter kit and it's just cheaper. And I mean we're probably going to do this with my wife, she's going to start a SaaS company and instead of us starting from scratch, we're just going to buy a small SaaS company and it's. So just modify the offering. So it kind of depends on what, what you're trying to achieve. Yeah, that's it.

Yeah.

I mean, Paul kind of already said this to the extent of repeating him, I apologize. But yeah, just something they can fold into your current offering. I mean that's super valuable. You know, a lot of these times these, whether it's the technology or the product or whatever, doesn't have sort of the necessary synergy to really lift it off. But if can use what you currently offer and just use this as a growth multiplier to what the new thing adds, I mean, that's a great strategy too and we're seeing that all the time as well.

If you don't have experience and you're buying one of the smaller companies, build into your offer that there's some sort of a training period. So you get on the job training and it's a true starter kit.

Right. Thanks guys for the elaborate answer. The next one is from Alexander. So, specifically for SaaS companies, how is code transferred and how can purchasers ensure they A, get the code B, the code is not replicated or retained by the vendor and the purchaser may have limited knowledge about the function of the business. Escrow, third party vetting, etc. Anybody want to tackle this one?

I could take that one. Unless you want to, Paul.

I mean, I think you touched on it earlier as far as escrow, but I think it, there's, you know, as you're getting into a transaction and there's an offer in place I think it's, that's the time you need to be very clear as to expectations and make sure expectations are aligned. And if somebody on one side or the other doesn't understand a component of the transaction you need to get. And then as far as the transferring stuff, Andrew, if you want to take that.

Yeah, definitely. I mean, the first step would be, you know, compiling a list of all the assets that are going to be transferred and agreeing on a date and time on when those are going to be transferred. So the most typical route that we see on Microquire from just the top of my head is milestone payments. Like, for example, you know, you're going to send me the domain and then the code base, I'm going to review that, and then after that I'm going to get this, and then after that I'm going to get this. But just being really aligned with the seller, I think is huge in terms of, you know, transferring code base and all the assets. And we also do have a really good article on the resources page on Microquare. So if you go to Microcurrent, click Resources and just type in transfer, we have a whole article on basically how to transfer all the assets and all the assets that you want to cover, like everything from social accounts to email lists to obviously the code base, customer list, payment transfer domain, everything. So we have a pretty comprehensive article on that. But I think the key is really just, you know, having a list of everything that you're going to be transferring and then being clear on the time and date and when those are going to be transferred. Because it's, it's very unlikely that a seller is, and I don't recommend sellers do this, is just give you everything and then hope that you, as a buyer pay them. You know, there needs to be some sort of, you know, middle ground that protects you both. So generally milestone payments is the best way to kind of, you know, stagger and make sure that, you know, you're getting what you're paying for essentially. But definitely go to the resource section. And there's also a really good article on just how to do technical due diligence as well. I, I can't go into like, detail as good as reading those pieces. So definitely check those two out. If you just type in technical due diligence or transfer, you'll find some really good content on our resources page.

I put both articles in the, in the chat, but I'll include it in the replay when we send it out. So you guys should have access to.

It and, and the last thing I would say too is, you know, depending on the size of the deal, it might not hurt to have an escrow agent. So if you're doing, you know, an acquisition in the six figures and the seven figures, you can't put software into escrow.com and so, you know, you probably are best to use, you know, an escrow agent with a really buttoned up asset purchase agreement that protects you legally. So just adding that in there as well as, you know, the deal size get bigger, you know, you want to make sure that you're covered legally.

Yeah, I was going to say that this is probably the right moment. I a as much as possible, source code and just code in general can be a little bit dicey. So getting like a buttoned up asset agreement and a bill of sale, something you could fall back on in case things go haywire. I think especially above, let's just say like a $500,000 or probably less than that and above is, is very much worth the money.

And we do have resources. If you guys need it, you could always ask through CS and I'm happy to refer you or ask any answer, any high level questions. We're here to help, so please use the tool.

All right, so I just also put the email address supporticrorequire.com supporticroquire.com well, we'll.

Get back to you within like an hour. So if you have any like complex questions too, just to you know, give a shout out to our support team. We have a amazing support team. We're here to help 247 weekends included. I mean don't, don't go too hard on us on the weekends but we are available. So if you have questions as you're going through an acquisition process, you know like you just asked that question. How do I do technical due diligence? We have an article, we either have a video, we've created so much content to really unveil just kind of the mystery around acquisitions for first time buyers. So definitely feel free to lean on us for support. We're definitely here to help.

Right. Okay. The next question is from Rob. My question is about valuation of potential acquisition when they have debt. The company I'm looking at has numerous debt obligations. So if a company wants to, wants 1 million to sell, they have 800k of debt. Does that mean the actual all in price is 1.8 million or does the 1 million purchase price mean the debt is gone? I know everything is a negotiation, but looking for general accepted principles, rules of thumb, I have zero interest in the deal for 1.8 million. But a debt free entity of 1 million could be interesting.

I could take that one. So all of the deals on microacquired just presume that they're asset sales. And in asset sales, typically you're going to see it as a cash free, debt free scenario. So now that seller might have a different idea around that. However, what I've just said is a standard practice. So again, just be very clear and you can ask the question and just be very upfront about it. It's all about communication and clarity here. So that's, that's easily answered, I would think, just asking the question.

