The Value of Organic Outreach During the Sales Process

February 23, 2021

Meet The Speakers

Alexander Avanth

Co-founder and Chief Relations Officer of Alpha Rock Capital

Listen to the podcast

Here’s a glimpse of what you’ll learn:

What will happen in the coming years as competition for private label brands continues to increase?
Alexander Avanth explains what attracted him to the Amazon space
Alexander’s thoughts on how the Amazon marketplace will develop in the next five to 10 years
The first thing Alexander looks at when evaluating a business for sale: customer reviews
What private label brands should invest in to become more attractive to investors
How investors can drive growth through increased spending
What differentiates Alpha Rock Capital from other investment firms, and what are its strategies for long-term success?
Alexander talks about how private label brand owners can optimize their businesses for maximum returns

In this episode…

Thanks to their low barriers to entry and large opportunities for success, private label brands have been a popular option among digital entrepreneurs for years. These Amazon entrepreneurs have worked hard to grow and scale their FBA businesses—usually without the intention of exiting. However, increased interest from investors is changing all that, and many private label sellers are now considering a sale.

Although the Amazon marketplace is evolving, it is still important that FBA aggregators and brokers take the time to learn about the history of a private label business before buying it. These brands are the products of an entrepreneur’s blood, sweat, and tears over a long period of time. Because of this, Alexander Avanth believes in carrying out organic outreach, and he always makes a point to meet sellers where they are.

In this episode of the Buy Box Experts podcast, James Thomson is joined by Alexander Avanth, the Co-founder and Chief Relations Officer at Alpha Rock Capital, to talk about the importance of meeting private label sellers where they are during the sales process. Alexander discusses the value of doing organic outreach, the future of investments in the Amazon space, and the role of FBA aggregators in driving growth for e-commerce businesses. Stay tuned.

Resources Mentioned in this episode

Sponsor for this episode…

Buy Box Experts applies decades of e-commerce experience to successfully manage their clients’ marketplace accounts. The Buy Box account managers specialize in combining an understanding of their clients’ business fundamentals and their in-depth expertise in the Amazon Marketplace.

The team works with marketplace technicians using a system of processes, proprietary software, and extensive channel experience to ensure your Amazon presence captures the opportunity in the marketplace–not only producing greater revenue and profits but also reducing or eliminating your business’ workload.

Buy Box Experts prides itself on being one of the few agencies with an SMB (small to medium-sized business) division and an Enterprise division. Buy Box does not commingle clients among divisions as each has unique needs and requirements for proper account management.

Learn more about Buy Box Experts at BuyBoxExperts.com.

Podcast Episode Transcripts:

Disclaimer: Transcripts were generated automatically and may contain inaccuracies and errors.

Intro 0:09

Welcome to the Buy Box Experts podcast we bring to light the unique opportunities brands face in today’s e commerce world.

James Thomson 0:18

Hi, this is James Thomson from the Buy Box Experts podcast. Today’s episode is part of a special series of interviews that we’ve done to dive deeper into the recent phenomenon of private equity companies and FBA aggregators investing in private label brands that are leveraging the Amazon sales channel. As part of this series, we interview a wide range of investors, brokers, consultants, and entrepreneurs that have recently sold their private label brands. we peel back the layers on what’s happening in this new investment space, and look at how private label brands are finding financial success through the building and eventual sale of their online businesses. For three weeks from mid February through early March, we will release a new episode every weekday on this topic, sit back and enjoy today’s episode.

Hi, I’m James Thomson, one of the hosts of the Buy Box Experts podcast. I’m a partner with Buy Box Experts and the former business head of the selling on Amazon team at Amazon, as well as the first account manager for the Fulfillment by Amazon program. I’ve co authored a couple of books on Amazon including the recent book, Controlling Your Brand in the Age of Amazon. Today’s episode is brought to you by Buy Box Experts. Buy Box Experts takes ambitious brands and makes them unbeatable. When you hire Buy Box Experts you receive the strategy optimization and marketing performance to succeed on Amazon. We also support investors with due diligence services go to buyboxexperts.com to learn more. Before I introduce our guests today, I want to send a big shout out to the team at Disruptive Advertising. For off Amazon advertising, Disruptive Advertising offers the highest level of service in the digital marketing industry focused on driving traffic converting traffic and enterprise analytics. Disruptive helps their clients increase bottom line month after month. Check out disruptiveadvertising.com to learn more. Today, our guest is Alexander Avanth, co-founder and Chief Relations Officer at Alpha Rock Capital, a digital acquisition company. Alpha Rock Capital is an acquirer of FBA or Fulfillment by Amazon businesses with the mission to bundle and build a new generation of digital retail conglomerates. Alexander’s firm provides an easy and fast exit opportunity for Amazon sellers in the $100,000 to $1 million acquisition space. Alexander is a global entrepreneurial Nomad running businesses in the Philippines, Denmark and the US, Alexander, welcome. And thank you for joining us today on the Buy Box Experts podcast.

