Selling Your Small Business and Developing Multiple Revenue Streams – Kyle Baccus of KCTool Revisits – Small Business Show 122

Small business show episode 122 for Wednesday, June 7, 2017. Greetings folks and welcome to the Small Business Show. The show by, for and about small business owners here in San Jose, California. I'm Dave Hamilton.

Dave Hamilton. You're nationwide.

Yeah. I'm on your side, man. Yeah.

That's awesome. Yes, this is Shannon Jean coming to you from Concord, California. How are you, sir?

I'm good. Been out your way here for the week for Apple's developer conference and related events, but flying home tomorrow. But not before we have an opportunity to record a show together.

Not together, but you know. Yeah. Can you hear me there?

I can, yeah.

Yeah.

Okay, great. Had a little mic issue there. Okay, yeah, you got it. Hey, so we've been talking a lot on the show, at least I have, about this concept of a revenue stack, if you, if you recall.

Right. Yeah.

And you know, basically coming up with different revenue streams that you can develop over time, you know, because as some things go up, other things come down. And so, you know, I wanted to bring somebody on the show who I think has done a great job doing this over time and we've had them on before. It's Kyle Bacchus from KC Tool. Kyle, how are you?

Hey, I'm great. Thanks for having me on, guys.

Yeah, man, thanks for coming back. So Kyle was an employee of mine many years ago, but even when he was working for me, he was running another business on the side and I always encourage that stuff to get something going and always coming up with new ideas had to come. Company called TGM Industries back then selling scooter grind plates and you know, all the way to KC Tool today and some other businesses in between. So. So Kyle's a guy figured out a long time ago that, you know, it was critical for his long term success to bring in multiple revenue streams. So welcome back to the show. Give us a quick update about Casey Tool which we focused on last time back in September of 2015. What's been going on?

Well, I really, I couldn't be happier with the progress of KC Tool. It's been pretty amazing. I got a really great group of team of employees that seem to really care about the business and are really invested and you know, really want to see our business succeed. So yeah, I'm thrilled. I mean this 2016 was our fifth full year in business and we've been able to have an increase every year. You know, in the, in the beginning it's like, you know, it's pretty easy to have a hundred percent increase year over Year, but now it's, it's getting a little bit harder. But I think we still did 25% increase in 16.

Wow.

And in 17. Yeah, we're, we're at 32% right now for the first five months. So things are going pretty good.

That's awesome. That's really great. I'm glad to hear it. And so, you know, you've been full circle with successful small businesses. I'm sure you've had no failures. So all the way from launching something new to managing it, the day to day thing, and to the eventual sale, what aspect did you find the most challenging along this journey from one business to the next?

Yeah, well, I can tell you it's a lot harder to count the failures than it is to count the successes. I can easily recall the successes, but there's many, many more failures in between there. Well, let me. Maybe I should just tell you a little bit about my experience with selling. I've sold three businesses.

Wow.

The first. Yep. It's not that impressive, Dave. The first one was when I moved from California to Kansas. I had that side business that I was doing when I was working for you, Shannon. And it was like the style of selling a business where you just say, hey, buddy, you want to this? And he's like, sure, you know, and then he gives me some money and, and I move off to Kansas. No paperwork, no nothing.

Wow.

Then the, the second one was more of like a trade where I was a 5050 partner in two businesses and we essentially traded our 50 50s from another so we could each own one business outright.

Oh, okay.

So for that one, we got some lawyers involved and we had to draft up some paperwork and stuff. And so it was a little bit more complicated. And then the last one was a business where I sold it to, you know, I was the whole owner. I sold the business to a stranger. And that experience was, you know, completely different than everything that came before that, with an enormous amount of paperwork, you know, tons of people involved, and just really, really kind of overwhelming.

And so how long did that process take?

Okay, so on the, on the last one, it took a solid six months of hard work. You know, really time consuming, to be honest with you. At the end of it, I remember thinking, you know, if this were half the amount of money, I would, I would be debating whether to do it or not, just on the merit of how much work it was, you know, because I didn't really know what I was getting into. Sure.

