When, Why, and How to Sell Your Business

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Hey fastlaners. Ryan Daniel Moran here with a special episode of Freedom Fastlane. I just got back from Las Vegas where I was presenting to the good folks over at Amazing Selling Machine. They are doing some awesome things in that community and I'm so thankful that they brought me back. They're doing some, they've done some really cool things and I'm really excited for what they're up to. Heck, I just saw some billboards go up here in Austin, Texas for Amazing.com, their flagship company. So I'm really excited to share with you today here on the podcast what I shared in Vegas at the Amazing Selling Machine conference. Because there I shared the details of my my latest project which just sold. My partner Sean and I just sold our yoga products company, Zen ActiveSports and we started that company just about a year ago and we've sold it, we have the check in our hands and it is a done deal. So I shared an Amazing selling machine and I'm going to be sharing with you today when, why and how to sell an Amazon business or a physical products business. But if you don't have a physical products business or you don't have an Amazon business, stick with me because I'm going to be sharing with you a lot about what it looks like to exit a business. Now, I had an alternative that I thought about naming this talk title. I considered naming it the Second option, but on a first glance that didn't make much sense. But the reason why I wanted to name it that originally was because I realized going through this process that putting cash in your pocket doesn't have to be just about making sales and and profiting off each sale that comes in. You can monetize your business in a completely other way and that is by exiting that business by selling the equity that is in that business. Now this provides a lot of freedom for people who are building a business when they realize that there is built in equity into the business that they are building. It is not just about the profit from the sales, although it is about that. It's also about what is the intrinsic value of that business. So for us, we realized that by exiting the company we could reach our financial goals much faster because we were currently reinvesting into the business, we were making profit from our sales, we were reinvesting all of that back into the business and we realized that we could reach our own personal financial goals faster if we let somebody else build the business. And we took the profit out of the business by selling it. And I'LL share all the details of that in this talk. Now I need to put this into context for a second because selling your business only makes sense once you are out of what I consider to be stage one of a physical products business. If you recall from my talk the 12 months to 1 million, I break an Amazon business or physical products business into three stages. There's the grind, the growth and the gold. The grind is your initial stages where you're getting a product off the ground and rolling. The growth is when you are repeating the process over as many products as possible. And the gold is when you can expand your customer value by getting new channels and by gathering your customer data. So those are the three stages. Now until you're out of that first stage, until you are making regular sales, it doesn't really make much sense to think about selling your company because nobody's gonna want to acquire that type of a company. People are acquiring cash flow. So until you have a product that is viable and up and running, it does not make sense to consider this because you're not going to be a candidate. But it doesn't take long to get out of that stage. Once you are out of that first stage, then you can think about selling your business. And I predict that buying and selling Amazon businesses or physical products businesses is going to be the next wave. Because I saw what happened a few years ago when people were buying and selling websites. I was buying and selling websites a few years ago. It was extremely profitable on both sides of it. It was profitable to buy a website and to grow it and it was profitable to build a website and sell it. Well the same thing, the same rules apply to buying and selling Amazon businesses. It's profitable to buy them and grow them and it's profitable to build them and to sell them. And that is going to be the next wave. Now I'm going to talk about this first stage of business and how to get out of it briefly because we have to be out of that stage in order to sell our company. So let's talk about this. How do we get out of the grind and get to making between 20 and 50 sales a day? If you're just launching then I have beat this formula into my tribe members heads. I have beat this to death because it works really well and the process looks like this. Step one Call your neighbor, the pizza guy, your dog, your mother, your uncle, anyone with an Amazon account and get them to review your product. Give them your product for free. Have them go review the product so you have 25 reviews once you have 25 reviews, you turn on Amazon pay per click, because now your product is going to convert. The third step is to do a product launch. Now, I've covered several ways that you can do a product launch. Several ways. My first talk at Amazing Selling Machine was all about doing a product launch. If you go on YouTube and you search for the Amazon product launch, you'll find my talk on this. We used Facebook. You can use your own internal list, you can use whatever list of customers you want. I'm going to tell you my favorite here in a second. And the fourth step is to create a regular system for reviews. Either an email follow up sequence, calling your customers, whatever it is to get regular reviews. This is how you build up traction to get out of this area that we call the grind. So you get reviews, you turn on Amazon pay per click, you do a product launch and you systemize your reviews. Now, in the last six months or so, a tool has emerged that basically does this entire process for you. If you have a product that's not selling on Amazon, this will get you selling on Amazon. It's a tool called Zonblast z o n blast.com it was created by a friend of the podcast, actually, Joe Gianfola. And Joe built this tool basically to allow him to get out of the grind as fast as possible, to get more reviews, to climb up the search engine rankings and and to make a lot of organic sales on Amazon anymore. Most of my tribe members will put up a product, Zon blast it until it's on page one and then enjoy the profits. Basically, Amazon marketing has come down to this, at least for people in my tribe. You put up a product, you blast it until it's on page one and then you move on to the next product. There's Amazon Marketing 101 for you. I tell people all the time the best money you could spend in this business is using a tool like zonblast.com now, the guys over at Zonblast, Joe and their team members, they use the phrase of bullying your way to the top. To bully your way to the top just means to outsell and to out review your competitors. And when you use a tool that syndicates your product out to a few thousand Amazon buyers at a discount, which is what Zomblast is. And you get a bunch of product out there at cost and you do that a few times while also getting a bunch of reviews from a service like this, you bowl your way to the top pretty quickly. For example, I have told you in the past that I have a business that sells a fish oil and this fish oil is hovering around page two. It was at the top of page two doing about 30 to 40 sales a day on Amazon. Now we were having kind of stubborn results. We were having a difficult time getting this onto page one. So we ran a Zon Blast for this and we were aggressive with the Zonblast and that knocked us to the bottom of page one. Once we were on the bottom of page one, our sales went to 100 sales per day. When we added up the Math, that extra 70 sales a day, or basically a tripling in business, resulted in a difference of $37,779 per month extra. That's almost $40,000 a month, half a million dollars a month almost in sales extra. Just by doing one of these on blasts and, and putting us onto the bottom of page one instead of the top of page two. Now this is really important. If you're thinking about selling your business, I want you to remember this point, this difference in sales, because this is going to be magnified once you sell your business. I need to put all this in context so you see where all of this falls. Because what I realize when I went to sell my business, that there were holes in my business that had I fixed them prior to sale, would have put a lot more money in my pocket. And in order to get to the point where you are a candidate to sell your business, all you really need to be is past this grind stage of doing at least 10 to $20,000 per month in sales. That's when it makes sense to start having this conversation. Now, if you want to see the full presentation I did on these three parts of business, these three stages to business, you can look up the podcast which is called 12 months to 1 million on Amazon. Alright, now let's dive into talking about selling your company. And the first question that comes up is when? When are you a viable candidate to sell your business? And the answer is once you're out of the grind and you're selling at least 10 to 20 thousand dollars per month consistently. Now, your company doesn't have to be profitable in order to sell, meaning you don't have to be paying yourself, you don't have to be at that stage. And when you realize that, that's when you can see that selling your business can sometimes make your financial goals possible faster than if you were just building the company from scratch to live off of the profits. Because we weren't paying ourselves yet. So when we Sold our company. We took terms plus a consulting agreement. All of a sudden we were able to get money in our pocket without.

