Turn Your PM Company Into a Wealth Machine

Pete Neubig
All right, welcome everybody. We are going to get started here in about one minute. Oh, strong, we got Jonathan Cook in the house, we got Cookie, we got, we got Paul, we got Michelle Thomas. Thanks, everybody, for being here. I really appreciate it.
We have, we got a great, great webinar today, a good buddy, Shawn Johnson is, is here.

He used to own a property management firm and like, like me, he ended up exiting, but what he did first was he actually joined some other property managers and they created like, kind of like, what are those robots, Sean, that you did, like, transformers, you guys like did a transformer thing, built it and built a bigger one and then sold that, sold that over to Pure. But what Shawn's going to talk about is Shawan actually owns a bunch of property.
And I think Shawn, you're going to talk about a little bit of like how you mind your property management firm for great deals and, and, and how you build wealth while you own the property management firm. Is that about what I think you're going to talk about?

Shawn Johnson
Yep. That we'll get into that a little bit at the end. Yeah.

Pete Neubig
Awesome. Well, Shawn Johnson, formerly a co-founder CEO of Independence Capital, co-founder CEO of HomeVault. And now he has his own community, the Wealth Driven PM.
So everybody welcome. Welcome, Shawn. Sean, thanks so much for being here, buddy.

Shawn Johnson
Hey, thanks for having me. I'm excited, excited to do it while I'm in the Bahamas on vacation, I'm taking time out for, for just for you, Pete.

Pete Neubig
And another interesting, fun fact about Shawn, he was a helicopter pilot. He now lives in Florida and he flew him and his family with his helicopter to Bermuda. Where is it?
Bermuda?

Shawn Johnson
No, Bahamas.

Pete Neubig
Yeah.

Shawn Johnson
We're in Exuma, Bahamas today. Yeah.

Pete Neubig
Bahamas. All right. All right, man.
Well, thank you so much for being here on your vacation. And let's, let's get this thing. Let's get this party started.
If anybody, if you have any questions, feel free to, to just go ahead and I guess we can do it right in the chat and I'll be monitoring that. And yeah, just go ahead and monitor it in the chat and I'll be monitoring it. And Shawn, if I, if I interrupt you, it's because somebody had a question and we'll, we'll go ahead and get them here.

Shawn Johnson
I like it. Oh my gosh. If I could get this to format.
We had some weird formatting things, so here we go. Nope. That's not what I wanted.

Pete Neubig
Ooh, that don't look good. Just a regular slideshow or no?

Shawn Johnson
How do I do that? Slide it right there. Boom.
There we go. Technology is tough these days, you know? Okay.
Give me one more second. I'm going to set up on my side. Cool.
All right. Well, thanks Pete. Appreciate it.
Yeah. Let's talk about how to actually get this PMB business to not be another job for ourselves. Because why would we quit our job?
Why would we want to quit something that's stable and go into something that's risky and tough and stressful and has a lot of liability, right? So how do we figure out how to make this property management company produce infinite amounts of cashflow was my wife and I's mission. So that's how we focused on it.
And so I can get my screen to move. There we go. We're going to talk about this right here, this concept.

