 Welcome friends which are joining us on this webinar and also our friends which are joining us in the FRO summit because this has been actually telecast at both levels and so welcome if you are part of the FRO summit you are welcome and also people who are just joining our regular series. This is a series which we do every Saturday where we talk about you know how can you really plan yourself and we divide this into four parts. We talk about how to value your business, how to scale your business, how to invest and we also talk about exit. Exit is becoming more and more important. I think last 10 years we've heard a lot of good stories of founders finding a profitable exit and so forth. So we'll talk exit in general and today's session would be really in the next 30 minutes I'll give you a perspective of what needs to be done if you're really planning to do an exit of your business. These are difficult times. These are challenging times and these are times where a lot of businesses which were very different that pre-COVID are now very different you know and a lot of people who are looking the call of exit at this stage are not necessarily they were planning that that time pre-COVID but in six months it's already six months a lot of things have changed a lot of businesses have changed and people are coming from you know some are really restructuring their portfolio of businesses and seasoned business owners who have multiple businesses running are really looking at way to priority because these times were very unique times. You know earlier times you have impact in industries, you have impact in territories, you have impact in markets and things of that nature happen but this time almost every business got disrupted. So a lot of business owners are thinking that you know they might have to concentrate on come out of the core businesses and let go some of the non-core businesses which they're not going to focus on that. Some are looking for a liquidity call because they are looking for some businesses which can be sold easily and and get liquidity in the business a lot of smart companies really look at that I mean they pick up some cherries assets good assets out of their businesses some businesses and then put it out and a lot of independent businesses which are now for reasons are you know multiple issues are with them they are looking for an exit. So we have a platform called Business X where we work with multiple businesses especially micro to mid-level businesses where we work with them and building their strategies and and business plan when they're looking for an exit. So what what we need to really do is that this is a very critical decision for especially for entrepreneurs family business owners when they they are deciding to get into exit of the business and also the timing how what time I should really plan and is the time to really look at an exit. So let's set on perspective on what is going on and you know why people look at an exit. I've seen over meeting a lot of businesses and working with a lot of business owners I found while there are many reasons one you can really do that but five reasons really come very very prominent and let's go each reason each reason in detail one what I think is most prominent at this moment which is called the financial pressure a lot of businesses at a certain level don't able to make understanding these days one unique thing is happening your cash flows are broken so your cash flows are broken your cost is sitting there it means that businesses will need a lot of gestation times to really come off it and if you are not holding that kind of a treasury or you have ability to raise further on your balance sheet what would you do you know so business is good business is good business is not gone anywhere but it is gone to a position of what I call breaking of equilibrium of your cash flow versus costs which are running there that equilibrium sometimes can break it's nothing unique it happens all the time with companies and companies would then try to use and leverage their balance sheet to bring more debt or or sometimes bring inequity so if these options are not available for these I mean if you're not having the balance sheet so strong that you can raise more debt I think that's a very difficult call and I think some understandably you are very sure about your your books for next three four years you should not account for more debt because this gestation can be even more longer or otherwise partial sale of business makes much more sense because that would give you comfort and give you the time to ride over that business and business table so first reason I've really realized when people look at selling the business is the financial pressure and pressure is just about in balance of your cash flow versus cost this is not I think in next six months we'll see some really good assets a lot of good companies would come in just because of the breaking of this the second which I think is the best way when you really look I want to deal your asset exit is for profit if you're running good business and I can tell you this can be the perfect night this is a perfect time if your business is still making money you're sitting on a gold mine and if you're sitting on a gold mine you might like to unlock it because a lot of people out there who have cash and they want to really invest into businesses but they are looking for a profitable running businesses if your business model is profit this is a great time to get a good will out of that and sell it for profit so that's the second reason always people sell for profit and third is what I also see now is fatigue sometimes you reach a business to a certain level and you have no ability to take it to the next level purely because I think the kind of strategic time it requires a kind of gain the input required the founder has lost it founder doesn't have that same ability to really go back to his business and start reinventing and right putting up again the fatigue has come in fatigue sometimes hit organizations at large and sometimes starts with the founder but it hits the entire organization sometimes the team the founding team the management team the key people they all get to a certain level of fatigue that they don't want to really now put their innovation in I think at that time the organization is pretty I see a lot of great organizations at a certain time get very fatigued and when they get to a new buyer they reinvent rejuvenate the business reinvent their business rediscover their customer base so a lot of that has to be done so a lot of great businesses are always there which can turn around and people have we have seen a lot of turn around stories great turn