Hi, everyone. And welcome back to the e commerce impact podcast today. We've got a really awesome guest. Andrew Leahy is here to talk to us about getting investment for your e comm brand. When is it the right time and how do you go about doing it?

So welcome along Andrew. Fiora. Hello.

so much for having me on this podcast. I'm really excited to be here. This is one of my favorite. Subjects.  Yeah. And excited to have  this. I think our second New Zealand guest ever, although you're an American, you do live in New Zealand. So that's pretty exciting for me.

We're on the same time zone for once, which is awesome. Cool. So why don't, why don't we start by if you want to tell the audience a little bit about you and your background  my name's Andrew. I live in Takapuna outside of Auckland in New Zealand.

 I wanted to start with sort of my origin story as a founder. What I've gone through in terms of raising capital for my businesses including my e commerce business. And then I became a venture capitalist for seven years and now I'm here in New Zealand.

So I wanted to talk to you about my background because I think that's, How I connect most with founders is letting them understand like I've been in your shoes. Like I've went to investor meetings and got turned down and got people to say yes. So in 2007, I was 19 years old and I started a music technology company called My Band Stock.

It was a stock exchange online for, for musicians. We morphed that sort of into a crowdfunding model for musicians to raise money from their fans and sell CDs and concert tickets and stuff like that. But we raised capital and moved to Los Angeles. Like many startups, it didn't work out. 

So we had to tell our investors this wasn't working out. It was a crazy foundational moment. I was like, 23 years old in Los Angeles doing that. And then we all just went and joined startups. So I joined 3 different startups over the course of about 4 years I left the last company as a product manager to go back to school because I, I left my university, university of Michigan go blue to, to run my startup. So I went back to school. And when I went back to school because I couldn't help myself, I had to have a startup while I was in school.

So my brother and I started snap suits.com, which was custom suits for $250, delivered in 14 days. In 2014, and so we bootstrapped that company with a couple other partners and it started off, you know, we got to get a website. We got to do a photo shoot.

Right? So we had to find very unique category, which was custom suits. They were delivered quickly. And anyone that was having a wedding could customize the way they looked. Right? So we, we bootstrapped the company, we started getting a lot of momentum, and we started buying some Facebook ads.

We had multiple channels going. And then, you know, what was interesting was that we, what we realized really hurt us was how long it took to receive our orders. So we had this really high, amazing acquisition channel, but then sometimes it would take us nine months.

For that cost to acquire a bride or a groom, which is about 200 and the yield was 2, 000. So the problem that we didn't really think about was how long it took our marketing to actually hit the bottom line. Right? And so as a result, and we couldn't quite raise more money, we are having meetings.  We were getting investment, but we just couldn't quite raise more money. , we did 2 million in sales, so we didn't do like too bad, you know, it wasn't, it wasn't like a tiny thing, 

After that, I went to start a venture capital firm with some folks over at Hawk media in Los Angeles. We ran for about seven years. We had a 30 million fund under management. We invested in several consumer companies, but we mostly invested in the software side, the marketing tech side. So I've always been very deep in the tools and the channels and the strategy around acquiring customers and acquiring them profitably.

Right. That's a really important part. And the lesson that I learned myself very early on. Yeah. Yeah. There's nothing like learning in the weeds of a real business, right. And being able to like. Figure out how things work and you know, what business models work, et cetera. Awesome. 

All right. So let's dive into our topic. So my first question for you is  from your perspective, what are the foundational elements you believe an eCommerce branch of established before seeking investment for even kind of start considering it?  You know, what, what elements signal readiness and potential to investment investors?

Sure. There's a lot, but I kind of narrowed it down to four that I think are the most important. Number one is uniqueness. Number two is the metrics showing demand and what the business is. Number three is brand. And number four is story. What is the story? Who are the founders? Why is this being created?

Right. So on the uniqueness front, look. Why are you in market? Right? Are you just selling like another chapstick? Right? I think I can get this at the store What is what is the reason that your product is unique and that it can exist in the market, right? So that's like number one. I remember looking at a company that's based out of New York New York called Lalo and they were building really unique child toys and and strollers, and they built these beautiful high chairs and they had as well as a jogger that that was for.

