 This is Sonali. Thank you all for coming out some time for attending today's webinar on the episode 10 of the business X learning series in best scale and value. To all the attendees out there, please type in any questions you might have in the Q&A section and we'll try to answer as many as possible at the end of the session. I would now like to welcome our speaker, Mr. Gaurav Mara, Chairman and Founder of the Franchise India Group, a very warm welcome to you sir. Thank you Sonali and welcome friends and welcome to the 10th edition. As Sonali said, this is a platform powered by a business X. Business X is a company which we started about five years back, which was the intention was that we can help startups to get funding, a lot of even scale ups which are at next level. They also need sophisticated capital and also a lot of companies which are now looking to sell their businesses. This platform also does that so we have the largest resale platform in the country where if you want to value your business and sell the business. And currently that site sell side is becoming more and more in place and rather the buy side is becoming a little bit of a problem. So today as we do every time we take up one topic we do invest, scale and value. Today's invest is the 10th edition and I'm going to talk about something which we are getting a lot these days on our messages and emails and communication, especially on our platforms. There is a big of problem going on in the startup ecosystem. Now the problem is that a lot of startups which were waiting to get them capitalized during, you know, these last three quarters have not got the capital right, which means that this is a time where a lot of things are changing. You know, people are not investing further and I'll give you some statistics which I've gotten to set the perspective of today's discussion. Today's discussion is more about understanding the investment space post this COVID and COVID looks like not ending. You know, we have done a lot of webinars when we started doing webinars in April we were talking a different language. And then we came into June we were talking in different language and now we are in September. There is a different because it's prolonged it's prolonged and it is it looks like that it is not ending soon, which means that the things would what the way we were predicting and the way people were talking about that how do you sustain yourself in three to four months five months. This is not the reality reality is something else. This is much, much deeper than what anybody would have thought. So we need to really set some perspective of what is going on and what what we are doing and especially at French is Indian business sex. How we are advising companies what kind of companies we're not reaching out to really help them out because at this stage, I tell my team, it's better to say no then say yes, because very little you can do. First, a lot of companies so so this is a very, very delicate times you need to really one has to go very deep into understanding businesses and their performances and so on. So let's talk about what is happening 30% of startups I feel face a danger of winding up. So that's a starting point 30% and this number might go drastically high if this is prolonged for another three to four months because I feel that the kind of reserves cash flows capabilities. Early state startups have they will not do that and I'm really surprised at this stage. Why nobody is really talking about it. No, please doing it because we are we are we have a ecosystem we understand what is going on the kind of desperation I'm seeing from start of these days on their on the potential winding up structures. And especially in the cases and the industries where they're deeply impacted, right deeply impacted industries. This is this is very tough period because they can go into potential litigation they can potential issues with their shareholders and other investors. So a lot of that is going on. And I think my advice to mature investors is at this is the time to stand by this is the time to stand by startups and help them in terms of passing this phase, because this is a very delicate face and this is where they need help. 50% overall drop in funding 50% by value terms is a global number. India number would be different but it's going to be around that 50%. There would be also because I feel that they're going to be multiple delays in exits, we're not seeing too many exits going to come sooner, which means that the liquidity also would become problem with at least structured investors, a lot of active investors which is happening in the market, especially in the angel community there was large communities been built over last 1012 years and they were actively investing. I think they would not be doing so much and I can I can see about 40% of active investors would want to pause or consolidate their portfolios before they start investing further because of exits would not come. So fundamentally the liquidity would become problem and people would not expose more in the market. A lot of other shift is also happening because I feel that people are not so much interested in the early stage startups which have commercially go to prove themselves, they're moving into more scale ups where they're already commercial proof of concept is done, business is already floating and they want to really scale up. So a lot of these changes are coming in and if you are an investor, how do you really behave? We are talking what we're going to talk about today that and if you are a startup, how do you really position and do your, justify your stand and how do you really sustain these periods, we are going to talk about this. But I reached out to a lot of investors and I've been reading a lot in these days and trying to understand and fundamentally I've tried to see that what is the four major points and I call the four C's which would differentiate between what I call the week and the strong startups. And I'm not only about talking about startups because I feel that even other businesses, I mean, even businesses which are running would