around stories when this was went to a new buyer and new buyer was able to bring in fuel in the new energy which is required in the business the third reason I've seen is fatigue you have to ask yourself is your business hit that fatigue is it something which you just surviving just filling the you know things which are part of that or you're still in the game of scaling up your business so that's where I think a lot of good promising businesses get stuck and entrepreneurs or business owner family businesses keep running those businesses because they are they it's like their duty and especially when you are business which have been inherited by your your father grandfather then you continue to run that business just because it looks like that I passed somebody passed me some valuable thing and I have to keep it holding and they don't take a reason to exit that business that's also wrong I see a lot of second generation third generation sometimes fourth generation are surviving on those businesses which are not doing well and this business is already fatigue to a certain level but they're just surviving because they they feel that is an obligation to them as to go and I think I think it will be more logical and more sensible for stakeholders shareholders for everybody else that business goes to on a better hand and business starts moving ahead of the business fourth which is also now coming it was not so much a issue in India but it is globally a biggest issue succession planning you know so you don't have succession you don't have people to look after your business your business at least to a point where either it has to be given to somebody else because there's nobody who's going to take from your family the business ahead so a lot of that is also now emerging in India especially for kids who shift overseas and they want to settle overseas and the parents are running businesses here so we've seen all that is now also coming through we get a call from you know people sitting overseas and get to call our business X team and say look my father runs this business and he doesn't want to run anymore and I don't want to take it over and I think so if you can help us to sell our business I just recently got a call from Australia somebody who has a business running way back in India and they want to really sell it so a lot of that succession issues are coming in then we have the final point which I've seen is that sometimes you've come down to a point where the business has come down to almost on liquidation and that's very edgy you know it's a very point where it's just about to pull the plug and that is a time where you have an urgency to really get something out of the assets which are to find so that's a very important decision you need to really don't have to let it go too far that you cannot reverse that decision it goes into liquidation so this is one of the areas which needs to be done the five things which we've seen financial pressure for profit fatigue succession and liquidation this is these are the reasons why people would look at selling business now when you really want to sell the business there are options for you one option is obviously complete buy out you know you sell the complete stock to the new buyer and the new buyer runs and operate from there that also has a lot of legal complications in terms of how you really get that how you're selling the business and what kind of a structure you create and how the valuations are arrived and so on but it's still I think straightforward when you sell the complete business then the second option is partial sell out and that to me is very complex you know when especially when you're a mid-sized business or small-sized business you sell to somebody and somebody who's not very strategically ahead of you and have a beginning that I think then you have also a lot of risk that future liabilities how do you hedge your future liabilities on that how do you really make sure that the business is operationally right and the future value of your stock which is lying there is important third is also in this piece you need to also understand that who takes an operational control how much participation you have or would have in the business so these are important part if you're selling completely all out then I think it's much easier to do that but if you have a partial sell out and you lose the operational control then one has to really define what you're sitting on and balance how you want to get exit out of it and what kind of future value you can see who is going to be the buyer and most of the times the buyer himself is the the same owner who bought the business and these days a lot of that a lot of that is happening and I've also seen a lot of other formats which are coming through we are seeing businesses which are now in trouble time because they run out of cash they're getting operator partner coming in putting some small cash for working capital taking the operational control over the business so if these are all serious issues you know we need very serious advice on that because sometime it can go into even more complexity a new buyer because he's not attached to the business and not invested enough might not treat the business or have some other intentions to run the business so you have to one has to really see through that what is their long-term plan don't take these short calls don't take these short calls just because you want to pass that moment or you want to address that moment it has to be taken from a very very thoughtful process I always advise that you need to go through a professional to do it so valuation of business is also very very important I've done two series earlier for how to value your business what kind of tools you need to use what kind of formulas between rows you can visit all that on businessx.com and in businessx.com we have many series this is actually a 12 series but we have multiple series available in businessx.com where we have done a lot of advisory on how to value your business and value of business I will short in just a revise it on that one is performing businesses how performing businesses there are multiple tools available DCF principles and other businesses where you discount the future cash flows of the company and and get value the problem happens in non-performing businesses non-performing businesses are losing money right how do you really value those businesses so I have particularly a formula which I work quite a bit on that we call the SASS principle SASS principle so we go deep down into a business and understand what is the strategic value in this business what is the assets available the A stands for assets and what is the subscriber base between