 Hi everyone, this is Sonali. Thank you all for carving out some time for attending today's webinar on the episode 29 of the Business X Learning series, Invest, Scale, Value and Exit. 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 Zingar Group. A very warm welcome to you, sir. Thank you Sonali and welcome friends and welcome to another edition with Business X, which Business X is our vertical where we do a lot of work in the space of actually helping business owners to sell their existing businesses and also a lot of startup and mid-sized companies to raise capital. And particularly the last couple of years, we've seen a big action on exits, even small businesses which never used to conventionally think about planning an exit is now doing so. Because the whole culture of understanding how you use to run a business has significantly changed. People are lesser emotionally involved in their businesses. They are building, because they understand the business is built for a building of a profit and at a certain stage they would like to plan an exit and really put the profit. So that's where today's session is going to be. We are going to talk about the exit, why exit is so important for businesses and it has to be planned well. I'd rather call it a three ways of people going through an exit. One, planned, which is the best way to do it because when you plan yourself, you really design yourself that next two years you will find an exit for your business. That's the best way to do it. Second is very opportunist way. Somebody really walks up to you and say consider selling your business. That's also sometimes a great opportunity because it knocks on your door and you want to pick it up. Most of the deals in the mid-sized businesses are happened because of a very opportunist approach. And the third is I think forced exit, where you have for some reason not able to continue the business and you look at an exit. But I feel that the most right way of doing it and there are multiple institutes globally which actually do exit planning. There are professionals out there, especially in Europe and US, we do a lot of exit planning because at a certain level there is a culture where you don't pass your businesses to your children. So people start planning the exit structure and more you plan, more you do it in a very structured, in a very professional way, more you will get the right value. And you will be able to pass the business in the right sense too. So it's very important you need to really know at what stage you are in and we'll talk about in today's session that. But let's understand why people need exit. Why are they looking at a different level of exit? There are multiple reasons. Obviously one of the reasons which I am seeing these days, particularly in post-COVID and especially in last two, three months that kind of inquiry is becoming in. People are a little fatigued. They are facing some kind of fatigue. They don't have the ability to go back to their businesses, build it again and so on. So they won't really want to do an exit on that. Even successful businesses and I have seen the kind of energy level has gone down for people to really go back and rebuild the teams if they have destabilized few things and so on. The fatigue can hit to you anytime and this even happens. A lot of people think that it happens with the older people that they don't want to run it. Actually it happens much younger. Young people actually when they start their businesses for five years, they've done that. They don't want to do this and they want to look at other opportunities and they start fitting some kind of fatigue. The second reason which is also now emerging in India. It's very big Europe, US is succession planning because they don't have somebody to look after the business. And India also we are seeing this big time. It's now becoming very big and we get calls from people who say, look I want to exit this business or we got calls from sometime the children who call us and say my father is in a particular city and he doesn't want to continue a business and he wants to look at an exit. And this is become a very emotional. I got a call from an investor who said my father runs a small grocery store but he's been running that grocery store for the last 30 years. And we all are very emotional about it and me very emotional about it. I'm not his very successful guy. Now his children are very successful and they're doing very well. Obviously they want to give better life to their father and want to bring him to where he was. But he didn't want to close the business because it was easy for him to just shut down the business and bring his father. And he said this is not important to me. It's more important to me that I pass this business to somebody who brings a continue today and continue to run that or rather improve the business and continue to grow because it has an emotional value to that. So you see there are different objectives on finding an exit and what you're going to do that and that also would really then define who you want. And that's what we're going to talk about in today's structure. Third is diversification. You want to diversify or consolidate. Consolidation also is creating a lot of opportunities. Some of the businesses which you don't feel you want to continue, you want to exit. So there is always a time to really go out and on a buy side and then there is a time where you need to start consolidating. In French as in a group also in 2016 we were investing a lot and 18, 19 we were consolidating a lot. And I think 2000 was not so much of opportunity for consolidation, but this year also we'll consolidate further doing it. And then we start mid of the 2021 we'll start investing again in some of the startups of businesses. So we have a different portfolio of investments where we go out and invest into emerging businesses more on the consumer space and then try to see if there is a... And some businesses we would stay invested because we feel that there is a much more larger life cycle of contribution from us. So diversification is another big reason. Fourth is the partner split. A lot of people come together and start a business and at certain time they don't see each other or they don't want to work with each other. That also creates splits and most importantly these days particularly the biggest sell side is coming from cash flow crunch. People have eaten their cash