So how profitable property management owners stop trading time for fees and build a river of income that flows forever. So I want you to do something for me for a moment. So just use your mind, close your eyes if you have to, but follow along.
I want you to imagine your business as a bucket of water. Maybe it's a small bucket, like a startup you're managing, you know, 80, 90 doors. Maybe it's a massive 55 gallon drum, a multi-state operation, you know, pulling in 400, $500,000 in personal income.
It doesn't really matter. View it as a bucket. It holds water.
And right now it's your bucket, right? Every time you need money, you pay yourself to cover an expense, to take a vacation, to send your kids to college, to fix your own roof, whatever. You dip a cup into that bucket and you take some of that out.
What happens to the water level every time you do that? It goes down, right? It goes down every time.
And let me think about that a little bit more uncomfortably. What happens if that bucket tips over? There's been multiple cases of that in our industry, of like an actual bucket company completely going under, right?
What happens if that actually happens? So here's some things that could cause that. If your bucket is the only source of income that you have, if the business, the only thing between you and your family and financial catastrophe, then you are one accident really away from anything or everything falling apart.
And I'm not trying to scare anyone. This is the mindset that I had when I first had my property management company. Again, Pete said, I was flying helicopters.
I had a great job. I didn't pay that great, but it was a great job and it was stable. Why quit a stable, great job to go take a risk?
Well, because we want for the upside, right? We want the ability to gain more, right? So if that bucket, if that business is our only wealth plan, that bucket is a survival mechanism.
And as long as that's the only thing we have, then we're really not building freedom and we are building dependence. So that's the mindset that so many of us in the PM space have. But here's what I want people to really know here is that it can be changed.
I could prove to you today that there's really a different way to think about this and to structure your financial life with a property management company. One where losing the business would not end you and it wouldn't hurt your family. And where that income does not stop when you stop.
And I really call that the river. And at the end here, I really hope to show you that you can build a really nice river from the tools we have as property managers. So I've kind of skipped, I forgot I was on these screens up here, but now I'm going to skip to this one.
Wow, it goes way too fast. One more, one more. There we go.
Now let's think about the river here. So change that picture to not a bucket, forget the bucket, imagine a river that flows constantly. So fed by springs upstream that never stop, that when you stop operating, it just keeps on coming, that you do not need to continue to work on for it to keep flowing.
So when you dip a cup into that river, what happens then? To get an expense or to go on a vacation, what happens to that? Nothing happens.
Just keeps flowing, baby. So this is what investment income does. This is what real estate cash flow does.
And this is what a properly structured wealth portfolio does. Okay, go to the next here. There we go.
So if you lost your bucket tomorrow, if your business vanished like a lawsuit, I don't know, AI, who knows what AI is going to do to the industry? We don't know. What about a health crisis?
You get diagnosed with something, a regulatory change. There's a politician in New York that says he wants to make every single landlord pay right now. Pay.
So, you know, regulatory changes that can change. We don't know, right? But what happens if you have a river?
It just keeps flowing. We were not affected, right? And your family would still be fine.
That's really just not, you know, a fantasy. I'm not trying to present a fantasy here. I'm just trying to present a structure and it is available to all of us specifically because of the business we already have in this industry.
And I really love it. I feel like property management is the gateway drug to really savvy investing. But we have to utilize that and we have to see those opportunities.
So the question I really want to answer today is how do we use a profitable property management company to build a river that flows forever with or without you?

Pete Neubig
Is that a key there, Shawn? You have to get your company to be profitable first? Is that kind of step one before you start building wealth?

Shawn Johnson
I'll talk about that in a minute, but not necessarily. I think there's ways. I'll get a little bit more into that.

Pete Neubig
But it helps.

