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Manage to Exit is a PMI Acquisitions Team podcast sharing practical playbooks for buying, building, and preparing your property management businesses for successful exits.
we're creating that kind of
opportunity
for people like You built
this business to this point,
and now you sell it
to this guy and you can go buy
something way bigger.
like you already learned
the mechanics
of how to operate a business.
Now go do it on a bigger scale.
Like providing that opportunity
is just unbelievably awesome
in my mind.
Welcome, everyone to the Manage
to Exit podcast.
You've got myself, Aaron
McElhinney here
with Hunter Goodall.
And we are talking all things
PGM business acquisitions.
And we're going to do a 2025
recap today.
So, thanks for joining.
All right.
All right.
We got to do it. 2025 is over.
It's time to, be transparent
with our numbers.
As we said.
Face the music.
Give me, like,
a quick little summary.
Hunter, emotionally,
how are you doing?
2025?
Also a record year.
But how are you feeling?
Okay,
so the goal, like the quota was.
Hey, we got to do what?
13 13.6 million.
And then it all started
with the question of, like,
what if we go for 20 and, like,
I'd rather fall short of 20
than, like,
what if we fall short of 13?
Let's go for 20.
And so we've had it in our minds
for the whole year.
Like at the beginning
of the year, we were like,
I don't even know
if that's possible, right?
by Q3, we were like,
oh crap, we're going to hit it.
And then right
at the end of the year,
we had, what, 6 or 7 deals
that had to push to New Year's
to January.
So we ended up hitting
18 million.
So while it is a win because we
way overshot
the original goal, I'm
still kind of like,
oh, we were dangerously close.
We were so close to hitting that
20 million
and I wanted that number so bad.
So I'm a little bit
like, dang it.
But at the same time, it's like,
I can't really be too upset
because 18 and still solid year.
It's still a great year.
Yeah.
Like, I just look back at that
and realize,
you know, we started thinking
bigger this last year
and realizing our opportunity
in the space.
Like, there's a lot of property
management businesses out there.
Why are we only doing
13 million a year?
We pushed it to just say,
hey, let's hit 20.
Like, let's set a stretch goal.
Something that feels, you know,
uncomfortable, unreachable,
and then just go after it.
And so I think
even though we closed at 18,
we didn't hit our stretch goal.
But we are leaning
into Q1 of this year
with 7 million under contract
to close in the next two months.
So I mean that's a win.
That's all we crazy, right?
But I don't know
if that would have been there
had we not set our stretch goal
to 20 million.
Like it made me think
more about that.
Would we have
had that much for Q1 if we just
stopped, really going after that
stretch goal?
And I think that's
what is going to make 26
probably such a good year.
quick shout out to
our homie, Doctor Ben Hardy
It's right.
book ten X is Easier Than Drugs.
And that was what we were like.
All right. 20 seems impossible.
Can we go for it?
And like, man,
we got dangerously close.
But yeah, it's
totally set up our 2026.
And now we're like, well,
we didn't quite hit 20,
but let's go for 50.
I think, you know,
let's set some impossible goal
and figure out
how to make it happen.
That number
I had to think I like
I said it a few times in my head
when you brought up 50 mil
and we started talking about
75 million, 100 million or like,
what does it take to do
50,000,000 in 2026?
And I didn't get scared about it
for like,
I know I should be uncomfortable
to go that high,
but I actually got
just really excited about it
because I know yeah, opportunity
that's out there for us.
Like, let's just
if we just keep building
the way we're building.
But you know, one thing
we should do though,
just we've already kind of
talked through a lot of 20, 26
planning like you and I,
but like, I think we should dive
back into 2025.
Talk about,
you know, how many deals
we actually closed,
how many you know,
what was the biggest deal,
the smallest deal.
And, just give people kind of
a view into the background here.
Like what?
What we're doing every day.
But, let's do it.
You want to go through
some of those metrics right now
and just dive into 25.