flows they don't have ability to bring further working capital. People are tight on their cash flows and they want to really exit the businesses. And if it is more stretched it becomes even more difficult then it starts eating into your company. So you need to also see where you are on cash flows and what is in that. But there are many other reasons which would come to your structure which can be a reason for you to sell. But the best way to really find and plan your exit is when you want to sell for profit. This is something which I like the most when people are doing well and they know they can do even better. The businesses can even go better. That is the best value time you really are and you want to really sell at profit. And don't really think through that this is only for made for tech companies or dining. There is a buyer for every profitable asset out there. There is a buyer for it. If it is a profitable and can become even more profitable going forward. This is the best time if you really want to sell it for profit. That's the best time to get your business valued and go out into this. But you need to ask yourself a lot of questions before you go into that. I think there are three components to any business and three components. I call the SAS principle SAS principle. The SAS principle is there is a strategic value. What is the strategic value in that in the business? It can be your team which you build because sometimes you have a fantastic team which is very difficult to get. That itself is a strategic value. If you have a certain amount of your contractor or something which works with you which has locked in your business. That's also a big value. Your supply chain, your vendors, anything which is very strategic to that business and you have done it better than anybody else. That creates a strategic value. It can be the great location which you're sitting on which might be useful for not for your current business, but can be useful for some other businesses which can do extremely well there. It can be some kind of other valuation which is there in your business model which gives you a strategic advantage. That's the first S and that's something to me is very important and very intangible value really comes out. The third is assets. You have machinery equipment or whatever that is there. It's easy to assess that stand part. And third is a subscriber with your consumer base. So how big is your consumer base and how loyal is going to be with your entire thing and what is a life of that consumer to buy from you. So these three are important. In some businesses we clearly find all three. In some businesses we find two and some businesses only one. And say you just have assets left out and there is no strategic value. There's no real logged in subscriber which would stay in that thing. If you're say a school and you have 50 kids but you're not still doing well because you need 200 to survive. But you have 50 people who are already committed to pay you for next five years, 10 years. The only thing you lack is like we are advising one of the schools which is a big residential schools. So what they lack is that they're not running on the optimum capacity level. And while the peak capacity because they're large infrastructure can make them super, super profitable. Why they cannot move from here to optimum to peak because they don't have cash. They don't have enough investment. This needs investment to come down to that. So these are good assets. These are good assets. Easily we can really find a good investor who can pull this up to this and then to take it to this. And the business can turn around and become extremely profitable. So one of the very important aspects for you is to really ask yourself where you are before you even talk about looking at an exit structure or exit planning. First, is your business model profitable and will it remain like that or it can further grow, which is a great situation. If it remains like that, which is very rare, either businesses go up or go down. If it is still going to be there or proportionately going to be there, it will mean that you will have a very small increase in your sales, but your inflation would also hit you. But the business largely margins would be retained over the time. Or you see a significant growth which can come in, which is the best situation to be or it can also decline. So say which means that your industrial business, you're currently running on a government order which is going to expire for next year and there are chances you might not get renewed. Now that business is on risk. There is a risk in the business and unless and until we have very strong backing and feedback that this would really renewed, this becomes a difficult. Or the businesses which are facing disruption where we know that they would be like technologies which are getting like these days auto OEMs are in big quick problem. Why they are in problem, especially in the two wheeler and the spaces because the electric is coming big time. Now if I am investing into OEM and buying into a company which is supplying to the conventional technology businesses and this large Kpex been deployed. Then I know that two to three years this market is going to significantly decline and the equipment or the assets which might not feel right. So you need to really see where your businesses and some businesses and there also you have an opportunity to act now, whatever you want to do that. But you need to really define what is the next three to five years. Second kind of businesses are what I call the survival businesses and this is where a lot of people get fatigued. They go to business, the business keeps running but it's not either growing, it's just stagnant while it can improve. In some cases if you put more capital or you bring in better management, if that is a question then it is still a great situation to be in because you are able to push that business. And if it is no, the answer is no that even if you put in more capital or better management is going to be there at the same level, then it is a stagnant business. It just has a small income, you need to discount that income and that's the only way we can find the exit on the businesses. These businesses we get sometimes advertising agencies which have some old clients which they are retaining and the business is not improving at all. In the last three, four, five years a balance sheet