Ep7 Trent Lee - Why Most Business Buyers Go Broke and How to Actually Buy Smart in Henderson

Trent Lee  0:00  
I've literally spent no money marketing ever. That's gonna piss a lot of people off. I'll tell you my secret. I have a ton of educational videos on social media. Every day I'm pumping out educational videos, and so by the time a lot of these guys meet with me, they've seen 510, 15 hours of my content, there's all sorts of like tools that all funnel into my CRM, and so I've got, at this point, probably last time I checked, 45,000 people just sitting on my CRM, that it emails from me every week.

Scott Groves  0:36  
Welcome to Henderson. HQ, this is the podcast where you get all the stories behind the businesses that make our community tick. Don't forget to subscribe to our weekly newsletter. Hey, Henderson, HQ family. It's Scott groves, and today we've got my friend Trent Leon who is a business broker, which I didn't really know what business brokers do, but if you're thinking about becoming an entrepreneur, buying a business, or especially selling a business, this is a podcast you're definitely going to want to listen to. Trent talk to us about the difference between recurring and reoccurring revenue, which until today, I thought was the same exact thing. What businesses are going to be, AI proof. And if you're thinking about buying or selling a business, what should you be thinking about, and where should you be merging your core competencies with the type of business you're looking to buy or sell. And yeah, it was a great interview. Learned a little bit about him personally, and if you're looking to buy or sell a business in Henderson, I would get in touch with Trent. He also talked about, as a business owner, how you can educate through social media, get all your technology to work together and build a thriving, successful business. So take a look. Thanks for watching. Hey, ladies and gentlemen. Scott groves, with the Henderson HQ podcast and newsletter. I'm here with my new friend Trent, who was recommended to me to from a previous podcast to guest David. And David's like, Dude, you got to have Trent on. He's the best business broker in Vegas. And I'm like, Cool. I don't really know what a business broker does, so let's have him on so I can learn. Then I went to your website, it said, best business broker in Vegas. So tell us what a business broker is and why somebody might need one. Yeah,

Trent Lee  2:06  
so think about about it. The easiest way to think about is just like, if you're selling a house, you hire a real estate agent, and often you hire someone to appraise the house. Business broker does the same thing, generally for businesses rather than real estate. So really, why do you need a business broker if you're wanting to buy a business, or if you're wanting to sell and exit a business, a business broker is going to guide you through that entire process. Most people, they just don't know and they can't navigate it on their own, and they also don't know how to value whether they're buying or selling, and so a business broker is going to help them with the valuation, help them take it to market confidentially, not like real estate, where you put your house up there and put pictures in the address. You do want to do it confidentially, and so you don't want employees to know. You don't want customers to know. So it's a very particular set of skills that's different from real estate, and you definitely don't want to try and do it on your own, because you're too busy running the business day to day. The last thing you want to do is take on the full time job of trying to confidentially sell your own business while you're running your business, and then your business starts to trend downhill. Financials go the wrong direction. That's the exact opposite of what we want to happen.

Scott Groves  3:16  
Yeah, and so I have to imagine, like somebody brings you in, like you say confidentiality, because they don't want the market to know. They don't want their clients or their their employees to know and say, oh god, there's gonna be a new owner. I'm getting fired. Like, but in my mind, it's like, well, then how do people find out about buying the business? Right? So, like, I was, I was just watching some YouTube video about a guy here locally who's selling his, I don't know, arms manufacturer business for, like, sleeves for firearms and holsters and stuff like that. And I was like, Oh, how weird that he did it on YouTube. Because, like, if I was one of those employees, I'd be like, Oh, well, Hector's out. I guess I should quit too, start looking for a new job. So how do you even market a business when it has to be kind of done secretly, like, that's the opposite of what realtor is trying to do, right?

Trent Lee  3:58  
Exactly. It's a really good question. And before I answer that question, to your point, the employee, we don't want the employees to know, because you had mentioned it, the employees think, oh, shoot, I get fired. But in reality, that's only in Hollywood, that's, that's, that's where they see this stuff happen. Business is sold in movies, and everyone come, every new owners come in, and everyone gets fired. In real life. That doesn't happen in real life, the employees are more important to the buyer than ever before. Buyers aren't coming in and firing all the employees, not in the small business space, at least maybe in, like mergers and acquisition of public companies, not not in like the local small business space. So buyers are more I'm sorry, buyers, when they come in, it's more important than ever that the employee state, no one's firing them, but the employees don't know that. They just know what they see in Hollywood, and so they get nervous, and that's why it is so important, because they all start to scramble and put their resumes out, and then think about it then, because that's so important to a buyer, that's the exact worst thing that could happen, because now the employee. Employees that they're relying on are now scrambling, looking for other employment or have already left, and so it's such an important point to sell confidentially. So to your question, how do we do that? There's not really a marketplace like there is the MLS for real estate, but there are 5678, websites, depending on the size, the area, the demographic, the geography, the industry, where you can market, the businesses for sale. But you're really generic. It might say like profitable, well established HVAC company for sale. You'll know it's in Las Vegas, but you won't know if it's in Henderson. Is it in Summerlin? Is it? Where's it at? You won't know any of the financial details. At least, you'll know like top line, sometimes the bottom line, but not not the real details. You won't know any real confidential details. So as long as it's something generic like that, where you say profitable, well established plumbing company for sale. There's a million plumbing companies for sale. So you don't really know who, who it is, until the buyer goes through and signs an NDA confidentiality agreement, verifies proof of funds, goes through a little vetting process, and at that point they get confidential details on the business

Scott Groves  6:13  
got it. That makes sense. So you mentioned, you know, plumbing, HVAC, what type of businesses are are normally sold because I have the benefit of being a loan officer for 25 years, I've looked a lot of business tax returns, and there is a lot of business owners out there who get mad at me when I have to give them the bad news of like, hey, just so you know, your accountant and an underwriter for a mortgage have his exact opposite, opposite jobs. Your accountant wants to show as little possible income as possible, as as legal by showing as many write offs, and the underwriter wants to see that you have enough money to pay your mortgage. So I'm imagining this person that runs their HVAC business or whatever, they give you your tax returns and like, Hey, I know your top line number was $3 million but you're showing a potential buyer that you make 50 grand a year. Exactly like how that's gonna be a really tough conversation,

Trent Lee  6:59  
right? Well, yes and no, it depends on how sloppy and how legitimate their tax returns were. So if a good CPA now, there's nothing wrong with trying to minimize your taxes when you're selling it. The problem is, if you don't do it in a legitimate way, and you're under reporting cash, or you're stuffing a bunch of personal expenses in the cost of goods.