All right. Okay. So those are most from the type form and here are the other ones that have been asked in the chat. So Tim asks if a seller hasn't responded to my inquiry, but persistent, how persistent should I be in chasing the seller? Is it very common for sellers to post their SaaS and not watch for interested buyers?

Yeah, I mean the way I would view that is number one, if you do come across a seller that's not responding, let us know so we can kind of check in on them. Like, hey, have you sold. There's a, it's safe to say there's probably some businesses on microfarry that just never marked their business as sold. Or you know, maybe you're just checking their price. And if you see that we want to, you know, reach out to the founder and see where they're at. But more likely than not, they're probably in negotiations with another buyer. And so I wouldn't chase them too hard because it also is just an indication of them not taking the acquisition process seriously. So if you're having to chase them down just to have a conversation, imagine how hard it's going to be to chase them down for due diligence items, for signing documents. It just, you know, you want to work with sellers that are prepared, that show respect to the acquisition process and are serious about selling their business. And if they can't respond to a single message, I would, I would send two and then just walk personally.

Yeah, I, I agree with that approach. Don't, don't try to force it. It's just a bad omen if they're not responsive from the job.

And to that point, since this is a buyer hour, we say the same exact thing to sellers. You know, I get that very often where the seller says, hey, I've given access to said buyer and they've just gone dark on me. And, and you know, I'M I, I'm very adamant about not chasing sellers either. If, if the seller's not responsive. I mean, think about getting into a transaction with somebody that's not responsive. You need to perform, show performance and be active and it, and it will help you get to the finish. It's super important.

Yeah. And then another thing too, as a, as a buyer too, I always recommend, you know, we see a lot of initial messages like, I'm interested, I'd love to learn more, but I highly recommend, you know, sending a message with a little bit more of a personalized approach because this is someone's business. It's not, you know, acquisitions can be a very relationship, you know, based transaction rather than a transactional transaction, if that makes sense. What I mean by that is, you know, a better response would be, hey, Roger, I have experience in E commerce and your business looks really interesting to me and I've been looking to acquire business of this size. I'd love to learn more. Cheers. Something that just shows you've looked at a listing more than just like interested or would love to chat, you know, because you get those messages and you're just like, what, what is, what do you want to chat about? So it's a great way to, you know, really stand out because sellers on MicroCard do get a lot of interest from buyers, a lot of Lois from buyers, a lot of offers. So it can be kind of overwhelming at times. So to really stand out, like Paul said, is, you know, show the buyer that like you're really interested specifically in their business and you're not just kind of, you know, you just want to look at it sort of thing.

To that point. You know, last year actually Roger and I did a whole project where we started reaching out to sellers that had been on the platform for a period of time and they hadn't sold. And so we were offering a conversation to see if we could help them along. And through that exercise and hundreds of calls, we, we I. It was identified that sellers were, as Andrew said, good listings get an enormous amount of unique buyer interest. You know, I've seen them upwards of 100 and on average they're seeing 30 to 50. So imagine the seller opening up Micro Acquire and they're looking at their new messages and it's Andrew saying, hey, send info. And then it's Roger, Hi, this is Roger. I've taken a look at your profile. Really seems like it aligns with what we're doing. I'd love to have a chat. The seller is cherry picking and going to Respond to Roger and not Andrew. And although Andrew's a real buyer, it's just, it's not going to set yourself apart. So I even had a note here to make sure we mentioned that today. And I would even take it one step further. When I had my own firm here before joining Microacquire, you know, I would have buyers go so far as to put together a buyer package on themselves. You know, it's like your background, your res. It just shows that you're prepared, you're, you're excited, you're active and it's gonna good. Businesses get an enormous amount of traction, meaning there's a lot of people looking at it. You want to set yourself aside. So if you want to put in that extra work, I promise you it will pay dividends.

And one more thing I'd like to add on that too. For anyone who's bought a house, you know, those letters of, you know, you write a nice letter like, I know I'd love your, I'd love for you to sell your home to me. I'm gonna, you know, this is, I'm like the worst thing out. I'm going with it. You know, as a startup founder, like you got to realize, you know, these may be small or big companies, but regardless of the size, like they put like blood, sweat and tears into this project. And so I've seen all the time where sellers will even sell at a lower price to a buyer that they like a buyer, they get along with a buyer that's easy to work with. And so, you know, flipping the question on, you know, hey, the seller question, where, you know, the seller wasn't responding, you know, that being an indication where if they're not responding, you know, either they're in a transaction or they're just, you know, going to be really difficult to work with in terms of getting you over the finish line. You know, that could be viewed the same as a buyer too. So my point being is, you know, present yourself in the best possible way, in the most professional possible way and really just respect what the seller has built and show that you have real interest outside of I want to see more and that'll really help you stand out. And again, it's a first impression and first impressions are huge.

And just to button up that point, owner, operator, businesses that are transacted are done on a high level of goodwill. I don't care what anybody says, you know, I it all the way up to the tens of millions dollar type transaction. Though the meeting with that buyer was better than that buyer, they had a better synergy, better goodwill building. And that, you know, like Andrew said, it might not even be the highest number, but they're going to go that route. The goodwill building starts on that first message. And so just keep that in mind that it's super, super critical.

