Episode 32: Rewarding Exits Don't Happen By Accident
Episode Summary
Selling your company is about telling the right story to the right buyer at the right time. So, whenever the time comes – what is the tale you want to be able to tell? What will you want to be able to say then about your company’s performance and accomplishments? On today’s episode, we begin a new series on what you can do now to prepare for a successful transaction, and at a desirable valuation. Whether your exit horizon is in a few months or still years away, whenever that time comes, you will wish you had started today.
Episode Transcript
Stephanie Chambliss Gaffin 0:00
We always say that when selling your company, it is about telling the right story, to the right buyer, at the right time. So whenever the time comes for you to put that saying together to sell your company, what is the tale that you want to be able to tell? What will you want to be able to say then about your company's performance and accomplishments? On today's episode, we begin a new series on what you can do now to prepare for a successful transaction and a desirable valuation. Whether your exit horizon is in a few months or still years away, whenever that time comes, you will wish you had started today.
Welcome to Right in the Middle Market, a podcast about pragmatic perspectives on running, growing and selling your business. We talk about the challenges, decisions and most importantly, the actions business owners can take to create long term value in their companies.
Welcome to Right in the Middle Market, I'm Stephanie Chambliss Gaffin and I'm here with my co host Mark Gaffin. Today's episode, we want to talk about preparing for an exit. And an exit is another word for selling your business. As we're looking at data of what's happening in 2021 and what the projections are around the M&A market, there seem to be several predictions that there will be an increase, particularly compared to 2020. That was an unusual year in so many ways, but an increase in the number of M&A transactions. There are theories around this about some people who may have put off selling last year, others who are just tired after a really tough year and may be pulling forward and exit, and others who may just have hit that point in the normal course of business. But the question is, if you are thinking about selling your business in whatever time horizon and we'll talk about that a little bit-
Mark Gaffin 1:52
There are a lot of you should be embracing that you may encounter a company to a certain level that are perfectly quite fine and understandable to you, Mark, but maybe a little for you more challenging for some external. I want to sell it to a potential partner. So I do think that there's probably some areas for us to touch on. Where might I- I don't want to see normalized because it's not quite right. But where might I get my company ready, whether it's how we account for things, how we're looking into data, how we're planning, the whole thing, because once you try to explain it to an external party, who is thinking of investing money into you, and be that a minority investor, majority of investor or a sale, it needs to be something that's readily communicable, readily supportable, and incredible.
Stephanie Chambliss Gaffin 2:48
Well, if I think about and when you and I were preparing a little bit for this episode, you said something that I thought made a lot of sense, which is that when you think about the story that you're going to tell to that potential buyer or investor and again, we always think about it with our clients is how do we tell the right story, to the right buyer, at the right time. And you can't create three years of history in one month it takes to put together the deck. And so how do you think today about what is that story that I'm going to want to tell? And when I have to show three years of history, you know, and it may be longer, but when I think about showing the three years of history of my company, what are the things in the trends that I want to be able to highlight?
Mark Gaffin 3:27
That's right, I think we did a an episode not too terribly long ago about EBITDA and adjusted EBITDA, and to think about, you know that the term lifestyle company comes up and people say, Look, I'm not running this for maximizing profitability, I don't think you need to, in order to sell company, but you do need to think about if I want to sell this as a high growth company, but I just haven't had the opportunity to put in the time. I'm quite happy with the relative size of the company now. We have to be able to communicate, why do I think there's a lot of growth left in this market geography product set? How does that translate into margins? How does that translate into cash flow from operations?
Stephanie Chambliss Gaffin 4:09
Well, right. And if you think about the concept that also beginning with the end in mind, which I think gets credited to Stephen Covey appropriately, and if you think about what is it when you sell your company, what are you selling? And yes, depending on the type of company, you may be selling some hard assets, but fundamentally, you're selling the future cash flow and or the capabilities of the company. And again, when you think about whether, with the focus of those will depend on whether you're selling to a financial buyer or a strategic buyer, but being able to demonstrate that you really have that it's not just the promise of No, No really, it could grow. No, it really could have this kind of an EBITDA, but to be able to demonstrate that and have that. It just makes it an easier sell. And when I think about that the goal of getting bread To go to market is to number one, increase the odds that you are successfully going to be able to have a transaction and tell the company that you're going to find a buyer who's interested in number two, that you're going to get the purchase price that you're looking for, and the kind of terms that you're looking for.
