Buying Businesses, Future of eCommerce and Importance of SEO | Joshua Marsden DSH #260

Like, what's your whole philosophy when you go into whether you're going to buy a company or not?

I mean, it just has to be an established, successful, profitable e-comm company

with zero red flags,

very little yellow flags.

So you mentioned yellow and red flags.

What are some things that really turn you off from buying a business?

If it has a lot of debt, we won't consider it.

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And here's the episode.

Welcome back, guys, to the show.

Got a great guest for you guys today in the e-commerce DTC space, Joshua or Josh Marsden.

How's it going, man?

Pretty good.

Thanks for having me.

Absolutely, man.

So I come from the e-comm world, so I might nerd out a little here.

I'm pretty excited.

I think what you're doing is very, is a very good business model.

Yeah.

I think when you start getting into acquisitions, that's how you get to that eight to nine figure level.

Totally.

Yeah.

100%, man.

It's been like huge just for the, you know, what we've done over the last 10 years.

Like, I've been in business since 2013.

I was running an agency up until early 2022.

Ever since we transitioned to the e-comm aggregate model, our business has just been growing and scaling like crazy.

I mean, by the end of the year, we're going to be at like 20 million annually.

Amazing.

And you see guys like Hormozi and Cody Sanchez doing similar models.

Yep.

And that's how you know you're onto something.

Yeah.

Yeah, I truly feel like that that's where wealth is built is in owning assets and then exiting those assets.

Absolutely.

Because it's easy to get to the seven figure level on your own.

But once you want to hit that eight, nine figure level, I feel like that's when you got to start buying, buying businesses.

Totally.

Yep.

So what have been sort of

like, what's your whole philosophy when you go into whether you're going to buy a company or not?

I mean, it just has to be an established, successful, profitable e-comm company

with zero red flags,

very little yellow flags.

We have a, a rigorous process that we go through to review a business before we actually make an offer on it.

We want to make sure that it has a working marketing strategy.

It's turnkey, it's scalable on the back end with its supply chain and its fulfillment processes.

And we also have to see plenty of opportunity to be able to step in and scale what's currently working and also adding additional strategies into the business as well.

That's why we can take it to the next level very fast.

Right.

So you mentioned yellow and red flags.

What are some things that really turn you off from buying a business?

Yeah, if a business has, for example, if it's coming in cold,

we're not buying it.

Oh, yeah.

Yeah.

If it's cold, if it hasn't made any sales or very little sales over the last few months, we won't even consider it.

If it has a lot of debt, we won't consider it.

If it has a little debt, we might consider it.

Those are some of the red flags that typically cause us to walk away from a potential acquisition.

Do you want it cash flowing heavy?

Yep.

You want sustainable advertising techniques?

Because sometimes when they rely just on one one channel, it's a red flag, right?

Well, I mean, you know, not necessarily.

I mean, we because we can add additional channels to it, and we can typically scale some of the more popular channels very fast just because we have the team to do so.

Right.

So, I mean, if we buy a business that is based on Facebook, Instagram ads, for example, but they're only spending like $50,000 a month, it's still a good business for us because we can scale it up to $100,000 plus very quickly.

Right.

Interesting.

And in terms of margins, what margins do you like to see the company making?

I mean, you know, I think with physical product e-commerce, you really don't have a whole lot of wiggle room when it comes to that.

You know, you're typically looking at 15 to 25%.

That's the thing with e-commerce.

It's low margin, right?

So you kind of have to play the volume game almost.

You do.

So why do you just look at e-commerce?

Do you want to branch off the fund or do you want to stick with e-comm mainly?

Our strategy right now and the connections we have in the industry to do big M ⁇ A deals, because our big, hairy, audacious goal is to generate a portfolio of businesses that are doing $100 million annually.

This way we could package them and then go sell them to private equity and do like a $300 million plus exit.

And we're on track to do that by the end of 2025.

Wow.

Yeah.

That's awesome.

So we're just sticking to physical product e-commerce because that's what we've been talking about.

That's what we know we need to, you know, put together in order to accomplish that big exit goal.

That's what you know best, too.

That's where you come from with the agency world.

Right.

So in order to attract private equity investors, do you have to hit that $100 million a year revenue?

I mean, we've been told that.

We've actually been been told that we can talk to private equity with a smaller portfolio that's doing less than that.