Yeah.
So just to clarify, like,
we have a really
interesting model
where we can do a lot of deals
because at the end of the day,
it's it's not Aaron and I buying
these businesses. It's
actually our local franchisee
who's buying this business.
It's a local operator
who's already in the space
running a property management
business.
We have 500 of those
across the country,
and that's why we were able
to do so many deals.
But it's like
there are so many property
management companies out there.
It's a very fragmented space.
So it's like
there's a ton of opportunity
for acquisitions
in the property management
space.
The last year, how many, how
many deals did we end up doing?
So 2027 transactions.
That's a lot of transactions
27 transactions for 18 million.
The average deal was 880,000.
And like,
our largest deal, this was
this is our largest deal
to date was from 2025.
And it was the South Florida
deal for just under 3 million.
And,
that that was an awesome deal.
By the end of that deal.
Like everyone was so excited
about that.
And, it was a really great
business, you know.
And so now after that, when I'm
looking forward, we're like,
dude, we want
we want more though.
So we we want more of these
like two, 3 to $5 million deal.
So you know, 2025 setting that
record of like largest deal
and realizing it's possible
and it's just
the same amount of work Yeah.
And just one interesting
metric on there too.
You I mean, there's 27 deals
that closed
and 25 different buyers.
So, you know,
I mean we have a few in there
that, did two transactions
within one year.
But, you know, like, like you
said, I mean, we have 500
plus buyers, like,
we found deals
and worked on transactions
for 25 of them, 26.
In my mind,
is going to be a year of,
you know, tripling this now
or 75
plus maybe
100 transactions of all sizes.
But I think you're right.
When you look
at some of these metrics,
like our average deal size,
I think it ended up being worth
just right under 900,000,
I think a day or so.
think back to
I think it was my first year
joining, joining
you here doing acquisitions.
I want to say there was like
60 transactions that year,
but a lot of them were small.
You know, like,
you know, we still account
at when people are like,
hey, I'm going to go buy,
you know, stack of ten contracts
from somebody.
And so it's like we do
I think our
smallest deal in 2025,
what did we say
it was $40 for $66,000.
yep yep. North Carolina yep.
That's right.
yeah.
And so it's like we, we buy such
a wide range of these property
management businesses, $66,000
to just under 3 million.
And so it's like and,
you know, we're going better.
But I think that first year
60 transactions and I think
the average purchase price
that year was like $300,000.
And each year, you know,
if we're looking at trends,
I think I think my second year
we were looking at
like an average purchase
price of 500.
And now, you know, our average
purchase price is 880,
just under $900,000.
It's like,
is that a sign of the multiples
going out,
or are we just
finding bigger businesses?
And I think it's the latter.
I think the multiples are still
in the same,
you know, 2.5 to 3,
maybe 3.3 range.
Yeah.
And I I'm just I'm
looking at some of the data now.
And you know
I'm looking at what happens
in the next three months
with our pipeline.
And that average deal size
is extending over a million
at that point.
And you know I'd say
the majority of this space,
a lot of it still is.
That's 1.5.
You know, there's a lot of small
mom and pop
type shops is what, you know,
we've always kind of said,
and you know,
that consolidation
has been going on for a while.
So I think we're now starting
to see a few larger companies
that are the result
of a consolidation locally.
Right.
And I think
you can reference this here
within some of our discussions
with different sellers.
You know, we often ask like,
hey, that's amazing growth.
You've been doing this
for the last seven years.
Like, have you done
any acquisitions now?
Have you acquired
any other companies.
And you know, we're
I think we're hearing
a little bit more of,
oh yeah, I bought someone out
with $60, $120,
you know, now or stepping
into a transaction with,
you know, that's over 3 million
that, you know,
we won't drop a name on.
But, you know, that I believe
is the result of,
you know,
a couple local consolidations,
a couple local acquisitions
to build this larger company.