Having a really big business. And we'll cover this more as we go forward. However, if you are profitable, it certainly helps. It certainly helps your cause. It certainly brings more attention to your business if you are profitable. Now, I have noticed that a lot of entrepreneurs hit this hump in their business when they realize that a significant surge of cash would allow their business to grow much faster. So they're making sales profits coming in, but then they have to order another round of inventory, and that requires an influx of cash. They want to roll out a second product, and they don't have the cash flow for it. This second hump, when you just keep reinvesting money into your business over and over again, and you're like, when do I get my money? Well, that may be a good point for you to consider selling your business, because if you're profiting but you're not putting money into your pocket, that becomes an asset that somebody else may want to buy. And that money you do get to put in your pocket. So you could sell your business, take your cash, build another one, sell it, take your cash, build another one. And this could be a repeated process, which is, I think, what a lot of people are going to do in the coming year or so. Now, the second question is why? Why would you want to sell your business? Well, there's a couple reasons why selling your business may look attractive. The first being simply the cost it takes to build a business like this. Now, for a lot of people, starting a business can take five to $10,000 to get enough inventory at Amazon's warehouse in order to start making sales. And then they have to put in some marketing costs of a few thousand dollars. And then once it's selling, they think product. And even though there's all these sales rolling in, they ask the question, when the heck do I get to make my money? Well, the answer is, you could if you wanted to, take your money out now by selling. Now, I'm not saying that's the best way, but that's the way that I went with my yoga business. I didn't go that route with my other businesses, but I went that route with my yoga business specifically. So we pulled our cash out. We decided to move on to the next thing. And one thing that I want entrepreneurs to get who are in this type of a business is that when you're selling, you're selling because you've built up a real asset and when you're building your business, you're building a real asset. And when you're building this type of a business.