For their product as their product, super unique product, really beautiful. They went on to do extremely well. They've been around for five years now. Right. They did a great job defining what made them super unique, right? The metrics, right? So if you're, if you're going out for investment, right. And it's not friends, family, or fools, which is the first kind of people that you talk to when you're getting a business off the ground you kind of have some metrics for the most part.

I think There are some investors that may, you know, write a check before, before you have metrics. But a lot of times when we were pitching and in products that I've seen, it's really important to show that sort of growth momentum that, that people are buying, that people like it, there's reviews, right?

So the metrics are, are important. The third thing is your brand, right? Like, what do you represent? How does that tie into your uniqueness? And, and what makes you special in terms of the way that customers feel, right? When they look at your website, when they buy your product, that's important. And then the fourth is story, right?

Why did you create this business? Why are you going to work 90 hours a week to make this business come alive, right? If you developed a tool for cancer patients, because your grandmother and your mother died of the same cancer and you've just. You're just alive with this mission, right? That's really important versus like  Well, my friend pitched me a custom suit idea and I needed a job at the time.

So like, yeah, my brother and I decided to take it on. Yeah. So you're telling, you're talking about the story that you're telling investors versus the story you're telling customers. They're probably quite similar, but there's a nuance, isn't there? So  there's, yeah, it's the why. Yeah, it's the why. Yeah, exactly.

It's the why you would be the perfect person to scale this business and why they can trust you and why your story means that you're going to care about this more than being distracted by some other idea. Yeah, that's really interesting. That's exactly right. So, what you're kind of saying here is that like, You can't go to an investment investor when you haven't really figured out the brand or you haven't really figured out the product market fit and you've got some sales but they're not consistent.

You're not really, you know, consistently getting people repeat buying. You need to kind of figure that out. So product market fit.  Like mature brand or at least  well developed. Maturing. Yeah, exactly. So you might've tried a few things. You've like pivoted it a little bit and you figured out something that's, that's working pretty well.

So that's the stage when you're looking to go to an investor. Okay. And what about. Just to change tack a little bit, like to take a little step back investment versus bootstrapping versus straight up borrowing. Cause there's lots of borrowing options for e coms now. Like what are the pros and cons here?

And what would you advise a brand, you know, how do they choose which route to go or when to take which route? Yeah, sure. So I'll, I'll, I'll attack the last 1 1st borrowing. Do not use the Shopify borrow button. Okay. It's it's 1 of these crazy options that exists for all these store owners. And there's actually a lot of discussions happening online about how.

It's really hurtful to the brand owners to take this money. That's a high interest loan. And it just comes out of your bank, out of your bank account. And after purchases there's been calls for Shopify to like end that business and focus on payments because it can tend to really change the dynamic and the way that you run your business.

If you have a crazy profit margin, right? Like you're selling a pencil for 30, then, you know, and it doesn't hit your bottom line very much. Okay. Like consider yourself lucky, like borrowing might work for you, but if you're one of those brands, that's got a 50 percent margin, a 40 percent margin, and you're borrowing and you don't have like an insane amount of repurchasing rates or subscriptions or whatever it is, you can get into a hole really quickly.

So I try to keep people away from borrowing. Unless it's like a ridiculously tiny payback rate, which is extremely hard to find or near impossible. That's number one bootstrapping bootstrapping is my favorite way of starting and running a business as an ex venture capitalist, I know that I'm looking for the highest return possible in a company that I'm investing in.

Right. And the truth is, is most of those companies end up failing. Most of them don't end up being as big as you thought they were going to be. And it's a big risk to invest, right? So what happens with bootstrapping is you're really able to every day, wake up, look at the costs, focus on the revenue generation and just like really get working right now.

Investment's great.  It helps you with pay employees. It helps you invest in more R and D. It helps you invest in marketing. There's a lot of great things that happen when you invest in a company, but what we typically find is that investment changes.  the way that you approach the business. And this is a, this is a big problem that has sort of happened over the last five years.

Company raises a big round of funding. They hire all these people, they start spending on all this growth. And then they just find out that like, whatever they were trying, they were spending too much money on whatever customer they were trying to acquire, wasn't the right customer. Right. And so like, it's a very careful balance.

Of taking on investment versus the bootstrapping and then the borrowing can get you in trouble. So it's just some things to keep in mind. You know, as you, as you think about what are the three avenues that I have.  For sure.  Yeah. I mean, the bootstrapping route feels like the most.  Like the one you can  guarantee the best that, you know, it's not going to go wrong and you're not going to end up with the wrong people.