these three things I would create a certain amount of value for the business asset is very simple because you can just calculate asset on on the depreciated value but this strategic and subscriber value has to be discovered and that's the way I think the the formula of what I call the art and science of valuation really comes in you know science is very straightforward you know you can pick up numbers historical data the assets which were purchased at a certain level whatever the depreciated that's easy to do that these two are to me the strategic and the subscriber value needs more attention so that's where we would work so first step if you are looking to get into a business you need to really put somebody who is strong enough to help you to build the right valuation of this and and that's where it need to become that you need to understand the fair value and also it is a timing of the industry timing of the market like today's market is down market at this stage the valuations are all down at this stage you're not going to get a high valuation unless you are in a category which is still positively impacted like say pharma or any other category so there is a there is a positive sign on that otherwise the overall market is down and on that you need to place the industry how the industry is performing and on that place you place an asset but depending on these three things you need to really understand and define this so when you're getting into selling a business you need to really answer a few questions you know you need to answer that when is the time to write trying to sell the business that's very important and we'll answer that I'll and later slides I will try to answer a later discussion I would like to answer what what is the right time and when do you really want to do that while there is no perfect time but we will talk about that so what is the one thing which is very strategic or attractive to potential buyers or investors what is one thing in your business model right that's very very clear they're not multiple things while they are all things that are available but there's one very compelling thing which is available for potential buyer why he would like to do that it can be market entry right lose you are somewhere very strong and you have created your marketplace I say even a company which has created a very micro cluster entry barrier would have value in that so say you are a milk company and in one particular district you were number one and you were strong enough then there is somebody who wants to take your share because you're very strong subscriber base you are absolutely available in that market anybody who buys into you get inroads with that business which is because that already one number one market share is available so find out that one thing which is very compelling in your business model which is very exciting it can be proprietary product it can be market entry it can be team sometimes team is very exciting it can become some strategic location some particular asset sometimes there is a higher demand in a particular thing say we have done few transactions where certainly there was a big demand in a particular category and people wanted to buy a new capacities say I was industry and I was running this entire thing I got a big order now I have to fulfill this order I know that if I start up a new factory or new vertical it might importing machines getting them here setting up all that it would might take me another year or so or maybe more than that and I'm getting a factory which is available in the same neighborhood having the same kind of facilities this normally you are going to call that your competition buys you out right so there is somebody you know already who is sitting on a large order can fulfill that with your spare your capacity is available so that becomes a very clearly you know strategically so what is that one reason where you would see that there is a value for somebody to really do that what kind of different strategies one has to really deploy this is the third question when you are positioning yourself to your potential buyer and these buyers can be what I call the national or international depending on where you are so if you they can be national domestic buyers here which is largely your competition or forward integration backward integration so we need to really understand that and there is a lot of international buyers also which are looking for say buying you out for a market entry viewpoint especially I think in next six to eight months we'll see a lot of international MNA starting in India because India would find a very important position for that kind of investments another area which I always define that you need to define who you really need you need a strategic investor or a financial investor strategic are people who who have capability to you know run that business because they come with some kind of strategic value to really bring beyond money right so beyond capital they bring in a lot of their capabilities as a as a company to run that particular specific business so and if financial investors are more driven by financial performance of the businesses they they normally are looking at I think so very clearly when I see performing businesses businesses which are doing well and making money they seek financial investors most of the likes because they want to sell it for profit and they want higher valuations and they need the 70% of them I would always say is financial investor of any few strategic investors would come right but if it is a non-performing asset not so performing asset or non-performing asset it would attract strategic investors 70% of them say you're a hotel and you're not doing well you're just doing nice hotel very nice place facility is good but you're running on a 30-40% occupancy level and a whole big hotel chain can get you relative value and buy you out because they know with their brand they can take this to up level so there is an upside this strategic buyer can really bring in which is very important so one has to really clearly understand are you looking for a strategic or a financial investor who are you looking for and what is the you know the business and how do you really present yourself in a very qualified way to both these strategically you know strategic or financial investor or interested buyers people who are interested in taking your business how do you really present that so these are some of the questions one has to really answer before we get into the next level there are two areas we need to really focus on we need to understand the very clear strategic and competitive drivers of our business that we will be able to maximize in the eyes