12 Lessons I Learned From SELLING my Businesses for $50,000,000 at age 29

What's up? My name is Leila Hormozi. I'm co-CEO of Acquisition.com, which is a portfolio of companies that has about $85 million per year in revenue. I don't do coaching courses, masterminds, I don't have any of that crap. I just make these videos because I enjoy doing so. And part of our mission at Acquisition.com is to just document and share the processes of building a great business. And this is a unique video today in which I'm really breaking down like the hard process of selling a business. And it's really my top lessons from the process itself. I'm not talking about why we sold the business. I'm not talking about, you know, how to find somebody to buy your business, but I'm talking about what does it actually look like during those 6 months when somebody's buying it and you're selling it, and what is it like? What happens? What did I learn from that process? And I learned a lot of stuff that I think is very useful, and it's things that I hadn't heard before. And so I tried to only distill it down to information that I hadn't heard anywhere else on the internet. And so with that, I hope you enjoy and find it valuable. In this video, what I'm going to break down are the 12 lessons that I've learned from selling 3 businesses in the last year. And these lessons are really focused on the process itself. And so I think a lot of the times there's, you know, how do you get your business for sale, how do you decide if you want to sell your business. I can talk about those, but what I really want to talk about was the stuff that I wish I had known, which was like, what are the important lessons that you learn, you know, while going through that process? And like, what's important and what isn't? Because I think that a lot of the reason that people have a hard time selling their business, or it's a stressful event for people, which I know for myself, I can say that it was more stressful than I anticipated at times. It's because it's so unknown. I think I just want to kind of like take the veil off. And so I had a notepad with like 45 different lessons that I had learned, and I kind of distilled it down to these 12. And I have more that I'm going to do in later videos, but those are more lessons around why to sell and how to put your business on the market. This is really the process of selling. What is it like and what are the lessons that I learned from the actual process itself, right? Like, so once you decide you're gonna sell your business, you engage with a banker, you go to market, what did I learn? And that's what I'm gonna talk about in this video. The first and the most important thing, and I think this is like a huge mindset shift for people, is that you need to know what you are selling and what they're buying. And so what I mean by that is, yes, your business sells products and services, but your business is a product and a service to somebody else. And so when you're selling your business, your business is literally a product that you're packaging to sell to somebody. And I know that, and it sounds like duh, but I don't think that many people have that perspective about their business. They think of their business as their business and they're so enmeshed with it, it's almost like it's part of them. Whereas your business is a product that you are selling to a firm or to a strategic buyer or to a banker, whoever may it be. What you need to know is who's buying your business and why are they buying it, right? So I'll give you the examples. Like, you know, with our business, we sold to, in one of the businesses, it was a strategic buyer. And then the other one, it was a strategic slash a financial. And so I'll explain the difference. So a strategic buyer is someone who is buying your business because they typically have another business that if they add it to, if they add it in, if they take pieces from it, it will add more value to the whole entity, right? And so they know that they can combine your business with something else that they already have to make it more valuable. That's typically what a strategic buyer is doing. So say that you are a software for gyms, You know, someone that might buy you that would be strategic would be a payment processor. And the reason they would want to buy you is because they want to take your software, input their payment processing, and then get all your clients on their payment processing. That would be a strategic acquisition. Now, a financial buyer is usually somebody who wants to get the returns from your business. And so a financial buyer is looking for financial stability. So another example of financial buyer might be a family office, because people that have family offices are typically very wealthy. They're not looking for more operational overhead. They're not looking to have a business. They're looking to have something that creates returns on their cash. And so that's what a financial buyer is looking for. They're looking more at just the numbers. It's not like a business to them. They don't want to have any hands in the pot. And most of the times they're not going to do much to it, right? And that's kind of the second piece of this is a strategic buyer is probably going to have their playbook, try and run some strategy through your business. They might alter things, they might input their growth playbooks, et cetera, et cetera, versus a financial buyer for the most part isn't going to do as much of that. They might do some of it. This is not like a black and white thing, but they're not going to do nearly as much. Most of the times they want something that's going to get them return on their cash because their main game is the cash. Strategic buyers' main game is the business. And so it's really important that you know what you're selling because if you want to package your business the best to be