Scott Groves  7:19  
I mean, I'm not somebody that would ever write off my cell phone bill or my car payment or anything like that on my corporate tax returns, but I imagine there's some people that do that, right?

Trent Lee  7:27  
So here's how it works, and it's actually fantastic. The way that the bankers and underwriters will look at this, it's called recasting the financials, or normalizing the financials. We're adding back personal expenses, one time expenses. So let's take that example. You've got a $3 million top line HVAC, plumbing company, whatever shows $50,000 bottom line profit. But you and I know just looking at the individual, they're making more, right? $50,000 they got a nice house, they got a boat. They drive up in a nice car. So what happens is, we're looking then at the tax returns to figure out, are we adding back depreciation, interest, amortization, one time, expenses, owner benefits. Maybe they're putting 50 grand a year into their retirement plan. Maybe they're paying for their spouse who's on payroll, who doesn't work in the business, but is a legitimate add back. Maybe they're paying themselves $125,000 in wages. And so we take all of these add backs, and we add it to the bottom line, net profit. And now all of a sudden that that $50,000 profit, after normalizing or recasting the financials might show $350,000 what's called adjusted earnings, or adjusted EBITDA, or sellers discretionary earnings. There's all the all sorts of different little acronyms, and they're all a little bit different. But you get

Scott Groves  8:46  
the general point right? Because we're under that under that business, the new owner would be paying for their car and they'd be paying for their spouse and their cell phone number and their vacations and all that stuff. Potentially, maybe they

Trent Lee  8:55  
are, maybe they're not. The point is, we want to value the business as if it were just truly business expenses that we can legitimately add back, right if they're, if they if they are right, and I say this all the time, if they're going to, you know, Disneyland, and they hide it under cost of goods sold, that's not we can't add that back. Can't do it. But if we, if you itemize it the way you should, you can get the tax benefit, and you can then add it back when it comes to the valuation, and a business appraiser and an underwriter are going to value the adjusted earnings that $350,000 figure rather than the $50,000 figure.

Scott Groves  9:31  
Interesting. So one of the other things that I've come across, and I will never forget this, is probably 1520 years ago. I remember one of my banking clients when I was at Washington Mutual before they went under. He he owned a bunch of subways. And he's like, you know, if you own a subway, you just bought yourself a job. If you own 11 or 12 subways, as he did, he's like, that's when you can bring in a professional manager, take a step back and just get mailbox money. So like, do a lot of people approach you that are maybe pool guys with one route or. Nail salons, who the ladies there working all of the clients herself, where they've basically bought themselves a job, and there's not a business there. Is there any value in those businesses? Or are those solo entrepreneurs like not worth selling, or not worth the time of of energy?

Trent Lee  10:16  
They're not where the key is, they're not worth as much had they built themselves a real business that wasn't dependent on them, but you can still sell it absolutely and it's still sellable and it's still valuable, because let's face it, there are a lot of people, especially here in Las Vegas, that are tired of working for someone else, that would rather buy themselves a job and be their own boss than work for someone else. So yeah, we sell those all the time. You're just not going to get as much. So when it comes to valuations, what we're typically looking at is the adjusted earnings times a market multiple. Every industry has a different market, so different market multiple. So we'll look up, just like when you're selling real estate, you look at the comps helmet, you know, the neighbors and the similar houses and similar size and similar area are selling for? I've got a database where I can look up other plumbing companies in the area at the same general size, right? I'm not going to compare it to a $10 million a year plumbing company, but I'm also not going to compare it to $100,000 a year solo operator, but I'm going to look at the market multiple. What have they sold for from the multiple of earnings, and if the average plumbing company is selling for 2.5 times. Then we take the $350,000 adjusted earnings times 2.5 that's the valuation. Now, if it's a guy who's just out there doing the best he can, he's essentially a job buying his job, and he's maybe only making 100 grand profit himself after we make the adjustments, well, he's not going to get the same 2.5 multiple, but he can still get a multiple. He might get one he might get 1.3 he might get 1.4 something like that, but he's then exiting for something more than what he could make if he just closed the business and got nothing out of it, right? And so it's still sellable for sure. Yeah,

Scott Groves  11:59  
it's funny. I was talking to a guy who's in this exact situation. He's thinking about relocating to Vegas. He's in Sacramento. He runs a very niche like ice cone, snow cone business or something. It's just him. He's a solo entrepreneur, but he was in the right place at the right time. He's got a bunch of contracts with the school district. He does a bunch of special events, and I don't know, pick a number. He makes a couple 100 grand or whatnot. And he I think I'm just gonna wind it down and move I'm like, please, please, please, please, talk to a business broker, because there's some guy out there that hates his nine to five and he would love to make snow cones for a living. And if you can get some exit money, just put the extra money down on your house, right? But do people not think about

Trent Lee  12:38  
this, even if it's only one times earnings, right? Because it is a job one times. Earnings is better than just shutting it down and getting nothing out of it,

Scott Groves  12:46  
right? So when do you start talking to people like, do you talk to people years out when they're like, ah, hey, Trent, I have this great coaching business. I've got some co coaches I'm thinking of, like, selling it in four or five years. Or is it like, do people call you and they're like, I'm done. I hate this thing. What can you get for me?

Trent Lee  13:02  
You know, when I first got into the business, that's what I planned on doing. Half of the time I'd spend my time doing business, brokering, valuing and selling the business. The other half of the time I'd be essentially consulting, coaching these guys two and three years in advance, so that they were better prepared to exit, and then I'd help them exit. It quickly become apparent there was way too many people who needed to sell today that I just couldn't. I had no time left to do any type of consulting. We people call it the, you know, D's of the D's of divorce, debt, disease, death. There's a bunch of these different D's that force people that they just don't have time to spend the next two or three years selling. And I got so busy with those people that are like, Okay, I had a death in the family. I had a disease. I have to move whatever, whatever the reason is, yeah, and they have to sell, like, now. And so that ended up taking more than all of my time just taking care of the people that needed to sell

Scott Groves  14:04  
today. What are some common businesses that sell pretty frequently here in Henderson, right? Like somebody is watching this, and they're like, I don't really know what I know what I want to do in life, but I want to be an entrepreneur. I want to build my thing. What are some really common maybe, like low bar entry type businesses that people can buy,