Mark Gaffin 5:16
Yeah, that's right. I think that we've talked about this in a plane, you know, kind of simple, maybe overly simple example would be your selling in Ohio, and you've done very, very well selling in Ohio, you know, all the people that you would sell to in Ohio. And it's great, you may have one client in Indiana, one in Michigan, just opportunistically they moved or whatever they just happened to call you. But but it's hard to tell somebody, that you're a regional company, with more growth potential, if you haven't been able to purposefully demonstrate moving into those markets, they may believe you, there may be all the logic in the world as to why you could potentially do that. But it's very difficult to get someone to pay you for two x in your company, you know, doubling the size of your company, in by penetrating Michigan, if we really don't have anything to demonstrate that that's, that's actually been able to be done. But you know, to your point, I think we'll talk about this a little bit, it's not like you have to achieve that already. It's just you have to have a credible story. And that may be more purposefully targeting sales in Michigan, and I've gotten a more active pipeline, I can show you that we're actually marketing there, we're getting the same kind of receptivity to our offering in Michigan, as we do in Ohio. So I've now I can say, we really think that over the next year, two years that Michigan will be on par with our home state.
Stephanie Chambliss Gaffin 6:39
Right? It's when you think about a buyer, who is looking at what is the potential of this company that I'm buying, right, they're buying it for the future club, cash flow, but most buyers are doing it for the potential of what it can grow to be not just what it is today. And again, anything that has already been achieved. And again, I think we're getting a little bit ahead of ourselves. We'll talk about that more. But it D risks the transaction from the buyers perspective. So they're looking at it to say, How do I look at all of these things and de risk? So, you know, I think, actually, before we dive into the different kinds of things that that you would do to get ready, I guess the last thing that I would point to is, from a transaction perspective, there's some very pragmatic reasons to spend a little bit of time ahead of time getting ready as well. And part of that goes to we think about momentum. You know, I know you and I have both seen this, I'm sure others have seen this, that you're you get into due diligence, you start asking or even before due diligence, you're you have a party that's interested, they ask for some information, and it's not available, and then the seller and the sellers representative have to spend weeks or heaven forbid even longer, you know, running around trying to gather that information, put it together in a way that is that answers what from the seller or from the buyer may feel like a relatively obvious question. And so it just starts to discount raise questions, and it can slow down and lose momentum, which is never a friend to getting a deal done.
Mark Gaffin 8:17
Yeah, I think that there's probably some people that you've they had that nice clean office where everything's filed, and they know where everything is, even though it's old, they can find it. And then there's people that may look a little bit like my office, I know it's in there. I've been a good idea where it is. But you think of all and I don't think this none of this is trivial. But you start thinking about corporate records, you think about insurance policies, you think of all those things that are going to be need did in a data room, that this the work quickly and easily we can get a hold of those, the better. People are going to want to know about workers comp and your experience over the last five years. So the more that we track that in real time anyways, these are that is to produce. So some people are tracking a lot of this stuff anyways. And some people aren't and it's okay, we can recreate it. And it's it's not too hard to spin some of this up. But stock certificates, a lot of the stuff that the legal folks would need tax returns, making sure that you're up to date on your taxes, those kinds of things improve, there are the tactical things that you just have to get all that stuff done.
Stephanie Chambliss Gaffin 9:18
Well, if you think about that the seller, particularly in a middle market company, the seller is the one that's going to be doing an awful lot of that work to pull that information together. And they're still running the company. And so if you wait until you're actually in market to do it, now, it's all on a compressed timeframe. And it can start to feel really overwhelming. To the extent that you can give yourself a little bit of time to start to pull that documentation together. Make sure it's easily accessible. You know where it is if you find a gap, you can easily address it. It's just going to make the process that much easier for you once you go through. Well, I think
Mark Gaffin 9:53
you touched on this a little earlier. There's going to be only so much time you've got to run the business. So if you're the Have a sale, you're going to have eight to 10 hours of the day, 12 hours a day, you're already running your existing business. And then you got up to add all the other, which is strategic questions that are being asked by potential buyers, right. And where the founder has really great insight onto the strategic, this is what I believe the company can do, this is why I think I can do it. That's a highly valuable stuff for the CEO to be doing. But if she's running around, having to pull records, that's not highly value added. That's time. So there's a lot of this stuff, we can work with her attorney, we do this all the time we work with the attorney, we work with the accountant, internal or external, we work with human resources, there's a whole bunch of things that we can do, and help people ahead of time. So it's not falling off to the founder to have to do it after hours.
