Jan 31, 2021
What's Your Business Worth? with Bharat Kanodia
Bharat Kanodia, ASA
Bharat has valued over 2000 businesses, real estate, industrial, and financial assets including governmental infrastructure, public and private companies, and various unique real estate assets.
He has valued companies like Uber, AirBNB, DoorDash, GE, Tesla. Bharat has valued unique assets like the Golden Gate Bridge, Atlanta Airport, Mirage Casino Las Vegas and many others.
He has signed off on over 4,500 valuations with $2.6 trillion in assets globally. Bharat lives in the San Francisco Bay area with his family and enjoys sailing, golfing, skiing, and horseback riding.
“60% of business owners are looking to retire and sell their business in the next 5-8 years. I tell them what their business is worth.”
What's it Worth? | Bharat Kanodia | Ep. 1 - YouTube
Full Transcript Below
Roy - The Business of Business Podcast (00:02):
Hello, and welcome to another episode of the business of business podcast. I'm your host Roy. Today we have a great guest, um, no, in the next, uh, five to eight years, we could see maybe 60% or more of businesses, uh, that will be sold or transferred to family members, uh, for one reason or the other. So, uh, getting a valuation is very important. So today I have, uh, invited Bharat Kanodia to come on. He is a, an ASA, uh, uh, designated appraiser. He's actually on the board and has been appraising businesses for the last 20 years. So, uh, welcome first off Barat. How's your day going?
Hi, Roy. Thank you for having me
Roy - The Business of Business Podcast (00:50):
Glad to have you here. This is an important subject, and I think it's not only the fact that this transfer is going to happen, but it's not something that you decide on Friday. I want to sell my business. You make a call on Monday and you get the, the highest value. So this is a process that can take, you know, I'll let you weigh in on this, but I'm thinking it can take two to three years in some cases to get things cleaned up, optimize it, where we can get the highest value, uh, for our business.
Yeah, absolutely. If you want to do it right. If you want to maximize your value, then, uh, consider it almost like a exercise. Like I'm preparing to go to college, right? You don't wake up one day, your senior year, halfway through the year that, Hey, I want to go to Princeton, right? Um, no, you decide to three years upfront and start working towards that goal. Right?
Roy - The Business of Business Podcast (01:49):
Right. Yeah. And, and I assume, uh, if you try to do something in the short term, try to rush it through, you could probably take a 25 to 30% discount from where you would really like to be at the price of that business. Is that pretty close?
At least, uh, if you're lucky, that is also if you're lucky enough, if your business sells, because only one out of five businesses that are listed for sale sell. Oh wow. And even the ones that do sell, they sell about 20 to 30% below listing price. Wow.
Roy - The Business of Business Podcast (02:29):
All right. So that's a good point. Let's get out ahead of this. And let's just say that I'm thinking about selling mine. I'm probably two, three years out from there. So I come to you. Oh. So what is going to be some of the first steps that we're going to go through to not only, uh, try to set a target price, but also, you know, kind of clean up my income statement, balance sheet, uh, you know, do that work to, uh, really show what that value is.
Yeah. Precisely. I mean, a think of it this way, that say, for example, um, if you're going on a date, right, you don't just show up on a date and you work clothes with a dirty car, you go home, you take a shower, you put on a fresh pair of clothes, you get your car clean, make sure you got enough fuel, make sure he got enough cash. And then you show up on your date then that is also, maybe you brush your teeth a couple of times before that. Right.
Roy - The Business of Business Podcast (03:25):
So what are some, what are going to be some of those first things that we're going to want to look or, you know, I guess what are some of the first steps that you would take to, um, a new business or somebody that comes to you wanting to think about putting their business on the market in a few years?
Yeah. So, uh, first thing, and if, if any seller understands this one thing and if sellers or business owners can get one thing out of this, um, um, conversation, Roy is think off everything about your business from a buyer's perspective, right? If you can just do that one thing you are miles ahead of any business owner who wants to sell the business. Now, why would a buyer want to buy a business? Buyer wants to buyers want to buy businesses only for two reasons. Only two reasons. One is they want to enjoy a consistent cashflow and one, okay. Number two is they don't want to do anything to receive that consistent cashflow. That's it two things. They want the consistent cashflow and they don't want to do anything. You want to sit on their butt and enjoy that cashflow. So the closer and the closer you bring your business to those two factors, the higher your value and the quicker your business will sell. Now, how do you get your business, um, closest to those two things and attract buyers. So consistent cashflow is in, um, you have to ensure, um, customer loyalty. You have to ensure, um, your books are clean. You have to ensure your systems are automated, um, sitting on your button, enjoying it. You know, you have to ensure that you have proper, um, operation softwares in place or proper accord, uh, um, contracts in place or a proper management in place. Right? Yeah.
