In this episode of the M&A Launchpad Podcast, hosts Casey Minshew and Ben Suttles sit down with Enrique Rodriguez, owner of Mag General Power Solutions. Enrique shares how he went from electrical engineer, master electrician, and professional engineer to business owner by acquiring an electrical contracting business for $450,000 in an all-cash deal in September 2024.
In this podcast episode, we discuss:
- Deal terms: the $450K all-cash purchase and what was included (equipment, limited backlog/contracts, and accounts receivable)
- Quality of Earnings: where small-business financials can mislead buyers (add-backs, credit cards, and lines of credit)
- Post-close reality: managing cash flow, people, and growth capital in a contracting business
- Scaling from roughly $1.3M revenue at close to a $5M annual run rate and what that growth required
- Culture as a growth constraint: why growing too fast can change a company’s DNA
Guest Contact Info:
- Email: enrique@maggeneralinc.com
Additional Resources
- Sponsored by O’Connell Advisory Group – Work with a trusted Quality of Earnings and Financial Diligence partner who focuses solely on business acquisitions.
Visit: www.oconnelladvisorygroup.com.
- Join us at the M&A Launchpad Conference on May 2, 2026 in Houston. Use code: LAUNCH for $150 Off. Get details: https://malaunchpad.com
- Contact Casey Minshew and Feras Moussa: info@equitylaunchpad.com. Explore more: https://www.equity-launchpad.com
🎧 Podcast on YouTube: https://youtu.be/75W5xASmt7E?si=qV7_bw_25NMMEl6d
🎧 Podcast on Spotify: https://open.spotify.com/episode/35G7smeNvcVLvIR9ZrtWgA?si=Sc6nUX6cQA27m0y2sXjCEA
🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/bought-a-%24450k-company-grew-it-to-%245m-with-enrique-rodriguez/id1740382586?i=1000745449143
Transcript
00:00 Hey there, this is Casey with the M&A
00:02
00:02 Launchpad podcast. Put it on your
00:04
00:04 calendar. This is a do not missed
00:07
00:07 one-day event. There’s going to be
00:08
00:08 incredible headliners, but really at the
00:11
00:11 end of the day, you’re going to get a
00:12
00:12 chance to talk to people that have made
00:14
00:14 acquisitions, learn from some of the
00:16
00:16 challenges that they’ve made because
00:18
00:18 this is definitely a challenging
00:19
00:19 process. But more importantly, there’s
00:21
00:21 going to be people there that can help
00:23
00:23 you and support you along the way from
00:25
00:25 great vendors, quality of earnings, how
00:27
00:27 to run the due diligence process, and
00:29
00:29 how do I get financed, how do I raise
00:31
00:31 capital, how do I structure all of these
00:33
00:33 things. It’s going to be hundreds of
00:35
00:35 people that are all focused, like-minded
00:37
00:37 people, and man, everyone that’s come
00:39
00:39 has given us incredible feedback. We
00:41
00:41 look forward to seeing you.
00:47
00:47 All right, guys. Just take one second
00:49
00:49 here real quick. When you’re buying a
00:50
00:50 business, ensuring the financial health
00:51
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01:33
01:33 notes.
01:34
01:34 >> Enrique, welcome to the show.
01:36
01:36 >> Thank you for having me.
01:38
01:38 >> Cool, man. Well, look, you know, we we
01:39
01:39 talk about business, we talk about
01:41
01:41 acquisitions, we talk about all that
01:42
01:42 great stuff. And it sounds like not only
01:44
01:44 you’ve got a great track record, but
01:45
01:45 you’ve you’ve made an acquisition and
01:47
01:47 you’re and you’re growing and going. So,
01:48
01:48 we want to hear your story. So, tell us
01:50
01:50 about yourself.
01:51
01:51 >> Uh, so Enrique Rodriguez, um, here at
01:54
01:54 Northern Virginia. I’m the owner of Mac
01:56
01:56 General Power Solutions. I, uh, I’m a,
01:58
01:58 I’m an immigrant. I came to the US when
02:00
02:00 I was 7 years old from, uh, Peru with my
02:02
02:02 parents. Um, you know, grew up here in
02:06
02:06 Northern Virginia. I went to Virginia
02:07
02:07 Tech to study electrical engineering.
02:09
02:09 >> Nice.
02:10
02:10 >> Then I got got my MBA at George Mason
02:12
02:12 University here, also Northern Virginia.
02:14
02:14 >> It’s one of those smart guys.
02:15
02:15 >> I know. I know. I know. [laughter]
02:17
02:17 >> I could have gotten into either of those
02:18
02:18 schools.
02:20
02:20 >> And very economical, too. You know,
02:22
02:22 instate education is very economical,
02:24
02:24 you know, pay for it, you know. And uh
02:26
02:26 then I worked in MEP engineering for 17
02:29
02:29 years for, you know, small, medium, and
02:31
02:31 large companies, just like five years in
02:33
02:33 each one. And then you know I got to see
02:35
02:35 what the big company was like with
02:37
02:37 working in a small company and then
02:38
02:38 medium you know uh company and um you
02:42
02:42 know around uh 2018 about the time you
02:45
02:45 know I started deciding you know you
02:47
02:47 know what’s the next step uh uh in
02:49
02:49 between two companies that I was
02:51
02:51 applying for a job um I was middle
02:53
02:53 management and you know that in in
02:56
02:56 engineering there’s not like this uh you
02:59
02:59 know unless you start your own
02:60
02:60 engineering practice there’s not like a
03:02
03:02 real clear path pathway to to become,
03:04
03:04 you know, partner owner unless you
03:07
03:07 started the company or you were bought
03:08
03:08 out by a larger company. And I that’s
03:10
03:10 what I was looking for.
03:11
03:11 >> So, you got a job. You just basically
03:13
03:13 are always going to have a job.
03:14
03:14 >> Yeah. You always want to have a job.
03:16
03:16 You’re you know, you’re but you’re
03:17
03:17 you’re not uh you know, you’re not going
03:19
03:19 to have, you know, uh you know, equity
03:21
03:21 ownership unless you you started
03:23
03:23 something. So, it was in between that.
03:25
03:25 And so, you know, speaking with my wife,
03:27
03:27 she said, “Why don’t you go get an NBA
03:28
03:28 if you think you’re going to run a
03:29
03:29 company?” That’s when I got my NBA. And
03:32
03:32 then I was back to it. Uh really the
03:34
03:34 only thing I knew about M&A was from
03:36
03:36 Bisby by sell. They had a couple
03:38
03:38 articles out there. I would see
03:40
03:40 electrical companies. I I thought about
03:42
03:42 buying one in 2018.
