Buying for Brand (Then Growing 4x)

And you know, we're just seeing really the first examples of institutional capital coming in through some more sizable roll ups. We haven't talked about that, but I'm happy to, you know, give, give you those examples. We saw Aries come into a roll up just a few months ago.

It's, you know, all of those are positive indicators to me that what we're doing is, you know, that we're still very early in this space and I think that anyone searching would, you know, that there's still a lot of opportunity for them. I would try and look for 50, you know, I, I would hesitate to go below 50 units in any of these portfolios.

And to find a, to find one of these businesses that has 50 or above units, is it super competitive? But because the roll ups or the Matt Orlys are there trying to buy them already or, or not necessarily, there.

Is competition in the space and I think you have to be prepared for that. In any, in any area where you are going in as a searcher or a new business buyer and if that's, you know, something you're not prepared to, you know, have to deal with, then it might not, be, then it might not be aligned. But you know, we've lost deals, we've lost good deals that, that we've wanted that we found off market.

There is definitely we're seeing businesses trade all over the place and I think that, that really sort of frothy, you know, M A in this, in this space. I, you know, I, I see it as a good sign and, and I think that there's, there, there are still so many deals to be found and to be done it, you know, I think that a lot of them are found off market.

And if you're able to, you know, study and, and learn the space and go to the industry conferences and you know, meet these, meet these groups or these individuals and, and make yourself known, you know, I think you'll be able to, you know, find success in buying a business, you know, in this area.

And do you have any pointers on type of geo like avoid the beach towns or yes, go to the beach towns or major, major urban markets. Stay away from. Because there's the pen stroke regulatory risk. Any, any pointers there?

I think you would be hard pressed to find any area in the country where there isn't someone, you know, screaming about short term rentals or Airbnb in some capacity. It's, it's, you know, it just exists and we choose not to be in urban markets. I think there are urban markets that are, you know, I have friends who have businesses that are entirely urban.

Every market, you know, has its own risk profile and you know, for, for better or worse. But I think, you know, as long as you're defined in what you are building and where you're building, I actually think that's the most important thing. I've tried to be really disciplined in the deals that I've looked at and the geos that we've gone after.

I see a lot of businesses that have built in this very disjointed way based on where they see opportunity and less about where, what their customer ultimately wants. You know, I've seen businesses that service Colorado ski towns and also the Florida Panhandle. The Florida Panhandle is the most, you know, this is the, where the, where the vacation rental industry was born out of, it seems.

But so I've seen businesses that cater to Wisconsin and the Florida Panhandle. To me it's very hard to build that kind of business where you're servicing entirely different clients across entirely different geos that have no connection to one another. Right. It doesn't do anything for your brand.