Podcast: Deal Structure Design: What to Look for in 2021

Mike:                Hi there. It's Mike Langford. Welcome to the Advisor Financing Forum, a podcast presented by SkyView Partners. This week of the show, we have our fourth episode of the Back to Business series with discussion titled Deal Structure Design: What to Look for in 2021. As with the previous episodes, this is an audio version of a webinar that we hosted for the SkyView community. Scott Wetzel and Aaron Hasler are with me again today for this conversation. Together, we cover a lot of ground with an eye on helping you discover the right deal structure to suit your business needs and your personal goals.

                        If you'd like to see a video of the webinar, you can find it on YouTube on the SkyView Partners channel. While you're there, make sure you give the video a like and subscribe to the channel so you can stay on top of all the great content that the SkyView team is putting out to help you with your M&A financing needs. And of course, make sure you subscribe to the podcast on Apple Podcasts, Spotify, Stitcher, or wherever you look to get your podcast jam on.

                        Before we get started, if you have questions about anything we cover on the webinar, or if you'd like to explore your financing options for M&A succession or any other use case, feel free to reach out to the team at SkyView by calling 866-567-6282, or simply swing by skypeview.com, and click that get pre-approved button, or simply shoot an email to info@skyview.com and someone will get right back with you. Hold onto your seat because where we're going, you don't need roads. Let's get back to business.

                        Hi, everyone. Welcome to Deal Structure Design: What to Look for in 2021. My name is Mike Langford, and with me again today are Scott Wetzel, the CEO of SkyView Partners, and Aaron Hasler a managing partner who leads advisory practice mergers and acquisitions consulting. This is the fourth webinar in the SkyView Back to Business in 2021 series to kick off the new year. If you happened to miss any of the prior episodes in this series, you can find recordings at skyview.com/educate. We're also publishing audio versions of each webinar to our podcast feed. Just search for advisor financing forum on Apple Podcast, Spotify, Google, or any of the major podcasting platforms. Okay, let's get to it. Hi, Scott. Hi, Aaron. How are you doing this morning?

Scott:               Good morning.

Aaron:              Good Mike. How are you?

Mike:                Fantastic. Fantastic. Well, today we're going to be going outside the box, coloring outside the lines, if you will, because we're going to be looking at some different transaction types and deal structures for RIA acquisitions that are likely outside of what a novice buyer or seller may have in mind when they're in the early stages of thinking about this process. Today, our goal is to shine a light deal designs that you may be less familiar with. And of course, we'll be covering some of the wealth management lending options for these deals as well.

                        So, I thought one of the ways we could kick off Scott, is maybe to explain why this is important, to think about kind of other types of deal structures and deal types for independent financial advisors and RIAs that might be exploring their options for the very first time.

Scott:               Well, if you look at the marketplace, the metrics and demographics all point to very much a buyer's marketplace. The average age of an advisor is 62. These people should be amenable to the concept of, experiencing some kind of liquidity and then maybe retiring fully or partially. And we're finding is that's not been the case and that's why you have this dislocation of roughly, what is it, depending on who you're talking to, 50 or 80 buyers per seller in the marketplace. So, we've started to look backwards and say, well, maybe we're not offering and maybe buyers in the marketplace aren't presenting the right structure or the right glide pass so to speak for these advisors to actually exit the industry.

                        And since then, we've kind of looked at that new structure to come to us by way of trying to make the deal structures more amenable to buyer and seller. And that created the merge in transaction. And maybe I'll kick it over to Aaron and he can give you more insight on kind of what we're thinking there.

Aaron:              What's interesting is that, as we brought conventional commercial financing, it's really created some flexibility in the way you can put these deal structures together. And I think it's less, these deal structures have a lot more flexibility and creativity because of the bank financing. It's less dependent on a short term cash flow period. So, what's come about for us, and it's been a really interesting phenomenon to see is that more and more practice owners as the practices have risen in value over the last five years, are coming to us in their late 50s or early 60s and saying, it's time for me to start to monetize the practice. Most of these practitioners have a large team that they're associated with that they've been working on for a long time. And they want to reward those individuals.

                        But what we found is that sometimes if you go out and hire a team, you've hired these people from scratch, you've trained them in, you've taught them about the industry. So they don't have large networks, they don't have a big background from a prior business career. And so, you do have to look at how do you finance a full succession plan for an owner that wants to sell it to his employees. And that's where we've created this merging structure. And the ability for those younger employees to afford some of the practice and have an option to buy into their practice that they have been working on for the last six to 10 years.