Roy - The Business of Business Podcast (05:38):
And we talked, um, a little bit, the other day, we had a conversation and, you know, I think you bring up a good point that a lot of people are most pivotal that are looking to invest, especially in the higher range of businesses. They're not looking for a job. They don't want to come in and work from 7:00 AM to PM. Now you do have those, uh, turnaround guys that they do want to do that. But then that's when we start talking about that steep discount to, uh, what you're actually going to get for your business, the more work that they have to come in and do the, the less you can expect to gain from it
Precisely. And it's sort of counter-intuitive if you think about it, right? So if a current owner, um, can enjoy that consistent cashflow and can sit on their butt and enjoy that cashflow, they will say, Hey, I'm good. I don't want to sell. Right, right. Because they now are starting to think like a buyer, but if they really do want to sell, they really do want to enjoy the retirement and not run the business into the ground. Um, you know, they might want to sell their business when times have good when the profits are coming in, when the customers are happy with you. Yeah.
Roy - The Business of Business Podcast (06:51):
Yeah. And I know there's extenuating circumstances, such as health, uh, you know, maybe wanting to move out of the country to retire. There's a lot of things, but we can kind of break it down to the simplest of when people sell cars when they sell other things, typically there's something wrong with it or they wouldn't want to get out from under it. And so, you know, as buying a business, you're going to look at that the same way is that if it's providing awesome cashflow to this guy, things are running really good. So why do you want to get rid of that? And it's always a clue when I see something for sale, you know, it's like, why are they trying to get rid of it if it's so good,
Precisely. And that's always a first question any buyer might ask, um, and, and that's a legitimate question. You try to sell your house, you try to sell you a car. A buyer will always ask, you know, pretty, why are you selling it?
Roy - The Business of Business Podcast (07:43):
Right. Right. Yeah. And, and the other thing about this too, uh, assuming the higher, the price of the business, the more due diligence that, that buyer's going to do this, isn't going to be like making a car transaction where we walked around at three times, kick all the tires, make sure it turns over and we've got a purchase. There's going to be a lot of, like you said, looking through the financials, they're probably going to want to come in and even, uh, you know, see how this thing operates on a day to day basis, meet, meet the staff, the key people. It's a, it's a, how long would you say is that due diligence period? Uh, you know, from the time somebody may be interested to when they can actually make a decision that they want to move forward with this,
I have seen transactions move very fast. Um, as in, you know, when after the buyer and seller meet, um, you know, the transaction has consummated within a month. Okay. Wow. Um, or I've also seen transactions last 12 to 24 months. Right. Um, and that is on part of the boat, the buyer and the seller. Sometimes even the buyers are not ready. So, you know, it's very easy for us to sit here and blame the seller for everything. Right. Sometimes, you know, you have buyers who are not ready to pull the trigger and they're just around to kicking the kicking the tires.
Roy - The Business of Business Podcast (09:12):
Yeah. Yeah. And, uh, in, uh, I assume that, you know, if it's, uh, if there's no real estate involved, if we have, uh, mainly a service business, you know, we look at a discounted cashflow or a cap rate model where the more assets we have, then it becomes a little bit more complicated trying to valuate real estate vehicles inventory. Um, so again, that can just take it. It's not that that's good or bad. It's just, it is what it is. And so it can be a little more time consuming. And then the other thing is, depending on, I guess, how these, uh, how the buyer is going to finance this transaction, if it's a cash transaction, it's a little smoother versus if you're going to have to have a lender or some other outside funding source, then I guess that can actually, uh, not complicate, but there's just a lot more due diligence because they're going to want to do their due diligence as well as the buyer.