03:45
03:45 Um I did some construction work, you
03:47
03:47 know, in college and high school. So I
03:49
03:49 had some experience and uh you know I’m
03:50
03:50 a master electrician. I got my master
03:52
03:52 electrician. So I I had the capabilities
03:54
03:54 to to own a construction company. Also
03:56
03:56 an engineering company. I’m a
03:58
03:58 professional engineer. So um you know I
04:01
04:01 looked into both those avenues and uh
04:03
04:03 you know really if I was going to do
04:05
04:05 well in business you got to know
04:06
04:06 business and I know engineering well I
04:08
04:08 know construction well. So I you know
04:09
04:09 went to get the the rest of the tools
04:11
04:11 that I needed. Um
04:14
04:14 and uh you know really you know bis by
04:16
04:16 sell just that that and you know before
04:19
04:19 I bought Mac General I read uh Walker
04:22
04:22 Dable’s book. I’m not much of a
04:25
04:25 you know like a novel reader so probably
04:26
04:26 read like a handful. Yeah, we need we
04:28
04:28 need those we need those we need those
04:29
04:29 cliff notes on some of this stuff. But I
04:31
04:31 was kind of curious, man. I mean,
04:32
04:32 obviously you’re you’re you you’re on
04:33
04:33 your journey, right, to to eventually
04:35
04:35 kind of become an entrepreneur and and
04:37
04:37 and buying of companies, right? What was
04:39
04:39 that like light bulb moment where you’re
04:41
04:41 like, I want to do this, right? And then
04:43
04:43 you then that kind of starts
04:45
04:45 facilitating the rece the research. Did
04:47
04:47 somebody that you know buy a company?
04:48
04:48 Like how did it kind of all come about?
04:50
04:50 >> I I set up an LL a PLLC is what they do
04:53
04:53 in Virginia to do side work. you know,
04:55
04:55 if companies turn work down and I or I
04:57
04:57 had a contact call me and they needed
04:59
04:59 engineering work. So, you know, for
05:01
05:01 people that, you know, along with the
05:02
05:02 architect’s drawings, there’s
05:04
05:04 engineering drawings, mechanical,
05:05
05:05 electrical, plumbing, fire protection,
05:07
05:07 structural, whatever they need to to
05:09
05:09 make the systems work in a building.
05:11
05:11 And, you know, I would get reached out
05:12
05:12 once in a while for some minor stuff and
05:15
05:15 I’d get a nice check out of it. So, you
05:18
05:18 know, there’s it was definitely
05:19
05:19 lucrative. So, that was my first
05:20
05:20 foraying into business doing side work
05:23
05:23 >> as as my own. How did how did how did
05:25
05:25 that segue though into like you know
05:27
05:27 what I’m going to go all in. I’m going
05:28
05:28 to buy another company.
05:30
05:30 >> Uh you know there’s since I was I’m in
05:32
05:32 the construction industry there’s a
05:33
05:33 large need for design build electrical
05:35
05:35 contractors and I had the design
05:37
05:37 experience and if I had somebody that
05:39
05:39 had the all the the you know I didn’t
05:42
05:42 want to start from scratch and start
05:43
05:43 doing old ladies basement and changing
05:45
05:45 ceiling fans. I needed to find someone
05:47
05:47 that had [snorts] the the experience
05:49
05:49 that matched my engineering experience
05:51
05:51 and Mike had what just happened to be
05:52
05:52 for sale and and and that really uh put
05:55
05:55 it together. But there is a big need in
05:57
05:57 the uh construction world for fasttrack
05:59
05:59 projects that design build can bring. Um
06:02
06:02 >> last question
06:05
06:05 I’ve got before we jump into the the
06:07
06:07 acquisition, right? Um, but you know, so
06:11
06:11 the NBA, you hear that conversation a
06:13
06:13 lot, like, hey, I feel like I need to
06:15
06:15 get an NBA before I go buy a business.
06:18
06:18 Now, what knowing what you know now,
06:20
06:20 right? Would you say yes, the NBA is
06:23
06:23 what was the right step for me to then
06:26
06:26 get into what I’m doing, or would you
06:28
06:28 say you didn’t necessarily need the NBA
06:30
06:30 to do what you’re doing?
06:32
06:32 >> What is your What is your take back?
06:33
06:33 >> I needed the MBA. I personally with a
06:36
06:36 deep engineering knowledge I had zero
06:39
06:39 accounting financial skills I can
06:41
06:41 understand any numbers advanced calculus
06:44
06:44 all that but if I don’t have
06:46
06:46 >> you know uh uh the uh uh background and
06:49
06:49 studies in it I don’t feel comfortable
06:51
06:51 and I got my NBA George Mason and then
06:54
06:54 some you know some people tell you oh
06:55
06:55 the MBA is only for networking yeah if
06:57
06:57 you don’t learn anything yeah make sure
06:59
06:59 you have a good network [laughter] I
07:00
07:00 paid for my NBA and I learned everything
07:03
07:03 because I paid every dollar that and I
07:05
07:05 sucked up the information and I use it
07:07
07:07 every day. Every single class in the
07:09
07:09 business that I do.
07:10
07:10 >> Isn’t it crazy how much accounting plays
07:12
07:12 in this stuff?
07:13
07:13 >> Yeah, it’s huge.
07:14
07:14 >> A third a third of my week is in finance
07:16
07:16 and accounting and I have
07:18
07:18 >> Yeah, I got my undergrad in accounting
07:20
07:20 and you know then I went and started my
07:22
07:22 own business. I I kind of regret not
07:23
07:23 following the track of auditing and then
07:26
07:26 a couple of my buddies went to the
07:27
07:27 audit, got their their CPA, did all that
07:29
07:29 good stuff. But hey, I’m not going to I
07:32
07:32 like my journey. But in that that whole
07:34
07:34 context, man, kind of full circle, every
07:36
07:36 one of these companies, man, it comes
07:38
07:38 down to the P&L, the finance, the
07:39
07:39 accounting, um getting the balance sheet
07:42
07:42 correct. What is this happening? We’re
07:43
07:43 getting ready for an audit. I mean, I’m
07:45
07:45 like I never realized
07:47
07:47 like like that was actually a pretty my
07:49
07:49 dad was right because my dad said he pay
07:50
07:50 for one one degree. He’s like, if you
07:52
07:52 change it, if you if you don’t get out
07:54
07:54 in four years, it’s all on you. And he
07:56
07:56 was like, I will pay for an accounting
07:57
07:57 degree. And I was like, what’s
07:58
07:58 accounting? And he was like, do it. And
08:01
08:01 and I did. And I hated it. I mean, I
08:03
08:03 hated it. It was painful. But now I look
08:05
08:05 back and I’m like, “Hey, you know what?
