We’re back with Season 4 of the Web Equity Show!
Both Ace and I have spent the last year off the podcast growing and expanding our businesses. It’s finally time to get back on the mic and to dive into what we’ve been up to and where we see the industry heading over the next few years.
Both of our businesses have seen a tremendous amount of growth. No small part of that is due to our involvement in larger and larger deals.
We’re going to take an entire season to dig into these larger 6, 7, and even 8 figure acquisitions.
Specifically, we’re going to look at deal flow, due diligence, deal structures, and how to set these deals up for success.
In this first episode of Season 4, we’re going to catch you up on what’s been going on in the industry and give an overview of Season 4 and some of the larger deals we’ve been working on.
If you’re new to the Web Equity Show, make sure to check out our previous seasons. (Season 2 if you’re looking to buy, Season 3 if you’re looking to sell)
Also, please make sure to stop by iTunes and leave us a review! Your support helps keeps the show alive!
Alright, let’s dig in…
Justin Cooke: As we level up our businesses, and our listeners level up, as well, we want to provide some content that’s more current, that are on the things, and in the areas that we’re working on right now.
Announcer: Buying and selling businesses just got a lot easier. Welcome to the Web Equity Show, where thousands of successful entrepreneur go to learn about buying, growing, and selling online businesses. Your hosts, Justin Cooke, and Ace Chapman, share their real-life advice, examples, and expert interviews to help you build and grow your own online portfolio.
Now to your hosts, Justin, and Ace.
Justin Cooke: Welcome to the Web Equity Show. I’m your host, Justin Cooke, and I’m here with cohost Ace Chapman, and we are talking portfolio investments. We’ve got a really exciting season 4 lined up for you. This is the first episode, and we just can’t wait to get into it.
Ace Chapman: Yeah, it is. It’s exciting to be back, and as we were talking about what we want to get into this season, I was very excited we decided to really dive a bit into building a portfolio, because I get a lot of questions about that, so there’s lots going on, and there’s lots to talk about in season 4.
Justin Cooke: Yeah, man. We’ve been doing quite a bit of business together since the break, and it’s been a long break by the way, a lot of stuff has happened, and we’re going to get into that throughout season 4, and all different episodes.
But before we dive into, and we talk about leveling up, let’s talk about your goals. What are you working on right now for the 2018? What are you planning on for 2019? Where’s your business at, and what are you focused on?
Ace Chapman: Last season, I was just getting into building the fund, which is kind of happening behind the scenes. I didn’t talk a lot about it, but we did end up raising about 12 million, we bought a few larger business, sold several smaller businesses, and I’ve still been buying businesses with my partners and clients in the PPP program, so it’s been a really busy year.
And now, you guys will get to hear a little bit later, but we’re embarking on a new journey to create one of the first STOs in the industry, so … turning the fund portfolio into a security token, and that offering will be coming out in 2019, as well.
Justin Cooke: Yeah, that’s really interesting, man. I know that you’re heading down the fund route. I think, really think there’s a lot of value in that in the future, and we’re going to kind of get into that in this season, where we talk about how to wrap up some of these seven-figure businesses, and turn them into larger organizations, and we’ll be obviously be getting into what to look for in those businesses.
We’re going to talk about teams, we’ve got a whole bunch of stuff to cover. One of the things that we’ve been focused on at Empire Flippers is focusing on seven-figure deals. Right now, at this point, like the five, and even like low-to-mid six figure deals kind of happen pretty automatically.
We have sellers, we have buyers, and we’re able to match them up. We have a whole team that does that, but it’s kind of just process, whereas the seven-figure deals are the ones that our sales people are actually targeting, and working on, and negotiating for, and working with dealers and …
And this year, I think we’ve done maybe … not quite half a dozen seven-figure deals, but we’re definitely off to … I’d like to get to the point where maybe in 2019, where like the 500,000 to three million deals become just regular, and the reaches are the five, six, seven-million-dollar deals. That’s kind of where we’re hoping to head, as we head into 2019, and beyond.
Ace Chapman: Well, Ed has been amazing watching you all’s growth over the course … the end of 2017, 2018, I feel like you guys have hit a bit of a hockey stick, and so … Number one, as a client, and as a friend, it’s just been incredible to watch you, guys.