sold, you have to know what they're buying it for. And so you have to know what kind of buyer is it, why are they buying your business, and then, okay, according to that, I can focus on these things. If I'm focusing on a strategic acquisition, it's a strategic buyer that's going to buy it, I'm going to research each one of those buyers and figure out why do they like my business so much. I'm going to focus on those areas. If it's a financial buyer, I'm going to focus on purely the financials, which is like cut all the overhead you possibly can, increase the margins as much as possible. And then the things that you can't control in the short term, which are just, do you have consistent retention, right? Because if you have a ton of churn, they're going to say this isn't a good return because if you lose all your customers because of some, you know, COVID or something again, right, impacts your business, then I'm not going to get my returns in 3 years. And so that's the difference is you have to understand who it is, what kind of buyer, and then how that influences what you do with the business through the sales process. The second thing that I learned, and this is not true for every business, so I will tell you that out of the 3 businesses that we sold, one of them went against this. But I can tell you that for 99% of people, and for most instances, the terms that you get in the beginning are the best they're ever going to get. And the only instance in which this is untrue is if your business starts booming during the process. Because most of the time what happens is it's a strategy. It's, We're going to buy the business. And so, you know, we're going to say it's these terms. And as people do diligence, typically what happens is they figure out the business isn't quite as good as the person who presented it to them versus the 1% of people who someone presents terms, someone starts doing diligence, and then those people doing diligence actually realize, oh, fuck, this business is better than we realized. And then say it's growing, etc., etc. Those would be situations in which your business might actually get better terms. But that's not most businesses. Right? And so most people, especially a CEO, if it's just one person, right? I can't imagine having done this by myself. You know, thank God me and Alex split the role. But if it's one person running it, people are usually so fixated on selling the business, they're not actually able to even think about growing it. And so they don't have a team in place that's able to do that. It's very difficult for them to make the terms any better throughout the process because usually they drop the ball on a few things. And so generally speaking, not all the time, there are edge case scenarios, terms at the start are the best we're ever going to get.. And so for me, I can tell you that there was a situation in which the terms got better and there was a situation in which the terms got worse. And so I've experienced both. The third thing is that this is something that, you know, when you're going through all of the paperwork of selling your business and there's a shit ton of paperwork and there's a shit ton of legal ease and it's really annoying and you're just listening to your lawyers and listening to your advisors and you're like, what is important? Because there's so much shit. This is one thing that you really want to pay attention to, which is you really want to understand two things. You want to understand the dilution clauses in the new business and your voting rights. So this is applicable if you're not selling 100% of the business. If you sell absolutely 100% of the business and don't roll any into the new business, disregard this point. But if you do roll even 5% into the new business, this is something you really want to think about. And this is something that took me, you know, a year and a half of going through these processes to understand is actually very important. So the first time I went through it, I didn't realize this was something to pay attention to, and it kind of fucked me. And the second time I went through it, I was like, I need to pay attention to this. And I'm glad I did. And what this really means is that if you're rolling in equity or you're putting in money into the new business, right, someone's acquiring your business. And what they usually do is they're going to create a new LLC, a new S corp, a new C corp that they're going to put your business in. Typically, if you roll— if you are not selling absolutely 100% outright, part, part of your equity rolls into that. And so then technically you have equity in the new company, right? Not the old company or old LLC rolls into the new one. And in that one, they write all new agreements. And in those agreements, they're going to have clauses, which is, say you roll in 10%. A lot of the times what they do is they say, yes, you have 10% of the new company. But what they don't tell you is you don't have any anti-dilution clauses. And so when they bring in more people who they give more percentages of the business to, as many people who are strategic buyers do, your 10% dilutes. And so what could happen is that you start off with 10%, and by the time they flip your business, sell your business, you know, you get any return on your capital, you're at like 4% because they brought in all these new people and they give them pieces of equity, and there's no anti-dilution. And so that is something that depending on what kind of purchase it is, and depending on the state of your business, you can ask for an anti-dilution clause so that that 10% always remains 10%. But it's not the norm, right? And so you'd have to fight for it. Now, going hand in hand with that, this is fascinating, is that voting rights. If you are rolling a percentage into the new company, typically you're going to be like on the board of that new company, right? Or