S4E3 – Bob Bernotas – How to earn $1.7 million with a non-food franchise

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Key Timecodes

• (00:51) – Show intro and background history
• (02:30) – Deeper into his background history
• (06:09) – How to achieve financial independence
• (07:52) – Deeper into his business numbers
• (10:53) – Understanding the timeline to get revenue with his business model
• (16:49) – Deeper into his business model and strategies
• (20:24) – A bit about his educational and consultant activities
• (23:27) – Understanding the “semi-passive” income concept
• (26:05) – What is the first step to get started with a franchise
• (27:46) – What is the worst advice he ever received
• (28:15) – What is the best advice he ever received
• (29:30) – Guest contacts

Transcription

[00:00:00.000] – Intro

Hey this is Sean Tepper, the host of Payback Time, an approachable and transparent podcast in building businesses, increasing wealth, and achieving financial freedom. I’d like to bring on guests to hear authentic stories while giving you actionable takeaways you can use today. Let’s go.

[00:00:16.770] – Sean

Are you looking to escape the 9:00 to 5:00, but don’t have a good place to start? That’s okay. My next guest is a non-food franchise and consultant who helps people get out of the rat race and get into a proven business model that can generate some serious revenue. So in this episode, my next guest breaks down three different non-food franchise business models, one of which can generate approximately about 1.7 million a year in revenue with about 600,000 in profit. So if you’re looking to become an entrepreneur, control your own schedule, and make some serious cash, this episode is for you. Please welcome Bob Bernotas. Bob, welcome to the show.

[00:00:52.330] – Bob

thank you, Sean. Great to be here.

[00:00:54.870] – Sean

Yeah, thanks for joining me. So why don’t you kick us off and tell us about your background?

[00:00:58.680] – Bob

Oh, my goodness. College athletes, unfulfilled college career, got injured, and so I wanted to make my mark some other way. Corporate America lasted all of four years in corporate America before they threw me out. And then it’s been entrepreneurialism ever since. My first franchise I broke into in December of 1986 back in the video industry. Of course, you know what happened to that industry. Fortunately, I got out at a decent time, so I didn’t take too much of a beating. But my first unit that I opened with a brand called West Coast Video, they preceded Blockbuster Video. Just purely fortunate to get the right location. And that unit rocketed and was the top unit in the chain that January of 1987, allowing me to move on and develop multiple units of that concept. But yeah, my whole background has been in franchise. I’ve owned several franchise concepts and multiple units with each of those. I was CEO of a national chain, which was in the tanning industry and been still a franchisee at this point. I’ve been consulting for a couple of decades. Over the course of the last half dozen years or so, I morphed entirely into the franchisee side.

[00:02:20.480] – Bob

So I work with clients, candidates to help them find the right franchise concept. That’s primarily what I do now.

[00:02:29.010] – Sean

Got you. Thanks for the context and your background. Let’s just dive in a little bit here. College sports.

[00:02:34.680] – Bob

What did you play? I was a runner, 400, 800. I was recruited, I earned a D1 scholarship to Seton Hall University and got injured my sophomore year and tried to hang in there and I just couldn’t get past the injury. I kept trying to come back too early and eventually I gave it up and then transferred my last year of college to Westchester University and finished up there.

[00:03:04.140] – Sean

Okay, all right. Then you said you gave a shot at corporate America four years.

[00:03:09.090] – Bob

Yeah.

[00:03:09.630] – Sean

What were you doing?

[00:03:11.300] – Bob

Oh, my goodness. I did a little of everything, and either I got canned because I couldn’t keep my mouth shut or it just wasn’t for me and I walked away from it. I always just felt like I could do it better than others. I had this ego, which you get older and you start realizing you have to swallow that ego a bit. And I walked away from everything that I did in corporate America or I got canned from it, and ended up in franchising eventually. I first launched a small computer company, computer software hardware company, knew nothing about computers or software at that point. Back when Compac had a suitcase size portable with a screen about five inches in diameter. But in any event, got involved, like I said, in franchising in December of 1987, and that’s where they’ve been doing since.

[00:04:04.680] – Sean

Awesome. So the entrepreneurial journey was inevitable for you?

[00:04:08.380] – Bob

Yeah, it was. No doubt. It’s that or surrender.