08:07
08:07 That good job, Dad.” [laughter]
08:10
08:10 >> And I would I would kind of I would
08:12
08:12 double tap on your your statement about
08:14
08:14 the you know, there’s a lot of working
08:16
08:16 professionals that we meet either
08:17
08:17 whether it’s engineers, IT
08:19
08:19 professionals, people that are very very
08:22
08:22 good at what they do, but they don’t
08:23
08:23 have that business side, right? The you
08:26
08:26 know, and a lot of that is the finance
08:28
08:28 and the accounting piece of it, right?
08:30
08:30 Some of it’s sales and marketing too,
08:32
08:32 right? You know, I mean, how does that
08:33
08:33 all kind of come play together, right?
08:35
08:35 And then you have the operational and
08:37
08:37 the HR and all the other stuff too. So,
08:39
08:39 there’s there’s a lot of different, you
08:40
08:40 know, facets of running a company and
08:42
08:42 and so I encourage people, yeah, I mean,
08:44
08:44 really dig deep. You know, my dad got
08:46
08:46 two master’s degrees and and and he says
08:48
08:48 he shouldn’t have gotten either of them.
08:49
08:49 So, I think everybody has their own
08:50
08:50 opinion on what you should do and he
08:52
08:52 ended up being an entrepreneur. But um
08:54
08:54 you know at the end of the day I think
08:56
08:56 you have to understand what you’re
08:57
08:57 lacking and then find either a partner
08:59
08:59 that has that skill set that you can you
09:02
09:02 can leverage or you got to go out and
09:03
09:03 you got to make it happen and figure it
09:04
09:04 out on your own. Right.
09:07
09:07 >> It’s got to complement you uh uh you
09:08
09:08 know and your skill set. I mean sure if
09:10
09:10 you’re a heck of a salesperson you got
09:12
09:12 to get a masters in sales. You probably
09:14
09:14 learned that in your experience but yeah
09:16
09:16 maybe you need you know some finance
09:18
09:18 background or or everything. you know, I
09:21
09:21 like I didn’t need I don’t need a
09:22
09:22 masters in construction management. I
09:24
09:24 got 20 years experience.
09:25
09:25 >> Yeah. Yeah. For sure. Right. You got
09:27
09:27 you’ve got that dialed in resources.
09:29
09:29 >> So, let’s get into the acquisition.
09:31
09:31 Right. So, okay. So, you’re you’re
09:32
09:32 you’re in this moment. You’re and you’re
09:35
09:35 like, “Okay, I’m looking on BIS, Buy,
09:36
09:36 Sell.
09:38
09:38 Take us from there. How how did how do
09:40
09:40 we find the company? How did we
09:41
09:41 negotiate the company? Never doing this
09:43
09:43 before in your life. Take us through
09:45
09:45 that process.”
09:46
09:46 >> Uh, sure. So, um, you know, I knew I I
09:50
09:50 knew what industries I fit into and what
09:52
09:52 I like to do. I’m an electrical
09:54
09:54 engineer. Uh, you know, electric, you
09:56
09:56 know, anything within the electrical
09:57
09:57 industry, whether engineering or or
09:60
09:60 construction would fit me well. I have
10:02
10:02 the background and experience. I got
10:03
10:03 industry connections. So, I knew that
10:05
10:05 niche was where I I needed to be at. And
10:07
10:07 then I, you know, wait, you know, I, um,
10:12
10:12 something popped up and, uh, you know,
10:13
10:13 I, uh, um, I reached out to the broker
10:16
10:16 and we had a meeting with Mike and, you
10:19
10:19 know, he and, uh, you know, we hit it
10:21
10:21 off and, uh, went from there. I got, my
10:24
10:24 dad is a CPA, so I didn’t need a quality
10:26
10:26 of earnings or of that, but I, you know,
10:28
10:28 I highly suggest anybody who buys a
10:30
10:30 business do do that. I just had my dad
10:32
10:32 who was an auditor, retired, do it for
10:34
10:34 me. I’m a small business. Now, if it
10:35
10:35 was, he even said if it was a slightly
10:37
10:37 larger business, he wouldn’t have done
10:39
10:39 it. He said it was too much work. But it
10:42
10:42 was since [laughter] it was a uh you
10:43
10:43 know million plus and it was all kind of
10:45
10:45 neatly laid out. He he basically audited
10:48
10:48 the last three years of statements,
10:49
10:49 redid them. So, he did the quality
10:51
10:51 earnings and I paid him nothing. That
10:53
10:53 worked out great.
10:54
10:54 >> Hey, that’s that’s a [laughter] that’s a
10:55
10:55 good cost on a quality earnings.
10:57
10:57 >> But you make a good point, man. I don’t
10:58
10:58 know if you heard, you know, several of
10:59
10:59 the other things I’ve talked about this.
11:01
11:01 I I I tell all new buyers and it’s going
11:04
11:04 to cost you around 15k uh for a small
11:07
11:07 business quality of earnings, but it
11:09
11:09 will save you millions of dollars.
11:10
11:10 >> Yeah.
11:10
11:10 >> Yes.
11:11
11:11 >> It is a I’m anybody listening right now
11:14
11:14 that’s like trying to, you know, cut
11:15
11:15 through the due diligence, I will tell
11:17
11:17 you
11:18
11:18 >> don’t skimp on that.
11:19
11:19 >> That one is the one you don’t want to
11:21
11:21 because it’s too easy in a small
11:22
11:22 business with all the adbacks and credit
11:24
11:24 cards and all of these things to
11:28
11:28 o oversell your earnings. um find those
11:31
11:31 adjustments.
11:31
11:31 >> It’s easy to to declare uh you know uh
11:34
11:34 you know lines of credit as uh as uh
11:37
11:37 [laughter] as earned income or profit
11:39
11:39 and then you know you overlook that one
11:41
11:41 line item and you’re you know you’re in
11:42
11:42 the hole.