But if we want to hit the big

multiplier, we need to get 100 million annually in a portfolio.

So we're just focused on that.

That's cool.

So how many?

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How many businesses have you bought so far?

So far, we've bought 13.

Nice.

We've shed a few.

We don't have that many now.

You know, when we started back in early 2022 in the acquisition game, we were buying businesses where they're on on cash.

We were buying much smaller businesses versus now.

And so

we've learned a lot along the way.

And we definitely have followed

the typical entrepreneur route of making mistakes and learning as we go and applying those lessons as fast as possible.

So this way we can get better and better as fast as possible.

And now we're buying businesses worth one to five million, but early on we were buying much smaller businesses.

Some of those businesses just didn't make it.

Yeah.

So you're more focused on quality now.

Yeah.

The numbers are whatever, but you want quality businesses.

Do you care how long they've been around?

Yeah.

I mean, we want to buy businesses that have tenure.

We don't have necessarily a minimum requirement, but at least I'd say two years.

Okay.

So out of the 13 you bought, how many would you say have worked out so far?

So far, we've had nine.

Oh,

yeah.

Yeah.

We've only shed a few.

Yeah.

You know, you know, over the last 18 months.

So, I mean, we've, we've done a great job with the businesses we have.

And the thing is, is that even when we've shed businesses, we've learned so much along the way that we've been able to just improve our acquisition process

or improve our marketing processes, even.

So, I mean, it's, you know, it's been a great journey so far in the aggregator game.

And there's been tons of lessons we've learned along the way.

Yeah, that's cool to see that even if it didn't work out, you still take the lessons and turn it into a win.

Yeah.

Most people would write it off and whatever.

But

have you noticed any commonalities of these businesses?

Like, is it mainly the CEO or like why do you think the ones you're buying are so successful?

You know, it just has to do with the fact that they have good marketing campaigns running right now,

usually using like digital advertising channels.

And that just gives us a big opportunity to be able to step in and then scale them further just because we have a team that's done over 650 million in direct marketing over the last two decades.

Yeah, so I've really built a rock seller team and we're continuing to build the team even.

Like I'm currently in the process of expanding my executive team and we're going to bring in some heavy hitters to really look good on paper and help us scale to the next level because we want to hit that 100 million annual goal by third quarter next year in 2024.

And then we hold for about 12 months and then we can go exit in late 2025 for a big $300 million plus exit.

Yeah.

Yeah.

So you've overcame that issue that most people face, which is when they acquire a business, the business is the the founder,

but you're able to acquire them and you have such a good team that they could just carry on the revenue.

Yeah.

So do you do you not bring the founder with the business usually?

Typically, no, but we typically want to buy the entire business.

Yeah.

But there are some cases where we see potential of buying a majority share of a business and keeping an owner on.

We have a few businesses like that right now.

But we do prefer to buy an entire business just because working with partners sometimes can have a lot of friction no matter how good you are at playing the team game.

You know, sometimes you have no idea if the other person is good at playing the team game or not.

Right.

And there's risk.

It's a risk.

Yeah.

And so we want to minimize that.

And so we try to buy as many businesses as possible 100% versus just buying majority shares.

That makes sense.

And how much does the industry matter?

Like, do you have a wide range of product offerings?

Yeah, I mean, we do have a wide range.

However, we are really focused on health and beauty

mainly.

When we're looking at new acquisitions, we just want those acquisitions to really relate to our portfolio on some level because then we have that cross-business, cross-marketing potential.

Plus, we could package them very easily.

And so that's very attractive when we're going to sell to private equity.

Yeah.

Yep.

So you said you don't do any cold deals.

So how are you sourcing these deals at the moment?

Yeah.

I mean, as of right now, we have some excellent relationships in the M ⁇ A space.

Plus, we do look at businesses on some of the common marketplaces like Flippa.

And we have just plenty of deal flow right now.

Right.

Wow.

So that's not an issue.

No.

Deal flow is not an issue.

Deal flow is definitely not an issue.

No, we

and we're getting better and better at just making sure that we're scrutinizing opportunities, that we're not rushing into buying opportunities, that we're getting the best deals possible on these opportunities.

Like I just, for example, just brought in a

like a heavy hitter that really knows the acquisition space who's heading my acquisition department.

And he's just doing a rock-solid job of just making sure that He's playing the poker game well when it comes to acquisitions, making sure that we're getting really good deals and really good businesses.