Trent Lee  14:21  
yeah, for sure, but aren't they crazy expensive? Not necessarily. But here's the problem, they're crazy high failure rate. You're buying into something that you don't have experience in right? So I get calls all the time from people who say, there's this phrase, and it drives me crazy. They say, I'm industry agnostic, which means they'll basically, oh, look at anything that makes money. That's the worst possible thing you could do. I have a fantastic surgical center for sale, net million, more than a million dollars per year. Well, just because someone calls me that says I'll look at anything doesn't mean they're a good qualified buyer, if they have no experience in running an operating surgical center. Owners, it's a high risk of failure. Same thing with restaurants. In fact, there's some lenders who won't even loan to you if the numbers on the restaurant are good and profitable, unless the buyer has restaurant operating and relevant operating experience. And so these buyers that come and say, I'll buy anything, is the worst approach, because they need to buy something in their center of influence, their center of their competency, yeah, you gotta, you gotta stick to something. You know,

Scott Groves  15:28  
I might have a buyer for you for that surgical center guys a couple years out of med school and like looking for it. Doesn't want to build his own practice from zero, but we'll talk about that offline with another surgeon. Okay, nevermind. That's not gonna work. So tell us a little bit, like, I don't know, maybe on the low end, and with, just, without disclosing anything that you can't because of NDAs and stuff, or don't use the business name, obviously, but what's kind of like, a a lower entry level business that you've sold for x, and then, like, Where can this scale to? On the upper side when somebody has as much experience as you

Trent Lee  16:01  
Yeah. So I'll give you the two extremes, my lowest and and my highest. Okay, so I had one business brokers have at least. Most of them have a minimum transaction fee. So usually we take a percentage of the transactions, so we're incentivized to get the buyer or the seller as much money as we can, right? Just like a realtor, exactly. And that's how most transactions work, unless it goes under our minimum, and then if it goes under our minimum, we just have a flat fee. And the flat fee is $20,000 I literally sold a business for $20,000 and you might be wondering, well, why would someone do that? They got nothing out of it. You took all of the money. Well, the reason it was, and they were as glad. They were jumping for joy. They were so happy, because if you think about it, so this guy had multiple other businesses. This one business was not only losing money, but it had him on the hook as a personal guarantor on the lease for the next seven years. He wanted out at any cost, and so by selling it at just enough to break even and pay my fee. He not only stopped the bleeding of losing money every month, but he got out of the lease, the personal guarantee on the lease, so he could then focus because the new owner

Scott Groves  17:12  
would take over that personal guarantee for the remaining six and a half years, or whatever.

Trent Lee  17:16  
Yeah, and so he could now focus on not only not losing money, but running his other businesses that were profitable and stop having to worry about this one. And so he was as happy as can be. Now, on the flip side, I have one literally right now, my biggest is 139 million. Wow, so there's a wide range in between there.

Scott Groves  17:34  
Wow. That is a that is a large deal. Wow. Where do companies? Because I would think, in my mind, if you have a company that's worth $139 million it's probably a cash cow. It's probably very profitable, like, at that revenue level, you know, you could obviously bring in a full time coo CEO, Operations Manager. Why do people choose to exit instead of like, Hey, let me just train somebody to run this business, and I'll just keep it as a cash cow for the next 30 years, till I die or retire or whatever. Like, what is the psychology of people that have high valuation businesses that they want to sell? I mean, for me, I have this coaching business doesn't have anywhere near that kind of revenue. But even if I got it to like, 4 million, $3 million worth of annual revenue, I would feel so proud about that. It would be hard to, like, sell my little baby, even if I could sell it for one and a half times revenue, 5 million bucks. I'm retired. I pay off my house. I'm done. Like, why do people do that? Is it an age thing, or they just get sick and tired of it? Or why? I guess, what are some of the motivations for

Trent Lee  18:36  
people to sell? Yeah, it's a really good question, because before I got into the industry, I thought the same thing. I thought, You know what? If that's really that good of a business, and why? Then no one's sell it. There must be something

Scott Groves  18:46  
wrong, right? That would be my intuition, right?

Trent Lee  18:48  
Yeah, but there's, but there's not. There's so many good businesses out there, and it goes back to the D's, divorce, too much debt, diapers, yeah, yeah. New babies, exactly. Change, change of lifestyle. I mean, there's sometimes they're just flat out burned out. A lot of times these entrepreneurs now, most of my deals are not anywhere near that size, right? Most of my deals are an entrepreneur that's still fairly involved in the day to day business, even if it's not there full time, it's he or she's probably there part time, 20 hours a week at a minimum, and a lot of entrepreneurs have, they're just burned out, and they can't totally, completely. It's just their personality, just let someone else run it. They're still control. You know, they still want to be in control, and they can build some systems and processes and let other people do it, but it's hard to completely walk away and expect other people to run it as good as they would, which they're not. That's why they're in the position they are. They started it and grew it successfully. So most people aren't going to run it as good. And then, not only that, it's, it's it's hard for them to to really just think about. But building the systems and the processes and the procedures to be able to walk away, it's not like something you learn in grad school, right to build and to build the systems and the process procedures to do it. And so what ends up happening is they try and do it without someone helping them along the way, a coach or consultant, and the business starts to decline, and then they are sucked back in to either turn it around or they're selling it off, trying to someone else. Had to turn around. Yeah, so there's just so many it's, it's hard to really build a business that's truly absentee, that that you'd say, You know what? I'll just sit back and relax and not even think about my business, and not even have any worry about it. And the employees are going to run it like they would if they were an equity stakeholder, which they're not, right? They're never going to run it as good,

Scott Groves  20:54  
right? And having a little bit of that, like shiny object entrepreneurism in me, I'm sure once somebody's like, mentally done with business a, and they're thinking about growing business B, they want to go all in on business B, right? So like, why not sell off a and just get the capital? Yeah, interesting. What, what type of protections are in place for the buyer, right? Because I can only imagine, you know, we'll use a plumbing company, right? So like, if the owner of the plumbing company is, like, the easy button, right where he can solve the tough, the tough challenges for his cadre of plumbers, and maybe he's like the face of the business, and he's really good at the ads and the marketing, or whatever his specialty is of how grown the business, how does the buyer protect themselves from Oh, well, once Jim's gone, this business is not worth nearly as much as I bought it for, right? Because Jim's the personality, or Jim's the trainer for the young plumber apprentice or whatnot. Like, how do buyers protect themselves? Because I'm guessing you represent buyers and sellers.