11:43
11:43 >> Yeah. And if you take that if you take
11:44
11:44 that error and this is how I look at it.
11:45
11:45 If you take that error and you multiply
11:46
11:46 it by 4x, right? I don’t know what you
11:49
11:49 paid for your business but let’s just
11:50
11:50 say anywhere between three and four were
11:51
11:51 trading you know maybe more whatever it
11:53
11:53 is. that error that you didn’t get,
11:56
11:56 multiply that by four or whatever your
11:58
11:58 multiple was you paid for that.
12:01
12:01 >> So $100,000 might just cost that was 400
12:03
12:03 grand that you I mean it’s just it’s
12:05
12:05 it’s when you start thinking about like
12:07
12:07 errors and then multiples and you go
12:09
12:09 holy like that was a very costly
12:11
12:11 mistake. Do the due diligence.
12:13
12:13 >> Yeah.
12:14
12:14 >> You know um yeah I always have just one
12:17
12:17 line I’ve never been much of a
12:19
12:19 salesperson. I only had one line item. I
12:22
12:22 tell you know when I did engineering or
12:23
12:23 anything I said I would say you know if
12:27
12:27 you’re an intelligent person you can
12:28
12:28 learn 90 plus percent of what I do
12:31
12:31 >> but that 5% that you don’t know and you
12:33
12:33 will never know is going to cost you 50%
12:36
12:36 of your job.
12:37
12:37 >> Yeah
12:38
12:38 >> that’s why you get somebody intelligent
12:40
12:40 to do you know a professional to do
12:42
12:42 those things quality earnings legal
12:43
12:43 documents and also engineering and
12:46
12:46 things like that. So, the purchase
12:47
12:47 price, well, first off, how did you find
12:49
12:49 the business?
12:50
12:50 >> Business by sell. It was by sell. So,
12:52
12:52 you went online, you found it, you
12:54
12:54 pinged him, and did you talk to a broker
12:55
12:55 or did you actually
12:56
12:56 >> Yeah, I talked to a broker. Uh, uh, he
12:58
12:58 was, uh, being represented by a local
12:59
12:59 broker, uh, and also,
13:03
13:03 >> huh?
13:03
13:03 >> Was he easy to work with?
13:05
13:05 >> Yeah. Uh, you know, he was a broker, uh,
13:08
13:08 experienced broker, and he’s
13:10
13:10 representing the the the client, his
13:11
13:11 sellers, you know. So there’s once, you
13:13
13:13 know, there’s there’s vetting me as a as
13:15
13:15 a as a as a financially if I can
13:18
13:18 actually buy a business, you know.
13:19
13:19 >> So did you have to put up some type of
13:21
13:21 Did you have to show proof of funds? Did
13:23
13:23 you have to go through the process?
13:24
13:24 >> Somebody preparing to to buy a business,
13:27
13:27 even a larger business. So I had a line
13:29
13:29 of credit, cash in hand, and a heliloc
13:32
13:32 so I could buy up up to the maximum of
13:34
13:34 the SBA. So I had funds sitting in an
13:37
13:37 account.
13:38
13:38 >> That was pretty easy to just to show
13:40
13:40 him, hey, I have the funds. here’s my,
13:42
13:42 you know, my bank relationship, uh,
13:44
13:44 manager. So, that that was quick. Uh,
13:47
13:47 then the next step is, hey, can you own
13:49
13:49 this business? Do you have a GC license?
13:50
13:50 Do you have a construction background?
13:52
13:52 Because, you know, you you know, there’s
13:54
13:54 a lot of tire kickers out there in BIS
13:56
13:56 by sell. And they don’t,
13:57
13:57 >> you know, they they, you know, they
13:58
13:58 think they can buy something that they
13:59
13:59 can’t actually own without another
14:01
14:01 party. So,
14:02
14:02 >> uh, I I showed him, you know, I have the
14:04
14:04 credentials to to own it or I can get
14:05
14:05 them pretty easily. Um and then we he
14:09
14:09 said okay let’s start to set up a
14:10
14:10 meeting and and uh you know the business
14:13
14:13 was uh smaller than what I was looking
14:15
14:15 for. I have since grown it into the size
14:18
14:18 that I want.
14:19
14:19 >> Um that’s
14:20
14:20 >> what were the numbers?
14:21
14:21 >> What was the purchase price?
14:22
14:22 >> Purchase price was 450,000.
14:25
14:25 What included was the existing
14:26
14:26 equipment.
14:28
14:28 >> Um a couple existing contracts, not much
14:31
14:31 backlog and and maybe like 170k of uh
14:34
14:34 accounts receivable. So it’s cash of
14:37
14:37 that 450 170k was a cash for cash
14:40
14:40 transaction.
14:41
14:41 >> Got it. So did you come up with a pretty
14:43
14:43 unique structure to buy it?
14:45
14:45 >> Uh you know the option was there to uh
14:47
14:47 to you know to do like a seller finance
14:50
14:50 but the I had the cash at the time and
14:53
14:53 so I just bought it out outright.
14:55
14:55 >> Got it. So this was this was in a that
14:57
14:57 the so I take it the attractive part was
14:60
14:60 it gets you where you wanted to get or
15:01
15:01 it gets you where you want to be to grow
15:03
15:03 but you could just pay cash and you
15:04
15:04 don’t have any debt.
15:06
15:06 >> I don’t I mean I have personal debt but
15:08
15:08 not business debt. [clears throat] And
15:09
15:09 so you know and then I don’t I’m not
15:11
15:11 beholden to the previous owner for
15:13
15:13 anything financially. I don’t have to
15:14
15:14 show anybody anything if you if you work
15:16
15:16 something out with a seller where you’re
15:18
15:18 paying them off two three years. you
15:19
15:19 kind of have to keep the books open for
15:21
15:21 them and I you know and and and uh you
15:24
15:24 know they’re part owner until they get
15:25
15:25 paid out. So I wanted to remove that.
15:27
15:27 It’s easier to speak with the banks and
15:29
15:29 anybody when there’s only one person to
15:30
15:30 talk to. Um and I had the means so that
15:33
15:33 you know it made it pretty easy. Uh I
15:35
15:35 had and um but it was smaller than I
15:39
15:39 wanted but you know the the important
15:40
15:40 was he had the qualifications to get the
15:42
15:42 bigger jobs. That was something that he
15:44
15:44 had the And then there’s other
15:45
15:45 electrical there were other electrical
15:47
15:47 companies out there that did not have
15:49
15:49 the qualifications to get the jobs that
15:52
15:52 I wanted to get in the near future.
