Traffic and Funnels Doing $25M Annually Selling Education To Business Owners

TRANSCRIPT

What’s going on. Everybody. We have Taylor Welch coming all the way out of Nashville from traffic and funnels, Taylor really quick for the audience, let them know what is it that you actually do and how do you generate revenue for traffic and funnels?
Traffic and funnels is a consultancy for people who are with clients. So you know how they are the incubators that take equity and they grow businesses in exchange for equity. We kind of do the same thing, but instead of equity for traffic and funnels, we take a fee. So that’s, that’s TF.
Fair enough. Would you say that traffic and funnels is more on the education side or is it, or is there anything like done for you done with you? Anything like that?
Yeah, so there’s, you know, there’s the education piece and then there are the two extremes is like just courses and then agencies, we’re kind of in the middle where it is a little bit of education, but it’s a little bit of done with you as well. A little more hands-on than a course, but not quite as hands-on as if we were hiring a, you were hiring an agency to do everything for you.
Got you. And let’s, let’s just, I want to peel the onion back to the viewers and the audience that’s actually listening. So let’s say as an example, if I’m an agency owner, I come at traffic and funnels, let’s say, I see your ads and your face is all over the place, right? So I see one of your ads. I click on it. I hate your landing page. I buy, let’s say one of your courses, maybe one of your starter, you know, $17 products and little drive me up the value ladder at one point, where am I ending up? Like, what’s the goal for me or for you to get agencies at the end of your value ladder?
I mean, if, if I like you and the team likes you, the goal would be to get you into a elite, which is the top offer that we have for TF. We have other programs that are more expensive than other businesses, but elite is the top of TF and it’s a year long or six months based on what, what you want and there’s events in person. There is access to our team. So, you know, people don’t know this, but the COO that we’ve retained for traffic and funnels has been a part of several exits. We run our company, not like an internet marketing company. We run our company more like a, like an IPO or, or something that is set to sale. So you get access to him, you get access to me and Chris, you can access to our team. And it’s more of a longer-term engagement with relationship involved rather than just a transaction. Does that make sense?
That makes perfect sense. What what’s it cost if I want to get into something like that, what’s like just rough costs. I want to know.
I know they, they just raised the prices. It’s probably like 40 to 50 for the year. I don’t know exactly because I’m a, I’m actually a CEO, not necessarily a tinker inside of everything, so I’m not exactly sure what they’re charging, but I think it’s less than 15, more than 40.
Fair enough. We’ll call it 45. K. We want to join right in the middle there. And how many team members is traffic and funnels have? And what’s just like a quick breakdown. Like how many people we have on sales, customer support, client success, things like that.
Yeah. Traffic and funnels, like only just for TF, probably 40, 45 between everything we’re over a hundred. Sales for everything is probably just for TF, for everything together
Through traffic and funnels. And the traffic
And funnels probably has maybe 10 or 12 salespeople. Maybe 10 client success people probably eight or 10 marketing people. And then, you know, eight to 10 operations.
Fair enough. And for your sales reps, are there any, are they all quota carrying? Yup. And how do you strike? Cause I see a lot, you know, there’s a lot of also coaches, consultants, obviously agencies that watch the show. What’s w how do you structure your sales rep quotas?
In terms of what we expect them to produce? Yeah.
Like monthly, maybe, you know, you got to add you know, 10 K in MRR or do 20 K gross net or gross sales as an example. What’s like a good core KPI for one of your sales reps on the traffic and funnels side.
I can give you, I’ll give you two answers to this question, because I think I know what you’re getting at. So I’ll answer the fundamental question and then I’ll take, take you behind the scenes. Every, I think our average per sales rep is probably around 200 K in monthly production. All right. That said everybody’s different. And we have a, we have a vision, a structured culture. There’s kind of two ways to push someone. People can improve because there they can improve out of fear, you know, or they can improve out of vision. And I want people on our team to approve out a vision. I want them to to see what’s possible and set big goals. So our top, our top dogs are gonna earn 35 to 40 K and our people at the bottom are going to earn eight to 10 K and I’m, I’m not about just cutting those people loose immediately, because sometimes it’s not a salesmanship issue. It’s more of a vision issue. So we’re not really big on the, like, if you don’t produce this, you’re fired. We’re more along the lines of like, what is your potential? And if we can line you up with your potential, that’s great. If not, we’ll replace you.