I think it was like 1
or 2 acquisitions
that they've done
and you know, that
got them to the, 3 or 4 million
plus revenue range.
And sellers.
I don't know,
I don't know that we come across
any, any businesses that grew
to that size organically.
You know, I think it did stack
a few of these smaller deals.
Yeah.
On the residential side, too.
I don't think I'm looking at
just our historic transactions.
And I don't see any one over
$700 that did not acquire
a few companies.
So I think there was
definitely a rush with all those
smaller local firms.
Right.
Some of the
the brokers and agents
that were doing on the side.
And I think now
we're seeing a lot more.
It's trending up as far
as our activities are saying,
like if we're doing,
27 transactions,
that are doing 2 or 3 times
as much revenue
as the 60 deals we did in
some of the previous years.
Super interesting.
I like looking back
at the numbers
because it gets me a little bit
more excited about
everything in the pipeline right
now, too, right?
yeah, let's
talk about a little bit more.
You know, I'd say, you know,
for anyone that's listening to
this podcast before,
like we do by businesses,
we help people buy
and sell businesses.
But all across property
management, right.
Residential commercial
associations or HOA is
we do short term rental.
And, you know, the majority
of our transactions and 20, 25,
90% of them were residential
management businesses.
And so, you know, that's just
kind of an interesting trend.
It it hasn't always been
that way.
In some of the previous years,
we've done
a lot more association
management.
But it's definitely residential
focused for 2025.
I don't know why that is.
You know, it's
got to be a numbers game like,
I wonder if we looked into that.
What's what's the ratio between
residential management
companies in the US?
No way.
Management
companies, there's got to be
a lot more residential
management companies.
But in my mind
I'm like, on average,
what are we what have we found?
On average, the average lifespan
of a property management owner
is about ten years before
they're like, dude, I'm done.
I need out, right?
I gotta exit,
I gotta do something else.
I would imagine it would be
like, would it be faster in HOA?
Like, I don't know, my
I worked in property management
with with my wife and
she was in the HOA department.
I was
in the residential department.
And she would tell me like the
the type of phone calls that
they get in HOA and I'm like,
I wonder if the burnout happens
faster in the HOA.
Yeah.
And I
you know, I'm just thinking
about some of the groups
that we've kind of worked
alongside, too,
on the association side.
And there's some absolutely
monster companies out there.
Right.
There's
probably a top five list that
that, you know, really pull
in a lot of the market.
And so maybe it's
just that numbers game
where there's it's easier
to, to operate, you know,
a smaller residential company,
maybe that scale
is more required
for association.
They have to be larger,
to really have that impact.
But yeah, I'm just looking at
these these transactions and,
it makes me think more
about 2026 and where we lean in.
Right.
Maybe it's
you know, I'm
looking at the stuff
we have in the pipeline
and it's almost all residential
right around 7 million
and and deals under contract
right now for Q1
and almost all residential.
Yeah, I think one of the I'm
looking at it
and one of them is HOA
and the rest is all residential.
we do have another HOA,
two more HOA companies that are
we're negotiating on right now.
But yeah, it's
primarily residential.
That's that's interesting.
I haven't even stopped to
think about that
because we buy everything
like property management.
Like, great.
We have a buyer for it.
But I haven't stopped to think
like, what's the breakdown?
How many,
how many HOA versus short term
versus residential
or commercial?
You know, that's
that's interesting Yeah.
I mean, I think ten of the
the 20, 24 year
election year,
it was kind of stagnant, right?
There was a handful
of transactions.
It wasn't a record year.
I think there was
some insecurity there
for buyers and sellers.
And I think, you know,
2025 came along
and you know, some of that
confidence built back up
and buyers and sellers
started talking a lot more.
And I think that's going
to really lead
into 2026 based on based on what
I'm seeing.
One interesting metric though to
that is worth discussing.
You know, we talked about
how our buyers are always local.