[00:04:12.230] – Sean

Sure. So just to summarize, you had a computer-like business. I was thinking of these IT solution help desk franchises that you see all over, I shouldn’t say all over, but I remember you see one or two in a city. You were CEO of a tanning franchise. Which one was that?

[00:04:33.030] – Bob

It was called TANNworld. So I bought a West Coast video, I’m sorry, Hollywood TANN’s franchise, actually developed multiples of those at Five in the Maryland area. And then my partner and I, we saw an opportunity to acquire controlling interest of a company called TANWORL, a larger chain than what our holdings were. And so I had to sell my Hollywood Tans franchises, obviously can’t sold those. And then we bought controlling interest of TANWORL. I was the lucky one that was tasked with moving to… It would have been Sioux City, Iowa, next to a pig processing plant to be CEO and running the company. Wasn’t about to have that. So I moved to corporate headquarters to Omaha, Nebraska, and started building that company and ended up selling the company to a larger organization called SunTan City and full of this matter.

[00:05:27.900] – Sean

In four years. Nice. Yeah. How many franchise locations did Tanworld have?

[00:05:35.000] – Bob

About 100 at that time when we sold. Okay.

[00:05:37.540] – Sean

Can you share with us the acquisition?

[00:05:41.720] – Bob

No, unfortunately, I can’t. I’m actually under a disclosure on that. Yeah. Got it.

[00:05:48.920] – Sean

Okay. Sorry. No worries. I am that Suntan City you said? Yeah. I am familiar with that. I’ve seen that brand before. But yeah, 100 locations, build that up over four years. That’s awesome. Nice work there. Now let’s get into the consulting side. You help people. And I’ve got a lot of people that listen to this podcast that are working a full-time job. They’re thinking about ways to get out of the rat race, find ways to create passive income. And for the show, you were talking about semi passive opportunities. Let’s dive into. I love interviewing franchise consultants like yourself because we can dive into a few different examples. So maybe start with an example for us.

[00:06:34.800] – Bob

Sure. Well, how about if I start with an example, one that I just bought myself? Please. I had a client that I was working with who was local to me. And occasionally, like I mentioned, I invest in franchises as well. But this client was local to me. I started working with him and realized pretty quickly he did not have the capital to do it properly. He was right on the verge of maybe being able to afford a single unit. So I raised my hand. I trusted him as a potential operator on a semi-passive basis because he has a full-time job. And again, it was local. I liked the market that it was in, and I love the concept. So I ended up not only acquiring the franchise, but ended up buying six units. I brought a couple of other people in. So we formed a small investment group and acquired six units of this brand. The brand is a men’s health concept. It does TRT, testosterone replacement therapy, ED treatment, weight loss, and it does peptides for faster healing. All really hot concepts right now. And the unit economics on the concept isphenomenal. So I just felt I couldn’t pass on it and jumped in.

[00:07:51.680] – Sean

And we break down some of the numbers here. I know you can’t always give away the name of the franchise because we want our listeners to go through you, but entry price, what bank loan do you need to take out to start a business like this?

[00:08:06.760] – Bob

So that one is about, it’s actually really reasonable because it’s brick and mortar, but it’s not brick and mortar retail. It’s going into office space, specifically into medical parks. You’re looking at about 1,500 square feet is really all you need for this concept for maybe five treatment rooms. So you’re looking at an overall cost in their FTD, their items seven of their FTD is showing an overall cost of, I think it’s 224-389. So right in that 300K range to launch a unit.

[00:08:38.120] – Sean

And down payments, what do they recommend? About 20 %?

[00:08:42.970] – Bob

Yeah, typically, I mean, it depends upon the type of financing you’re going to do. But I’ve seen SBA go as low as 10 %, but in most cases, you’re talking about a 20 % down on that.

[00:08:54.420] – Sean

Got it. Are you able… It’s like the entry cost. Are you able to give us a range on what revenues may be per month or per year?

[00:09:01.370] – Bob

I can give you what their item 19 of their franchise disclosure document offers. And they’re showing unit revenue of 1.7, and they’re showing a net of in excess of 600K. There we go. That’s a unicorn. There’s not a lot of concepts I can show you like that. But if a client said to me, Bob, show me the best financial opportunities in franchising, that certainly would be one that I would show them.

[00:09:34.370] – Sean

Absolutely. Those numbers are fantastic. What headcount as far as staff are we talking about?