would say the same kind of a numbers versus rather there is now because of print going down that this whole advertising agencies, a large part of the businesses were through their print and other media houses and not so much for digital and digital is picking up big time. So I see a future which is not so great for this advertising agencies unless and it will be significantly change their positioning and start doing some other mediums. Now the third is if the business is failing now and failing also if the business is not profitable, it's non-performing and then we need to early ask is there a sense of revival. If yes, what is a timeframe for this revival, what it takes for that revival and this is what are very, very important three questions. You need to assess yourself and your business where you are and depending on that, we have to create a strategy. We have to create a strategy that how do we plan your exit and also we need to really see what is your minimum ask, where are you at this stage, especially for the second and third one because on one side you are just stagnant and one side you're just losing. Losing you want to really stop loss it, you want to really cut your losses at this stage and you want for a certain amount of price, but for profit you can still really stay strong on your ask because you want to really get money and higher profitability and reach there. So that's the three areas which are important and also on that we assess what is your ask, what is the minimum structure you're looking at. Then we also go further in terms of understanding a few other things which are very important, timelines. What is the timeline you need to do that rather in my resale team, I define this into three colors and we say blue which is profitable and then we have red which are non profitable businesses and then there was yellow. What we used to do is that these are businesses which for some reason have urgency to sell because there is something which is there which would change if next three to four months they don't do either they would be erosion of their valuation or they would have to go out and put in the business into liquidation. Like for example, you're running a restaurant and you're losing money, one lakh rupee every month. Now, choice is that you can try for next four or five months, but if you're not doing that you would have another six lakh rupees gone into what I call as a bad investment. So you have to make a choice, you might be better off today to take a lower valuation case and give this business right away rather than waiting for six months and for reasons you don't get buyer after six months or one year at the right structure or you will have even more loss gone and that is like your good money following a bad money and that cycle you have to break. So sometimes the sellers we go and advise that you don't wait for more, put a timeline to it, put 60 days to it and 60 days find a buyer and find an exit. So that's also a quite a bit work, so which means that you need to understand time, but if you're a profitable and you can improve your sales then you advise the client and say, let's go on a full planning. We go on a full planning cycle, let's do a six months to one year cycle but continue to improve our sales cycle so that we are able to get our better valuation. That's on how can second point is that how you can improve your overall performance. If there is some way the performance can be improved and this can be done on a short period which is one quarter to two quarter, that always is advisable. And it also gives us a time to clean up a lot of books and a lot of clean up on the whole structure of the and it makes it more presentable as an asset to do that. Third is possibility, one of the reasons which I have found businesses find it hard and one of the businesses and negotiating currently is stuck on how the business would be transferred because it's too much dependent on the business owner and if he goes out of the ways or start losing interest while he's committing himself that I will be part of it for next six months but the buyer is still doubtful that the business would start declining as in I think we've seen this happening many, many times. There is a good acquisition which happened by a very large company of Intellectual Property Business in Nidali and this company Large Melting National acquired but this man personally had all the contacts and three year they signed off a non-compete, a business is a recover, the team was more loyal to the original buyer and they kept floating and as the period of three years was done, the seller again started a new company and brought the entire team back. Now that's something which is a big hit for this bigger company because they didn't forecast this can happen but this is exactly what happens if you are not ready for transferability and really able to see how you are able to transfer the business and there is no further compete or a competition really coming out of the seller. Is a strategic or a financial buyer you need to also very clearly know that who's your buyer would profile. If the business needs some form of turnaround or need more something more than capital then it has to be strategic and if it is performing and it can go just by financial input then you need a good financial buyer on this. You need to also then start working towards what I call creating your information memorandum to put the kind of a docket for evaluation and also start working on what I call selecting your team which is going to work on this whole brokerage cycle which is maybe a business broker like a business sex or any other broker which you can choose. Sometimes people choose from industry because they are best to advise. Say for example you are in a sector like textile it would be best to go to a textile consultant because he is connected in the industry he knows who is there and if he has a certain amount of reputation he might be a good business broker in that space because he will be able to connect the dots and he would be able to do that. A lot of times there are some senior guys who participate after their professional employment they are people in the boards of the companies they are also taking these assignments of advising companies because they are very well connected and their professional journey give them opportunity to open up doors so they are also doing that but you also have to have somebody