Alexander Avanth 2:45

Thank you so much for the invitation to be here.

James Thomson 2:49

I want to start by asking you about these FBA private label businesses. They’re a very hot commodity these days. What do you think has happened to generate this recent interest in such businesses that have been around since the start of the Amazon Marketplace nearly 20 years ago?

Alexander Avanth 3:04

It’s a great question. And I think there’s really a lot of different dimensions to it. But but to put it simple, I think we reached a point at which this Amazon marketplaces simply matured enough for these assets, these FBA assets in private labels to be treated as almost some kind of stable or growing called stable asset tradable asset. And this is something that has been almost seen as something that has matured over the last 10, 17 years almost, we’ve gone from almost different generations of sellers being first, because you can call generation one seller that has been a reseller products to someone who has established a private brand, to someone who’s now doing trading of different platforms, not only on Amazon, but on Shopify and Walmart, etc, etc. And this maturity along with the maturity of the Amazon algorithm, weeding out some of the I guess you can call it lesser legal sellers. blackadders Yes, a gamified review, so on so forth, has left off these FDA assets now to be running businesses that can be optimized and that can be traded as is as if it was a brick and mortar business.

James Thomson 4:18

So what do you expect will happen in the next couple of years as the number of FBA aggregators increase? And you’ve got more competition for buying more and more of these private label sellers?

Alexander Avanth 4:29

Yeah, so a number of things will happen. First of all, even though there seems to be almost like a final stage of final form for FBA businesses, I still think that we are only scratching the surface of what Amazon really is. I mean, we’re seeing a steady growth in gross merchandise value. The numbers for 2020 is somewhat the I think it’s around 295 billion US dollars and this number Yeah, it’s it’s a huge number and and This is solely provided by third party sellers. And if you look at the US as a singular market, you know, that’s that’s just one of many we see in India now grow, Europe is expanding. And we have a lot of other markets out there that are slowly maturing up. So the aggregators well, even though a lot of money has been raised in this industry, and it seems to be that the likes of Thras.io, and Perch, and so on, so forth, kind of these dominant players, I think what we’re really gonna see is the market further developing more sellers coming to the platform, and potentially more aggregators coming to the platform. And this symbiosis is going to continue for a good few years.

James Thomson 5:38

So you didn’t grow up as a private label seller in Amazon. So I’m curious to know, what drew you to the space? And what kinds of issues has surprised you the most as you’ve learned more and more about these types of entrepreneurs?

Alexander Avanth 5:51

Yeah, it’s a it’s a great question. And you should say I’m, I’m somewhat of a green Amazon seller. I mean, we were doing, we’re doing well today. But I actually joined out for a capital first, as an investor roughly two years ago, I come from the corporate space, I guess you can call it that I used to build corporate ventures. So helping established businesses grow out into new markets. But I met the my co founders who are running out, and I started seeing the dynamics of these FPGA assets, which as you know, as well are quite unique. I mean, you can, you can basically run an end to end business here, just leveraging the Amazon platform. And you see, you see a steady growth with the Amazon, I guess you can call it the expansion to that contributes to the assets on Amazon. So an organic growth contributed to your FBAs comes from just Amazon doing what Amazon does, which is expanding their logistics, opportunity within different markets, optimizing the delivery processes, so on and so forth. And once I started seeing this opportunity, I realized that well, not only is it that you can operate an asset, you can actually operate multiple assets, and bundling them together, will you start having what looks like a portfolio and and the further you can diversify this portfolio, the more you can diminish the risk, because let’s not kid ourselves, we are, we’re still in the grasp of Mr. vessels, Iron Fist here. So there is a risk associated to being an Amazon just as, as any other kind of business, this is not a certain business at all depends on how you structure yourself,

James Thomson 7:29

as you have met some of these private label sellers, and you’ve gotten to know how they think about building businesses. Those entrepreneurs are probably very different than the types of entrepreneurs you historically I’ve had experience with, to tell me about what you’re learning about how people make businesses happen on Amazon?