Scott:               The key thing is it really combines the best attributes of an internal sale and an external sale, where the senior advisor can keep one or more of their junior staff onboard in the practice, finally get a minority stake in the organization, but then bring in an outside acquirer to acquire a majority of the practice. So you maintain the continuity of the service model, the investment philosophy of the practice by merging in this external acquirer that has, in most cases, a stronger personal and practice balance sheet.

                        So then from a bank financing standpoint, when you put together sellers practice and buyers practice together, the bank is only looking at [NUCO]. They're less concerned about what the practice was pre-acquisition. They want to know what the practice going to look like going forward, and it doesn't have requisite loan to value and that service coverage ratio available just to pay the bills.

                        And we merge both in. From a financing standpoint, the seller can still get that liquidity at closing, but then has the continuity of those oftentimes with junior members, either in age or in the capital structure, the confidence in knowing that they'll be running the practice going forward.

Mike:                When I first heard about this, and we talked about this, and it was probably like six months or so ago when you first brought this concept up of the merging. And I'd never heard of it before, and I'd been focused on the space for a long time. And I thought, this is fascinating. It's really, really an innovative solution. One of the questions that comes to mind though, as I think about this, and I imagine if I'm in the seat of somebody who's attending the webinar today or listening to this afterwards on a recording, is oh, that sounds like a wonderful option. What's the best way for me to find somebody who may want to merge in, or if I'm an advisor who's like, I'd love to acquire a practice, that actually sounds like a really good way to do this. I'll kind of buy my way into another firm and grow with it over the next decade or so. What are some of the recommendations you have for facilitating that process or making it happen?

Scott:               Well, we certainly don't want this podcast to be an advertisement for SkyView investment banking or financing, but that's where, [inaudible] SkyView's investment banking team comes into play. Obviously, you need the right participants on both sides of that equation. Most cases, we don't struggle to find buyers. In this case, it's a buyer that's a little more accommodating, recognizing that the seller is not interested in selling entirely outside of the practice, wants to have more continuity with that practice going forward. So the buyer search is a little bit more challenging, but we have been able to satisfy all the buyer searches we have had to date for emergent.

Mike:                So, I want to jump into some of the other really interesting deal structures or deal types that some people might not be thinking of. One of the ones that we teed up in prep for the show that I had not thought of as something to recommend, but it's really, really smart, it's selling young. Instead of waiting until you're 65, 70 years old, consider selling part of the business or the whole business when you're still younger in the process. And I guess one of the first things to ask is what do we mean by young, when we first started [inaudible]

Scott:               I know we're all still very young. Depends on how you define young. But I will say, of our investment banking engagements right now, our average age is what I would consider below expectations. We're finding more advisors in their mid to late 50s, early 60s, saying like, I'd like to do something. But in every case it's never just, I want to just shut the doors and walk away. And if we did hear that, that'd be of concern, correct?

Aaron:              Yeah.

Scott:               But it's definitely younger than you'd expect.

Aaron:              And I'll stick my neck out on this one, Mike. I think that we're looking at late 50s. If you look at the majority of practices across the country wealth management firms, they have a leader, practice leader, and then they have advisors that have been brought into the organization, non-employee or perhaps emergent type of level. But the average advisor works with plus or minus 10 years their age. So, if you're looking at that advisor getting into their late 50s or their early 60s, your demographics start to decline as you continue to work on the business naturally. It's just a fact of the business.

                        And so, studies have shown that practice values might peak for a solo practitioner in their late 50s or early sixties. And this kind of sell while you're young is that. You're probably selling pre-60, and you're capitalizing on the growth and the energy and focusing on new client acquisition that might not otherwise happen if you were a lead advisor with several junior advisors or a solo practitioner, as you went into your 60s.

Mike:                You know what's really interesting to me. Before you jumped on for the recording, Scott and I were talking about an impromptu trip that Scott booked. I thought it was really fascinating. He's going on a little bit vacation that he and his family teed up.

Scott:               A working vacation.