strong in your tax and the legal advice because both are also extremely important. Now let's understand the six ways you can really find yourself an exit. If the business is not at all doing well and apart from the asset you don't have any strategic or subscriber value then I would say liquidation and this also should not be delayed. Sometimes people delay the liquidation and they prolong it and that also really adds up into your losses cycle you need to really at a certain stage if you don't see that this is going to be anyway improving for the next couple of months just from emotional or social pressure or other things if you continue to drag that it would create more losses for you you need to really decide and start liquidating and liquidating as early as you decide if the business is it is much better because you will be able to sell your assets much easier but you need to also see carefully where your other obligations are. Are you locked in on a property because sometimes you are not able to liquidate say you are in a retail kind of business and you locked in for three years but in the six months in the business you decided that business is never going to make money but now you locked in for three years. Best is no one negotiate with the real estate or the property owner negotiate hard with him and anyway knows that you are not going to continue the business for that long but just don't prolong that situation. If you prolong that situation you are going to lose that thing. And also if you are a franchisee sometimes franchisees do this they find liquidation as a better way of doing it because they don't own the brand you need to really think the franchise contracts. The franchise contract might be locked in and you might have future liabilities to pay on the royalties and so on so that also if you need help we can advise you on what is your potential liability coming in is it allowed for you to really go out in the business. Second which is becoming more interesting now and this is the area which I am encouraging a lot of companies is conversion or mergers. So it's a very good opportunity if you are doing something which you feel you can merge with another identity at a company so like there is a tomorrow I'm doing a webinar with one of the times of India group companies where we are looking to convert existing sometimes non-performing salons to a feminine flaunt of theirs. So they have a feminine flaunt sometimes businesses struggle because they don't have a brand and they don't have capability to run so they are converting those businesses. So these are good opportunities today is find out who's there who can either like to merge with you so it would improve their business so to say and it can be backward forward and overall mergers can be happen and also conversion. Sometimes it also can be also help you to not cash out but swap your equity. A lot of first software these technology companies do that all the time all the news you hear whether this company bought over like these days Edutek every day we hear a news that somebody bought at a certain amount of valuation is actually the big buyer which is the big company say an academy is already had a certain amount of value he values this smaller startup at a certain level and they do the equity swap and the business would be done and most of the time the founder of this smaller company would be on an executive role in the company and when the big company goes for an IPO then this would find an exit so it is a little prolonged exit but it is a great thing to do because rather than sitting on a isolated value you are part of a larger piece and your value remains intact or rather it has an opportunity to grow the equity. I like these kind of deals quite a bit because these deals are great today and it actually gets rather than this small company trying to compete with the big boys so if you are in a space where there is somebody who's already become large go and approach actively offer this proposition these are great deals it in turn helps the bigger companies or bigger organizations to get bigger valuation because they are having a bigger play and there is a future for your equity growth and eventually exit through an IPO so that's point number two the point number three is sell to insider sometimes you don't have to look at outsider you need to go to an insider it can be your employee it can be somebody who you know who knows your business well and he's around your business they are one of the people who are best to really do that especially businesses which are has certain amount of operational capability required it is best to look at insider to come in one of the businesses I invested was a South Indian food chain and in 2007-08 I really approached all my managers because there was smaller outlets it was run on you know it was brand called Dosa Plaza and we had about eight outlets in Delhi and one outlet in Karnal and places like that so I called all the managers and say if you want to buy that business and some of them actually came up and said we'll give you money installments but we will run that business and those businesses and those outlets are still running successfully because they were operators they were in the business they knew what was going on and it was much easier for them to really take over the business and you need to also see if you want to sell it to a pure plain investor again I have explained it can be strategic if somebody needs to come and turn around the business needs to have more than capital and that's the strategic value and second is the pure play of financial and if you are a reasonably sized company then you can go IPO these days there is an IPO and exchange for SME also relatively easy to get in and after two years and serving on that exchange you can move to the main board and that is a good opportunity a lot of people are doing that they go on a small exchange continue to perform in the business and then take it on the main board so this is what I wanted to share today I think we are running close to half an hour this is a half an hour session so you need to really see where your business is on the business you need to ask a few questions about timelines what you are looking at and what stage you are in and then subsequently go and decide what is best for you to choose what type of exit you would like to do that the least is your liquidation because that's the least