What cash decisions do you need to make to win in 2023? 

2023 looks to have major challenges that are slowly developing. And this is especially so when considering your cash and how it might be impacted by the changing environment. One of the most important questions to answer to best prepare for 2023 is how can I maintain consistent financial performance if my customer’s needs or spending changes?

Notable quotes from the episode.

“Profit is an opinion, but cash is a fact”

“How can you have and generate more cash to grow and handle the bumps that might be in the road ahead?”

This week we discuss how to maintain consistency if your customers are impacted and how can you win in 2023 through the cash lens.

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EPISODE TRANSCRIPT

Please note that this episode was transcribed using an AI application and may not be 100% grammatically correct – but it will still allow you to scan the episode for key content.

 

Brad Giles  00:13

Hi, and welcome to the Episode 144. That’s a lot of episodes under the belt every week we’ve been doing this man.

Kevin Lawrence  00:20

I know it’s crazy.

Brad Giles  00:21

It’s crazy. What’s not crazy?

Kevin Lawrence  00:24

Was 144 If we did 12 Yeah, actually, it’s not relevant. That’s not a relevant company.

Brad Giles  00:31

Tell me more about that man.

Kevin Lawrence  00:32

Yeah, it means nothing. Actually just a random thought in my head. That’s fine.

Brad Giles  00:37

This is The Growth Whisperers. I’m Brad Giles in Australia and the math genius. On the other side is Kevin Lawrence in Canada, in Vancouver on the West Coast. West is best. Yeah, 2023 a good year. Today we’re talking about cash. Could be the most boring episode. It could be the most important. The most important. Yes. So we always like to begin each episode with a word or phrase of the day Kev, what might be your word or phrase of the day?

Kevin Lawrence  01:11

Show me the money. Good old Jerry Maguire from that movie. I just love that movie. Both the quotes, you know, You complete me, him and Tom Cruise and Renee Zellweger. But but the the phrase Show Me the Money the football player that he’s the agent for. And you know, at the end of the day, it’s business and you got to be able to show the money and some businesses show the money better. They provide a better return mathematically, or they actually generate more cash. But if you’re building a business, and it doesn’t generate cash, that’s usually not a lot of fun. Unless you’re a tech company growing, but even now those businesses more than ever need to generate cash or or close to generating cash. So yeah, show me the money.

Brad Giles  02:01

Discipline for myself just discipline of the boring basics. You know, reflecting back before Christmas, there was just a couple of examples that come to mind where some of the teams that I work with let a bit of discipline slip, and they paid the price as a result. So it’s just discipline, we must maintain the discipline. And it’s not always easy, but it is very important.

Kevin Lawrence  02:26

Yeah, the discipline, I’ll keep showing the money keeps showing me the money. I almost feel like I should be breaking out into song, but that’s not gonna happen.

Brad Giles  02:33

All right. Yeah. So we’re looking at 2023. And it’s interesting. Okay, we’re looking forward to looking forward to this year. And we’re really getting a sense. There’s some pundits out there pundits out there who are saying, Look, we’re heading into a recession, maybe there’s a 70% chance, we don’t know, okay, we’re not here to give you a perspective on that. But we are here to give you a perspective about what you need to do if something happens and how do you deal with that, specifically in the lens of cash, this is weak. Because profitable businesses go bust all the time, okay. Profit is important and fine, but it’s the cash or the absence of cash that stops all the cogs turning. And I love this quote that you’ve got in, in our notes, Kev, which is, profit is an opinion. But cash is a fact. It’s the only true thing in business. It is the you can