clearly be defined into the week and the strong. Right. And the week businesses would face a lot of issues and the stronger ones would still survive at least sustained with a lot of changes coming through, but they would still survive and come out and and maybe look at growth cycles as they come. The four C's are to me is, first is competence, how competent the team is, how competent, I'm not talking about the business model, the business model might change and do and I think it's about competence of a team. And a lot of businesses which would be able to survive with this period is purely on the competence of the team. And my advice to startups is that you need to really go out and find and hold your people, right. So it's very important at this stage, a good competent team would be able to pass through this structure. Second is collaboration. This is a time where you cannot create everything yourself rather you need to let go a lot of cost sides in your system and start focusing on on areas which you can collaborate. A lot of startups can collaborate with startups, right. And that's something which is which I think should be you should rather reaching out all the day in the investors reach out to your own community or startups and try to collaborate with them, collaborate with even your potential competition. You know, anybody who's there, if you can collaborate at this stage that would make a lot of sense. Compassion is the way it needs to be done, which means that you need to really be compassionate about your stakeholders, internal external consumers, vendors, suppliers, everybody. And there is a broken, broken element everywhere. There is a broken element, almost everywhere. The only thing which can really take it. And I think and finally is for this character. How do you really demonstrate a character at this stage. So four C's before even we start about this is competence collaboration compassion and character, which is very important. Now let's talk about some trends, you know, which very clearly are coming out of the whole ecosystem of, you know, startups and I will pick this 12 for trends, which I would say should be there and looked at. First is buying behavior. You know, the lot is talked about in the buying behavior of consumers how they would behave and continue to behave and some I think are temporary behavior changes and some are permanent behavior changes. And if your business is passing through these temporary and permanent and how you are addressing that, that's very important and house, how fast you are able to adapt that temporary and permanent changes is very important. The second point is change of markets. You know, so focus has to quickly change, you know, so you might have and you need to be dynamic and see where are the pockets of opportunity available in the markets and which are the markets in the industry to be working with companies, which are actually not very focused these days on, you know, main cities they're not focused on historically but metros but now they're putting focus on, you know, BNC cities where they see that consumption is going because franchise in their works with a lot of retail kind of companies, brick and mortar retail and we're getting a good traction in the in the tier three and tier four market where things are pretty normal in that sense. I mean, I don't say completely normal but at least the local consumption is helping them a lot of agriculture money is helping them a lot of other money is helping them. So people are changing quickly the markets and how do you really adopt your markets, like we just doing with one of the hosiery companies out of Calcutta very large company and we just put entire focus on certain pieces in south markets we go into micro market planning and said, let's go and put our adaptation and take the business there because this market is not being captured. So that might give you additional. You know, whatever loss you're getting from a certain markets where you had absolutely reach out to your, what I call the peak market share. If you open up new markets that might help you. A tech adaptation is the fastest change which has happened so our business has adapted to technology and how consumers have actually faster than even the companies have adapted to technology that some changes is very important. Another thing which is going to be happening which is a good side and people have to be very conscious and finding out answers around it. I think a lot of regulations would change a lot of businesses and a lot of businesses which were restricted practices. I think would open up faster now because of compulsion like for example like I feel that there's a startup which has approached me in a online liquor delivery platform right. So while it's very restricted it's a state subject, but everybody's talking about it. Everybody is talking about it. I am sure somebody would realize it and there would be a new market which would come it's a billions of dollars, which can do it's no brainer that if the liquor gets online and becomes in that and almost everybody from Amazon to everybody would like to take that high of that size. So there would be a lot of these independent one has to be very closely seeing what are the changes coming in the regulation. Because in these times, the government, especially in India, which cannot really come up with the financial packages or assistance and so on for always would give relief from regulations. All the regulations would change. So regulations would give comfort and these comforts would create new opportunities for people. So one has to really see what is going to change in this. What is advice? And even if you can correctly through industry lobbies reach out about changes and any changes which can give your business to be and I think that I think would be very important. Another thing which is the fifth point is that scale up with limited burn, you know, if you even on a high burn kind of a structure, how do you pivot the model and see that you don't burn so much. And now that I think if you can save that burn, that would be very important two to three years