value you will get only sell the assets and close the business and everything else is going to give you a higher much higher value but you need to also see who would you qualify as to be your advisor who is your broker advisor who would come in what is your fair value and also carefully see your tax and structuring what kind of structuring is required for your business so this was a session on exit if you have any questions for me Sonali I can answer that sure sir so first of all thank you so much for another wonderful session Gaurav sir we do have quite a few questions lined up with us the first question I would like to take up what is the counterbalance to business fatigue can you elaborate is it something to do with the person the situation passion lost or something else you carry multiple things in that it can be business fatigue happens largely because you are not excited enough to really do that and especially if business needs to go again uphill so it just loses that excitement when you build something new out of the ground you are very excited and businesses have cycles something which would be very exciting at a particular level I was reading some article that Nanda which is the owner of a Scott his son actually turn around a Scott's but I know how difficult it is with these are large businesses you need to come with a phenomenal amount of and I have seen other businesses there are many other industries businesses which if you see fatigue there were great assets but nobody had in the family energy to really pull this up again and that happens and if that already started triggering in your business then there are signals that you would not be able to control it and continue to go decline and so sometimes we don't really appreciate because we are in the mindset still income business but you don't understand the value is going down and if the value is going down that's not a good situation that's not the best way to run business so you need to really find the fire and do it and put energy into something which you really want to do and that's where the real value comes in I today in the morning I had a call with young guys who started a business in 2017 and they built the first India's first crypto exchange took the business on 250 million exchange was happening at that time and then government came to the guideline that you cannot not allowed to do it so they just pulled off and moved into nothing and now they'll come back another fintech product which they raised again around them so I can see these guys are good they're smart they know when to get in when to get out they don't really get too emotional about it and then go out and use their skills and something else and this is a generation we are in and if you don't appreciate this generation this is what everybody has to do there is no other way you can run these businesses and even the classic businesses like reliance and things that I look at the last two years of investment commitments all guys going into new age businesses and so they are not shying away even companies like reliance sold their equity in their petroleum business significant part of it they sold their equity in their petroleum retail business so they're selling everywhere so they know that some businesses they would not be seen or not be far that after say 5, 6 years you don't see reliance in petroleum so they might be in a new energy businesses and new new businesses and they might give it to old conventional companies like British petroleum and things of that nature so they might run that but they are not going to go so it's a it's a very clear conscious call about how you want to really do that it's fatigue it's sometime fatigue which happens it's not only small businesses it happens in big businesses also yeah absolutely sir the next question we have is I'm trying to sell my business of corrugated boxes manufacturing from quite some time now but do not know where to find potential buyers other than just word of mouth can you guide me how to go about it? this is a space which is hot today one of the vendors capital raised company which is in same space 180 crores from McKinsey infrastructure I think so no Morgan Stanley infrastructure so they invested into 180 crores into similar kind of a packaging this sector is on demand it's obvious reasons clearly impacted with delivery packaging all that is is a growth site so I would like to understand where your business is and if I can advise on that you can reach me so I can really see I mean if it is too small then it's talent sometimes because you don't have quantum and or you don't have that kind of it needs a lot of upgradation in machinery and things of that nature but if there is something which we can understand better then we will be more than happy to advise sure sir the next question we have is what is the best exit strategy to put in your pitch deck while trying to raise funds from investors demonstrate your future that's very very clear ease of takeover that the business is ready you can just take over the business very clearly to me these are two significant points if you'd go anything around that just talk about yourself what you did that buyer is not interested in you absolutely because you're exiting so there is no no value rather it is counterproductive they want to really see business five years from now can be super super performing and it is very easy to take over that something which you can deliver in as sharp as three four five slides that's it nobody wants to know anything outside after that is a DD process you know you need to go deeper into the numbers and these and that but when you are doing pitch don't go and and talk about anything else show the future you know you take we buying something at X it has a five X value for you sitting out there that's that's what people want to know and if that is not there then also be straightforward and come with a very clear situation what it is and if it is a turn on story then also you can say this need this much of capital and the business would go there and and and clearly see the possibility in small businesses is very big big issue you know and most disputes happen when people trying to get in the business and the older seller is not trying to get out and there are issues going on or settlement doesn't happen and that's that's quite a quite a bit of a problem you need to be absolutely clean as a company and sometimes