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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.
when you
change one thing it affects 50.
And you know you don't know
what you don't know.
So they're going to
change one thing.
And we just had this
a few weeks ago.
They made one change.
And like the bottom fell out.
And I'm like you got to go back
to doing it the same way.
And so you work
through all these processes.
And so The challenge is, is
it does start to create
questions and,
you know, maybe some confusion
with some of the staff and,
what's going to happen
because there's only so much
that we could disclose before
you're
actually finalizing the deal.
All right.
Welcome everyone to the Manage
to Exit podcast.
You got myself, Aaron
McElhenney and Hunter.
Good.
All the acquisitions
team at PMI.
And we've got special guests
this week.
We've got Tom and Kathy Wagon
Hauser from Sarasota, Florida.
So, quick welcome to them.
But they are the owners, Aaron,
the former owners, the sellers
of, rental property management
in Sarasota, Sarasota, Florida.
And they just
sold their business to a PMI
franchise operator.
And that's a couple, Steve
and MJ La Parka.
So just a big
welcome to Tom and Kathy.
Thanks
for being here. Thank you.
Thank you.
Hodder. It's our pleasure.
So we've been teasing and trying
to get you on the podcast
for a little while.
And now that you are back from,
first of all, selling
your business and then taking a
well-deserved mention.
Yeah. Where do you guys go?
we went to
the Dominican Republic.
Puerto Plata area.
So we've been going there
for a number of years
and, have a timeshare there.
So we went there
for a couple of weeks
just to, unwind a little bit.
So you sold you business?
Yeah.
You sell as a residence
and then fled the country and,
you know,
or slave drivers.
And they made us work.
The whole time.
This. is.
Nell.
the transition,
we have been in business,
for 17 years in the area.
And,
you know,
we wanted to make certain
that we're continuing to take
good care of our customer base.
That had helped support us to
build our business to the level
we got it to,
and also to make sure that,
you know, Steve and MJ,
you know, are successful
in the transaction.
They're doing a great job.
It's a lot of work, though.
We were a very large acquisition
for them.
And I think, basically
tripled their size when they,
bought us, and, you know, they,
they've been busy.
I'll say
that they really are doing
a great job
learning everything
that they need
to give themselves,
maybe a little bit
more time, just,
you know, feel comfortable
with everything.
But, it's really been
a great experience with them.
So I'd love to talk a little bit
about just the timeline
and the process.
And, you know, obviously,
you guys founding this business,
you know, 17 plus years ago
and kind of that whole journey.
But but, Hunter, I know you are
kind of an early conversation.
You know, with Tom,
maybe you want to
kind of dive into that.
Hunter
just that initial outreach and,
and kind of what
sparked the, interest to sell.
Yeah.
I'm, I'm trying to think that
because
I feel like it was a year ago
that we first started talking.
Am I right?
I. time frame.
I think.
Yeah.
Am. So the, I remember
basically what triggered it.
I got one of your introductory
emails, and,
Kathy and I were kind of,
reaching an age
where we were ready to slow down
and retire.
And Hunter's email just kind of
set a really good time.
And I reached out to him
and talked to him a bit.
And, it was really
a great conversation.
And we thought Kathy and I felt
very good after that
initial, conversation.
And then, Hunter
went to work and, and found the
the park was for us.
Yeah, I remember that.
It was that first conversation.
I feel like we jumped
on the call and, you know, I,
I was asking like, okay,
what sparked your interest?
Like, why why did you decide
to take my phone call to
to talk about this?
And I think if I remember right,
you guys were like, well,
we hadn't really thought
about exiting, but,
you know,
Was it just
the right time that that email
came in like the right Monday
that you're like, I don't want
to be back at work or what?
had thought
about selling our business
before we had a husband and wife
team that worked for us,
and she had been with us
for ten years,
and her husband had been with us
for, I don't know, six.
And we were positioning them
to buy us out.
But that would have required us
to be involved
for ten years
and, you know, etc., etc..
And just out of the blue,
he up and quit, unbeknownst
to his wife or anyone.
And we said, that's it.
Like, we we have to have a plan
on our time frame,
not on anyone
else's. And so literally
that happened in January,
and I think it was around
March Hunter
that you sent the email
and it was like, okay,
things happen for a reason.