of the investor when you're presenting to investor what is our competitive driver and a strategic driver available for our investors to look at it we also need to really see that how do we really plan this whole framework whenever you're reaching an investor you need to be very clear that time frame you want to give for this transaction you cannot have open-ended discussions set some timelines and then structure and and then we do that also surround rises earlier also told surround by good team a team which is negotiating your deal is really really important it's very very important because these are people who have done it they are they are attached to the business you know sometimes when you are attached to the business you you don't make right decisions you don't take right decision either to make call on the on the valuation and sometimes because you're emotionally involved or sometimes you take a wrong call on that so both things are wrong so emotionally when you're involved too much in the business you will not be able to do that so that's why very important that brings somebody along with you who is not emotionally attached to that who's just given a task to really perform and ideally a combination of a business team and also a legal team so it's a combination has to work through you can start with the business team which has business equipment and understanding of taking them that thing and then forward back to legal and commercial teams which can do the process of handling them that and these are now I'll go down to five things which could make investor really interested in a business you know and that's something which is very sharp you know and we've seen a lot of other things we talk about a lot of things we study but I think the only five things which I have realized in a lot of discussions a lot of you know discussions with investors this can be structured funds or it can be even private investors I've really realized that we are only interested in these five things whenever you're giving your pitch to somebody don't go anything outside this you need to really very clearly very sharp present those five things one first thing is always tell about the future don't focus too much on past I've seen people sitting in meetings in pitch decks and when they're selling they want to sell the business they want to tell about the great story how they build the business how the business performed what they did there what they didn't I think that's all is good that's yours it's buyer is not getting anything out of that if you if you got what then you got this you got that that's all good very good you all can sit there but they has nothing to do with with the new buyer because new buyer buys from the time he wants to buy and he wants to take that so he wants to know what is the future why he should buy this business and next four five six years how the industry is going to shape what kind of a milestone he can achieve what was missing in the past why he was not able to go through this ramp up growth and things of that nature rather tell that if I I didn't have technology if I had technology I would move from this to this I didn't have this piece and if I had this piece and this to this so you really focus on the future don't focus on too much of the past past has to me irrelevance right it is only for the financial compliances and other things which people want to really visit your past otherwise they don't really look at your business they want to really look at what is the future for this business right that's very very important part of it second which is very important and this is where I will start with the core it says if you really do you want to sell your business to a strategic buyer and drive a tremendous value the more redundant you are in the business the higher value you can drive now hear it very carefully how do you make yourself as a founder redundant in your own business right the day you are able to do that your business is auto run right and that gets gets the maximum value and this is one of the big problems in Indian businesses every business has this founder who is deeply attached and he runs entire thing and he goes and says look I look after everything I work super hard and I like the entire thing investors don't like this story investors don't like this story absolutely don't like it because then they look at the business which is too dependent on the founder or business owner they don't like that story because they feel that the business would not be the same if he sells the business this is a good story when you are raising capital right as a founder if I'm raising capital then it is a good story because they want to lock in the founder they want to see the commitment of the founder but when you're selling a business this is this is the wrong story you know this is a negative story rather if you even have to do that so if how do you really create a structure where you have already you can be replaced tomorrow that's the way business has to be designed if you make yourself redundant in your own business then your valuation is right and you will get a top-notch valuation so this is one of the areas which you don't have to really focus on how do you really do that that's point number two point number three is predictability businesses which have predictability next one year two year three or four year looks like very clear that this business would come and if you continue to come would become a very strong business and then fourth point is is there any unlocked value which is sitting in your business which you really want to highlight because you've not exploited that you had always this business but you were not able to do that maybe the new buyer can clearly say oh why this is this is great this makes a lot of sense like a lot of deals have happened in in uh you know industries where news would come and say uh say imami bought jhandu right so when I looked at the piece and I found that jhandu's assets were in lower parallel very clearly knowing imami because imami is a very strong real estate play uh they would have seen that while jhandu is a good asset from a personal you know personal care business viewpoint or their FMCG business viewpoint but this kind of valuation jhandu would have not got they would got the valuation because clearly they've looked at land parcel and that land parcel to me was very very interesting because the kind of land parcel it has over the time they would be able to unlock that land parcel and that can become a large residential commercial development and can get you 3x 4x 5x of that kind of deal so it's a lot of people sometimes buy into businesses not specifically for the business but there