involved to some extent. They're going to have you as some kind of personnel to a degree, right? Board advisor, whatever. And usually the thing is, is that they could say we've got an anti-dilution clause and they could say that we put that in for you. But then they could say that this clause, or it doesn't even say this clause at the contract, it could say that any clause in the contract, if voted by the board, can be disputed or can be changed. And if you're not part of the board or you don't have a large percentage of the voting hand, then you actually cannot change if they want to change the contract. And so they could give you anti-dilution, but then you don't have enough voting rights to veto people if they say, hey, we actually do want to dilute her. And so the two really go hand in hand. It's— you could get anti-dilution, but if you don't have any voting rights and if they're going to outvote you any time, then it doesn't really matter. It's just like they're outsmarting you. But if you have voting rights and you get anti-dilution, then it's like you can protect yourself. And so I know it sounds a little complicated. If you're going through an actual business sale, it's something that's applicable. The fourth piece is make sure the non-compete doesn't fuck you. And so I can tell you that in the business sales that we have had, the biggest piece that we have to pay the most attention to is the non-compete. And the reason that you have to pay so much attention to the non-compete is language. And that's what we really have realized is that You know, it's very easy to be vague in a non-compete. Say that you're selling a pastry business, right? They could say something to the extent of, you know, agrees not to compete in the food and beverage industry for the next 4 or 5 years. And you're like, okay. And then you're like, wait, food and beverage industry? You're like, but I'm in the pastry industry. Well, what if I want to do lobster and steak? That doesn't really affect the pastries. And so then you really have to nail in what do you consider to be food and beverage? Let's not call it food and beverage. Let's call it the pastry industry specifically. And actually, you know what? These are brick-and-mortar pastries. What if we said it has to only be brick-and-mortar pastry stores that I cannot compete with you in? Because what's wrong if I want to sell candy online? That's not competing because that's not part of your strategy. And so you're telling me that I can't sell candy online just because I sold you this pastry store that's brick-and-mortar that you have no plans to ever bring online. And so it's really important that you get the non-compete as specific as possible because you also want to know as a founder when opportunities are presented presented to you when you're deciding what your next business is. Is this going to be something that's going to get me in trouble? And I know from Alex and myself, we always want to be in line with our ethics, right? Like, if we sign a piece of paper, if we sign a contract, we're not going against it. We're never going to do anything out of line. And we also would never want to do anything to harm any of our existing companies. And so our intention is already behind that. Like, we wouldn't support somebody who's technically competing with any of them, right? We wouldn't work with them at acquisition.com. But we also want to make sure that nuance is in there, right? What happens if we invest in a company and then eventually, you know, it starts to share a little bit of similarities? Like, what do we do then? And so these are all the things that we had to consider when we were building out the non-compete. And we talked through with the buyer and we said, here's our concerns, how do we write this into the non-compete? And those are things that you want to discuss with the buyer. And that's why I think it's good that you have open dialogue and you can develop trust with them. So you can say, hey, this is what I'm looking at, you know, can we get on the same page here? The fifth one is expect the process to take 2 to 3 times as long as anyone says. You know, it's funny because all these timelines were set in both all the processes I had been through. It's never due to somebody's fault, right? It's never like one person's fault. But the thing is that when you're going through a sale, it's— if it's of substantial size, there are so many parties involved and there are so many things that happen. It's like, oh, the guy at the audit firm got sick and so now they're short of staff. Oh, the person over here that's doing the inventory regulation check, you know, their kid is sick and they're out for a week. And it happens on every part of the companies because you're using so many vendors to do diligence on a company. And you want to get through all the diligence so you can get to the actual closing of the sale. But you rely on vendors to do all the diligence. That's typically what firms do. They have a vendor for customer service, they've got a vendor for auditing, they've got a vendor for supply chain, they've got a vendor for everything. And the thing is, it's not their fault that their vendors have these things happen. It's not their fault either. But if you've got one week from one vendor, one week from another, one week from another, it honestly— for both times, one of the times it took 3 times as long as I was told, and then the other time it took about twice as long. And again, like I said, that's no fault to any person. That's just, there's so many parties involved with so many competing priorities and so many other things on their plates. It's just really hard to get things done. Now, caveat is if you have a very small sale, this usually can go faster. And then on the other side, a very huge sale sometimes also goes faster because they're a top priority for everybody, right? Like a