15:53
15:53 There was
15:54
15:54 >> So that’s what sold you. That was that
15:55
15:55 was your thing.
15:56
15:56 >> His experience and his qualifications
15:58
15:58 and the jobs he had done in the past was
15:60
15:60 the value that I bought that I paid for.
16:02
16:02 >> Yeah. And so you closed in 2024?
16:05
16:05 >> September of 2024. Yes.
16:07
16:07 >> So what’s happened since then? Well, we
16:10
16:10 closed. When he started, it was a 1.3
16:12
16:12 million uh uh revenue business. Uh SDE
16:15
16:15 wasn’t much more than, you know, his
16:17
16:17 salary and and and the lease. I put more
16:21
16:21 money into it. I got a business line of
16:23
16:23 credit through with a local bank that
16:25
16:25 that’s worked great for me, uh Main
16:27
16:27 Street Bank. Um and, uh I’ve since grown
16:31
16:31 it to a 5 million a year, uh run rate
16:34
16:34 business.
16:35
16:35 >> Good job, man.
16:36
16:36 >> Yeah. Uh we just got I just finished the
16:38
16:38 books for a to 20 uh uh 25.
16:41
16:41 >> Uh I think I’m 13% um um IA for the for
16:47
16:47 the for the year. So
16:49
16:49 somewhere in the I400s plus I’ve been
16:51
16:51 paying myself. I didn’t pay myself in
16:53
16:53 2024, but I paid myself
16:55
16:55 >> and you know the owner’s still with me.
16:56
16:56 He gets paid what he used to get paid
16:59
16:59 [clears throat]
16:59
16:59 >> and and there’s room for growth and
17:00
17:00 stuff.
17:01
17:01 >> You’re only working 10 hours a week,
17:02
17:02 right? [laughter]
17:05
17:05 I was up in stress. No stress. [gasps]
17:07
17:07 >> It’s all It’s all laidback, you know.
17:09
17:09 Drinks on the beach, right?
17:11
17:11 >> I mean, you buy a business and it’s
17:12
17:12 done, right? [laughter]
17:13
17:13 >> Oh, yeah. You lean back, you know, it
17:15
17:15 pays for itself, you know. Yeah. No,
17:17
17:17 it’s managing cash. I say the biggest
17:20
17:20 managing what that going back to. Yeah.
17:22
17:22 I definitely needed that MBA because I
17:24
17:24 am, you know, one-third of my time. I
17:26
17:26 don’t call it my 40 hours. my time is
17:29
17:29 being a fin, you know, CFO controller
17:32
17:32 and I watch that cash flow daily.
17:34
17:34 >> Yeah. You’re managing cash and people,
17:36
17:36 man. That’s that’s that’s a main part of
17:38
17:38 being an entrepreneur.
17:39
17:39 >> People and then growth and and you know,
17:40
17:40 growth sucks up capital.
17:42
17:42 >> Yeah. It does.
17:43
17:43 >> I can’t I can’t you know, if somebody
17:44
17:44 came in and offered me a huge project, I
17:46
17:46 I I would have to say no unless you’re
17:48
17:48 willing to finance it and pay me up
17:50
17:50 front because I only have certain amount
17:51
17:51 of capital for growth. Yeah.
17:53
17:53 >> And I watch that.
17:54
17:54 >> It’s great that you know that.
17:55
17:55 >> Yeah. I mean, that’s where some people
17:56
17:56 get in trouble, too, right? They they
17:59
17:59 all just keep you keep the sales going,
18:01
18:01 but then you realize that you got this
18:02
18:02 wake of chaos and you’re not able to
18:04
18:04 perform. And it’s just as bad as if you
18:06
18:06 didn’t take the business on in the first
18:07
18:07 place, right?
18:08
18:08 >> So, I ride that wave, you know, without
18:09
18:09 creating a bubble underneath it as as
18:11
18:11 much as I can push it, but it takes a
18:13
18:13 lot of watching and understanding to
18:14
18:14 know where everything
18:15
18:15 >> That’s smart, man. That’s smart. One
18:17
18:17 question I had that that you touched on
18:18
18:18 which I thought was kind of unique since
18:20
18:20 you bought it outright. That is right.
18:22
18:22 So you said that that that the the
18:24
18:24 former owner is still employed there.
18:26
18:26 >> He’s my uh head of estimating. He does
18:29
18:29 estimates all day. So basically in the
18:31
18:31 in the construction industry, he you
18:33
18:33 know that’s the sales cycle.
18:34
18:34 >> So he he was just want to take some
18:36
18:36 chips off the table and and let somebody
18:38
18:38 else run with it then, right? Is that
18:39
18:39 kind of what it is?
18:40
18:40 >> The guy has he has three or four
18:42
18:42 properties, everything paid off. He’s
18:44
18:44 got his retirement money. He’s got, you
18:46
18:46 know, his wife’s not as close to
18:47
18:47 retirement as him. uh you know he wants
18:50
18:50 you know when you own the business time
18:52
18:52 off is the biggest luxury so he wanted
18:54
18:54 more time off um and so one big chip
18:58
18:58 that he wanted to take off the table is
18:59
18:59 the financial responsibility of a
19:01
19:01 construction business
19:03
19:03 >> and he’s taking that off but he’s
19:05
19:05 >> cash flow man it’s stressful
19:07
19:07 >> it’s stressful and and so he you know
19:09
19:09 and he had it at the size he wanted now
19:10
19:10 I got it the size I want you know
19:12
19:12 everybody’s happy he can he can you know
19:14
19:14 Christmas week he said hey I don’t have
19:16
19:16 anything going out that week I’m off and
19:17
19:17 I said go for you know, was I here, you
19:20
19:20 know, Christmas Eve till my wife was
19:22
19:22 calling me, you know, uh, to come home
19:24
19:24 and eat, you know, Christmas dinner.
19:25
19:25 [laughter] Yes. But that’s cuz I want to
19:26
19:26 be here and I’m trying to grow this
19:28
19:28 thing, right?