Mike:                A working vacation, exactly. But what I liked about that, Scott, don't worry, I'm not throwing you under the bus buddy. We all know you were working. You hit on something. As an adviser gets into their 50s or late 50s, your life starts to change too. Usually, you're stuck being an empty-nester, the kids are either off at college or they're out of college. And you're starting to think about life a little bit differently too. And I love we always use that phrase, glide path, to talk about that. But you may want to do a little more impromptu vacations or spend your winters someplace warm versus in a colder city. And thinking about that sale process while you're younger might be something that's highly desirable,

Scott:               Another interesting fact that Aaron had been doing investment banking for RIAs much longer than myself when he joined the firm. [inaudible] said, well, we clearly want to target 65 to 75. And I said, "Well, maybe we should put more emphasis on 70 plus." And he said, "Absolutely not, because if they're 70 and still with the practice, they're never going to retire. That's not in their plan." I think that's an interesting piece for prospective buyers out there, that group of 70 plus probably isn't going to move or is not going to make any changes. And even if they do that, the demographics of that book may be less appealing.

Aaron:              We think, just the lifestyle that this business affords, this profession of wealth management, the flexibility that you can create for yourself, the ability to, as we're finding out work from all corners of the globe with a video and a computer, why wouldn't you create a succession plan and start to be able to have that flexible lifestyle. Most advisors, wealth managers can afford it. So it's certainly a fantastic opportunity. But I think more importantly, and probably first and foremost, is that it serves the clients well. These practices end up healthier when you have this plan, this legacy plan all the way through the lead advisor's retirement or the founder's retirement.

                        So it's really in the best interest of the founder, it's in the best interest of the employees in the practice, and it's in the best interest of the clients. And so it really is a win-win and it's fun to work with advisors and wealth management firms and complete their financing project and figure out how to make these work for them.

Scott:               Another observation we found is the word succession has become a less appealing vernacular to the group of senior advisors. I think that anything that is home office driven, their entire career, when it started out at Merrill Lynch, Merrill wants you to do this. So no matter what it was it, I don't want to do it. And all of a sudden all the firms came through, you need a succession plan in the last decade, therefore it became, no matter what that is, I don't even care to look, I don't want to do that, because whatever the home office presents is a bad idea.

                        [inaudible], we focus a lot more on just retirement glide path, legacy planning, a lot of advisors are really concerned with hey, what's my practice going to look like going forward? What does this look like in five, 10, 20 years for my clients and their kids? I built this great organization. What's the legacy of my organization? And sometimes that's extremely important to sellers, sometimes not as much.

Mike:                You know what I like about this, just kind of on a personal note and just a kind of societal observation note, if you will, I mean, we're starting to about in this conversation, gen X, and of course, baby boomer generation business owners. And as a society, we're starting to look and rethink, what does retirement look like? What are your more senior years look like? They're going to be different than my grandparents, the post-war generation who, they retired, there was this hard cutoff time at 65 or whatever, and they were going to go move to Florida and do a whole lot of nothing. whereas, I know I'm gen X, I don't think of my life that way. I don't think that all of a sudden at 65 I'm washed up and it's just over. I might want to travel a lot more and do a lot more things, but I'm still going to want to stay involved and active. And I think advisors are no different, and they've been giving that advice to their clients for years.

Scott:               And you're absolutely right. So I'm going to pick up my microphone and my camera, and I'm going to Costa Rica for the next three days, and I'm hoping no one knows any different. They built a great practice that, they have the benefit of having recurring revenue. That's an outstanding option. So we're extremely empathetic to the fact that most sellers aren't particularly interested in just walking away entirely. They are interested in a liquidity event, but they would like to remain involved with the practice to a certain extent. And to the extent I can relinquish my HR, legal, cleaning the toilets role here at SkyView and marketing and just work on marketing, I am open to offer. And that's how it works.

Mike:                That is something I want to see. I want to see the behind the scenes of Scott doing janitorial duties as SkyView. I want to see that going on, that's great.

Scott:               As I was replacing the toilet rolls yesterday, I said to the junior interns, this is something we could all do.

Mike:                I love it. I love it. Well, speaking of junior folks, that's a fantastic segue into our next type of deal, is one that might not be surprising to folks, but it's one that I think every advisor who owns a multi-advisor RIA firm should be seriously considering, and that is exploring an internal sale to existing employees, kind of that next generation, you've been training them, they work for you. I just really love this one because it gives the firm a lot of stability, right?

Scott:               I don't know this is a new concept to SkyView, the merging, but we're certainly going to trademark it because we've not heard it elsewhere. The other thing that we contemplated was guarantor for hire, that's less appealing to that buyer. In all reality, you need the financial, the strength, the veracity of that outside buyer to make the transaction cashflow, and to make the math work for the bank, because we have to say we're agnostic to price. As long the buyer or seller and bank all agree, if it's a multiple six times and everyone agrees to that, that's not for us to get involved and say that's not appropriate. Apparently, that's market value for that practice.