But the downside to it is if you're really ambitious and you want to grow and you want to have, you maybe you've got first mover advantage and you want to get ahead of the competition while the opportunities there before the copycats come, then that's not always the best way. Right. Yeah. If you have a really crazy, unique product, you have IP, you've developed this.

Scientifically based thing that, you know, and you want to sell on e commerce, like that's how you raise investment dollars, right? If you're selling, if you're, if you're a new t shirt shop in town, like, you know, it might look really cool, but like, good luck, you know, so if there's a lot of variables that go into that, right.

You know, I always talk about like, you know, the woman and husband couple that's making candles, you know down the street and has a nice candle shop, right? Like,  don't put together a deck for venture capital, most likely, you know most likely, right? So just really have to keep in mind, like, where do you fit in the space and what kind of high growth profile can you actually achieve?

And, and that's where investment comes in. Yeah, the candle. That's funny that you mentioned candle business because that's always the example I use. Like, I get a lot of candle business. I'm like, how are you different?  Like, if you're in a store and people can smell it. Sure. But if you're online, candles are tough.

Alrighty. So investor alignment, that's another kind of hot topic. So what are the key factors you'd recommend e commerce founders consider when looking for the right investment investors  and how important is it that the vision is aligned and the kind of philosophy around, you know, how you plan to do things as aligned.

Yeah, it's really big. It's super important, right? You know, there's 4 things that I think are really important to think about with investor alignment. So, number 1, alignment with the mission, right? Number 2 is that they have to be early stage leaning. They have to understand The early stage startup, you know, sort of problem solution circuit.

Number three is a history of investing in consumer. Don't approach a software investor or a, you know, private equity you know, person who buys industrial businesses or something, unless they're one of the friends, family fools. And then region specific can help, right? If you're in New Zealand, who are the investors in New Zealand?

Investing in New Zealand, right? So I'll start with the alignment and mission, right? There's a lot of investors out there today, especially in the last maybe three or four years, but they've come out to say, we are here to support the climate crisis, right? And maybe you have this really cool plastic that you've developed that decomposes in your garden, right?

There's a bunch of startups in New Zealand that are kind of like that, right? How do you align the fact that you have this product that helps with climate change with it? Investors that want to fix climate change, right? Like align that mission. That's important. And so what's good is that a lot of the venture capital firms out there, a lot of the the sort of grant money that's out there.

They're pretty specific about what they invest in and the problems they want to solve. And you can also check it up because the investments that they've made. You can feel that alignment if the, Oh, you invested in this company. Well, then you'd probably actually be interested in mine, right? That's one of the, that's one of the things I teach in, in pitching investors is like find a company that would align mission wise or in some DNA with what you're doing, and then, you know, that's a great way to get introduced.

Early stage leaning don't approach a late stage investor or an investor that they write 5 million checks. To founders, right in health care or something, right? So early stage leading, make sure that you, you, you align on the timing perspective on the stage perspective of the investment. Number 3, again, history of investing in consumer make sure that that's aligned, right?

That's somebody who invested in. You know, Harry's and invested in Dollar Shave Club and your subscription company. Like that's, that's good that you have the alignment like that, right? Now you got to prove a lot of other stuff to get them to get on the phone with you. And then region specific, right? 

I've seen this in the U. S. I've seen this in New Zealand and elsewhere. There are investors who say we invest into these regions. We are backing companies in New Zealand. We're backing companies in Australasia, right? Or we're backing companies in Japan. So make sure that a lot of times when you're first starting out, getting those regions, specific investors can be very, very crucial.

That's interesting. And actually I've thought of a supplementary question to that. What are the types of investors? Cause you come from a VC background, but that's not the only option. And there's definitely some cons to that too. So do you want to just outline for those who are kind of new to this, what the different types of  investors, the buckets they typically fall into and some of the pros and cons.

Sure. So it's the way I think about it is that the sources of capital are all based on like what their investment strategy is. So if you're an angel investment, an angel investor, there are angels out there that are backing people for as little as 5, 000. For an angel investment, right? There's some angels that put 250, 000 into a deal, right?

So the angel investment category is the strangest because they sort of live under a rock and you have to get introduced to them and they're not always super clear on what they're investing in. If they do it a lot and they're professional and they have a website or an angel list profile, you can kind of see some of the stuff that angel investing is, is personal capital.