[00:09:40.420] – Bob

Five people. It’s a typical dock-in-a-box model. It requires a doctor on a part-time basis, typically 6, 8, 10 hours a month reviewing files, and you’re really operating on his license. So the doctor, an NP or PA, nurse practitioner, physician’s assistant type, a couple of a couple of levels down, medical assistants and a receptionist, and you’re up and running. So what we did is buying six units. Our plan is to open the first two units at the same time so we can share and have them within relative proximity of each other so we can share staff between them and let number one and two, the first two units open within a year, enough profit to potentially open number three, maybe to a year, year and a half. But then number one and two will really be cranking at that point because it’s a membership based model, reoccurring revenue. And men, if they get on testosterone, they’re never coming off. So it’s considered to be a very sticky. And plus then they have the other profit centers, which are more expensive and those are bought as packages. But once you have the client, then you can upsell them on the other services.

[00:10:53.640] – Sean

Can you give us a reasonable timeline to start generating revenue with the business? For example, let’s say somebody comes to you today and says, Hey, Bob, I just heard this opportunity talked about on payback time. I’m interested. You hit the go button. You probably go through the interview process and due diligence, but to then have that person pass all the tests and get through all the hoops to start making money, what timeline are we looking at? Is this like three months?

[00:11:21.120] – Bob

Yeah. When we start to process with a client, I mean, I’m typically working with a client anywhere from 8-15 weeks, depending upon the client. I mean, some in some cases it takes longer, in some cases it takes less. Once we complete that process and they land on the right franchise and they acquire the franchise, in the case of that particular concept, it’s not brick and mortar retail, so it’s not going to take 9, 12 months to open it. Probably five, six months is a reasonable time frame from the time they purchase.

[00:11:52.980] – Sean

Got it. Love this example. All right, so that’s example one. Let’s talk about another. Sure.

[00:12:00.540] – Bob

Let’s see. I’ve placed a lot of my clients over the course of the last two years into a concept. It is a B2C mainly service concept that falls in the home service category. It’s a gutter company. They install gutters. And I know that sounds perhaps below some people, but when you see the unit economics on this concept, it’s stellar. Everybody that I placed in that concept is doing exceptionally well. Unfortunately, a lot of countries already sold out with it because of the unit economics. But that company, and again, I’ll share some numbers with you, the top line numbers in their franchise disclosure document or item 19 are showing a 1.7 top line in a 25-30 % net.

[00:12:54.070] – Sean

Nice. That’s great.

[00:12:56.110] – Bob

On an investment that is typically sub 300K, right? Now, the beauty of those types of concepts when you’re talking about service, and you can have one location, maybe at a thousand square foot warehouse somewhere, a little bit of parking, but you can centrally locate that warehouse and buy multiple franchises. When you buy multiple franchises in that type of scenario, you’re just buying more dirt. So you don’t carry that same cost opening the number two and number three. You just scale into it over time by maybe adding another truck and eventually another truck or a trailer and some more personnel. So you don’t absorb the same amount of cost. If you got into something like a Crumble cookie, which I think everybody knows, or a Orange theory, you’re looking at $700,000, $900,000 to open. One, if you open multiples of a concept like that. Now you’re talking about some real money in the millions, and they’re not going to perform any better. So to me, those types of concepts don’t make a lot of sense. When I’m working with a client, I always seem to gravitate towards people that allow me to do the following, focus on ROI, earnings.

[00:14:07.300] – Bob

I don’t give a damn what the widget is, as long as it’s something that’s ethical, provides a valued service to the community. And nine out of 10 times it’s semi-passive because most of my clients, that’s what they’re looking for. Because if you don’t cross the first barrier and have success, financial success in your business, I don’t care how passionate you are about something. I can’t tell you how often people tell me I love my dog, I want to be in something pet related. Then I’ll gently ask them the question, Do you want to make money? If that’s not important to you, yeah, I can show you lots of pet concepts, but if making money is important to you, let’s maybe go in another direction.

[00:14:44.410] – Sean

Yeah, that’s good advice. Thanks for breaking down the numbers here in the gutter service. I was actually a customer of a company, had a gutter guard type product installed. So the leaves and all the junk doesn’t getevery year to have to pay somebody to get up on my house. And I’m horrible with heights. And the way my house is laid out in the front of the house is not two-story, it’s not two-storey, it’s three-storey because it’s above the garage. And it’s like, Nope, I’m not taking that fall. Let’s hire a professional.

