Luis Barbosa and his team have successfully secured a Letter of Intent (LOI) for the acquisition of a well-established commercial refrigeration manufacturing company. Founded in 2003 and based in San Francisco, the company designs and manufactures custom refrigeration units for clients across all 50 states. The company’s origins trace back to a general contractor who, dissatisfied with available market options, began manufacturing his own refrigeration units. As demand grew, the contractor turned the operation into a full-fledged manufacturing company, now generating approximately $6.9 million in revenue as of 2023.

The company is notable for its high employee retention, with an average tenure of 20 years for its full-time employees. Additionally, the business has partnered with a local agency offering second-chance employment to recovering drug addicts and individuals facing substance abuse issues, further enhancing its community involvement and workforce stability. Despite the company’s solid foundation, the current owners have taken their foot off the gas, leading to untapped potential in the business.

The company’s operations currently consist of several revenue streams, including manufacturing, general contracting, and the servicing of refrigeration units. The manufacturing side produces custom units ranging from small display fridges to large warehouse-scale refrigeration systems, all designed to meet the specific needs of clients. The company has a general contractor’s license in California and provides installation services. The demand for installation is robust, with the company receiving three to four bids per day and securing large projects, including one valued at $1.8 million for a cooling system in a large warehouse.

Another key revenue opportunity lies in the servicing and replacement doors for refrigeration units. Currently, there is a six-month backlog on replacement door orders, and the company has been turning away business due to the lack of capacity. By tapping into this underserved market, there is significant room for growth. Additionally, the company’s pricing model, with refrigeration units priced around $50,000 each and replacement doors at $5,000, presents lucrative opportunities to scale.

Luis and his team have a clear vision for growth, with plans to introduce a second shift in the manufacturing facility to boost output. The company’s growth potential is evident, as it has historically seen 13.2% year-over-year growth. With additional sales and marketing efforts—especially through trade shows and strategic partnerships—Luis and his team are targeting $8 million in revenue for 2024 and $9.2 million by 2025. The goal is to reach $14 million in revenue by 2027 with a conservative 15% annual growth.

The team’s expertise, including operations and manufacturing management from Oscar, coupled with Luis’s experience in sales and trade show marketing, positions the company for substantial growth. The seller, motivated by legacy preservation, will remain involved in an advisory role, offering continuity and leveraging his general contracting expertise to grow the business.

This acquisition offers an exciting opportunity to invest in a company with significant upside potential, a strong foundation, and a proven track record in the commercial refrigeration market.

Full Transcript:

Alrighty. Deal number three, last but not least, is, is Luis, Barbosa. Luis, you ready? The floor is yours.

So we’re in the process. We already got this deal under an LOI. It is a commercial refrigeration manufacturing.

A little bit about the company.

They found that it they were founded in two thousand three.

They’re based out of San Francisco, and they serve all fifty states with custom built refrigeration units.

The way it started was a general contractor that was not happy with what was currently in the market.

So he started building his own units for his own general contracting work. The demand for the units increased, which made him open up a manufacturing company. And he’s been able to grow that up to six point nine million off of, based on twenty twenty three. And they’re obviously doing something right. The average tenure for the full time employee is, on average, twenty years.

They’ve also partnered with a local agency that’s offering, second chance employment initiatives for recovering drug addicts and, substance abuse.

So and the average tenure for those guys are, on average, about two years. And they’ve been able to tap into multiple markets, including florists and morgues.

There there’s a huge opportunity, especially with this potential deal. They currently have no sales or marketing whatsoever.

They could expand, into sales on offering replacement doors for these large refrigeration units, and then you could also introduce a robust servicing model based on the servicing of these companies.

Alright. There are multiple revenue streams, and it’s really owners that have just taken their foot off the gas, and they have multiple revenue streams. So there’s an amazing platform acquisition.

The first revenue stream is manufacturing.

They do custom built units ranging from single display to large warehouse facilities over twenty thousand square feet. They offer design and CAD drawings to meet specifications, and they have the ability to meet variety of requirements, including extreme temperatures like cryotherapy chambers and even extreme heat. They also have a general contractor’s license in the state of California where they provide services of installation services, and they’re currently receiving between three to four requests for bids on a daily basis.

And they’ve they could even take on some large projects. For example, on July first, they have a project starting on July first that’s worth one point eight million for a large warehouse that requires cooling systems.

