Wake up, Buy Here, Pay Here people. It's a beautiful day. Go grab yourself another cup of Joe and say hello to Jim and Michelle Rhodes on the Buy Here, Pay Here morning show. Take it away, you two. All right. Good morning. Oh, is it time to go? It is. Are you off your phone now? I'm going to turn my do not disturb on so that I don't get any phone calls or disruption during the broadcast. Hello, everyone. Welcome to a White Hat Wednesday. You can see the white hat over Michelle's shoulder. I finally made the purchase for those of you who didn't see it. I made the purchase of the white felt hat and uh so we've got that uh over her shoulder and you can see my background is still trying to figure out what you want no i haven't spent any time figuring it out at all i'm just just there and i realize when it's go time i'm like oh i still have a background one day one day yeah that's okay yeah in the meantime we'll uh We'll have a solid background, but so no big announcements. We got data coming in. We're doing our first V eight meetings this week, and so there's data coming in. I'm barely just getting to dive into all of it, but looking forward to. our meetings in january they're compressed because of the holiday schedule of course yeah and then we're contemplating um no official announcement yet but we may take a break of a couple of weeks here during the holidays from the podcast and so kind of take a take a pause and rather than post reruns because you can find all the reruns on our youtube channel so rather than post reruns we may just take a bit of a break so we'll we'll decide what folks know I think that's I like that idea. Yeah. Yeah. Feels right. Yeah, it does. Anything other than that? We're coming towards the end of the year. Everyone's doing their housekeeping, making sure that stuff is ready for the close of the year. Any word on whether or not all the tricolor cars have? hit i know but i did have some dealers tell me that they are seeing a softening of prices at the auction which is surprising in december because there should be heavy buying going into used car season yeah going into tax refund season i should say and i've been paying attention to the auto industry in general and um that's happening with franchise and it's trickling down and also CarMax is it's from things that I've been seeing is really struggling. And so I kind of think that personally, I mean, I have no crystal ball or anything but that we're going to continue seeing prices go down. It feels that way to me too, based on kind of, you know, collective information that you can glean from here. Yeah. Yeah. Because I mean, I don't know if y'all have been watching what's happening at franchise dealers. It's like new models coming out that are, they start at like, seventeen thousand dollars. And then, you know, you can add AC into it. You can add, you know, it's back to basics. Back to basics is what is what I'm seeing. Toyota is a big one. And then there's just some really interesting purchase options. And I've been some of the people that I watch, they they're like they're like, even though It's zero down, zero interest, zero payments. Do not buy because they're trying to justify the price. And I'm like, I get that. And so it's like there's still a lot of cars sitting around even after that. And the prices are starting to go down. yeah and so we'll see what happens but it's it's this season for car buy-in i think it's got to trickle down from the franchise i would say that's probably true it's just that when you say don't buy yet i mean when well i mean i mean this was for franchise dealers they're like wait to or for customers buying a brand new car they're like wait a little bit longer if you're going to buy a car because we haven't seen the bottom of it yet. And some of the interesting thing I've been seeing is that on the leases, is that they're changing the percentage of what the value will be when you finish your lease in favor of the customer. Yeah. Which is interesting, too. Yeah, so I think tax refund season will be a little bit telling. I mean, that's usually a kind of a barometer for used car factors. And so we'll see, I think, once we get past tax refund season. Yeah, when I come up with some really good, maybe we'll talk about this on Friday. come up with some really good it's like these are solid numbers this is what's happening this is where they're going and what we're seeing in the trends so right um yeah it's a worthwhile topic i think for this time of year yeah good well shall we dive into our topic of the day our topic du jour yeah yeah so we've got um yeah so we've got uh quite a bit to cover here in the context of value, brand value, end up going a little different direction as this information came together because initially I was setting out, and although the data we're going to present today here, the information we present will ultimately lead us to the same place, my head has been around business valuations. you know, we went back going back to February of twenty two, I think, is when we did the the enterprise value of twenty three, I guess that that's been a. Kind of a point of interest for me, that is something that is. Let's just say I don't accept the premise that buy here, pay here, dealerships can't have. Enterprise value can't be marketable. I think, well, yes, I agree with you. I don't think that it can with the disjointed industry that we have right now. Amen. So I think there's a model, there's a scenario, and I think what we can see is that I think today we should be able to come away with a better understanding of exactly how White Hat way, whether you become an official White Hat certified dealer or whether you're just a dealer out there following good principles and what we would call white hat practices, then I think you're going to be able to see a connection after we finish today's conversation between how those things can translate into real tangible market value and brand value. So, so people are going to argue there's no brand value in buy here, pay here. And I would say yet, Yeah. People aren't