that's why companies don't buy it you know because they don't buy companies they buy assets in a fresh company and because they don't want to take a legacy of older businesses you don't know what they are carrying and the finance and something lose finance on the company or something is there so that all is quite a bit of a challenge yeah right the next question we have is would someone be interested in buying a business if it's already incurring losses but does have a potential to do better in the right hands how is it possible for me to convince them about this yeah so it is you know every asset has a value every business has a value I always say that you need to really have that very strong you know clear conviction in terms of you know how you present it you know if and that has to be back with solid data it just not say because I was not able to put money in marketing and if I put money in marketing and these are the answers I get normally I say why are you losing money because I'm not marketed now that's not going to be answer right this is this is very hypothetical situation then and and you need to show demonstrate and if that is also case you that you not enough marketing then do the marketing for two months show the results that how that spike came up and you're doing better than what you were supposed to do earlier but these are all very important aspects of of how you really present and and these are very again the starting point what I said where are you I mean you are if you're looking for an exit plan it well planned exits are the best and small businesses don't get to opportunist approach unless you are in a very very sunshine category like these days edutek fintech all these technology based business where they are opportunist you know because somebody would just currently don't want to wait for time and you have some innovation I just pick you up and and do that so that happens only largely in technology spaces or where you are entry barrier but do not happen in any other space right another question we have is how to trust the business situation that the seller is showcasing is there any way of knowing that he is not lying about his business and financials involved so that you can do a very deep DD on that and use some good experts which can go into depth of the businesses and and and that should not be no nothing really is should which shy away to ask and review from banking statements to and there are some times difficult issues come in and somebody would say you know I used to take some cash in the business I I had some my own monies I used to take and I used to withdraw and this and that these answers I I discount and honestly I'm representing the investor I would say if you've taken that money it's already with you so don't put in the balance sheet we will only go balance sheet and and people have to expect balance sheets now you know you cannot have these discussions which are not demonstrated so anything which is on a balance sheet has to be true there is not so much of and I think you need to see the entries how they have been reflected I can understand you want to do some some financial adjustments to better that's okay that also very little provisions available now but if you still able to do it that's okay if that intelligently you can mind but no nothing which is not on the balance sheet is not discussed right and a follow-up question on that is do you also assist in legal documentation or due diligence by buying or selling of businesses yeah we do that we obviously assist that but we also advise you never use one reference point you can use another reference point say if you engaging us as a as a broken team then maybe hire a legal firm do that it's not that we cannot do it but it's not bad it it just helps because now I'm on this position I would not like to just be there to sell my services and that's not the objective of this webinars objective is to give you fair knowledge it's always good to have two people on the entire thing because they bring collective mind and collective responsibility and they are both specialized deal making is very different to legal assessments and tax assessment is even very different and that you anywhere would have your CPA who would tell you if you're getting this cash what is going to be how it has been retreated and what kind of tax implications can come in right sir so with this I'll just wrap up the Q&A session and finally we have a lot of requests from people who want to know more about us assisting them towards exiting their business and who want to get in touch with you regarding the same yeah sure so you can all get in touch with me I'm available at gm at goromaria.com while Sonali leads the the discussions reach out to her if you have any requirement on selling buying or valuing your business we will be more than happy to assist you in any of these things sure sir so with this we'll just wrap up our session thank you so much once again Gaurav sir for another wonderful and insightful session and for very patiently answering all our questions like always anything you would like to say in the thank you I think this is our initiative for for business X to really address the small business space you know and I'll be honest our objective is that because we sometimes in the noise we don't really talk about the biggest community in India which is small businesses and Frenchers in the group business X all our group companies are dedicated towards only the small business in small when I say it's anything from a few crores to say 250-300 crore kind of a bracket businesses I personally feel that they're the most impacted in this whole period and the least being talked about by anybody and this is my frustration also because this is what largest community in this country is and the biggest job creator and things of that nature but nobody is really talking so we need to really make more and more initiatives to help the community to understand what they can do with their businesses either value scale exit invest also invest also is a great opportunity in this sector and I'm trying to do and thank you very much if you have any questions please reach out to me thank you thank you so much once again and thank you to all our attendees we really hope we were able to add some value to your lives through this session and we'll see you next time in our next session at 3 o'clock next Saturday thank you so much