Phil Whitman of Whitman Enterprise Advisors provides a primer on what the entry of PE cash into the accounting career means for corporations.
Transcription:
Dan Hood: (00:03)
Welcome to On the Air with Accounting At present. I am editor in chief Dan Hood. , one of many extra attention-grabbing developments prior to now couple years has been the entry of personal fairness into the accounting area, with PE corporations taking stakes and creating ventures with main accounting corporations like EisnerAmper, Citrin Cooperman, Schellman & Co., Warren Averett, and lots of extra. Right here to speak about all that, and what it means, is Phil Whitman, the president and CEO of Whitman Transition Advisors. Phil, thanks for becoming a member of us.
Phil Whitman: (00:24)
It is my pleasure to be right here with you, Dan. Thanks.
Dan Hood: (00:28)
All proper. Properly, I am glad to have you ever right here, notably as a result of this can be a matter that is comparatively new and I feel lots of people are enthusiastic about it, however do not essentially know so much about it. I do not, I do know I do not. So I’ve acquired plenty of questions I am gonna begin with, why do you assume personal fairness is stepping into accounting? What attracts them to the sector?
Phil Whitman: (00:44)
Yeah, positive. Thanks, Dan. So, public accounting has usually been very recession proof. , there is a recurring income mannequin that annuity enterprise in tax and audit, and that is very engaging to those personal fairness of us with the appearance of, uh, including enterprise advisory companies and the flexibility to cross-sell different companies, personal fairness usually makes investments in lots of various kinds of companies. So that they have the flexibility look, the trusted advisor. If he has a possibility to promote one thing to a non-attest consumer, there is a 80% probability that these purchasers are gonna purchase from the CPA corporations. So to the extent that PE has different enterprise service fashions, whether or not it’s in expertise cybersecurity or the rest, uh, there is a great alternative for them to actually have a, uh, an exponential improve in income or pockets share per consumer. There’s numerous dry powder on the market, you understand, with the inventory market, being at an all time, you understand, bull market.
Phil Whitman: (01:59)
Uh, I do know now we’re beginning to see, uh, uh, the decline that everybody’s been chatting about. Folks have been a, uh, considerably fearful of continuous to speculate available in the market. So all these household places of work, uh, have numerous, uh, cash that they’ve in personal fairness is on the lookout for recurring income companies. However I feel one of many true elements is public accounting. There is a low value of entry. And what I imply by that is so not like most different companies in a typical CPA agency, M and a transaction corporations have at all times been valued based mostly upon gross income, you understand, and for the previous eight or so, uh, or truly since 2008, uh, we’ve got hardly seen multiples better than one instances gross income. So typical CPA agency to CPA agency deal, probably not what within the personal fairness enviornment they name EBIDA. So in a typical transaction for personal fairness, they’d take a look at EBIDA and they’d pay a a number of of EBIDA.
Phil Whitman: (03:23)
So, um, whenever you come to what I might name a normalized EBIDA for a CPA agency, you usually would say, okay, Mr. CPA agency associate, that is making half one million {dollars} a 12 months. The fact is we in all probability may, if the recruiting enviornment weren’t so difficult, discover a younger senior supervisor or director to do your work for $250,00Zero a 12 months. And the rationale you make 500,00Zero is the opposite 250,00Zero is a distribution of income since you’re an proprietor within the enterprise. So, you understand, if we did that and we went throughout a associate group and type of stated, okay, that is revenue, and that is compensation. We might create a man-made EBIDA. And usually, should you checked out that a number of of 1 instances gross income, you’d in all probability have a a number of of EBIDA. And all of it relies upon upon the scale of the agency and the extent of compensation of in all probability someplace between 5, uh, to seven instances a EBIDA.
Phil Whitman: (04:43)
We not too long ago launched a pal of ours to a non-public fairness group that offers with insurance coverage companies. And this gentleman had a backside line of half, one million {dollars}. He truly ended up doing a take care of personal fairness as a result of they paid him 10 instances EBIDA they wrote him a verify for five million. He by no means thought his enterprise was value that a lot cash. And we have been listening to about multiples in some industries into the kids, double digits now in public accounting, as I stated, that a number of is considerably decrease. And I feel personal fairness sees that as an amazing alternative to get entangled in a enterprise. As I’ve stated, that is recession proof has the flexibility to cross promote and generate income from different companies. And I, I, I simply assume it is an incredible alternative for each PE and the CPA corporations,
Dan Hood: (06:00)
Proper? Properly, that definitely, yeah, it is sensible proper there, uh, it is a recurring income, uh, regular money movement after which potential upside with cross promoting. After which, uh, additionally comparatively cheap in comparison with a few of the different issues they is perhaps , uh, it, however I want to, and it, that makes plenty of sense on their viewpoint. You talked about somewhat bit clearly about why it is perhaps engaging to accountants, however I might wish to possibly speak somewhat bit, dive somewhat bit extra into that, you understand, what are, what are corporations hoping to get out of those offers apart from clearly one thing higher than a a number of of 1?