[00:15:14.570] – Bob

Don’t blame you. I’m the same way with heights.

[00:15:17.420] – Sean

Yeah. So get it. That’s a great business model there. So far, I like this health and wellness field business because it’s got the reoccurring subscription membership, sticky, highly sticky. So far, that seems to be the winner. I don’t want to disregard the gutter service, which is still a good business model. Absolutely. Let’s dive into a third example.

[00:15:40.310] – Bob

Oh, my goodness. Well, and I’m going to stick with the service category. And I place a lot of people in that category for the reasons I’ve already laid out. But there’s another one that again, it wouldn’t be the sexiest brand in the world, but they do insulation, which is actually considered a green concept right now because there’s energy savings and there’s tax credits available. And that’s how actually they pitch it. But the unit economics, some if they don’t… I stop offering unit economics on this one other than to say they’re stellar, but most of the franchisees in the concept are one, two years old. Most of them are one year old. And the unit economics, the top line is over a million, and you’re looking at about a 30 % net. But those numbers will grow, continue to grow over time. And again, it’s a sub 300K concept. You get into it with everything you need with a little growth or expansion room by owning multiple territories.

[00:16:42.900] – Sean

That’s awesome. And I assume same thing you were probably about 20 % down?

[00:16:47.070] – Bob

Yeah, correct.

[00:16:48.240] – Sean

Those numbers are pretty advantageous. What I’m doing here is I’m taking a step back and looking at there’s people out there who are like, all right, I want to become a real estate investor. So I want to, let’s say, take out a loan on a $250,000 to $300,000 home. They’re doing the math there. Maybe they’re going to collect rent that’s between, let’s say, $1500 and $2,000 at most. But then you’re paying your property management company or paying your mortgage, you’re paying insurance, you’re that, done that. You’re talking a few hundred bucks for an entry. That’s the same. Your other option is go to you, open a franchise, and you can start generating some real money.

[00:17:25.810] – Bob

Oh, my goodness. You just nailed what I say to so many of my clients who are real estate investors, because the vast majority of my clients are in the market. A good percentage of them, probably 40, 50 % are real estate investors. And I have this conversation with them all the time. If you got in before COVID, just before COVID, fantastic. Happy for you. You had a run up on equity. Real estate is a long term play. You better be in it 15, 20 years, and it can be phenomenal if you are. But trying to manage multiple properties on your own, that’s a job. If you hire a management company, then you give up all your profit or you’re running in red and you’re just riding the equity. What I love about semi-passive franchises is, look, if you’re going to manage real estate, it’s going to take you some time. Put that time into a franchise, invest in a franchise, put that same time into a franchise, and you want to see equity grow. Number one, you have cash flow and very positive cash flow, depending upon the franchise, how quickly that’s going to occur.

[00:18:32.850] – Bob

But then you’re also building equity in something. And typically what I have seen over the years is that a franchise, when sold, you typically see somewhere between the two and a half to five multiple of earnings depending upon the model. If it’s a more reoccurring model, you’re going to see closer to that four, five, and I’ve seen even six and seven, multiple of earnings. So if you open a business and keep the numbers relatively reasonable and say, hey, you top line a million dollars with it and you bottom line 250 with it. And let’s say you invested 300K to launch that business. And let’s say by second or third year, you’re generating 250 to the bottom line. What’s that business worth? I mean, it should be worth somewhere between $700,000 to one and a quarter million for that business that you may have invested $300,000 in. So I don’t know where in real estate you’re ever going to see that type of return. Exactly. Yeah. And plus make money along the way.

[00:19:34.750] – Sean

Yeah. Let’s take a quick commercial break. Are you a beginner investor and want to increase your confidence with investing? Tykr, EDU is now live, which includes investing courses. The first course is titled Stock Investing for Beginners, which includes over 60 videos that take you through modules, including Overcoming Myths, the difference between stocks, ETFs, index funds, and mutual funds, investing versus trading, the number one reason why stocks go up and down, knowing when to buy, knowing when to sell, increasing confidence, how to invest your first thousand dollars, and real life examples. It’s like looking over my shoulder to see how I buy and sell stocks. Simply go to edu. Tykr. Com or go to Tykr. Com and click the courses link at the top of the page. Okay, back to the show. What I like in your model, you as a consultant, you are helping them align with opportunities because you know this space. And then the company, I think about the corporate, you can rely on them for best practices, maybe hiring people, what to avoid, avoid those landmines. It’s really a solid model with real estate. And I’ve talked to the people that are in this space and I still like real estate investing, but I find with each and every person, this is same thing.