Alexander Avanth 7:48

Yeah, I mean, it’s, it’s a great, it’s great meeting Amazon sellers. These individuals who really, you know, they are entrepreneurs, that they’ve built up their businesses, with sweat, blood and tears, some of these people have devoted countless hours into getting the product from A to B, working on their reviews. I mean, it’s To be honest, it’s, it’s something that that I don’t think I could do. And it’s a quite a unique experience sitting down and talking to the sellers and, and learning about how, you know, they don’t come, they didn’t start this business to have an exit, right. But they’ve seen themselves grow almost to a point where they they’re starting asking questions on, you know, maybe I want to do something else, the sellers that we’ve been dealing with everything from a mother, who is raising her two children to a to a teacher, who started his business out of just, you know, a passion project, and now really wants to buy a little house. And I think it sounds it sounds unreal, actually. And you have to really, you have to you have to assume that this is not just a business, this is actually something about quite, how do you say, it’s passion value, right? It’s something that they’ve nursed to a lot of years. And and I think this exchange makes it a lot more humane. When you when you start dealing about the numbers and taking care of the brand and ensuring that this brand grows, etc. That’s that’s quite a unique experience.

James Thomson 9:22

So let me ask you, the the Amazon Marketplace will likely continue to grow. Amazon will continue to tweak its policies, but the desire for better cheaper versions of products continues to drive the Amazon Marketplace. With so much manufacturing capacity available for the average individual to go off and have something built. How do you see consumers becoming entrepreneurs becoming potential companies to acquire How do you see that whole cycle developing over the next five to 10 years.

Alexander Avanth 9:57

It’s definitely getting more competitive. And and it’s becoming more difficult to launch anything in this space, because of the reasons you just mentioned. And I think I think you, you will still see that there are the outliers, right. And that there are individuals who manage to, to focus more on quality, on price for that matter that that pulled through. But it’s, it’s hard for me exactly, to predict how that might turn out. With the expansion of the of the marketplace comes the natural influx of more consumers, more customers to buy the products. And I think, depending on how how we’ll see that, that balance kind of kind of grow, whether they’ll be more sellers to slower growing market of consumers, or whether the consumer market will expand fast faster. I think those dynamics are really the drivers of whether or not you will be successful seller on Amazon. And also whether or not you’ll be a successful aggregator because you rely as an aggregator that these products can grow, you know, what it might be 20% annually, 40% annually, you know, and some of these forces are really dependent on how much demand there is on the platform. And Amazon just launched in Sweden, and and being in Denmark, here we have a, we have a bit more stricter rules into, into how conglomerates I guess you can call it the monopoly players comes in and dominates the supply chain, but it really comes down into can Amazon grow fast enough expanding into new markets, introducing new customer segments, and making sure that there is there’s a demand and supply equilibrium? So so both parts of this platform can grow? Because if not, then then as you mentioned, here, we’ll have an issue and on success rate of both launching products, new products, growing your current assets, etc, etc.

James Thomson 11:49

So let’s let’s talk about some of these companies that you’re looking at today. What has to be in place for you to start to be interested in looking at a firm?

Alexander Avanth 11:59

So I think if you look at the actual value of many of these assets, it comes down to your reviews, reviews is really what what constitutes a tangible value for an Amazon listing. Okay. And and I think this comes also as an effect of how the Amazon algorithm has been become better at at how do you say, measuring whether or not these reviews that a certain listing have gotten are legitimate, or you have been doing the whole pay for reviews of free products for reviews, there’s a certain steady growth rate to reviews and the better the more clear the stars on the product, the more I guess a stronger benchmark This product has s in terms of legitimacy. And it’s obviously that that was that was the big eureka moment for me. I I had my my interest in in online stores. But I’ve always been nervous about you know what, who can pull the plug on this, you know, what happens if if one day the demand for this product decreases and, and the clear trigger for this is that will customers read customers reviews before buying anything. And so this becomes the holy grail for anything we acquire. The second part of it is of course, we try to stay away from things that remained too complex in there, I guess you can call it both from from production to to consumer hands. It’s a it’s a perishable goods, such as any kind of supplement the anything that that actually has an expiry date, that’s something we’re a little more careful about. We love I guess you can call it the more evergreen or or unsexy goods for lack of better words, right? Anything that you actually have in your house that you don’t really question how it got there. But that you know, you need whether this be, you know, a cover for your paper, a plastic cover for your documents, whether this be a spatula for your kitchen, items that always will have a certain amount of demand, depending on of course, if there’s a big shift in the way we live our lives, but plastic is not going to go out of fashion at least for years. Yeah, so these targets are usually the ones that we we we enjoy the most. And then of course, we have an opening for brands that doesn’t necessarily need to be number top three in the category. And we focused a lot in the back end, we we have a lot of great technical people on a team that looks into supply chain sourcing, making sure that we can work a lot with the kind of the, the engine of the product before it gets into the consumer hands. So we like to some extent brands that have potential to grow maybe from the top 10 up to a top five placement it’s it’s it really depends on on the on what we see when we also look at the market category of these products. But yeah, we try to to not look at the top ones, we know that that’s plenty of people looking at those. Right, right.