of sustenance to me. If you're really going to a investor and you can demonstrate that look, I my business is ready for two to three, four years of sustenance. And even if I don't get the round AC series A or B or whatever the stage you are in, you can still sustain the business. As an investor, I will like you. I can clearly see because people now don't want to see six months one year. They want to really see two to three years because this can be very, very deep in that sense. Stabilizing your own cash flows so that you don't have getting to a burn, not beyond six months. So if you're a new investor, if you're going to a pitching entirely or even your investor or a startup or a, you know, any stage, if you can demonstrate to your as a startup, you can demonstrate to your investor that you have very clear vision and clear demonstrate structure that you can stabilize your cash flows in six months. I think there would be a case for investment. You know, riding on stable distribution. This is my seventh point rather than creating it's eight points, which is not rather than creating your own distribution. I see a lot of startups and early stage companies have a very, you know, big lead time in terms of their go to market. And hence they put a lot of burn in that right if you look at how Zemato was built Zemato hired 500 people. These 500 people used to go in the market to approach the restaurant owners, take the database upload the database the cycle took at least three to four years of strong burn to build a ecosystem of and the database and aggregation of these restaurants. These cycles are very, very long and this this creates a lot of cash burn before you really even want to make a meaningful business model and their business model initially by the rating, and they change the business model to home delivery company now, but it all happened because they had this database. Now the truth is, how do you really can do this much faster. How do you can write on somebody's distribution and enable to do that innovation business. Now my ninth point is innovation and which it should be system driven. If you have to always think through and put up a strategy and say what innovation my business you do, and it is not system driven. Then also it will have some breaks. 10th is a very, very linear teams, extremely lean teams, big teams. I know a lot of startups and a lot of businesses, which were doing extremely well. I know the big teams are a big shocker now, because the kind of balance sheet they had and the kind of pressure they had, and kind of a disruption it causes with laying off people and changing that thing and then getting the act back is very, very difficult. It is very, very, I know companies which are running 3000 5000 people are at this stage on a firefighting moment because they on one side, their financial teams are laying off, they want to lay off a lot of people. Another side operations is disrupted because people when they laid off, they, there is no handovers, there is no structure. So there's a lot of challenges which start coming in the business and their smooth operations. A localization is another opportunity which has been thrown to us. You know, I feel that nowadays every day we hear this one app has been banned and this is banned and that is banned. And this is being one driven from system, which is our administration, but also it is happening from a consumer mind viewpoint. I think this creates a new opportunity for Indian entrepreneurs to really look at some of the localization of mapping. Another area which I would strongly look at is there is a broken supply chain today. Everything is broken because the global supply chain is broken, especially in some categories. If you can find opportunities in this broken supply chain, whereas, where are the opportunities say pharma is doing well, but pharma supply chain was broken in some sense, you know, is there an opportunity to create something to fill that gap. Anything which which comes from these 12 different points or all of them would be very interesting to look at from a investor viewpoint. Another thing which is which I would say is that at this stage, a lot of people who are looking for funding, especially startups should not look at just conventional people out there, you should widen it up. Like we are seeing in France in the ecosystem, we have about 2 million investors and when we're talking to these investors, they were earlier coming to us for buying a franchise. Now they don't mind even investing into companies because they see that they want to be part of the valuation because they want to participate. So a lot of new set of investors, I feel would come and that's why we've seen better results. It's like we used to present a pitch deck to the conventional investors, they're not picking it so much. But when we're going to, so to say, retail investors, people who are buying businesses or had, you know, interest to start a new business and giving them that look, you can also participate in investing into a company. They are actually more adaptive. They are much more accepting that rather for a few of the deals have come from only from that side. So we are now going and widening up our investor base. We're going to much larger people. So people say, you are a senior government officer and you want to do invest for entire thing. So their money is not gone anywhere. So they're still investing. So a lot of these new investors are coming in while they take a lot of time because they don't know so much about the businesses and industry. But a new set of investors are coming in the market. And that's what franchising and business sex is doing. Franchising is also becoming very interesting. So franchising is our main subject. So we are working with a lot of startups in helping them use franchising as a way to continue to grow and also get their cash flows in the system. So a lot of startups have come at last, but 30 odd startups have come and approached us and we started working with them from, I think, April to now. And these are in e-vehicles, e-mobility. They are in a lot of these services, a lot of edutech