Phil Whitman: (06:25)
Yeah. So, you understand what we discover, and, and Dan, you understand, prior to now, you and I did a podcast, uh, that we referred to as the fearful mindset and in public accounting, there’s a fearful mindset. There are a number of very entrepreneurial corporations or early adopters, however we even have the copycat syndrome. And, you understand, years in the past, it was very onerous to get of us to the M and a desk. There was concern that somebody would see them out in a restaurant having breakfast, lunch or dinner and rumors would unfold. And, oh, God forbid, somebody ought to assume I am planning on merging up into one other agency so that there have been these fears. And whereas I do imagine there are a lot of corporations which might be personal fairness and exploring, you understand, as a result of now that they’ve seen handful of different corporations do it, they wanna know what that is all about.
Phil Whitman: (07:23)
So this is my evaluation of what corporations are hoping to get out of those offers. Primary, they get to take some chips off the desk whereas nonetheless having a capability to earn an amazing dwelling. Okay. So in a number of of the offers that you just mentioned, it is pretty widespread information that most of the fairness companions within the corporations obtain their retirement profit, or as an example seven determine checks. Okay. They, in a single case, one of many corporations, you understand, the price of getting that seven determine verify, and possibly it is some type of current worth calculation. You’ll be able to rationalize the fairness associate group skilled a lower in compensation. Okay. So if a associate possibly was making, you understand, one million {dollars} a 12 months, possibly he is making $750,00Zero a 12 months, and these usually are not actual numbers, however, uh, you understand, each deal is totally different. It is my understanding in one of many transactions, the management workforce within the agency took the hit and not one of the companions skilled a lower in compensation.
Phil Whitman: (08:44)
So, primary, if I have been to present you a verify in the present day, Dan, a seven determine verify, and you possibly can proceed doing what you have been doing, and whether or not you make somewhat bit much less or there isn’t any change, would you not elevate your hand and say, I will go for that deal. So taking some chips off the desk, so quantity two, having a capitalization associate. So think about this, you now have a really giant checkbook behind you. You may have a capability to compete within the M and a enviornment and increasingly corporations are coming to the desk with money entrance. And it is a very totally different recreation in the present day. And we communicate with corporations day by day and really regularly, we at the moment are listening to properly, I do know what that backend deal is like, however I have been listening to about plenty of money entrance alternatives. Are you able to share them with me? So now management workforce has the flexibility to return to the desk with a quote suitcase full of money.
Phil Whitman: (09:59)
And money is a motivator with that further capitalization. You’ll be able to pay your employees better salaries. You’ll be able to rent the most effective and brightest. And there’s an unbelievable struggle for expertise. I imply, that is in all probability the largest problem our profess is dealing with. It’s worse than it has ever been. I feel with that suitcase full of money corporations will even have the ability to additional put money into bleeding edge expertise that can assist them be extra environment friendly. And they’re going to haven’t solely the flexibility to return to the desk and put money entrance for CPA corporations, however they will have the ability to purchase different advisory service companies. And we usually say, you may construct it, which could be very gradual, or you should buy it, which is you are instantaneously in enterprise. So I, I, I feel there are plenty of compelling causes that corporations are partnering with personal fairness. , you get that capitalization, you could have a pleasant verify and, and the fact is the standard backend M and a deal you might be relying upon the longer term generations. , it is nearly a Ponzi scheme, a home of playing cards that, you understand, the, the cash hasn’t been put aside and something can occur.