James Thomson 15:04

So So let me ask you this when we look at where these brands are coming from, there’s definitely a role for brokers in terms of presenting these brands to potential investors. Do you think today there’s enough firms available for aggregators, to be able to wait for those firms to be made available through brokers? Or do you see other models of sourcing deals becoming more and more prevalent?

Alexander Avanth 15:30

I think you need to be out there. And just as we talked about these sellers, I mean, the sellers, existing communities, first of all, as well, and I think there is, there’s certain respect, that needs to be enforced as well from these aggregators. This is not just a fire sale, we throw the money on the table, and they will come I think there is, there’s a necessity to understand that you’re buying something that has value in it that goes beyond just cash in hand, there’s, you know, you need to understand the product and the individual who’s built this product. We will, while while you could actually meet in person, we, we try to do what we could do to join, of course, the conferences, but also just meet individuals in person. And because the face value is, is I think it’s necessary when when you’re taking over something that has been someone else’s blood, sweat, and tears for for many years. And so that the organic outreach, which I think many of these aggregators, are doing quite well with getting out where the sellers actually are in involving themselves in smaller communities, both in physical form, but also an online form. And that’s, we have a main operations out of the Philippines. And there is an and a great amount of, I guess you can call it digital nomad sellers that flourish around Southeast Asia. And this was also one of the reasons that we found this to be a great place to to kind of go for where they are.

James Thomson 17:05

So So let me ask you this. You are talking to a number of firms, as you have those conversations with these prospective brands, or brands that you might be interested in? What are some of the characteristics that you wish more of them would invest in before thinking about possibly selling?

Alexander Avanth 17:24

Yeah. I mean, I think the reason for selling can be anything. It’s To be honest, that’s a good question, James. So it’s,

James Thomson 17:39

let me put the question a little bit differently when you, you may not be seeing formal prospectuses on each of these companies. Yeah, yeah, you have conversations and you say, okay, that’s kind of interesting business, we can do some due diligence, with just external data to learn about the business, we can ask questions. But then you realize this entrepreneur hasn’t done this, this and this. And quite frankly, the business isn’t as attractive once you start to find out that they may not be running it as a real business, or they don’t know how to organize parts of the business. I’m curious about what are some of these issues that you’re running into over and over where you say, gosh, that was a good business, if it weren’t for this, this and this. And some of these things are fundamental to potentially being interested in buying them in the first place.

Alexander Avanth 18:26

So to be honest, many of these things is actually something that we we provide to the sellers who are interested next. There’s a number of Yeah,