doing it well, but the opportunity is there. At the end of the day, it's a business that generates profits and cash flow. There's going to be an opportunity. So people acquire businesses of that variety often. So what prevents them from acquiring a buy here, pay here dealership operation. Oh my gosh. This is long. Yeah. Yeah. So, but today we'll talk about the brand side of it and the brand loyalty and the trust factors that can start to translate. And this is not just us theorizing. We went and did some research from other industries. And so what we'll present today is kind of some of the information that maps that out. And we do recognize, um, the brand is a very important part because that's, that's part of what gets people to come back. Um, the resell value is that that's like, that's the icing. That's like, that's the part that I think that, that the, that a buyer would go like, yeah, yeah, this is that they have a really good, um, a model that, that they've got great repeat referral. Um, you know, they're, they're actively involved in all the things. And then, you know, part of the straight line side of what it is that, that, you know, that it's, it's having, you know, there's other, there's straight line sites to this as well, besides the brand like policies and procedures, you know, all of those kinds of things that, that gives someone who wants to buy the structure that they can plug into. But the brand part is something that cannot be done in just a year. Yeah. Yeah. Yeah. And so, and to be clear, I think we're talking about when we say brand, we don't mean. joe's used cars with a cool logo okay i don't mean just that so this is this is another you know in our in our industry we don't hear a lot of people talk here a lot of talk about marketing and advertising we don't hear as much talk about branding and so certainly for for my definition of branding you're talking about a broader brand feel more than just your logo. It's your reputation in the marketplace. It's all the things that would represent how you're viewed in the marketplace. Yeah. And it's kind of like what warm and fuzzies are you given? Yeah. And you know, we've, we've brought up Chick-fil-A as just like a Chick-fil-A gives out armfuls of warm and fuzzies all the time, all the, all the time. And because of that, you know, how it's, much like buy here, pay here, you know, people will be loyal. They're loyal to that brand. You know, we've talked about some other where they've hit hard times and, you know, we've, but Jim was like, all right, let's come up with something other than Southwest. Southwest is such a great example. It's a well-known example. They faltered big time. I don't remember. It's probably been two years because I just saw an article where the government agreed to waive the last eleven million dollars. Southwest was fined some big number. tens of millions of dollars for that debacle because of the impact on consumers. And Southwest had one more payment to make of like eleven million dollars and the government waived it because they could show that they had completed all the things and it made the necessary investments to solve that problem. But yeah, it's an example of so the question is, did Southwest in this example have enough brand of loyalty did consumers have enough trust in southwest to return and the short answer is yes yeah yeah well it's because they trust deposits every single interaction is a trust deposit with them it seems like yeah you know from joking around um when they're doing their instructions before you take off and having that. Because it is, one of the things I think is really, really smart about that, and buyer-payer can be in that as well in some way. It's a stressful situation. And they bring in humor. Because humor just dissipates the stress for a moment. And so I don't know how you... There's a clown behind the salesperson. But I mean, it's like, that's an interesting thing to explore is how can you bring in appropriate humor? into the thing and make it fun. Make it just fun. Humor's good. And I would say that, you know, out of a hundred people, there would be a percentage that would be annoyed by the humor and there would be another percentage that like it. But the, but I would say when I think about the businesses like your Chick-fil-A's and your Southwest Airlines, one of the things that I feel like they do is really do human to human better than most businesses. They see, they make eye contact. They talk to you like a person. They, in your example, they joke around a little bit, but they, you know, more sort of Southwest. They're relatable and they make a connection, right? So this is, you know, Michelle and I show up for all these White Hat Wednesdays and we talk about these things that sound really soft. And so today the effort is to try to help everybody listening, dealers especially, to make the connection between these soft things that we're talking about, we're going to talk about something, you know, of an operational basis, like operational discipline. How do you incorporate these things into your business and have it really show up in value? Well, and it's, I love that what you're the soft, because even they're two completely different industries, those right there, it's fast food, it's, it's flights yet. They, they, It's so easy to see that their business is built upon relation. It's a relational trend. It's not a transactional thing. It's a relational thing. They're building a relationship. And yeah, they're going to sell some chicken sandwiches or some seats on a thing. But you think in your own mind, because you pull yourself out of your own industry. Um, other chicken places that are transactional, other airlines that are transactional and the difference, the fields, the, you know, all of that. Yeah. Yeah. The fields is going to be relevant here. And I think this is the part that we want to break down. And I, we pulled some articles. I just shared the article. All these comments and that's you. Yeah. Yeah. I, so I just shared and I was, uh, I didn't want to forget. And so I'm going to