19:28
19:28 >> I was I was working Christmas Eve, too,
19:30
19:30 man. So, I feel your [laughter]
19:32
19:32 just that’s and I think that’s that’s
19:34
19:34 one thing you’re touching on a lot of
19:36
19:36 things that people need to realize,
19:37
19:37 right? is, you know, I mean, like it
19:39
19:39 ain’t all sunshine and roses and and
19:41
19:41 you’re going to be you’re going to work
19:42
19:42 probably
19:43
19:43 10x as hard from your, you know, what
19:46
19:46 you’re currently doing, right, out in
19:47
19:47 the workforce as a working professional,
19:49
19:49 right? Let’s say you’re an engineers
19:50
19:50 listening to this. Yeah, you you
19:52
19:52 probably think your job’s stressful.
19:53
19:53 You’re working 40, 50 hours a week. Wait
19:55
19:55 until you’re an entrepreneur doing the
19:56
19:56 same thing. You’re working now 50, 60
19:58
19:58 hours a week and all the financial
19:60
20:00 burden and stresses on your on your
20:02
20:02 shoulder. So take those decisions of
20:04
20:04 wanting to be your own boss and being an
20:06
20:06 entrepreneur seriously, right? It’s a
20:08
20:08 big huge it’s a huge commitment and I
20:10
20:10 think a lot of people kind of
20:11
20:11 underestimate it. Oh, it’ll be fine. I’m
20:13
20:13 smart enough at this thing
20:14
20:14 >> that I can grow any business that’s
20:16
20:16 related to that, right? But what what
20:18
20:18 we’ve been touching on today’s show,
20:19
20:19 right, is there’s there’s the financial
20:21
20:21 piece. There’s all this back office and
20:23
20:23 then the management of the people too is
20:25
20:25 also a challenge, right? A lot of people
20:27
20:27 that are kind of in the the the
20:28
20:28 engineering world or maybe IT world,
20:30
20:30 maybe they don’t manage big teams or or
20:32
20:32 even teams at all. Maybe there’s one or
20:33
20:33 two people. Yeah.
20:34
20:34 >> Right. And now you’ve got personalities
20:36
20:36 that you got to manage. Now you got to
20:37
20:37 manage cash flow. Like you said,
20:39
20:39 Enrique, now you got to manage growth
20:40
20:40 and the cash that goes into taking on
20:43
20:43 different projects. And I think that
20:45
20:45 that’s that’s that’s a really impactful
20:46
20:46 thing because some golden nuggets to
20:47
20:47 kind of take away from today’s show.
20:49
20:49 Right.
20:49
20:49 >> Big time.
20:50
20:50 >> So, what would you say? What was the
20:51
20:51 biggest eye openener for you uh in this
20:54
20:54 in this year that you’ve been at it?
20:55
20:55 What’s like the thing we were like, “Oh
20:57
20:57 my god.”
20:58
20:58 >> Well, it’s something that always had it
20:59
20:59 in theory until it’s practice. It’s not
21:01
21:01 real. You know, we talked about the
21:02
21:02 detrimentals, you know, the hard the
21:04
21:04 late nights and and the cash flow of
21:06
21:06 owning a business. The big advantage,
21:09
21:09 what said, you know, made me say I’m
21:11
21:11 going to buy a business and be an
21:12
21:12 entrepreneur is when I was an engineer
21:14
21:14 and I would, you know, work late nights
21:17
21:17 and figure out how to save someone
21:19
21:19 $100,000 by doing something a different
21:21
21:21 way, less expensive. and I present that
21:24
21:24 to some construction manager or
21:26
21:26 developer, they say, “Okay, I’ll leave
21:28
21:28 that in the pot for another expense,
21:30
21:30 means nothing. I don’t get anything out
21:32
21:32 of it.” If I figure out how to save
21:34
21:34 $100,000 in electrical work as an
21:36
21:36 engineer in my own company, it goes 100%
21:39
21:39 in my pocket.
21:41
21:41 >> Yeah.
21:41
21:41 >> And that’s a big plus. That’s my that
21:43
21:43 when I use my what I’ve learned over the
21:45
21:45 last 20 years in schooling to make my
21:48
21:48 earn myself more margin, that’s that’s
21:50
21:50 that’s the best part of
21:52
21:52 >> I love that. I love that. That’s true.
21:53
21:53 That’s true.
21:54
21:54 >> It’s very huge. So is there is there so
21:57
21:57 at this moment I know we’re only a year
21:58
21:58 basically a year in what five months,
22:00
22:00 three months in?
22:02
22:02 >> Five months.
22:02
22:02 >> Um what like so you set some goals?
22:04
22:04 We’re here. Happy new year to everybody.
22:06
22:06 So you set some goals. So what’s your
22:08
22:08 what’s your goals for this year? Um and
22:10
22:10 are you one of those guys that is
22:11
22:11 thinking like oh I could go out and make
22:13
22:13 another acquisition or you’re like hey I
22:15
22:15 can just grow this dang business and
22:17
22:17 this is where and I’m good growing this
22:19
22:19 business. I I I I’m in the middle in
22:22
22:22 both directions whether I expand
22:24
22:24 regionally still in Virginia because I’m
22:25
22:25 very comfortable uh bidding Virginia
22:28
22:28 jobs. There’s a lot of uh industry here
22:31
22:31 um going just farther south from
22:34
22:34 Northern Virginia and uh or just growing
22:37
22:37 this area. Um
22:40
22:40 the thing about growth is it affects you
22:42
22:42 know a company culture. you know, if I
22:44
22:44 doubled in size, I got twi, you know,
22:46
22:46 just as many people coming from outside
22:48
22:48 companies changing the culture than I’ve
22:50
22:50 got within. So, I I think the limit
22:52
22:52 people-wise you can grow is maybe like
22:54
22:54 50% in a year or or or so or else you’re
22:58
22:58 changing the culture. You know, the
22:60
22:60 outside, you know, it’s too much
23:01
23:01 influence on on the existing people. So,
23:04
23:04 I work that my 2026 is working on uh
23:07
23:07 culture and making sure I I got the
23:09
23:09 [clears throat] right culture that I
23:10
23:10 want. I’m I’m trying my best to take a
23:12
23:12 pause on growth for like six months, but
23:15
23:15 uh I mean there’s a lot of demand out
23:17
23:17 there for for good work. Um also, like I
23:20
23:20 said, you can only grow so much with
23:22
23:22 certain cash. Right now, I I just
23:24
23:24 finished my business plan for 2026
23:26
23:26 through, you know, three-year plan so I
23:28
23:28 can shop it around the banks and uh try
23:31
23:31 to get a a larger line of credit to um
23:34
23:34 to finance that growth. Um and and not
23:38
23:38 worry about, you know, using profits to
23:40
23:40 finance that growth. Uh I do, you know,
23:42
23:42 I have a small line of credit, but I
23:43
23:43 need a larger amount to grow, you know,
23:46
23:46 threefold over the next three years if
23:48
23:48 that if that, you know, that’s what’s in
23:49
23:49 the plan, the 15 million. Um,
23:52
23:52 >> well, hey, let me just plug you there.