Aaron:              Well, and Scott brings up a point, Mike, that really eight years ago, before conventional financing came into the space, the only way for large practitioners like this to sell was to sell at a discount to their employees because there wasn't enough cashflow for these employees to buy the firm out. And then typically, that owner wanted to receive it over three to five years. And so, you had to discount the value of the practice. And so, what we're able to do is tell these owners and these founders, hey, you can have full market value but you can still design your own legacy plan as opposed to selling out to a mega firm. And so, that allows them that control, that flexibility, that lifestyle. And it rewards their employees for the work and the investment that those employees have put in over the years. So, that's why we think it's such a fun and exciting project to work on these mergers.

Mike:                You guys both mentioned a really important point. It's that if you're an employee at a firm, you're going to have to find a way to have an injection of capital to acquire that business. Yes, I'm sure there are still deals out there where after so many years of service, you're going to get rewarded with some equity in the business. But in order for this to truly work, at least based on what you're seeing, there needs to be an infusion of cash flow from outside of the business, in order to have that employee purchase work.

Scott:               It seems to be the case more often than not. The junior advisor, "junior" can be in their mid to late 40s, and I guess we just, it's been the history of the biz, or what's commonly accepted is that junior is not paid particularly well relative to the senior on a relative basis. So, that comes back to bite that senior advisor when they go to sell the practice because they haven't helped junior build requisite personal net worth to actually acquire a three, $5 million practice. The bank's just not happy with somebody with half a million bucks in retirement accounts and 50,000 liquid. That's not a strong enough personal balance sheet. And that's where the outside acquirer coming in, and where this really gets interesting for the current employee is that we can also build in a right of first refusal at the retirement of that new buyer.

                        So in essence, the junior partner stays with the practice, finally gets 10, 20% of that capital structure. The outside acquirer comes in for 80% of that transaction. And then when that outside firearm goes to retire in five, seven, 10 years down the road, that junior has a right of first refusal to buy the entire thing. So, from a junior standpoint, not only are you getting the 20% you don't have in the practice today, but you're going to have a shot at buying [inaudible] from NUCO down the road, and you're still the early 50s age. And we're talking, in a couple of deals we're working on, multi-billion dollar practices at that point.

Mike:                Just to kind of put a on this, so we're looking at RIA loans that you're going to have a third-party buyer in most cases, coming in to acquire a piece of the business. The employees may also be on that note as well to acquire the RIA business, correct?

Aaron:              Right. We like those employees to have a vested stake in the firm, right? So they're typically a co-guarantor on that commercial loan as well. It allows them to really start to build up that financial net worth and that ability to increase their financing capacity.

Scott:               From the bank standpoint too, anytime anyone is an equity participant in excess of 20%, they're required to be a co-guarantor for the loan, regardless of what their personal net worth is.

Mike:                So, to wrap it up, our last deal structure here is, we've kind of mentioned it a little bit sprinkling, Scott, for when you go to Costa Rica, [Spanish] just a little bit.

Scott:               Your accent is dead on.

Mike:                I live in Texas, Austin, Texas, And my son, by the way, really killing it in Spanish class. He's great. He's a great asset when we go out to whether it's a restaurant or any place where Spanish is a predominant language, we need some navigation. It's good to have a built-in translator in the family.

                        Anyway, partial sales. This is something that was actually surprising to you in the SkyView team as we've talked about it over the last six months or so, that many of the deals you're seeing come through the door, we're at the classic what you thought they were going to be, the pure M&A acquisition deals or succession planning financing, or something, you're seeing a lot more partial sales. So, before we kind of dive into why and how, maybe you could share some of the numbers of what you've seen at SkyView from a partial sale versus other sale types.

Scott:               And what are we seeing? I know it's escalated quite dramatically from our first year. I believe the first year it would have counted for about 18%, in the first couple of years of transactions to about 65% and trailing 12, 18 months. And that's really the flexibility that conventional wealth management loans provide relative to SBA, SBA definitely has a place in certain transactions. But to provide that flexibility, with an SBA loan, the seller has to vacate the premises entirely. I say that because it's true, you can't be an intern, you can't have any involvement with the practice after 12 months. Whereas with conventional financing, the bank is very interested in that seller staying on board facilitating the transition of clients to that new buyer. And in many cases, that's of interest to the seller as well. We communicated more to the marketplace the flexibility for the seller to stay. It became more apparent deal structure.

