60% Concentration That Killed an Exit

And we worked together to try to figure out a good outcome for everybody. And then I was in charge of the migration at Zenoti to try and help move people over. And that migrations are hard, but, like, I was in charge because I wanted my franchisees and customers who I'd become friends with, and they were in the foxhole with me.

Like, I felt more like an obligation and a responsibility to do my best to help make it as the best out of a bad situation. And so I ended up doing that. I can. I know I want to. I can take you down to, like, what kind of happened next or if there's any more in there. Got plenty.

Yeah, sorry for belaboring all of it.

The.

When I moved over as the head Of M and A, Regis also was still having problems. And so what they ended up doing was they ended up firing all of their new. The second or third iteration of leadership, because their stock, as I mentioned, when I bought the company, they were at 700 million of market cap.

Regis, my customer. Now, six years later, they were at 15 million, about to be delisted from the New York Stock Exchange. Wow. So they lost 98% of their market cap.

Wow.

Obviously, it's not all software. It's market. It's strategy. It's a lot of things. But if you look at their stock price, they went down to almost 50 cents from a $20 stock.

So they lost a lot of market cap. A lot of people lost a lot of money. People got fired. And now, as the new head of M and A, when they put in the new CEO, Matt Doctor, I called them and I said, look, you have 90 days before the market decides if you keep the decisions of the past or you chart your own course.

If you decide to sell the software, Zenoti could be a buyer of it. And so, in a funny, ironic full circle, as the head of M and A, I bought back the stolen software from by Regis for Zenoti and ended up having the entire supercuts population, plus my non regis population, back on the Zenoti platform after a couple years. And then after I did that final migration in mid 24, my daughter was born,…

And then I said and traveled, and I did not travel on this one. I couldn't. But after six months, I decided I should buy another company. So now I'm out trying to buy another company.