And, and and how many active clients is traffic and funnel serving right now? I know in the education space, people come and go. But let’s just say in your high ticket programs or anything, that’s recurring, how many active clients are you guys servicing right now?
Say maybe seven or eight, seven or 800.
Cool. And how many people do you think this is a random question, but how many people do you think have went through tra like if you look at maybe your CRM system, anybody who purchased a product from you how many hundreds or thousands or hundreds of thousands do you think that has been, that may be either bought a $17 product and stop there. Now, how many people you think you have in your actual system
That was a 80 to a hundred thousand
Love that man. So 80 to a hundred thousand people have got a taste of traffic and funnels, whether it be a small $17 product, or way up in the value ladder in your elite program. So that’s awesome. And most people, especially in the education space, there’s always what we hear of the value ladder, right? Or some type of strategy to get people on a low end product, and then kind of ascend them up the ladder or send them down, whatever it is that you call it. Right. What is your, what is your, what’s your structure in traffic and funnels? Like what’s your game plan? Is it, Hey, let me release the $17 products and all my traffic there, get my sales guys on the backend to reach out to these guys and to send them up to elite. Like, how does that work? Do you have any products in the middle where they’re going from 17 to like a course that’s like a thousand bucks and then pushing up from there?
Yeah, we do, but we don’t necessarily we’ve, we’ve tried to set everything up as a family of companies, not just for traffic and funnels, because to be honest there are people that come in through traffic and funnels, marketing that don’t belong in traffic and funnels. They belong in wealth gap, you know, they, or they belong in, in in sales mentor or whatever. So we kind of see it as like what what’s the plethora of options that people have. And the best journey for us is somebody can come in, buy a book from us or something simple. They love it. They hop into one of our groups. They love it. Yeah, we have two, three, $400 pro programs that are much less expensive and pricey than say a CK. But ideally we want to get somebody to the place of producing significant enough revenue that they can get into West building. You know, they, they’ve gone from the level of like, I’m trying to make money to, I have enough money and now I’m trying to build wealth long-term and then they are transferred into the real estate side of the house, because it’s not very profitable for us to just have a bunch of random, $400 people coming in all the time. We want to get them to a place of health and sustainability and then get them into the long game.
What’s your thought process on the industry right now? Like and this is, yeah, this is not one of the questions that I have here, but I’m going to ask you, cause I know you’re big into the game. What, what, what do you think about the whole industry right now? Like with this whole influencer thing and a bunch of people selling courses online and trying to get people to, you know, be better at sales or be better at this? Like what, what’s your, what’s your thought on the whole thing?
You want me to be honest with you? I want
To, I want the raw truth.
I really hate it. Okay. I really hate it. I think I think that it’s a kind of a cesspool of, you know, I was thinking about it this morning because in one of our groups, there’s a guy who has kind of followed us for the last four or five years. And he’s always just kind of showing up taking shots. It’s funny, somebody texted me on Monday who used to work for us and she was very nice and very kind, she used to work for us. She transitioned out and she was like, Hey, I just need to apologize for, I’ve taken some cheap shots at traffic and funnels. And I didn’t know what she was talking about. But I was like, Hey, that’s, you know, it’s, you know, somebody, who’s got some strength when they’re apologizing for something that the person wouldn’t even know, like that’s integrity.