share another one. Now, these are articles that we actually, um, you know, sourced in doing our research for this subject. And so I would say some great ones. Yeah. Yeah. And I hope these will translate because I'm leaving the UTM tail on the URL. So we'll see. Yeah. And you've got it up chat. Yeah. Yeah. Yeah. I think that's just the UTM. That's just the source of the article. So the link rather. So hopefully it works. And if not, we'll find another one. But otherwise, just know that these articles are some of the ones that we researched in looking at brand loyalty. One of the first things I really want to dig into is this idea of Trust as a risk-reducing moat. Okay. I love the word moat. And I actually heard it used in a business term. Maybe I'm just, I don't know if others have heard it in this way, but in a meeting we had recently. And they were talking about things that people look at for a moat for investing. Right. And it's like a moat. What does that mean? And so. Yeah. So, you know, if I have a business and it's determined that I have a moat, that just means I have. protection to some degree from competition because I have some unique elements that others have called a defensible defensible position okay so it's like that's that's where trust so this is where dealers we can get good at this soft part then it can start to show up in some really hard numbers and that we'll make that case here momentarily, but just when we think about establishing trust with the consumer, we know that that translates into several different benefits for us, right? We also know that the appetite for large businesses businesses, people that have investable money is social good. Yeah, for sure. We're going to talk about that. It's becoming more and more and more something that is part of the conversation. It's becoming more provable, too, statistically. So this is something we'll get to. And I think so let's talk about so that there's a moat element, obviously. So with trust. So what can happen with trust if we if we have trust as a moat? What does that let us do? It means if they trust me, Michelle, and they don't trust you, we have the same product. They'll they'll pay me more for the same product and they'll pay you because they trust me. OK, so this is one example of strong data. Customer loyalty. They're going to be more loyal to doing business with me because they trust me. So I'm going to win them. I'm going to keep them longer because of the trust factor. So again, soft things to talk about that have very real results on the bottom line. So we got to get comfortable, you know, covering those things. And, you know, part of this too, like this risk reducing moat and, you know, the, the, uh, Every buy here, pay here has difficult moments, probably like it can be every day that you've got a difficult moment. And so leaning into the soft spaces of your business makes those things cushioned. It cushions everything in your business. Because you're still going to have to make the hard decisions. You're still going to have to have the hard conversations. But when you have that kind of cushioning, when you have that kind of moat, there's less sharp edges to bump up against. Good point. Okay, so let's talk about White Hat. uh, the way out version of operational discipline. Let's break this down a little bit. So operational discipline for me means actually building into the business routinely, the discipline that would help to instill these values, traits, characteristics that are less tangible. So you use the example of Southwest Airlines. Think about how do those, they just hire friendly people. I'm sure they have a very good process for selecting people who will be a good fit for their team and their culture, which is a big word, but an important word. And then I think the idea here though is that from a training standpoint, you hire somebody who meets the profile and they fit your culture from a personality standpoint. Now, how do we train to make sure that we maintain a degree of operational discipline? So, you know, the airline example is, and Chick-fil-A would be similar. Like Chick-fil-A is really well known for their processes, right? Oh my gosh. Dialed in. Dialed in. But think not so much about how the, chicken goes in the fryer and gets on a plate. Think more about the customer interaction element. That is the Chick-fil-A process, the operational discipline, the touch points for the customer. Okay. It's to me, that's such a great example of like, as is anyone that wanted to come in and buy a Chick-fil-A franchise, they already know that, that, People that show up there, I mean, it's like they've had a good experience. Yeah, because the operational structure, the discipline, part of their training is this whole, how do you interact with the customer? How do you engage with them? How do you make them feel? Because Chick-fil-A has its own training. It's like, it's a training thing. It's not like on the job training. They have a training course about the brand and about what that brand means. And that those, those, um, typically, you know, we see it's like it's young high school students that are there. What a great way for those young people to learn. how to make eye contact, how to say thank you, how to say my pleasure, how to engage with the sofa. It's an operational thing. of the training of any new people that these trainees, they hire them because of how they've got a good personality, it looks like it's going to be a good culture fit. They still go through training about this. what we, this is our brand and this is what you represent. And this is, it's important that you, that you represent this with honor and integrity. So here's a quick aside. You heard, um, and we had, uh, one of our pick six conversations was with dealer Jeff Owings out of Arlington, Texas. And Jeff's been fourty plus years in the business. And he talked about, I'm not the person who work in collections procedurally. But he says, I can definitely speak to philosophy. And he shared that he's had the same philosophy since about nineteen eighty five, which