Right. It's, I made a chunk of money. I have it set aside. I do deals. Right. So then there's venture capital and an example of an angel investor. Would that be like your dragon's den or what do you call it in the shark tank? So that's like a, an entrepreneur who knows some stuff and they've got some money and they're investing in that business. 

And there's usually angel groups. There's a bunch here in New Zealand. There's a lot in the States. They come together every month. They look at deals. Somebody reviews deals to bring to that committee. A lot of times deals when they first start off they come to these groups and they get feedback and you might get someone who says, I really aligned with your mission.

You know, I'd love, I'd love to support, you know, I know it's only 10, 000, but like, I just want to support you. Right. So I always say, ask for feedback, get money, ask for money, get feedback. So always remember that quick. But yeah, and then and then you have the private equity world and private equity falls under is is actually kind of encompassing of both private equity firms and venture capital and private equity manages other people's money.

They said, give us your money. Here's our investment profile. This is what we're going to do. And by the way, here's kind of how this should return to you, right? So when you're pitching a deal to the private equity world, they're thinking, how do I make money from this? How do I sell this later? How do I help this grow?

Right? So they're fitting those parameters of returns they have to make to other people, right? And then you have the grant world and you have the government money world and the Callaghan's of the world here in New Zealand. You have these other groups that are, are basically funneling some sort of public money, nonprofit money, grant money, typically for economic development or some sort of mission based financing, like, you know, solving the water crisis or solving the climate crisis or whatever it is.

And so the source of the funding is very directly impacted on what their expectations of you and what you're, what, what this company and what your mission is supposed to become.  And then there's banks, which they don't fund people unless you have a ton of revenue. And, you know, don't go to a bank if you're really early stage.

And that's that's not really a sufficient source of capital  that they can provide credit lines and capital lines later. There are a whole slew of stuff that will try to offer you capital and credit and lending online. Most of it's really bad. Again, I, I try to keep people away from borrowing because it's a quick gap to, to be underwater.

I think now with interest rates with the way they are, that's really sound advice. A few years ago when you were getting like 1 or 2%, it kind of maybe made sense, but. Yeah, I think it's going to sink you pretty quick at the rates we've got right now. Yeah, that's awesome. That's good to know the different, cause even just knowing the terminology and the different types is really important going into this, right?

Yeah,  absolutely. Cool. So from your, in terms of valuation, from your experience, what are the common challenges that brands face when they're trying to even figure out how to value their business?  And like, what is, what is a good way to look at valuation? Absolutely. So there's kind of four things that are really important that are kind of the biggest things that go into valuation.

It's the strength of the founding team. Who are you? What have you done? Why are you unique? Why are you like special, right? You got to prove that. The public market trading multiples is a really big conversation around valuation, like What is dog food being bought at or being traded at it the corporate, you know, corporate M& A level at the stock level, right?

There's not a lot of stuff that correlates from public markets to private markets. But people look at that as a comp of what they could achieve or what it might look like five years from now, because all these investments, they're making this investment. And waiting five to nine years or more for something to actually happen from it.

So it's a very future leaning thing. The metrics and the growth, the difference between doing 10, 000 a month in sales and doing 25, 000 a month in sales, massive, right? That's the difference between value that may be 2 million and maybe 5 million. Like the way that you manipulate and understand what revenue is being generated early is going to very much effectively. 

Kind of dictate what your price is going to be right? Yeah, and then IP strength, right? Did you develop a novel device? Do you have a patent? Do you have a partner with a celebrity or an influencer? Like what is what are you selling and what what is that package together to be worth a healthcare company that developed a new MRI?

Machine is going to be completely different than like  Somebody who has shorts that have extra loops on it for rock climbers, right? Just completely different chasms, right? So what is the strength of that IP and the product? And and then how does that all marinate up to metrics and public profiles?

And then the strength of the founding team. Those are going to be. The four most important things to think about. There's a million of them, and it depends on what your strength is as an entrepreneur and as a company, but those four things are going to be the quickest way for you to determine what your value really is. 

And is it typically done as a multiple of revenue, like, and then that, what that multiple is, is defined by those qualitative factors about like the market, the story, the, the brand, the product, the IP, et cetera.  Yeah, it is. It is at a later stage. It's more of a multiple. You know, when.  When we invested in the jewelry company, I think they were doing something like 30,000 a month in sales.