James Thomson 18:35

let’s let’s talk about some of those, what are some of the characteristics

Alexander Avanth 18:38

so there’s a number of different tools you can leverage that can allow you to tap into the to the Seller Central and extract yourself a p&l and, and I think we we like to do a data driven due diligence. We like to kind of get get the own numbers up front first. And perhaps perhaps this is actually a good recommendation. It’s necessary to understand the lifetime of this asset, right? There’s, I think, many of the hardship, the failures, the success rates, everything that might have contributed to where the asset is today is something that brings value in our lives. We anything if if you feel that the negotiated contract you have with your production facility in China and India, wherever you’re getting your product is something that has strong value to it, then any of these things contributes to a great sales argument. The same thing goes with anything you might have had that has sold better seasonality wise for your product, maybe product launches, successful experiences you’ve had with maybe introduction introducing your product to different markets. We have what we call a hierarchy of optimization or hierarchy of of, of operation that we kind of move into and this is everything from inventory to sourcing, to PPC to the way the listing is is looking And these are all the terms that we consider valuable when it comes to running an FBA asset. So I think much, much of this information is something I’d gladly provide in advance, of course, as well, but also something that that basically helps the seller wanting to sell their businesses understand, what are the things we’re going to look at anyways? Right? What are the things that we’re going to be dealing down? To a large extent, PVC is a great one, for example. I mean, it’s, it’s, it’s difficult to run, fully optimized PVC strategy. And if that’s the case, then I mean, that’s a great sales point as well just talk through what has worked, what hasn’t worked, have, you know, have Have there been success on non successful experiences with running advertisement on your listing. And this is potentially also something that brings value to us or something that we can put on due diligence.

James Thomson 20:50

Our firm has done due diligence for a number of investors on some of these brands. And one of the things that we see over and over is, because many of these investors, excuse me, because many of these entrepreneurs are bootstrapping the business themselves. cash flow management becomes a constant problem, and they never have quite enough cash to invest in growth, the way that a large investor might have to take the same business and say, we can spend an extra $100,000 on advertising over the next six months. Well, the past entrepreneur simply didn’t have that kind of capital to spend to build growth. How do you see the role of an investment company like yours in being able to spend more money to drive more growth? Where do you see yourself particularly excited to be able to invest in growth? Yeah.

Alexander Avanth 21:42

Great question. And I think this is actually this three things, three types of resources that we’ve seen, in addition to capital, which is expertise and know how, and of course time, but capital, when it comes to actually working capital, I think is the cause of great upside for us. Because that’s something we can inject right away. Whether this be running out of inventory at certain times. As you might know, right now, Amazon is having a great fun not allowing any goods to go into their warehouses. But these are, of course, also upsides for an aggregator company like us, because that’s an instant game sort of thing. So sometimes, you know, that the troubles that a seller might have have, have experienced when it comes to capital isn’t necessarily the same kind of trouble. It’s actually a gain point or an aggregator because this is the direct kind of benefit that can be solved with capital. And so that’s, that’s a great point. And definitely also one of the things to be honest about if you had an extra $100,000 a million dollars, where would you have put it into?

James Thomson 22:45

Yes. So let’s talk about expertise. You said you were talking about I’m interested in understanding more about how you differentiate your firm from the many other types of investors out there looking at these brands, when you talk about in house expertise? What are some of the capabilities that you’re able to bring to bear to help some of these brands further their growth?

Alexander Avanth 23:06

So we, we’ve tried to actually we started from scratch, right? So everybody at Alpha Rock Capital has a kind of has this lifelong learning how to say mantra, yes, and better than our mind. So and I think it’s very necessary when you deal with online assets. Because when you’re dealing with with anything online, the the half life of knowledge is is cutting almost every well every month, almost if you if you don’t keep yourself updated, whether this be on on how you you know, run PPC on Amazon, whether or not there is different changes to the tariffs or the import rules from us to Amazon, Canada, Europe is a completely different animal, right, but all the different VAT laws and I think most of this was actually something we tried to map out from the very beginning by treat every single one of these learning experiences as something that should be almost it should be the developers own internal course curriculum. So we could continuously update and continuously train individuals to operate these assets. The human capital plays a humongous role in how be found or competitive advantage not not only, you know, cheaper labor rates in the Philippines, but the ability for us to quickly train and develop operators to manage these brands. And and I think that that has become really something that that that drives drives growth, because every time we onboard a new asset, we need to have an operator ready to take over this is and and who has the same attitude about never being actually never becoming an expert, because there’s always something more to learn. And I think that that continuous learning cycle is is paramount for for the survival of these brands. On top of this, we’ve Of course aggregated a number of different technological solutions that helps us kind of brings together everything from product sourcing to customer relationship management. And these are things that we are now developing own software solution for. And I think we learned very quickly that you kind of find a singular solution, so many small problems on Amazon. And bridging these together as some sort of a cohesive APIs is something that that we really saw necessary as well. So. So that also came naturally, as we started learning more about, about the sourcing aspect and the operation aspect of VA.

James Thomson 25:32

How do you see yourself business, your business being successful in the long run? What were based on where you are today? And where you want to be? What are some of the things that you can share with our listeners around what needs to happen in your business? What happens to have what needs to happen in the industry, for you to be able to define long term success?