Yeah. That's a great question, Roy. Um, if a buyer is paying cash, then the only decision maker is the buyer and the buyer's family or the buyers, um, business colleagues. Um, but if the buyer is looking for a bank loan or an SBA loan, they have to go through another set of hoops and the banks or the SBA, they have, um, their own set of criteria, um, uh, for when they allow financing or when they don't. So needless to say, um, uh, smart sellers or smart business owners should assume that a potential buyer will be seeking a bank loan or an SBA loan. Um, so if they keep that assumption in mind and start working towards it, um, they will be far ahead of the competition and closer to selling the business. Yeah,
Roy - The Business of Business Podcast (11:09):
Yeah. And a lot of those loans have to go through committees. It's not even your banker that gets to make the yes or no. A lot of times they have committees that they have to submit it to as well. So let's talk about something that gets kinda delicate, um, is the, maybe there's the solo preneur or a smaller business owner operating under their name, the business revolves around them. Um, you know, and I've seen this play out in real life is why I want to bring it up because it's important that you, as a seller, you have, there has to be a business for you to sell. It has to be an ongoing concern. Um, just like myself, if all of my business is wrapped up in my name, people want to talk to me. I'm the one that deals with everybody while I could sell my book of business at the end of the day, if there's not that trust factor with that buyer, there's really going to be very little value there for, um, for somebody to purchase. So I, I know that sounds confusing, but, um, you know, I just really want to talk about kind of positioning ourselves, the smaller company guys to, uh, really have something to sell at the end of the day.
Yeah. Great point. Um, Roy, so say, for example, if you own a auto repair shop, right. Roy has auto repair shop, right. Um, think about why do customers come to you? Are the customers coming to you because they know Roy, are the customers coming to you because they are Roy's neighbor? Um, or did they grow up red [inaudible] or other customers coming to you because Roy's auto repair shop does a good job, or, um, Roy's auto repair shop has a good reputation, not Roy Roy's auto repair shop, right. There are two different distinctions between the business and the person. Right. Um, they don't necessarily have to be mutually exclusive, but, um, they should not be a hundred percent overlapping. Right?
Roy - The Business of Business Podcast (13:27):
Yeah. And it like myself in the service business, it becomes even more critical because, um, you know, I deal with everybody. I deal with all my customers face to face. And, you know, I've seen these, uh, these family entities that, you know, they've kind of blown up at the end of the day where the, uh, you know, the patriarch was in charge, did all the work people talk to him, they didn't even know that there were other people in this company. And so there's not that trust factor that, um, you know, that employee a is going to be able to step up and run the business going on. And so, um, at that point I've seen that, you know, just the, the value evaporates and there's nothing there. And that's, there's nothing worse because everybody wants to, you know, have that income to retire on. When you get to be a certain age, you want to be able to sell the business step back. And again, we kind of, you know, it's not really the scope of this podcast, but some of that gets back to the business strategy as well as you kind of have to position the business to carry on with, or without you, it can't be totally dependent on you to show up every day.
Yeah. I mean, let's think of it this way, right? So, um, there's a million dollar business, right? This is a million dollar business, and this is a million dollar real estate. Why is it easier to sell a million dollar real estate versus a million dollar business? Because once you sell the real estate, it is very unlikely that the value will drop real estate using retains its value. Why does it retain its value? Um, it retains its value because there are comparables that have similar valuations. Um, the problem with business is it's a moving target, right? A business can go from a million dollars to $200,000 in six months, if it's not taken care of well, whereas a house, even if you abandoned the house for six months, a million dollar house, you know, even if you have water damage, what have you, it will only decline by 50,000 or a hundred thousand. So that's why real estate generally retains its value. And the business needs to be taken care of on a day to day basis. Now on the plus side in six months, real estate might only go up by five or 10%, but a business can go up by 500% in six months if you play your cards. Right. Right.
Roy - The Business of Business Podcast (16:09):
Yeah, definitely. So what would be some tips, uh, is there like a top five list of things that you would talk to you, you know, want to advise people to, uh, kind of on the sell side to be thinking about if, uh, you know, in the next year or two you're, you're thinking about selling, is there a, what should they be looking at or thinking about,
Uh, great question. So, number one reason why businesses do not sell is unrealistic expectations of sellers, um, unrealistic expectations in terms of value in terms of time to execute the deal in terms of, uh, terms of the deal. So most people think that, Hey, if they have a business worth a million dollars, somebody's going to come out and cut them a check of a million dollars, and then they can walk away into the sunset. And some guy is, you know, now running the business, right? Well, it doesn't work like that. It works like that in real estate, again, because in real estate, the value does not decline as easily, right. Whereas in a business, the value could decline. So very rarely does somebody cut you a check for a hundred percent of the value. Most times you will have some kind of a earn-out or some kind of a seller financing built into the value. Right? So number one thing, a seller could do is really understand what their business is and to do that. You need to have clean books. Um, you have to recognize all the revenue, all the expenses, um, if a, uh, uh, operator's salary is a hundred thousand to operate that business and the seller is being herself, himself, uh, uh, 200,000 while they need to adjust that salary, because you have to think about everything from a market participants perspective. Um, you have to [inaudible].