Mm-Hmm. . And you know, we didn't value the company 'cause off of that revenue because we weren't, they weren't even doing a million in sales. So like, you know,  we also wanna preserve founder equity for the next round as well. Yeah.  There's a whole metrics around like, okay, well, I can't really  reliably own 40 percent of this company because that doesn't make sense.

I can't, you know, own 5 percent of this company, right? Because it's a lot of money and that, you know, that doesn't quite make sense either. So it's kind of a relationship and an understanding between the founder and the investor. What is this worth? What makes sense for the stage you're at? What are you going to raise your next round?

How much runway do you have? Do you have 18 months runway? Do you have three months of runway? So there's a ton of factors. I try to tell founders not to get too caught up in the valuation. It's I'm raising, here's how much I'm raising, here's what I'm raising for, here's what this gets us. What do you think?

What is this worth to you?  Let, you know, I always say like the, if the investor sees a price and they completely don't agree with it, a lot of times they don't even want to negotiate. Like, well, if this was a 3 million deal versus six, like I'd be interested. Like. You know what I mean? So I think I think it's important to let the market sort of decide what your price is.

And then if they have a handful of investors that say, I'm in, right, and you raise half your round, okay, well, they decided what the price was. And then now your job is to go find the rest of the money, right? So it's kind of this like seesaw effect that you have to kind of go back and forth and back and forth.

And continue to kind of sharpen what the valuation should be and what, what you, what you want it to be, because, I mean, I just saw a deal the other day, great deal, super highly valuated, sent it to my VC friend, completely too high of a valuation, no, no thanks, you know? So, you gotta, you gotta have a balance of what, what you think it's worth versus what everyone else thinks it's worth, right?

And the good news is, you only need a couple of yeses. Thanks. Yeah, right.  Yeah, that's really interesting. So, yeah, being too fixed on what you valued it at is probably a mistake because you'd end up kind of closing the door on potential deals. But more being really clear on how much you're raising and what you're going to do with it, and then the negotiation begins around, like, what stake that ends up representing for the investor.

Yeah. That's right.  Oh, okay. So getting into the pitch, then what components of a pitch do you find most compelling when evaluating e commerce brands? So when you're on the other side of the fence what tips do you have for founders so that they can make their pitch really unforgettable? So I focus a ton on this with both in my background VC.

Now, with the clients I work with I love this question. So the number one thing is the story and the narrative, which is like, what is the beginning, middle and end of your pitch? And like, how does that make people excited about what you're doing? Right. So this is one that's really hard for founders to do themselves.

I remember back in 2007, 2008, I remember pitching so many people getting feedback and collecting little bits of information here and there. I think you should emphasize this. And I think you should emphasize this and this is missing and whatever. And so, and it took a long time to do, to get this feedback.

And once you assemble it all together, you're like, ah, like, okay, this is really it, oh, now this is working. This is working with investors, whatever. And so it's really important to try to just. Get a little bit outside of yourself. Get that outside feedback, right? And not necessarily like, you know, The the person who lives in the same dorm as you or whatever, but go get feedback from the community Is this resonating?

Is there anything that doesn't make sense to you here? Right and just really continue to to get that together so story and narrative is number one what is your secret weapon, right? I think it's super important, to talk about what makes you unique and what makes your product unique, right? That's always going to be one of the most important parts of your pitch But  you can't spend seven slides telling people why you're unique and what your product looks like.

And here's what it looks like on mobile. Like nobody cares, right? If you can't kindergarten speak how amazing what you're doing is different in two slides. I always tell people, I'm like, you get two product slides. That's it. You don't get seven. You don't get four. If you do three, it's too much, right?

People think you're unfocused, right? So a good deck is somewhere between 10 to 15 slides. The shorter, the better and the more succinct, the better. So super important for you to explain what your secret weapon is, but not exhaust anyone. Right. Defined industry and market. I had a business school professor that always said you don't create a new market.

That market already exists, right? The people buying from Lululemon, they just used to buy from Gap, but they don't anymore. Right. That market existed. Someone else just came and filled it with people who already existed. Right. So something that's that's really important concept to understand. If something is completely new and no one's ever done it before, and it's completely unproven and.