Shawn Johnson
I think there's ways. It does. Absolutely.
Profit solves all problems, right? Yep. Yep.
Okay, cool. So did I skip one? I'm having weird issues here on my side, but it's like double skipping.
But anyway, okay, here we are. So I want to tell you kind of the moment that I would call it an epiphany, if you will, but I understood the difference between the bucket and the river in my life. And it wasn't because I read a book or just had this idea.
It was more of a feeling that my wife and I had. And when my wife and I built our company, Independence Capital, from our home, we had no salary from it. It took us about two years to take any profits from it.
We also had two very young kids at home, and we had no financial cushion. As a matter of fact, I had probably $140,000 in flight school debt when I went to flight school. And so that really shaped why we were living in that scarcity mindset to how do we get out of that?
Because now we have a risk that we've taken in a business that we want to really see through and provide something more than we thought we could ever provide. When we started that company, and this will answer your question a little bit, Pete, you have to have money or be profitable to be able to start. I don't think you do.
I think about six months in, we had an owner that signaled to us that they were done. I hate my rental property. We recognized that, and we were like, okay, great.
Let's structure something here. So I didn't have any money again. So I asked my dad, hey, dad, this house needs 15,000 in repairs, can I borrow it from you?
And then we also seller financed the house. So the client of ours was like, yeah, I'm done with it, just pay me out in a year. And so we paid them off in a year, they financed it for one year.
We bought the property from our own portfolio, and that's where it really began. And that day, or that property now continues to cash flow for us. And that was a game changer when we first got that rent, you know, like, oh, my gosh, there's something more.
Now I've got another source of income that's coming in and coming in. Most people stop at one or two, we just kept on going. So we saw that as our first small spring of upstream water, if you will, to build the river.
And we went on to acquire property after property from our own property management portfolio. And when that scaled, we just expanded that even more, the outlook or the opportunity expanded more. And then we sold the property management company after we did a national merger, like Pete said.
And then my wife also built a trust accounting firm that she has also sold to a software company. But we've stayed in the realm of acquiring property. It's like monopoly for us, like we buy more and more.
But the real point here is the business was the bucket. The real estate is what became the river. The business was like the backbone, right?
And that gave us the abilities that we had to grow the river. But we wanted to expand that river as big as possible and continue to do so. So we really wanted that, like I've said, I really wanted that river or if the business went away tomorrow, that we would never have to feel the pain of that.
So these are the five things that I see so common in our space of the leaks that are in our businesses that prevent us from creating a river. So to answer your question a little bit more, Pete, you have to have profit. No, but I think stopping these leaks will substantially increase your success rate in building a nice river.
So before I kind of go into that a little bit, I need to really show you these five holes and how to stop them from draining in our businesses. And I've worked with dozens of entrepreneurs, and it's almost the same exact leaks every single time. So leak number one here is confusing revenue with wealth.
And the door count was success. We see that so often in our space. You go to a NARPM event or something and everybody just says, how many doors you manage?
And we associate that with the ability to create a lot of revenue and profit. And it's really not. But revenue fills the bucket.
Wealth is a river. So they are not the same thing. So really what I want you to think about is if your business nets 8% on $2 million in revenue, that's $160,000 in profit.
If you reinvest all of it back into growth, more doors, more staff, more overhead, the bucket just gets bigger, but it never builds a river. You're just managing a bigger bucket, more staff, more headache, more clients, and so on. So that's leak number one.
Leak number two is lifestyle creep. Probably the most common, the bucket grows. So we raise our burn rate, right?
We buy a bigger house. We get a nicer car. We do more travel.
We have higher monthly obligations and the bucket just stays there to fill and maintain the lifestyle. And that doesn't ever allow us to create a river. Well, or leak number three, capital with no deployment system.
I hear this one a lot. I have several hundred thousand dollars in the bank, but I have no idea what to do with it. Well, let me tell you what it is doing for you.
It's losing not only at the inflationary rate, but it's also losing at the opportunity cost rate. What you could be gaining with that money is not being gained because it's just sitting there in a bank, right? So you have to deploy capital.
So the water accumulates and it just sits there. No deployment, no investment, no river building. I see a lot of analysis paralysis in those stages.
There's so many options to invest in, or I don't know how to invest. It feels like gambling, but doing nothing is costing you probably around the 10% range is my guess. But waiting for the perfect deal, guys, there's not a perfect deal.
You just deals risk and opportunity, right? Oftentimes, you know, the other analysis paralysis, I have to have 20% down. I don't quite have 20% down on something.
And that's also a farce in our industry. I could teach days on how to create a finance and or DSCR loan. You don't have to have 20% down, but we all think because we're in this space, we have to have 20% down.
That's what we tell our clients, right? All right, well, leak number four is optimizing the bucket size. If I just get to 1,000 doors, then I will build wealth.
About 1,000 doors without a river, it's just a bigger bucket with bigger holes. Bigger complexities, more payroll, more liabilities, the more ways to drain the bucket, right? It's just a bigger bucket to drain out.
And I'm not saying don't try in it and scale a business. I think that's a noble thing to do. But build the river alongside that of your scaling.
Leak number five, not believing the river is for them. Real investors have the money to do this. I'm just a property manager.
I'm not smart enough to do these types of deals. I hear those comments frequently, and it's just not the case. Rich people are not smarter.
They just took more risks, and they iterated. That's it. But really, here's the truth here is that you do not patch these leaks by working harder or growing faster.
You patch them by installing three beliefs that change how you see the bucket and teach you how to build the river. Let me show you what those are. So, every property manager or PM owner who has crossed from bucket dependent to river free made the same shift, really.
They stopped treating the business as the destination and started treating it as the source. The fees pay the bills. The relationships surface the deals, and the deals build the river.
And the river, over time, makes the bucket optional. So, three secrets that I'll show you exactly how to make that shift. Each one destroys a belief that keeping water in the bucket instead of feeding the river.

Pete Neubig
So, Shawn, a couple things that I have. So, basically, what you're saying is the business is kind of like the ATM machine, gives you the cash, but then you take the cash and you go buy assets, in this case, single family homes, and that becomes your wealth building. Is that?

Shawn Johnson
Yes, and I don't, yeah, exactly, Pete. I mean, the foundation is the business. If it just is that source of income, you've really just created a job.
But I don't really pigeonhole it into just real estate in the sense that markets shift, find out, you know, risk tolerances are different. Some people will never invest in real estate outside of their own market. I invest in real estate, most of my portfolio, I've never, ever seen before.
And I don't care where it's located as long as the numbers work out, right? But that, so that's the caveat. Yes, property is my favorite, obviously, because there's a lot of ways to make money in real estate.