Mike:                That's pretty fascinating.

Aaron:              And Mike, what's been interesting is that you've got, technology's allowed to grow faster and bigger than they would have 10, 20 years ago. And so, we're seeing that these advisors have built up large practices, several hundred million, if not more, where they are still the lead advisor, the chief rainmaker. And as they want to continue to grow their practice and evolve, they have a couple of options. They have, it's go hire an infrastructure, start cleaning toilets, start having HR meetings, and managing all of this infrastructure. Or you can start to divest from the practice, sell it off with the idea that you're still going to stay engaged and grow the enterprise and grow your revenue through the activities that you like to do, which is meet clients, build relationships, maybe throw in a little golf or what have you.

                        And that's the way these advisors have grown. So it really is an option to take kind of the best of the skillsets that that founder has created, monetize it and still stay involved. And they're very fun projects to work on because obviously these clients walk away very happy with the end result. And we like to see it, we like to see them staying involved and staying active in the business.

Mike:                Are you finding that more and more folks, RIAs and independent financial advisors, are coming in and saying, hey, we want to explore a partial sale right off the bat? Or is this something that during your initial consultation with the folks that come through the SkyView doors, the virtual doors now at the moment, that you are having to introduce this to them? I mean, obviously, we're doing that here in the webinars. As you just finding just becoming a more demand or is it something that once presented to people, they're like, oh yeah, that's a better road for me?

Aaron:              Yeah, I think it's a little bit of both. There's still a education awareness that needs to happen around the partial sale and the merging options, because we're still in relative infancy at SkyView, I mean, we've been doing this for three years with a little over 300 million in lending. But at the end of the day, most advisors haven't experienced, haven't seen this in action. So now as our reputation has grown, as our number of loans and success stories have grown, we're starting to see advisors come to us with these solutions and ready to act. But there's still a great amount of education and exploration that we do. I think advisors know they have a challenge and an obstacle that they're trying to solve for, and they're coming to us and we're helping them to design that solution.

Scott:               And Mike, it's also through, I handle the intro calls for our investment banking clients, and asking some key questions. Tell me about how you built your practice? Always tells you a lot about the advisor. Tell me about things you enjoy with your practice every day? Tell me how things that you don't enjoy with your practice every day? Tell me about your plans professionally post-transaction with the practice or otherwise. And tell me about your plans outside of your professional life. And through that process, we typically hear that people say that well, yeah. I kind of like to stay in touch with X number of clients or I'd like to continue to, when the world's sort of spinning again, play golf or go out to lunch with these clients, and all my friends and family. And I'd like to continue doing that.

                        And really we come back with conventional wealth management financing options that are available that that is absolutely possible. So, they certainly have that idea in their head, but I think oftentimes they don't believe it's really attainable, because a lot of the education that's been done in the marketplace is around SBA, which is you need to be out the doors in 12 months, which we don't think it's good for the seller, the buyer, the clients, or the bank.

Aaron:              Well, and the other financing that advisors know, Mike, is the private equity channel. And private equity built a foundation of, there's value in these practices, but it was, we are an organization that rolls up your enterprise. And so, we're coming in and here's the plan, and then you're going to exit out. And so, what we're now allowing to do is you have professionals who built a career on financial planning, and now we're allowing them to plan their exact exit the way they want to do that. And that's a pretty powerful tool. And so, it's just going to get more creative and more interesting I think as we go over the next three, four years.

Scott:               Mike and I always joke on investment banking clients that Aaron and I are going to be horribly difficult clients to whatever investment bank goes to SkyView one day, because Aaron's still going to want to work from his bunker basement and wear the same hat every day. I'm still going to want to leave the country at a moment's notice, and we want to keep doing those things, but we're done refilling the toilet paper rolls in the bathrooms and HR issues. So these are the things we want, and if we don't get it, we're not going to change.

                        So we're very empathetic when we have sellers coming in saying, why exactly do you hold all the cards? This is a sellers marketplace. Mo matter what narrative that everyone's seeing in the media that's driven by PE aggregators, this is a seller's marketplace. They hold all the cards. That's why we're adapting to find out what sellers, what amenable to them, how they want to retire. They built this practice over a number of decades. It's not about anybody else, it's absolutely about that seller and what their wishes are for their future and for their clients.

Mike:                As we get ready to wrap it up here, you just kind of hit on some of the fun things to think about if you are that seller. As you're thinking about deal structures for you and your business and your future, what are kind of like three or four things that you might advise somebody to start as they want to frame their mindset on which one of these paths they might want to go through, how would you recommend they go about that process?