Yeah.

And you know, one of the other things is that I Didn't set out to sell my business. So I kind of started the process of learning because what happened was I was out to lunch with a mentor of mine, and he asked me point blank, what's your exit strategy? And I just kind of looked at him dumbfounded, like, huh, you know, I don't know. And he's like, dude, you got to have an exit strategy. You need a plan. You need to know, like, what your goal is, when you're going to sell it, or, like, what your milestone you want to get to before you sell it and all this stuff. And he really got me thinking. So the next time we went out to lunch, he actually brought a friend of his who is a business broker. And so that, yeah, that guy and I talked a lot, and he kind of explained a lot to me about how it would work and, you know, what they would do for me and how much they would charge me, which was a lot. And so I ended up just telling him, you know, I appreciate all the information. No, thanks. You know, at the time, I was making a lot of money at the business, things are going well. And so I just. I don't know, I just didn't. I wasn't really that attracted to the idea.

Right.

But what happened was a couple months later, he calls me out of the blue and he said, hey, I know you don't really want to sell your business, but I have the perfect buyer for you. He's got the same background. He's got a bunch of contacts in your industry. You know, he's. He came to us so he would pay all the fees. It wouldn't cost you anything. So it was really fortunate for me because I got the opportunity to just go down the road. And I said to myself, I said, well, I'll just keep saying yes and keep going to the meetings until somebody gives me a reason not to. And I honestly did not think that it was going to sell. I just kind of thought, oh, this will be another learning experience, you know, about what the process is like, and surely I'll learn something from it, regardless of what happens. And so I just kept going to the meetings and kept doing more work and kept going down the road. And eventually, at shortly after midnight one night, we were his lawyer, my lawyer, me and him, we're all finally got in a room together and signed all the paperwork. It was crazy because he was trying to go to some. Some conference or show or something in our industry, and it was like only a few days away. And so there was a lot of pressure to get it done in time. So I was like, you know, being there till midnight, trying to get it.

Done, but that's awesome.

Was it mostly. I mean, I know there's a lot of paperwork and just time and headaches, but other, other than that, was it all good? Was it an amicable deal and everybody felt okay after it was signed and all that, or was it a little weird?

Oh, no, yeah, I was thrilled.

Okay, good.

I believe, I believe. You know, I can't really speak for the buyer.

Sure, sure.

Hopefully he was thrilled. But, yeah, I mean, I wouldn't have done it if. If it wasn't a good deal. One of the things that I learned at, you know, I went to one of those seminars where I don't know if you guys. Where it's like, hey, you know, come learn about selling a business. And I would actually encourage people to go, you know, of course they're going to try to sell you when you're there. But I learned a lot about the process of selling a business from them or at least got like a baseline kind of gist about how things work. And, you know, one of the things that I found was interesting was that the price is, at least in my situation was. Is really just like a calculation of that any investor would do on any investment. You know, it's basically like, well, I want to earn, you know, I want to be able to earn my money back in five years. So.

Right.

That's.

How much can I give you for it? It's like the, the business brokers, you know, when we got to that point, they're like, look, there's really not a whole lot of negotiation. I mean, you know, he's going to be able to give you five times, four to five times basically of what you're pulling in, because that's a smart investment for him and he's not going to want to do anything else. And when they explained it to me that way, it really made a lot of sense. And it, it took a lot of that, like, you know, negotiating away about the price and we negotiated all kinds of other stuff. But that was kind of interesting to me that there was much less involved in that.

Yeah, I think those seminars. It's worth. Your advice is sound. It's worth going to one of those, especially if you're not in the market to sell your business, because you can just go.

That's when you learn. Yeah, yeah. That's when you should go.

Right? That's when you should go. Yes.

Yeah, that's what I did. You can. I Just got a. Yeah, that. I just got a flyer and I. And I thought, well, I can leave the office for an afternoon. I might as well just go and check it out, you know?

Yeah, it's free. They'll feed you lunch. It's fine.

Right? That's true.

