Host: Today's interview is a return guest Chris Williams, who acquired a bookkeeping business in 2021. Chris was an early Acquiring Minds interview and I wanted to have him back on to see how things have gone for him as owner of the business that he had just acquired. When we spoke the first time, this was a great interview with Chris. My favorite part is when he reflects on what he would have done differently in his very first months as new owner during the transition. So listen for that. Also, I'm going to start having more conversations like this one where I bring on a previous guest to see how they have fared in their acquisition. I love these check ins. There's so much growth that happens in an entrepreneur when they graduate from searcher to CEO and so much for us to learn from them. Chris is a perfect example. Here he is one time searcher, now CEO of System six. Chris Williams. Welcome to Acquiring Minds, a podcast about buying businesses. My name is Will Smith. Acquiring an existing business is an awesome opportunity for many entrepreneurs and on this

Guest: podcast I talk to the people who do it.

Host: I want to share an update on the Acquisition Lab. As you know, the Lab is a highly vetted cohort based accelerator and community for people serious about buying a business. After going through the Lab's month long intensive, you have ongoing access to almost daily Q and A sessions with advisors, regular live deal reviews with Walker Deibel, author of Buy, Then Build Potential Deal, team introductions and a very active Slack group with other searchers on the path. Well, the update is that the Lab recently passed 60 businesses acquired and for well over $100 million in aggregate transaction value. Also, all members now enjoy lifetime access to the Lab because when you buy a business it's often just the first of many and the Lab wants to support you in every deal, not just your first. Lastly, check out my recent interview with Shane Ursum, episode 105. Shane acquired a business with over $1 million in EBITDA in just six months and he attributes a lot of his deal success to what he learned in the lab. Check out acquisitionlab.com or email the lab's director, Chelsea Wood. Chelseieve.com Chris Williams welcome back to Acquiring Minds.

Guest: Good to see you Will.

Host: Chris, you were a guest back in November of last year 2021. Our interview was actually in October. Yeah, 14 months. Go quickly. You had recently acquired a bookkeeping business and also financial back office services called System 6. So I wanted to check in with you and see how things are going in these 14 months since. Start us off though Chris with 30 seconds on you and just remind people about who you are and then System six as well.

[3:02] Guest: Yeah, absolutely. And thanks for having me. Will also thank you for everything you're doing for the ecosystem. I know myself and others benefit from it. So it's been awesome to see acquiring minds grow as well since then. 30 seconds on me. So I had a relatively, I guess typical path into search fund ecosystem. Out of undergrad I did five years in finance, so banking and then private equity and then I went and got my MBA where I discovered search. I ultimately started searching in 2020, fall 2020 and acquired System 6 in July 2021. I ultimately acquired through a typical self funded SBA acquisition seller note investor capital as well. System 6 when we bought the business was about 18 people, two and a half million dollars of revenue, just over a million dollars of ebitda. Obviously we've evolved since then and I'll go into it, but yeah, that's the quick background on me. I live in the bay area. System 6 is a remote business. So it's been important to me to continue to build my life out here in Northern California. We miss you, Will.

Host: That's great. Thank you, Chris. Well, let's do. The first thing is, let's just hear kind of the bullet points of the business. So as you said it was about 18 people, two and a half million in revenue, a million in EBITDA. Have those numbers changed one way or the other in the, in the last 14 months?

Guest: Yeah. So we are, we'll do about 3.6, 3.7 million of revenue this year. We're a 30 person business now. Keep in mind both at 18 and at now 30, 31, not all of our staff are full time, they're all US based, they're all W2s. But one of the big things we're providing to our team members is flexibility and the work experience they have. So our average team member is about 30 to 33 hours. Probably we have a couple who are below that, a couple that are full time. But yeah, in terms of people that we're managing, it's now 31. Shocker. EBITDA has not grown directly with revenue. You know that I think that is very typical especially if you are accelerating the growth in the business. And we also were, you know, acquired the business at a time at 18 people where you know, that could be managed with a certain amount of like management dollars. If you think about, you know, dollars out to payroll costs from non service delivery employees. Now that we're 30, there's like a Lot more time, you know, my salary, other people's salary going towards managing the business. And so that's a big part of the reason that naturally margin comes down. So EBITDA this year will probably be about 10% up, you know, when revenues, you know, closer to 25 to 30% up this year.