is some kind of unlock uh value which is sitting there and so you really have to see what is is there unlock value which is you have in your business which we need to really highlight to your investor and and finally fifth point is the investors love recurring revenues if you have a subscriber business where you have somebody who continue to buy from you and you can demonstrate that even if it's a small business but it's a small recurring business but they know they can multiply this part of it they like that business so lot of companies get good valuation if they have a recurring business model uh if you have some kind of a recurring that's why technology companies who work on a SaaS principle they got a good valuation because they they know that there is a recurring income which is available so five things always remember future don't talk about future no past uh how do you replace the founder that's very modern how do you make yourself redundant in the business uh predictability unlock value and fifth is recurring revenue uh and I can tell you with full authority that almost all businesses ultimately has to exit right so the businesses either would have to close down or they would need to find a new buyer on but there would be cycle it can take for some people many decades of running the business some are building businesses and during the morning I had a call with somebody who's very young but he's already done three exits so some are very tuned now a lot of young entrepreneurs are very tuned that they they know their capabilities they take the business to a certain level and then they find an exit and move on there now let's go visit uh timing of the sale when you want to really do that so fundamental business is run on what I call s-curve s-curve is uh you know you go up you come down into valley and then you again go up that's how the business is really done so a lot of people really question themselves what where do you want to do that I want to go on a top and then want to get the best of valuation or when I start coming down and nervous because the business is going down and and you want to sell that or you started coming up again you want to sell the business really question it's exactly all three uh you really have to see the mindset of investor in there when you're coming down it's actually difficult uh because when you start showing a positive upside like a lot of people who will difficulty in covid time are are struggling to do that if you go to a buyer at this stage you're not open your business is still shut or is partially open not doing well uh you're not going to get paid value but if you are able to pull this up in two three months with consciousness that you want to sell the business and you show a positive curve you'll get a buyer a good buyer a good right valuation or you will get now also but at that stage you would get value sometimes when you peak perform that and and there is no way you look like going up sometimes it's also very difficult because the entrepreneur is also not able to see the curve up going so you really have to see where is the timing and how do you really want to place yourself uh you know there's another code which I would say until you make unconscious conscious it would direct your life and you will call it the fate so which means that you need to take a very conscious decision towards your your decision or mix it if you're not taking the decision uh with very clear consciousness then they say otherwise it'll become you know you'll blame it on the fate and say uh this happened because that happened and I was not able to do a lot of companies would shut businesses now in this covid times uh after this covid times and bring it to covid right that's what is going to happen right uh so if you're consciously working towards really finding a new buyer and understanding and working towards it you might get a buyer you might get a good buyer good valuation sometime you get even profit out of it uh so you need to really make a conscious work effort uh towards get them the final thing before I close I would rather take two things on piece one you need to really be sure about the ideal outcome what you want from the business you know and I always say that this is what you need to really do that what is your uh required outcome which uh which you think and versus of your preferred outcome uh required outcome is must have you know you need to have minimum of this you cannot go long that's your requirement and then is your preferred you are in between these two you know and very clearly define that very clearly define what is your uh either of that very clearly in your business and then uh take a strong legal business tax advice put the advisor along with you clearly defined that your these are your two requirements this is what you require you're looking at somebody who has you know this is your minimum requirement this is your required outcome and this is your preferred outcome incentivize them on a preferred outcome incentivize them and say go and do tell this for me and uh and I will be able to offer you because I want this I'm this is my preference uh but I'm not picking up any deal less than that once you are able to set this uh perspective with professionals they would do the job they would go out and do that because they're incentivized they'll always push the preferred one uh for you and they would also try to get you the best value possibly on that and that's where you will be able to do this so this is my advice on largely on a on a business exit if you're looking to exit a business and you're looking to really move out of your business this can be an opportunity for all of you I'll probably take uh bring in Sonali at this stage if she has any questions for me uh or any questions I see in the so thank you so much for another wonderful session Gaurab sir it's always a pleasure having you with us and yes we do have a few questions lined up with us so the first question we have is why would someone buy my business if I'm already incurring losses in it so good question uh uh every business has some value you know uh you know it either said three three things strategic asset and subscriber uh out of that three you might have one this is not doing well nothing is there you don't have a great location and uh but you still have assets which you want to sell it off so obviously value you would get is very low but you still can liquidate your assets right uh sometimes there is balance sheet a lot of people buy businesses they don't take it they take balance sheets I've seen people buying businesses just to take over the company and the trademark I've seen I mean they've they've broken nothing they just taken a