They do feed you lunch. And then if they like your business, they come to you afterwards and then really try to sell you in your office.

You got to be careful of that meeting, though, because that's them looking to probably extract about 50 grand from you just to start the process of marketing your business. And maybe that's what you want, but that's where you got to be careful.

Yeah, yeah.

Just know ahead of time that that's coming.

It's coming. Oh, yeah.

We had, you know, we've had a business broker on the show and. And certainly that you want to talk to somebody different from whoever's given that seminar and get their take on things to try to avoid falling into a pitfall. Writing a big check right away, no doubt.

Yeah, I definitely know somebody who wrote the check to that company and did not get their business sold. And they're just out. The initial money, which this was like 20 years ago, is $25,000, but it's way more now. It's probably more like 40 or 50. Like.

Yeah, yeah, it's somewhere between 30 and 50 is what that number is.

Yeah, that's cool. So, okay.

Sorry, Shannon.

That's okay.

Keep stepping on you. But the interesting lesson is you said no to the. To the, whatever, 30 to 50 grand and still sold your business through that company. That's the interesting lesson. Oh, no. Okay.

I did not use them. What I did do was I countered with 20,000. I think he wanted 40. And I said, I'll do 20. And he said no, and then that was it. So I ended up using a different. Actually, you know, a different company had come to me because they had known that I might be considered selling.

I see. Yeah. That's interesting. So, okay. And I do want to talk a little bit more about, but I also want to go back to my original question because. Curious. So along this whole route, and we've got some background on it, launch. The exciting part, getting things going, 100% growth, which is awesome. And then you come to kind of the day to day management, and then eventually your exit strategy, which you sold. What was the toughest part of that? Which would you say was the hardest aspect of those three kind of parts of the cycle?

Yeah, the middle part is not so bad. So it's definitely not the middle. Yeah, okay, that part. That part's reasonable. To me, the hardest is either the startup. I don't know. I think I'm gonna go with the end. The end was really tough because I have real emotional connection with all of my employees and really, you know, came to care about them and, like, just telling them that I was selling was. It was tough. Like, I couldn't even talk in the meeting. You know, it was like I was getting all choked up and I was, you know, worried about, you know, everybody's future. And sure, you know, the buyer had told me everything that I wanted to hear. Like, yeah, nothing's going to change. You know, everyone's going to stay in their same position. And, like, you know, made me feel good about it, but I was still nervous.

I would argue that the way you felt is a big part of your success, you know, in life. That, that connection to your employees and. And your. The stewardship that you feel towards your. Your business is a, you know, really plays through in everything you do.

I think I, you know, I really would agree with that. I think that has a ton to do with success. And I talked to other business owners about employees, and, you know, employees really are kind of the biggest challenge of running a business. I think it's. It's a lot of work, and there's a lot to manage with that. And, you know, I hear other business owners think about their employees like, you know, oh, I'm paying them, you know, they should be doing this for me. And I don't think that way when they say that to me. I think the opposite. I think, man, these people are working for me. They're like, all their effort is. Is benefiting me in some way. So I definitely have a different perspective when it comes to employees. And I do think you're right, that it. It does play role in my success.

Yeah, they pick up on that. Right? It's. It's authentic and transparent. And when you are, you know, vested in their success, they. I believe they become vested in your success, you know, in your company, so.

Right. I totally agree.

Yeah.

When I give advice to people about it, I, you know, I tell them, you need to care about your employees and not. Not just pretend, don't say the things that you would say. You know, it's like, you really need to care, man. What. What's going on with them, and it pays off big time.

Yeah, that's cool. All right, I got that question answered. Now I want to jump back into the sale part of it. What Would you have done different in the sale of the last business? If you, if you had a chance to, you know, rewrite it or, you know, do something different, what would you have done? Anything.