We get literally hundreds of,
we want to buy your business.
Do you know what business
you know is worth?
And we we get hundreds of those
every year.
And it just I mean, we just
that was you know, timing
is everything. The right place
at the right time.
And so, here we are.
and the conversation
actually, Hunter with
you went extremely well,
which really was, important
in our minds, because,
again, this is this is our baby.
And we wanted to make sure
that the business
and our clients are continue
to be well taken care of.
You know, even though we're,
you know, trying to, work
towards a slowdown in our lives
and headed towards retirement.
But it is paramount in our minds
that anybody that we would sell
the business
to had to continue to take,
good care of our client base.
And, and,
you know, again,
it started with the conversation
with you where we walked away
and said, yes,
we feel comfortable
with that conversation.
We think this is
the type of company
that could continue to do that,
because many of our clients
have been with us for,
you know, I'll say ten
plus years, a number of them,
you know, as much as 15 years
we've gotten to know him
personally, have great
relationships with us.
So it was extremely important
again,
to us
that that continued afterwards.
And I think one of
the biggest things too, is,
you know,
I did all of the marketing.
It was all shoe
leather marketing.
We've never acquired a company.
We've never paid for a lead.
We have a good reputation
with the realtors.
And I'm like,
PMI, I've never heard of them.
Well, what that means to me
is I've never had an owner
call me bitchin about PMI.
Never even thought of that.
That's great. If.
you know,
I know the competition here.
I hear the complaint.
I probably know their business
better than them,
but I had never heard of PMI.
And I'm like, well,
that's a really a good thing
because I hear the negative. So
yeah.
Which is interesting
because I remember
talking with you guys
and you guys said that
there was another company
that had been talking to
you guys about buying
your company, and you're like,
we really want to make sure
that it's the right fit.
oh 3 or 4 of the,
what
I consider our competition,
but I wouldn't sell
to any of them because I,
I hear the complaints,
I hear the feedback from owners.
I have owners
that would come to us
leaving them
for whatever reason.
I mean,
I hear a one sided story,
but I've never lost.
I've never had an owner come
to me complaining about PMI.
So that was pretty important.
That's
We can do that, more or less.
I didn't even know that was,
Yeah, we I think that
when you're talking with,
the coach.
Never heard
of a complaint against.
Okay.
And Florida
is a pretty active market,
you know, for us to you.
And I think, know, when it comes
to, like, buyer
selection on our side,
you know, realize
that we are trying
to do a little bit
of matchmaking, right?
Like, it's got to be a good fit
on both sides.
And we know that sometimes
there's personalities at play
that maybe won't be offered.
And so I'm glad that,
MJ and Steve could,
could step in there, but
but yeah, there's a lot of
things that happened before that
that close
that actually happened.
So I think it'll be good to talk
a little bit about that process.
And then I also want to get into
what you're up
to now and transitioning out
into the next thing,
and kind of what
the future looks like.
But maybe let's talk about,
you know, on the,
the diligence and a little bit
to kind of guiding through,
obviously,
maybe talk about that
first meeting with,
with Steve and MJ and, you know,
was was there an idea of, hey,
these people are fit right away
to take
a little bit of warming up.
And I think those are all fair
things to comment on.
I think one of the things that
Tom, mentioned earlier is,
you know,
we have some really good
investors and, and our intention
was to stay on after,
and support
specifically multifamily.
And so we have to get along
with these people
and work side by side with them.
But our investors do, too,
and we care about our investors.
So when we met Steve and MJ,
we met at a Panera Bread.
I think we spent a couple
of hours with him, and honestly,
we could have sat there all day
long.
It was a good conversation.
It flowed. Well,
it wasn't forced.
You know,
they were pulling the wool
over our eyes,
telling us what we wanted to
hear.
You know, it was more
it was them interviewing us, but
more us interviewing them
and learning about PMI.
And is this a good fit?
Two different business models,
totally different business
models.
But, you know,
we liked what we heard and,
and we're interested
in continuing the dialog
from there. Yeah.
And I will say the other thing
that came out
of that conversation
that was encouraging
from our standpoint,
is that you maintained
a local presence,
because that's
one of the things
with some of the other property
management companies
that have been acquired
in the area, they were being by,
bought out by other
large management companies
and it completely changed
the dynamics of the business.