Pete Neubig
But also, because you're, like in your previous slide, because we're in property management, we understand, you know, what, you know, rent minus expenses, right? We understand what it takes to lease a property, especially if you're managing a property in your own market, you know, really well. And if you have a client that like you ran into, I've run into as well.
So I also bought a four pack a while back when I was still managing properties. Sam Ettinger just put in that he had a couple of deals a while back. So it's, this is like, there are deals, if you have the time, and you can, you know, you're ready for them, because there's deals that got presented to me, I'm sure, many times when I owned Empire, my property management firm, and I just wasn't ready.
You know, because I think the biggest mistake that some of us make is that we keep running our business in chaos mode. And when you're in chaos mode, you can't make money.

Shawn Johnson
Yeah. Oh, yeah. Well said.
Well said, Pete. Yeah. So really, I think, you know, like, there's really three shifts, if you will, or three secrets, I call them in here.
But really, there are three ways people relate to money. And I want people to hear which one is keeping the bucket from feeding a river. And I think what you just said, was, was important is the opportunity, Pete, but most, I think profitable PM owners have a bucket sized income, but they also have a bucket sized mindset.
Their income grew, but their beliefs never did. And so the bucket mindset really is money is for surviving and signaling, you earn it, you spend it, bills, lifestyle, I've got to have a nice car, you know, I want to look good in front of my friends, status purchases, if you will, but the bucket fills and it empties and a bucket fills and it empties and nothing is ever redirected. But really, I want people to think about the river mindset here is that money's purpose is to generate more money.
Money is just a tool. We shouldn't hate it or love it. But it's just a tool and every dollar is evaluated.
Um, does this buy, like, does this stay in the bucket or does this go to building my river and wealth is built really in the gap between what the bucket earns and what the bucket spends. And unfortunately, most people will spend up to what the bucket earns and that gap isn't realized. So, um, the metric that, that I tell, um, is your mindset.
If you is in running your decisions every day is the gap. So how do we figure out how to maximize that gap? I want, so I want people to really think about the two numbers that I really think are the most important to track.
And that's the biggest business cashflow and your personal net worth. You own the business. If your net worth isn't growing as you're scaling, then something's really a miss there.
One fills the bucket and the other is filling the river. Your net worth will never grow if your, if your river is never growing. So if your net worth just, um, if you're leaving money in the bucket all the time without ever reaching it to the river, that net worth just stays stagnant.
And I really call that gap between your business, what your business earns and what you spend the wealth opportunity gap. That's the gap in your river building capital. So most PM owners have one, right?
They have that one income. They just do not have a system to capture and redirect that income. So I'll on the next slide, I have a net worth calculator and a business cashflow calculator, and you guys could scan it.
There's no strings attached or anything like that. But really the first step here is to knowing those numbers. And before you make any decision, you can start to understand what your wealth opportunity gap is like.
How do I actually start utilizing the funds that I have at my disposal to start building that river? So what, it'll answer things like, what is my business actually netting? What am I actually spending?
And the difference in those numbers is the opportunity you have to build our net worth. So you can scan that. I'll change.
You can scan that QR code. I'll have it again in a minute, but it's, it's just a copied or it's a, I'm sorry. It's a Google sheet.
You don't have to put your email or anything in it. It's free. No strings attached.
I want people to understand. Most people don't know what their net worth is, financial net worth. You guys are worth way more than your financial net worth, by the way.
Let me just put that out there. But, but the point is most people have never calculated this and it's a mind blowing thing. And let me just give you a statistic.
It's like 85% of Americans die with a negative net worth. So they leave their kids with not only nothing, but debt.

Pete Neubig
Wow.

Shawn Johnson
That should sink in. And it's, we're no different as business owners, but I don't want to leave a legacy like that.

Pete Neubig
Doesn't it make sense, Young? Because I heard that the average American, they save negative 2% per year. I don't know if that's still the case, but I heard that a couple of years back.

Shawn Johnson
Yep. Yeah. And we, here we are as business owners.
We have an opportunity. It's, it's like 97% of millionaires and billionaires own a business. So here we're in that category that we could really change that around, right?

Pete Neubig
And real estate, right? You usually own business and real estate.

Shawn Johnson
Yes. It's very high. It's like 80 or 85% for real estate.
I can't, don't quote me on all those numbers, but.