Okay. I definitely would have done more research on what can go wrong. And, you know, I partly attribute it to the fact that I didn't, like, set a plan in motion to sell the business. And it was kind of. The sale was presented to me, so I didn't, like, take my normal logical steps. And it kind of all happened, you know, it took a long time, but it sort of happened fast. And I almost didn't take it seriously for quite a while. I just kind of was going through the oceans and seeing what was going to happen. But in hindsight, it would have been great for me to, you know, even just get on Google and, and search like, you know, business selling horror stories and, you know, research anything that I can. You know, I'm the kind of guy, I want to know every possible pitfall and do everything I can ahead of time to either, you know, prevent it or prepare for dealing with it if it were to happen to me. And I did unfortunately have a bad experience where I didn't get all the money that. Of the sale.

Oh, no.

So, so, okay, let, let me stop you there. And, and, you know, as much as you're comfortable, you know, sharing here. So was the owner or the guy who bought the business to the company that bought the business, were they not successful after they bought it or what can you talk about there?

Right, yeah. So, I mean, it's public knowledge that the business failed and they, the business filed bankruptcy almost two years to the day from when I sold it.

Wow.

And I had a standby note that I didn't get because of that.

Wow, I see. Yeah, that's a tough one. I, I mean, so you got some.

Of the money up front and they were paying you some over time. Is that, is that essentially the, the way the deal worked?

That's correct.

Yeah.

Yeah, yeah. It's a, that's a tough one. And I guess, you know, selling, you trying to get as much as you can up front, but a lot of small, small business people, you know, maybe can't come up with that financing to pay what the business is really worth. Right, yeah, you have that.

And then lender, who, the, the person that the buyer is getting money from, they feel a lot more comfortable if the seller has a vested interest in the business. So a lot of times they're going to try to get the seller to carry some of the note because they still have some skin in the game then, and they, you know, that gives you a lot more motivation.

You'll answer the phone when there's a problem, right?

Yeah, that's right. That's right.

That's. That's true. So along that lines, were you involved over time, you know, for a certain length of time, trying to help the guy or the company that purch purchase it and keep things going, or were you kind of hands off?

I was totally available. And a few times I, you know, had reached out saying, well, hey, don't forget, I'm here if you have any questions. But I was never asked any questions.

Wow.

We should have that guy on the show and talk about his mistakes.

Yeah.

I mean, it's just like the man, you know?

And that's a rough, but I totally get that. Right? It's like, nope, I bought this. I mean, it's the wrong mentality, but I, I, it's not a rare mentality. Nope. I'm gonna do this my way. I don't need that guy's help. I mean, I, I don't know. I'm obviously projecting it, you know, whatever this guy. But that kind of thing happens. It's like, no, no, I got this. I can do it. I can do it. And it's like, no.

Especially if things are not going well, I could see myself feeling, like, embarrassed. Right. To reach out to a guy that built this thing and made it so successful and be like, hey, you know, I. I messed up. I could. I could see that keeping you from making that call, too. Yeah, for sure. For sure. So that's fascinating. Thank you for sharing that. So one of the things I always remember talking to you about, you know, we used to talk all the time. We used to have these massive pinball marathons at our place, and we used talk of time. And one of the things I always respected with Kyle is he always would talk about, you know, I want to be. I want to do this. I want to do this. I'm going to build a business. I want to start this, and then eventually I want to become an investor, you know, and for especially a young guy, I was like, man, that's so great, you know? And, you know, have you always had that plan, and where do you feel like you are along that path and what does it really mean to you, man?

You know what? I'm gonna, I'm gonna slightly disagree with you here, because the way I remember it was I remember coming to work for you and thinking, like, man, this guy is so cool. He's, he has, he's a business owner, you know. And I, I don't remember the exact verbiage, but I remember some. Something about saying to you, oh man, it must be so cool, you know, being a business owner. And I believe your response was something like, man, I'm self employed. I'm working towards being a business owner. That's the next level. And you had like, you know, kind of expressed to me that you were trying to achieve that, you know, business owner status or you're getting that passive income from a business and not, you know, being there day to day how that was like kind of like the next level. And that really opened my eyes. I was. Because at the time I was thinking, oh yeah, business owner, that's it. That's the cream of the crop right there. That's the top, you know, and so when, when. And I could be wrong about this, I don't have the best memory. I might be remembering it wrong clearly.