So all of a sudden
you're part of this,
you know, extremely
large organization and,
you know,
the local staff were you'd hear
the complaints about it,
you'd hear it from the clients
that Kathy was picking up
as a result of it.
So, you know,
that was part of that,
initial meeting
that what we liked
was, again, they have that local
presence there.
They're they meet face to face
with the owners.
And, you know, the owners
can pick up the phone.
Owners of the properties
can pick up the phone
and talk to them
versus going to,
you know,
some big corporate office
and God only knows
who you're going to end up
speaking with.
So I think that was
really important.
it kept our employees
employed as well.
And, you know,
that was important
for not only us,
but for our owners.
I mean, my grandson
and my great granddaughters
mother
still works in the business.
So it truly was,
you know,
we meant it to be a family
business, and more personable
and so that was important
to us as well.
Unfortunately those
they're still doing
well with the company.
So we're glad You know.
That's great.
I mean, you bring up
like a good com and actually,
I mean, there's a misconception
that, you know,
when PMI we do a lot of outreach
and we're out trying to help
our franchise partners grow.
A lot of sellers
actually think that
we are one of those big, large
corporate buyers.
We're really not
are you know,
we have 500 offices
across the US,
a few international,
and each one of them
are locally owned and operated.
So the buyer is very much
down the street.
And in this case we was really
was down the street.
I don't know if their office
was 15 minutes from from you
all, but yeah.
Yeah,
yeah.
and I will say, you know,
one of the benefits
also that we saw out of it
is while their local,
the support from the franchise,
you know,
and having all of those offices
and Bob to us
was a pretty important, item
also because with the way
that things are
changing nowadays and the pace
that it's changing at,
it really was starting
to get to be difficult
for Campion and myself
to keep up with everything,
whether it's,
you know, websites,
it's internet, it's software,
and things are changing
at such a rapid pace
that having that support from,
you know, a PMI
franchise office really,
we thought was a huge benefit.
Yeah.
I think
I think one of the comments
I heard that TMI corporate,
I thought that our website
was very outdated.
I'm like, whoa, it is so much.
Tom and I have been part
of a franchise before,
so we understand how that works
and we understand
the tools that it can bring.
But also the flexibility of it's
really your business,
but you have, you know,
the branches in a spin.
You've got a lot of backing.
So so we totally understand
that.
I think a lot of people
don't know.
I mean, we have 100 plus
people on our corporate team,
and all of those people
exist purely
to help our franchise network.
And so it's it hasn't I mean,
it's grown substantially.
And I'd
say the buyers of your business,
even MJ, they've worked
with Hunter and myself
on, on two other transactions.
So we have a really good
relationship with them too.
And we get to know these
these business owners
really well and build
great relationships with them.
We're going to see Steve
and MJ next week
in Cabo, LA
for their president circle trip.
And so they're going to join,
you know,
some of our executive team.
And then also,
some other PMI
franchise partners
that have also bought businesses
in the last year.
And kind of tap
into the network that way.
But yeah,
it is something really unique
to the the franchise model.
And I think kind of your,
you know, comments on it, it's
interesting
to see how people view it
because we, we sometimes
are a little closed off.
We just keep working
and keep growing.
And we're trying
to let people know more and more
about kind of what we offer
as the franchise model.
Well and and again,
the other thing
we talked to him about
that is a benefit
from being part of that group,
is you have 500 offices.
You've got other people
that you can talk to.
They may have different ideas
on how to approach things
or solve problems.
So having that depth of,
of a network to reach out to,
again,
to us was pretty important,
to consideration and making
our decision to sell to them.
One of the things that,
that I, I've been thinking
about was kind of our process
when we go through this.
The conversation started with,
with you all and and myself.
Right.
And you might have known this,
it was like we had
a lot of good conversations.
And then I got to Steve
and MJ involved.
I had them sit down
and me with you.
We had a couple
more conversations,
but then I dropped off
and and there's a reason
for that
kind of our process is like,
I really want the buyer
and the seller to really
have a good relationship
because acquisitions requires
so much trust, right?
Because you guys
have considered
other buyers in the past
and you're just like,
I don't
I don't know about them.