Does your mindset change when you realize that you're building an asset, not just a stream of cash flow, that it's something that can be sold at any time? I mean, imagine for a second that you got a check for every dollar that you put into your business, plus your inventory, plus a year or so's worth of profit. It was a nice day when we realized that we were going to get bought out of our inventory. We're going to get to keep the cash in the bank, and we were going to get a sizable amount of money up front, plus terms, meaning payouts over the next year or so. It was a very freeing feeling to realize that all of that was ours. All of those were assets that we were now monetizing and putting into our pocket. At the time, ZenActive was profiting about $10,000 a month. That looks great on paper until you realize that our total salary, the money we had taken out of the business, was exactly zero. It was zero because we kept rolling it into more inventory, new products, new marketing. We were building a business. And then when we got the offer presented to us, we decided to take our cash and we're onto the next thing now. The second reason why you might want to consider selling your business is because of market timing. There's a major consolidation happening right now, and it's going to continue happening. I've been talking about it for quite some time, about six months now, about how marketing physical products is starting to get harder. It's going to continue to get harder, marketing costs are going up. It's getting harder to bully your way to the top. That's why services like Zonblast exist, because it was getting hard to do it the old fashioned way. So Joe and his partners over at Zonblast invented the fast way to do it. And there's also the question that comes up of what happens if Amazon makes a major change and eliminates my category. If you've sold on Amazon, I know you've thought about it, I know you've wondered what happens if Amazon goes away all of a sudden and so do all of my sales. So this consolidation that's happening, where Amazon is starting to smarten up, starting to kick out cheaters and big companies are starting to work their way onto Amazon and push out some of the little guys, this timing factor of exiting now while we're still profitable may be an attractive option for you and the third, and I think most exciting reason why you might want to consider selling your business is for reinvestment. You know, the grind stage when you are aggressive doesn't take all that long to complete. You could get a product, run some Zon blasts, make some regular sales, and be ready to sell. But the real excitement comes in when you realize that you could build bigger businesses if you had more cash. There was a question that came in through freedomfastlane.com that said, I want to build a really successful business, but I'm low on cash. Well, this is one of your outs. If you've got a business but you're out of cash, could you sell that business and reinvest it into something and build it much bigger? Or even better, could you repeat the process and just build and sell and continue to build and sell? If that's a route that you want to go, then you can take your cash, you can pay yourself and then have plenty to reinvest and go on to the next thing and repeat this process over and over again. Assuming that you had a regular supply of buyers, you had plenty of people who wanted to buy your business, and we'll talk about that moving forward. Now, the third question is how. How do I sell my business? Well, there's a couple things. Before we talk about who buys your business and how to position it for sale, we need to talk about a couple things that you need to have in place to make the sale possible, and that is having sales reports and profit and loss. So if you're not keeping records of your profit and loss and QuickBooks or have a bookkeeper, I have a virtual bookkeeper that I pay a few hundred dollars a month just to put everything in book in QuickBooks and categorize all the expenses. And so we have our sales reports and our profit and loss, and so we can wrap that up and give it over to a potential buyer. The second thing is you'll need documented systems. You'll need to be able to say who does what, when they do it, and how they do it. Everything that impacts the movement of your business needs to be documented. So if you're not keeping systems and documents in your business about who's doing what and how they're doing it and when they're doing it, time to start keeping those systems. Because the person who buys your business obviously wants to know how to continue growing that business.

This is embarrassing to include, but the next thing that you'll need is your legal documents. Yeah, my legal documents were somewhere in my office where they were, I wasn't sure. Meaning my articles of incorporation? Yeah, I had to go find those. So if you keep them in a good spot, I guess is a better way to put it. And of course, the person who purchases your business will need connection with everyone who's involved. Your suppliers, your shipping companies, anyone who works for you. Obviously that will need to be included in your systems. There's also a couple things that you might need. They're not absolutely necessary, but you might need them. And the first is a plan for growth. When you go to.