Kevin Lawrence  03:31

mess around with all the other stuff, creative accounting, amortizing things, providing for things, you know, accruals, all kinds of things that you can do with profitability. But cash you just open up the account and see what’s there today. And, and I want to start us off with a story of an amazing, fiery entrepreneur I worked with and I won’t even say the country. And you know, I went and I did a session for his team on Rockefeller habits at the time back in the day. And you know, he was successful. He was a guy who worked on the factory floor and then bought the business. And which was pretty impressive. Yeah, it was a dynamic guy. I loved him. Fiery, aggressive, good guy. And so, a few months later, he calls me says, Kevin, we need to meet. I said, Okay, what’s going on? He goes, Well, I think I’m going bankrupt. I go, What do you mean, he goes, I don’t have any cash left. I normally have six, seven $8 million in cash and I got none. And I’m like, Okay. And I said, Well, you know, I’m really busy. And it was no, no, I need to meet you this week. I’m like, okay, because you told me this cash thing, and I don’t know what’s going on. It’s okay. I said, Well, I’m gonna be in Chicago. Yep, I’ll be there. And you know, this guy had his own plane. Like he was doing okay. He was doing more than okay, but this way, he had a business that was cool. Close to 100 million of revenue and about 20 million a year of EBITA. So healthy, healthy business according to what his accountant told us. So long story short, and he flies to Chicago in his own plane. We go and stay in Trump, the Trump Hotel in Chicago, which was spectacular. We both got massive sweets, it was great. So we go to have. So that’s why the cash when the exactly, that’s what you would think. So we’re going to have our meeting and I dig in. And I said, so look, I said, Look, I have this cash analysis, please get your CFO to run the numbers. And it’s from this HBR article. How fast can your company afford to grow? Yeah. And it’s got the cash conversion cycle in it as the base a few other calculations. And so he pulls up the stuff and I look at it kind of looks like garbage. This didn’t make any sense. I said, Well, just this, let’s just tell me what’s going on here. Like, what happened and we start pulling back and we’re, you know, we got we booked a day. I extended my trip per day, so I could spend the day with him. Wasn’t maybe a morning, I don’t remember which might have been a morning was the morning. And we’re like 42 minutes in and he goes and tells me the story. He goes, Kevin, I don’t know. I should have more cash. I go. Why? Just because I went to my number one supplier, which is 50% of my costs. So 50 million a year I spend on the one supplier Yeah, you’re putting Brad’s putting his head down. For those of you that are on camera. Because Brad knows where it’s going. It is. And he goes, and I negotiated a 4% discount. I’m like, That’s awesome. How’d you get it? All I had to do was Pam a little bit earlier, I used to have 60 day payment terms. Now I have 15 day payment terms. So in case you haven’t got the story yet, if you spend $50 million a year on a raw material, and you get a 4% discount, that’s 2.2 million a savings, it should be it’s 2 million of theoretical profit. But if you’re basically spending $4 million a month on this thing, just over 4 million, and you pay in eight or nine weeks, and now you have to pay in two. That means that you have to come up with a lump of such a lump of cash that is equivalent to about six to $7 million. Remember, the beginning of the story is he thought he had about six to seven, he used to have six to $8 million in cash and now we had zero. So long story short, I had to find a very nice way to not make him feel foolish because he just didn’t he didn’t know he didn’t understand cash. I said, just say it and I found out took a breath I thought about I said here’s her in simple math. You just pre paid six to $7 million to save the $2 million. And I mapped that out for him his jaw hit the floor. He’s like, Why did my CFO Tell me this? I said that’s the excellent question. That’s a real quick, why didn’t your CFO tell you that you were going to cripple the company for cash, because of the beautiful discount that you got. So long story short, we worked through some stuff built out some other strategies also talked about replacing his CFO. And then he was able to go and I believe he was able to undo the terms. But keep half of the discount. So he kept 2% discount, which was a million bucks a year, but then push the terms back to 60 days. And it took about three months everything washed out of the system. And he was fine again and actually went on to build the business from 100 million in revenue to a billion in revenue. And he did spectacularly well. But the point of it is, he didn’t know, like a lot of executives, he was chasing profit and destroyed cash without realizing what he had done.

Brad Giles  09:04

Yeah, that is awesome. So 50 million divided by 52 weeks multiplied by six weeks is how you get to just about 6,000,005.75 point 8 million. And yeah, that’s fine. But that’s the investment to get that discount if you’re willing to put $6 million in to make an extra $2 million profit, which might make sense. If you need it, then that’s great.