A good opportunity also is the servicing of the replacements. They have a service vehicle with all the required tools needed to service refrigeration, to offer the refrigeration maintenance.

Owners burnt out. He doesn’t wanna initiate that process, but they have everything in place to get started. There’s currently a six month backlog for replacement doors. And at the moment, they’re currently they’re turning business away for servicing and the replacement side.

So what’s their pricing model? The average cost for each refrigeration unit, it’s fifty thousand dollars per unit.

They have they offer energy efficient design, customized configurations. They get the specs. They get the drawing, and they’ll customize when they’re in their manufacturing facility based on what the customer requires.

The secondary market, which is, at the moment, dormant, they’re not even tapping into this option. It’s they’re charging five thousand dollars per replacement.

They’re getting calls every day, and they’re backlogged six months on those replacement doors. And this is a review that one of the customers recently left in their Google reviews. This company has the keen ability to perform and achieve any refrigeration drain.

So in my opinion, I think one of the biggest opportunities is the replacement door request because they have increased. So there’s you have new refrigeration units, and then you have the used refrigeration market.

By tapping into the replacement doors, it allows us to tap into that used refrigeration market. Custom sized configurations, smart defrost technology, energy consumption, analytics, all that is built in with the replacement door.

So who’s the team that’s leading this charge?

It’s gonna be me. I’ve been in sales for every eight over eight years selling directly to large enterprise customers.

Main channels of sales is gonna be sales and trade shows, and I’m gonna touch on that in just a little bit. And on my recent job selling it directly into the food and and beverage vertical, I was able to increase revenue a hundred and eighty percent, in that vector.

We have Oscar with over twenty years of expert of, manufacturing ability, abilities. And, Oscar, if you’re on the call, go ahead and hop off and just give a little background as to what your experience is in the manufacturing field.

Sure. Thank you, Luis. Thank you, everyone. Good morning.

Yeah. I’ve, twenty plus years of experience in manufacturing, different roles and responsibilities from engineering all the way to plant management.

I also have experience leading greenfield projects and, quote, unfortunately, shutdown operations.

And I also am a certified in six EMA black belt, which I think is gonna be key for this acquisition.

Thank you, Luis.

Perfect. And then we also got Nelay Patel. Nelay, if you wanna hop off and just make a quick introduction.

Yeah. Hey, guys. I’m Nelay. I currently work as a financial analyst at Whitecap. So, I I’m I’ll be helping with making sure that we have, our proper cash flow channels in place, helping with, analysis, and any other type of financial advice, that we’ll be needing for this acquisition.

And we also have the seller.

Interestingly enough, we were able to offer him, equity stake on their TopCo, especially specifically because of the general contractor’s license that he maintains. So he’s accepted an advisory position, on the top coat to continue the GC work, that we have in place. So what does this commercial refrigeration market look like? Worldwide, it’s fifty two point eight billion worldwide, and there’s a compounded annual growth of six point four million, six four six point four percent. Out of that whole market, twenty eight percent of it signifies the United States market, which is roughly around fifteen billion.

By twenty twenty thirty, that segment is expected to hit twenty three point two four billion, based on that on that growth.

And this is a a high overview of what are the different stages involved in the commercial manufacturing in the commercial manufacturing. It all starts with the research and development. You have your management of raw materials, and the most value add on the whole process is the manufacturing of these commercial units. And then, the way I alluded is the convention and trade shows. One of the best channels of of selling these type of units is going to trade shows, convention shows, and partnering with some alliances. And I think our biggest opportunity for us is raw material.

And, Oscar, I’ll pass that over over to you just so you could just give a little bit of insight as to how you believe we could optimize the operations, based on the current state.

Yeah. Sure.

So like, like Luis mentioned, right, there are several ways to increase revenue. And, definitely, the operation needs to support that that that growth.

It is a it is a very simple operation, and the product is relative relatively easy to make. The bill of material is no more than twenty items, so it’s fairly simple to to manage.

One key item that, Luis mentioned before is, the tenure and experience of the people that is already working there. So, there’s, nine guys that already have the know how on how to do this. A very good thing is that they are already cross trained, which is, is, is not that common to see in a mom and pop shop. So that’s a very key know how that we have to to keep. And one of the main strategies is to to increase, to a second shift. They are only running Monday to Friday, nine to five. So when, by just by adding a second shift, with this know how that already is there, we can easily boost two times the the throughput.