Sell your business, the person who buys is going to want to know what you would have done if you wanted to grow the business, because they're going to want to grow the business. So what was your 6 and 12 month plan for growing this business? Give that to the potential buyer so that they know what type of potential they can plan for. The second might be a competitive analysis. What is your positioning in the marketplace? What are other people doing really well? Where are the opportunities that you haven't pursued yet? You also may want to make some changes to any marketing you're doing that is violating any FTC terms or stuff that you cannot validate. After the company who purchased our yoga company went through some of our sales presentations, they found some things that we were saying that were more risky than they would have liked, and it almost killed the deal. So we had to sign off saying that if there were any damages done as a result of making these claims, they were gonna clean them up. But moving forward, if any damages were done, we would be responsible for those damages. So if you're saying anything you shouldn't be saying, this might be a time that you want to clean them up. We didn't know that we were saying anything overly aggressive as far as compliance goes. So we needed to do a better job of auditing what it was that we were saying in our sales pages. So it might be time to adjust some of the things that you're saying now. Let's talk about what the buyers look like. Let's talk about who is actually buying these businesses. There's three types of buyers. There are what I call horizontal acquirers, brokers and aggregators. And I'll break down what all three of these are. The first type of buyer is the horizontal acquirers who do a horizontal acquisition. This is when someone in your industry buys you out. This is if Lululemon had come to us and purchased us, that would be a horizontal acquisition. When this happens, it's the maximum payout, but it rarely happens. These are the types of deals that you hear about. This is Facebook acquiring Instagram. That's a horizontal acquisition.

These are rare, but they're maximum payouts. The reason why they're maximum payouts is because your competitor is acquiring more than just your cash flow. They're acquiring your customers.

So this is more than just a cash flow play. But these rarely happen unless your company is doing at least $1 million in profit. Once you're doing a million dollars in profit or more, you may be a potential candidate to be acquired by someone horizontally. But until you're at that point, this probably is not going to be an option for you. The second option to sell your business is through a broker. Now, a broker can get you a healthy payout. They can get you 2 to 3, sometimes even higher.

Times your multiple of your profit. But they're also going to take a broker's cut. They're going to require you to do your own legal work. And a sale can take a long time because you have a lot of hurry up and wait. For example, I had one tribe member who sold his business through a broker and was at the top end of this payout threshold. He was at the top. He ran the numbers by me. I said, they look awesome. You should do it. And then something went a little bit wrong. There was a little bit of confusion. Broker didn't know how to solve it and the deal fell through. So now he's got to start the whole process over again and try to find another buyer. Now, I know plenty of people who have really good success stories working with brokers, and you can just Google business brokers to find some good ones. But this isn't the route that we took. The route that we took was working with an aggregator. An aggregator is someone who purchases who. They're basically in the business of buying businesses. So they've done the whole process before. They buy businesses, invest into them, grow them, and keep them. That's what they do. They aggregate a type of business. So there are aggregators in real estate, there are aggregators in physical products, there are website aggregators, there are oil field aggregators. There are businesses who buy businesses in a certain business. Now, the exit payout on this is going to be smaller than if you were working with a broker. But there are also other opportunities to be more creative with the deal in order to get your numbers closer to where you want to be. It was this type of flexibility that really made our deal possible. It really made it attractive for us to move forward. Also, an aggregator is going to be an experienced business buyer. So the process is going to be guided and you have the potential to sell businesses over and over again to literally the same buyer. Imagine if you had somebody that you knew is going to buy any good business that you built. So every business that you went into, you knew you had a potential buyer. So you could literally build and sell businesses to the same person and go over and over and over again and just keep repeating the process.