Kevin Lawrence  09:26

But you’ve got 12 million in the bank. And you can give away six now and we’d have to do the return on capital. $2 million a year on six. I’ll do that. That’s about a 30% return 33% Return on capital. Yeah, I’ll do that deal all day every day. Yeah, if I have 12 million in the bank and I can kiss 6 million goodbye. Yeah. Or if I can borrow it from the bank at 5% Back in the day or even now six or seven. But I’m getting 30% annually. Absa free can literally so that it actually is a wise decision only if you have extra cash in hand, or access to cheap cash because of the return on capital A generates. But still, it’s about knowing and understanding these levers really, really well

Brad Giles  10:16

is so important before you make those big decisions to think about what’s the impact on cash. That’s such a good story, Kev, I’m so glad that we opened with that there’s a manufacturing company that I work with and we we’ve been growing, it’s been good, we’ve been growing, it’s been going well. But the focus and understanding of gross margin and its relationship to working capital haven’t been as strong as they would I’d say that, in my experience for most entrepreneurs, as they say, you know, finding their feet working capital is one of the things that they understand the least, and yet is one of the most important things because that’s how they grow broke, right? And so that’s really what we’re talking about today is looking into 2023, as we look to the remainder of this year, how can we win? How can we write? How can we improve our cash position, and maybe evolve our business model, so that we can generate cash in a more effective manner, or just on it’s

Kevin Lawrence  11:25

kind of like playing with sharp knives, you kind of know what you’re doing before you start throwing them around? Cash is the core of a business, it’s everything. And most people have no clue and the amount of people that we’ve had the amount of CFOs that I from what I understand we I’ve tried to teach cash to they know the accounting version of it, but not the business operational version. It CFOs are a big a big limitation in small to medium companies, because either they don’t understand it that well, or they don’t know how to bring it to the executive and a tool set that helps them make better choices.

Brad Giles  12:03

Yeah, you know, the good thing. The good thing about what we’re talking about here actually comes from Ernest Hemingway, believe it or not, when he said that, how did

Kevin Lawrence  12:15

a great cashflow the great writer have about cash? Is that correct?

Brad Giles  12:19

Calm the farm will explain. What he said is, how did I go bankrupt? Slowly, slowly, slowly, then really quickly. I told you it would come back to that, right. But that’s why that’s the point. If you’re growing broke, if you’re seeing and don’t understand cash, like it’s happening really slowly, and you have the opportunity before everything unwinds really quickly. So you have the opportunity to begin to work on this stuff. Great example was was your friend that flew to Chicago, and simply how you can understand the mechanisms and then you can begin to unwind the things that are that are structurally making this happen.

Kevin Lawrence  13:04

Yeah. And it’s it’s about understanding and awareness. And most people are under educated in this area. I had dinner the other night with a friend of mine entrepreneur who had sold his business recently. And he’s a CPA. And that’s why CPAs are often very good entrepreneurs if they have that drive, because they understand the business and the game. But we were talking about this about his business. And he said, You know, when I finally figured out figured out, I needed to run my business through the balance sheet, I need to look at it restructured and squeezed the balance sheet, and almost drove a whole bunch of decisions on the income statement and other parts of the business, he said, but it wasn’t until I really learned how to manage the business through the balance sheet. Thinking about it through the balance sheet that I really became a really good CEO and did a great job of building the company.

Brad Giles  13:56

Yeah, that’s a, that’s a great way to put it and a good way to introduce this concept of competing, or fighting for capital. Yeah. So there’s a company that I’ve worked with here. And they were looking at opening a new office in an area, retail business, a store in a new area. And I they were kind of emotionally invested, it was a bit of a luxury destination, and they were going to head down there. And I said to them, okay, so what are the other options? If you’re going to, let’s say, spend $2 million dollars to open up that storefront? What are the other options that are available? And they hadn’t even thought about it? And it’s like, well, how do we, we need to develop an environment where we get the capital to compete for other or against other ideas for the best outcome. And so we introduced that idea, and then they decided, okay, that won’t produce a great outcome. Like it may look good and it may feel good, but number one, there’s no star They’re like very, very hard to get staff, the customers were going into an area where there’s really strong competition, so we couldn’t guarantee it. So using this, the criteria that we use there, we actually opened an office in a better area, or a store in a better area. And it’s, it’s not performing awesome. But it’s getting compounding improvements over time. It’s the same with any of the cash decisions that we’re making. We want to think about what is the capital that we need to invest, and what’s five other ideas that we could use to help us live our purpose stick within our hedgehog, whatever it is, if we’re making investments.