Yeah. And just to add here from listening to some of the podcasts, people who have successfully gone through, I think if you want to put something that you can provide, such as speed, like I can give you all cash offer upfront or potentially speed, and I want to get this done within 30 days in your message, that could be something also some people are looking for because I've heard in some of the podcasts Andrew have interviewed people, they want to close the deal faster or they prefer only all cash offers. And so if you say that upfront, potentially it could be something interesting for them to pick you. All right, so next one is from Spencer. I'm looking for an established company with 1 million TTM revenue or 1 I can scale within one year to that level. I haven't found anything through the portal yet, but admittedly also haven't spent much time in it. With that background, tips and tricks for searching.

I can, I can take that one real quick. So there's a lot of businesses that fit criteria and so just log into Microquire and click filters and so you can filter by business type.

How much could be financed with via Pipe? What is the seller's involvement? Do you need to organize and finance the pipe with Pipe on the acquirer's behalf or do they not need to be involved? Now put this question in the, in the chat too.

So yeah, let me get the details on that one. So the first thing I would recommend doing is reaching out to Pipe, given that we are partner with them, but we're not experts in their product in terms of. Because every financing they do is dependent on your recurring revenue. So the most simplistic answer I can give is with Pipe, what you're able to do is advance current recurring revenue. So if you have $100,000 in current revenue in annual recurring revenue, you can advance that. So you get $100,000, maybe less, depending on the health of your business and the churn and stuff like that. And you can use that to either grow your business or acquire your business. So one of the biggest misconceptions about financing but pipe is you don't like you can just apply for financing and get financing without any sort of collateral. That's not the case. What you need for financing a pipe is existing revenues from your existing company. So an example here would be, let's say I'm running a SaaS company. We're doing a million in revenue, and I see a business I want to buy for, you know, 500,000 or something like that. I can advance up to, I believe, pipe advances now up to 100 of your monthly recurring revenue. And so, or excuse me, your annual recurring revenue. And so you could take that million and then use that for the acquisition. So essentially what you're doing is advancing money that you'd be collecting over a year up front to pay for the acquisition. So you do need to have some sort of revenue source to apply for pipe financing.

All right, awesome. And then the next one is from Daniel. When looking at small companies, pre revenue up to a few thousand dollars, mrr, how do you evaluate the opportunity offered?

I could take that one. But do you have a good answer, Paul?

I mean, I think that regardless of size, you want to look at some of the standard things. You want to see how the business is organized. You want to look at their, you know, their financial reports, whether it's on a dashboard or in some kind of financial reports in a P and L. And I mean, you could speak to the rest, I guess. As far as the smaller size companies, I'm not sure if the question is related to the offer, what the business is listed at as it relates to their earnings because it's small, or if it's talking about just evaluating, you know, doing diligence on the smaller. Not sure exactly what the.

Yeah, the way I would think about it is if you're looking at smaller acquisitions, it's a lot different than larger acquisitions. And I'll explain. So let's say you're looking at a SaaS business doing 2 million in revenue, a million in profit. And with that, you have a very sustainable business and you can use that profit to either invest in growth, hire an operator. There's a lot of different, you know, opportunities that you can go after when you have that much cash flow in the business. But if you're looking at smaller businesses, you. There's just not enough to really cash flow. So, you know, when you look at smaller businesses, the way I would view them is, you know, you want to look for something that aligns with your expertise. So you want to find a business that has some traction and, you know, has maybe a product that you're excited about, but more importantly, growth opportunities that you can exploit upon. And what I mean by that is maybe you're a pricing expert. Maybe you're really good at paid ads, maybe you're really good at direct sales. Whatever it may be that could drive the business forward is what I would focus on. Because if you're buying smaller businesses just to cash flow them, I, I think that's a really bad acquisition strategy because if you're buying on the low end, ideally what you want to do is grow the business substantially. And that's kind of one of the best parts about Microacquire is you can find really good products just, you know, with a lack of, you know, sales marketing, just general go to market strategy and if you're able to implement that and 2, 3, 4, 5x the business, it could become a, a decent lifestyle business. So that's, that's where I'd look. I'd, I'd, you know, really get clear on, you know, what you're good at, you know, what numbers are you good at improving in terms of SaaS businesses. And then when you find one that is interesting to you and aligns with your strengths in terms of how to grow the business, that's, that's how I view it.

And also we're seeing kind of to dovetail onto that. We're also seeing a lot of, you know, buy versus build strategies being employed here where, you know, there, there's some founders that have built a SaaS company. They've gotten out of its infancy stage. It's, it's functioning, it's past beta, it's got a couple customers and it just makes better sense for somebody to bolt that onto their existing operation. It's a starter kit and it's just cheaper. And um, I mean we're probably going to do this with my wife. She's going to start a SaaS company and instead of us starting from scratch, we're just going to buy a small SaaS company and it's still just modify the offering. So it kind of depends on what, what you're trying to achieve. Yeah, that's it.

Yeah.