Dan Hood: (11:42)
Certain. Yeah. So it is attention-grabbing. I imply, I feel lots of people checked out it and stated, oh, possibly it is simply, it is purely a retirement subject. However as you talked about, it is, that is definitely that it is getting some chips off the desk it is, uh, serving to with the retirement points, succession points. Uh, nevertheless it’s additionally for, like I stated, for some corporations it is offering, you understand, a struggle chest for whether or not it is expertise or, uh, M and a, and increasingly M a appears to contain non-accounting corporations and so they have totally different expectations about money up entrance and all that type of stuff. Uh, it is attention-grabbing. Trigger you talked about, uh, there was a time the place folks have been nearly embarrassed to be seen, as you stated, speaking a couple of, a possible merger and these days mergers are in all places. They’re, they’re all over and have been for, for fairly a while. Do you see an identical factor taking place with, with personal fairness or reaches a degree the place it is simply, it is tremendous widespread and nobody even thinks twice about it as a result of it occurs so much or, or possibly a distinct approach to put it’s how large do you assume that is gonna get? Uh, you talked about there’s plenty of dry powder on the market. Will we, uh, can we anticipate to see plenty of corporations stepping into these sorts of offers?
Phil Whitman: (12:36)
In order that’s an amazing query, Dan and we’re already seeing it. I might wish to name this the personal fairness invasion. So with rock and roll, it was the British invasion. , the Beatles and the rolling stones. That is going to be large. We at Whitman transition advisors are in discussions with seven personal fairness corporations and we have arrange conferences for 3 of them. To this point with hundred plus million greenback corporations. Certainly one of these personal fairness purchasers is trying to write a, a minimal verify for 100 million to 300 million. Wow. So that you assume, okay, that, that basically the fact is that if she stated, properly, you, in that case, you could be at the very least 100 million agency. That is good for possibly 40 corporations. So why am I even listening to this? However wait a minute, let’s again up. This isn’t only for giant corporations.
Phil Whitman: (13:41)
We have now personal fairness teams that aren’t gonna search for a 3 to 5 12 months liquidity occasion. They are going to be lengthy holders and are prepared to make minority curiosity investments in corporations as small as 10 million. We have now not too long ago. Now I, I, I feel it is germane to this dialog to share that, you understand, we’ve got a number of various kinds of alternate follow constructions. , clearly we’ve got CBIS a publicly traded firm, and clearly there have been a number of others that have been in after which, you understand, clearly are not publicly, uh, traded. There was the, you understand, H R block RSM, um, a glad, you understand, they purchased themselves again. However in any occasion, we at the moment are seeing potential specs within the public accounting enviornment. We have now corporations that wish to purchase clear New York inventory alternate or NASDAQ public shells. And we’ve got one publicly traded firm that may be a, uh, Berkshire Hathaway type, you understand, Warren buffet, investor kind group that’s now trying to enter the general public accounting enviornment. Clearly we’ve got wealth administration as patrons of tax practices. I imply, we’re, uh, actually at, at, at a, a degree the place I feel there are such a lot of elements which might be converging, which might be making folks say public accounting is a recreation that I actually wish to be in.
Dan Hood: (15:35)
Very cool. All proper. I wanna dive much more into this. You talks somewhat bit about, uh, uh, the sizes of corporations that may get into it. I wanna dive somewhat bit extra into that and the way a few of these offers are structured, however we’re gonna take a fast break. All proper. And we’re again with Phil Whitman of Whitman transition advisors, and we’re speaking in regards to the, the PE invasion. What’s, we’re gonna name it the PE invasion to, as you, you talked about the, the British invasion of the sixties, we’ll name it the PE invasion, uh, into, into public accounting. You talked in regards to the, the, uh, the potential giant scale curiosity from all types of pots of cash, uh, enthusiastic about coming into the general public accounting enviornment. Let’s speak somewhat bit extra in regards to the, once more in regards to the, the accountants themselves. Uh, you stated, you understand, it is not only for giant corporations, it may be for small corporations as properly, however are there explicit varieties of corporations that these offers make sense for that, you understand, a sort of corporations no matter measurement, whether or not it is sensible, you talked about a few of them trying to make large investments in expertise or to, to trying to be a struggle chest for M and a, is that the sort of agency that ought to actually be pursuing these offers?
Phil Whitman: (16:32)
So, so I feel there are a lot of various factors. Um, a lot of the personal fairness corporations that we have engaged with are on the lookout for corporations with much less a take a look at. So audit comps and critiques, as a result of once more, you understand, non CPA agency possession of CPA corporations, uh, there are a number of states that do not permit it. And there are a lot of states that so long as it is a majority of CPAs, however what we’re speaking about right here is clearly taking a agency and turning it into an alternate construction follow. So finally they will do a take care of a agency that, you understand, has the, a take a look at perform. I imply, clearly take a look at ciran Cooperman and Eisner APER, uh, however most of them are saying much less audit, much less, uh, a take a look at work is best. So excessive consulting, plenty of tax work, I feel corporations with, uh, succession points. This makes plenty of sense for, and, you understand, we’re working with one agency proper now, very profitable agency.