It's really important in my mind
that that buyer and seller,
you know, you guys have
a really strong relationship.
So our processes, you know,
we try to get to the back end
as fast as possible
because I want the buyer
to be front and center.
I want them to have that strong
connection
and relationship with you guys.
And so you might have
you might have noticed that.
And then once we get into to due
diligence,
we are cranking
behind the scenes.
Right.
We've got,
we've got a big, long checklist,
big, long list of things that
Steve and MJ had to go through,
not just our list,
but also like the banks
list of things
that they have to go through.
And I'm curious
from the seller side,
what is that due
diligence process
like on on y'all's end? Oh.
That's, Oh, that sounds great,
because you did most of it.
Yeah.
You can.
Yeah. 700 the bill.
Send him an invoice.
now, you know,
it really wasn't terrible.
The list of stuff, you know,
we keep our books
and records
pretty good in the first place.
So it really wasn't,
a big issue for us.
Although I will say probably the
the most,
interesting twist
that we had in ours
is that it was, SBA
financing was part of that,
and we had to make sure
we got everything in,
and he got his loan number
or commitment number
before we had the government
shut down.
So, you know, we were we were
fast paced in some of the things
because we just had
to get that stuff done
because it's
like if they shut
the government down,
we have no idea how long this is
going to be on hold for.
So fortunately, you know,
the organization and checklist,
you have probably paid
a major dividends for us
because we had,
you know, the ability
to start working on that stuff
and pulling it together
fairly quickly.
Well, and because we have
a different business model,
we're departmental guys,
so we don't have
a property manager
that does property management
and leasing and all of that.
So we have different
departments.
We have accounting,
we have leasing,
we have the property managers.
And so we have
we have about I don't know, 26
people on the ground here.
We have nine over
in the Philippines.
And so,
you know,
when you're going
from a downtown office
where you literally
have like three offices
to where or where are you going
to house all these people.
So included in our deal was a
real estate transaction as well.
They purchased
two of our side by side offices.
And that's going to be
their permanent home.
They're doing build out
right now.
So it kept our people in place,
you know, and that's one
less change that I think is good
for employees and investors.
Yeah.
And you're right,
that did
add another component to it
because again,
it was not only the financing
for, the business itself,
but also the real estate
component of it, because it was,
it's almost 4000ft²
that they, picked Yeah.
Well, and,
you know, we had vehicles and,
you know, all of that stuff.
So they wanted everything.
So it just, you know,
you got to get the titles.
And I mean it was just
it was a lot of additional staff
not just buying management Yeah.
a lot different. Yeah. Yeah. I,
at what
point did you tell your team?
We told our team
two weeks before, we closed,
With Steve
and MJ there for that?
they came in 15 minutes later.
But we felt that
they needed to come in
and see how we operate.
I mean, at that point,
they had already
seen our offices
after hours and so forth, but
we thought that they had to see,
you know, things
in operation and
chat with the people instead of
just dumping on our employees.
Hey, here's here's
your new boss.
So, there's some pros
and cons to that for sure.
yeah, I mean, it was
it was good.
So we brought them in two weeks
before. Yeah.
We had signed,
the deal already.
We hadn't,
we didn't have the
closing scheduled
until I think we signed it in.
What I had is September,
early October.
We closed the end of October.
But they came in.
It was maybe three weeks
ahead of time.
They, I think you guys had
a conference of some sort, and,
would like your annual meeting
or whatever, where all of Which
was also in Florida.
Yeah, that's
that's right. It was.
And it was right
after that meeting that we,
introduced them to the staff
and everything, and like Kathy
said, you know,
I think the good thing is that
it started to introduce them
to some of our staff,
and starting to get some of
those relationships going.
The challenge is, is
it does start to create
questions and,
you know, maybe some confusion
with some of the staff and,
and then what's going to happen
because there's only so much
that we could disclose
before you're
actually finalizing the deal.
So, yeah.
And I don't know,
would you handle that
any differently,
Kathy, do you think or.
No, I don't think so.
I think, you know,
I mean, it was a little bit,
tricky because, it got out to,
several of our owners
that this was transpiring ahead
of when we, announced it.
So, we would have had them sign
non-disclosure.
Probably before then.
We did shortly thereafter. But,
No, I wouldn't have changed it.