Now, our deal was with an aggregator, and I want to talk through our deal a little bit. Now, every deal is going to be different. There's going to be uniqueness on all sides, but I want to share a little bit about the uniqueness of ours. Because we maintained a small interest in the success of the company, so we held on to a small piece of maintained interest. And since our aggregator was literally a Amazon business aggregator, they're familiar with the business and they're going to invest in growing that business. So there's a chance that this big company who's going to build our business could build up the Zen Active Sports big enough to where our small maintained interest may be worth more than what we sold the entire company for. For example, one of the cool things that the company who bought our business is going to be doing is going to be hiring a spokesperson for our brand. Now, we didn't have the cash to do that, but the company who acquired us did. And we get to enjoy some of the profits of that because we maintained a small interest. So there's an opportunity to be a part of something much bigger. Bigger, and to profit from something much bigger. Our deal had cash flow, a big payout upfront. We got cash up front plus monthly payouts. So we didn't get all of it up front. We got some upfront and some cash flow on the back end of it, plus we got all of our inventory purchased and we got to keep the cash that was in the bank. It was kind of a nice day when we realized our money in the business was ours. And then we didn't have to put it into new inventory, we didn't have to put into marketing. It was now ours. All the retained earnings, plus the cost of the inventory, plus the money that came up front, it was all ours, finally. And we also were held onto as consultants in this company for a few months. So we're going to have that cash flow as well, plus we have that small piece of interest. So this deal was about more than just what we were getting up front. There were other literal dollars that were going to be Coming from a variety of different sources. And that's what made this deal really possible. Because, because of this flexibility. Now I'd like to draw your attention to the company that bought our business because they're actually physical products business aggregators. They buy physical products businesses, specifically Amazon businesses. They're a company called Q Brands. They're@qbrands.com and they're a subsidiary of a pretty major cash rich company. So they've got plenty of capital. They have systems for growing your business, they have insight into compliance, and they really guided our whole process for them. And I'm really thankful that they had their stuff together so much because they were able to walk us through the process in a way that we would not have been able to do if we were doing a horizontal acquisition or if we were working with a broker. So I'd really like to just publicly say thank you to the people who bought our business because they were so great to work with. There was a. There's a lot of legal speak that we didn't understand, but they were all able to walk us through the whole process in a cool way. We really felt like they were. It wasn't like they were trying to negotiate against us. It was like we were working together. So I asked Q Brands if I could publicly say where people could contact them because they're buying businesses all the time. So if you have an Amazon business or a physical products business, they actually take submissions for you to look at. Maybe if there's some synergy then possibly buying your business. So you can submit your site for consideration at www.qbrands the letter qbrands.com exit so to submit your site, if you want to see if the company who bought my business wants to buy your business, you can submit it for consideration@qbrands.com exit by the way, thank you to the good folks over at Q Brands for allowing me to include that link. All right, I want to kind of wrap up by talking about what I wish I had known. If I could go back and advise myself and say, do this in order to position yourself for sale better in the future. The number one thing that I wish I had known was to better manage my inventory. Do you remember what I said at the beginning of the presentation when I said, remember this slide or remember this part of the talk? And that was that one Zonblast bumped us to page one and put $37,000 of additional sales per month into our pocket. When we're looking at someone acquiring us, we're not just looking at $37,000, we're looking at the $37,000 times the multiple. So all of a sudden bumping from page two to page one isn't just worth $37,000. It's worth hundreds of thousands of dollars. That one little tweak. Now let's zoom out a bit. There were times in Zen Active Sports that we ran out of inventory and we ran out of inventory for two to four weeks. So if we were doing 10 to $20,000 per month in profit.

And we ran out of inventory for a month, yeah, we lost 10 to $20,000 in profit. But that's acceptable, right? That doesn't kill me financially until we factor that into the total valuation of the company. Because it's not like you just get bought for a multiple of your best month. It's an average of your last several months. So if one of those months you were out of inventory, guess what that does to your valuation?