Stephanie Chambliss Gaffin 10:45
And in terms of the, you know, now you start to raise the question of so what are the different kinds of things that need to get done. And I guess I loosely start to put this into three buckets just because my mind works better when I can organize things into categories in some way, shape, or form. So to me there, I think about what I'm going to call a level one, which these are some of the very tactical, tangible things that are going to be asked for in due diligence. The second level, then to me are some of that infrastructure processes reporting. And then the third level is really around strategy and performance. And I think what we want to do is, in today's episode, we'll take just a couple of minutes talking about each of those categories in future episodes, then we'll start to dive into some of those in more detail and actually have some guests on to help us really dive into from an accounting perspective, from a legal perspective, what are the kinds of things that you need to do? But so let's take that what I'm calling a level one set of of activities to do to get ready to go to market. And to me and Mark, I don't know how you think about this, but I think about this as these are number one, they're the things that if you have to sell in the near term, for whatever reason, these are the Gada dues, these are legal, having your legal documents in place, your due diligence items ready. They're relatively tactical things that can be done somewhat quickly, but they have to be done.
Mark Gaffin 12:15
Yeah, and I think that there's some things that can be, you know, I talked about the stock certificates, right. And if you've given those out a million years ago, never issued or whatever, right, they're lost, the lawyers can work around some of that stuff. I don't give tax or legal advice, but lawyers can think about, okay, what do we have? And how do I get around it, you want to give them some time, so they can, they can do that? I think that look, no matter how much time you have to sell the company, people are gonna want to can come in and look at the financial condition of the company, they're gonna want to look at the team. So there's a lot of those HR reports are gonna want to have or whatever who, who here does what, how much they get paid. So they can figure out what the cost structure of the company is. They're wanting to Who do you sell to? What have been your top customers for X amount of years? What are the receivables, like, now, most of those should be reports that you have now, it takes a good opportunity to look at that, make sure it's all ties out. And that, you know, we're not doing a bunch of things that we understand that bridges between the report and the financial statement. But if it's not that, it's actually that it's actually working, so that and those can be done pretty quickly, if someone has got to sell it, because it's got to sell quickly, there's a way to get that done. It's just like anything else where there's a will, there's way just going to take some a little more compressed in time period, but you can make it our job, I guess, as advisors is to make. It looks like it's at dock with swimming, there's a lot of stuff going on underneath the water. But on top, it's it's just kind of moving along. We don't want the company to look harried at all
Stephanie Chambliss Gaffin 13:44
during the process. Right? Which is exactly why, you know, if you think about things that somebody could do ahead of time, it is back to your reference of the you know, the Messier office. How do you make sure that you do start to think about, okay, where do I have all of the insurance policies? Where do I have all of those legal documents? Can I start to put those together in a filing system that I know that they're there, I know where to access them? Everything's up to date, all of those kinds of things, because, you know, you're gonna need those whenever you go through that process.
Mark Gaffin 14:16
Yeah, and just real quickly, I mean, there's other things like, it's going to come up at some point, someone's going to ask about things like, loss, you know, lawsuits, have you ever been sued? And if there is anything that's, you know, 234 years back, they're going to ask the question, so the better part of valor is to have a little bit of time to package what it is that happened, if anything did happen, how did it resolve itself? You know, those are the kinds of things is there's there's no sense trying to hide a bunch of stuff. It's, it's, you know, let's figure out what it is what's our story, but to your point, I would rather have my C e. o and CFO concentrating on the strategic diligence questions and not a lot of information retrieval.
Stephanie Chambliss Gaffin 14:56
So let's go to kind of that what I call that second level. So before we get to some of the strategic and perform and really driving performance, it feels to me like there's kind of an in between level, that if you have a little bit more lead time, you're thinking ahead just a little bit further, that these are some things that are great to be able to do to be prepared for, you know, these I would think about, and again, Mark, would love to get your thoughts here that these are things about, do you have the right kind of reporting? Are there any processes that you'd want to document that? Yeah, they may exist today, but you've just never written them down? What other kinds of things do you think of Do you agree that there's kind of that middle level? And what else do you think there?