Kevin Lawrence  15:37

Yeah, and actually insane. Another CEO that I’m working with is doing this just now. And they’re going to have the team do like a Dragon’s Den style thing, where they all make their pitches for how they want to see capital invested. And then they’re giving parameters of about seven different variables that they also need to make their case based on. Yeah, profitability, Cash Generation risk. Other resources required return on invested capital, they have a bunch of variables to look at. So it extract some really good ideas. But more than that, it trains people that let the best idea win. And it’s not just cash, but you got to take into, it’s not just generating cash, but that’s one of the key things to do it. It’s interesting, we had a Strat planning meeting for a client recently the other day. And when we’re doing the planning meeting, one of the execs says, look, and the business is a little bit tight on cash, because they’re growing quickly, and they have lots of things are investing in. And one of the one of the call it like a like it’s like, not called the president, it’s like a president of a division said, hey, you know, if you give me $3 million more cash, I can produce noticeably more profit. And I’m like, Okay, show me the money. Show me and so we spent a total of 180 seconds. And in my mind, I’d like okay, good, done deal. So what he explained, and I know already know, and trust his judgment. So this is not a stranger. I know the guy. I trust them. He’s a CPA as well. So he’s, you know, any knows his numbers, and he knows the business is look, if you if you give me $3 million in the first year, I’ll produce, you know, at least $2 million of additional profit with that $3 million of capital. And I said, Okay, and what about your five $3 million, your 10 minimum $3 million of property, we just say we didn’t say, we can give you $3 million? Today, you’ll give us at least two in 2023. And every year thereafter, 3 million on 3 million. I go. Yep. i Oh, good. What other ideas you got? Let’s keep going. That’s a that’s 100% Return on capital annually. That’s it like those are as good as ideas get? You get 3 million on your 3 million. Okay. That’s great. Yeah, that’s, that’s the kind of that those are hitting it out of the park. And again, context ID here. We already know the guy trust the guy, all this other stuff. But he had the answers. And it was an easy point of now. It’s not my decision. It’s the CEOs decision. And he was also agreeing. You got you got to rank a lot of other really good ideas, you got to have a lot of you gotta have a spectacular idea with shooting fish in a barrel. probability of success, you know, to Trump that idea for him not to get the capital.

Brad Giles  18:40

Yeah, I got a slightly different story to that. I walk into a business, got to know these guys for a while walk into a business. And last year, and they said, Alright, so we’re currently at nine or $10 million in revenue per annum. Okay. And so our goal is to get to 50 million in three years. Okay, that’s a that’s a good goal. Yep. And so, you may be interested in what my gut says, when I, when I hear that, and then I look out the window at the, you know, the $3 million worth of stock that’s in your warehouse. How are you going to fund that growth? Like, that’s just intuition, because, you know, how much money are you prepared to spend to achieve that $50 million, because it’s not going to, you know, your business model does not suck cash, or sorry, does not spin off cash, it sucks cash, cash, right, so every dollar that you sell, and this is so important to the cash conversation, every dollar that you sell above your $10 million dollar amount, there’s a certain amount of sense that you need to invest to make that dollar of sale. And so we kind of did a quick and dirty analysis of that, but it’s so important to understand what is your, what is the working capital requirement if you’re going to grow the business in 23? Yes. And then the second part is what can you do about it come back to this, the four and watch? Well, one of the parts is the cash conversion cycle, right? The four components, which is yeah, the sales cycle. So that is from the time when we say hello, my name is Brad, improve

Kevin Lawrence  20:25

the sales cycle? Yep. Spend $1. Yep, yep.

Brad Giles  20:29

To the time when you get an order. And then the next part is the make and production cycle where we’re making the goods. The third is the delivery cycle. How many days does that take? And then there’s the accounting or billing cycle. So all up from the time when you first meet a prospect until the time you’ve got the cash in the bank across those four cycles? It could be, I don’t know, it could be 40 days, 100 days, 150. We don’t know.

Kevin Lawrence  20:58

But or minus 27.

Brad Giles  21:02

Oh, that’d be Michael Dell, wouldn’t it?