23:53
23:53 So, any we have a lot of a lot of
23:55
23:55 lenders, a lot of bankers, a lot of
23:56
23:56 people out out there that listen to this
23:58
23:58 podcast
23:59
23:59 >> and so, hey, we’re gonna put Enrique’s
24:01
24:01 information in the show notes. You want
24:03
24:03 to help him get a line of credit, do all
24:05
24:05 that good stuff, reach out. You good
24:06
24:06 with that, Ri?
24:07
24:07 >> I’m okay with that. Yeah,
24:10
24:10 >> that’s my biggest need right now. Yeah,
24:12
24:12 >> I love it.
24:14
24:14 >> Well, cool, man. No, I guess you know,
24:16
24:16 um, the the question becomes then,
24:18
24:18 right? So if if you know I mean what is
24:22
24:22 that decision-making process? I know
24:23
24:23 you’re kind of in the thick of it,
24:24
24:24 right? Because I think this is the
24:26
24:26 entrepreneurial especially when you get
24:27
24:27 into kind of the M&A space, you know,
24:29
24:29 versus like somebody that just wants to
24:31
24:31 start a company, right? You know,
24:32
24:32 because we’ve already gotten into buying
24:34
24:34 businesses, right? What is that
24:36
24:36 decision-making process look like for
24:38
24:38 you, Enrique? Is like, hey, now I’m
24:40
24:40 ready or I’m going to do it first and
24:42
24:42 foremost. Now I’m ready to do it, right?
24:44
24:44 versus hey, I’m just again going back to
24:46
24:46 Casey’s because you kind of you didn’t
24:48
24:48 dodge it, but you didn’t answer it
24:49
24:49 either, right? So, I want to just kind
24:50
24:50 of press you a little bit on, you know,
24:52
24:52 is it a rollup strategy or is it, you
24:56
24:56 know, I’m just going to grow this
24:57
24:57 existing company and then I’ll sell it
24:59
24:59 out to a bigger firm down the road
25:01
25:01 >> or your life
25:02
25:02 >> or you do it’s also it’s also Yeah, it’s
25:05
25:05 also maybe even the the searcher model
25:06
25:06 which is like, hey, I I just want to be
25:08
25:08 the CEO of something and, you know,
25:10
25:10 we’ll see where it goes, right?
25:11
25:11 >> Yeah. I have no short-term plans to, you
25:14
25:14 know, package something up and resell it
25:16
25:16 because, okay, I, you know, uh, now, if
25:19
25:19 somebody came with an amazing
25:20
25:20 opportunity and and and I would be in a
25:23
25:23 leadership role at a larger company,
25:25
25:25 yeah, I probably would roll myself into
25:27
25:27 something larger, I would be open to
25:29
25:29 that. Uh, you know, with the right
25:31
25:31 company, uh, you know, so I wouldn’t
25:32
25:32 say, but I wouldn’t want to package what
25:35
25:35 I have and just sell it off to someone
25:37
25:37 else. I you know I think I have a lot
25:39
25:39 more to develop and and give to the to
25:42
25:42 to the company.
25:43
25:43 >> Uh so
25:44
25:44 >> do you want to do you want to buy
25:45
25:45 another company?
25:46
25:46 >> Yes. I definitely want to buy in another
25:48
25:48 region uh maybe larger than than you
25:51
25:51 know what I’ve done in the past. Uh um
25:54
25:54 >> and uh you know in a different
25:56
25:56 >> uh part of the reason would be to
25:58
25:58 diversify. Northern Virginia in the DC
26:01
26:01 area is very federal uh uh oriented and
26:05
26:05 if I went to say uh central North
26:07
26:07 Carolina that’s more universities and
26:09
26:09 research or if I went to Florida that’s
26:12
26:12 more leisure and hospitality related. So
26:15
26:15 it kind of would give me some sort of uh
26:17
26:17 um you know diversification.
26:20
26:20 >> Love it. Love it. And that is
26:22
26:22 >> I mean the the furlow the furlow was
26:23
26:23 like a hiccup and that made me realize
26:26
26:26 like hey if I depend 60% on federal work
26:29
26:29 and then that gets frozen for two months
26:31
26:31 I have to have a plan B or
26:33
26:33 >> Yeah man it’s I think yeah I mean any
26:35
26:35 any insul and it’s not even just you
26:37
26:37 like any business and maybe this is for
26:39
26:39 our listeners right you know you got to
26:40
26:40 be very con you know aware of customer
26:43
26:43 concentration right you know because you
26:45
26:45 just never know you know I mean we’re
26:47
26:47 we’re looking at kind of a an energy
26:49
26:49 play right and you now what’s happening
26:51
26:51 with Venezuela and all like what is
26:53
26:53 going to what is that going to do to
26:55
26:55 energy prices and so you know you have
26:57
26:57 to be very sensitive to you know what
26:59
26:59 industry you’re in first and then
27:01
27:01 customer concentration is also key too
27:03
27:03 so you know something for people to
27:04
27:04 listen to
27:05
27:05 >> absolutely
27:06
27:06 >> all right let’s go to our big questions
27:09
27:09 here our rocket round
27:11
27:11 >> boom
27:12
27:12 >> right so for our listeners this is uh
27:14
27:14 where we ask our guests uh three major
27:16
27:16 questions first one is what do you like
27:19
27:19 to do in your free time
27:20
27:20 >> uh Uh, I like to go to the beach uh in
27:22
27:22 Delaware in southern Delaware with my
27:24
27:24 family. I got a house down there in
27:26
27:26 Bethany Beach. So, whenever I can relax,
27:28
27:28 I’ll just spraw out on the beach, swim
27:32
27:32 uh that uh be at home. I got a
27:35
27:35 four-year-old and two-year-old, so
27:36
27:36 whenever I can, I just try to be home.
27:38
27:38 >> You’re in [laughter] the thick of it,
27:39
27:39 baby.