companies have come in. So these companies have come and chosen franchising as a way to continue to scale their business and continue to get a lot of cash flows because franchising is the best example for scaling up without putting your own capital. The third advice I would have for companies which have probably not getting the first two. So if you're not getting investors, you're not even using franchising as a way to get your market share grow or your business continue to grow. Then I feel that you should also look at an exit. Look at an exit. Don't wait for it because exit is also never bad because if you drag too much and you wait for the next wave to come, you might spoil the business itself. Whatever stage you are, if you don't clearly see that you will be able to secure funding and your funding requirement is less than 90 days from a run viewpoint and you don't see that happening very soon. You're not in active discussions. Then I think this is a time where you need to really see. Even if you want to plan your exit, this also is a 90 to 180 day cycle. Or if you have ability to pause, then pause, which means that just don't burn further, stop where you are, continue to keep the assets there and open when the business is coming back and you can handle the business in that. So either of these strategies, one can really use it. But if you really feel that there is a potential erosion which can happen in two to three, four months, don't shy away, open it up and look at exit. And BusinessX is helping a lot of these startups to come to us and businesses to come to us which don't feel that they can survive beyond that and we can look at some buyers to come in. Now, from a timing viewpoint, I personally feel that it's a good time to invest while it depends on the investor, how much liquidity is sitting on. But if you have liquidity and you have some spare liquidity, this is a great time to invest because valuations are absolutely right. There are great companies, great opportunities and opportunities which have also very clearly defined themselves and changed the models which are much more adaptable to the entire thing. They are a lot available in the market today. Rather, I always say that disruption and opportunity go hand in hand. There's never a time where there would be these two not together. So any disruption which happens creates some pockets of opportunities and these opportunities are so great that if you really pride on them in this negative wave, you can really go into a much bigger scale. Current crisis I think has one thing very clear and I've been talking about this for a very long period. And I say, I would like to invest into startups which have a profitable sales structure. I don't like startups which have a loss making sales cycles. So they sell but they make every single sales, they make a loss. So that's something which was out of my mind. And now I think the time has come for startups or businesses which have a very profitable sales cycles. If you have a profitable sales cycles, I think a good investors would like to get into that. Rather, I think we should have a mindset that we should have an opportunity to profitably help others in solving their problems. That's where every time when you ask also, what are you bringing? What are you solving? So everybody tries to solve a problem but they're not profitably solving the problem. And that's something which we are able to do then I think we are much better. Another area which one has to really look at is how do you lock talent and you can unlock your more equity. If you feel that you cannot currently run paychecks and give big salaries, you cannot have your top team staying with you for kind of salary, unlock your equity. There's not a problem. I think reach out to your investors and tell them, look, I want to unlock some equity to retain teams and make them co-founders, expand your founder base. That's also another thing. Last in this part is look at strategic investors rather than financial. I feel that strategic investors would be very, very good because they bring in much more than money, right? Much more than money to really take the businesses to the next level or support their businesses. You have something which needs a next distribution and somebody already has that distribution. Reach out to them, reach out to these companies. So we are working a lot on that side. We are getting people who come to us and say, look, I run a cosmetic brand and I want to really go to somebody who's already having a cosmetic distribution and maybe take another one. So something of that nature is very important because if you are not, if you're just looking at a financial investor, maybe there will be a lot of disappointment. We've seen almost about 100 applique, 100 pitch, we would take it to investors. They're not picking up. They're not picking because they were not interested. It's just about, it's a mindset issue. So it's a lot of liquidity issue, consolidation, companies have not got their, the investors have not got their exit. So a lot of those challenges are creating a big problem. And now I'll give you areas which I have big interest on because we've just about four or five minutes left for our session. I would, I would look at some of the categories which to me would be very interesting. While everybody talks about the new age businesses, which I will also mention, but I have a particular big focus on FMCG, a fast moving goods. I feel that FMCG, any kind of a fast moving products, you know, it can be a packaged water to, you know, this would get a very strong reaction. So like yesterday, I was with the, you know, one of the startups which we are working very closely with and helping them is a, is a beer company in Medusa as a beer, a young guy who was an architect who started a beer company and, and took this business to and I think so I would put a top dollar behind him. These kind of companies are great companies because it's a consumption economy, we have more people than anywhere in the world. And if you have that, if you create any kind of products like that, compelling products and with the