billion-dollar sale. And so I've seen both of those and then I've experienced for myself what the middle is like. I think one thing I learned from this was do not plan your post-sale vacation for even a month after, because Alex and I actually ended up going to Mexico in the last 3 weeks of the sale because we couldn't not go. We couldn't move it, and we were like, fuck, well, the sale's not done yet. And so we end up being in Mexico during the last, most rigorous part of the sales process, which was funny, but it was not ideal. And then the next lesson is really that, you know, selling a business is actually quite boring until it's not. And so what I mean by that is The entire process felt much slower than I thought it was going to feel, and it was much more boring than I thought it was going to be, right? It's a lot of the same questions over and over and over by different people. It's a lot of answering the same things, a lot of filling out the same documents in different ways, answering the same question in 5 different ways, etc. I want to say that about 80% of the process was quite slow and quite boring, and then at the very end, the last 25%, it was fucking chaos. It felt like everything was flying everywhere. There was so much to do. Not bored at all, for sure. Slightly, pretty stressed, um, trying to get everything done, you know, last minute negotiations. What about this? What about that? Things that pop up out of nowhere. It was like everything that could pop up did pop up. And that's what I've been told by every mentor that I had. But I was like, okay, well, I'm, you know, I'm like, well, I'm super prepared and organized. It's not gonna happen to us, right? Like, our team is on it. Uh, no, it does. And so that's something I realized too, is I would highly suggest not planning anything around the close, like the month before and the month after, because you don't know when it's actually going to close. You can set a date, that's just like a guess. Um, so I would say those 8 weeks surrounding that sale, don't plan anything. Because I wish that— I remember the first time with our first sale, it was like we had had plans to like fly somewhere and have some event, and it landed the same time that we ended up pushing the close to, and I was just like stressed out of my mind. And so, um, Remember that the last part of the sale is not boring at all, and don't plan anything around it. The rest of it is actually pretty chill. So this lesson was one that took me, I think, a year and a half to realize. The lesson is that you have to remember that you are the decision maker. Your lawyers and advisors are there to advise you. They're not there to make decisions for you, and they can't and they shouldn't. You have more information. This took me a while to understand because I kind of felt like a puppy dog, like a golden retriever puppy. Like, what do I do? I don't know anything. I'm just like new and shaking out here in the cold. And that's how I felt when we were going through the process. And so I would just go to my lawyers and go to my advisors and be like, what do I do? What do I do? You know, it's kind of embarrassing to admit, but it's just the truth. Like, I didn't want to fuck it up. I didn't want to seem like an idiot. And I was intimidated because the people that were buying the businesses were way more sophisticated than I was. You know, I'm like, I'm just an entrepreneur that like starts businesses and builds them. I don't know shit about this financial piece of shit, right? At least I didn't then. I relied a lot on outside sources. And it was in one situation specifically when, you know, I realized that I was letting too many people influence what I was asking for and what I was saying to the buyers and didn't feel right to me. And that was when I realized to myself, I was like, everyone's here to advise me. They're not here to make my decisions for me. Just like in any other area of life, I would never have that happen. I would never ask anyone to do that. And so if you're going through this process, just remember, these people are there to help you. They're there to advise you, to provide you information, but they're not the decision maker. You are. And so you have to— at the end of the day, I think you have to be able to trust your gut a little bit more because I think that it's such a new process and it's so much new stimulus coming at you that you don't want to— you lean the other way. But instead, you have to remember that you are the one that knows the most about the business. You know why you're selling this business. You know what's best for you. Nobody else can tell you that. And I wish that I had had that a little bit more forefront of mind when I was going through the process. So this lesson is don't major in the minors. And the reason I put this on here is there are a lot of people during the sales process that I feel like nitpick. There's certain firms that are going to be on a buyer's side that they're going to have to nitpick because their firm is known for nitpicking and their boss is telling them they have to nitpick. And they just happen to be the vendor that's doing diligence on your business. And so you can't control what other people do.. But you can control what you do, which is I would focus on the main major terms of the deal. I would not focus on line by line by line items like, do I get to keep this? Are they going to reimburse me for this $5,000 purchase? Are they going to let me keep my company blank? It's like, shut the fuck up. You know, like, don't focus on that shit. Focus on why am I selling this business? Why do I want to sell this business? What do I need to get from the sale? Why am I doing this? And only focus on the things that affect that. Because there's so much going into this, it's not worth majoring in the minors. And I've seen a lot of entrepreneurs do this, and I'm glad I