So one of the easier ways of valuing a business is say, for example, if you go to a, um, real estate agent and say, um, Jimmy, I want to buy a house. All right, what's the first question Jimmy's going to say, Jimmy's going to ask you, or I draw how much payment can you afford a month? Jimmy's not going to ask you that. Roy, do you want to buy a $500,000 house or a $600,000 house? Jimmy is going to say, how much payment can you afford a month? Right. And based on that payment, he's going to back into the value of the house, right? Similarly, you think of your business as a house and say that, okay, how much cashflow will this business give to a new buyer on a monthly basis? Is it 2000? Is it 5,000? And based on that cashflow, you can back into the value of the house, just like a mortgage, right?
Roy - The Business of Business Podcast (19:16):
Yeah. And when we talk about expenses and I'm not talking about anything, that's illegal, but sometimes smaller businesses, they carry, um, carry family members, cars, you know, they, they have these, uh, expenses that, uh, that I, I, as the buyer, I'm not going to continue those on, but if, if they don't, um, I guess if they don't get that cleaned up immediately, then it just, um, it lessens that cash flow, which lessens the value. So those are important things to think about as well. And there may be others though. That's just the, the big ones that come to mind there.
Yeah. Yeah. I mean, the, there are many things because let's face it, you know, the, um, books in small business they're designed, uh, to manage taxes, right. Um, so to minimize taxes, you know, most business owners will try to load up on all the expenses, you know, their car, their gym membership, their vacations, um, uh, you know, there are cell phones, you know, they pylon as much as they can, which is okay, right. I mean, this is not illegal. Right. Um, but, um, that is not looking at things from a buyer's perspective. A buyer will come in and say that, Oh, wait, wait, you got all these expenses. You practically have no profit in this business. Right? So most art buyers and appraisers like myself, we will adjust to a cashflow to, for all these excessive expenses that most, um, uh, owners put into the business.
Roy - The Business of Business Podcast (20:54):
So what about keeping, um, and I know this it's a wide ranging question because we may be service. We may be a product there's a lot of, uh, you know, we may be smaller, bigger, but what about keeping the owner on as a consultant? A lot of times, what I see is, uh, you know, they'll buy a business, but they'll have like a one-year contract, um, for the owner to stay on, to help recommendable non recommendable, each situation has its own merits. What are your thoughts on that?
Yeah, most definitely. I mean, most buyers will ask for two things. One, they will ask for a consulting agreement or some kind of a employment agreement for at least one to two years. Okay. Um, and that's pretty standard because again, they don't want the million dollar business to become a $200,000 business in six months. Right. So they want to make sure there's continuity. Right, right. Um, and second thing they will ask for is a non-compete, uh, what they don't want is the seller, you know, taking that million dollar check, walking across the street and opening up another auto repair shop and start competing against, you know, the new Roy.
Roy - The Business of Business Podcast (22:13):
Yeah. No, yeah. That's a good point. And, uh, how enforceable it gets, you know, you hear all sorts of things are the non-competes fairly standard. I know they're fairly standard now, but are they fairly enforceable as well? What are your chances that somebody tries to go out and, um, uh, get around that,
You know, people do all kinds of crazy things. Um, and you know, you can't stop people from doing crazy things. Um, uh, what you can do is you can have an ironclad agreement and, you know, so say if, and that's part of the reason why most buyers have clauses like earnouts or seller financing. So save somebody sells their business and it's seller financed, right? So the buyer is paying the monthly payments after they sell it. And if the same seller goes across the street and opens up a competing shop while he is shooting himself in a foot, because he's still expecting cash payments from the old business. Right. That's why many of times you have these strings attached to keep honest people, honest. Yeah,
Roy - The Business of Business Podcast (23:18):
Yeah. Yeah. It never hurts to keeps the seller with some skin in the game just to make sure that everything goes off. Exactly. Like they saying said it would. Yes. So let's look at the other side. So as a, uh, what are some tips that you would give to a buyer who, uh, walk in or, you know, working with somebody else to make sure that they get the best value for themselves?