And, you know, we with 500
plus offices, the odds are
that we have a buyer
in your immediate market.
If it's a major market,
even some of the submarkets,
we've got, buyers there.
But when I look
at our transactions
for 2025, the majority of them
were in existing markets.
And, you know, there was four
transactions that happened
that were new market
entries for us.
We helped a PMI franchisee,
PMI, business
owner, a business
in a new market to them.
And so that could have been
a neighboring area.
But a new PMI office was opened
for, for
for those transactions.
So it just goes to show
like our buyers really are
right down the street.
Right.
We're already in your market.
You don't need to teach them
how to do property management.
They're already property
managers.
It's just a really smooth
local merge
that, that gets to happen.
Yeah.
And those the
when it comes to someone's
buying outside
of their territory,
outside of their market, it's
a very calculated decision
that that doesn't happen
for anybody.
It really has to be a good fit.
So yeah 99% of the time it's
you know,
we have someone
a couple miles down the street,
but in some cases it's like, no,
they're intentionally
expanding into this market.
And so they're going to do that
through acquisition
and continue to grow and build
in that that market.
So it's like, yeah,
we have one that if you did that
in two markets and that is
he's done quite well.
Those businesses
have have been thriving since
since the acquisitions.
Yeah.
I was looking at that list here
that I was thinking
of the four new locations.
Each one of those buyers
has worked with us
on a deal previously.
So that was not their
first acquisition.
You mentioned someone
that opened up two new markets.
I believe that was their seventh
transaction with us.
And so you know, a lot of our
buyers are experienced buyers,
not just experienced
property managers.
And that's kind of unique,
right?
I mean,
I think there's a lot of people
that are trying
to get into property management
through an acquisition
that kind of build
some credibility,
like immediately in the space.
But, you know, why not sell to,
you know, a buyer
that's already
in property management
that already knows the space,
already understands the
the climate,
and that's the majority
of our transactions,
a few smaller ones with newer
our operators.
But but yeah, I've, you know,
a lot of experienced buyers
in that, you know, 27
transaction list of 25.
I think sellers should take
note of that.
You know take if you're going
to sell your business.
If you sell to someone
that's
already operating in that space,
that's a much smoother
transaction for both parties.
The buyer, they already know
how to do things.
The seller,
they don't have to worry
is much of like,
how much hand-holding
do I have to provide here?
Because it's like they can just
sell, get paid and and leave.
You know, they might be involved
for a month,
maybe two tapered.
But it's really just like
handing off relationships
and it's like, okay, you got it.
You get right.
Versus you know, if
if you're selling to someone
who's like trying to buy
and as an entry point
into property management,
it's a it's a much longer
transition.
It's a lot more hand-holding
because you want to make sure
that your clients
and your employees are taking
chances, like,
you really got to step in
as a seller
and you're going to be sticking
around for longer than you
know, you might
you might have hoped
if you were selling
to someone who's already already
doing this.
Yeah.
Until we get that question
a lot right from sellers, like
maybe they've been offered
something on their business
before where, you know,
the buyer wants them to stay in
for a year or longer
to get some kind of payout.
I don't think
we've done a transaction
where the seller has stayed on
for more than maybe two months.
That might be the extent of it.
It's usually around,
you know, like that
kind of 30 to 60 day window.
But yeah.
Can you think of one that we've
done longer than two months?
I, I can't.
I mean, it's
usually
we usually we're on there like,
hey, we want a three month
transition.
But it's like okay,
for the first few weeks, it's
going to be kind of full time
to help us transition
over software and or whatever.
Right.
But then it's like highly taper.
It gets fast quickly
to the point where it's like,
we'll call you,
we need you. Yeah. Yeah.
I, I think a lot of times
after week
three, it's kind of like, hey,
can you just be available
by phone and email or, you know,
within respond
to hopefully within
a response of the 24 hours
that's usually,
know, we plan for that
30, 60 day, but it's usually
within the first 30 that,
you know,
sellers can go on their way
and you know, and get paid and,
you know,
get on to their next thing.