Neither lie.

But anyway, that's the time where I remember thinking, oh man, like I gotta strive for more, you know. And that makes sense because if you're self employed, you really kind of, you got a job and it's great and you get a little bit more, you know, control over what's happening. You're not going to get fired by someone. But you know, being a business owner and not having to be there and still collecting a check is obviously a huge leap from there.

It is a big leap. I agree.

That was the start of that thought process for me. And then, you know, when I read the book Rich Dad, Poor dad, he talks about his rich dad having these five businesses. I think I mentioned this last time, but when I read that I was like, that has got to be me. That, that sounds amazing. You know, he just have five people that were running five businesses for him come to his office in the morning, he'd meet with them and then they'd go out and run his businesses. He was getting paid. So that was my, I really wanted that to be me. But when I got had two businesses at once, I realized that that's maybe not, I'm not quite cut out for that.

It's tough.

Yeah, yeah. So that's why it was great to sell one. And on KC Tool. But I have really been focusing a lot. You know, I got some money from the business sale so I had to. And that basically removed my income because KC Tool, I wasn't taking any money from it at the time. I was getting all my income from my other business. So when I sold it, I didn't have any money coming in. I just had, you know, money sitting in the bank. So that sort of started me down this path of trying to figure out if I could be an investor and what kind of investor I would be. So I tried the typical, like, you know, wealth management firm where they take your money and invest it for you and just, you know, send you a piece of paper that shows what's happening with it. And that worked out horribly for me. It just. I couldn't. The intangible, you know, fact of it all where you can't see or touch any of it, and it's just kind of like, doesn't exist. It was really hard for me mentally. So I kind of got out of that. And I've tried some different stuff. Like I bought into a couple multi. What's. It's an mlp. I forget what it's called where it's like, you know, they have a bunch of owners of a business. You have to be an accredited investor status to do that. But so I get like a couple of K1s at the end of the year from these little businesses I invested in. And then I also made a pretty large loan to someone that. At 8%. So I get some payments from that. So that. That's kind of working out okay. But really where. Where I seem to be the most comfortable was buying real estate. So over the last couple years, that's kind of what I've been focusing on. I bought three commercial buildings in 2016 and have been, you know, leasing those out and negotiating the leases. And the commercial side is. It was a really big learning experience for me. I had done some, you know, some residential places before. That was kind of my. Even when I had the two businesses, I was also buying a little bit of real estate here and there, trying to kind of diversify a little bit. And so I've just been mostly working on adding to that and replacing the income that I lost when I sold the business with income from investing. And it's. It's totally different. You know, I don't have any employees or anything. I don't make nearly as much money, but I feel like my assets are a lot more protected with the business. I always felt so nervous that, you know, some outside circumstance could come along and it could happen with real estate and these other investments too. But it just felt more. I don't know, it felt more shaky. I just couldn't. I didn't feel like I could count on it quite as well, for the long term. So I'm feeling better about the long term at this point.

Yeah. And I think it having been in a similar situation, I think it changes over time your outlook on it and your, your appetite for risk as you, you. I never really worried about money until I had some and oh yeah, you know, I always used to joke around with everybody even when I was, we were just didn't have anything. I'm like, oh, I'm, I totally feel rich. You know, look at my life, it's so great. Da da da da. But then when you, when you get some and you sell something or you have some reven that happens, it does change the way you think about it. And I would say you just kind of described that. So.

Yeah, that, that, that really shocked me because I was like the poster child for being un. Irresponsible with money. I mean I couldn't have done a worse job with money when I was younger and I mean it was really bad. And you know, when I finally got some money, it was the weirdest thing. It, it just totally flip flopped on me and I became super conservative. It's like, oh my gosh, something and my focus totally switched to I have to protect it.

Yeah, yeah, yeah.

It was an opportunity and if I blew it, I felt like, you know, wow, what a, what a waste that would be if I didn't actually do something with this money and make it count.