That hurts. So it's not just the profit month to month, it's your profit times the multiple that you get acquired for that really hurt us. So I wish I could go back and tell my younger self to manage our inventory better so that we never ran out. The other thing I wish that I had known was that I was building more than just a source of cash flow. I was building an asset that could be sold. When you get this, you become a better entrepreneur when you can look at your business and say, is this a business that I would want to buy? You might recall the podcast I did with Tom Shea where he talks about the coffee shop that he was selling. And when he started to look at it from the perspective of is this a business that I would want to buy my own business? And I see the answer is no. I realize that there are some holes and I could have solved them had I planned better. The third thing that I wish that I had done was kept better records. It would have made the sale a lot smoother. I had to go back and kind of recoup some of my records. And fourth is I wish I had known that there was more than just one way to profit in this business. I wish that I had known that as long as I did things well and I built for the long term that there would be money that would show up at the end. So all we need to do is focus on quality and long term success and you'll either beat your competition or you'll be a more attractive company to acquire, or both. When you get that you're building an asset you become a better entrepreneur, you start to think like a real business. Or would you be more confident in your business? Would you take more risks? Would you be more aggressive? If you're positioning yourself as an asset, not just a source of cash flow, the answer is yes. So you've got multiple options when building a business. You can build to hold, you can build to sell. You could build to sell some and hold some. But selling is one way if you are cash strapped, if you're bootstrapping this business, then it is, it's one way. Selling is one way that you can build up your cash reserves to build a bigger business than the one you're currently visiting. Building, you can take that cash and build another business that is much bigger and much more profitable. So I have a couple of option of action items for you based on this talk. The first is to look at the holes in your business. Ask yourself the question, what would you be doing differently if you had more cash and you were or you were playing for the very long term? How would you play the game differently if you were building up an asset that was going to be sold rather than just a source of cash flow? These little things, these little holes that are eating a little bit into your profit, but eat a ton into your evaluation make a big difference in the light of the multiple that you might be getting when you sell your business. That's why I so heavily use tools like Zonblast. So Zonblast is the tool that can push your rankings up. So we want to be ranking as high as possible, not just for the cash flow, because of what that cash flow means to our acquisition down the road. The next action items is if you want to submit your site for.

Available to be purchased, you can do so to the company that bought mine@qbrands.com exit I also mentioned if you haven't seen the full 12 months to 1 million presentation, you can see that@freedomfastlane.com ASM3.

I want you to get something and that is just that there are more options than just the one. We always hear of having a business and living off the cash flow. We've all got the goal of financial independence, but there are multiple ways, different ways that you may not be considering right now to get to that point. For us, selling the Zenactive company was a way that we could get there faster than doing it the traditional way.

If you'd like to get the slides from this presentation, I've got them posted over at the show notes or@freedomfastlane.com asm4 and I would love to hear your thoughts on this. Does it make it easier to build your business confidently if you know that you can exit the business and take your cash at any time, does that free up some of the stress of building a successful business? When you know that there is going to be either cash flow or a big check at the end of this, does that make things easier? It did for us. I wish I had known that at the beginning. If you are building a business to hold onto it for the cash flow or if you want a really big acquisition, I put on workshops here in Austin, Texas where I work with people hands on. I work with groups of 10 to double, triple, quadruple their business. Give them a plan to really grow their business aggressively. I call it the next level. And the next level is a maximum 10 person workshop where we're talking about the strategies, the really advanced strategies that are making a tremendous difference in our business. And we come up with a custom plan for your business to not only get to a little bit of growth but literally next level growth. We're at a point now where this business is starting to get fairly competitive. And if you are not surrounding yourself with people who are being extremely successful and coming up with always developing those next level strategies, then you fall to the bottom of the pack. So I work with small groups to literally give them a roadmap for, for the next level. I don't work with everybody. You need to be at at least $25,000 a month. If you are between 25,000 and $100,000 a month, we can work on, do on really, really 2, 3, 4 Xing that the strategy that you're going to see are really, I mean they're, they're heavy. They're going to really give you some brain gasms. So you can apply to have me work hands on on your business@events.freedomfastlane.com that is events.freedomfastlane.com for those of you who are doing well but you're looking to accelerate this. I'd love the opportunity to work with you on building business of your dreams or getting the opportunity to maximize the exit that you'll get when you sell this business. I would love to hear your feedback on this concept of selling your business as an, using it as an option to monetize the equity and the asset that you have already built. I want you to see that even if you've struggled in business, you're building something much bigger than what you can currently see. Because what you have built has intrinsic value that you can sell to somebody else, and you can take that cash and use it as the fuel for building up the next business in your journey as an entrepreneur. I'd love to hear your thoughts. You can leave them over at the show notes@freedomfastlane.com we are going to be turning up the heat here at Freedom Fast Lane. There are some really cool things and really cool guests in the pipeline here on the podcast, so please make sure that you are subscribed. If you go to freedomfastlane.com iTunes, make sure you're subscribed and every episode will be automatically downloaded to your itunes account or to your smartphone. Thank you so much for listening to Freedom Fastlane and I'll see you on the next show.