I mean, Paul can already said this to the extent of repeating him, I apologize. But yeah, just something you can fold into your current offering. I mean that's super valuable, you know, so a lot of these times, these, whether it's the technology or the product or whatever, doesn't have sort of the necessary synergy to really lift it off. But if can use what you currently offer and just use this as a growth multiplier to what the new thing adds, I mean, that's a great strategy too and we're seeing that all the time. As well.

If you don't have experience and you're buying one of the smaller companies, build into your offer that there's some sort of a training period so you get on the job. Training and true starter kit.

Right. Thanks guys for the elaborate answer. The next one is from Alexander. So, specifically for SaaS companies, how is code transferred and how can purchasers ensure they A get the code, B, the code is not replicated or retained by the vendor and the purchaser may have limited knowledge about the function of the business, escrow, third party vetting, etc. Anybody want to tackle this one?

I could take that one. Unless you want to, Paul.

I mean, I think you touched on it earlier as far as escrow, but I think there's, you know, as you're getting into a transaction and there's an offer in place, I think it's, that's the time you need to be very clear as to expectations and make sure expectations are aligned. And if somebody on one side or the other doesn't understand a component of the transaction you need to get. And then as far as the transferring stuff, Andrew, if you want to take that.

Yeah, definitely. I mean, the first step would be, you know, compiling a list of all the assets that are going to be transferred and agreeing on a date and time on when those are going to be transferred. So the most typical route that we see on Microquire from just the top of my head is milestone payments. Like, for example, you know, you're going to send me the domain and then the code base, I'm going to review that and then after that I'm going to get this and then after that I'm going to get this. But just being really aligned with the seller, I think is huge in terms of, you know, transferring code base and all the assets. And we also do have a really good article on the resources page on Microquare. So if you go to Microquare and click Resources and just type in transfer, we have a whole article on basically how to transfer all the assets and all the assets that you want to cover, like everything from social accounts to email lists to obviously the code base, customer list, payment transfer domain, everything. So we have a pretty comprehensive article on that. But I think the key is really just, you know, having a list of everything that you're going to be transferring and then being clear on the time and date and when those are going to be transferred. Because it's, it's very unlikely that a seller is, and I don't recommend sellers do this, is just give you everything and then hope that you as a buyer pay them. You know, there needs to be some sort of, you know, middle ground that protects you both. So generally milestone payments is the best way to kind of, you know, stagger and make sure that, you know, you're getting what you're paying for essentially. But definitely go to the resource section and there's also a really good article on just how to do technical due diligence as well. I, I can't go into like detail as good as reading those pieces, so definitely check those two out. If you just type in technical due diligence or transfer, you'll find some really good content on our resources page.

I put both articles in the chat, but I'll include it in the replay when we send it out. So you guys should have access to it.

And, and the last thing I would say too is, you know, depending on the size of the deal, it might not hurt to have an escrow agent. So if you're doing, you know, an acquisition in the six figures and the seven figures, you can't put software into escrow.com and so, you know, you probably are best to use, you know, an escrow agent with a really buttoned up asset purchase agreement that protects you legally. So just adding that in there as well as, you know, the deal size get bigger. You know, you want to make sure that you're covered legally.

And yeah, I was gonna say that this is probably the right moment. I a as much as possible, source code and just code in general can be a little bit dicey. So getting like a buttoned up asset agreement and a bill of sale, something you could fall back on in case things go haywire, I think especially.

Above.

Let'S just say like a $500,000 or probably less than that and above is, is very much worth the money and.

We do have resources if you guys need it, you could always ask through cs and I'm happy to refer you or ask any answer, any high level questions. We're here to help, so please use the tool.

All right, so I just also put the email address supporticroacquired.com feel free to.

Supporticrocquart.Com well we, we'll get back to you within like an hour. So if you have any like complex questions too, just to you know, give a shout out to our support team. We have amazing support team. We're here to help 247 weekends included. I mean don't, don't go too hard on us on the weekends, but we are available so if you have questions as you're going through an acquisition process, you know, like you just asked that question, how do I do technical due diligence? We have an article, we either have a video, we've created so much content to really, you know, unveil just kind of the mystery around acquisitions for first time buyers. So definitely feel free to lean on us for support. We're definitely here to help.

Right. Okay. The next question is from Rob. My question is about valuation of potential acquisition when they have debt. The company I'm looking at has numerous debt obligations. So if a company wants 1 million to sell, they have 800k of debt. Does that mean the actual all in price is 1.8 million or does the 1 million purchase price mean the debt is gone? I know everything is a negotiation, but looking for general accepted principles, rules of thumb, I have zero interest in the deal for 1.8 million. But a debt free entity of 1 million could be interesting.

I could take that one. So all of the deals on microacquire just presume that they're asset sales and in asset sales, typically you're going to see it as a cash free, debt free scenario. Now that seller might have a different idea around that. However, what I've just said is a standard practice. So again, just be very clear and you can, you know, ask the question and just be very upfront about it. It's all about communication and clarity here. So that's, that's easily answered I would think, just asking the question.

All right. Okay. So those are most from the type form and here are the other ones that have been asked in the chat. So Tim asks if a seller hasn't responded to my inquiry, but persistent, how persistent should I be in chasing the seller? Is it very common for sellers to post their SaaS and not watch for interested buyers?