distribution becoming more organized, structure becoming organized, you can build a great, you can create a Indian Mithai brand and then can become a bigger opportunity. It can be anything. You can make 1000 crore businesses out of that. I mean, like there is a snack company which has come in and been very, very, it's called the nachos brand. I don't know, I don't remember the brand, but it's become a very big scalable business. So I would put a lot of, you know, emphasis on FMCG fast moving goods kind of opportunity. Edutek is very close to us. Today we are doing a lot of work in Edutek, because I think franchising works very well in that digital entertainment gaming. Well, I have not done too much of work on that, but I can clearly see India can have an advantage, but not much has been done here in India. E-Healthcare, I think that's another area which we are strongly working on. Overall, I think the life sciences, pharmaceuticals, these are kind of areas would always be important. Mobility would be a very, very, very interesting space. So a lot of work we're doing in integration of O2O products, which is online to offline kind of companies. We're doing this fabulous company, which is into online furniture, customized furniture businesses, they open stores, which are actually not having physical furniture, but they just have displays where they would capture your demand and everything is optimized and you get your products customized for your home, delivered to your home. So these are kind of concepts, which we are very, very bullish on to work with. So if you have anything which, you know, you have a startup or you have a particular interest to invest into a startup, which you are looking at a category, you should reach out to us and we'd be more than happy to help you out. Even if you have a brand which you feel that has an interesting idea, which can be scaled through franchising, that also we can really help you. So I'm more than happy to now take two questions. I've already done about 29 minutes. We can run for two, three minutes more and take some questions and then Sonali, over to you please. Thank you so much for another wonderful session, sir and for sharing a great insights. We have quite a few questions lined up with us. So the first question I would like to take is an attendee asks, is it smart to invest in companies which are going digital during this time, but how would we know that they would be able to sustain when things go back to normal? Again, this is a permanent change. This is a permanent change. Digital is not new. We were always digital. You know, the consumer adaptation was slow. So let's be honest. There is nothing which has changed with COVID. You know, we were always digital. This digitalization started not now, it started 15 years back. So it's a very old story. This is a very old story, but adaptation was a slow cycle and adaptation in India is very slow cycle, right? We started building up shopping malls in late 90s, but adaptation to that shopping malls really came in the late. So India takes a lot of time in adaptation. I've been working on modernization of retail, started working in 1999, where we said we will take these mom and pop shops and that. I mean, we are talking right now also so much is still left. You know, it's a 21 years and everybody from Kishore, Bihani is to likes of them. Everybody has come and now he's exited also, but in this cycle also the impact which is created is not even 20% right? So it's 20% of India is still under this mom and pop operations and still not organized and so adaptation to anything in India takes a lot of time. And that's something which I think has been rather an opportunity in last four, five months. Look, I've been using zoom for now two and a half, two years or so, but the way I'm using zoom now is much more right? So my adaptation to this, I used to do it, but only with my international clients when they wanted to come on a call, BC call or something like that, because that time I had no choice. But I never did with my domestic companies. I never did with my victims teams. We always used to have that. So my adaptation was always there, but not the usage was very little. So now the usage is widened, right? And I think that would remain like that. It would, it would not change rather any company which doesn't have a digital viewpoint on businesses. I would not even touch it. Any business, you can be a classic old business also. If you're not digitally active, you're not touching. Absolutely. I mean, people can talk about it. People say, now the pharmacy industry is fighting that, oh, people should not have a medicine at home by e-commerce and viral lines invested into this new company which they invested into, which is a digital pharmacy retail. Actually truth, I mean, these are trade barriers. These are people who create trade barriers for consumer to not get value. I mean, they would have thought much before. I mean, they would have thought 20 years back, this is eventually what will happen when e-commerce is coming for people to buy vegetables, to buy everything from Amazon. Why not medicines? Medicine is much more needed. And they're 24 hour product from a delivery viewpoint. I think the most compelling product which government should say is 24 hour to be delivered is medicine because this is absolutely necessity. And we have 24 hours of food delivery in India, but we don't have medicine delivery. So that's, to me, a trade restriction. All these restrictions would go away. I think this, you can take it from me. In the next cycle of deregulation, all these industry-related regulations would take away because consumer would push it and new age businesses would push it and government would see a merit in that because they would know that this would create a new cycle of jobs because the need for government is understand the larger consumer base and understand job creation. Anybody can demonstrate these two things. They are only interested in that. They are not interested in if your business is affected for this or other business is affected for that. That's not their call at this moment. Their