Of course, on top of that, you know, some dream management tools here and there, like time studies, we can easily boost two times more or decrease the the the cycle time. So, you will see further down in the slides, what is our projection. And I really feel confident by doing this, we can at least, with minor investment, quadruple the the throughput, from the floor.

Perfect. Thanks for that, Oscar.

So it’s kinda to, like, Oscar’s point. It is a full cycle production, and I think this is really stands out as the type of company that the sellers have built.

At the moment, since in twenty twenty four, they’ve received five point five million dollars worth of bids that they’ve received this year. Since twenty nineteen, they’ve been growing at thirteen point two year over year, and they’ve currently have three million dollars worth of backlog orders that they’re in the process of of of, of shipping out. So high production, high quality.

The bids are coming into them. They’re not looking out for bids. They’re getting about twenty bids per week, with already secured three million dollars so far.

Our targets and these are a little bit of what we project on the growth.

On twenty twenty three, they finished the year at six point nine million. They’re tracking to hit eight million this year. And by twenty twenty five, we’re looking at nine point two million dollars in revenue. Keep in mind, this is with no sales, no marketing, no chant no no partnership channels. This is just straight, word-of-mouth.

We are projecting to hit fourteen million dollars by the end of twenty twenty seven, and this is a very modest fifteen percent growth that we’ve calculated into the model. Historically, they’ve hit about thirteen point two year over year growth.

Fifty percent is very conservative based on what this company has been seeing, and we’re projecting to hit fourteen million by twenty twenty seven.

And the investor upside, what we’re looking for, we’re looking for a five percent down payment in exchange for ten percent equity. And uncle Carl, yep, this is your model. We took this straight out of your out of your model.

It’s, we have a a projected exit between five to seven years, so we have it projected at year six.

Our with our projections, we’re looking at exiting at eleven million dollars.

At that time of exit, we’re looking at two point five million adjusted EBITDA with a six point two cash on cash return at the time of exit for the investors. Good.

Good job. I I love you know what I love? Right? I love it when I do some training, and then literally three days later, you’re putting together a world class presentation, and you’re including all that new stuff.

Like, absolute way to go. Like, blow this has blown me away. This has absolutely made my day that you’ve taken what I did on Monday, and you plugged this into this project. Thank you.

Thank you. The training I mean, the training was was clutch. We’re looking at, you know, what the investor’s payout is. And to be honest with you, like, you know, we’re looking at a hundred and seventy eight thousand investment. And at year six, at the time we’re looking at exit, the investor will get paid one point two million.

So six point two rate of, cash on cash on return Yeah.

In my opinion, I think is amazing.

World class. Amazing.

And what I’ll do, I’ll stop sharing, and I’ll pass it over to Nate Le, so he could share the one sheet, share the financials, and and then, and pass it on.

Good job.

Thank you.

Alright. So, here we have the one sheet. So we have the last four years of financials on this one.

We’re looking at, adjusted EBITDA of trending over one million dollars the last few years.

The, the numbers look pretty solid, and we leveraged most of these existing figures that they have, like their cash on hand, their inventory AR percentages, as well as AP percent and other current liabilities for our cash flow statement. So that way we kinda have those assumptions that we’ll be going about the same, credit terms and things like that.

But yeah. So they have currently, they have nine employees, but we like we said, we do expect to start a second shift. So we’ll probably, be seeing an increase in employees and customers as well as we, invest into these trade shows.

Yeah. So with that, we built out our cash flow analysis. So this is assuming that fifteen percent growth. We see a small uptick of, about half percent growth or half in gross margin, and our adjusted EBITDA will also be increasing as our operating expenses as a percent of sales is expected to decrease slightly every, every year. So that’s how we were able to figure out, where where we’ll stand in terms of our net cash and, how much dividends we’ll be able to pay out as well as, calculate the investor exit based off the three year adjusted EBITDA average.

So, yeah, I mean, that’s, basically the model that we created to help.

And then, like we said, these are pretty conservative. We really expect to go much higher than fifteen percent sales growth, per year, but, but with the conservative fifteen percent, this is where our numbers stand.

And then the purchase price as well. I forgot to include the purchase price. We’re the purchase price is at three million dollars.

We’re going back and forth. It was a little tug of war.

The the seller has multiple offers. I it is a broker deal. The broker deals are like, I’ve never worked so hard for this for for this seller.