Pete Neubig
Well, I'll tell you a quick little story. My grandfather used to own a business. It was a food manufacturing business.
This is years and years ago. And when he made money, he started buying properties. And when he passed away 12 years ago, those properties that he bought were worth about 20 X than when he bought them and they were all paid for.
And so when he, I think his bill, all the buildings, of course, I got none of this, by the way, but all the buildings and everything, I think was 20 million or 30 million. I think it was something like that. All from just buying, buying, you know, it was like class C buildings in Mount Vernon in New York area.

Shawn Johnson
Wow, dude, I love it. See, there you go. He had a long time horizon too, right?
He wasn't doing it to do a quick dollar.

Pete Neubig
No, he died and he died when he was 86. And I think he started the business like in his 40. So, you know, he's doing it for 46 years and he's built the business, got the business profitable, started making money, paid down debt.
And then I think he just started buying properties. I don't know if he bought them cash or if he financed them. I don't know the history, but I do know by the time he was passed away, he had tons of property that were paid for.
And yeah, and so, you know, there was a couple of, you know, my mom and uncles and stuff like that, you know, they were the beneficiaries of that.
Shawn Johnson
That's amazing. Yeah, good for him. That's leaving a great legacy.
I love it. All right, number two, I think, oops, number two, if you will, or secret number two is to fix this is the order in which you plan your finances. I think it's really important.
If you do them out of order, it could cause catastrophe. So building the river in the wrong order is like digging a channel before you have the water to fill them. So the sequence protects the bucket, right?
While building the river, both matter. Neither survives without the other. These are the ones that I see.
So I'll just, you guys could read through those really quick. But number seven is really where I have an asterisk in this, because like I mentioned, our river or our sequence wasn't quite built out, but we bought our first property. And that's an asterisk because creative finance is what is the way to acquire properties without having money yet to do that or to have very little money in order to do that.
And I've created financed a ton of properties, probably 30 or 40 now with zero down or some kind of 0% interest rate over 20, 30 years. It doesn't matter. It's just all kinds of creative mindsets there.
But my point is, is that you really cannot build the river until you have a stable foundation. So the sequence really matters in the process here. I'll get to the next one because I know we're kind of running out of time.
But here we go. And last but not least here is their portfolio is already full of river water. This is the one I want to hit home a little bit.
We often in property management and owner signals that they don't want to own the door anymore. And what do most of us do in property management? Oh, I've got a broker.
Yeah, we'll sell it for you. I can refer it to a broker and you're like, what? So you're going to make 10 grand in a commission?
Cool. But that's comes and goes, right? Easy money, easy goes.
My point is, is like, why don't we look to buy those doors? Why don't we look inwardly and say, you know what? I can solve a problem for my client and I can acquire a door for myself.
My property management company doesn't reduce in size anymore. I become the landlord and I don't have to call the landlord for maintenance issues because I already know the landlord's decision, right? Because I own the door now.
But here's the things that the clients will signal for us. They'll signal life events, divorce, disease, distress, financial distress. I can't afford the taxes anymore.
The absentee owners sometimes, hey, a few of them came from owner just having to move out of state and they could not wrap their head around owning a rental property from out of state. So they had to move. They wanted to sell it.
Just fatigue. Some people are, you know, at the end of their retirement world and just sick of having a rental property. Those are the things that signal our ability to purchase these doors.
Okay, so like I said, let's tell every owner you are a buyer. The highest leverage sentence in this entire session. Let me just tell it to you because I want you to repeat this to your clients.
Look, hey, Mr. Client, we're also 

real estate investors ourselves. If you ever decide to sell, we'd love to be the first call before you go to the market. That single line, repeating it in every process and everything, has made me more money than my property management company ever did, by far, because people knew we were there to buy. And they didn't feel competitive to that.

There wasn't a wall built up from that. That was just an opportunity. They understand, hey, if I don't ever want to own this anymore, I've got an easy buyer.

My quickest call is somebody willing to buy, right? They've already got a buyer.

Pete Neubig

And make sure you train your property managers that link, that line.

Shawn Johnson

Yes. Tell the whole team, this is our mission. We are buying properties, right?

So this then creates the path to off-market deals that the deals that real estate investors would die for is the ones that we have in property management. Because we have a relationship, they already know, like, and trust us. We can also negotiate the terms.