Uh, great question. Um, as a buyer, the first thing I would do is understand, um, how, um, loyal the customer base is. Um, are you getting repeat customers? Are they getting, um, uh, referrals from customers? Um, uh, does the business have good online reviews? Um, are the employees loyal? How the employees been around a while? Are the employees happy? Um, you know, because it, the simple rule is your employees are going to treat your customers the way you treat them. Right? So, uh, if an employee is a feeling good about their jobs and the company they're in, um, they're going to treat the customers, right. And a customer that's, uh, being treated right is going to come back. Um, business Roy is frankly, very simple. It's just, people make it complicated, right? I mean, if you do the right thing and you are not looking for short-term wall street type gains, and you are looking out for your customer, and of course, you know, making a small profit for yourself in the meantime, um, your business will grow. It's gotten him, it's got nowhere to go, but grow. Right.
Roy - The Business of Business Podcast (25:17):
Yeah. Right. And the other thing, um, you know, I'm not advocating for any one professional versus another, but I think that, especially once we start getting into the higher price businesses, that it's always recommendable to surround yourself with the team of professionals, because as buyers, you know, we can become emotionally involved in something and maybe want something a little bit too much to, uh, look past those red flags that if we have a good team of advisors around us, they, they can help stick to the business fundamentals as well.
Yeah. Most definitely. I mean, if you are considering selling your business in a few years, um, you know, start, um, having, uh, preliminary discussions with, UCPA start talking to them that, Hey, what would I need to do to clean my books, to position the business for a sale in the next two to three years, and most CPAs are smart enough, um, to help you, if, uh, you don't have that kind of an open relationship with UCPA, um, call a local local business broker, um, and ask, uh, somebody to come in and look under the hood. And that doesn't cost anything right. A local business owner would come in and they would tell you that, okay, this business, the, this is the good, the bad, the ugly, um, and then start working towards that. Um, and I would ask you do this exercise every six to 12 months before, uh, when you start thinking about selling your business, because these are the professionals who can help you get there. And the professionals who helped you the most in your preparation process are the ones you want to work with during their transaction.
Roy - The Business of Business Podcast (27:07):
Right. And we always need an Awan appraiser to come out and get lay, uh, some second eyes on, uh, the business operation to make sure that everything is like it. Like it's, like they say that it is as well.
I mean, the first thing, if you hire a business broker, or if you're trying to sell, first thing you want to know is, Hey, what is my business worth? Right? So that's where you need professionals like me to come in and help you understand what your business is worth and what is the most valuable component of your business and what are the tweaks you can make to maximize the value of your business. Right. I can look at the business Roman from a buyer's perspective or from a lender's perspective and tell you that, Hey, these are two or three things they will be paying attention to. So if you just start working on these two, three factors, you can maximize your value,
Roy - The Business of Business Podcast (28:05):
Right? So the other tricky component is real estate. If you have a real estate attached to a business, um, you know, a lot of times people want to buy the business, uh, I'll hang on to the real estate and charge you rent, but we really have to think that through, I mean, it makes it easier for the buyer to probably get the, um, to reduce the price depending upon the real estate. But if we're expecting them to pay the rent off the business, then we probably have to do a lot more due diligence to make sure that they have the management skills to actually keep this an ongoing concern, at least enough, to be able to pay the rent for the next 20 years until the building's paid for.
Yeah, most definitely. I mean, if you are taking up a brick and mortar business or any business that has a lease component or, um, some kind of a fixed payment, um, uh, which might include, uh, employees, right. And employee compensation is also a fixed payment. Um, and that is also a liability that a new buyer is taking on just like a lease. Um, and that's where the consistency in the cashflow, the first point that we talked about becomes most important.
Roy - The Business of Business Podcast (29:22):
Right. Right. Well, Bharat, I appreciate you taking time with, uh, taking time out of your day to talk to us, um, before we let you go. Uh, first question is what is the tool or a habit that you do you use in your business, your personal life every day that you just couldn't do without?
Um, um, uh, I, uh, am a big proponent of a big breakfast and I am one of those guys, um, you know, who loves a big breakfast and I have a breakfast smoothie every day and, um, my children have the same smoothie. Um, and, uh, uh, that is something I, um, do as a non-failure or a non-negotiable item in the morning. It doesn't matter how good or bad I feel. That's something I have to do.