So yeah, for you guys that are listening in, there’s so much happening in the industry we can’t get to every bit, it’s just a lot of activity, and a lot of rope, and we’re excited about 2019. And you guys are doing a ton of hiring, which is great.
Justin Cooke: Yeah, man. We just, this year I think, we’ve hired more than a dozen people already. We’ve got a huge team. We just did company photos a couple of weeks ago, and we went to the same person that we were at like two years previous. And the guy was like, “Man, you guys have really grown!” Because he remembered the three of us from two years ago, and he’s like, “Wow! This is quite the team you’ve got going on.” And I’m like, “Thanks, buddy, yeah.”
We’re just really trying to keep up with the industry. You know what I mean?
Ace Chapman: Yeah.
Justin Cooke: And demand. We have enough customers coming to us wanting deals, wanting to sell us deals, and we just … we need the right team in place to be able to manage the deal flow, so it’s kind of like we have this bull by a tail, right? And we’re just trying to hang on for dear life, make sure we’re putting people in the right spots, and we’re finally at the point now where I think we’re getting ahead of that.
And I think that’s due to just a lot of hiring, and … We’re going to talk about that a little bit this season, and particularly with these larger businesses, how you scale up, how you add teams, how you put management in place, and that’s something we definitely need to cover.
But before we get into any of that, man, we should talk about what the season’s about. I mean, obviously, it’s clear it’s about leveling up, but we really want to talk a little bit about portfolio investments.
Ace Chapman: Yeah, yeah the goal today is giving the listeners an introduction to portfolio investments, and I think we spend a lot of time on how do you find the deal? How do you do due diligence on the deal? How do you maybe even put together capital for the deal?
But after you own the deal, most of my clients come back to me, and they’re like, “Okay, this was great. I want to do another one. What does that look like?” And getting on the path to building a portfolio of these investments.
Justin Cooke: That’s right, man. Before we do that, though, let’s do some listener love. First up, we’ve got an iTunes review, it’s 5 stars, by [pete92 00:05:43], says “Great show, love the actionable format. Thank you.” Well, thank you for the review.
If you’re digging this show, do head over to iTunes, and do leave us a review. We’ll definitely give you a shout on the show, as well. We also have a listener question, Ace. It’s from Lance Johnson. Lance says, the subject is, “Long-term sites.”
“Hi, Ace, and Justin, coming over to Empire Rivers Podcast, it seems like great stuff, really enjoying it. I want to see if you guys do consulting. I’m moving from the single-product funnels in more aggressive direct response marketing, to a much longer-term view. But I have a bunch of questions.”
So that’s an interesting question, Ace. I can tell you that I don’t do consulting, I actually hate it. I really hate it. I hate it … We did it, Joe and I did that for a while, my business partner and I did that for a while, and we had people pay us by the hour to do calls with them, and it’s just something I really dreaded, I hated …
I always felt like, “Am I really providing a value?” And then I hated the fact that they were buying my time, when I should be spending my time on the business, and I just … We did that for a little bit, and I dropped it like a bad habit. So, I don’t know. You still doing consulting, at all?
Ace Chapman: Yes. I do a very focused consulting, because I’ve done general, did some business consulting before. You know, just been involved in a lot of deals, and had people come back to me asking for consulting, and what I find is that in a lot of business consulting you end up telling people things to do, and then they don’t do them, and they come back to you like, “This didn’t work.”
And so, that whole idea of just coming in, and doing general businesses consulting isn’t something that is exciting to me. What I do love is finding other deal-makers that want to get into this space, and that do deals, and I can invest in them.
It’s turning to now a two-year program that we take people through that is basically acquisitions consulting through the PPP program. But outside of that, I don’t do any general business consulting.
Justin Cooke: Yeah, so the PPP program, that’s the thing … I used to … because, people would ask me whether Ace does … Well, anyone who’s in consulting, or “I don’t know anyone in this space,” and then they sometimes … they specifically ask about you.
And I’d improve your value, and I would say, “He doesn’t get out of bed for less 10 grand. So if you don’t have 10 grand to give him, it’s not even worth it.” And maybe that’s a little harsh, I just figured I didn’t want to waste your time with people coming to you asking for, “Hey, can I get a coffee with you?” Or, “Can I get an hour of your time?” That kind of thing.
But it is something like that. Right? It’s like you pay some money up front, and then you’re able to get involvements from the deals that you work with. Tell me a little bit about the PPP program.