didn't, because there were people involved in the sales process doing it way too much around me, and it gave me like an— it just made me want to vomit. It was just like, why do you care about this thing? And it's— I'm telling you this of people I've seen selling their businesses and people that I see that are buying businesses, like arguing around thousand-dollar transactions when you know, you're doing a, you know, I don't even know, an 8 or a 9-figure transaction in general. And so you're nitpicking $1,000 of something, and it's just not worth it. And so it'll make you look like a pain in the ass to the people buying your business, and it'll be a pain in the ass to literally everyone else on the deal. And so focus on the big items, the things that make the biggest difference to your life, and the rest, if it's not going to matter in a few months, forget about it. So this lesson, don't tell your team too early. I learned this the hard way. The first business that we sold, I said, I'm gonna do this differently than everyone else. Stupid. And I'm going to give my team as much time as possible so that they can, you know, help with the transition, they can understand everything that's going on, they can ask all the questions, and blah blah blah. And I thought it would be better for them, and I thought they would like it more, and I thought it would be a smoother process. And so I told my team about 2 weeks before it was supposed to close. It ended up getting pushed about 6 weeks, so my team knew for 2 months, and it was Very uncomfortable. They were very uncomfortable. And I knew that they were going to be very uncomfortable. I thought 2 weeks, you know, it's fine. But that's what happens. The close gets pushed. And so now my team knows for 2 months. And so what's happening is they're sitting in this valley of uncertainty, which is like, I'm not on this side and I'm not yet on this side. You know, they're not going to be my bosses anymore, but I don't really understand or know what's going on in the new company with the new bosses. And, you know, they say I'm keeping my job, but then they're asking me all these weird questions and it's just like a fucking mess. Unfortunately, I had a lot of teammates come to me very upset and very concerned, pretty much all of them in the company that I told too early. And it made me realize that I should have taken advice from pretty much everyone else that had told me, you know, you want to wait until it's done. And I thought that I was being a better boss by being— I thought I was being transparent and honest as early as possible, but that's not the case. It just creates a lot of uncertainty for people. And if you don't have all the answers of what it's going to look like after the sale is closed, it's just really uncomfortable for them. And they all freak out and they're like, I'm going to go look for another job. And pretty much I think everyone was looking for another job and it was just not a good time. And obviously everything's settled and it's all good now, but it was really uncomfortable. And I feel like I made the wrong decision as a leader by doing that. And so if you're selling your business, I would say the second time around I did this, I told the team after it happened, I was like, this has occurred. And that was 200 times better. So, you know, don't learn the hard way like I did, which is, you know, by not taking people's advice. You know, take the advice because it's there for a reason. And kind of going with that lesson is knowing what the new officers are going to offer your team. And officers are just owners of the company, right? Executives, etc. That is really important. And the reason that that's so important is your team is not yet going to be fully trusting of them, and they're going to be double-checking everything the new owners are saying with you. And so if you don't understand what kind of benefits they're going to have, what their pay is going to be, if they're moving them, changing their title, are they going to have the same responsibilities? You know, are they looking at eliminating their role? If you don't know those things, then you can't support the new team in the transition. And so one thing that I really paid attention to with the second sale that we had was how do I make sure I have great communication with the buyers so that I can relate to my team what's going on at any point in time and telling them, hey, us and the buyers are on the same page. And like, this is the plan we have for you guys and for the whole team. And doing that the second time around was really, really beneficial. And I actually felt really good about the transition with the team because, you know, we had so many meetings about the team and about what we were going to offer them and about everything and how it was all going to look like that I felt comfortable with it. And the team, anytime they came to me with questions, there was no uncertainty. Kind of going with that is, you know, once you tell the team, make sure you have an idea of what you're going to talk to each person about when you hop on with them, because most likely you're going to meet with your teammates after the sale and explain how that affects each of their jobs. And one of the last lessons that I have is understanding the difference between a banker-led sale and a founder-led sale. And so I can tell you that we actually did one sale without a banker and we did one sale with a banker. This is what I would say is that there's a couple different levels, which is if you have a really strong like CFO or controller on your team, they're going to quarterback a lot of the stuff because so much of it is financial and, you know, data systems and all that. And so it's not going to be as much from you as you think. And if you have outsourced a lot of stuff, you actually might not be the best person to answer a lot of the questions