Trent Lee  21:49  
Yeah, exactly. And it's a really great question. First off, that's why it's so important to buy a business that you have experience in in the industry. Think about it. Is, if someone bought this plumbing company, the employees aren't going to respect them if they come in and are like, I have no idea how to be a plumber when the employees need help advice, they respect the owner who rolls up their sleeves and can speak their language and help them through a tough day. It's it's a challenge to do if you have no experience, not only that, a lender is not gonna, not gonna love that. They don't. They don't look at that as right, good, safe, risk. But to your question about protecting yourself, that's why due diligence is so important. Can you explain that process? Yeah, buyers gonna go through the due diligence so they make an offer on the business, and then there's a period of due diligence where they are going through tax returns, bank statements, pos statements, insurance contracts, lease contracts, all of the financial and operational due diligence aspects of the business to figure out. One, can they replace the owner? If the owner is the bottleneck, do they have the skill set? As part of the assessment of a due diligence is, can I replace the owner? And if not, can some of the employees replace some of the skill sets that I don't necessarily have as a buyer, but that's why hiring someone to help a buyer through due diligence is so important. You don't want to just do due diligence by yourself, because you start missing things because you don't know. Again, most people have not bought multiple companies and sold multiple companies. Most buyers and sellers are going through this for the first time, so pay experts to help you through it, to not make a mistake. A mistake when you're buying or selling a business can be a seven figure mistake, really easy.

Scott Groves  23:33  
Oh, that made my stomach turn. Yeah, when you're going like, let's say you're representing the buyer and you're going through the due diligence with them, do you help the buyer ascertain, hey, we thought we're gonna buy this business for 4 million, but when we really look at it, you know, going back to Jim the plumber, doesn't really have a marketing department, he's clearly doing all of it on its own. That's an expense we would have to add back in. And you know, you start to evaluate things. Is it common to go back to the seller and be like, Hey, we know we offer 4 million, but after we see how much value the owner is bringing, or how he is kind of the easy button in the bottleneck. This is really only worth 3 million do these kind of negotiations happen? Yeah,

Trent Lee  24:09  
it's not common, and here's why a good business broker would put that in the, what they call pitch deck, or the executive summary confidential information memorandum. There's a bunch of names for the same document. Okay, a good business broker should go through and identify a lot of those risks and the benefits and what's going well, what's not going well, and put that in the information that is given to buyers once they've signed non disclosure agreements, confidentiality agreements, verified proof of funds, not only that, before someone makes an offer, a buyer, ideally will have met with the seller and had a whole round of interviews, sometimes multiple meetings, asking them questions. So it really shouldn't be a surprise, the only thing that happens in due diligence to make someone go back and say, Look, we agreed upon 4 million. So really we're only willing to offer three. Is when you get into the financial due diligence and the numbers aren't what they claim, then you have a real grounds go back and say, Look, we valued this at a 2.5 multiple. We're going to keep that same multiple, but we discovered the adjusted earnings are really less because something's overstated or some expense was missed. So we're going to leave the multiple same, which means the business is worth whatever, $3 million

Scott Groves  25:27  
and do buyers ever keep the owner on in a consultative fashion or whatnot? Because I'm thinking like, you know, let's say you do have the 30 years of plumbering experience. I only have five years of plumbing experience. Is there a way to keep Jim engaged? So I'm like, Hey, man, I need you on retainer so I can call you when shit goes sideways, and you know you're obligated to answer my call for two years, or what, whatever the case may be. Are there protections in place like that

Trent Lee  25:53  
for sure. There's employment agreements, management agreements, there's deal structuring that can be done, like we'll say, if you went as the buyer went to the SBA, and you were going to do 10% down, which is typical the SBA finances, let's say 70% and you have the buyer do a 20% seller carry note.

Scott Groves  26:13  
Can you explain SBA? Because I know what that is from being in the lending world, but I think a lot of people don't realize that there's loans out there sponsored by the government for the purpose of buying businesses. Can you explain a little

Trent Lee  26:24  
bit more? Yeah, there's, there are small business loans. And the SBA, just to be clear, isn't a lender. They just back the lender guarantee the loan. So you go to whoever your local bank, get a loan. Most of them are 10 year term loans, prime interest rate plus two or 2% roughly. And so they're going to want 10% down. So you get a loan, you don't have to come up with the $4 million to buy the business SBA is going to do. Let's call it in this case, 70% buyer puts down 10% and then we structure it to do a seller carrying note of the seller carrying 20% which keeps the interest in line with the seller, to make sure the buyer does well, because if the buyer doesn't do well, he can't pay the seller. Carry note, right? Well, you can structure deals to make sure that the seller doesn't sell off to the sunset, never to answer the buyer's call, right? And have no skin in the game.

Scott Groves  27:19  
So one of the things that drove me nuts when I was on the mortgage side is everybody will watch some YouTube video, or they'll do some internet search or whatever, and they'll be like, well, I'm going to do this creative financing and this and the seller carry back, and then I'm going to build this land. And I'm like, I've been doing loans for 25 years. I've done well over a billion dollars of loans. I have never seen anybody complete a creative financing deal on a mortgage without getting themselves in trouble, getting sued, the deal falling apart, relationships ending, whatnot. On the business side of things, are there more creative financing options like, let's say I did want to buy a nail salon, and I don't have any experience in nail salons. It's a couple 100 grand. I might not qualify with the SBA, right? Is there things that you can do to still get the transaction through? Or is creative financing just as much of a four letter word on the business side as it is the mortgage side?

Trent Lee  28:13  
It is possible, but it's a needle in a haystack. It's not happening often. In fact, there are a bunch of online gurus that are talking about how, for example, buying real estate at zero money down, just to be like, super popular right now, switched over to trying to buy a business with no money

Speaker 1  28:34  
down. I've seen 20 of those YouTube videos in the last six months. Does it happen? Yeah,

Trent Lee  28:38  
it does, but it's not a strategy that you can build and duplicate on. You might get really lucky and find a let's be honest. It has to be one of a couple things. It has to be a highly well, let's just call this. It has to be a stupid seller. Why would a seller sell their business at 100% financing, if they had a good, profitable business, right? That was making money that they could go and find a buyer that would get an SBA loan and just pay them out 80, 90% at at close, right? Or it has to be a really desperate seller. And most desperate sellers don't have really great businesses. They have turnaround jobs, and they just are happy to like, like that one that I shared with you about that was losing money, and the guy was happy just to get rid of it for the right in one sense, he would have probably, if there wasn't a fee, he would have just given it away. Someone could have bought that for zero money down. But they're buying a business that is losing money every single month that they got it turned around. So there are businesses that are bought that way, but it's a highly, highly unlikely scenario that you'll ever find that. And it's certainly not going to happen twice to the same the same buyer,

Scott Groves  29:52  
right, right, yeah, because most people that are losing money just won't front the money to continue to lose money. They sell it, right? They'll just shut the doors. Yeah, yeah, take me to court whatever on your lease or whatnot. So yeah, that makes sense, because yeah, the YouTube 22 year old life coach influencer these days, it's all about, oh, you can buy a budget business with zero down. Just find this baby boomer that has no exit plan, buy it for zero down, pay them out over five years. And I'm like, I was thinking the same thing, do you know what a needle in the haystack that is?

