Not great.

I like it.

I agree.

I think you could try to come in low on the ask.

Michael, please send this to me.

I'm actually going to send it to my cousin who lives in Kauai because they've got a few very adventurous boys.

who are not old enough to do this yet, but would have a lot of fun with it.

an

So you would really want to underwrite that your cogs here are not just the cogs, you know, the true cogs of the billet to pull it out of the ground, but all of that plus a profit margin such that you have a real third party or arm's length third party relationship with whatever part of the supply chain you're not buying.

You know, my first thought of the right kind of buyer for this outside of, you know, dad who loves baseball.

It's a passion thing.

You know, we had a member at the acquisition lab who bought a Japanese sword company.

They make katanas like samurai swords, but they're promotional gifts.

Really cool.

And we bought one and gave it to one of our key team members at last year's summit as a gift on stage.

doing with this business.

Oh, yeah.

And then we've got stones in the driveway, and the stones get in the track.

And then I've got these short-term guests, right? And they're coming in and they get the thing and they try to open it.

And sometimes it doesn't because there's stones in or there's a power issue or the previous people lost the remote or they need to reprogram it or whatever.

Constant headache.

And then what do you do, Jordan? Do you call a guy like this and pay him 200 bucks to fix it? Yeah, yeah, yeah.

I'm not there.

I just thought that one of our, how would an acquisition lab member look at this deal?

So Jordan, what's your take here? Like does this, the fact that there's a whole bunch of heavy assets here, how does that help your deal structuring?

Love assets, you get some bonus appreciation and yeah, that could be really attractive.

I think as we kind of talked about earlier, this probably has to be a stock sale, right? Because you got it because of the licensing and so on.

So in which case you do a stock sale, you're inheriting the basis, the seller's basis.

Maybe you could do a tax election to still do a stock sale, but do a tax election to treat it as an asset purchase.

So that's something that you could look into.

I see Heather nodding her head.

And so that's why banks are going to also lean into whether you have the engineering capability to really understand this business.

[laughing]

Yeah, sure.

Um, hey, everyone.

A longtime listener, new to being a, on the occasional, uh, pod here, which is super fun.

Um, I'm the CEO of Acquisition Lab.

Our mission is to help acquisition entrepreneurs throughout their journey.

Uh, we're very proud to be a presenting sponsor of, of the, uh, of the podcast.

Go ahead, Jordan.

They just, they just take the profits, but yeah.

So, so Brad, you're buying a job if you buy this business, but if you're an RV enthusiast, uh, it could be a great job or, you know, this is something, "Hey, I'm below two x. I could get a quick payback.

Maybe I have someone in the Philippines who can do the 10 hours a week for me that's doing something else for me on social, or maybe I've already paying that person, and they can take this on, and this could be, you know, a nice little cash flowing thing.

I can make 150K a year, even if I bring on a person or two to do what I was doing for the 10 to 15 hours a week, and it's a great payback period, and it's a great ROI, and if I love RVs, like could be cool." Brad, how do you feel about it?

Why do you think the smaller deals are struggling to transact?

Uh, yeah, it's for all those reasons.

It's, uh, generally the same amount of work, um, and so you might as well buy something bigger.

Um, if you're taking a million dollar loan versus a four or $5 million loan to buy a business, yeah, obviously four or five's scarier, but either way, a million can knock you out too.

and

Charlie.

So, uh, I wouldn't go near this.

And I just don't think I'm sophisticated enough on gears to be able to weigh in.

But one thought I had, Michael, I know you've oftentimes partnered with folks who are talented and junior coming up in their careers to build businesses.

This just strikes me as a deal.

You're all the time at the acquisition level.

And Jordan, can we ask you to give the elevator pitch for people to sign up for Acquisition Lab?