And I was like, this means a lot. Thank you. But I was thinking about the culture of marketer and it’s just like this, this successful of like, you know, everybody wants to take shots at the people at the top. And I feel like what we’re lacking in the internet marketing world is proper you know, the proper specimen of business owner who understands that. It’s not just about having one year where you do really well and you’re very transactional and like nobody’s really longterm in this industry. And sometimes when I come back from working at other companies, you know, I’m coming back from, you know, touring different banks that want our business for wealth cap long-term and they’re willing to do whatever for us. You know, we have like $15 million credit lines on the real estate side, this insane stuff. And I stepped back into internet marketing.
Sometimes I’ll go into a group and I’ll just be like, Oh, this feels so gross. You know, because it’s just a bunch of kids making fun of each other and trying to kind of like politics right now. It’s like the only way you can win is by discrediting the other guy. And I think that it needs any, some good leaders. You’ve got some great guys in the, in the space stuff. You got people who were filled with integrity. You know, Pete Vargas, I was talking with Billy Jean the other day you know, Marshall, silver Russell Brunson. Like there are some people who I think stand for the right things and they do it the right way, but overall we needed a complete overhaul, I think, of the morality of the internet marketing.
Yeah. And it’s funny because I’ve, you know, I’ve been, especially when you say internet marketing even just diving straight into digital marketing or on the agency space. If we pinpoint that industry specifically, I mean, I’ve been, I’ve been doing that since 2009. Our company dash Flix is about two and a half years old, which stacks on top of that, it’s like our software platform. And what we’ve seen over the, I think we have like 25,000 agencies that sign up to use our platform in the last two years, you would like the patterns that I see coming in the patterns. We also have our Facebook group, it’s got like 6,000 people or something like that in it. But what I’m seeing on the other end of that poll is very similar metrics. And what I’m seeing is, is expectations being the biggest issue.
I see people coming into the internet marketing game or this digital marketing game, thinking that it’s like this two hour workweek get rich quick type of scenario. When in reality they’re looking at the end of the end of their goal is money and it’s not necessarily building a business or something sustainable. It’s just like, how do I just saw this guy get a three, $3,000 sale for Facebook ads for a client? How do I do the same thing today? Like how do I get that same result? And then how do I burn that $3,000 client and that client wouldn’t be there the next month. Right. so I think there needs to be some type of big shift in the industry. And for us, you know, we, we’ve slowly been moving a little bit up market to work with more established agencies.
I think that’s definitely something that we love doing people that have, you know, they have a team of 1530, 40 people that have, you know, a hundred, 200 clients that are focusing on the business, focusing on like what you said at the beginning of the conversation, maybe one day, how can they actually take an exit, right? Or how can they build something of value versus especially for a lot of coaches in the city in space, it’s hard to say it, but a lot of coaches in the space they’ll go out and they’ll build the whole company. They’ll do a million, two, three, four, $5 million in sales. And at the end of it, it’s purely an education play and it’s built around their specific brand name. And if tomorrow they get hit by a bus it’s over, like they’re not valued in anything zero, right
Along with that, as long as you’re not pretending to be something else, which is like the key, you know,
Well that plus also a big portion in my belief is because we have a big education business to our business, but I believe in dipping into other dipping into other assets and combining them and building like an ecosystem to make the company actually be valued. I think for all the agency owners listening to this, I think you guys really need to focus on not just how to grind through and pick up as many clients as you can and then burn and turn them. I think you really need to focus on actually building a business and whatever it is, whether you’re an agency or whether you’re a freaking locksmith, whatever you do, you build, build a freaking businessman. What, let let’s talk about needle movers really quick. Like what was the number one needle mover that you saw in your business that just like, whew, like when you, maybe it was early on when you started, what was that one thing where I was like, Holy , like this, this is, I’m seeing like the light bulb moment here. That’s taking me to the next level.
You mean like when we first got started?
So something like for me is an example is when I first started doing paid ads five-year six years ago. And I was honestly, this is like a game changer. Let me dump a hundred cane here. Right? Like what was, what was your needle mover? What was that one thing that you saw that was like the big differentiator that took you to the next level going from maybe a million dollars a year to $10 million a year, whatever.