means. You you have consistency across all those years of keeping the same philosophy, so now the question becomes for me and his example and others. is how much of what is there and it doesn't matter you know we can drop the example about jeff it's like the the question becomes in any scenario let's make it about me i have a business that i have a philosophy and i'm considering selling the business to you So what we want to talk about is how much of what I have installed in my business is conveyable. And if you bought the business, how much of it would still be there in six months? My first question is, is where is it written down? Where is it something that anyone in your operation can say this is our overarching goal? belief about interactions with customers and all of that. Because if you know that there is a deeply ingrained philosophy that's running through that has created those repeat, that has created those referrals, that has created this experience and this really healthy That would be, for me, that would be one of the first things that I'd want. It's like, I want to see the warm and fuzzies articulated. Good. I would call that just generally a playbook. And I think this is part of the work that Way is able to embark on on behalf of dealers is to create that sort of material in a way that it's available to everybody in all departments. And so that we're able to have that in writing, especially where our focus would be first. I know they certainly dovetail with the straight lines procedural things. I think our work in a way will be first on philosophy, then on policy that reflects that approach and that philosophy. And so this is the work that we're about and the reason that it becomes important in that way. But I would say one of the things that is also a challenge that I accept is to be able to demonstrate in the coming months and years the real value translation from those efforts okay so being able to document that and we'll talk about this thing called esg in just a minute so um the next one reputation yeah we do reputation brand equity and this is just a you know we can all understand that reputation is certainly amongst those soft um elements that should have an impact again i'm the seller you're the buyer is the reputation of the company going to be is it an asset sale are you just acquiring the assets and reputation matters not one bit or are you acquiring the business and will the reputation of the business be a factor in what you'd be willing to pay for the business i think most of us can say that we're buying the business the reputation would be a factor And keep in mind, I went through a complete overhaul. I've touched on this before, but I went through a complete restructuring of a business years ago that had a terrible reputation. And we went through a complete rebranding, relocated, whole new name change. Personnel was almost completely turned over. Probably by the time I was done, it was a hundred percent turned over. But it was... we had a reputation thing to overcome and it worked. We got past it. We cleaned up the image and it's really just, you know, changed images and changed brands and just kind of did a restart and it worked well. So I can say that, and I can tell you that dealer, the first time he walked into the business, the guy who owned it, he was really, he was a passive investor really in this business. And so he hired me to come in and kind of do this, this turnaround. And I can tell you that the first time he walked into the building, barely just set foot in the front door. He said, now I feel like I have a business that has value. Hadn't even seen, hadn't heard any customer interaction yet. He just, all he could see when he walked in the door is like, now I feel like I have a business that has value. The look and feel alone was something. So now we're getting into reputation of the company though. It's like, how do we, how do we have that spill over into reputation? Right. Then in a way that actually creates value for the brand and for the business itself. So we think we understand that part and we know that, you know, we would want to make sure we had a solid reputation. I think most dealers are doing that. It's just that a lot of dealers could use some help in figuring out how to do that better. Yeah. You know, one of the things that I, I, I see when going through and perusing reviews, is they work with you. And a lot of our customer base know that they hit hard things. And so to know that they're working with someone who will work with them. And working with you doesn't mean you're giving away the farm. It just means we can be flexible, but the end goal, that end goal target is the same. We just may have to run defense this side or whatever. I'm like tackling. I know, right? thank you for talking in sports language that I can understand. That's so kind of you to simplify for me. So I appreciate that. So here's something I want to share. We can maybe do it like this. And this is just an article that one of the ones that I linked and it's, um, I got to find the thing to make sure I remember exactly which company I looked at several this morning, but this is an article that is available again in the links that I shared already. So you could probably find it where you're picking up the broadcast. And if not, please reach out to me, Jim at White Hat Way, and I'll get you a copy of it. But this is one of the ones that I referred to. And one of the things that they touched on, Michelle, in this was this idea of the six foundational elements of trust. You and I talked about those this morning. And I can say that, You know, I can add a couple more to these. The six foundational elements for them was, and this is based on a lot of data. They went out and did research, not in our industry. Yeah, this is like business in general. That's right. And yeah, and I'm like going... Yeah, no, it is part of what we do. It's just what, so those not seeing the screen, the six key dimensions that contribute to brand trust specifically are dependability of the brand. What does dependability