Trent Lee  30:24  
Or the other way, maybe they don't do true, no money down, but they try and get financing through the SBA, and then borrow the other amount of money, which SBA doesn't want to see that they want to suck cash inject. They want to see injection. They because here's here's what it's just said another way, instead of buying a business, add zero money down. If you say it another way, it's buying a business at 100% debt.

Scott Groves  30:49  
Yeah, that's stupid. Honestly, lenders don't want you to borrow money. To borrow money, yeah,

Trent Lee  30:53  
it's super high risk. The whole point of buying a business rather than starting one is you're buying something that's already established cash flowing that has historical revenue that is low risk versus the high risk startup. You buy a business at 100% debt. Somehow you get you, you get a SBA loan from S you know, 80% you got somebody to give you a 20% down payment. And and you're in this no money down. Does it happen? But you got now 100% debt to finance the minute that business slows down or has a bad month, you're in a cash flow crunch, and that's when things start to go bad. And rest assured, the business will eventually slow down.

Scott Groves  31:36  
Right? What are some resilient businesses that you've seen in Henderson, Clark County, Las Vegas area. Like obviously, I'm very happy as a resident here that we are seeing this trend of more businesses that aren't gaming or entertainment related, right? It's switch, and it's Google, and it's like more tech coming into the area. But for like a small business owner, what type of businesses have you seen that are pretty resilient, right? Like you said, restaurants, huge failure rate. Anything super high end. I'm sure it ebbs and flows with the economy. Like, if you were advising my 22 year old son, hey, get some expertise in this, because there's a pretty big pool of sellers out there for buyers, and you can walk into something profitable if you have some industry expertise. Like, what are some of those businesses that you would recommend people look at

Trent Lee  32:20  
something with a recurring revenue or reoccurring revenue two different things, but I'll give you a couple of

Scott Groves  32:28  
examples. Explain to me that, because I've always used those words interchangeably. Yeah,

Trent Lee  32:32  
recurring is a customer that's coming in. For example, you buy Coke products. For example, you're just going to buy it that you're on the contract, I'm never switching from Dr Pepper, yeah, so, but you're gonna go every week or every month, or whatever you're going and you're buying Coke products, or there's reoccurring where you're contractually, like you talk about pest control or pool cleaning, you got a lot of those. Sometimes are just month to month, but some of them are, like, the alarm system. You're signing a multi year contract, right? That's now reoccurring, where you're locked in every single month there's a set amount that you're paying. Yeah? So businesses like that, pest control, landscaping, even though they may not be locked in,

Scott Groves  33:18  
you're Yeah, nobody fires their pool guy, unless they really screw up. Yeah, exactly nobody's firing their guard, only unless, like, unless my gardener runs over my dog with a lawn mower. I'm never firing him. It's just too hard to go find somebody else. He does a great job, fair price.

Trent Lee  33:31  
But there's also, like, I'll give you an example. I just sold one a little while ago, a property management company here in Henderson. They were, they did fantastic. And they had hundreds of doors that they were managing that were on a annual contract basis, and they just got a percentage like, you know, property management companies take a percentage of the rent, take care of the repairs, and then they have a built in sales real estate division if any of those homeowners or investors wanted to sell the house.

Scott Groves  34:02  
I love that. You know, I noticed a lot of the jobs that you're mentioning, the plumber, the gardener, the reoccurring revenue, lot of manual labor jobs, right? Lot of like, you're down in the dirt. You're doing the thing when all of the online space is like, AI, build a tech business, build an app. Do you play in that space at all in the tech world? Like, but it's funny that your mind immediately went to the thing that's kind of irreplaceable. Like, it's gonna be a long time before a computer or a robot can come clean my pool, yeah. Like, do you feel like those are the safe jobs going forward, 2025, because it feels like you get automated out of you know, my job in mortgage it's just a matter of time before loan officers are kind of irrelevant, right?

Trent Lee  34:45  
Yeah, they call them boring businesses, online businesses. These boring businesses aren't going anywhere, at least for like you say, no robots coming around cleaning the pool in the next couple of years, right? Probably a robot's not going to cut your hair. Yeah. So those type of, like, boring businesses, a robot's not going to come and do the plumbing issue or the HVAC those type of businesses really aren't going anywhere anytime soon. Good or bad economy, they're usually pretty depends on the industry, right? But if you have a plumbing issue or HVAC issue, doesn't really matter. You're you're calling someone to fix it.

Scott Groves  35:24  
It's funny because I wonder if you have a strong opinion on this. I had a acquaintance who inherited some money. His father passed away, and it was, it was couple 100 grand or something. So it was, it was real money, but it wasn't like, life changing money for him. And he's like, I don't want to go buy a Bugatti and, like, disrespect my father's lifetime savings. But also, like, if I'm gonna honor what he did, he was really hard working guy. He went to like, a franchise broker, and he's like, find me a franchise that will effectively run itself, that's basically recession proof, and I just want to be able to make some money and grow this thing and eventually leave it to my kids or whatever. So he settled on, like, I don't know if it was actually super cuts, but it was something like that, like, pretty recession proof. Economy's hurting. Women will go get their hair cut for $40 at, you know, fantastic, Sam's or whatever, instead of a boutique $300 haircut. Do you work at all with helping people navigate buying franchises or selling franchises? Yeah, absolutely. I read a franchise agreement for a friend of mine that was thinking about buying or getting, moving his carpet cleaning business into a franchise, and it was the most abusive I'm like, if you sign this thing, we're not friends anymore. Like, like, they give you nothing, they take everything, and they basically lock you in for 10 years exactly how they want you to do business. So can you talk a little bit for people that maybe don't know what a franchise is, and then what's like the pros and cons.