Yeah, I mean the way I would view that is number one, if you do come across a seller that's not responding, let us know so we can kind of check in on them. Like, hey, have you sold? There's a. It's safe to say there's probably some businesses on microfarry that just never marked their business as sold or you know, maybe you're just checking their price. And if you see that we want to, you know, reach out to the founder and see where they're at. But more likely than not, they're probably in negotiations with another buyer. And so I wouldn't chase them too hard because it also is just an indication of them not taking the acquisition process seriously. So if you're having to chase them down just to have a conversation. Imagine how hard it's going to be to chase them down for due diligence items, for signing documents. It's just, you know, you want to work with sellers that are prepared, that show respect to the acquisition process and are serious about selling their business. And if they can't respond to a single message, I would, I would send two and then just walk personally.

Yeah, I, I agree with that approach. Don't, don't try to force it. It's just a bad omen if they're not responsive from the jump.

And to that point, since this is a buyer hour, we say the same exact thing to sellers. I get that very often where the seller says, hey, I've given access to said buyer and they've just gone dark on me. And I'm very adamant about not chasing sellers either. If, if the seller's not responsive. I mean, think about getting into a transaction with somebody that's not responsive. You need to perform, show performance and be active and it, and it will help you get to the finish. It's, it's super important.

Yeah. And then another thing too, as a, as a buyer too, I always recommend, you know, we see a lot of initial messages like, I'm interested. I'd love to learn more, but I highly recommend, you know, sending a message with a little bit more of a personalized approach, because this is someone's business. This, it's not, you know, acquisitions can be a very relationship, you know, based transaction rather than a transactional transaction, if that makes sense. What I mean by that is, you know, a better response would be, hey, Roger, I have experience in E commerce, and your business looks really interesting to me, and I've been looking to acquire a business of this size. I'd love to learn more. Cheers. Something that just shows you've looked at a listing more than just like, interested or would love to chat, you know, because you get those messages and you're just like, what, what is, what do you want to chat about? So it's a great way to, you know, really stand out because sellers on Microcur do get a lot of interest from buyers, a lot of Lois from buyers, a lot of offers. So it can be kind of overwhelming at times. So to really stand out, like Paul said, is, you know, show the buyer that, like, you're really interested specifically in their business and you're not just kind of, you know, you just want to look at it sort of thing. Yeah.

To that point, you know, last year actually Roger and I did a whole project where we started reaching out to sellers that had been on the platform for a period of time and they hadn't sold. And so we were offering a conversation to see if we could help them along. And through that exercise and hundreds of calls, it was identified that sellers were, as Andrew said, good listings get an enormous amount of unique buyer interest. I've seen them upwards of 100 and on average they're seeing 30 to 50. So imagine the seller opening up Micro Acquire and they're looking at their new messages and it's Andrew saying, hey, send info. And then it's Roger. Hi, this is Roger. I've taken a look at your profile. Really seems like it aligns with what we're doing. I'd love to have a chat. The seller is cherry picking and going to respond to Roger and not Andrew. And although Andrew's a real buyer, it's just, it's not going to set yourself apart. So I even had a note here to make sure we mentioned that today. And I would even take it one step further. When I had my own firm here before joining Microacquire, you know, I would have buyers go so far as to put together a buyer package on themselves. You know, it's like your background, your res, it just shows that you're prepared, you're, you're excited, you're active and it's gonna good businesses get an enormous amount of traction, meaning there's a lot of people looking at it. You want to set yourself aside. So if you want to put in that extra work, I promise you it will pay dividends.

And one more thing I'd like to add on that too. For anyone who's bond a house, you know those letters of, you know, you write a nice letter like I know I love your love for you to sell your home to me. I'm, you know, this is, I'm like the worst analogies but I'm going with it. As a startup founder, you got to realize these may be small or big companies, but regardless of the size, they put blood, sweat and tears into this project. And so I've seen all the time where sellers will even sell at a lower price to a buyer that they like a buyer, they get along with a buyer that's easy to work with. And so you know, flipping the question on, you know, hey, the seller question where you know, the seller wasn't responding, you know, that being an indication where if they're not responding, you know, either they're in a transaction or they're Just, you know, going to be really difficult to work with in terms of getting the deal over the finish line. You know, that could be viewed the same as a buyer too. So my point being is, you know, present yourself in the best possible way, in the most professional possible way and really just, you know, respect, you know, what the seller has built and show that you have, you know, real interest outside of I want to see more and that'll really help you stand out. And you know, again, it's, it's a first impression and first impressions are huge.

And just to button up that point, you know, owner operator, you know, owner operator, businesses that are transacted are done on a high level of goodwill. I don't care what anybody says, you know, I it all the way up to the tens of millions dollar type transaction though the meeting with that buyer was better than that buyer. They had a better synergy, better goodwill building and that, you know, like Andrew said, it might not even be the highest number, but they're going to go that route. The goodwill building starts on that first message. And so just keep that in mind that it's super, super critical.