mean? It means that it's going to perform consistently. It's consistent. Right. Then the next one would be transparency. How, how, how transparent are we in showing how we do business? All the, all the things that were transparency would show up and look like pricing approach, whatever it might be. So these are all ways that we can earn a brand trust. The next one is integrity. I think most of us understand what they're going for their customer first. So this is something we talk about customer minded approach. Do you, do you show, Cause this is a really good place to illustrate where dealers lose trust. Unfortunately they, you know, they don't show that their customer first well enough. Sometimes they may mean to, but they don't show it very well. And so this is one of the elements. The next one is responsiveness. oh that's a big one and we were talking about that this morning yeah i think one thing i would insert in there is the the analogy for me on this one's always around the idea of service and as a dealer i never um well i take that back that dealership that i referred to that had turned around we actually had a shop in there we did some customer work there so it did come into play there but even before that when i was doing customer work at outside repair shops It was always my challenge to myself and to my team that we, when we had a customer's car in for service, that we would reach out to them before they reached out to us. Okay. is something that I think you should repeat because that's kind of proactive instead of being responsive and calling the customer back when they call us. I think one of the ways that we can really earn trust with a customer is not listed here because this is really about brand trust. But I think it's a missed opportunity here is that when we can proactively communicate so that the customer, what happens when I pick up the phone and call you because your car is in service and I call you at eight thirty in the morning and say, hey, just a quick update. We still hope to have the car out today. They got the parts in. I'm giving you an update. What that really says to you, I hope, is that I'm thinking of you even when you're not here. Oh, absolutely. Right. Absolutely. Not just because you're on the phone asking, is your car ready? Yeah. Yeah. And you know, I would, I, and this is one of the, one of the one of the, the positions or whatever in a dealership that I think that most dealerships would benefit from as a customer advocate. And this is a great thing that a customer advocate could do in your business. It's like, because you, you know, you think about, You know, call first thing in the morning and then, um, you know, if it's still not done or something has come up, you're calling in the afternoon and it's still not ready. They're calling again at night. yeah um at the end of the day it's like you know we thank you so much for your patience um we hit a couple of snags um it's not going to be ready until you know that we found something else that but having if if you can get in a and i mean there are some really really really big operations where they might have you know, fifty cars that are all getting worked on at the same time, but usually it's not. Usually it's, you know, ten to twenty, maybe. Yeah, but whether it's two or two hundred, the idea is the same in that we really want to, because I think that's scale right we either want to be able to have this build this brand trust with two customers or two hundred customers and so that means having a system that allows us to do that ideally it's more personal touch but if it's a quick crm that sends a text message in the morning gives a quick status report that's better than nothing oh absolutely right it's something and imagine that the the the power of your brand when your reviews will say things like they communicate really well yeah you know that they that it's like they'll they'll they'll let you know what's happening um and because that is a that's a that's a thorn with a lot of people is, you know, it's like you've had my car for two days. I haven't had work. Yeah. Yeah, for sure. And they don't want to have to call. They're frustrated. And they do find they have to call. They're irritated on the phone. And we shouldn't be surprised that they're kind of irritated. They had to call and check on their car because it's supposed to been ready yesterday. So it's like this is just part of the it's a to me, it's a big trust building thing. And this is a trust deposit that I can make with a customer because, again, it says I'm thinking about you. It says I'm working on your car, even though you're not standing right in front of me, working on your behalf. Well, and yes, and even if you're outsourcing those things to be taken care of, but they're coming through you and it's not the customer having. But even if you're outsourcing, it's like make a phone call to the shop that that that I call and talk to them because it's also, you're going to gain a lot of positive check marks with your shop that you're, that you're subcontracting workout to if, if they're not getting phone calls because you've already, you've already done it. If somebody has the cartoon strip out there, I would love to have it for the future conversation. So there's an old cartoon strip that I love that where the, the, the, like the service advisor or the shop owner is on the phone with a customer. and says, yes, your car should be ready soon. I have my best guy on it. And out the window, you can see that he's got one of the Texas sitting on the car, eating his lunch. Like, you know, I got my best guy on it. So, you know, it's like, just because we, we, we make promises that aren't necessarily don't satisfy the thing, but the last one is relevance. And I didn't get a chance to dig into that on their article to find out what, where they're saying that relevance is. builds trust in a brand. I can't say here, but again, I shared the article so folks can go over and find that. But let's move on to this last one, which is about LSG or ESG, rather. So it's ESG as a