They’ve had multiple offers. Legacy is key for them.

Purchase prices of three million dollars.

They found the right party with us, and now they wanna move forward with it. So, I mean, great revenue, great margins, multiple revenue streams. We were able to tap into the seller.

He’s an adviser for our team as a general contractor, so we could double down and expand on the general contracting work.

And we’re actually expecting him to leave a pretty good amount of working capital in for us, in terms of, accounts receivable inventory and, because they didn’t include the as part of the current assets, they didn’t include their, work in progress as, part of their calculations for what they’ll be, for part of our working capital negotiation. So, we should be, pretty solid to start.

Great. Alright, guys. Well, let’s, let’s do some analysis. So lots and lots of positives around this. Amazing roll up idea, absolutely world class pitch, phenomenal team, great market. And as I said, I’m so proud of you guys.

You know, you’re constantly taking what I’m teaching you, and you’re plugging it in almost immediately. This is probably one of the best presentations I think we have ever seen, on on this call. So great, great job. Love the fact that you’re forecasting investor returns.

Like, investors, they don’t get generally this quality of pitch. Right? They don’t they don’t see this stuff. So, literally, this would blow people’s minds, when, you know, when you present. So great job on all that.

Two little things for me on this. The only thing I don’t like about this deal is that it’s custom, manufacturer. Right? It’s a custom business. I I’ve I’ve had issues in the past with custom, type operations.

You know, I I love businesses that they produce one thing and then they just churn all these things out. I think with with custom, it tends to impact your margins a lot, although the margins aren’t too bad. Right?

So that was my only kind of minor little red flag on this. I was, you you know, desperately trying to find things to to balance my analysis.

And then, you know, three million bucks, I think it’s worth more than two point one. I think a three times multiple where it’s done, you know, a million and one point one over the last two years.

I I I think a three year average, including the five twenty seven, I I I I think I’d pay at least two point five, maybe as high as two point six, two point seven for this. So I I think you’re in the ballpark, but on the whole, what an absolutely phenomenal deal.

Let’s go around the room. Let’s go to Jeremy Bronson.

Yeah. I really like this deal as well.

You know, I I think the three million dollar purchase price based on the last two years is is probably reasonable. And the where I would say that’s reasonable is I think they’re leaving a lot on the table because of the custom, work that they’re doing. I would have expected the margins to be a lot higher.

I would ask them about when’s the last time they’ve done price increases.

If they’ve got a huge backlog in their team, they’re gonna work, why aren’t they increasing prices?

Because that’s that’s the best thing you can do in a business because it doesn’t cost you anything, and all that price just falls to the to the bottom line. So I think there’s a lot of room to probably increase margins with based on what they’re telling you in terms of the backlog and and those types of things. So I would be comfortable at probably the the three million dollar, purchase price because of that.

Perfect. And if I could and if I could just add on the custom, on the custom order. So they have they buy large coils of steels, and the way they build the custom orders, it’s the same size of the of the panels.

It just depend on how long you need that refrigerator. If you need ten thousand square feet, it’s gonna be the same the the, the same bill of material. So you’re not sourcing new materials or anything like that. So it’s just in in essence, the way he explained it, this is just the Allego operations.

Very good. I, yeah, I really like this business. And it’s I mean, this business isn’t really going away. You know, and, you know, distribution, you gotta have, you know, the refrigeration and stuff like that. So, you know, the economy is not really gonna impact a business like this. So, yeah, I really like it.

Thank you.

Alright. We can service meat lockers as well.

There you go.

We can service, Powell cheese deal from last week.

There you go. I love pro protege is selling to each other.

That’s, that’s a great And and cold rooms for whiskey.

There you go. Well, that that would be good for me. So, alrighty. Let’s, let’s go around there. Let’s go to Kyle. Kyle, any anything to add on this?

No. I I like the deal.

I I really like the deal. I like the growth on it. And one thing to add, I wasn’t there for the training on Monday.

But I love when people talk about the return in a presentation because it means you’re thinking about it. You know, as you know, I’m a professional investor. I hate to ask the question of people of how do I make money, because, you know, you’re focused on building a business, and it just comes across kinda like all I care about is is how I’m making money, but that’s true for most investors. So the fact that you lay it out and understand that investors are looking for that, is is really fantastic. And And and I like the deal. I like the growth. I like the price.

Great. Thank you, Kyle. Mark Adams?