Yeah. And just to add here from listening to some of the podcasts of people who have successfully gone through, I think if you want to put something that you can provide such as speed, like I can give you all cash offer upfront or potentially speed and I want to get this done within 30 days in your message, that can be something also some people are looking for because I've heard in some of the podcasts Andrew have interviewed people they want to close deal faster or they prefer only all cash offers. And so if you say that upfront, potentially it could be something interesting for them to pick you. All right, so next one is from Spencer. I'm looking for an established company with 1 million TTM revenue or 1 I can scale within one year to that level. I haven't found anything through the portal yet, but admittedly also haven't spent much time in it. With that background, tips and tricks for searching.

I can, I can take that one real quick. So there's a lot of businesses that fit criteria and so just log into Microquire and click filters and so you can filter by business type size, TTM revenue, TTM profit, even location, another number of other different search criteria. So I would just log into Microcore and look around. I believe there's of hundreds of businesses that would fit that criteria. So you just got to go in and look and you know, look frequently too. You know, we are, I Guess I'll share this too. We are releasing a Slack app pretty soon, so that'll be nice for those with support specific search criteria. It'll be out in like a month. We're going through the approval process right now, so could be two weeks, could be four, we'll see. But you can have instant alerts in your Slack room. But check micro require frequently. Again, deals move very quickly on micro require so you know, I would just log in, set your search criteria and then just log in, you know, once a day, twice a week, whatever cadence works best for you.

Awesome. The next one is from Brian. What service? Watching this one's probably directed to you, Andrew. What service do you use to manage the Shopify business that you bought?

It's just, it's a, I can't, I don't know the name off the top of my head, but it's just an engineering shop in India that built the application. And so when we bought the app, basically we, you know, established a good relationship with the original developer, which was just an agency. And so every. And it's called sold stock if anyone wants to look it up. Basically is like a, it makes like let's call like 20, 30K a year or something like that refund.

And.

We have bugs from time to time like where it won't work on a certain Shopify theme. And we just say, hey, can you help us fix this? So I don't have the name, but there's a ton of Shopify dev shops out there. But shoot me an email if you want the exact one. I can forward that over to you. I just have to check my emails.

Right. The next one is from Rob. Have you seen trends change over the last couple of months with market VC turmoil? Market slash VC turmoil. That's a long one.

So I'll take this one. You know, I think what we're going to be seeing over the next month, if I had an answer, I mean, I would, you know, have a big short or big, you know, a big, big call or big put on the stock market. I don't think anyone knows what's going to happen. Personally, I think, you know, there's a little bit of overreaction in the market. You know, it kind of comes in cycles. I remember right when Covid hit, it was like the world was going to end. We saw the same sort of letters of like, you know, layoffs and stuff like that. But what I think will be positive for just the startup ecosystem as a whole is just bringing valuations back to reality. I think we saw a lot of startups funded at valuations that frankly made absolutely no sense. And that also trickles down into acquisitions when you're working with a seller. And I have conversations all the time where sellers or founders are saying, I think this is worth 20 times revenue because my competitor is worth 50 times revenue. And that is just the worst way to position your start. It just, you know, you're, it's your business and you're completely separate and that's not an accurate way to value your business. So I think what we're going to see over the upcoming months is just, you know, things got a little bit crazy in terms of valuations and so I think it's going to be good for both sides. Where, you know, founders are, you know, when you're reading in the news every day of billion dollar valuations, like, you start to think, and as, and I did this too, like I was a founder with a startup and I thought, you know, yeah, the business is worth 30 times annual recurring revenue because that's, this is a pre previous business. But you know, when you have these sky high valuations just, you know, you're reading about them left and right, you know, it kind of skews acquisition valuations upward to a point where it's just not realistic. So I think it's going to be helpful in terms of really bringing buyers and sellers to a fair valuation on the business. In terms of immediate impact, we haven't really seen anything. We've actually seen acquisitions increase, listings increase. So I think, I think our pocket of the market is kind of separate from their correlated but not too soon to tell. So I'm also giving kind of a cop out answer. I mean, we're one month into kind of everyone saying the world's melting, but from our vantage point, we're seeing more acquisitions this month, last month, more users registering than last month. All of our main metrics across the board are going up. So I think net net, it's going to be a good time for both buyers and sellers, but a bad time for startups that, you know, raised at a billion dollar valuation and a million in revenue.

Yeah, there's going to be a lot of down rounds in the future. That's sort of my prediction there. But I think you're right, Andrew. I think it's going to be good for sort of our small humble segment where you're going to see a lot more transacting just because people are more realistic. And you know, maybe a lot of people need to like just get some instant Liquidity, you know, a lot of soft landings, getting out of the company and getting some cash. So I think it'll be neutral to trending decent for us.

All right, thanks, guys. So Desmond has two questions. What is the largest acquisition price Pipe could finance? Is there a limit? We'll start with that one first. I don't know if you guys know, I just googled it. It says up to 10 million. But I don't know if you have other insights.

I don't. They probably, they've set the parameters based on your revenue, I would imagine. I don't know if there's an upper bound though.

I would, I would. Yeah, I think, I think that's the correct answer. But again, for questions specific to Pipe, definitely reach out to them. You know, it's, it's word micro. Acquire their pipe. You know, I don't want to give an inaccurate answer on their business. But again, if you have 10 million in revenue in your business, you know, you might be able to get an advance of 10 million and financing from Pipe to potentially acquire company.

Then Desmond also asked, is Microacquire friendly to brokers? Bring PE buyout offers to founders?