But, you know, one question
I get a lot, too.
And this
even more recently,
there was someone
that was thinking
about joining PMI
and diving in
and doing acquisitions.
Right away they were asking
a lot about financing.
And I think if we look back
at 2025,
you see kind of an interesting
mix of SBA and some seller
financing on
some of the smaller bills, too.
But you know, how many deals
this year
funded through SBA,
but they're an SBA backed loan.
Oh, man.
Out of the 27,
I'm, I'm gonna need
can I want It's over
ten for sure.
three, four, five there.
It was a lot, you know
and I think I think that that
actually finding the right SBA
lender to work with for us,
you know, we we came across live
hope halfway through the year.
And so it's like imagine
if we had come across them
at the beginning of the year
because some of our deals
had to push
because they were working
with their own bank.
It wasn't Live Oak who was like
ready to go. You know,
we just had a diligence
call on a deal this morning.
That one
should have closed a year ago,
but it was supposed to close,
you know, in Q4 beginning of Q4.
But their bank
kept delaying and kept delaying
and kept delaying until,
you know, in December,
I finally said, enough.
We're dropping that bank.
We're introducing you
to Live Oak and Live Oaks.
Been like, boom, boom,
yeah, let's let's move.
We we've got this under control.
And you know that diligence
call this morning a franchisee.
It was just like oh my gosh
all the difference.
Working as a finance partner.
And like a banking partner
that knows how we do things.
And they they understand this
this model.
So it's like that
that was a key thing.
And 2025
that has had a big impact
and will continue to have
a huge impact in us hitting,
you know,
this $50 million goal for 26.
Yeah, I see over ten of the 27
that did go through an SBA back
product. And
I think we didn't start working
with Live Oak until June.
And I think we may have
closed our first deal with them
shortly after that, but yeah,
that's a that's a great point.
I think that's absolutely going
to influence 2026 transactions.
Yeah.
They've been great to where we
we pitch to them
every time we get on a call.
I mean unsolicited,
totally unsolicited.
They did not sponsor this,
but just,
great people to work with.
They're waiting on us
or rarely ever waiting on them.
Ever.
But yeah, I mean, I,
I think a lot of 20, 25,
we can kind of,
you know, contribute
their efforts to that too.
Like,
they they absolutely helped us
get past our goal and really
close to our stretch goal.
And, yeah, I'm looking forward
to working with them
a lot more in 2026.
Like another shout out to Ben
Hardy
who not how like we found
that who we were like
how are we going to hit this
ten x goal of of 20 million.
And you know, we always ask
like, hey, no it's not
how, who, who do we need
to get that?
And you know when we found them
it was
it was a game changer for us.
It's like we know
financing can can happen.
Like we we've
got the financing partners
under control that they you know
I go talk to these guys
and they'll
they'll figure out how
to fund this for you. You know.
So it's like finding the right
who has just been amazing.
Thanks, Dan.
I mean, I,
I just think about, that
not being the biggest problem
within these deals, right.
Like all the other valuation
elements that we work through
in the sourcing efforts
to like we said,
you know, finding the money
is not the most difficult part.
There's so many creative ways
to get these done
to get these deals done.
And I'm looking at this list
from 25,
and I see a lot of seller
financing in there too.
Right?
I see some smaller transactions.
Yeah.
There was a large transaction
out in Arkansas that went
primarily seller financing,
less than 25% cash down.
And, you know, I,
you know, I look at,
you know, good relationships
between buyer and seller
that really influence
that that piece to say, hey,
they're willing to finances,
they trust our buyer,
you know, sellers
willing to carry a note.
They'll take some payments.
We even got the price,
you know, a little bit higher
for some of those sellers
that were willing
to, you know, finance,
hey, if we have to
go to the bank, it's
they're only gonna fund up
to here,
but we're happy
to get you to this number.