Kevin Lawrence  21:05

minus 42 is what Dell Dell went bankrupt. Dell learned some lessons about cash in their lifecycle. And they almost went bankrupt. And they found a massive innovation, which today is normal for us. But they took their cash conversion cycle from I think it was about 60 days in that neighborhood. And they got it down to minus 42 days, that six weeks, because of a few major things just in time inventory. And I did a tour of the Dell facilities probably 15 years ago. And at that time, there, were still building a lot of desktops. And there was about four hours of inventory in the building at any given time hours. So on top of that, they they got credit card payments, so customers paid before when the computer was ordered, and they would take a bit of time to ship it. And so based on the terms and negotiated with the suppliers getting paid up front, which was a massive innovation back in the day, now they got down to minus 42 days. And it was spectacular. And the thing about minus 42 days is you can grow as fast as you want. Yeah, because the business generates infinite cash, as long as it’s profit, as long as it’s profitable, and you have good margins. On the other end of it. Sometimes if you have 150 Day Cash Conversion Cycle, your business may only be able to grow 7% per year without external capital. If you have a seven day cash seven, instead of cash, a cash conversion cycle, your business can probably grow infinite at 45 days. Again, depending on the model and your inventory all these other variables. The point of it is, the more you improve your cycle, the faster you can grow without external capital, and most businesses should generate cash as they grow. But the ones that need external cash. Normally, it’s because they have a really long cash conversion cycle. And you know, they have high enough margins and etc, it might be worth it. But learning how to tweak the model like Dell did, or lots of other examples that we can share can notably improve the cash required to run your business. That is, that gives you infinitely better returns because you have less invested capital. Even if you had the same profit, you have less invested capital. So your return on invested capital, which is I think my everything I understand is the number one number in business. It’s the number one number to know how good the CEO is. Less cash, same profit means a better return.

Brad Giles  23:52

I think what’s really important is that for those who may not be too familiar with cash, very specifically, what you’re talking about here is the cash conversion cycle days, not accounts receivable days. So this is not how long does it take your customers to pay? Although that’s one small component of it. This is from the very beginning of a sale, when it’s the very very beginning when we start to interact with the customer right through until we’ve got their money in the bank. How many days does that take? And then how can we reduce that using whatever means possible?

Kevin Lawrence  24:27

Every time does it take for the whole money wheel to spin and the major factor in all of this. The biggest thing that we see in companies that are inventory based is that they it’s easy to build up inventory that your customers are always happy. It’s easy. Okay, inventory is a dangerous thing and even sometimes it takes companies a month to get an invoice out. Well, a month to get an invoice. So let’s just say you’re a you know, 100 100 million dollar business 100 million in revenue Yep, if it takes you a month to get an invoice out, that means if and if it didn’t have to be that long, that is 8.8 $8.3 million of cash, just required to fund the month that it takes to get the invoices out the door. If you invoiced in one day, and assuming your collections were based on when you invoiced, you would need 8.3 million less cash to operate your business or there would be $8.3 million more cash in your bank. And you know, I got an example of a probably hundreds of millions of dollars we’ve been able to put back into their current accounts from companies I work with I had one, it was a travel agency. And we call this we had this theme that we did to improve cash called route 66. Yeah, their average time their customers paid from from from transaction date until money in the bank was over 90 days, we wanted to drive that part of the cash conversion cycle down to under 66. Truly we wanted 60. But route 66 was memorable, and there’s a song and a road. So we did this whole thing. And we got the whole organization obsessed about this from the invoicing clerks, right through to the people collecting it and the customer service agents and talk to people and in a month, we were able to pull pull the cash cycle, that part of the cash cycle from over 90 to under 66. I think we hit 59 point something days, which was spectacular. And again, that put one month sales back in the bank. So if they were doing 30 million a year, that meant two and a half million dollars went into the bank, the bank went up by two and a half million dollars.

Brad Giles  26:51

And why do you need that? It’s not it’s not to go and invest in other ventures, it’s so that your business is stronger. So that so that imagine if you were going to you’re looking at to the stock market, and you’re going to invest in a company and you look through their financials and you saw, Oh, they’ve got three weeks of cash reserves. So that means that if something stops, basically all of the wheels stop after three weeks, they’ve got no money to pay, you would never ever invest in that company. And the problem is, is that most small and medium businesses operate within that that range. Yes, listed companies would be a year or more worth of cash, if not to I remember Mike, Microsoft, Microsoft, excuse me, Bill Gates, always insisted through all years, they would never have less than one year’s worth of cash reserves, because he knew that’s the thing that unwound businesses all the time. So looking at 2023, really were saying consider your cash conversion cycle days, considered some of the other areas of cash. But then the other part of it is how much cash reserves do you have. And then, firstly, to wish to weather the potential storm that is 2023. But to improve that position, there’s no end of people who want to come in and sell your stuff, there is a person who wants to come in and show you their property investments, or their you know, investment in their company or whatever, whatever it is, but the best investment is a stronger, more resilient cash reserve in your business. Yep.