Ace Chapman: Yeah.
Justin Cooke: I don’t know [inaudible 00:08:12] it, but I actually … I’m just curious.
Ace Chapman: Yeah, yes. At exactly 25,000, so you shouldn’t … It’s probably not right if you’re not looking to seriously get into this, but what we do is help other people build a business-buying machine, so the cool thing about our relationship is that you’re building this business-selling machine on one end, and then I’m building this business-buying machine, and so we’ve been doing some hiring and all of that, and our motto is a lot different.
But what I’ve realized is that I can kind of have these franchisees, or these other people that are using these same systems, and even leveraging my employees, and my team, and some of the things we’ve already built to go out and build their own portfolio, build companies, or whatever.
Then, I have more places to put some of the cashflow that’s coming in from the businesses that we own, and get that money reinvested without having to build this huge organization, so it’s all kind of designed around, “Hey, let’s have this great network of people that are going out and doing deals together.”
Justin Cooke: Cool, man. I’m going to update my spiel. It’s not 10,000. I’ve got to updated it to 25,000. That’s the new messaging.
I guess the good news is people are going to listen to this show, and get it for free, so that’s a little cheaper.
Ace Chapman: Exactly.
Justin Cooke: But yeah, man.
Ace Chapman: Exactly.
Justin Cooke: It sounds like an interesting program. I mean, you’re putting together just a ton of buyers looking to spend serious amounts of money, because that’s … I know that’s just like the entry fee. If you want to get involved in the deals which really, really make the money, you got to have a lot of money behind that, so it makes sense why you would have a higher fee just to get involved.
All right, man. Let’s talk about it, let’s get into Intro to Portfolio Investments.
Ace Chapman: Let’s do it.
Justin Cooke: All right, man, so the first question we need to answer is: what do we mean by portfolio investments? And there are really two types of deals we’re talking about here. Right?
Ace Chapman: Yeah. When it comes to these two types of deals, it’s two really different markets. It’s kind of interesting. On the high, six-figure to low-seven-figure deals, you can package those together, and eventually create a larger portfolio.
Buying these businesses are a lot of times pretty easy. You’re not competing against private equity funds, you’re dealing directly with one seller, there aren’t several partners that you’re negotiating with. It doesn’t take as much work in a lot of cases.
I would have several people that have bought seven-figure businesses that are one-man shows. They’re buying it from a single guy that ran the business, and now they’re running the business maybe with a virtual assistant, and that kind of thing.
Definitely when you get into low six figures, it doesn’t require the attention, and resources, and all of that, that getting into those larger deals requires. So, that’s one side. And the other side is the seven-to-eight-figure businesses, which these are going to have teams, you’ve got a lot of processes in place, and if you don’t, you better get ready to get to work.
We bought a five-million-dollar business last year that was really just the side project of a $50 million business, and so the funny thing is that they run that business like we think about a 100 to $300,000 business, was like, “Ah, here’s this little thing over here,” but it didn’t have its own team. It would just pool resources from the larger company.
It didn’t have processes or systems, it was like this project that just grew. So we had to jump in and start to build a lot of that, and give a lot more attention, but the upside on those deals, when you can grow a $5 million business by 5%, as opposed to $100,000 business by 5%, if you know anything about percentages, you know that, that’s a lot better.
Justin Cooke: That’s significantly more money. Yeah, talking about these two types of deals, the high-six to low-seven-figure deals kind of packaged together, that’s talking in the range of like 500,000 to like three or four million.
And generally what people do is they’ll take five of these, or 10 these, or 12 of these, or 20 of these deals, and kind of package them together, and they take advantages of scale. So the benefits of having the same team work on it, maybe there’s some … I hate the word, but “synergies” I’m doing the air quotes right now, the “synergies” of these businesses meaning you can do some cross-promotion.
Taking advantage of the same team running them all, and that’s just a way to take a bunch of different businesses, and kind of like shape them and turn them into one business that does well, and that can be sold at a later date, or held, as well.
And then, the second one we talked about, the mid-seven-to-eight-figure businesses, these are kind of the hub-and-spoke-type businesses. This is where you have the main business in the portfolio, and you may later acquire or build out other smaller businesses that offer services around the big one.