Host: Yeah. And so these 12 additional people that you've hired, they're not all just frontline bookkeepers. There's, there's kind of a management layer or at least a few of those folks are.

Guest: No, the people that we have hired are frontline accounting staff in you know, different levels of our organization. So bookkeeper, manager, kind of senior manager. But what that has allowed us to do is the main sort of new role that we've created is a head of people role that came from inside the organization. So hiring those people freed someone up to become a head of people. And then we have a couple of sort of mid level managers that now have part of their job where they're doing technology operations, process improvement work. So we've created more, you know, non sort of revenue service delivery time inside of the business without necessarily hiring new people in those seats. And I think that's a, that's an interesting like org structure thing which is, hey, it's very obvious to me like what the leadership structure needs to look like at 60 people. But you know, when you're at 18, if you go hire those three or four people, like they might be bored if you hire them all at, you know, 20 people. So how do you kind of bridge the gap as you need more management when there's not necessarily like full time, even if you're willing to spend the money like full time work for those people. You know, at the size of organization we're at now, which is 30 people.

[7:03] Host: And what do you, what, so what's the answer? How have you handled that?

Guest: Yeah, so what we're doing, I think Kelly, who's our team lead that we're promoting to head of people, is a perfect example of that. You know, she's always worn multiple hats, but basically, you know, over the last year had her allocate more and more over time to what it is that head of people does, which is focus on retention of employees and focus on bringing new people to System six and then sort of training up a replacement to take on her team lead responsibilities, which is management of you know, five to seven service delivery individuals. So for example, in like technology operations we have somebody who's also been in the business for a long time spending some of his time and increasingly more of it with an eye towards, you know, hey, you're coaching up one of your team members to take over that team so you can become sort of full time in that seat, you know, at some point, probably in 2023.

Host: Great. Well, speaking of hiring and the people position, how have you found hiring in general? I mean, are you, is it as challenged for you as it is for so many in like the kind of the blue collar world, or is it easier because you can really, you know, basically hire from anybody in North America?

Guest: I would say increasingly over the last couple of months, we are not able to hire as quickly as we would like to. You know, the first half of the year it felt like, okay, we're just hiring as fast as we want to keep up with demand and also to support the existing team, you know, I. E. Freeing up some people on the team who are overworked. Really. The last, like this fall into the winter. So October, November, December, we have not found as many quality applicants for what is becoming, increasing indeed in LinkedIn spend on our end. So for us, it's a quality of the top of the funnel issue that needs more work for sure, because great market, tons of growth in front of us, but especially a business like ours, we can only grow as much as we can bring great people onto the team. So that's one of the top issues for next year is how do we improve the quality at the top of the funnel or get more willing to hire somebody who isn't fully prepared and coach and train them and wherever their gaps may be. Because right now we're still pretty focused on, hey, can you really hit the job, hit the ground running. And we're having a hard time finding those people.

[9:26] Host: Yeah, yeah. So constrained on the supply side, but the demand side, it sounds like it's quite healthy. One of the themes of our conversation was was sales. So you. The. The seller was. Was kind of a, a natural salesman. And so, and, and you were going to be taking on that mantle. How has that gone? And you had also follow up question, you had also asked about building a sales function that was not just, you know, the CEO of the business doing sales. How so on those two fronts, you as selling. How. How are you as a salesman? Yeah, yeah. How have you proven. And then the sales function. Where. Where does that stand?

Guest: Yeah, so the first one, I think, you know, it's panned out pretty well. So we've absolutely exceeded like my growth expectations. And I think it's not so much, you know, like me Being a brilliant salesperson, like, by. By no means am I, but it's, you know, rather like having a business that the product is. If you can get to the right customer, is a product that is very needed. And it, you know, makes the sales process more manageable. For somebody like me who's new into selling, I also think just doing a ton of it is incredibly helpful. So I'm trying to pull the stats up. Like, I've done 130 sales calls this year. I did like 75 in the. In 2021 in the first six months of owning the business. So just getting a ton of reps in has been very helpful. So I think that. Has it been a big transition in sales? Yes, I think the channels have changed a little bit, and our definition of ideal customer has changed a little bit. You know, I'm sure on the margin, our close rates are a little bit lower than they might have been with the previous owner. But, like, he. Jeremy, still a good friend and still an advisor to me. You know, we talk once every couple months. Was absolutely very talented. So I'm sure that, you know, if he was selling at the same volume I was, close rates would have been

Host: a little bit higher.