Alexander Avanth 25:50

It’s a well, I think we’d really one of the key winning conditions of Alpha right now is that we really enjoy what we’re doing. And I think we also, we are humble enough to understand that there is a lot of players coming into this industry, and we have so much more to learn. Currently speaking, we also in the midst of a capital round, so we are very open minded towards, you know, getting to the next stage of growth, really scaling up an operation to be twice 10 times as big requires a completely different approach to how you operate and how you grow your business. And I think one of the success criteria is, of course, down the line that we’ll see some of the the more established conglomerates moving into the sector. Now, this might be P & G, this might be Johnson & Johnson. But but once once the real big brick and mortar conglomerate starts smelling that, okay, this e commerce market is something that is really attractive, who knows what’s gonna happen, and these guys are hungry for for market share, and seeing how Amazon almost creates more market is a natural segue into them. They’re moving into the market. We have dreams of an IPO one day, of course. We saw anchor being successful this year. Right. And I think that’s, I mean, that’s so cool. Right and Amazon private label turning into an IPO. I mean, that that’s, that’s amazing. If you ask me, that shows a completely different value system growing from from this Amazon Marketplace. And I think that might also be an opportunity. I think we we were careful of saying anything here about, you know, selling off or exiting. I think it’s a great time to be on Amazon, it’s a great time to start exploring. And even though it seems like there’s been a lot of occupation of the market this year, we’re talking again, about a $295 billion gross merchandise market, that doesn’t matter. Yeah, so and I think it’s individuals as yourself as well, who can help, you know, take the hand of people wanting to get into this market or wanting to get out of this market that might, that might also see benefit in just sticking with it for a few more years. And we also see other platforms emerge Etsy, and Walmart has been extraordinarily successful this year. So that’s obviously something we also looking at. And then we have the whole expansion into the world and Southeast Asia, and so on, so forth. So success for us, I think, for now is continuously doing what we do, and but also being very open minded that, that we should continue not to be the smartest person in the room. What I mean by this is to continuously reach out to, to both new investors and new business partners who might see things that we don’t see, because let’s face it, that’s the reason we came came to this market to begin with.

James Thomson 28:46

Alexander, I want to close our discussion with sort of a little bit of an unfair question for you. But I’m, there’s this constant balancing act between you want to buy companies that have growth potential, but on the other hand, these brands that are looking to sell, how do they avoid leaving too much growth on the table for the investor? That is to say, how do we make sure that the brand actually isn’t a good place to sell versus leaving too many opportunities to sell at a lower price, so that you can turn around in the next three months and quickly upgrade the business? How do you think about that balancing act?

Alexander Avanth 29:28

Yeah, I think I think this is a this is a discussion that needs to take place before going to any kind of aggregator if you as a seller have a business and something else has come up. This might be that that you’ve you’ve become a father or mother. This might be that you’re getting married. This might be that there’s something else of importance have occurred in your life. I think it weighs a lot more on a personal passion than whether or not there is more potential. In the business, because I’ll tell you that there is more potential in the business, right? So if you are, if you are an entrepreneur or running an FBA business, you know more power to you. Honestly, I think there’s, this is not about having a few giants owning the entire FBA markets. This is about having a healthy opportunity to exit, should you want to exit, but also about, you know, being an entrepreneur, I think, what I feel about being entrepreneurs that this is not just something that you are and then you aren’t, this is because either you like what you’re doing, or because you found something that is more value to you. And I think there’s a lot of alternative solutions out there that we’re going to see, I think there’s going to come more capital availability for FBA businesses, you might be able to sell a portion of your business to a to a venture capitalist and investor who is looking to get into this market. That the idea of exiting 100% is just one option of many. But But waiting down the line and seeing the alternative solutions, whether you just want to outsource and not have someone to take care of your business or get is a loan for your business to really pump it up to the next level of operation. I think all these things are possibilities and that don’t don’t sell out if you don’t want to sell out. I think that’s that’s definitely a that’s not a that’s a personal advice. I think that’s not an alpha rock advice, obviously. But that that’s something I think is quite important when you are running any kind of business. This is for you. This is and but it could be for me, but that’s that’s really up to you,

James Thomson 31:43

Alexander, I want to thank you for joining us today on the Buy Box Experts podcast. For those of you interested in learning more about Alpha Rock Capital, please visit alpharockcapital.com.

Outro 31:55

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