And then I've got a lot of great people too in my corner, J.B.

Brown, Los Hustle, Josh Snow,

a bunch of others as well that are really like facilitating that we get good deals as well.

Instead of us looking at random businesses like on Flippa, for example, and then ending up buying a bad business,

we're getting fed really good businesses right now.

Yeah.

I feel like for the most part, if it's on Flippa, I don't want to throw anyone under the bus, but if it's on there, it's probably not the best quality deal.

Yeah, I mean, it depends.

I mean, you know, it's it's a marketplace.

Yeah.

People are on there trying to get the best deal they can possibly get.

Right.

They're shopping around.

Right, right.

So you're competing.

You know, it's a bit of a red ocean.

You can still get a good deal there, but you're definitely going to have to compete more and you're not going to get the best deal there.

That makes sense.

Yeah.

So, I mean, it's definitely better to go outside of Flippa or to create your own deal flow.

Are you conducting competitor analysis when you're looking to buy a company, seeing what the revenue is of their competitors?

Yeah, Yeah, we are.

We go really deep on that after we commit to buying because that's when we want to put our own operations on it.

We don't want to waste our time just yet for that.

But we have a whole extensive marketing performance diagnosis process where we look at an entire market, all the competition, all the ads are running, all the SEO they're doing, et cetera.

And we derive a plan out of that for the business that we're buying.

Nice.

Man, this seems really calculated, man.

Got to give it to you.

And it sounds like hiring has been a big,

you know, big part of this.

Yeah, it has to be.

I mean, this is a big goal.

You have to have really good people on your bench.

Yeah.

You know, you can't

cut, you know,

you can't cut corners.

You have to really hire like the right people.

And, you know, I've really been focused on hiring the right people and bringing in the right people for the different positions, especially the higher-level positions.

And that's my strategy moving forward, too.

I mean, my goal, my dream on this has always been to build like a NBA dream team.

Like, I'm a big basketball fan.

I grew up a basketball fan.

What's your team?

Sons.

Oh, okay.

That makes sense.

Yeah, Arizona.

Yeah, yeah.

And my favorite player of all time was like Michael Jordan or Kobe Bryant.

I thought you were going to say Barkley.

No, I like Barkley.

I actually met Barkley when I was 14.

I didn't smile during the photo at all.

Why didn't you smile?

I don't know, man.

I just

had like such a serious demeanor, and I was tired that day, too.

And I have this very pitiful photo with him.

We'll throw it up there on the screen for people to see.

I know you should.

We'll get lots of laughs.

Man.

But going back, I forgot what I even asked now.

I'm such an NBA geek.

Got off topic.

Oh, that's cool, man.

I was trying to say that my vision has always been to build a dream team of like marketers and e-com professionals.

And so, you know, I'm really like trying to hire people and bring people into the vision that are passionate about the vision, for one, obviously,

but have extensive experience.

Like I've got, for example, on my staff is the former lead copywriter for Russell Brunson, who's done over 400 million in copy sales, which is completely believable just off of Russell Brunson alone.

But he's also worked with GKIC and a number of other clients over the years as well.

And then I've got other senior team members that have extensive experience, extensive background as well.

And that's what I'm looking for.

I'm looking for people that really bring a lot of intelligence capital to the game.

This way we could stack the deck in our favor and we can get this thing done.

Yeah.

I think hiring is that one thing people overlook, but it's so impactful.

Oh, yeah.

Yeah.

And I've seen Hormozy talk about the importance of it.

And it's really got me thinking, I need to step it up for sure.

Yep.

Are you implementing AI anywhere in this business?

Yeah, for sure.

You know, I've got some great guys like Carl, who you just met, one of my senior team members.

You know, he's just on top of AI,

even more so than me.

I mean, I'm on top of it, but he's really on top of it.

We're right now in the midst of implementing AI across the board.

I recently actually just went through something that I heard from Hormozzi, actually.

So Hormozy challenged his team to research AI's applications to their jobs and how it's going to push them out of their jobs.

And then his team came back and gave him a number of like you know AI research basically because of that.

And the ones that didn't, he knew that they weren't going to make it.

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And so I did the same thing with my team recently, and they all presented AI's applications to their individual roles.

And now we're in the process of implementing all that stuff into the company as well.

That's insane.