Guest: But generally speaking, it's. It's been pretty strong. And I also think some of that comes from. And this is pretty typical in search deals. Like, I've just put in a lot more energy to sales than he was. I mean, he was spending less time on the business. Classic. You know, margins were up because they weren't growing as fast because he was spending places in other parts of his life. I've come in, poured a lot more energy in, and that's enabled us to definitely drive sales faster than we were before I bought the business.

Host: Yeah. Yeah. And are you. Do you have any sales experience before this, or is this just been trial by fire? Learning. Learning as you go?

[12:01] Guest: I mean, I don't have any traditional sales experience. I think in a lot of ways, you're like, you're always selling throughout life. Right, right. You know, I think. What is our sales process? It's a consultative sales process where we are really purchased based on trust and how much competence we can demonstrate through our sales process, which is really two touch points. I do a discovery call, and then we take access to somebody's books, we dig through it, our team asks some questions. And so it's not a hardcore technical product demo. I'm not pitching five people inside of an enterprise organization where I have to figure out how to navigate those politics. It's you know, convincing a business owner who usually has a pretty acute need that we're going to get the job done and through trust, through competence and questions, through our reputation, through me being a searcher, selling to searchers sometimes like it's, it's manageable compared to if I was selling a very technical enterprise SaaS. It might be a different experience for me.

Host: Yeah, yeah, yeah, sure. And then, but eventually yourself stepping out of the, of, of being the primary salesperson at the business and building a proper sales function, I think you had wanted to do that this year. Yeah. Okay. But for 2023, how's that looking? Is it still, is it still one of your goals?

Guest: Yeah, like a near term goal, you know, and it's becoming more of a goal because as the business grows more stuff, you know, everywhere across the organization ultimately rolls up to me and you know, I'm at times creating more bottlenecks than I was probably six months ago. And so sales is the most obvious, the easiest thing for me to, you know, get leverage through a hire. So it's something I've been working on the last month or two and really need to focus on like through the holidays. Cause a lot of people have some quiet time where maybe they'll be more responsive to LinkedIn DMs and certainly have somebody in place in the first quarter. You can hold me accountable to that as others internally and externally are holding me accountable.

Host: You, you just touched on the fact that you're a former searcher and have sold into the search community, the SMB community. That was something that you really had planned on from the outset. Has that, has that come to fruition that that's been a good channel for you?

Guest: Yeah, it has and I feel like really lucky that it's, it's played out that way. Our team loves working with search acquired businesses because at the end of the day, like we're looking for customers that want to modernize their finance operations, you know, want to use the best cloud tools, want to let us integrate them appropriately, you know, build some automations where it makes sense, are going to be responsive. You know, searchers are all search CEOs are all of those things. So yeah, it's become, you know, and it snowballs. Obviously we're a referral based business for now, not doing a ton of outbound marketing. So it's become a bigger part of our business over the last six months than it was out of the gate. We probably have so 15 or so search acquired businesses that we're now serving and the Interesting thing about them is they are, you know, larger. They're pushing our average customer size up because they're larger businesses and they're also businesses that are more likely to want us to do bookkeeping, payroll, bill pay, invoicing, you know, integrating those automations across those. So we're doing a deeper set of services for those businesses. So, you know, more of them are accrual based, which is something that, you know, we're able to play in where maybe some other people can't. So it's been a good channel for us. I, you know, one thing I consider is I feel like a lot of that is tied to me because I'm a searcher. So how does that scale? Yeah, you know, there's other people in the industry providing professional services that I can talk to because they tackle the same questions. But yeah, it's, it's, it's panned out and been a nice channel for us both on the traditional and the self funded side.

[15:53] Host: Yeah, great. Well, you're really a visible person in the search community. We saw each other in Orlando at SM Bash and we'll see each other again in Austin.

Guest: Yeah, me spending time on Twitter, I guess is marketing costs. You could call it that way.

Host: There you go, there you go. Well, at least you can justify it. The rest of us less so. A couple more questions for you, Chris, before we wrap. One of the big themes of our conversation back in November of last year was the flavor, kind of considering the flavor of search, because your own search, you had kind of come out of the gate oriented toward doing a traditional search fund because of your kind of your cohort from a very well known business school. That's kind of what everybody was doing or a lot of people were doing. Yeah. And then as you kind of kept your mind open and as you consider things, you ultimately ended up as a self funded SBA acquirer. Any reflections on that and how you feel about the search path you chose now, 14 months later?