Kevin Lawrence  28:33

So there’s lots of other examples on what’s your one thing one just thought on this is that the return on invested capital is a critical number to pay attention to. So when companies that we get smarter with cash, we look at cash conversion days, so we use less capital running the business. Second thing we do is we start to track return on invested capital for all of our investments, and the company overall. So we can start to see where our cash works hard for us. And where our cash is underutilized. Go back to show me the money, like I said at the beginning of the show, is one of the companies I’ve worked with. We’ve been working so hard for three, four years. And I’m telling you, we are making better decisions by the day, more by the quarter by the month by the week because we’re looking at both profitability and return on invested capital. So we’re running a more efficient business on a regular basis. And we made some decisions that have surprised us. It’s yeah, last lot last. What will last example I would like to share on this though is that, you know, the thing to help with cash a lot of the times is better data to understand it. And people paying attention to running the processes better. Like really running the processes better, and not getting loose on things that really matter. And you know, one of my clients whenever the economy turns and they’re like been through a lot of turns over the years. You know, when it comes to a tight economy, they automatically get tighter on credit. Like they put tighter credit terms and don’t give credit to just everyone. So they don’t get stuck with sales that haven’t got paid. As you said, it’s it’s only counts as a sale when the money comes into bank, not when a salesperson signs a contract. Second thing is, is that they normally hire more people, on the credit end of it for the collections of the receivables. Collections is labor and a lot of work. And so in the market, we coming out of people would put extra resources into HR for hiring and recruiting. In his case, he would always then start to move those resources to the collections team. So that they were the one getting paid. There’s an old saying the squeaky wheel gets the grease, making sure they’re getting paid by their customers. And it’s not because they haven’t been following up and communicating well with those people.

Brad Giles  30:56

Who on your leadership team owns cash, CFO, accountant, whoever it is maybe and how strong are they at defending the cash? Yes, requirements. Because if you’re in a leadership team meeting, for example, in exec meeting, and someone comes up with a new harebrained scheme, and it’s going to cost amount of money or it’s going to affect the CCC days or whatever it is, who is fighting the good fight from the cash front. Because that is, look, it’s everybody’s job. But mostly we want the accountant, the financial controller to be the CFO to be the one that saying, Hold on a second. If we do that, that is going to have this ramification a on profit, but moreover, on cash, like, great idea, how do you pull in to fund that? How do you plan to execute that without destroying our cash reserves? Someone needs to be arguing that point regularly

Kevin Lawrence  31:54

and educating the team on how that works. Oh, yeah, of course, because people just don’t know. It’s, it’s awesome. Yeah, awesome. cash, cash, cash, show me the money, the whole idea. And everything we’re talking about is get better at generating cash, get better at a vault valuating things that either generate or consume cash. So you can build up the war chest, the balance sheet, whatever it is, so that you can be ready to handle any kind of storm that comes up. And we know we’re probably going into a storm. But just how do you have more cash in cash allows you to stick to your values and stick to your strategy and take care of your customers it gives you cash allows you to be able to fight the next battle and not get taken out by the one that you’re in.

Brad Giles  32:37

Very good. Very good.

Kevin Lawrence  32:39

Awesome. So thanks for listening everyone. This has been the growth whispers with Brad Giles up down however you want to look at it in Perth, Australia. And I’m Kevin Lawrence and bang is it up? It’s upside down up. It’s right. Kevin Lawrence up in Vancouver, British Columbia, Canada. To subscribe to the podcast just go to wherever you’re listening. Click subscribe, happy for you to give it a rating. Recommend it, take an episode, share it with someone you know that might find it valuable. For the video version, go to youtube.com and search the growth whispers and Brad and I both put a lot of energy into sharing what we know because we believe in abundance and we’d like to share. We’re very fortunate to learn lots from the wonderful companies we work with. So Brad’s newsletter comes out weekly. Lots of ideas and insights to share. That’s at evolutionpartners.com.au and mine you can find at Lawrenceandco.com. Again, both of us weekly newsletters, lots of resources and here to help. Have a great week. Show me the money. Think Jerry Maguire helping us to run our businesses better. All right, have a good one.