Phil Whitman: (17:37)
They’ve younger companions, they’ve an, you understand, in order that they have the yesterday’s technology and so they have tomorrow’s technology. And I feel most personal fairness corporations usually are not gonna wanna look in a agency that, you understand, in three to 5 years, all of senior management is gonna be gone. I feel they, they need a pleasant mix the place, you understand, you have acquired youthful companions in addition to older companions. Um, they do not simply desire a, uh, a succession play, however they do clearly, uh, wish to interact with corporations that the place senior management possibly does not have the arrogance in, uh, the youthful guys. And, you understand, should you may triple guarantee and go from a, a, I do not imply this in a derogatory vogue, however nearly like a junk bond to a AAA rated bond, you understand, uh, personal fairness, uh, or a few of these alternate, uh, alternatives will allow that.
Phil Whitman: (18:31)
, clearly there are corporations which have, uh, money movement points. CPA corporations usually usually are not very properly capitalized. , the homeowners of the enterprise usually, uh, on the finish of their calendar or fiscal 12 months, just about suck out, uh, each greenback, you understand, and, uh, you understand, it is, it is, it is, it is a, uh, professional like {most professional} service, uh, companies, you understand, there isn’t any stock. Uh, you would possibly say the stock is you get up day by day and you’ve got 8, 10, 12, 14, 16 wonderful hours to work. However we do see corporations that as a result of they do not go away some huge cash within the enterprise, it is painful to make the investments, uh, look, what’s been taking place within the expertise enviornment. , have corporations been capable of sustain with price will increase to the extent that they’ve needed to improve compensation. I heard a narrative, uh, simply, uh, yesterday the place our one agency employed a tax supervisor, uh, at 140,000, he had been making like 100, 10,00Zero at his smaller agency.
Phil Whitman: (19:38)
And after the busy season, his previous agency referred to as him again and so they provided to pay him 210,00Zero and convey him again as a associate. Whoa, how will you, how will you go? So right here was a man, he was making 110,00Zero and fewer than a 12 months later, he is gonna make 210,00Zero and be a associate, be a associate and be a associate. So, okay. Your value of supply. Now, in that individual case, clearly they’ve companions which might be retiring, however succession, uh, is definitely a difficulty and might the smaller corporations take care of, okay, I actually wish to hold that man, I am paying him 140. Can I pay him two 10? No. They provided the man 175, however the place did he go? He went again to his previous agency. So, you understand, corporations a, a, once more, having that struggle chest. And I feel additionally that is actually good for a agency, whether or not you could have a youthful managing associate or an older managing associate corporations that wanna double triple or quadruple in measurement folks which might be keen about this enterprise. And I feel it makes plenty of sense, you understand, in, in a single explicit case, you understand, we’re working with a really giant agency that senior management is because of retire in a pair years. Properly, this agency probably may take a minority funding by personal fairness and personal fairness steps in, and now, okay, now we do not have to pay out senior management that may personal 50, 60% or extra of the agency. Yep.
Dan Hood: (21:06)
It is attention-grabbing. , one of many issues that is attention-grabbing to me is that as corporations take a look at this, that in all probability a few of the issues they want to remember are the identical issues they should bear thoughts in the event that they’re fascinated with them, placing themselves on the M and a market, which is when you have deep flaws in, in your agency construction or your succession construction or one thing like that, that is gonna make you your, should you’re trying to M and a, or to PE to resolve these issues, these are precisely the issues that will make M and a, or, or M a candidates or PE corporations take a look at you go, I am not as enthusiastic about you. Um, you understand, if you do not have the brand new companies, if you do not have the expertise in place, is that, is that, does that appear affordable to you? The notion that, uh, the issues that may make you unattractive as an M a candidate would, would additionally make you unattractive for PE?
Phil Whitman: (21:44)
Sure. And I feel finally all these elements will play within the valuation of the agency. I imply, there might be many corporations that PE will stroll away from as a result of clearly there are significantly better, um, companions for them to, uh, get married to.
Dan Hood: (22:03)
Glorious. All proper. Um, you talked about, uh, the choice follow construction that I feel most of us know principally from, from, uh, CB as in, uh, Y proper, the place they break up up the non-attest and a take a look at. We’re seeing a few of that with, uh, the corporations which might be making offers with PE. We have seen it with the, uh, Citrix recruitment and Shelman and co and a few of these the place they, they’ve provide you with new constructions for the way the agency is, is organized. Are, are, is there a typical deal? Truly, possibly it is two factors. It is common agency construction that emerges from these offers. Uh, and is there a typical deal construction for them?