measurable asset class. So I was not familiar with ESG. I think I was familiar with the concept, but I didn't know it as that label once I got in to read it. So let me share this, because I think rather than me butcher the definition, let me just read the actual definition. Let's put it on the screen. You want to read that? ESG metrics, environmental, social and governance. Begin gaining traction in this ESG metrics and gaining traction in the early two thousands when major institutional investors started recognizing that a company's long term performance wasn't determined by financials alone, but also how responsibly and transparently it operated. At first, ESG was viewed as a soft, qualitative concept with no standardized measurements and plenty of skepticism. But as data accumulated, patterns became undeniable. Companies with stronger ESG practices consistently showed lower risk better stability, higher employee retention, fewer regulatory issues, ding, ding, ding, and ultimately superior long-term returns. By the mid-twenty tens, ESG evolved from a niche idea to a mainstream investment framework with global funds tracking ESG performance and rewarding companies that provided or proved that they were trustworthy, well-governed, and community minded. In short, what began as theory became a recognized value driver. I think that's so on point for what we're talking about here, because what that says is globally, big companies were able to substantiate investors over time, were able to say this entity that I'm investing in has less risk. it's um from certainly from a regulatory standpoint and i would say that part of the reason they have less risk is because they're customer minded right that part that it finished with but i think the part that's most significant is it became measurable it translated into actual roi long term and so this is um reason enough you know to make those kind of investments so i think it's just how can we create it how can we install it operationally and so that's obviously the work that we um you know that i accept the the uh the challenge of helping dealers to install that you know in their businesses and to uh to make that part of their their operation in a way that will translate into some real value and and even if it's you could say that even if it didn't translate into a dollar value in terms of net worth or net value of the business. If it made somebody willing to buy it, instead of just an asset sale right whatever the value is like if it if it makes it marketable and conveyable then that becomes something and now the question becomes it won't become marketable unless to your point unless there's a playbook that makes it repeatable okay yeah so that you can't you can't buy the business and expect the same results in six months or six years unless you have this playbook and can replicate that and follow. So operational discipline, got to start to take the steps to build it into the training, build it into the, especially thinking about the touch points, the customer touch points would be where I would want to start on the White Hat wayside. But there will be other elements, of course, that can be introduced. But I think that's really where I would be recommending that we dig in on the customer touch points. Yeah. Yeah. I, I, um, I love how that the article that you, um, or the definition, excuse me, um, that it was kind of like woo woo at first, you know, it's like, ah, but as, as the data started coming in on that, that it now has become a major point to investment. Um, because, um, and I, and I'll, Iterate again, we have an opportunity here of if more and more investors banks all of i mean we've had conversations with some of the big like the banks that supply money to capital providers in our space and when you start talking about um social good of doing something that is like helping it's not just selling a product but you're helping people along the way that is becoming more and more Um, something that is, it's, it's, uh, it's becoming a bigger slice of what, what a determining factor is for where they're going to place money. And, and it's because there, and yeah, there's, there's going to be places out there that they're all straight line. They're all straight line. It's all ROI, your balance sheet, your whatever, all of that. But it is a rising tide of businesses that are doing that. And so we're seeing usually you see when there's like new things that are coming out that are going to help business altogether. The big ones are the first ones to adopt. And then it just, it filters its way down to the smaller and the smaller and the smaller, because if they don't adopt, they're going to be left in the dust. And, and this is one of the things I love about what it is that you've done is that we're starting from the bottom too. And we're working our way towards the, it's like this, this is something that is about all business and all customer. Yeah. Yeah, for sure. Yeah. Yeah. I think, you know, in, in closing, I think what we could say is that I, I view that these things that we're talking about intangible though, they may seem to many, they can absolutely impact bottom line. They absolutely can impact marketability and actual value of the business and We just feel good about our business as we conduct business. And your team gets to as well. Right. Because, you know, I don't think I've ever seen a really grumpy an unhappy person that chick-fil-a around southwest i'm just i mean the people that are there they're just they're like you know they have their tools and they have their sure you know all of that and it's just your team it's like your culture it's yeah it's an important part um and it's uh yeah okay i thought you silenced i thought i did in fact i think i did this is an exception all right everybody thank you so much for joining us today we really appreciate it um for White Hat Wednesday. We'll be back again on Friday. And just hoping you all are enjoying this season. And yeah, we'll just see you guys back here on Friday. Have a great day, everybody. We'll see you all later.