Guest: Yeah, plenty. I think the first thing is it's really hard to find a good business to acquire. So to the extent you can keep your options open by self funding and allowing yourself to buy a smaller business, which is what I did, use an SBA loan, I think that is advantageous because it just increases the chances that you're going to buy a business, which is like buy a good business at a reasonable price, that you want to run and grow yourself for five to ten years.

Host: You've probably heard me mention SM Bash, the conference in Orlando for acquisition entrepreneurs. SMB owners and investors. It was such a valuable event. I met no less than 12 acquiring minds guests there in person, hosts of other podcasts in this space. And if you're on SMB Twitter, it was a who's who of all the biggest accounts. Well, SM Bash is coming back around this time in Austin in April and I'll definitely be going back. I'm told by the SM Bash team that this year they're going even deeper on content relevant to search, including a focus on finding investors for your acquisition and inviting a lot of investors to attend as well. For serious searchers or those who've recently acquired, S.M. bash is really the leading event. There are others associated with universities, but as far as I'm aware, this is the biggest and best indie conference for entrepreneurship through acquisition. Check out smbash.com six letters S M B A S H.com or click the link in the show notes. See you in Austin.

[18:22] Guest: I don't think that like it should be an only I'm only going to do sba. You know, if you, if you raise traditional surge capital because that's, you know, what you need to do financially, then obviously that does become a bit more like you're only going to buy a larger business at that point. But if you're going to stay self funded during the search, I would keep your eyes open and be willing to look at 3, 4, 5 million dollars he businesses. Yes, you'll own a lot smaller percentage of that business, but there's a lot of benefits to being in a bigger business in terms of how quickly you can scale how you spend your time as the CEO. Certainly like in a small organization like ours, I sometimes spend my time on stuff that like is probably not the highest and best use of my time to really scale the equity value which is ultimately what you're trying to, you know, your responsib and sometimes you're just like gotta do stuff because it rolls to you and I don't mind doing that but you know, over time I have to get myself out of doing that and it's harder to do that in a smaller organization. So there are definitely benefits to size I think in terms of how you spend your time. I mean, I think the simplest way to think about it is like if you do self fund a deal, you raise your floor. Let's say over the first five years you're going to raise your floor assuming you don't like go belly up on your personally guaranteed loan. But hopefully that's a very small percentage of the deals. But hey, you own a large percentage of a strong cash flowing business bought at a lower multiple for you, financially, for you, lifestyle wise, that's a good outcome if you're not able to materially grow the business. But I also think that you lower your ceiling if you do an SBA deal. You know, there's searchers out there in traditional that buy a $10 million of EBITDA or $6 million of EBITDA and if they double that business in five years, you know, just in terms of their career development, their financial outcome, that's probably a higher ceiling. But if you do a traditional search, you know, you, it's a lot easier to not have a great outcome, to have no outcome at all, because you didn't buy a business. So those are kind of my two main reflections. Stay self funded if you can, to keep the options open because it's really hard to find a business. I had plenty of traditional friends who wish they had been self funded because they just didn't really find anything over two years or they found something small and they really wish they had been self funded because they'd own more of it. But there's a lot of benefits to buying bigger if you can find it.

Host: And what about the question of kind of having an investor, more access to more investors and guidance really? So I know that you have a couple investors in your deal and they were, at least when we talked before they'd been really helpful to you. But it's still a much smaller circle of individuals that you have access to when you have a problem. Has that been something that you've chafed at or has it been fine?

[21:11] Guest: No, I'm, I'm very happy with that. And I think that like, it just depends on the individual. Like if you're the type of person that never wants a boss, that never wants accountability to anybody else, then like, yeah, there's the true self funded deal might be the best path for you. But I, while they don't have control, you know, from an ownership perspective, I want to treat them like they're my board. And we've had board meetings every quarter. Some of them have been more formal and more legit than others. And the ones that are more formal, that I spend more time preparing for them with more in depth materials, those are absolutely much more helpful. It helps me pull out and think about the business at a more strategic level because they're in a bunch of different businesses so they can give me more broader context. And it also, you know, creates some accountability for me, which I think Is important to, you know, it creates accountability for you to spend time on the important, not urgent stuff, which is hard to do in the day to day. So I, you know, and the number like I think even for most searchers who have 15 plus investors, like they're only talking to three to five, they're bored as three to five people and then if they need to get to somebody that's not on their board, it's going to go through their board anyways, you know. And so I feel like having four in my deal, three that are kind of active on my board is the right number. And I, I don't think it's drastically different than people who have more investors. It's just I don't have those kind of silent minority that other people might.