[00:20:53.720] – Sean

You got to find somebody who can coach you and guide you along the way, avoid those landmines. Sense.

[00:21:00.210] – Bob

And those landmines often happen. And that’s the same thing with franchising. It’s unfortunate. I’ve seen a lot of franchise disasters, people getting into… I’ll give you an example. A guy I’m working with right now, he bought a franchise, a food franchise, invested about $600,000 in a brand whose initials are JJ, and they talk about doing things very fast. But he invested that money. He spent five years trying to make it work. At best, he was making a small, like a couple %, dropping to the bottom line. And he moved from Chicago to Richmond, Virginia, because everything was sold out in his market. And that’s where there was some availability. And it ended up being a disaster. He recently sold that business for $145,000. He invested about 600K in it. Oh, boy. Of which 45 was cash, the rest was paper he’s holding. Wow. That’s why, honestly, I don’t like food. Plus the time that he invested in it, too. I don’t think full-time franchises, especially linear models where it’s a consulting type franchise, you’re trading time for money. What I’m doing right now, I’m trading time for money. So this is not… That’s why I invest in franchises to make money.

[00:22:20.930] – Bob

This is more of my passion to help others position that way. But if you don’t… I mean, too often I’ve seen people get into franchise as the wrong franchise and it doesn’t work out. I will tell you that probably two-thirds of the franchises out there I won’t deal with. The other third, there’s some really good ones and there’s some exceptional ones. In that mix as well. But I only deal with franchise companies if there’s something larger behind it. If it’s a mom and pop type franchise or it’s an entity standing on its own, that scares me. I’d rather deal with entities that are owned by something larger that has a management team that are experts in franchising that have built other franchises. I would argue all day that the franchising piece of it is so much more important than whatever the widget is. A lot of people can come up with a concept, a restaurant, pick a business and make a business work, but can you duplicate it and make it work for the lowest common denominator? So that’s why the franchise expertise is so important to me.

[00:23:27.530] – Sean

Now, with a lot of people that come to you, I assume they’re working full-time, stable jobs, probably pretty gainful employment, corporate America, six-figure incomes. They probably don’t want to go all in, which is why the language you really phrased before we hit record, really, it rings a bell with me, is semi-passive. So you probably are coaching people to say, hey, you don’t have to dive into this thing full-time right away. I can help you get up and started so you can keep your day job, see the revenues increase, and then consider jumping in. Is that the same language you use?

[00:24:06.200] – Bob

That’s exactly the language I use. So when I’m working with… And most of my clients will fall into that bucket, and there’s really different variations of that. Some people are ready to jump out of corporate America and they want to make that move as soon as they find the right concept. If not, they’ve already been laid off or something. But more often, I’m working with people who are in corporate America. They make good money. They have that lifeline, that safety net they feel. I don’t know how safe that really is because you get fired, you can get laid off. But they are looking for something because they might be working 50, 60, 70 hours a week. They know they can’t maintain that pace forever. So they’re looking for an off-ramp, be it a gradual off-ramp from corporate America. Or some people go into it just looking for something as a side hustle. They want to stay in corporate America long term. They might be in their 30s, someone younger. But I always tell them, eventually you’re going to step away. When you see what you can do with a franchise, you’re not going to stay in corporate America and have to deal with the politics and all the investment time and so forth.

[00:25:15.220] – Bob

Because every franchise will become, even if it’s a full-time franchise and not a semi-passive, eventually becomes semi-passive. Once you have the right people in place, you’re leveraging other people. But the companies that are dayone, Semi Passive Concepts, are the ones that have developed the platform to support that. They developed the tools. Franchise companies, especially over the last 10 years, have really smartened up, and more and more of them are developing that platform. They simply want to cast a wider net. They’re not just looking for people that are leaving their jobs or a franchise investor and buying their concept. They’re looking for people who are in corporate America because many, many more people fall into that bucket. So they want to bring those people into it, but started on a part time basis.