Phil Whitman: (22:32)
So, you understand, we’ve got firsthand expertise. Um, we have been lucky to shut a, uh, transaction with Eisner APER. We’re working with CI Cooperman on one other, uh, transaction. So we do have firsthand information of what a transaction appears to be like like from the angle of not the foundational agency rolling in, you understand, however a agency that is rolling in. And what we’ve got seen are very, very comparable fashions. , they may name, you understand, clearly one of many, one of many magnets I feel is, and you will have heard of the proverbial second chunk on the apple, and I have not talked about this in any respect, however so when personal fairness, as an example, for instance, Eisner APER, you understand, they have been roughly, uh, half a billion in income once they did this transaction, they have been doing an outstanding job of, with their personal fairness associate, TowerBrook of merging in corporations in a number of geographies.
Phil Whitman: (23:45)
My understanding is, um, we’re about to listen to of one other transaction comparatively quickly, uh, sizable transaction. However what I might say is that the second chunk on the apple is when personal fairness determines it is time for a liquidity occasion. And that is perhaps when Eisner APER or ciran Cooperman get to a billion in income, or it is perhaps a timing issue. It is perhaps the place are we three to 5 years from now, and we have invested, and now it is time to, you understand, monetize that funding. So the second chunk on the apple is okay, so, and the massive query everybody has is who’s personal fairness gonna promote to once they have that liquidity occasion? And it is our perception that it’ll both be one other personal fairness agency that is doing the identical factor, and large will turn out to be larger, or fairly gigantic. It might be one other CPA agency, or it could be one other get together that is completely uninvolved within the enterprise of public accounting.
Phil Whitman: (24:57)
It is perhaps a California pension board. It is perhaps a T a craft. It is perhaps somebody that simply needs this recurring income mannequin. That is gonna present them with a pleasant conservative return on the funding, however for the companions and the employees of the agency, which means they’re gonna get one other verify and the way are they gonna get one other verify? Properly, regardless what you name it, I imagine when every of those offers have been structured, one of many magic factors was the companions within the agency, the fairness companions had a possibility to get inventory. Possibly it was Phantom inventory within the personal fairness firm {that a} information deal might have been valued at $1. And the wager is that once they do that transaction, it is now value two, three, or in some circumstances, even $4. So quadrupling, you understand, and, and every associate clearly acquired a certain quantity of them, and there are alternatives that they may get extra of them and so they worth them each quarter.
Phil Whitman: (26:12)
And so that is, you understand, type of, um, you understand, utilizing inventory as a forex, though not, not, not publicly traded inventory. In order that second chunk of the apple, uh, and in some circumstances for actually, uh, the, the youthful associate group or up and comers within the agency that might be future companions. A few of them might be getting first bites on the apple, however we imagine that there might be, um, the present youthful associate group that may actually have a third chunk on the apple. So we, we, we’ve got, uh, an actual wealth constructing proposition or not. We personal fairness does and, uh, I feel it is, uh, just like the Beatles. Uh, it is, it is, it is a sensation and we’re gonna proceed seeing extra. So I do not know if I answered your query, however I feel from a deal construction we have been seeing very, very comparable, you understand, little variations. I do imagine we’re gonna see further tweaks to the mannequin, and there might be some offers on the market that can finally, due to these tweaks be, uh, extra engaging than, um, than a few of the earlier ones.
Dan Hood: (27:28)
Proper. Properly, it is, it is fascinating. Uh, you understand, you say that second and third chunk of the app was, sounds notably thrilling for, for probably the companions who is perhaps concerned in that I may see whether or not I might be tremendous enthusiastic about it. I will not be seeing any cash from that. So I am trying truly, what I discover somewhat extra attention-grabbing is is that notion of, you understand, uh, who owns corporations after that, you open it as much as this potential, you talked about, uh, uh, giant pension funds, that sort of factor, you understand, the place, the place accounting corporations turn out to be a spot, a secure place for folks to park cash, the place they know it will get, you understand, a pleasant, say, a pleasant conservative funding, common money movement. That is an enchanting concept. And, and actually one which takes you two or three steps past, I feel, what anyone is considering for the time being when they give thought to PE, they consider it as very what we’re seeing in the present day, however the additional down the street, it may result in some very, very attention-grabbing, uh, uh, developments and a brand new position nearly for, for accounting corporations within the economic system as, as an funding.