Trent Lee  36:44  
So it's interesting. You mentioned super cuts, fantastic. Sams, last year, I sold a package of 27 Super cuts, all the one guy, one person owned it, other buy. The buyer had, I can't remember, like 35 super cuts, and he bought this package of 27 to its portfolio, and then fantastic Sam's I handle specifically fantastic Sam's for their corporate level all across the country. Oh, so at this point, I think I've sold probably 50 plus fantastic fams across the across the country. But to answer your question, franchise, and here's the challenge with with franchises, especially new ones. If you think about it, if you get a new franchise, call it a quick serve. You know, restaurant, little food, quick service type, type franchise, the lease hold improvements are so expensive. What does that mean? Lease hold improvements. You got to walk in often to these, like commercial centers that are just a shell, right? Sometimes there's like just an empty box, empty box. You got to build out the plumbing, you got to build out the concrete flooring, you got to put in the cabinets. You got to put in the decoration, the audio, the lighting, the everything that ends up being hundreds of 1000s of dollars, and who owns it? Do you know the franchise? The landlord? Oh, so when they So, if

Scott Groves  38:12  
I like, build out a subway, the landlord owns the counters and the

Trent Lee  38:16  
everything that's attached to the everything's attached to the property the landlord owns. So the landlord got someone else to improve their own asset. So when it comes to me walking into a subway to value the business, I get this all the time. I have buyers say I spent $250,000 on building the whole infrastructure out, putting in the fridges and the freezers and the grease trap and the everything that goes along with it. And but the business really only makes $30,000 I call it this little subway because I've sold a bunch of subways. Like you said, individually, they don't really make that much if you're selling one of them. And so what happens is the seller is in debt, like because they got this $250,000 leasehold improvement. Improvements, then they got the franchise fees, and they got the startup fees, and then they got all these other they're in debt $400,000 before they turn a profit. Well, let's say they even make a profit. They make $30,000 they call me, and I'm looking at, from a valuation standpoint, I'm looking at a value of how profitable the business is, a multiple of earnings. Subways may sell for three times earnings. So I go to this person say, your business can sell for 90 grand, and they're like, I put in $400,000 What do you mean? Like, it doesn't matter. You improve the landlord's asset. Yeah, there's no value that leasehold improvements doesn't transfer to the buyer. They're not paying you for the leasehold improvements, because it's not an asset that they're buying, right? And so that's the problem with a lot of these franchises, is it's so expensive to build them and get them operational, then if you have just a mediocrely profitable business, it can't support the debt that you went into. So you're either. Stuck running that thing for the next 1015, years, until you pay off the debt, and then you can sell it for something reasonable, or you're upside down and you're it's a whole separate conversation as what to do then. Oh,

Scott Groves  40:15  
that's brutal, but it makes sense why the wealthiest people I've ever done loads for are commercial real estate owners, yeah, and there's a couple of businesses around town who I know the owners, and they all say the best move I ever made was buying the building I operate my business out of 10 years ago, 20 years ago, 30 years ago, I probably made more on the commercial real estate than I have my own business. That's crazy. So if somebody does want to get out of a franchise, right, let's say it is. Let's say this will stick with the subway. You know, they put in 400 grand. They've been running it for five or six years, and they're like, I don't even care. I paid that money, cash. I, you know, it wasn't borrowed by the SBA. I just went out of this thing because I don't want to own a subway anymore, and they're taking a hit. So maybe they sell it for 70 or 80 grand and just move on. What a good deal for the buyer, though, if there's a lot of time remaining on that lease, yeah, I'm telling you, what the

Trent Lee  40:59  
time if you're going to get into a franchise. And I don't have any problem with franchises, problem with franchises, as long as to your point, they're not, like, overly

Scott Groves  41:05  
aggressive, yeah, this road one was ABR was aggressive. Yeah. So,

Trent Lee  41:09  
so I have no problem with the franchises, as long as long as you're the second or third buyer, don't be the first one, the first one. You end up spending so much money, it just doesn't it makes it hard for the math, the money math, I call it. It makes it hard for money math to actually work. But you come in as the second or third one, and that works, yeah, because

Scott Groves  41:30  
those capital improvements have ever already been paid or paid off, or that expense was eaten or something like that. Interesting. What are some businesses you would like to see in Henderson? Like, if there's somebody watching this and they're like, I want to start a business. A business. What are some businesses that you would like to see that we're missing in Henderson?

Trent Lee  41:47  
There's so many good businesses in Henderson now we have, we have a really great, you know, wide array of different businesses. I don't know if I have anything that I would necessarily say is like missing that's so great and wonderful that I think should be on its way. I know there's the chicken and pickle business. Yeah, that's big. That one's super popular. Yeah, I know. I think there was a real facility for that, and that's real popular. Although, speaking earlier about property management companies, I did what? Because I sold one, I did find out that the the property management companies that manage neighborhoods that have pickleball courts are worth less than those that don't, because all the surrounding neighbors don't like hating sound. That's pretty funny. Yeah. You know,

Scott Groves  42:40  
something else that's getting a lot of traction on social media, and I don't know how relevant this is, so I'd love for you to educate me. There seems to be, I actually know this from my friend Scott Wright, who owns right auto body. He's like, Dude, I get called at least once a week by some hedge fund who's like, let me buy your property. We're rolling up, you know, 300 auto body shops, and then they're going to roll it up to Mako or one of these companies. Is that, are you seeing a lot of that right now, where businesses maybe don't have the intention to sell, but they just happen to be part of an industry where some guy in New York at a hedge fund is like, well, carry the one. If we buy all these businesses, we bring down the the economy, or we improve the economies of scale. And we should be in the rug business or the Auto Body business or whatever. Are you seeing a lot of offers from like hedge funds who are willing to pay for certain types of businesses?

Trent Lee  43:27  
Not a lot. And the reason why is because, in order to get on their radar, you really need about a million dollars, EBITDA or more, okay, anything under that's too small. Sometimes it's called a platform. They'll have a platform company, and then they'll add what's called built ons, or bolt ons, where they'll go downstream. They'll buy something. But they really in order for their economies of scale to work, they can't buy a company that's making $200,000 profit, because they're going to put in a Harvard MBA to run this thing at $250,000 a year plus profit share isn't there's just not enough. And so you've got to be most of the time about a million dollars in profit or above to get on their radar. Got it, if you do, then, yeah, absolutely you can attract there are private equity groups that have plenty of money that are buying

Scott Groves  44:18  
Do you know what industries they're kind of playing in these days, like, what are like the hot industries for consolidation of businesses, which I won't ask you to answer this question. I will just answer it for myself, politically, that scares the shit out of me, like, global economic like, the whole, the whole thing of like, oh, man, are like, all small businesses getting eaten up? It actually makes me feel better that it's like, well, until you get to a million dollars profit, you're not even on their radar. So that gives me a little sigh of relief. But do you know, like some industries that are getting targeted for this kind of