I'll jump in there. Not currently. There's just some. For some I'll just put as regulatory oversight issues. We're not really involved in founder buyouts, partial sellouts, any of that stuff.

Thank you, James. I was gonna ask to clarify the question says I, I think I misunderstood it.

All right, so Riley asks any recommended resources for tackling total addressable market when looking to purchase.

I, I saw that question my best. So if you're looking at a business, you know, one, one small trick is if you want to like learn about the landscape of the business. Like as an example, there was a really good VA hiring assistant business that was acquired at Microacquire. And the seller told me they hired someone on upwork to just do a general like overview of their market. So you can go on like Upwork or Freelancer.com and hire someone to just do market analysis where they just say, how big is the market? Is it growing? Is it slowing down? What is the total addressable market? Who are the competitors? That's typically what you would see in like a comprehensive sim. And a SIM is just basically like, you know, a large presentation when selling a company. But you can just hire someone really cheap, just go gather that information. So that's how I tackle that.

All right, and then this one's from Andrew. I own a hundred person e commerce company and I'm interested in Acquisitions for function or talents enhancement to my company, particularly in marketing and programming. Not a financial acquirer. More strategic. Any advice for buying companies? One, to accelerate our functions, particularly marketing or programming and two, for talent, not product.

Can I take this one? I feel like I. What do you think, Paul? Sorry I'm taking so many today. I didn't.

Or you left me. It's all good.

I think it's a copy guys. Sorry. But to answer that question, I would look at agencies because the benefit of acquiring an agency is you're acquiring the talent. There's no IP or product that you're going to have to add to the purchase price. So that's kind of the we don't list. Too many agencies are pretty picky. But every time I talk with a, you know, a venture backed startup or a group looking for an acquirer situation, I typically tell them to look at agencies because you're basically buying a group of, you know, a talented group of engineers. Sometimes even there's marketing agencies available on Microcore. So I'd, I'd start there because again there's no product attached. So you wouldn't be scrapping a really good product and then have the team work on something else. You would just have a great team that you know is versatile and working on many different projects. So just go on microguire, startup types, agencies and I'd start over there and.

Then, you know, Andrew too, it's. You're almost there with your questions. You know, you're saying advice on buying companies to one, accelerate our functions, particularly in marketing or programming and two, for talent. So really honing in on where your gaps in your current operation are as it relates to your strategy moving forward. And then you can more easily identify what businesses are out there that can facilitate that function. And that's very typical, called bolt on acquisitions. You're buying something to help you get quicker to market to solve a need. You can do that.

Awesome. And Ray asks what's the size of the biggest deal completed on Microacquire?

To my knowledge, 10 million. But we're still, we're still getting like double confirmation on that. But we hit eight figures last month, which is cool to see.

I have to find the guy who reached out to me right before Christmas because I'll fill that in. But that was the guy that emailed and said hey, I'm going to be in San Francisco signing docs. And it was a sizable deal. I don't want to speak out of turn, but I'll have to find that so we could Pepper it in next time.

There's also a rumored $22 million deal. I don't know what happened to that one, but when we had a meetup at my house, I met a founder and he said he was selling his business for 22 million. So. But I don't, I didn't, I didn't want to pry and be like, well it's name your business, give me all the detail. You know, we respect, you know, buyer and seller privacy at Microbiome. So one thing I just want to note is, you know, you know, we can transact, we have buyers that can transact businesses in the hundreds of millions of dollars. And so I expect deal sizes to probably increase over the upcoming year. So if you're looking at bigger deals, they're definitely coming.

Awesome, guys. And Philippe asks what should I consider? If I'm buying from Canada and the business is interested, I'm interested in is in us.

I would recommend getting legal counsel to make sure that identifying the business and all of that process will be going through and making sure it's something that you're going to want to acquire as part A, but you also want to make sure that you're doing it legally. James, why don't you probably speak for that better?

Yeah, yeah, sure.

Well, I mean first of all I think you should look into tax implications of it because there might be some cross border stuff that you're looking into. And then just off the top of my head, there's probably like a higher level of scrutiny in terms of knowing who the contracting party is. You know you have, there's stuff like the Office of Foreign Asset Controls, a few other sort of oversight bodies that look at these asset protection. So I'd look just get a consultation at least with a pretty good M and A attorney, preferably one in sort of the mid market range where these deals would probably come up quite a bit and just talk to them, see what you should be looking out for and then you can decide whether you want to hire them full time or not. But yeah, I think definitely you should definitely be speaking with the attorney because depending on what sort of regulations you trigger, there's the possibility that the entire trans transaction could get unwind by the government. So be careful doctor, an attorney and.

Then go from there.

Yeah. When, when in doubt, always, you know, seek out legal advice.

Awesome.

Especially cross border.

Sweet. And then who is a seller creeped in here and his question is, I've been offered to be paid via seller's credit note as a seller I've been Offered to be paid via seller's credit note. What's your input on this? Any risk of default?

There is and you need to trust the buyer. Paul, go ahead. I'm just always wary of this because of that, because of the risk of default.

And.

Are you saying.

Oh yeah, are you saying a buyer note like a, like, is it a.

It sounds like a seller note is.