Mark Gaffin 15:38
I do agree, matter of fact, we have a number of clients right now that we're working with that are doing just that, right, they they are looking for some type of transaction this year, it may be a capital raise, it may be senior debt, it may be a junior partner, and a couple of them I think, may even contemplate and exit at the right number. So we're working with a number of those folks on the way that they can use the, you know, vast amounts of data that's in their company to to to pivot that into information, knowledge and, and and then wisdom of how we got we got through 2020, how we're approaching 2021, to be able to look, if you have a business that you're selling right now it's doing okay, right or great, you've got a great story to tell. So how can we how can we? How can we present that. So being able to take some time and your knowledge, information system management, accounting, versus just financial accounting is very, really important. Thinking about product line profitability? So those are questions that if you have answers to make you look so much more on top of, you know, the company, how go, how do we make our money, not just from a revenue standpoint, but actually a profitability standpoint? Where are we most profitable? And can that be supported?
Stephanie Chambliss Gaffin 16:56
I think a dashboard is one thing that if I were to point to something that you could do in this category, putting together a dashboard, so that again, you're demonstrating a level of professionalism to any potential buyer or investor about the way that you run your business, it also then starts to set up processes that would be easier for somebody else to take over, not just you as the founder and owner who's been running the company for, you know, 10 2030 years and you know, this just by gut feel by walking around the shop or walking around the you know, the office and you kind of know what's happening, you've got your finger on the pulse. But to bring a greater level of insight and discipline, it also really starts to communicate, here are the key things that we watch in the company. This is what's important. And it may this is going to get to our next category but or not our next level of things that you want to work on. But before we go there, let's take just a moment for a word from our sponsor.
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Welcome back. I'm here with my co host, Mark Gaffin. And we're talking about preparing for an exit. And so, so far in the in the episode, we've talked a little bit about why it matters. We've talked about what I call that level one, those tactical things that you've just got to get done no matter what before you would sell your company, that second level, which are you start to get into what are some of the things that would be good to do if you've got a little bit more time something like looking at some of your underlying processes and the way that you're managing your company such as a dashboard. The third level that we wanted to talk about today then is how do you make sure that you're driving performance in the so that you've got the strongest performance that you can as you go into market? And yeah, this to me gets to performance issues that also gets to strategy issues.
Mark Gaffin 19:56
Yeah, I agree. And I think where we're going with some of this is Most CEOs that we know, right, she understands her company, she has a gut feel for how it's doing. And nine times out of 10, when we get the actual data together to the dashboard together, she's right. But there are some times where you're like, Oh, I didn't understand, I didn't realize that there is an area that I'd really like to see more information on. And there's some quick wins sometimes. So when you go back to, what do you do in the medium term, in the longer term, sometimes these things like dashboards, which is why we've started to do a lot more work with people on their existing platforms, and helping them with the data that comes out of it. And looking at it the more robust, more robust way to actually turn that data into actionable knowledge, right. So we're gonna have both a blog post and in a couple podcasts on that, which I think is really important, but actually being able to see what's going on in my company, you have a gut feel for it. But we've got to be able to make sure that we can communicate that to an external investor in a way that's credible, they want to believe you, but they have got to be able to prove that out for there, to go back to their investment committee, or the bank or whatever. So that we got to be able to give them tangible things to back up our our gut feel,
Stephanie Chambliss Gaffin 21:12
right. And I think this is also where you have a gift, these are to me the category category of things that if you are looking at selling, you know, maybe it's 123 years out that you want to to take a look at your data, look at some of the things do you have a business line that maybe is has really reached maturity? Maybe it's declining a little bit? Would you be better off to divest that before you go to market? Is there an area that you've been thinking about growing into, you've always said, You know what, it'd be so easy for me to grow into the neighboring state or into this adjacent product line? Well, if you want to tell that story to a potential buyer, or potential investor, think about how much stronger that story is, if rather than saying, Well, you could do this. And in three years, you'd see the returns, if you said, Well, this is what we started doing. It'll take three years to see the returns. But we're already two years into that. So again, going back to that, what's the three years of history that you want to show when you're going out to market?