Trent Lee  44:45  
stuff, all of those industries that I mentioned is really good, reoccurring businesses, private equity groups like that type of low risk business, yeah, where there's where there's customer that's coming back, all of the. Those. And then there's other ebbs and flows, like veterinarian clinics used to be all the rage with private equity groups, and they essentially did themselves a disservice, because they all kept outbidding each other, going paying a higher multiple, higher multiple, and then they got to the point where it was now like customary to pay such a ridiculous multiple that the numbers just didn't work. They priced themselves out of the business. They've all backed back down. And so it ebbs and flows based on on industries. But honestly, any business that's making a million dollars, you'll find a private equity group that's in that space,

Scott Groves  45:38  
yeah, interesting. What are some of your favorite businesses in Henderson, like the places that you go to all the time, not subway, not

Trent Lee  45:47  
subway. You

Speaker 1  45:48  
look pretty healthy. I'm guessing you'll eat a lot of fast food.

Trent Lee  45:51  
Let's see some there. There are some really good ones. I just sold one, and it wasn't a big one, but it was the rare I wouldn't call it absentee, but semi absentee. It was a Salon Suite business. Again, there was some reoccurring revenue. They had. In fact, they had multiple locations. Between all the locations, I can't remember, they had maybe 30 different rooms. Can you

Scott Groves  46:15  
explain what a Salon Suite is? Because people that aren't familiar with the laws that pass around hairstylists not being able to be on a 1099 in California will not know what this

Trent Lee  46:24  
is, yeah. So it's, think of it as a salon, and then the salon is broken up into a bunch of different suites. Sometimes they're individual, private suites, sometimes they're more like, well, most of them kind of more private. And every suite owner or suite leasee has a lease that's paying basically rent. So you're almost like you're running a business, but you're almost kind of running a real estate business, because out of those 30 Salon Suite, kind of Salon stylist, each one of them is paying rent, whatever, $250 per month, or, I'm sorry, per week, most of them are per week, and you're just collecting rent, and then you're paying the landlord, and so you're creating an arbitrage of what your rent payment is versus the rent income that you're bringing in. Again, there's some kind of reoccurring revenue, because everyone signed some type of a long term annual lease agreement, and you're you're keeping that difference. You might have one person, one employee that's like the receptionist that answers the phone and books appointments for all of the suite owners. And so your payroll is pretty low. Your biggest expense is just the rent payment that you have to pay to the actual landlord. Yeah.

Scott Groves  47:40  
So somebody went in, signed a whatever, 10 year lease, subdivided it made it look pretty, enticed a bunch of hairstylists to come in there and do their thing from there, and they're basically just a landlord, yeah? Nice, smart.

Trent Lee  47:53  
I sold that one just a few weeks ago, honestly, and that one the owner, for the most part, there was two separate locations. For the most part, went in each location one time per week, and just did, like the nightly janitorial cleaning, nice, not a lot of time. Super low expense. Could have paid your kids to go and do it, that type of a thing. And she just liked to do it because she wanted to just she was, she didn't have anything else to do. Yeah, and it made money. It was profitable. And those type of businesses sell well as well. It's good, good business here, here local.

Scott Groves  48:29  
You know, there's a lot of people that I meet where I'm like, Man, you should really be an entrepreneur. Like, if you just had a little bit more risk tolerance, you would crush it. You should leave your nine to five. And then there's other entrepreneurs who I meet where I'm like, you would be a really good co captain on like, an $80,000 a year w2 because this business is never going to work. You've obviously talked to a ton of business owners and entrepreneurs. What are some common traits that you see in successful business owners? Because there's got to be, there's got to be some through line on what makes somebody responsible enough to own a business, but enough of a risk taker to, like, think that they can do the thing. What are some things that you see in entrepreneurs that you're like, oh, man, that's like the secret sauce for running your own business?

Trent Lee  49:09  
Yeah, that's a really good question, and I'm sure if I thought about this, I'd come up with a better answer. But I think just off the top of my head, there's a combination of, they're driven. They're always wanting to be better and become better. They're they don't. They're and I know we talk about like this absentee business sit back at home and just collect the check. Well, for a lot of these business owners, that's the opposite. They don't want to sit at home and do nothing. They're driven. They always want to do something. They always want to make it better. And so they're constantly chasing and and not only themselves, but their their employees and their business to make it, make it better. They're they're obsessive with with the financials. The really good business owners have a good idea of what's happening financially in their business. They're not so confident. Up in the day to day whirlwind that they can actually spend time working on the business rather than spending all the time working in their business.

Scott Groves  50:07  
Oh, I love that sort of my favorite coaching terms, right? Like, you gotta have time to work on the strategy and the growth and all that stuff, instead of just getting sucked into cleaning out grease traps and doing that stuff. Although sometimes that does have to be the business owner, right? Yeah,

Trent Lee  50:19  
it does. And and a lot of these guys are obsessive with education. That's how they're becoming better is, is they're constantly reading books, they're constantly going to courses. They're constantly going to seminars and different things, rather than just like sitting at home trying to come up with this stuff on their own, they're learning from people that are two or three steps ahead of them, that are telling them, Hey, here's here's what you need to do. Here's how you solve this problem, here's how you become more efficient in this area. So I think a combination of driven, obsessive with financials and constantly looking to educate themselves, I

Scott Groves  50:57  
love that. I want to talk for a minute before we end about your business, like, luckily, you're successful enough now you've got some corporate accounts. How many years have been doing this? About 12 years. 12 years can you think back to the beginning? Because I think a lot of people don't get into sales, or don't get into running their own business because they can't conceptualize like that. Peter Thiel book zero to one, like, how to get the first clients. So back when you were starting and you didn't have corporate accounts and word of mouth, and, you know, Goodwill. How did you build your business? Because it seems like a very hard thing. Like, if I said, Oh, I'm going to go door knock, well, if you door knock in real estate, you're probably going to run into the owner of the house. If you go door knock a bunch of businesses, the owner is not there, the owner is absentee. The owner is out on a call. Like, how did you grow your network to actually start closing deals, which then lead to more deals.