It's cool to see you embracing it because some business owners are against it or they're scared of it or something.

Yeah, you can't be.

You know, I mean, the thing is that you have to adapt, adapt or die.

And AI is not going anywhere.

It's only going to, you know, just spread like wildfire.

You've got to be able to use that tool effectively.

Otherwise, you could be out of business.

Yeah, man.

You've really got it, especially in your industry.

I remember the Facebook iOS update.

Businesses just got shut down overnight, basically.

That relied on just Facebook.

Oh, I know.

Yeah.

Was that a scary moment for you?

Oh, yeah, of course.

Yeah.

Back then, I was running an agency.

And

we had retainers, but we were also paid for performance.

And

we had to stay on top of that.

We had to figure out how to navigate those waters as effectively as possible in order to still deliver an impact.

And yeah, it was challenging.

But luckily, I've got great connections and I'm also on top of trends and tools and things you can do to be able to stay ahead of challenges like that.

And at the time, we figured out very quickly how to overcome some of those challenges with different reporting tools or setting up Shopify conversion API, for example,

setting up through Zapier, offline conversion tracking as well that we could push back into Facebook.

There's just the different techniques that we were implementing right away.

So this way we can solve that problem very quickly.

That's cool because a lot of people got wiped out.

The ROIs looked low, but it was really just a reporting issue.

It was.

I wasn't being tracked.

Yep.

Has anyone done what you're trying to pull off?

Like they've acquired a bunch of businesses in the e-comm space and sold it?

Yeah, I mean,

I don't know if anybody's necessarily done the big exits.

I haven't done enough research on that.

I don't want to talk out of my,

but there's definitely been a lot of e-comm aggregators that have, you know, obviously bought portfolios of businesses.

Like I've been in those rooms over the last year.

Uh Fortilla Group is a a company that's been putting together e-comm aggregator events, for example.

Okay.

And I went I just I was just in the UK literally a week and a half ago.

Nice.

And I went to that event and then I went to the one in New York City maybe six months ago as well.

And so there's definitely companies out there that are you know building portfolios of good e-comm businesses that are looking to either take that entire business public or they're looking to package them and sell them to private equity like I'm doing.

That's cool.

I've seen it on Amazon.

People buying Amazon businesses, but you're the first one I've seen on the Shopify side.

Yeah.

That's cool.

What platforms on average over the nine companies you have have you been seeing good ROI results on?

Is it TikTok, Facebook, YouTube?

Facebook, Facebook still.

Yeah, mainly.

So not TikTok?

No, not TikTok.

We haven't seen a whole lot of effectiveness there.

We're still...

still cracking that, I'd say, at this point.

Google Ads, we've seen some good success with two,

at a smaller degree versus Facebook, Instagram, but mostly it's been Facebook, Instagram.

And what about average order value?

Do you care about that at all?

I know that was a big thing in the past, but.

Yeah, I mean, generally speaking, you know, you do want to have obviously a very substantial average order value.

Closer to $100

is ideal.

Yeah.

But it also is depending on the market that you're in, too.

If you're in a low competition market, then you can get away with a lower AOV in a business because it's lower CPAs.

Right.

Right.

But if you're in a higher competition market, then you definitely need to optimize significantly for a very strong AOV.

So it just depends on the market.

Yeah.

Which metrics would you say are like the most important for you when you're evaluating a business?

You know, historical ROAS, that's a big one.

Like, for example,

either today or tomorrow, we're closing on a business that has done 410% ROAS over the last 12 months.

Whoa.

Yeah.

Really high.

Right.

Right.

And

we you know, feel very confident in being able to scale it further, even.

And so we're always looking for businesses that have good historical data, good historical marketing performance like that, because that just shows that we've got a big opportunity to step in and continue to scale that business very fast, especially with the support of our, you know, we also have investors in a lot of our businesses.

And part of the value proposition there is that they're bringing in lines of credit, which allows us to really stretch the financial flexibility of each company.

Because most e-comm companies are limited by ad spend and inventory because they're only using their own cash flow.

Right.

And they might have maybe one line of credit.

They're capped.

But we're bringing in like maybe 10 investors in a company and each of them have to provide at least a 25K line of credit.

So now we have access to $250,000,

which is huge.

As long as we can

get the same marketing performance or better, then we can scale these companies very fast.