These are two different approaches to these portfolio businesses, either buying disparate businesses and kind of like tying them together through team, and process; or building one very large business, and then having smaller businesses around that larger business that support it, and provide additional value, and hopefully profit margin, as well.
So those are the two types of businesses we’re going to be talking about this season. Let’s talk a little bit about why we’re switching to seven-to-eight-figure businesses this season as opposed to seasons 2, and 3, and … We really kind of … I think we ran through everything for buying and selling five-to-six-figure businesses in season 2 and season 3.
That was … if you’re selling a $50,000 website, or a $500,000 website, like we really covered that in seasons 2 and 3, and we wanted those to be kind of like standalone seasons. I can send you to this season to buy, I can send you to that season if you’re looking to, and that’s perfect there, but I think as we level up our businesses, and our listeners level up, as well, we want to provide some content that’s like more current, that are on the things, and in the areas that we’re working on right now.
Ace Chapman: Yeah. I feel like the other big value to doing these larger deals is that very few people are doing them. Very few of these deals come to market in the space that we’re in, and it’s a place where investment bankers may play, but it’s very tiny for them.
And so, I think we have this interesting opportunity, both as on the A side, and on the buyer’s side, to come into that eight-figure market, and give a lot more time, a lot more attention. If they’re coming to you as a broker, you’re going to spend the time to really make sure that they get maximum value.
Even if they’re coming to me as a buyer, they’re not dealing with some large private equity fund where it’s like, “Okay, this is our tiny deal.” You know? “This is what we’re going to offer you. We’re not going to walk you through the process. It’s just a side thing for us.”
For us, when we’re doing a deal that size, we’re going to really dig in, and make sure that they’re well taken care of, and that we’re putting together a deal that is a huge win for them.
Justin Cooke: Yeah, I think a lot of the opportunity here comes on your side of it. Right? Because, of course, when you’re talking a three-million-dollar deal, or a five-million-dollar deal, I mean, they’re looking to sell, but as you mentioned, it’s too small for private equities, too small for the investment banks.
They’ll gladly jump on a 30-million-dollar deal, but a three-million-dollar deal? It’s tough. It’s generally a deal that’s too large for someone’s that’s just cashed up. A lot of people aren’t liquid to have three million dollars to buy an online business, such is not normally the case.
So for a seller it’s more difficult. For a buyer, though, you’re in this really sweet spot where you can get these really interesting businesses that aren’t quite big enough for private equity, but that are too big for most of the cash players.
Ace Chapman: Yeah, that’s where we love to play. There’s nothing like, like I mentioned, you talked about the eight-figure business that has this … is kind of at the center, and it has these other subsidiaries that are the spokes, and that’s exactly … Into the five-million-dollar deal, that’s exactly where we like to play, where they are a bigger player, and that seven-figure mix, seven-figure business, is a kind of side small project for them.
And that’s what creates this blue ocean that we’re in with these seven, and low-eight-figure deals.
Justin Cooke: It’s so funny how everything’s relative. Right? Like, “Oh, that’s just way too small for them,” and you’re like, “Oh, my God! This is an awesome business. It’s amazing. There’s so much opportunity there.”
Ace Chapman: Yeah.
Justin Cooke: And they’re like, “Oh, you know, side project.”
Ace Chapman: Yeah.
Justin Cooke: All right, man. Let’s talk a little about the profile of seven and eight-figure buyers and sellers. Who do these people … look like? What’s their situation? You know, what scenario they’re in.
The first thing to say is there isn’t a set profile, there’s no one type, but we do have a few examples that we want to cover.
Ace Chapman: Yeah. On the buyer’s side, there’s that successful offline entrepreneur. I’ve got several of these who are a part of the program, that have actually sold and exited a business app. One lady that comes to mind that sold a title company, and she kind of spent her life growing this thing, and wanted to move online, and have … kind of the rewards that come with running an online business as opposed to an offline business.
Now, there’s kind of another group of people that are professional. There’s a few fund managers that are looking for opportunities in the space, there are groups of people that have come together, and kind of formed these private equity groups that are buying deals.
But what happens when you’re trying to get into the seven, and eight-figure deal range is that they want to deal with professionals. You can’t get into this space just winging it, and that’s why it is exciting to be able to play in that six, and seven-figure space that we spent a lot of time talking about.