So the money came with fear that you had not experienced when you were just kind of letting it all ride.

Oh yeah, yeah, exactly.

That makes sense.

Yeah, yeah, totally. It's a common story, man. It's just. That's absolutely a part of it.

No, that's how it goes. Yeah, it's crazy. No, I agree it should be the other way around, but it's not.

So let's talk about your day and your time. You know, you got a lot of stuff going on. You've had a lot of stuff going on for a long time. And one of the things I always struggle with is how to maximize my time to where I feel like, oh, I'm going to go spend a couple hours with this. And that's the best use of my time. You know, how do you prioritize your task to kind of work on your revenue stack? You know, how do you not get stuck in these, the minutiae of running the businesses? Have you been able to break free of that and really kind of move the chess pieces around on the board, if you will?

Well, I feel really uncomfortable talking about this because I'm the worst. I mean, maybe not the worst, but it is not one of my skills to prioritize. It is, you know, I love to be productive. In fact, I'm like completely addicted to productivity. But when it comes to like, you know, doing the right thing at the right time or stopping, you know, you guys were talking the other day about like taking a half hour out and like planning your day and make sure you're doing the right thing. I was thinking, man, I never do that. You know, I just, I'm like, I get up and if I can find something like within arm's reach to do that makes me feel productive, I'm on it, you know, and then I'm, you know, if, if there's a deadline on something, I'll still get it done because I don't mind working 12 or 16 hours, you know, to make sure that I get it done in time. But when it comes to, To. To being productive or to being to for prioritizing, it's not my strong suit. But I think that I have a strong suit in another area that has helped me because actually I'm only working one day a week right now, which is. It's pretty awesome.

That is awesome.

And I've been doing that. Yeah, I've been doing that for two months. And there's a caveat because I'm always working hard.

I was just gonna say that I think the definition. You should kind of describe what that definition of work might be because I know you, I think, pretty well and I imagine you never stop working. Yeah.

So I go into KC Tool on Wednesday. While I'm there, I do all of my paperwork for Sunrise Investing, which is my, my real estate company, and I meet with the guy that's running KC Tool for me, who incidentally was my very first hire, a part time guy that I hired in 2011, and he's turned out to be, you know, I'm just really lucky that I got somebody so great straight off. And he's been there the whole time and you know, he's a young guy, so. So I'm trying to mentor him on the managing side of things, but he's super smart, great with the website, and he's been a huge asset for us. Sorry, I forgot I sidetracked. Got the original question.

Yeah, yeah.

What do you do the other six days?

Yeah, yeah, there we go. There you go.

I mean, that's the question.

Yeah, yeah.

So I kind of want to ask you guys a question about this because, you know, in business a lot of times, there's 10 different ways to look at something. And. And so I'm looking at this particular issue one way, but at the same time, back of my mind, I'm thinking, you know, I might not be right about this, but what's happened? A couple of months ago, I bought my dream house on a lake. Five acres on a lake that I share with 14 other families. And it. It's. There's a lot of work involved in having that kind of a place, and there's some, like, deferred maintenance and things that need to be done and some sort of bigger projects that I wanted to do, improvements, you know. Sure. So as I was going through the process of, you know, getting quotes and stuff, I started thinking, I can do this stuff. You know, this is not like rocket science. And I'm kind of a DIY type of guy. I love, you know, building my own stuff. And so the thought went through my head about just the. The whole money flow of the thing, because I was thinking that when I go to Casey tool and I earn money and then I pay, you know, I'm in a pretty high tax bracket, so I pay qu lot of taxes. And then to take that after tax money and pay the guy to mow my lawn, let's just say, for example, $400 a month, which is actually a pretty decent deal. I'm thinking, man, so that's really costing me, like, you know, $700 a month pre tax. Yeah. So I started thinking why maybe I should just do this stuff. And it's sort of like paying myself $700 a month to mow the lawn. Does that seem like logical thought to you?