If you're willing
to, to finance it.
And a few people,
with good sized transactions
did just that.
I'm thinking about it.
I'm like, I don't think we had
any seller financed deals
with a party that didn't
already know each other.
They always knew each other
previously.
Am I right?
It's like they had
they had a relationship
over a period of time.
So that trust was there.
Yeah.
And I'd say
some of those weren't
necessarily long relationships.
Maybe they'd been talking
together,
you know,
for a few months or more,
but it wasn't just,
come together and close.
Like,
there was definitely, like a
kind of a cultural alignment,
too, right?
Like, hey,
I like how this buyer operates.
He's going to work really well
with my client base,
with my employees.
And when there's
that kind of synergy there,
I, I think the seller
financing piece is not
it's not the hurdle.
The hurdle is like,
hey, is this buyer
going to be a good fit
for the business?
I'm happy to find a way
that works for everyone here.
Yeah,
there's only a couple deals
in here
that that went seller financing
without, you know, a
preexisting relationship.
Now that I look at them,
there was definitely
some kind of nurturing
and that's kind of a good
position for a seller to be M2.
Right? Like they weren't
rushed to sell.
We weren't rushing them through.
Buyer and seller agreed
on, you know,
just the structure of the deal,
how to keep team in place, how
to make sure clients stay happy.
And, the summer financing kind
of just came out of that right?
2025 was a good year.
2026 is
going to be a great year.
I think we gotta keep
putting it out there.
I think 20, 26, we hit 50
million and property management
business transactions I mean,
that's that's why we're here.
That's what we focus on.
And, yeah, I mean, I just
I want to make sure
that people understand, like,
hey, if they're thinking about
selling,
they should talk with us,
at least understand the process,
see if we have a good fence,
if we've got a good local buyer
that we could introduce you to.
We're not brokers in this.
We don't charge a fee.
This is just something
we provide to our franchise
network, to PMI.
And,
Exactly. Yeah.
I mean, this is fun for us.
And I think we're
in such a unique position like,
you know, the franchisor
in this model is,
you know, property management
and PMI, they are
putting resources together, you
and I, so that business owners
can go acquire
other local businesses, grow
through acquisitions.
It's it's a unique play.
And, you know, I think we work
with a lot of great people.
So super grateful for 2025.
Even more grateful for 2026.
Had 50 million or nothing now.
we just paid $18 million
to people this last year.
Like 27 people
split $18 million.
That's wild.
That's awesome.
Like that's, you know,
and the average
of $880,000 per person,
that can make a big impact.
You could pay off your house
with that
and buy your next house
or something,
you know, like depending on, on
where you're at.
I mean, some markets
that that might pay
for an apartment,
I don't know, but like
$18 million got paid out
to people last year.
And this year we're going
to pay out $50 million,
like people are going to split
$50 million,
a small group of people.
And then what's wild
is there's 326,000 property
management companies in America.
And it's like we're
only capturing the smallest
million to people like it's it's
absolutely wild.
Like, why, why what's
stopping us from paying out
100 million, doing 100 million
in acquisitions?
Like that's going to change
so many lives.
Yeah.
I think and
maybe you can comment on this,
too, but, you know, a
lot of these sellers,
you know,
historically were retiring.
And I think more than ever
now that our deal sizes
are even increasing,
like we're talking with sellers
that are moving on
to something else,
like they're
they're
sometimes serial entrepreneur,
sometimes they're getting into
other ventures.
It's not like this is,
a final career move for them.
It's like, hey,
they're going to sell
our business,
we're going to pay them X,
and they're going to go push
this into something else.
They have another passion
project or other investment
opportunity awaiting them.
But have you seen that trend
a little bit too?
I'm just kind of noticing
that now.
You know that that idea came up
in the last few months
that we've been talking
about this of like, oh, it's
not just that
we're giving people
$50 million, but like, what?