When you’re doing the six-figure deal, that can be a life-changing amount of income for the average person, and you can actually, as a regular guy, just get on the phone, and kind of wing it, and figure it out, and still get deals done.
I know you guys close deals even million-dollar-deals all the time with people who have absolutely no experience, and this is their first rodeo, and they end up becoming successful business owners.
On the buyer’s side, once you get into the mid-seven-and-eight-figure, if you come in and they get any sense … these guys that we bought … It’s funny, it was a side project, but the amount of background checking, and searching, and the things that they told me, like, “Oh, we found out this about you. That’s great!”
And I’m like, “Okay, wow. You guys are really doing your research.” They are going to make sure that … specially if they offer any type of financing, or earn-out or anything. They are doing the work to make sure that you’re going to be able to deliver.
Justin Cooke: Yeah, it’s funny you mention that, the professionals … There’s a lot more in the five, and six-figure deals, like a $60,000 affiliates site, or even a two or $300,000, three or $400,000 drug shipping business, for example, there’s a lot more yahoos. It’s a little more Wild West.
And so, people come in to sell their business, particularly on the sales side, where they don’t generally have their numbers together. They have some sense of it, and so I think one of the things that has made our business successful is we’re able to work with them, and help them put their numbers together in a way that makes sense, and make sure …
We dot their Is, and cross their Ts for them, and help them get those deals done. We find that even up into seven figures. So we even have seven-figure sellers that are … that can be that way. They’re generally a bit better off, like they have some kind of accountings offer, or they generally have a bookkeeper, but they need help, as well.
And so, I think kind of like helping them prepare for the sale is become a large portion of what we do on the sales side. But to give you some idea of what sellers look like in this space, generally, it’s like … One example would be early-stage builders that have taken the business as far as they can go.
They’ve gotten outside of their comfort zone. Oftentimes past were the businesses fun for them, and they’re finding in like this kind of like scaling position that it’s just not something they’re interested in. It’s not a skillset of theirs, and they just don’t have much passion for it anymore.
We’ve also found some … like as you mentioned, the private equity groups, or investment groups that are looking to liquidate some of their assets. They’ve got much larger businesses than these two-million-dollar businesses, that’s kind of a side project for them they’re looking to sell off.
And then we also have first-time entrepreneurs that are doe-in-the-headlights kind of stare, like, “I’ve never built a business like this before. This is the biggest thing I’ve ever had. I need help with an exit.” And those ones are fun for us, because we can kind of walk them through the process, we’re very experienced, and we do this for a living, obviously, and so it’s fun to guide them through, and help them navigate …
Particularly when they’re dealing with savvy buyers who would otherwise love to take them for a discount. Right?
Ace Chapman: Exactly, exactly. So what’s-
Justin Cooke: I say that no one knew that guy, it’s like [crosstalk 00:20:51]. How’s that? [crosstalk 00:20:51].
Ace Chapman: Yeah, I was like, “We’re going to skip over that part.” Exactly.
Justin Cooke: All right, man. We’re going to touch on this a lot more in the season, but let’s talk about some of the possible structures of a portfolio investment.
Ace Chapman: Yeah. I love the fact that you and I have seen all of these. We’re talking … this is not just from an academic standpoint. In Empire, I was involved in dealing with people on both sides of selling, and buying that are using a lot of these structures, and so you just have a lot of insight into what they’re looking for and how it works.
We’ve used a lot of these structures to get deals done. That’s one of the things I love about this show, in general, is that it’s not just one or two cases where we’re gone out and experienced this, like we’re doing it in mass amounts of numbers.
And so, we’re going to talk a little bit about buyer-seller partnerships. I think that’s probably the most simple, and where we probably see the most of those, where you have buyer, and seller, and you just have these partnerships that people are forming to get these deals done.
And we’ll talk a little about owner [crosstalk 00:21:56].
Justin Cooke: You really like when the seller retains some equity, and they have some interests in the business long-term, and it kind of keeps them … It’s kind of an insurance policy for you. Right? So you want to keep the seller invested, you want to keep them involved in the business, so that you can continue down the same path that they were on previously for some period of time, to kind of keep them around, and keep them as a resource.
Ace Chapman: Exactly. I really see the seller as my most valuable investor, and that’s one of the things that the buyers have to understand. Anytime that you’re partnering with a seller, whether it’s on an earn-out, or seller financing, or equity, whatever, you’re asking them to be an investor in you making that a business … more successful, or just continuing its success. And so, you’ve got to treat them that way, and we’ll get into a little bit of that.