call is very clearly, who can help me create more jobs? So if business models can adapt that then would be a good idea. Wonderful you said so. So the next question we have is from Mr. Rajesh Seti. He's saying, I seek your advice is how can investors make a decision to invest? Any leads you can advise in the role models? I'm equally keen to review investments and brands as investors. Rajesh, I mean, depending on what is your interest area and how you look at are you a regular investor? Do you build a portfolio investing or this is one-off investment you want to do? And if you have some kind of strategic advantage, I feel that if you're not somebody who builds a portfolio, then don't go too many investments. Just pick up one where you can bring more than what you can bring outside money. If you ask yourself, what is else I can bring on the table without outside money? If that answer is very clear to you, then pick up that kind of a company and invest into that company and work with the founder to create more value. That's the answer. Unless and until you are very, you build a portfolio. Like for me, I would look at only investment if the company can be franchised because only thing I can bring in on business is franchise or licensing. These are two subjects I understand and any business which would not have these two, I would shy away from that investment. The next question we have is, is it fine to replace the founder of a company if the company idea in itself is very good, but it's not reaching its potential due to the inability of the founder in some way? This is a very difficult situation where the business is good, but the founder is not. There's actually other way around, I've seen a lot. The founders are great, but the business is sometimes the modeling is not done so well. But if that is a question and you are already invested into businesses, then this is happening all the time. If you really see what is happening globally, almost all founders have been replaced. The first era of founders are all there and the second era of founders which have came in like a Weaver founder or a Uber founder or a lot of other founders are being replaced because the businesses needed different leadership at that level. And investors on board thought this would be a better tool to do that. And sometimes it can be important to do that decision. I remember the decision when Rahul Yadav who founded Housing.com created a big news and structure and he was taking the business absolutely. There was a huge burn going on, wrong model, the wrong execution. While he was a golden boy, looked at in the market, everybody was talking and favoring him. But from an investor viewpoint, I know how much pain it is if you have a wrong founder who can drive the company to the wrong side. And it just can blow away your everything. So you have to be very conscious. As I always say, there's no investment which is passive. There's only investment is active investment. You have to be active. You might not operate it, but you need to be an active investor. Absolutely sir. I would just like to take up the last question now. The question is, an edtech company approached me and it is doing good, but there's already a flood of edtech companies, especially during this time. What are the points to keep in mind before I decide to invest in it? So edtech is a great space. It's very little penetration done at this moment. And just for your information, this question online would also regulate and it would create a much bigger audience. You can actually get an online certificate and then apply for a job, which currently is not a case. I mean, whatever you study, it's your self-learning, but it doesn't give you any kind of certification which is recognized. But it's very, very close. It's very, very close. This is going to happen. This is again a trade restriction. People who put money in universities and people who put big campuses never liked that. They would never like it because they even get shocked by the thought that people would not come to these campuses. So but truth is, this is another destruction which would happen. It might take three years, four years, five years, but education, not so much in K-12 because K-12 is child development. They need to be environments where they are with their children and so on and so forth. But when it comes to other things, especially coaching, test prep, things of that nature, I mean, you see the environments kids study there. They don't get a basic environment, but they go to these coaching centers where they're sitting on benches and they're doing it. They can work out of home. They can do a lot of environments and these tools would continue to rise. And I feel that regional adaptation in administration at Tech would be a very big opportunity. If you regionalize, if you can take the opportunities to the money pours and the Guatis and the likes of them and regionalize structures, what kind of opportunity you're talking about? What kind of opportunity you're talking about? Thank you so much, Gaurav sir. Thank you for very patiently answering all the questions and thank you once again for your time for the series. Anything you would like to say in the end? Siddharth, I think you're asking for a particular brand which you are interested in. You can reach out to me. I'll check it. I think I will check out with my team. I don't remember that we work with the brand or no, but I can check it for you. Thank you very much. If you have an idea which you want to get investment on, reach out to us. If you have an idea which can scale and franchising can be strategic, reach out to us. If you have a business which you want to exit, then also reach out to us. Thank you very much. Thanks for your time. Thank you so much for your time. Thank you to all our attendees for their participation in this webinar. We really hope you were able to add some value to your lives through this session. We will see you next Saturday with another session of the Business X Learning series. The next session will be all about scaling up your business and strategies involved with this evening. Thank you so much.