Yeah. I like the deal too. I think, what’s not to like? Of course, it’s all, you know, very top level numbers at the moment, but for me, it stacks up at, at the price they’re asking for just with the existing revenue. But so when you’re putting in another shift and you’re looking for growth rates of fifteen percent, which I think could be modest just based on you know, I I don’t have anything other than got to it based on, but fifteen percent seems conservative with the capacity that you could introduce.

There is no reason at all not to go ahead with this and see if you can get across the line. It’s a great deal.

Perfect. Thank you, Mark.

Nice presentation, guys. Really well put together.

Thank you.

Yeah. Absolutely agree. David Gerolt?

Yeah. My my favorite thing about this deal is the, legal, financial, and operations advisory team that they’re hiring to help them get across the line.

Best part of David.

Yeah. Well, there you go. There you go. One hundred percent.

Yeah.

So But no.

No. I really like this deal. I I I I know the space from the other side. I’ve been in in refrigerated food product distribution and in in, yeah, built built a couple of cold storage plants, and things like that. So, I I think it’s a it’s a great space. It it’s it’s it’s very niche.

But to their point, yeah, it it it’s kind of Carl, I would call it mass customization, really. You know? It it’s not really bespoke pieces. It’s taking all of the the component pieces that they use and then assembling the Legos to build different you know?

Yeah. Yeah. I mean, you you you you can build the x wing fighter or the Excalibur castle with with the Legos. It’s just a matter of how you snap them together.

So I I think it has really, really, interesting, opportunity, and then I think it’s an interesting opportunity to expand it.

We we talked a a little bit about, maybe offshoring some of the manufacturing, as well, to get the cost down and and to to centralize. I I would say if there’s anything I don’t love about the business, it’s it’s the West Coast location in terms of access to the market.

Eighty percent of the population of North America lives east of the Rocky Mountains.

And so, I I think an opportunity for growth is is is maybe moving that manufacturing footprint where where the logistics of delivering these pieces, to the market is more more attractive. But but other than that, I love it.

Okay. Thank you. Jim Helms?

Yeah.

I don’t I don’t have a lot to add except I wanted to point out one thing on one of the early, slides that that, he showed where they had a, a recruiting program with a second chance program.

And that’s just one unique piece on attracting the labor pool, and I thought that might help a lot of other proteges as well to get creative with stuff like that. There’s some pros and cons to that, but that could be a great source.

And the second David’s, comment about relocation, labor costs would be a lot cheaper outside of California, but I love the deal. And you guys did an amazing job on a presentation, man.

I’d like to Thank you.

Awesome. Awesome. That’s how to do it, guys. That’s how to do it. So you’re you’re I think you’re up there, with, Jason Vora as the king the king of these pitches.

And it’s the first pitch I’ve seen to forecast out. Obviously, it’s the first call since Monday. Forecast out revenue margins, IRR, and cash on cash returns. So, yeah, you’ve set the bar now.

I wanna see that on every deal, guys. If if you’re raising equity, you gotta put that in. Kyle told you he’s a professional investor.

He hates asking for that, which is why we did the training. So, so, yeah, good for that. Alright. Let’s go to, let’s go to Lydia. Lydia, what are your thoughts?

First of all, great presentation.

Amazing team. Actually have a lot of confidence, guys, that you can definitely take it to where you are projecting it. So I think, you know, anybody, on the investor side, I think they’ll be all over. It’s so much opportunity for growth, and I personally think it’s a great business for for the for the price that, it’s going for.

So it’s a huge green light for me.

Just kinda piggyback on what David said, in in your slides, it says there is a relocation opportunity.

So I’m in Texas. It’s really hot here, like, for nine months.

San Francisco is not so much. Right? And, it’s a big state. A lot of people who needs who need jobs here. I feel like if you were to, possibly replicate what’s already been established and you do have a manufacturing guru on staff, if you were to bring it down to where refrigeration needs is locally in high demand, I think you will just blow it out of water. So good luck, guys.

Thank you. And and and to that point, what we’re looking at is they do ship refrigeration units all throughout fifty states. They’ve serviced Alaska, Hawaii, New York, Florida, and they have a very large customer concentration in some of these states. And I think what we’re looking at is for secondary bolt on acquisition, identifying those markets where it makes sense to add a manufacturing or servicing company based on existing customers. That way, it we’re building on top of what they build. So thank you for that.