I thought the timing worked out
well.
And it assured everyone
you're going to keep your job.
I mean, they still have
all of our own employees.
Like I said, my grandson
and my great granddaughters
mother works there, and,
so it's working out good.
Working out good.
That's one of the things
that we look for.
We want to
we we want the contracts.
We really want the team.
Yeah.
Well, and without the team,
you lose all the history,
the background, the,
you know, the experience.
So, So, yeah.
I'd say one of the big
challenges post-acquisition
that they are really faced with.
Right now
is kind of the decision on,
on what system that they're
going to operate under as well.
You know, we are property
where users,
you guys are vine users.
So I know I, I think that
they're in the process
of making that decision
to move forward with Brant Vine.
But, you know,
Kathy and I have talked.
That will be a lot of work.
They Yeah, we're we're deeply
entrenched with property where,
we have a lot of information
in our property wire system,
a significant amount
over the years.
Also, was instrumental
in developing
an inspection website.
So it's our own website.
It integrates with property
where it,
you know, we use show module
for our locks.
It integrates with property
where it,
you know, move it inspections,
integrate everything.
You know, we have a two way API.
It integrates with property
where.
So when you change one thing
it affects 50.
And you know you don't know
what you don't know.
So they're going to
change one thing.
And we just had this
a few weeks ago.
They made one change.
And like the bottom fell out.
And I'm like you got to go back
to doing it the same way.
And so you work
through all these processes.
And so you know, I, I agree
they need to
go with one software.
We do multifamily rent volume
I guess doesn't like multifamily
or doesn't play nice with it.
So it's they're big decisions.
But I mean once you make them
it's a lot of work.
It's a lot of.
Yeah. Just in the background
of that, too.
There's obviously these
weekly meetings that happen with
our residential team
and the LA part goes to.
So there's, you know, decisions.
They're not being made quickly.
Right. It's
definitely a process.
And and our typical
and this is probably something
that came up early
on in the process.
Like we don't really want
to change anything upfront.
Like we love just, you know,
not stirring up any dust.
And under mentioned the team
piece that's so critical.
And I think
that probably makes us a lot,
you know, a lot different
than most buyers out there.
Right.
You mentioned like some
bigger groups that are buying
and kind of consolidating teams
like right away.
That's not our strategy at all.
Like we want good people.
And when you know, people
like yourselves tell us, hey,
these are great team members.
You might even have ideas of who
we need to hire next
or or who might, you know,
maybe they need an assistant.
Like,
that's all the feedback we love
because we need
good people. Yeah.
And your, your business,
I think of all
the transactions we've done like
this was one of our favorites.
Like you guys built
such a good business.
And you know it's our common
practice whenever we we do this,
you know, at the minimum
for the first 90 days,
we're telling our franchisees
or, hey, once you buy this
change as little as possible,
you bought it for a reason,
you know,
go in
and observe,
build trust, build relationships
with the team
that's in place that the clients
don't change it.
It's already changed.
They have them owning
this business
as opposed to the previous
owners.
Change as little as possible
until you can really observe
and tell.
Like, hey,
we're going to make this change
and it's going to make
everyone's lives easier, right?
But it's it takes a long time
to really get that.
Like I said, they made a change
a few weeks ago,
and the bottom fell out.
But we put everything
back on track, and that's fine.
But, yeah,
just getting in and
understanding and knowing and,
you know, the same
with our investors.
I mean, you know, we
we had sit down
with several
of our multifamily investors
that were really,
really concerned.
And, you know, I,
I think that, you know,
with discussions
with Steve and MJ,
Tom and I are going to stay on
and handle
the multifamily side of it.
We're good at it.
It's it's 100 and some units.
But you know, it's from,
you know, the financial
reporting to, cap and stuff
like that which, which Stephen
MJ don't do much multifamily.
It's a different animal.
So but I will stay on
because they, they're
really good investors and. Yeah.
I was going to ask
now, Post-closing
how has has your role changed?
Like you had this transition
period, but like, how has has
your role changed being from
from the owner to post close?
Well, I can tell you that
Tom doesn't do payroll anymore,
which is nice.
you know, honestly,
about the first six weeks,
you're
switching over the phones,
you're
switching over the internet,
you're, you know, you're moving
real estate licensure.