Mark Gaffin 22:14
Right? I think you hit on something, which is super important. And this is one of the reasons why my mantra to folks is always run your company as though you were going to sell it in your mind, right? Because now you're thinking of these projects on an on a net present value basis, or a payback basis, you don't want to just, I would, I would have done that. I wish I would have started that three years ago, because now I'm selling, I wish I would have done all these things. And there's always going to be that I never got quite started because I always thought I was gonna do this, right? On a net present value basis, if if the investments that you've made in an ER p system, right, if and we had a really great episode on that the other the other day, and we'll put that in the notes. But you know, gosh, if you you're like, there's no way, if you do that, correctly, that you're not gonna get payback on that in a period of time, right to be able to see what you're doing to measure what you're doing, and be able to have your dashboard. So that's something even if I was going to sell in a year that I'd be like, Well, you know, what if I've started that process, and this is an earpiece system that is very much someone would want to see, right, it's not some exotic one that no one had ever used. But it's something that someone would want when someone comes in to buy that company, they're gonna appreciate that right? It's less for them to have to do if they come in and say we are Europe is antiquated, really can't we kind of kept it together with duct tape and baling wire. But if you want to buy the company and put it in there, that's, well, that's just more work that they've got to do, and they're not going to give you credit for that. But they I think you can get good credit for investing in a piece of machinery that has got a net present value. If you look at it, why would I buy a new printing press because I think I can do things at a lot higher run lower cost, those kinds of things, you'll get rewarded for that. So those things got to be thought of strategically and done.
Stephanie Chambliss Gaffin 24:04
We couldn't possibly do this episode with going without going back to our house analogy but it just works so well. And if you think about walking into a house and again all of this you think about when somebody sells a house they take a little bit of time to get the house ready to sell and depending on the condition that the house is in it may take very little time and very little investment or it may take a lot of time and investment. But if you think about you know the the bathroom or the kitchen that is desperately outdated and needs to be redone or you think about that sliding glass door, you know that that was intended to open out onto a deck but the deck never got built? Well yeah, a buyer for that house can walk out and see Oh, here's a perfect place that I can build a deck but it becomes a checklist of things that they have to do. There are going to be some buyers who are excited to come in and they want that fixer upper, they want to do that work. And there are probably more buyers that walk in and say Ah, what a great deck that's built right there off the kitchen. And it's already done for me, when it's already done, they don't really even think about it. But if they were looking at it as something that had to be done, again, the more of those things that add up, the more that you start to decrease the number of potential buyers because there are a lot of buyers that aren't going to want to do that.
Mark Gaffin 25:20
Well, I think that's exactly right. I think that this dovetails into one of the other things, it's a core principle of how we approach what we do with our customers, which is long term value creation. And this is really a part of our research into, you know, stakeholder theory versus shareholders theory, versus it's not really a daikon it's a false dichotomy, right? There's actually, if you think of long term value creation for shareholders, then you're always thinking now what what investments can I be making now to keep this company growing in value, right, it's everything I'm doing is trying to be very creative. If I want to sell my company in a year, year and a half, two years, and I start running it, like some of the Wall Street firms do quarter to quarter taking cash flow out, not investing in the company, not investing in people not investing in assets, you're going to want to put the same result, you're going to be devalued, right? If you are investing all the time, you know, in people in the sales force, we've got a we've got a number of opportunities for acquisitions we might be doing at the acquisitions, but we've got a funnel of opportunities that I can show an external investor that if you buy us, there's a whole bunch of different opportunities for you to grow both organically, you know, through normal growth and and organically through m&a. So there's there are different investors that will be very keen to see that opportunity.
Stephanie Chambliss Gaffin 26:42
That's right. And you think about another big area in terms of things that can take a little bit longer to do so good to look ahead, if you have that kind of a time horizon. Look at your team, one of the big things that we hear is, you know, a potential buyer comes in, they know that the the current owner, the seller wants to be able to sell and step away, but you realize that they haven't actually built the team underneath them, to have those customer relationships to have that operational knowledge to be able to do the day to day management. So whether it's bringing in a CEO or building out what you know, whatever position that is, or positions, but looking at your team, is this a strong team is this a team that is, you know, at a point in their career that they're going to want to continue on, even after I sell if everyone else around you is kind of the same age and they're also getting ready to retire, that's a little bit tougher transition, then for a new owner to be able to have confidence that I can keep that management team around for continuity and making sure that we're able to continue to operate the business successfully. So look at your team, think about what it would like to for that team to be able to run the company without you there. And to be able to support a new owner through future growth of the company.