We don't need the banks to do these deals. Seller financing can be a primary tool, whereas if you don't know what seller financing is, that's just the owner acting as the lender. You pay them monthly, a low cash out or fast closing or whatever the lever they're looking for to solve their pain in that moment of owning that property can be negotiated.

And I am not saying to take advantage of anybody. I'm just saying look for the opportunity and then find a win-win solution for your clients. So in the ethics behind this, just to be clear too, is that we always put a side-by-side comparison.

This is what we are offering and the terms that we're offering, but this is what you should be able to bring or could bring on the open market. So if you choose to sell it, here's what you could bring with this. Here's a CMA, here's your realtor fees, here's your closing costs.

You're going to have to go through inspections. You're going to have to prep the house for sale, those types of things, and give them a comparison. So they can make a great financial decision.

Most times when people are going through pain in their life, they want the easy button. We all do that too, right? I don't want to wait 10 days for that thing I need from Amazon.

I want it to be here tomorrow. Same type of deal. So I want you to rebuild your thought process here.

You're not a property manager who dabbles in deals. You are the steward of the most powerful off-market acquisition pipeline in real estate. Every owner you manage is a potential spring into your river.

Your job is to build the channels that redirect their water into your river. That's how I think about it. Hopefully that makes sense.

Okay. Coming back. Pete, do you have a question?

Pete Neubig

Well, it looks like you answered it, but I just want you to hit it one more time and then we got about one minute after this. Most landlords are usually looking to sell at the highest price. You just touched on that.

Do you have some kind of script as well that you use? Obviously you just said, hey, here's what you can get on the market and it's cost all of these other expenses. I'm kind of the quick, close, quick, fast kind of guy.

Shawn Johnson

So I'll summarize that. So if they want the highest price, then you can have your price, but you can't have terms. You can't have both.

They always say that's the same. So negotiate the terms. I'll give you the price you're looking for, but I need them on these terms.

Pete Neubig

Which could be selling financing, a lower rate or something like that.

Shawn Johnson

And then the other way to negotiate on price is to be real with people. The realistic thing is that because they list a house for $400,000 doesn't mean they're going to net $400,000. The realistic world is that they have closing costs and they have prep time and they have to do the carrying costs and they have to pay realtor fees.

Those are the things that you need to have a clear, open dialogue with the seller and say these are the things that do happen in a real estate transaction. This is how we get the price to where you're going to actually net.

Pete Neubig

Awesome. I'll let you do your recap and then we'll stay online to answer any questions, but we'll go ahead and do this recap and then we'll finish up.

Shawn Johnson

Yeah, cool. So yeah, the recap is guys, I just want a mental shift here and looking at your property management company as the ability to create a river and not just be a bucket. There's way too much risk in buckets.

They tip and they're not stable. So I want you to think about that shift. Again, the cashflow calculator and the network calculator, scan that.

It's just a copy Google sheet that I created. And then last but not least is Pete, I wanted to offer this to all your great folks out there, but yeah, that's an exclusive offer, $500 off and then three one-on-one sessions if you want me to help go through that when you become a member. Like I said, I have a, it's called the legacy wealth framework for property managers that takes you from A to Z of how to structure your management company and your personal finance into a wealth building flywheel so that it becomes a river and you're not worried about the scarcity of a bucket.

That's the link for that. So cool, Pete.

Pete Neubig

Awesome, man. I appreciate it. I'm sorry we went about three minutes over.

Keep that one on there. We have next month, we're going to have David Normand, who is chief PM at Vendaroo, talk about AI and in the maintenance coordinator role, which has been a hot topic lately. So that'll be pretty interesting.

And thanks to everybody who jumped on the chat. We really appreciate it. And if anybody has any questions, we will stay on.

And yeah, you're welcome on. And Cookie, always appreciate you, brother. Phil, Christopher, I have a buddy named Tommy DeChristophero.

So we are definitely a kin and we're from the same area of New York. So that's pretty fun. Well, I appreciate everybody.

If you if anybody has any questions, throw them in the chat. If not, I think we're going to let Sean get back to his wife, his kids and his helicopter and his and his vacation and go snorkeling now. Yeah, Robert, definitely a cigar later this afternoon.

Ernesto, see you in the sky.

Shawn Johnson

Yes, I love it.

Pete Neubig

All right. All right, everybody, we're going to we're going to drop off here. I'll call you, Sean, after this, because I don't know how to knock everybody off and keep you on.

Shawn Johnson

So that sounds good, buddy.

Pete Neubig

Later.