I think it is. I think it is logical, and I think it's a unique way of looking at it. And I often ask myself that too. What. And it comes down to that best use of your time thing like we were talking about, you know, and. And I would argue, I mean, I think there's definitely some validity to that, as long as it's stuff you can do and there's not something else you could be doing.

That's the key. Right.

It's not the cost as much as the opportunity cost. For me, making myself available and talking to lots of people is the most important part of my day because it brings opportunities to me that I otherwise never would have. You just don't know where it can lead. And it's opened doors to me that I never thought I would have. So, know, it just depends on your unique situation. And I also think it. It depends on your revenue, where you are in life. You know, I follow this Mr. Money Mustache guy online who has been retired for, I don't know, 10 years, but he works harder than anybody I know, but he only does stuff that he really loves, and one of which is writing his blog, and it earns money and all that kind of stuff. So I think the answer, if. If I had to answer, I said it really depends on your unique situation and also what. What you want out of life. And I mean, not to get too philosophical here. I mean, I love to work, but, you know, having, to me, the autonomy and flexibility is the most important part of my, My, My life. And I. I think there's definitely a good argument to say you're, you know, that's. It's a good decision.

Yeah, I'm gonna. It's temporary. You know, I'm gonna try it out.

And you, you know, everything is temporary. I mean, you can change things at any time. Anybody that's listened to the last, whatever, half hour of the show knows that you're not averse to change. Right? You're totally willing to sell. You're like, you're always looking at the next thing. So, of course this is temporary, but so was the sale of your business. Right? Right up until the moment you signed that paper. This was a temporary, not mandatory thing to you. Right. It only became permanent the moment you signed. And I think that is your biggest asset right here, is that you're not emotionally attached to what you're doing. Not that you don't care, but you're not attached in a way that, like, I mean, you. You started Casey Tool, but you have no problem having the right person running that business for you. That's not every business owner, man. That's rare. And that's your. That's the secret to your success. So, yeah, I. I mean, I think if you. If you're capable of doing this stuff, which you obviously are, if, if, you know, I would think, you know, you have future value to yourself and your family. So, you know, and I mean, this is probably me talking from last week's show when I got whacked in the head, but make sure you stay safe. Right? Like, don't do something stupid that you. You could pay somebody else to maybe take that risk for you, you know?

That's a good point.

Right. You know, but otherwise, my attorney.

Yeah, my attorney always said you're at the stage in life where you. You need to continue to take risk, but you have to avoid wipeout risk.

Yes.

Yeah.

And. And so like, you know, you're talking about setting money aside into wealth management or something like that. And I'm like, you. I look at that and go, man, I could turn that money so fast, buy a couple of big deals. You know, I just bought this huge 18,000piece NFL clothing deal and I'm like, gosh, man, I can. I can turn and burn and it's going to be awesome. But at the same time, it is nice to put some of that stuff in the boring making, you know, 5 or 6% and just letting it sit there. It is diversification and it sounds like you're doing. You. You do that as well. So, you know, I think you're on the right path, man. For sure.

I could probably improve there a little bit, but, yeah, I'm making. I'm making progress.

Yeah. Yeah, for sure. Well, now I. I always love having you back on the show. We. We will get an update from you as well, you know, hopefully sooner than once. It's been two years. But you know what, what's. What's the. So, Casey, toolco.com is the website for your tool business, which is awesome and I love it. I bought a. Dave, you have that hatchet, right? I sent you.

That thing's awesome, man. It's really well made. Holy crap. You. You people need to check this out. This is awesome stuff.

Yeah, we only sell the best.

It's obvious. Yeah, Yeah, I love that. We could have a whole show about that and avoiding price and focusing on quality. It's awesome. It's awesome. Kyle, thanks again for coming back, man. We really appreciate it.

Yeah, thanks for having me.

Yeah, absolutely. Folks, you can find Kyle@kctoolco.com and you can find us at businessshow co. Join our small business support group over on Facebook @businessshow co. Facebook and keep living a charmed life. Kyle, you seem to be doing a pretty good job at it, man.

Good stuff.

Yeah. Everybody.