Aaron:              That's a good question. It's funny, I was thinking about that this morning too. I would say these advisors really need to think about what their legacy is and how they want to build out their career. I know it's hard to forecast that out, but I always say, start with the end in mind. Most people are productive to around the age of 70 before productivity kind of starts to drop off. So I think advisors need to think about and create a wishlist or a goal list of what are the things that I want to do in the remainder of my career. What do I want to do personally? And just like you take clients through that exercise of financial planning and retirement goals, advisors need to sit down and they need to pencil in time on their calendar to do it.

                        And it can take months if not years for them to develop that. But if you've started to develop that plan and that vision for your own retirement, then you can start to look at the solutions that are around you, and come to an organization like us or any of the others that are out there and say, this is my vision, this is what I want to do. We find that the firms where the founder has really done that, they've created their own retirement vision and identified what activities that they want to focus on for the next, give it 10 to 15 years. Those are the firms that look really successful. They have healthy balance sheets, they seem to have a successful growth rate, their performance metrics look like what you would expect of a healthy, active firm.

                        And I think it benefits this industry from just a client solutions perspective, to see these founders and these advisors building out and really thinking about their long-term succession plans.

Mike:                I love that advice.

Scott:               And I would say it's also the responsibility of buyer participants in the market to help the sellers really frame that discussion around your thoughts and help them come to conclusions maybe that they're not thinking about it. I recall when I was a [inaudible] thing called a dream board, which was one of the most successful campaigns they did for 401k plan participants, where basically it was like, hey, what do you want to do in retirement? It was like this online collage thing. I know it's cheesy, but it worked exceptionally well. It was like, okay, vacation, golf, build a cabin, whatever it was. And retirement contribution rates went up dramatically in the 401k plans across the board because even for 20 somethings, it was like, oh, here's what I want to do in retirement, I better start saving.

                        We thought about doing something similar, we're just not sure how to facilitate it, but helping that senior advisor look at like, hey, there's a life after you retire. What do you want to look like because many are just kind of enjoying the life the way it is, and maybe it could be different, could be better, maybe not. And we can help them identify that.

Mike:                That's wonderful. And it's funny, it's building on that previous webinar where we had those six key questions that a buyer should be asking of a seller to make sure that the process runs smoothly and the deal actually happens, right? Really good tips in there from Aaron and Cara as well. Well, we've reached our end here. I want to thank everybody for attending this webinar. We have a couple more in this Back to Business in 2021 series. So, stay tuned for those. If you'd like to see a recording of this episode, you can check it out at skyview.com/educate or on the YouTube, the SkyView Partners YouTube channel, or again, audio podcast version will be available on Apple Podcast, Spotify, Stitcher, wherever you like to get your podcast jam on.

                        Thank you very much, Scott and Aaron, for sharing your wisdom and insights today. Very interesting and informative. I think all of us today can say that we're extremely jealous of Scott for his Costa Rican adventure that's about to happen.

Scott:               If I survive malaria, maybe, yes, we'll see.

Mike:                I'm going to need some photos and videos and maybe we'll get one of these video interviews from your beach in Costa Rica or the jungle.

Scott:               We both know that's not going to happen, Mike.

Aaron:              I thought you said it was a working vacation.

Scott:               As far as you know, Hasler. [inaudible] someone's got to run this thing.

Aaron:              That's right. That's right. I'm here.

Mike:                All right. Well thank you everybody, appreciate it.

Scott:               Thanks guys.

Aaron:              Thanks guys.

Mike:                Thank you very much for listening to this episode of the Advisor Financing Forum Podcast. It's always a pleasure to have you with us. Make sure you subscribe to this show on your favorite podcast platform or YouTube because we've got a ton of great stuff planned for you. Huge thanks to Scott and Aaron again for joining us. It's always fantastic to get a chance to tap into the brain power of folks who have such a deep well of experience in this space. Before we say goodbye, please feel free to reach out with your questions or suggestions for guests or topics for this show by hitting SkyView up on LinkedIn, Twitter, Facebook, or Instagram. Or shoot us an email at podcast@skyview.com. And if you want to learn more about your financing options, simply call (866)-567-6282 or email info@skyview.com.

                        Lastly, make sure you're wearing your mask, keeping your distance, and be nice to each other, okay? We'll see you next time on the Advisor Financing Forum Podcast. See you. Bye.