What are they going to do
with that?
And yeah, it's like
sometimes we come across people.
I feel like it's actually
getting less that.
It's like, hey, yeah,
we're looking to retire.
You know, we're talking
to people in their 40s.
You're not retiring from selling
your 1 or $2 million business.
Like, that's not going to carry
you till you're 85, you know?
But but I
it's like this idea of, well,
what are you going to do next?
And we always make sure
that someone's
got their next thing right.
You know, anytime
that we're looking to, to
buy a company from someone is
that's always
one of the first questions.
My first phone call with
them is like, okay, if you sell,
what are you doing?
What are you going to do
with that?
Because it's like this
opportunity you
if you sold your business for $1
million, let's say,
hey, let's let's pay off
the house with that
and then take the rest
and go buy another business.
You take 500,000 of that
to go buy a business
that's like five times the size
Yeah.
you just sold,
and it's
going to cash for you
more than the gross
revenue of the business
that you just sold.
You know, like we're creating
that kind of opportunity
for people like you.
You built this business
to this point,
and now you sell it to this guy
and you can go buy something way
bigger.
And it's going to
it's like you already learned
the mechanics
of how to operate a business.
Now go do it on a bigger scale.
Like providing that opportunity
is just unbelievably awesome
in my mind.
Totally. Yeah.
I mean,
I am thinking about that deal
we had, the diligence call on
today where there's two younger
business partners
like they've got a lot of,
like, left
and whatever new venture
they get into.
And it's kind of exciting,
right?
It's not like
they're forced to sell.
They've got a great business,
but they've got some opportunity
somewhere else
that they want to chase. And
you know we're happy to help,
you know get them there too.
So that yeah, I think we will
start seeing that.
And I'm noticing that
with a lot of these larger
deals, some of the smaller mom
and pops that we were working on
even a few years ago,
it was a lot of retirement.
And now it's, hey,
there's some bigger operations
that maybe have,
you know,
semi absentee ownership on
and they are entrepreneurs
and they are still chasing
the next deal.
And that might be in
an aligning industry.
It might be something
totally different.
But I think their perspective
when it comes to being a seller,
that's not just cashing out
and done like they're saying,
hey, where is this money
going to go?
And what gets them
excited about, kind of their
their next challenge or next,
next business to sell.
I just love the idea of like,
you know what,
sell your property management
company for $2 million
and then take that
and go buy a roofing company
for 15 million, right?
Like. A business is a business.
A widget is a widget, right?
It's like you already know
you built this one business.
Yes, it's
in the specific industry
and you really know
that industry.
But the mechanics
of how to operate a business
built by another service
business, right.
Like it's
once you get to that point,
it's less about like a I'm
a property manager, it's
more of I'm a business owner
and I it's like I'm,
I'm really good
at at bringing on team members
and operations
like setting up systems
and making sure that people
are efficient and setting up,
you know, KPIs
and all these things
to make sure that your business
is going in the right direction.
It's like, don't do that
in another another business.
Like you already know
the mechanics.
You don't need to be the expert
at how to hang shingles.
You need to be the expert
on how to build this operation
that happens to service
customers
by hanging shingles, right?
No, you're totally right.
I think that kind
of that removal of the seller
from the operation,
you know, like
they're more working
on the business
first in the business. Right.
We talk about that a lot.
And I think we're seeing just
how the industry has progressed.
Right.
Like property management
has come a long way
in the last ten, 15 years.
And you're bringing a lot
more tech to the to the space.
It's they're younger
people are quick.
You know,
sometimes quicker to adopt it.
And there's some really you
know, I'd say
sophisticated business owners
in our space that, you know,
this is a stepping stone
for them.
They might be on
to a new project and
and why not, you know,
get them their payday.
Right. Hey,
they built a great business.
They deserve it.
And, you know, good for them for
for building something
that's, you know,
that's worth selling, right?