And that's why we're very confident when we buy a business and we apply my RM5 formula that we can scale a company to eight, nine figures within two to three years or less because of all that.

That's awesome.

To be able to have that power and then, because you don't have to be that guy at the beginning stages where you don't know if the product's going to work or not.

You come in after they're already proven it and take it to the next level with your team.

Q4 must be a good time for you.

I'm excited.

Yeah, we've got a big meeting later this week.

Me and some senior team members, we're going to really just make sure we're locked in for our BFCM strategy, you know, Black Friday, Cyber Monday,

just because, you know, that's a big opportunity.

Fourth quarter and fifth quarter, you know, fifth quarter, Black Friday to early January.

Okay.

Yeah, it's a time to really hit, you know, number one.

Is that a new thing?

Yeah, there's articles about fifth quarter in e-comm.

Yeah.

Yeah.

Yeah.

I remember when I was in e-comm, those are the best days, man.

Cracked a couple six-figure days, which at the time for me was a lot.

Yeah.

Yeah.

That's cool.

Stayed up the whole day.

Yeah.

That's what you were about.

Good memories, right?

Yeah, good memories.

My mom's basement.

basement.

That's awesome.

Yeah.

So after you pull off this exit, which I'm sure you'll do, what's that next step?

You're going to retire?

Well, we want to do two of them for one, not just one.

We want to do two of them.

And we want to do two of them in the next four years, ideally.

Maybe five.

We might stretch it to five.

But, you know, my personal goal is to...

really reduce the time I work, spend more time with my baby girl, who is six months old as of this past Saturday.

That's awesome.

And travel the world a little bit, let her see different places and experience different cultures and different people, at least for like a year or two.

And then after that, you know, we'll probably settle down and let her, you know, go into a school system.

Okay.

You know,

I don't know.

You know, we'll see.

You know, there's benefits to both.

Yeah.

It just depends on where we're at.

But I've got like a whole list of things that I want to

really try in my lifetime.

And so

my vision for myself has always been to kind of semi-retire at 45

and be able to really try different things that I've wanted to do for a very long time.

So, I mean, I don't think business will ever end for me just because it's part of my DNA at this point.

But I definitely see myself like really diving into things that will surprise a lot of people that I'm doing.

That's cool, man.

Traveling for a year straight.

That sounds epic.

Yeah.

Any like plans are you just going to go like month by month?

Probably like month by month or, you know, the biggest thing for me is that I just want to experience cultures.

Yeah.

You know, and so I want to go live in New York City for like two months, three months and really experience it for a little bit.

Or I want to go to, you know, different countries outside of the United States and experience those cultures as well.

Like that's why I want to travel so I could really experience like different cultures and different people and really get in there for a little bit, not just like a quick week and then leave.

Yeah.

Something powerful about traveling and embracing different perspectives and cultures, man.

Yeah.

Like it really, really motivates me, actually.

Whenever I travel, like I come back even more motivated.

Something about it.

Yeah, for sure, man.

Yeah.

You haven't done much up to date or traveling?

No, I've traveled quite a bit.

I traveled a lot more when I was single.

Okay.

But now that I'm not single, I'm more of a family man.

I mean, I still travel quite a bit.

I was just in the UK, as I mentioned, like a week ago.

How was that?

I've never been there.

That was the second time I went.

The second time, it was awesome.

I mean, the weather was a lot better.

Last time I went was December of of 2019 and

it was rainy.

It was wet.

It was cloudy.

It was dark.

But this time there was actually a lot of sun.

Nice.

And I got to experience better weather.

But yeah, I love traveling, man.

I've been to Chile.

I've been to Brazil.

I've been to the UK.

You know, I've been to Canada.

I need to travel more.

But yeah, I just love spreading my wings and just experiencing different places.

Absolutely.

Which ones stand out to you the most?

Like really memorable trips?

Whoo,

all of them.

Yeah.

Yeah, all of them.

There was always something that came out of every single one.

That's cool.

You know, like when I went to Chile, you know, just meeting some of the Chilean locals, and they were just so hospitable, even though they couldn't speak the same language and just making friends with people.

Or, you know, snowboarding in Portillo, you know, in Chile, you know, during that time, or partying, you know, right next to Portillo at this little bar that's the only bar next to Portillo where all the locals, after they're done working at Portillo, they go to there and they eat and they they drink and they have a good time, you know, and everybody's having a good time.