The other model is the owner-operator model. I know you’ve worked with some folks, we both have some friends in common where they will go out and have a operator that they’re investing in, or the operator will go out and raise capital from other people that want to invest them, buying the business and operating it, and that’s something that I would say is the second most common structure. Wouldn’t you?
Justin Cooke: Yeah. I think so. The owner-operator is pretty common. You’ll have either an investor, or a group of investors that I found, or have worked with operators before in some other businesses. Maybe they own a couple businesses already, and they’re kind of going in with that operator on a plan for them to run it.
Maybe the operator just has less cash, or is more risk-adverse in terms of putting their own cash up, and they put up a very small percentage of it, and the investors put up the larger portion, and they kind of run the business through the operator.
The operator gets equity, like basically sweat equity by working on the deal, and you can pay out that equity over time, and based on the success of the acquisition, too. That’s a really interesting model. We’ve seen that quite a bit.
Another model would be the debt equity split model. And this would be where you’re providing some equity to the operators, and to some of the investors, but they’re also providing some debt, as well, just as a loan. That’s something that you’ve dealt with, as well. Right?
Ace Chapman: Yeah. We do that quite a bit. It’s something that only makes sense as you get into the larger deals. It’s funny, I get people who have like a $200,000 business, and they’re like, “All right, I’m going to do some seller financing, and then I’m going to get an investor, and he’s going to help me, and I’m going to be the operator; and then I’m going to get some debt, and we’re going to mix it with some equity.”
It’s like, “Woah, whoa, whoa. You’re doing way too much here to make this deal happen.” But absolutely, whether it’s creating a node that can turn into equity, or having the deal that’s just split with some debt and equity. We’re going to get into all the different ways to structure these deals.
Justin Cooke: And then, one of the last ones … and we haven’t seen a ton of this, but I see it on the horizon, and it is in play in other industries, is the fund of funds model. Right? So you have a fund put together, and you start to start to set up these multiple funds, and then you have a larger fund that’s ultimately allowing for liquidity in these other funds.
So you’re allowing people to buy in or out in real time in some of the other funds that are being operated under your control, and under your company. And this, we haven’t gotten there in the industry, but I think that’s on the horizon, and I’d see in the next five to 10 years definitely that being something that happens.
And it allows for people to get in and out of their investments, and allows for more liquidity for all the investors, the people involved. I see that … see this heading in that direction.
Ace Chapman: Definitely. It’s a little bit of my goal even with the PPP program, is that I have a fund and then I’m training these other people … you know, they’re going out, and they’re already raising capital, which is great, but the goal is that they’re on the path to building funds, as well, kind of leveraging what we’ve already done, and a lot of some work that we’ve done to create a fund.
So that is something that will be a lot of fun to talk about.
Justin Cooke: All right, man. Here’s what we’re looking at for season 4. We really want to provide a detailed look at where to find, or where to source some of these portfolio investments, these seven, and even eight-figure deals, and we want to share some insider details on what to look for, and what to look out for when you’re buying up these portfolios.
And then, look at some direct steps that you can take to build out your own portfolio, and the team to run that portfolio, and I think that’s really important. We’re going to talk more about teams throughout this season, because the larger these businesses get, there’s just no way around it, you’re going to have to have a team in place, you’re going to have to have management in place, and we have to start from the ground up, and work your way towards that. So, we’ll discuss the different approaches to that.
Ace Chapman: As you guys can hear, there is a lot to cover here. We’re going to get through a lot of material over the course of this season, and even then, I just feel like it’s such a drop in the bucket. Everything that you could cover getting into building portfolios, and doing these eight-figure deals.
But it’s a subject that we’re both in the middle of doing, and so that’s one of the things I love about this show, is that we talk about things that we’re actually doing right now. So, I think you guys are going to really dig this season of the Web Equity Show.
Justin Cooke: I absolutely agree, man. All right, man. That’s it for this episode. If you dig it, please head over to webequityshow.com, and leave us a comment, and let us know that you think. You can also drop us a review on iTunes, and we’d really appreciate it.
Next week, we’ll be looking to compare some of the differences, and similarities between six, seven, and eight-figure deals, to help you know what to look for. We’ll see you next time.
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