It's all of the post.
You're you're transferring
the vehicles.
You're, you know,
turning on the electric.
And, you know,
I mean, it's
just it's a lot when you sit
and you start thinking
about the stuff
that needs
to be transferred out.
The security system
in the office,
I mean, it's just never ending.
And so like the first six weeks,
that's a lot.
So, you know, now,
I think, you know,
we've had some conversations
recently with Steve and MJ that,
you know,
I think as far as my role goes,
you know, I'm,
I'm still working 40
plus hours a week.
And I'm trying to get
that stuff off of my plate.
And so we've had conversations.
I think they really need to hire
a buffer person between MJ
and leasing and you know, so
I still do new business and
and multifamily.
I love doing that.
So we're a little bit slower
because there was so many pieces
to the close that it wasn't
just buying the contracts.
Yeah.
Kathy's brought the
the the work has changed for us,
because a lot of it
now is, is maybe we're not doing
quite
the same things that we used to,
but there's still a lot of
transactional activities
that are going on.
You know, we're like Kathy
said, we're still involved.
And the multifamily,
we also do small commercial.
That's another area
that right now they don't
they didn't have any experience.
And so we're kind of running
the small commercial as well.
And then right now
there's all kinds of year end,
activities that are going on
that are impacting both of us.
Just something
as simple as your 1099
that you would normally issue
at the end of the year,
take on a different dynamic
for us because
the first ten months are under,
our in the second two months
or under there, I,
so, you know, it's
a very collaborative process now
to, to break that information up
and be able to separate it.
So we're still involved in a lot
of those types of issues.
Again, we kind of
our expectation is, is,
you know, each week
that goes on we're able to check
some of these things
are put them behind us, kind of
get the system in place to carry
the new business forward.
And wrap up
some of these things.
So, you know, again, it's,
it's presented
some interesting challenges
that you don't always think
about as you're going through,
the process of the deal.
So, you know,
then because they've maintained
property where that's why,
you know,
we have to do that separation.
It wasn't a clean cut
where we killed off property,
where they picked
everything up on Red vine.
But we understand that to
that would have been a massive
undertaking for them
to do in a relatively short
period of time.
There's been a lot of stuff
to do, to the point
that last week Steve said to me,
I don't want to pick
up one more damn unit. Now
is. yourself, because literally,
of them.
I think I've got six of them
signed already.
So I said
that's not an option. So.
A blast.
It's hard
because I'm
going to call somebody like
hey I've got another acquisition
for you. And.
Yeah, he's going to
he's going to grab your next
call.
Hunter, I guarantee you.
Yeah. MJ might come after you.
I think MJ
is the one to worry about.
with that.
Just said
over a couple of drinks.
You could
That's what I'm going to do.
I'm just going to mess with them
and I'll be like,
so I've got this big one.
did say that to me last week.
And I like I said, I'm
working on nine right now
and I think 5 or 6 years sign
I call him,
you know, get a new job
besides sign this agreement.
Oh another one.
Keep coming.
Oh, yeah.
That was some other choice
words in
Someone like him.
Yeah.
Yeah.
yeah.
Yeah.
Luckily,
there's tons of children
that listen to this podcast,
so, Yeah.
Well.
Yeah.
No, but I just think,
you know, obviously, you know,
your excitement for kind of this
next part of your lives.
And I know Steve
and MJ are kind of,
you know, taking the reins and
kind of transitioning this out
over time.
But, you know, once
this is really settled,
a little bit more, I mean,
what's the what's the goal?
Obviously there was a
there was a sale, it happened.
And SBA loan that,
you know, got,
got you paid for this business.
Like,
are you going to travel some
or do you have some, some pet
venture you're getting into.
Is it horse racing
like what's going on.
What are you going to do Now
we turn and I do a fair amount
of traveling.
And so, you know, we're
going to continue to do that.
We have nine grandchildren
and great grandchildren
and, they're pretty cool.
And so,
you know, just
having the opportunity like next
Monday, daycares close.
So gladly.
I'll, I'll take Cheniere, but,
you know, stuff like that.
You know, we always I, I've,
I've said for like 4 or 5 years,
I just want to have enough time
to make a new wreath
for my front door.