You know, Brazil,

same thing.

You know, I remember

I went there for business meeting some team members or a team member, I should say.

And when I was there, I really made the best of it.

As soon as I landed, I went on this long jog and I just, I hiked up a mountain, trail ran up a mountain.

I was probably the craziest looking white boy running up that mountain.

And all these locals were like, who, what is this guy doing running up the mountain like this with his shirt off?

When it's cold outside, too.

It was like probably like 60, 70 degrees.

It was foggy as well.

And then I remember when I was like

jogging down, I was jogging through like the town, and

there was some high-security areas.

It was kind of scary

with people, people with guns and rifles, too.

And I was like, I don't want to get shot as I'm running by these, you know, these places.

And I, you know, but I was able to make it back to like my hotel, and everything was fine.

And then I, and then that weekend, too, when I was there in Rio,

I looked up top 10 places to go out in Rio.

And I was like, okay, I'm going to go to this place.

And I just randomly went to that place.

And

I'm in line and everybody's speaking Portuguese, you know, because it's Brazil.

And obviously I don't speak Portuguese.

And

I'm just a fish out of water the entire time.

And I go into this, you know, this bar club, you know.

And

then finally, like, someone picks up that I'm American and he speaks English, even though he's Brazilian.

He went to school in Houston, so he knew English.

And so I made a friend and he and then and then that led to us hanging out with like a whole group of Brazilians.

Wow.

And they couldn't speak English, but they were like, you know, American and they were just partying with me and having a good time with me.

And we were just, you know,

just having a good time that night.

You know, just, I'm just, you know, those are examples of like when you go to travel and you meet different people, it's just good things come out of it.

Great memories come out of it.

And, you know, that's why I love doing it.

Lifelong memories, man.

I've got to ask this because I love sea bass.

How was the Chilean sea bass in Chile?

I don't think I had it.

You serious?

I would have been the first.

Actually, I was very disappointed with the food in Chile.

Really?

Yeah.

Like, I ordered a burger and it wasn't great.

And then the rest of the food wasn't really that good either.

Okay.

Like, I never experienced unique Chilean food.

Yeah, they're known for that Chilean sea bass.

It's at like every steakhouse.

Yeah, yeah.

No, I never heard it would have been known there.

Yeah, I never experienced that food wise which places are like wow that was a great meal um

you know probably um

i mean the uk has the uk so i you know i've spent a lot of time in london in the two uk trips i've had and um and london's like new york city where there's just tons of restaurants tons of options and the food is always good always no matter where you go nice um doesn't matter what type of food you get either um i love an english breakfast okay english breakfast is it's a lot.

That's in London?

Yeah.

And they give you like beans, they give you

Canadian bacon, they give you eggs, they give you like some sort of like mushrooms, tomato.

It's good.

Yeah.

And I guess it comes from

miners.

Like when they used to feed the miners, they would go mine in the caves.

They would really feed them and make sure they're fueled for the day so this way they can get a good you know a good amount of work in.

Wow.

And so that's the history behind an English breakfast.

Brazil was awesome too.

I mean, Brazil had just tons of meats, tons of breads.

Yeah.

It's not good for your diet,

but it was really good food.

Yeah.

I got to say, like, because I've traveled to 15 countries or so, and American food, I mean, it's not that special when you start ranking it to other cultures.

Yeah.

You know what I mean?

True.

And like our good food that we're known for here is like from other countries.

Right.

So right.

Something to keep in mind.

Yep.

But man, what's up next for you?

And where can people find you?

Yeah.

Well, you know, next is just continuing the good fight, you know, continuing to build a portfolio.

Like I said, I think during this interview, by the end of the year, we're on track to have 20 million annually in our portfolio through acquisitions that we already have lined up and new acquisitions that I've yet to find out about that we'll have soon.

And we're just going to keep driving.

And just by the end of next year, we'll have that 100 million annual.

portfolio, you know,

roll up of e-comm businesses ready.

And we'll just continue to manage them and scale them.

And then this way, we can exit at the end of 2025 for our first exit.

And then the second exit, hopefully, will be in 2026.

Dude, love it, man.

We'll have to do a part two when you're at 100 mil.

Sounds good.

Let's do it, man.

Thanks for coming on.

Yeah, thanks for having me.

Yeah, thanks for watching, guys.

Great episode, and I'll see you next time.