You know, outside of microfar, you know, when I was doing deals, that's very typical. Almost all the deals would have some component, particularly if they had any lending involved. It would make the lending party more comfortable to have the seller participating in that as well. And, you know, you just want to make sure that that's a legal instrument that is, you know, legally binding and that you have some recourse and, you know, personal guarantees or some sort of collateral piece to it, depending on the amount and the size. So it's, you know, it's standard, not so much in this environment. But you know, I think that the long and short is just make sure you have legal representation, make sure that you're buttoned up.

And one thing I'll throw out too is a great article to read on Microfoirs is common deal structures. And we have a article specific on seller financing as well that breaks down what is seller financing? How does it work? So you can just again, resources at the top type in seller financing. Another good search is common deal structures. And you can get an idea of, you know, what are common deal structures that we see the most.

All right, moving on. We have three more questions right now. RP asks, have you come up with some standard metrics for valuations of micro entities? Oh, I should say this is a different one. No, I am a prospective buyer based in India. I understand pipe might not be available here. What are my options to finance?

Off the top of my head, candidly, I don't know of any financing providers in India, unfortunately. But we were always on the lookout for new partnerships. So I wish I would do one, but I think, you know, probably, you know, just a quick search on Google is probably your best bet there. Unfortunately, don't have a good answer for that.

Okay, awesome.

And then going back to the previous question, I mean the. Is seller financing? That is financing.

That's a good point. Yeah, you could use other financing.

And then Harry asks, are there more buyers or sellers on microfire?

Buyers.

On microcir. Outside of microfire, anywhere, there's always going to be 10 times more buyers after that. Good business. So getting home the point, first impressions are critical. And how you present yourself and that first message and all of that. It's, it's very important.

Yeah, and just to kind of double down on that too. I mean, you know, regardless of where the market goes from here up or down, you're still going to be competing with other buyers. Um, you know, so the more you can present yourself in the most professional manner, you know, really present yourself as someone that, you know, the seller feels would be easy to work with, understands what they're, you know, looking to accomplish, the better off you're going to be at, you know, closing an acquisition.

Guys, two more questions to close it out. Ray, another one from Ray. Have you come up with some standardized metrics for valuations of micro entities such AS rule of 40 or so or so for SaaS companies.

Can I take this one too? I feel like I'm just taking all of them.

You're auto taking them.

Yeah. So we released valuations report in February, which I definitely recommend checking out. It goes over micro SaaS, which is basically, you know, let's call it under 100k in annual recurring revenue or pre revenue SaaS based on revenue multiples and profitability multiples and E commerce and marketplaces and agencies. And we're going to be issuing a report like this every six months so biannually and we'll have the next one out in August and we'll have a little more texture and so that one will be. We got a lot of feedback on like additional things like what is like the median acquisition. So this was the first report that we issued and we'll have a more comprehensive one later this year.

All right, last question is from Rob, but I think I'll ask anyways question on the LOI tool. What happens if a sender recipient needs to make changes to the documents? He'd be happy to take this offline, but any, I think you just have to cancel it.

You can make changes to it outside of the platform and just upload it manually. You know there's, there's no. Just want to be very clear on this. That document, it's great, but it can be considered a starting place in many situations. And you're free to do with it as you will as long as you get to mutual assent with the buyer or the seller on it. Excuse me. So yeah, you can go through the LOI builder, go with our standardized document. I think it's, it works in probably 8 to 9 out of 10 situations. But if you need to make changes to it, you know, feel free to do that. Just you know, outside the platform and.

Then upload it manually to show that.

You'Re the seller's under loi.

Awesome. That's all the questions that we had and great time in five minutes left. Oh, we got one from Harry, actually. If we have a client from our wealth management firm that wants to exit his tech company, do we manage the exit process for him? Ie listed, et cetera, or he has to do it solo, wondering if there's a solution and he says, Switzerland.

What I would do is, you know, as a seller within Microquiry, you can list your business and then if you want to hire an M and a advisor to help with the process, you can do that within Microcur, but only on the sell side. And then in the near future, we're going to be adding advisors to the buy side so you can list a business and then find an advisor to help you if you do have a client looking to sell their business.

All right, five minutes left. Thanks for asking all the questions, everybody. If you don't have any more, we'll just wrap it up and give you guys back four minutes of your time for the day. And just remember that we will be sending out a replay of this as well as follow up with the post with all the questions asked so you guys could review them again.

All right, happy Friday, everybody. Hope you all enjoy your weekends and thanks so much for attending from all the different locations. I can't say how much I appreciate everyone's support and, you know, rooting for all you. And again, the last thing I'll say is, you know, definitely check out the microacquired resources section. We have, you know, as Paul would say after, if you read all that stuff, you can acquire $100 million company. We've written about probably every topic you could possibly think of in terms of acquisitions. And then lean on our support team with just general questions as well. We're happy to help. We're here to help. And I'm rooting for all you guys to, you know, enter, you know, entrepreneurship through acquisitions.

And then also with the support, you know, the customer service and support team, frequently they're rerouting questions to me. So if there's something really deal specific or transactional in nature, you'll end up to me and, you know, so. Jesus.

All right, thanks everybody.

Thanks, everyone.

Friday.

Wait every Friday, three weekends.

See everybody. Cheers.

Cheers.