Trent Lee  51:44  
So it's interesting one. I grew up in an entrepreneur family talking about Henderson. I grew up in Henderson. I went to high school there. My father had a business, really, fairly large business, depending on the time of year, had between 500 to 700 employees. Oh, wow. What type of business he's he sold it, which is how I got into the industry, how I learned about the industry. He did. He had a janitorial company so reoccurring every so they did all the Howard Hughes building, all the malls, all the libraries, basically any class a building here in Las Vegas, they, they just monopolize the whole market. Pretty good business. Yeah, yeah. And so I grew up seeing a lot of this stuff firsthand, but it's interesting, like, how did I How did I get into this? How did I start marketing and growing? I've literally spent no money

Scott Groves  52:38  
marketing ever. That's gonna piss a lot of people off.

Trent Lee  52:41  
And I'll tell you, I'll tell you, my secret is I have a ton of educational videos on social media. Every day I'm pumping out educational videos educating buyers and sellers how to go through the process. And so by the time a lot of these guys meet with me, they've seen 510, 15 hours of my content. They already know who I am. They know a bunch of stuff about me before I even showed up. And I'm educating them on how valuations work, what they need to do to prepare. And then, in addition to that, it's a huge referral, like if you think about it, how many business brokers? Do you know

Speaker 1  53:22  
I know one? Yeah, there's nothing in front of me.

Trent Lee  53:24  
Yeah, there's not that many. And the sad reality, honestly, most business brokers are pretty bad, so surprised me. So you don't have to be that great to really stand out in the industry. And so I end up selling one business, and they then refer me to their brother in law who owns a business in Colorado. I sell that business. And they then refer me to their buddy in Florida who owns another business, and then the neighboring person for In fact, this was kind of close to Henderson, depending on where the actual borderline is, but I sold an ice cream shop who then referred me to a doggy daycare, who then referred me to the restaurant all in line, and so that entire plaza, over the last 10 years, I've sold every single business in the entire plaza, because it just they referred me to someone else, to refer me to someone else. And if the buyers and sellers go through, like, all my social media stuff. They're not getting the education from anyone else. No one else is doing it.

Scott Groves  54:27  
And so do you use social media kind of as, like a CRM, where you stay in touch with people that way, or is it just, you're putting out the information, and hopefully the right people will see it.

Trent Lee  54:36  
I'm putting out the information, then I have a bunch of tools, like free tools, like they can go to social media, and they can click on an online calculator that I created on find out how much your business is worth, and that then goes into my CRM, and now they're in my drip system. I'm sending them my book. I'm sending them my videos, or there's on the other side. I've got another tool that I created, a deal and an analyzer tool, whether I'm involved in the deal. Or not, they can go in and plug in the numbers, and it will spit out, if this is a good deal, it'll calculate the debt service coverage ratio, calculate how much wiggle the room they have. It'll calculate and it'll give them like a good assessment to say, you know, this is a good deal, you should pursue it or this is not a good deal. Here's why, and here's what you need to do, price adjustments to make it a good deal, and that then puts them into my my CRM. And so there's a bunch I've got, like a school community with a ton of videos on there. And so there's all sorts of, like tools that all funnel into my CRM. And so I've got, at this point, probably last time I checked, 45,000 people just sitting on my CRM that it emails from me every week on new deals that I have. And here's the thing that's that I found that I didn't know when I got into the industry, buyers become sellers and sellers become buyers, right? I didn't plan on that. I had two segmented databases of content for buyers and content for sellers, but I have so many sellers that start off as buyers because they already have a business they're looking to expand. After years of getting my content and building an online relationship, they're like, I'm burned out. I'm ready to sell. Or vice versa. Sellers think they're ready to sell and end up buying a business or what? Here's another thing that even happens sellers who think they're ready to sell because they're burned out, they really just needed six months vacation, and now they're bored at home, and they call me to buy something because they don't know what to do. They're

Scott Groves  56:37  
like, I got all the money, but I'm sick of not working. Yeah, that's fine. And did you teach yourself how to do all that just kind of organically on the social media? I mean, do you come from a marketing background? Because the average person is gonna be like, 45,000 person CRM and daily content and this, and make sure you know this technology works with this technology, and it funnels in here that can sound overwhelming to somebody that doesn't have like, a deep marketing background. Did you just learn it one, one stage at a time. Do you outsource it and pay for somebody better than us to do it?

Trent Lee  57:05  
Or accounting undergraduate did my Master's in finance at Harvard. I've got financial background, but you remember earlier when you were asking me about these kind of characteristics of entrepreneurs? I hope what I'm doing is explaining my own characteristics. I'm constantly reading books. I'm constantly listening to podcasts. I'm going to I just got back from an AI seminar. I'm not in AI at all, but I know I'm smart enough to know AI needs to be part of my process and it's coming, and so I need to embrace it. And I tell you what, there is not a single business broker in the country that's that's there, doing it right, because it's more of like a gray hair old man industry, and so I'm constantly looking at becoming better, more efficient, and learning anything I can to be a better business owner.

Scott Groves  57:57  
That's amazing. I feel like I could talk to you for hours, but I want to keep it short under the out of respect for the listeners. What's the easiest way for people to get in touch with you? Where can they go to download some of these tools and what have you? I mean, obviously we'll put in your Instagram, which is Trent Lee biz broker, yeah, I even wrote that down. I can't read my own writing. Trent Lee biz broker. Do you have a website or a Facebook where they should also

Trent Lee  58:19  
go? All of them on Twitter, Facebook, okay, Dan, they can go any of those and find them. Facebook's probably a little bit more my active but yeah, they can send me an email, Trent at F, C, B, B, first choice business brokers.com and if anyone wants to get on like that school community, there's probably 30 hours of video content, and it's organized step by step with all the resources, lenders, interviews with lenders, how to do due diligence, who to do due diligence? Asset purchase agreements, loi templates, they can they if they're interested in buying a business, that's totally free, so your school community is free, send me an email, and I'm Adam too brilliant, and when they need someone to help, who are they gonna call? Yeah, reach out to me. I

Scott Groves  59:08  
love it. I love it so much. Like I said, Trent, I could talk to you for hours. Appreciate it. Thanks. Thanks for being on man. Hey, it's Scott groves with the Henderson HQ podcast. I hope you got something out of that episode. If you enjoyed it, please don't forget to like, comment and subscribe to the podcast. It really helps the show grow. And by the way, if you are a business owner, or you know a business owner who has an interesting product, service or just an interesting backstory, please, please get in touch with us. Email us at the Henderson hq@gmail.com we would love to interview you, because that's what this show is all about. It's about building community, supporting local, individually owned businesses, and just making Henderson a great place to live. And don't forget, go to Henderson hq.com and make sure you sign up for our newsletter. We send. Out a once a week newsletter, no spam, about the most interesting local businesses, hot spots, restaurants, community events. Thanks for watching the show. Really appreciate you. You.