Mark Gaffin 28:00
That's right, I think you're spot on. You're the level one people that people right below the sea, eo have to be capable have to be accountable. And you're no good investor, either that's a minority or majority and exit. If they're worth their salt, they're going to be looking at decision rights, where are who's who's doing what, who's responsible for what, and if everything rolls up to the CEO, even though you have people in titles, but at the end of the day, every decision is made has to be made from the founder. That's a very, that's a very different picture than saying the head of HR runs the HR area with input from certainly but you know, they they are a pro at what they do the CFO or all those people do, what you would expect them to be able to do a CEO certainly is is running across all of those different areas. But you want to make sure that and I look, I would say this would be for the robustness of a company, with regardless of the sale is that we want to make sure that there's the company has is is not dependent on one person to run it.
Stephanie Chambliss Gaffin 29:04
So where do you start? You're hearing all this stuff, you're like, gosh, I you know, I guess there really is a lot of things to do I have been thinking about selling my company in x timeframe. What do you do first?
Mark Gaffin 29:15
Look, I think as a founder, you’ve got to decide where you I think you got to take your ask yourself, what do you really want, right you? The reason I do this is I love seeing these people that have started these companies and gone through all the heartache that all of us who are entrepreneurs, ourselves included, know how hard it is to start grow and maintain a company across time, THROUGH THROUGH THROUGH 2020, etc. So for those people to be rewarded, I think is fantastic. So to me, it's like what do you want your legacy to be? What do you want your payout to be? Do you want to stick around how there's if you have some time, then you should entertain those questions we I think are going to be talking to a wealth manager in the not too distant future. That's it. good opportunity to spend some time with them think how do I do this? So that it's most tax efficient? You know, from my standpoint, right? If I want to donate a bunch of money to the university, how do I structure all these kinds of things? So if you don't, if you're not under pressure, I think there's even three years goes by really quickly, or two years or certainly one. So I think you can start those questions you can start, what do I want to do with my family? Do I want to have a trust to those kinds of things? Right? That's important, because you really don't want to be doing that the last minute, but how whiteboarding? How does that look like? And then, you know, to me to really to get into, do I have the team? Is my team on board with this? Would they be okay with this, you have to say I'm selling tomorrow, right? But you can say, Look, I'm thinking at some time, if you introduce the topic, I want this, I want you guys to step up, maybe there's an opportunity for an MBO a management buyout. So that's kind of how I would start just to get used to the idea. And what we do with a lot of entrepreneurs, we'll just talk through them what the process looks like, I don't want my clients to have any surprises in the process. There's always going to be some but we want to talk through what is this thing going to look like? How's it going to play out? And then, and then we can execute more more effectively?
Stephanie Chambliss Gaffin 31:20
Yeah, I, I really liked what you said, I want to amplify that point around, really understanding what your objectives are. And, you know, I love it, when we have the opportunity to sit down with a business owner and really say, look, you know, ideally, when would you sell the company, you know, and that might be, I want to do it in 20 years, when my daughter is old enough to be the one to buy the company and and take it over and run it, where it might be, I really am hoping to retire and walk away in 18 months, but to have a sense of what is that timeframe in your ideal world? And what is the amount? You know, what is the rough purchase price evaluation that you would be looking for, and then start to back into it are those to align? The you know, to me, I think the the worst case scenario, or one of the worst case scenarios is when somebody says, Oh, you know, I'm not going to worry about that, because I'm not going to sell, you know, I'll sell in two or three years, not realizing, as you said earlier, that three years is going to go by really quickly. And there are some things that a business owner can do in that timeframe, even without a huge additional lift, that can make a really meaningful impact on the valuation that they're going to get in that exit in one to three years. And with that, I'm Stephanie Chambliss Gaffin and you've been listening to Right in the Middle Market, a podcast about running, growing and selling your middle market business. We'd love to hear your comments about today's episode, and what questions do you have about getting ready to sell your business? What other comments and questions would you like us to answer on upcoming episodes? Send me a message on LinkedIn or drop me a line at podcast@gaffingroup.com and be sure to subscribe to hear more pragmatic tips on upcoming episodes. Until next time, be well and be prepared.