27:39
27:39 >> God bless you.
27:41
27:41 >> Not much time to do. And, you know, I if
27:43
27:43 ever I get alone time, I’ll watch a a
27:45
27:45 Sunday night football game, but there
27:48
27:48 days last year or so. So,
27:50
27:50 All right. What is What’s the team name?
27:52
27:52 Is it Command What is it? The
27:53
27:53 Commanders?
27:54
27:54 >> Yeah. Are you a Commander? You’re a
27:56
27:56 Commander fan.
27:57
27:57 >> 14. I think they ended the season. Yeah.
28:01
28:01 >> Yeah. I didn’t I though the two times
28:02
28:02 that I tuned in for games, it was just
28:04
28:04 not good watching.
28:05
28:05 >> It wasn’t wasn’t a good season.
28:06
28:06 >> I’m about to find out that the NFL
28:08
28:08 scripted, by the way, so I’m ruining it
28:10
28:10 for all our listeners. I think it’s
28:12
28:12 coming out, but just note it was not me
28:14
28:14 that broke the news. [laughter]
28:18
28:18 >> All right. What else we got? most
28:20
28:20 memorable moment in your business
28:22
28:22 journey, man.
28:23
28:23 >> Uh, you know, I think uh getting in
28:26
28:26 front of clients and explaining the
28:28
28:28 transition and and and getting a
28:30
28:30 positive feedback out of it that, you
28:32
28:32 know, we’re that I’m heading in the
28:34
28:34 right direction. You know, I the first
28:36
28:36 thing we did when when I when I I bought
28:38
28:38 the company was try to reintroduce
28:40
28:40 myself slowly to uh to uh uh the
28:44
28:44 existing contractors and and the
28:46
28:46 contractors that Mike had worked there
28:49
28:49 with in the past. And I got a positive
28:51
28:51 reception saying, “Oh, engineer and
28:53
28:53 construction experience and you guys are
28:55
28:55 still all both on board. That’s that’s
28:57
28:57 good and they’re happy to work with you
28:59
28:59 in the future.” So that was a big uh uh
29:02
29:02 question mark in my head if if people
29:04
29:04 were going to accept the transition.
29:06
29:06 >> And that’s I think that’s that’s that is
29:08
29:08 one of the bigger risks that people kind
29:10
29:10 of minimize too is that you know is the
29:12
29:12 guy
29:13
29:13 >> out.
29:14
29:14 >> Yeah. I mean are they going to take all
29:15
29:15 the clients with him or the clients even
29:17
29:17 if he doesn’t take it with him because
29:18
29:18 he’s retiring do they just not want to
29:20
29:20 do business with us because we’re the
29:22
29:22 new guys you know. So that’s Yeah.
29:23
29:23 That’s going to make you feel good a
29:24
29:24 little bit of a weight off your
29:25
29:25 shoulders
29:26
29:26 >> when you get that positive feedback.
29:28
29:28 >> Cool.
29:29
29:29 >> All right. Our last question, what is
29:30
29:30 your favorite tool or resource?
29:32
29:32 >> You know, uh uh because I was a
29:34
29:34 engineer, I I use Blue Beam a lot. It’s
29:37
29:37 it’s uh just a PDF markup and and uh it
29:41
29:41 has some some AI capabilities uh you
29:44
29:44 know, for like automatically counting
29:46
29:46 things and then I can I can uh uh really
29:49
29:49 draw anything I want in Blue Beam. It
29:51
29:51 it’s
29:52
29:52 >> Is that kind of like a CAD type thing or
29:53
29:53 is it something different?
29:54
29:54 >> It’s halfway between CAD and uh Adobe
29:57
29:57 Acrobat.
29:58
29:58 >> Cool.
29:60
29:60 be a little bit maybe easier to look at
30:02
30:02 and
30:03
30:03 >> very easy to maneuver and collaborate
30:05
30:05 with people in real time. It’s it’s it’s
30:08
30:08 from uh in the industry. We use it a
30:10
30:10 lot. It’s a lot better than Adobe in my
30:12
30:12 opinion and it’s not as bulky as CAD or
30:15
30:15 Revit. So,
30:16
30:16 >> Blue Beam, that’s a first. That’s a
30:18
30:18 first. It’s not chat GPT. We
30:20
30:20 [clears throat] we we you know, Enrique,
30:21
30:21 you win the prize, man. [laughter]
30:22
30:22 >> Yes. I can grab an iPad and I know he’s
30:26
30:26 like I ain’t using chat GBT man is
30:28
30:28 >> why would I use chat GBT look when
30:30
30:30 you’re lower IQ chat GBT makes you sound
30:33
30:33 really smart [laughter]
30:36
30:36 >> I love it well Enrique thank you so much
30:38
30:38 for spending time with us today uh we’ve
30:40
30:40 really enjoyed it so what’s the best way
30:42
30:42 that our listeners can get a hold of you
30:44
30:44 >> um you know I’m active on LinkedIn if
30:45
30:45 you guys [snorts] shoot me a message on
30:47
30:47 LinkedIn I usually respond same day um
30:50
30:50 and uh my company is Mag General Power
30:52
30:52 Solutions It’s my email is enrique
30:54
30:54 atmaggeneralinc.com.
30:57
30:57 Uh if you have for any, you know,
30:58
30:58 construction related questions.
31:00
31:00 >> Yeah.
31:01
31:01 >> Um and
31:01
31:01 >> we’ll put that in the show notes.
31:03
31:03 >> Yep.
31:04
31:04 >> Love it.
31:04
31:04 >> Got it. Well, look, man, thank you very
31:06
31:06 much for spending some time with us.
31:07
31:07 Thanks for being a listener, too. And uh
31:09
31:09 >> yeah, I really enjoy you guys podcast.
31:11
31:11 Yeah.
31:11
31:11 >> Yeah. Congratulations on your journey,
31:13
31:13 man. This is exciting.
31:14
31:14 >> Love it, man. Thanks, buddy.
31:16
31:16 >> Thank you.
31:16
31:16 >> Thanks.
31:17
31:17 >> Thank you for listening to the M&A
31:19
31:19 Launchpad podcast. If you’ve enjoyed
31:20
31:20 today’s podcast and would like to
31:22
31:22 support us, please leave us a rating and
31:24
31:24 a review after you listen. I’m Casey
31:25
31:25 Menchu and I look forward to talking
31:26
31:26 with you next week.