Dan Hood: (28:18)
Uh, that is a, that is an enchanting concept.
Phil Whitman: (28:20)
Completely. And, and, and Dan, if I may simply interject yet another factor, as a result of I, I, I do not imagine I’ve addressed this, you understand, going again to that fearful mindset, you understand, usually it is the identical as in a backend deal the place a smaller agency merging into a bigger agency, there is a idea of, oh, now I am gonna need to report back to somebody. So the, the, the, the reply is sure. So, um, Charlie Weinstein, CEO of Eisner advisory group, uh, a pal, a consumer, a colleague I’ve, I’ve recognized him for 20 plus years for the primary time. in all probability in 30 or 40 years, he has a boss, you understand, um, he is reporting to somebody, I am positive he is having an amazing quantity of enjoyable. It’s extremely thrilling for him. Um, however I feel corporations want to consider it, not as really a boss, you are gonna have a associate.
Phil Whitman: (29:24)
You are gonna have somebody that’s gonna be sitting on the desk with you. That has relationships that will, uh, have some tweaks. However I might say except for, of, of possibly the brand new mountain, uh, which is ciran associate and, uh, TowerBrook, which is Eisner ampers associate, what we’ve got seen, uh, and we have been engaged by a number of personal fairness corporations to supply them information of the general public accounting enviornment. So that you really are getting a capitalization associate and never somebody that is aware of a complete hell of so much in regards to the enterprise of public accounting. So I, I, I actually imagine that, you understand, for a protracted whereas the administration and the working of the agency, that is gonna be enterprise as ordinary, once more, simply with another of us, you understand, possibly with belts and suspenders sitting on the desk. So,
Dan Hood: (30:28)
Yeah, I do know it is attention-grabbing. You must say they do not know something about, about accounting. They are not, it is not such as you’re promoting to a different accounting agency the place precise managers and executives will are available and be telling you learn how to do your each day. Um, it is, uh, like I stated, extra of a long run, uh, uh, associate subject, a it is an enchanting space and it is, it actually is simply simply starting. It is solely only a few years previous now we’ll be trying ahead to seeing what, what occurs of it. And Phil must have you ever again regularly to clue us in, on, on the newest developments, uh, any ultimate ideas, uh, uh, earlier than something from one ultimate level, if anybody affirm was this that you just assume they need to keep in mind, uh, earlier than we go.
Phil Whitman: (31:00)
Yeah, completely. And thanks for that, Dan. So I feel one of many issues I might wish to share is that if that is one thing that you just’re fascinated with, there’s now elevated competitors as a result of we’ve got so many extra personal fairness teams, you understand, attempting to woo corporations. Um, you’ll completely get a greater valuation in your agency. In case you are the foundational agency for a non-public fairness, that group that is coming into the sector, communication and schooling is vital. You should, should, should get purchase in out of your associate group. It is my understanding that Joel and Charlie did an incredible job and had, uh, a vote one hundred percent of their companions in favor and never one associate, uh, towards doing the personal fairness transaction. And the very last thing albeit somewhat bit self-serving, though we’ve got a number of, uh, very pleasant advisors rivals on the market, you do want an advisor. The enjoying area has modified. Valuations have modified. And for some it will be a lot decrease for others. Will probably be considerably greater, however this is a chance to not put your head within the sand than be that ostrich, nevertheless it does not value so that you can discover. Um, it is our perception that for the appropriate corporations, this might be an outstanding alternative or just like the Beatles and the rolling stones. Will probably be a phenom right here.
Dan Hood: (32:44)
Glorious. Proper. And as you say, it is why it is value, should you assume, should you assume an M and a deal is sophisticated, uh, this type of factor is, is, is, uh, gonna be far more sophisticated and properly value. As you say, getting a information, getting a Sherpa, somebody with, uh, some information and expertise to information you thru it. Um, so yeah, that is glorious. All proper. Uh, Phil Whitman of, of Whitman transition advisors, thanks a lot for, for approaching and clearing a few of this up for us.
Phil Whitman: (33:06)
Properly, thanks a lot for having me,
Dan Hood: (33:08)
Dan, and thanks all for listening. This episode of on the air was produced by Accounting At present with audio manufacturing, by Kellie Malone. Price us and evaluate us in your favourite podcast platform and see the remainder of our content material on accountingtoday.com. Thanks once more to our visitor. And thanks for listening.