Host: Chris, when you first took ownership of the business and became its, its leader, do you reflect back now and was there anything that you were doing that you could have done better? Like were you maybe over eager in one domain or not paying attention enough in another or.

Guest: Totally. So the most obvious tactical thing is getting in front of customers faster. I was a little, and you know, this is somewhat based on guidance I got internally and I was, you know, very much wanting to sort of structure a lot of what I did based on feedback I was getting internally. But some of the feedback internally was like, hey, you getting out in front of our top 20 customers, introducing yourself, sort of saying there's been a transition, might cause some disruption, might cause some worry from the customers of like, oh wow, the business has changed hands. What does that mean? Most of these people are top customers. More talking to Jeremy on a frequent basis. So why should they now talk to me? And I think that was absolutely a mistake because one, that's a very nice like opportunity. Just go get in front of customers and hear from them like what do we do well, what do we not do well, what should we be doing? What should we not be doing? And anytime you can have that conversation that's like extremely helpful as the leader of the business to talk to your customers. It seems like kind of silly right now, you know, that I didn't spend more time on and out of the gate. And then two, I think, you know, there's probably one customer in particular that has churned that I think like me having more of a relationship with could have prevented that. These are all relative percentages of revenue customers, 1, 2, 3% at the top end. So it's not a massive issue. But that was definitely a miss I think not just sort of getting in front of the customers on my own, even if that wasn't necessarily exactly what the team thought was best. And I think the second, more wishy washy, hard to define thing is, you know, I agree with, like, don't make a ton of changes out of the gate, but also, you know, find I would have found my voice earlier, I think. And, you know, I think I was very much out of the gate trying to be extremely deferential and that's helpful. But, like, if there's things that I see that I want to have happen, like, just push it, push it. And you know, you are ultimately the leader of the organization and I think it's okay to put your, your, you know, your fingerprint on certain things that you think are important. And I think it, you know, it does help establish a little bit of authority and legitimacy as well. If you're going to make a key bet relatively early on that works out, I think that's helpful.

[25:22] Host: Yeah. Well, I wonder if you, if you feel that way now in retrospect, because you do have that confidence, but you just, it just takes some time to earn that sense of confidence to be able to make a call like that.

Guest: Everything's 2020 hindsight. Right. Like every time something happens, it goes wrong. Ultimately, it's on you. And so you think about what, what could I have done differently? Like, you know, fortunately there haven't been any massive, massive hiccups in the first 15 months, which is a lot of what you're trying to accomplish early out of the gate. But I do think the customer thing for sure.

Host: Yeah.

Guest: Is something everybody should do. And, you know, just because the previous customers aren't used to talking to the owner a lot doesn't mean that the new one, you know, the new one shouldn't do it.

Host: Yeah. Yeah. So the advice there would. Would be, you know, if your inclination is to kind of like, not you're worried you're going to upset the apple cart or spook your existing customers instead. The more important thing there is actually there's an opportunity to create value by having an excuse to reach out to customers and having an excuse to get in front of them and get some feedback from them and use it as an opening rather than something where. Yeah, great.

Guest: Yeah. Yeah. Because it feels, you know, when you're introducing yourself eight months later, like, it, it feels a little bit odd sometimes. I've had that conversation too.

Host: Last question for you, Chris. One of the things that just kind of understanding how you feel about the business itself and the. In the industry so we talked some in our, in our first conversation about bookkeeping and why you liked it and why you like this particular business. It's a huge market. Obviously working capital situation was great. I mean you guys charge on a weekly basis, money comes in and then it goes out to, to your, to your cost to your employees. So how do you, how do you feel about the bookkeeping business in general and System 6's own as an entity within that industry?