It's an opportunity. That's that's really hard to pitch. Right? So be careful with that pitfall. And then traction. What have you proved? Right? I remember when we raised some of our first dollars. We did a survey that we, we surveyed like 1000 people and, you know, it was like an opportunity survey.

Right? And so we started telling folks like, look at all these surveys. We have people in our demographic. Right? Here's who they are. This is what they're interested in. Oh, and they want this right? Like, this is something that they said. And we set up the survey with some organizational studies students who like knew how to do surveys.

And it was really powerful. And it actually helped us a lot with raising capital. But again, it was something, it was some level of market research, market indication that you have to have. And so sometimes that sales, Yeah.  Or repeat sales or subscriptions that nobody turns off we're 11 months in, and our paid cohorts, amazing, whatever it is, but it's, it's showing showing that the market need is, is being met by your product in some way.

Yeah,  yeah, that's okay. And so much of this stuff boils down to like, having a good business, right? Like a good business understands the customer and what they want and what they want to buy and what messages are going to work for them and like surveying and interviewing is the key to doing that. So. 

None of this work you do for your pitch is going to go to waste. It's going to help you build a better business and help you look at your business in a more stringent way, I guess. So yeah. That's right. And you don't, you know, you, you can be 40 years old and worked in aviation your whole life and never started your own business.

And then you want to start a. You know, an aviation startup and you know, and people won't look at you like you're a 20 year old who's never worked in their lives and you know that this whole thing that you have to be young to start to start like all that's not true. Like, you just have to understand your customer better than anyone else.

I have no business starting an aviation company. I fly here in New Zealand and Delta and I have my things I like, but I'm not an expert in that. Right? And so explaining why you're the expert, that's the narrative piece.  Understanding your target market and having some traction where people have bought.

It's an LOI even, right? I love LOIs It's a great way to prove that people want your product, right?  Because they usually agree to a price as well. So yeah, those are those are those are key things Customer is always the most important focus on on on that on actually having this business that can survive Totally.

So changing tack again, metrics. What as an investor, what metrics, what are the like three or four key metrics that you're going to look at? And what are you hoping to say? I know it would depend on the industry, but like, what are the kind of ones that are most common? Yeah. So when when I started thinking about this, you know, there's, there's really like 5 that I think about in eCommerce that are important.

And then there's obviously branches that come off that, but you know, monthly revenues return return purchases. A CV which is like, how much is your cart value typically? Your ECR, which is how many people on your website are you converting? Is it 2%, half percent, 3%? And then your channel diversity, like where are people coming from?

Buy, right. And then there's a bunch of other ones that have to do with margin and supply chain and like, stuff like that. But from a growth metrics perspective, you know, I'm really trying to get a top level. Top level understanding of wwhere your business is that it's those five things. And so channel diversity also sort of is a metric that goes above, you know, the monthly revenues, the return purchase repurchase rates.

On a channel level, what does that look like? Are your Facebook users a little bit that are clicking on ads a little bit buying more? Are, are your users from Clavio and your postscript and SMS users? Are those, are those people buying more? How about affiliate? How about your word of mouth channels? How about influencer?

Right? So I think understanding channel diversity, if you're just killing it on Facebook ads, but you haven't tried anything else,  You get a little bit worried about putting a check into a company because you don't know what the ceiling of that is. At what point does that run out? And so  the, the hardest thing for brands, and you know, I know we've talked about this before even is, is like managing channel diversity, right?

It's hard. It's time consuming. You need content, you need copy, you need schedules, you need  someone to do all that. You need someone to monitor all that, right? But as you figure out what works, It's really important to start widening out those channels and experimenting. Right. I think it's super important to set aside an experimental budget, experimental time to throw stuff at the wall in a smart way, but to throw stuff at the wall and go, Oh my gosh, we just figured out this thing worked.

We didn't know that it was going to work and it did. Right. And so yeah, from a growth metrics perspective, it's, it's, it's being able to see that the operator is really operating the e commerce business.  So where can our listeners find you, follow you, hear more from you? Yeah, check me out on LinkedIn. It's slash Drew Zealand. And I write basically all the time about startups, raising capital, putting together pitches. I'm always available for a 30 minute consult. Cool. Awesome. We'll put your details in the show notes. Thanks so much for coming along.

Oh, thanks so much for having me. This is my favorite subject. Awesome. It's great to have you.