But if you’re also in the epicenter of, high demand, you know, you can you can pay quite a bit on the shipping cost Agree.

And and, delivery time. So you you’ll you’ll turn around much faster.

Okay. Thank you.

That’s the bright future.

Oh, yeah.

Thank you, guys. Last but not least, let’s go to Ayaz Hamid. Ayaz, you got a question or a thought or a comment?

Thanks, Carl. Great deal. Luis, I just had a quick question on the, on the supply chain. Any have you had any conversations with the with the suppliers? Any bottlenecks that you perceive there in terms of the manufacturing process?

Yeah. Good question. We did have a conversation with that, with these sellers about that. All of their product is they have a a location that so there’s the refrigeration unit’s based on the use case of for extreme temperature, they have specialized foam, and their distributor’s in San Diego.

For average applications, they use regular two by fours, male and female couplings on the two by fours, and their distributor is in Northern California. So all the materials and everything that they get, even from the metal parts, everything’s locally sourced within California within a fifty mile radius, excluding the San Diego specialized phone that they create.

Perfect.

Alright. Thank you for that. Alright, guys. We are we are done. We got a few minutes left, though.

So what I want you to do I like to do this when we have a few minutes. It’s just, just type into the chat what’s your single biggest takeaway from today’s call. What’s the biggest moment you’ve got? What’s the biggest thing you’ve learned?

What’s the thing that impressed you the most about this call? Just type them into the chat. I just wanna make sure you’re all listening. I know you are.

But, but, yeah, if you, if if if you type in the single biggest thing, that that was your takeaway from today’s call, it’ll stay with you. Right? So if we do that fifty times a year, all these things that you’re picking up on these calls are really gonna get get dialed into your brain. So Stephanie, Patterson, make sure to include projections.

Salvador was about, you know, having a great team running these deals.

Chris Clements, transformation of pick deck with investor presentations.

Same for Laura.

Adam Shelton, staffing information from Jim Helms, always add forecasting. Mark, and Burger, great communication.

Erin Gray about the investor counts and forecast.

Jim Helms, sometimes protege to implement what is taught. Yep. Jim, good to see that.

A lot of people talking about pitch decks.

Andre Fish paying attention to sellers’ motivation.

Fally, Wackwe, conversation regarding labor shortage services sector.

Gary Lennon having a great team, cements the confidence themselves that legacy is safe.

Ashley Pete, make sure you highlight what’s in it for the investor.

Investor projections.

Jared Smith, plan for increasing and taking care of your talent.

Ben DuBois, detailed numbers and a vision. Omar Brown, investor projections.

Coaching future, eighty percent of the US lives each. The rock is Erin Gray. You’re right. I didn’t know that.

I I was like, wow. That’s crazy. But it’s you think about it. It’s it’s true.

Right?

Loads of stuff. Judas Hsu numbers, cash flow, seller psychology, develop the team investor returns.

Pretty common things there.

Yeah. The forecast makes an investor’s life easier, Robert Opara. Thank you for that. You’re absolutely right.

And, yeah, most people were three two one, or three one two. So that’s great. I think nobody, nobody disputes deal three was the deal of the week. It was.

Congrats, guys. Mark Adams, this community helping each other is fabulous. Thank you, Mark.

So lots of great comments on there. Appreciate you guys. Well, that’s it, guys.

Appreciate everybody coming on the call today. So thank you very, very much to Kevin Gabriel for his medical, regenerative medicine roll up. Kurt, Guttermundson, albeit it was a a phenomenal deal. It was a bit overpriced in the pool space. A massive congrats to Lewis and, and the team for putting together such a great presentation, on the commercial refrigeration space. So thank you to all you guys, and then thank you to to Kyle and to Jeremy and to Mark and to Lydia and to Ayaz and to Jim Helms and David Gerolt for contributing to the questions and the analysis.

Really appreciate you guys, and I get, you know, to some of the questions or comments that we’ve had in the chat, I think it really dials in the power and the value of this community that we can all come together every week and really help each other, on these deals. So thanks to everybody. Have a great rest of your Thursday.

I think I’m doing foundation call tomorrow.

Chris was supposed to do it last week but he got tied up so appreciate Jim and David, Joel and Joshua taking the lead last week but I think I’m back on tomorrow. So I’m looking forward to that. Have a great rest of your Thursday, guys, and I will see you tomorrow. Until then, bye for now.