[00:26:04.720] – Sean

Awesome. And before we jump into the Rapid Fire round, what is a great first step for people if they want to get started with a franchise? Find a.

[00:26:14.280] – Bob

Mentor, find somebody who really understands franchising and preferably somebody who has worn both the hat of a franchisee and been part of a franchisor, because I think it’s really important to see it from both perspectives and understand what’s behind the infrastructure of a franchise to know the type of support that you’re going to get. But having someone who has succeeded in franchising has been part of a corporate structure as well, and then is willing to give you the time to mentor you. Awesome.

[00:26:49.010] – Sean

All right. Well, let’s jump into the rapid fire round. This is the episode where we get to find out who Bob really is. Uh-oh. Here we go.

[00:26:58.140] – Bob

If.

[00:26:58.620] – Sean

You can try to answer each question in 15 seconds or less. You’re ready?

[00:27:03.670] – Bob

Yes.

[00:27:04.230] – Sean

Sir. All right. What is your favorite podcast?

[00:27:07.870] – Bob

Other than Payback Time? I’d say Rowgan.

[00:27:12.820] – Sean

Okay, Joe Rowgan experience. Nice. All right. What is a recent book you read and would recommend?

[00:27:18.910] – Bob

One I mentioned earlier. It’s actually The E-Myth Revisited. I love The E-Myth. I read The E-Myth Revisited, and I certainly would recommend that book.

[00:27:26.420] – Sean

Yes, indeed. Here’s a fun one. What is your favorite movie?

[00:27:31.460] – Bob

That’s a tough one. I got a lot of favorite movies. I’d say Braveheart has to be right up there. The big short, I dug. You have to watch that like three or four times to really get all the nuance of that movie. And yeah, I’d say those are my top two.

[00:27:44.920] – Sean

Good choices. All right, few business questions here. What is the worst advice you ever received?

[00:27:54.400] – Bob

You know what? I’d say sleep on it. In that sometimes you’re told like, Hey, just take your time, and then an opportunity passes you by. I’d say there’s more of those that have happened than opportunities that I have grasped. So yes, sleep on it.

[00:28:14.990] – Sean

Okay, flip that equation. What is the best advice you have received?

[00:28:22.530] – Bob

You know what? I’m going to go with the same thing. I’m going to say sleep on it because there’s been times that I may have jumped a little bit too quickly into something and then maybe regretted it later. So yeah, I’ll say sleep on it as well.

[00:28:38.220] – Sean

Okay, goes both ways. All right, so we get the time machine question here. If you could go back in time to give your youngor self-advice? What age would you visit and what would you say?

[00:28:48.940] – Bob

Oh, my goodness. I would say I would go back to my college days and take my academics a little bit more seriously, because I didn’t when I was in college. It was more the girls and athletics. But the other thing I would say is something I always regret, walking away. I had enough injury, injury-plagued in track, and I was on a scholarship and eventually I walked away from it my last year, my senior year, just because I had too much pressure on the D1 scholarship and I always regretted walking away. Got you.

[00:29:31.300] – Sean

All right. And if the audience is interested in getting started with franchising, they’ll probably want to reach out to you. Where is the best place they can contact you?

[00:29:38.710] – Bob

Sure, they can reach out to me on my website at franchisewithbob. Com. Pretty simple. I have a free ebook that they can download from my website. I’ll be happy to have conversations, spend 30 minutes with anybody. We’ll try to figure out if it makes sense for us to work together. And if you didn’t mention this before, we didn’t talk about it before, I’m paid by franchise companies for bringing qualified people to them. So it’s free to the clients that I work with.

[00:30:05.810] – Sean

Right on. All right, Bob, well, thank you so much for joining me.

[00:30:08.880] – Bob

Hey, I enjoyed it, Sean. Thank you very much.

[00:30:11.080] – Sean

All right, we’ll talk to you soon. See you. Hey, I’d like to say thank you for checking out this podcast. I know there’s a lot of other podcasts out there you could be listening to, so thanks for spending some time with me. And if you have a moment, please head over to Apple Podcast and leave a five-star review. The more reviews we get, especially five-star reviews, the higher this podcast will rank in Apple. So thanks for doing that. And remember, this show is for entertainment purposes only. If you heard any stocks mentioned on this podcast, please do not buy or sell those stocks based solely on what you hear. All right. Thanks for your time. We’ll see you.