Roy - The Business of Business Podcast (30:19):
Yeah. That's funny. You mentioned that because I have become a big breakfast, uh, in my adulthood as a child. I didn't like didn't want anything to eat until later in the day, but now it's like that, as long as I can get a good breakfast in, I am good to go start my day out and right. All right. Well, uh, tell everybody, you know, who your client is. I know it's people that are buying or selling businesses, but, you know, basically what is your client look like? What can you do for them? And then I know that you have some resources on YouTube. So please tell us about that as well.
I am here to help, uh, business owners, um, buyers and sellers, to help them understand what their businesses are worth. Um, and, uh, as you said, not, you know, 60% of these business owners are baby boomers. Um, so let me help you with some statistics. Okay. 94% of businesses that are incorporated in America have revenue less than $5 million. Okay. 94% of the businesses, 60% of those businesses are owned by baby boomers. Baby boomers today are 55 to 75 years old average retirement age in America is, um, 68 69. So, uh, most baby boomers either retired or retiring or about to retire, right? Um, and if, uh, assume you have a business that's worth $5 million, right? A $5 million average, $5 million business might have a EBITDA off say, half a million dollars and average business that's has an EBITDA of half, a million dollars might sell anywhere from three to five X on EBITDA.
Um, so let's take an average of save for X, right? So four X times, half a million dollars, that's $2 million like $2 million or the cash proceeds you can expect from your business. Okay. $2 million minus the cost of transaction minus taxes. So about 45%, $2 million minus 45%, 1.1 million left. Okay. Average business owner that owns a business worth $5 million has $200,000. A debt could be credit card could be tuition, could be housed. You know, what have you, so say $900,000. Okay. Now most of these owners have a, you know, average life expectancy in America is what? 88. Yeah. So if an owner is about 65, 70 years old, they have 15 years more to live, right. An average such owner makes about $75,000 a year. Right? Okay. So $900,000 divided by 15 years that they have left to go. Right. Right. So that is about what, $60,000 a year. Okay. Can you live on $5,000 a month now? Let's assume, make all these assumptions that you have a $5 billion business. You have half a million in EBITDA, you are able to consummate a transaction for $2 million. Somebody pays you an all cash deal. Right. And you have only 45% exposure in taxes.
Right. What are the probability of that happening? Yeah.
Roy - The Business of Business Podcast (33:54):
Yeah. That, and you know, the other thing I think you have to think about is, for some reason, our thinking is that, um, when we retire, we're not going to have the same expenses that we had when we were living life, where as, uh, most of the time you want to travel, you want your you're not working every day. So you, you end up going out and spending more money. So you really gotta be careful with that to make sure that, you know, that's enough for you to live off of.
Yeah. Um, so, you know, when I say these statistics to people, you know, people are most surprised. Right. Um, so, you know, as you know, we had talked about earlier, right? So you have two options. You either run the business into the ground until, you know, you are ready to check out, correct. Or you sell that business to somebody else. Right. Um, and now, you know, it takes work to prepare the business, to sell it to somebody else. Right. It's just like a house, right. You got to paint the house, you've got to clean the house, you've got to get, you know, vacuum steam clean. So, and most people are not prepared to do that. And most good people, most good business owners or owners don't even know what they need to do to prep their business for a sale. Right. So for these kind of issues, you need to find, um, experts like me. And not necessarily me. I can't help everybody. But if somebody reaches out to me, I'd be happy to refer them to an expert near them. I have a vast network. My YouTube channel is designed to help, uh, business owners like this who are looking for retirement. So if you just go to YouTube and put in, what's it worth valuation, my channel will pop up and you can see different businesses that I have appraised and that I'm giving tips on. Okay.
Roy - The Business of Business Podcast (35:44):
Awesome. And can you tell us that address or tell us the name one more time?
What's it worth? What's it worth? Okay. And, uh, what's it worth the B H BHA, R a T if you just put in what's it worth and Barat? Uh, my channel will pop up on YouTube.
Roy - The Business of Business Podcast (36:02):
All right. Well, if you're thinking about buying or selling a business, be sure and go over there and check out the YouTube channel. It's been, uh, it's been a pleasure learned a lot as usual talking to you Bharat. So thank you again for taking the time out of your day to stop by and talk with us. And that's going to do it for our show today. Again, we are the business of business podcast. You can find us on iTunes, uh, Google play, Stitcher, Spotify, and YouTube as well. Of course, all the social media platforms, LinkedIn, um, Facebook, Instagram, and Twitter. So until next time I'm Roy.