trademark and a lot of businesses in in Calcutta was sold because they were like a old trademark which were running there by English uh East India Company or and I think other East India Company itself for example today East India Company is actually owned by Mahindra's a lot of people don't know so they kept buying the business they kept buying the stocks from different places but it's a 400 years of history of the brand 400 years of trading history which they used to trade and I think now it's actually owned by Anand Mahindra a lot of people don't know so Anand Mahindra actually a shell company was dead company not trading at all for many many years and he picked up from somewhere and started buying this older shares and got this entirely but look at the history which come with it uh and uh there's not very openly available the news with everybody but East India Company is owned by uh Anand Mahindra so so there can be you know there is something which is always available in the business and you can really look at that and uh and that's where we uh business x team works with you to really understand what what is there and why you want to do that. The next question is how will I know if I need to keep trying to improve my revenue or if I should decide to exit the business is there a specific time? Again a good question so you you cannot detach yourself from business business you're running as I said take a conscious call that you want to really sell the business rather I think it takes even more harder effort when you are really working towards selling your business which means that next four five months you need to do a lot of things you need to set your compliance is right you need to get your business right you'll get your perfect team right as I said if you want to make yourself redundant you need to really share put processes systems structure so that person who's buying your business can really look at it and the best time to sell is when you have started the growth curve and that's the best time you know so principle s principle to me is exactly when the growth cycle when you're just coming out of the valley uh and you're showing some promise and going up and then I think that is the time where really you have to go out and do if you if you're already in the valley if you're already at the peak then maybe you can take a decision at that time but if you already hit the valley and you start going and I think then you understand you do the valley and you come up and and do this piece that time I think that is where a lot of entrepreneurs will lose outright they they don't put the last effort to really bring the business a little up and do this piece and uh and that's where you need to let go the time where you will get a buyer otherwise you're not going to buy right uh the next question is from Dr. Love Singh he says what is the DNA you focus as a startup which can ensure your strength throughout tell you exit again I'm saying this but the kind of DNA as a startup you want to really show is your focus over a commitment over the problem solving what problem you were trying to solve and you could have a commitment towards that and this is very clearly defined and stay honest to that problem rather than changing too much and worrying about uh you know economics of the business and startups have this problem sometimes when they start with every startup starts with problem solving right they become with some kind of problem you already want to solve and quickly they get into the rut of saying paying checks bills this that whether and they want to try to drive the uh business by survival right they start into the survival story and that's where the DNA is broken and that's why this is able to not do that so this is very hard call you need to do you need to really do a call in terms of uh defining uh that you stay honest to the problem solving if you stay honest to your that's your DNA and if you continue to do that you will get a buyer you will get somebody to invest on that the problem with startups is when you become confused and try to do uh things which are not part of your DNA and uh and that's where uh a lot of investors don't like the business wonderful sir so we'll just take up the last question uh for this session uh this question this query actually is from Mr. Ravi Shankar saying he says that he's interested to open a new franchise in his area and wants to know about the best franchise opportunities there is no best franchise in the world you know if i know that i would buy it myself right uh while i sell most franchises to everybody but i i would not be able to pinpoint one franchise which is the best franchise it's a but what is best for you you need to discover so i call it buying the business is a discovery process and discovery process should be done on three areas one get a lot of information come to franchise india uh and take a lot of information a lot of information available today also show is going on then self evaluate yourself evaluate yourself uh on the business evaluate your market and evaluate your brand which you are a shot instead and then go into negotiation do this process uh and then you will be able to do choose a business there is no one business which is great if that was the case everybody was doing that uh while we all are doing different businesses everybody has their own idea everybody has their own way of doing things so we are all unique businesses are unique and you need to really discover yourself what is what is right for you and what is right for your market wonderful so uh i think we just wrap up the session here thank you so much once again Gaurab sir for your valuable time and for sharing your insights uh with us anything you would like to say in the end thank you very much and i will just put my email id if anybody has some interest to reach me or any discussion you want to do on on any of our subjects so far which is franchising licensing business sales resells which means selling your existing business or so these are our subjects we we just focused on these three subjects we are focused on franchising we're focused on business resells or capital raise and we focus on licensing this is what our company does anything which you feel have any interest in these please reach out to us and be more than happy to work with you thank you very much thank you so much sir thank you to all our attendees for your time we really hope you were able to add some value to your lives through this session and we'll see you next saturday at three o'clock again for the episode 14 of this uh business x learning series the next session will be all about investing in businesses so we'll uh i really hope to see you thank you