[27:10] Guest: Yeah, I think still very, very, I mean stronger than, than when you bought the business. So I think that's great, that's, that's a good place to be. I think the, you know, the two main things that loom are so yeah, massive market, growing market, like mission critical service demanded relatively low cost. You know, like every, you know, little business class or tweet Twitter thread like those check a lot of boxes. So really strong in all those things. The two looming things that are considerations are you know, it is not a necessarily like a super high barriers to entry industry. Anybody can start a bookkeeping business. So that means, you know, you have to be cognizant of pricing and like we're intentionally a premium provider. We're not the cheapest product on the market and we own that and tell every prospect that. But like that means we need to make sure we're delivering really good value because there are people out there for bookkeeping charging $400 a month or $300 a month, which is like way cheaper than our lowest touch service. And there's people driving a lot of their service offshore. And so that allows them to drive costs down even further. So making sure that, you know, I think how we're going to handle that is not try and get super competitive but rather try and make sure we're delivering premium quality and premium product. I think if you're just doing once a month after the fact bookkeeping like that's you start to get into a price war. So for us it's really trying to drive into the full suite of finance operations. So bookkeeping, payroll, bill pay, invoicing, like we're going to run your day to day finance organization. We're not your controller or your cfo. But being there is one that that's kind of our strategy to counter the reality of there's a ton of people providing the services we provide and some of them are able to drive costs down through offshore. So that's one consideration tangential to that is automation. I think we're a long ways away from automation eliminating what we do. But if in five years from now, we're not using more of it to make ourselves more efficient. You know, that's. That's not a good thing because then it just again, we're going to. Our costs are going to have to keep going up if we're not getting more efficient. And then, you know, competitive dynamic gets more challenged. And then the other thing is, you know, our business only scales as much as we're able to hire and retain fantastic people. And that's our number one mission and has to be like trying to build a great place to work first and foremost. Of course, if you're a great place to work, it means you're delivering good service. Because like, if you're not doing a good job, you're not gonna be a good place to work. Cause you're gonna have problems and angry customers. But that's one thing I didn't really appreciate when I bought the business, that Jeremy did a great job building a culture that's really focused on team first. And we're kind of doubling down on that because, yeah, you know, we're not a business where you can grow just by buying another manufacturing piece of machinery or in software. It's relatively low marginal cost for growth. We grow pretty linearly with our team. And so that means we need to be able to continue to hire and retain.

[30:23] Host: Sure. And what about the growth strategy of more acquisitions you had mentioned in our previous call about. QuickBooks has a whole directory of bookkeeping businesses around the country that you can just kind of start reaching out to. Yeah. Is that. Does that strategy still seem viable?

Guest: Yeah, for sure it's viable. 1. You know, I haven't run at it because I haven't had. I've had a few acquisition conversations that have come up. But, you know, I'm in the business, especially on the sales side, enough that like, I don't feel like I have the time to go run at it. And that's another reason that I need to do a better job of like pulling myself out from some things. But the other thing, you know, and having to know some bigger players in the space that have done some acquisitions is, you know, when there is a very strong organic growth opportunity where there is in our industry, acquiring another business where there's inevitably going to be some people churn, not everyone that you is going to stay on that comes over from that team. There's going to be some customer churn. Some customers may not want to transition. They may be underpriced. You know, it just makes it like more of a consideration. Like there's a lot of integration work that needs to happen. And if you're in a business that has a ton of organic growth, like organic growth is, doesn't have as much as many of those challenges. So for now it's focused on organic. I want to get that really humming on its own and then I think be more strategic in M and A. Like we will do add ons, but I don't think it will be in the short to medium term like the primary focus of our growth strategy.

Host: Great. Yeah. I have an interview airing in early January with a couple of entrepreneurs who acquired a landscaping business and they thought that their whole growth strategy was going to be acquisition. And once they got in there, they recognized that organic growth was just dollar for dollar, a lot, a lot more affordable and without any headaches and without any uncertainty.

Guest: Yeah, you don't get scale as fast. So that's part of the reason acquisitions are attractive. They just help you scale up quicker. And there's people doing them, people on Twitter doing them in our ecosystem that have done a great job. Patrick Dichter has done a couple of add ons and I respect that and I think we'll do them over time. I just like, I want to find the right ones and not just do a deal to do a deal when there's such an organic opportunity.

Host: Great. Chris, how can people reach you if they have a question?

Guest: Chrisystem6.com or my Twitter handle, I think is CTWSMB. Very good.

Host: Chris, thanks very much for coming back on and sharing with with us how things are going at system 06. Look forward to do a check in in 2023.

[33:02] Guest: Yeah, thanks so much, Will. Merry Christmas.

Host: Merry Christmas.