that the buyers are asking. You might have to delegate it to other people on the team who are really running the day-to-day. However, if it's just you and you don't have a strong financial right hand, I don't know how someone would get through that without a banker. I think that they could, and I know that people have. It just sounds like a fucking nightmare. And the reason for that is like, if you go— if I were to show you our vault with all of our diligence, I mean, there's 1,000 documents in there. Not even, there's probably more than that. There's probably 2,000 documents in there. All those documents are cleansed and updated and made sure that they have all the right, you know, information on them. And so that's a lot of stuff to do. I think having a good banker to help you with that, I think that would be beneficial. Like, if you don't have a strong finance person, if it's a transaction that's like, you know, over $5 million and you don't have a strong finance person, I would get a bank or hire a finance person. I think I would just say get help versus if it's really just like a couple million dollars, I think you can get by with advisors, a good lawyer, and a good like CPA or accountant that's outsource. Like, I think you could get by with that. It would be tough, but you could get by. Anything bigger than that, you know, like our transaction that was larger, we had an in-house, you know, finance, and we had a banker, and it was still a lot of stuff going on. And I honestly don't think that it would have been good for us if we hadn't had that help, because we had to make a lot of tough decisions. And if we had just been like piles and paperwork and doing spreadsheets and data, I don't know how we would have done that. And so if you have a larger transaction, I would say get a banker and make sure you have a strong finance person on your team. The caveat to that, of course, is that Some bankers suck ass and some are amazing. And I know a lot of them, and there are a lot of different kinds of bankers. And so make sure you go with one that is someone that's reputable and has a good reputation and can do what you're looking for them to do. Because some bankers are more hands-off. They're like, I'll go get you, you know, the person that's going to buy your business, and then I'm done after that. And then some are really hands-on where they're going to go help find the person that's buying your business, negotiate all the terms, you know, really advocate for you, and then honestly help with a shit ton of the diligence. You know, like they're going to go collect all the diligence items on your behalf. And so you really just want to make sure that if you're looking to use a banker, that you are asking those questions and understanding what they're going to do for you. Because if you don't have help and they're not going to help you with the diligence, fuck that, I wouldn't do it. And then my last lesson, that is one that, you know, I've heard of in the past, but I think that a lot of people don't understand this, is an LOI does not mean that you have a sale. An LOI is a letter of intent. It's not like a purchase agreement. Okay. First, you have an IOI, that is indication of interest. And that means somebody is interested in your business. And so they, they are interested in submitting an LOI. An LOI is once they've done more diligence, they've met with more people, it's a letter of interest basically saying we intend to buy the business. And then a lot of times they'll ask for like exclusivity in that period of time and say, oh, we want to make sure that you don't talk to anybody else. We're the only person with this letter of intent. And then the last document is a purchase agreement. A purchase agreement is the real thing where you sell your business like that. Once you sign the dotted line is what sells your business. And a lot of the times that I've noticed is like people have gone through this process and I heard this happening and I didn't experience it myself. But once you get into it, I see how it could be misunderstood. Is that an LOI does not mean you have a sale. Very often people back out after an LOI. And most of the time, if you are a seller of a business, you're going to get a lot of LOIs and then you're going to reject a bunch of them and then you'll accept one. And so what I have heard a lot of people, like when I've talked to like founders that are selling their business for the first time, they're like, oh, well, I've got the LOI. Like, we're good. We're good. And I'm like, holy shit, you're not good. You're not good at all. That's like the first date, right? It's like you are the first date. They're like, hey, I like you. And then you're like, we're married. That's kind of like what that's saying. It's a letter of intent. It's a commitment to the process. But it's not saying that you're for sure going to sell the business and they're not for sure that they're going to buy the business. And so until the purchase agreement is signed, your business is not sold. And so I hope that that video was useful for you. These are just my lessons that I have of the like hard, cold process of selling the business. They're the top things that I learned. And I wish I'd known before because they seem simple now looking back on them. And honestly, now I'm like, wow, I feel like I was such an idiot in the beginning. But I just didn't know. I'd never gone through it myself. And You know, you can hear it as many times as you want from mentors and advisors and other people like myself, but until you go through it, there's certain things that you just don't know. And so I hope if you're interested in selling your business or you're just curious what it's like, or you want to be prepared if someone ever, you know, gives you a good offer, these are the things you want to look at. And so with that, I hope you have a good rest of your day.