And, you know, it's
kind of been a standing joke,
but I'm really serious.
Like, you know, we have e-bikes
and we want to get out and ride
those more
and get back into tennis.
And, you know,
we're still young enough
and we have our health
and we can do that
what tomorrow has in store.
You don't know.
So, so we're
just going to go out and enjoy,
the fruits of our labor.
You know,
I mean, we've worked really hard
the last 17 years now, and I,
and before that, too.
But this business,
I mean, it was
it was just Tom and I and,
you know, at our peak,
we were 750 units,
all picked up organically.
And so it's,
you know,
it's good to see the baby grow,
but it's time
to cut the umbilical cord.
You know?
So again,
I think to, to build on
what Kathy said, we, you know,
we really want to have
some more time
for ourselves to do,
you know,
family things and travel.
But we're not so all that,
you know.
Yeah.
If they allow us to continue
to be part of the business
and help in whatever ways, we're
happy to do that too, because,
you know, we kind of feel
that you want to stay engaged
in the real world
and in the business world
just to keep us mentally sharp
and, and, you know, involved
with people and, and candidly,
if we spent all day with one
another at home, chances
are we kill each I don't know.
One. But, yeah, I mean,
you know, all of our,
all of our friends
and everything
that are older than us,
a majority of them work,
and that helps them stay sharp.
And, you know, again, mentally,
on their game
and the ones that don't, you see
that deterioration faster
than, if you continue
to be active in things,
we love the business.
We wouldn't have been in it
as long as we have if we did.
We really again,
think extremely highly
of our client base
and our employees,
that want to see, you know,
that everybody is successful.
We think M.J.
and Steve
are the right people for that.
And we again,
we want to continue
to be able to support them,
but yet
have that time to to enjoy life
a bit more.
Good I love that
I love that like, that's
that's like one of the kicks
I get out of this.
And I know
as we're
wrapping up, that's like.
That's one of the things
why I love doing this is like,
I want to be able
to provide that for, for people
selling their business.
And then looking
at the little park
goes this opportunity
that they get to
to take this great business and,
you know, take their family
to the next level.
And it's like I,
you know, Aaron and I,
we get the biggest kick out of
doing that, providing that.
And and on that note, you know,
as we wrap this up, I,
I want to ask like what
what recommendations or
words of wisdom do you guys have
that you want to share
with other people
who are thinking of potentially
selling their property
management business?
Well, I, I would say, you know,
selling a business.
It's not about the money,
or shouldn't be about the money.
You have to get.
You have to have a good, set.
And that was
the most important thing to me.
I mean, could we have gotten
more money to sell to some,
you know, one of our competitors
that knocks on our door
all the time? Perhaps.
But then I would be
remiss in doing so.
So, you know,
you have to find a good set and,
feel good about it.
And, you know, I mean,
we care about our investors,
we care about our employees,
and we'll continue to do so.
And I mean, I guess, you know,
Tom reminds me all the time,
you know, he I say, I'm
on a fixed income now.
He says,
no, you you have no income.
But I.
a good fit.
You have to treat people
well and feel good about,
you know, the process
and the transition. So.
Yeah,
I, I would agree with Kathy.
Yet you got to be able to
feel good that when you're done,
after all of the hard work
and everything
that you put into the business,
that you're
turning it over to a good team
that's going to continue
to take care of it.
Yeah, I mean, we we talked a lot
about, like, a win win,
and we only want to work on
opportunities that are win win.
I think talking to both sides
through this whole process, it's
always been with that
same kind of mentality
and goal in mind like,
hey, it's got to be a good fit
for everyone.
And I just really appreciate
everyone on this call.
And I know Steve
and MJ were a big part of that,
but just going through this
process and working together,
I'm really happy
with, the outcome for everyone
and, more importantly, a big,
congratulations.
You built a great business.
You got,
I think, a great exit for it.
And, I'm glad that,
you're going to have
a little bit more free time,
hopefully
tending this transition,
to spend with family,
do a little bit of travel and,
and, you know, focus on
what's important, right?
All right.
Thanks everyone for joining us
on the Mass Exit podcast today.
A big thanks to Tom and Kathy
for joining us.
And, be sure to subscribe
to tune in to the next episode.
And that's a wrap.