Right. The problem with, with answering this question is like, after you get past a certain point, there are, there’s a needle mover every three months, and then you can’t remember what the one was in 2015. So that’s why I’m like kind of trying to reach back into the archives. So we started with paid ads though. So I would say, yes, that’s a needle mover, but we got, we got lucky in that Chris Evans, the other half of the business was a paid ads guy. So I remember being in Dallas for a network marketing event with my wife, literally walking around the stadium in Dallas, looking at our metrics on the phone, nobody had ever heard of us. Nobody knew who Taylor was. Nobody knew who Chris was and having a filled up calendar of people who had gone through our webinar and applied to work with us.
And so in a lot of senses, we got lucky in that we were also doing done for you at the time. And we hired a guy named Sam about six months in and Sam was like, dude, you guys got to stop doing done for you and just go down and consulting. That was probably the first big leap up that we had because we bought back so much time, so many hours that we were doing done for you. We bought all of that time back and we were able to put it into marketing, client fulfillment, et cetera. We went from, you know, I think when we hired a say we were doing 40 or 50 K a month, by the time we were done with Sam, we were doing 300 to 400 K a month. So that was that first big 10 X movement. So to speak for us was removing the laborious done for you and getting into the transference of education.
What about, what about something that was more recent once you get to like a higher level once you’re, you know, you’re doing around like five, 10 M a year what are some of the things, especially for some of the people who are watching, they can expect to get these types of levels or maybe already at these types of levels. I know, I see tons of things in our business that are high level that you don’t see early on or not even, you know, you got to get to like past 50, 60, 70 employees even be able to see issues like this, right? What’s what are the issues that you’re seeing now in your business where you’re like, dude, I can make this one change and it will have such a massive intake on the entire company and move the needle. So fast
Building an executive team and removing me and Chris as the decision makers was huge because we became the bottlenecks. I think this is in the Rockefeller habits or scaling up the newer version. The strength of the leader becomes the weakness of the team. And for me and Chris, you know, at this point we manage five different executive teams for five different companies. A couple million dollars likely a month in, in advertising spent, if you trace it all down into all back to, to the credit cards we can’t make all the decisions anymore. And the longer we tried, the slower, everything ran. And so we built executive teams for each company and we trained them how we think, how to make decisions. And we have now outsourced the level of mental bandwidth going into growth decisions and then things exploded. We did that around February this year. And we’ve probably grown six to 800% since that moment. Yeah.
Yeah. I think, I think I can relate to that and say literally the exact same thing. I know one of the big things we’re doing right now is essentially growth. I mean, right now in our company, I think we were on track to hiring between, I want to say five to eight people every single month for the last six months. And with building and scaling a team of that size leadership plays the biggest role in everything in finding people, delegating the stuff that you are so OCD about pushing it out of your system and letting somebody honestly, that’s better than you, right? Yeah. There’s people that are better at PR. Like I remember when I first started my business in 2009, I thought I was the . I thought it was the best at everything. Nobody knew anything. Nobody knew marketing better than me.
Nobody knew sales better than me. I started as a web developer. Nobody could develop better than me. Right. and then going on and building right now, we’re at about, I think we’re out about 60 people or so in our company. Nice and understanding that level of what needs to be done to get stuff off of your plate. It’s the biggest, and I will say that that is, I think the biggest thing for us to so for those of you guys that are listening to this, like take the off your plate. Like there’s people out here that can do a better job. Find those people, put them on an executive team, shuffle out the work to them, organize it, train them on the way that you like to do things or the processes that you’ve seen in the past work of the patterns that you’ve seen that were working in the past, train them, work with them and let them focus on those one specific set of tasks to push you further up. Right? If you’re struggling with getting leads for your business, hire a freaking sales VP and let them actually focus on building a sales team, right. If you don’t have the time to do it, you’re just gonna be stuck forever.
So you know,
The big, big, big thing you just said there, man, something that I can agree on. I’m going to get to the end of this. I’m going to ask just a couple of quick, rapid fire questions, and then we’ll wrap it up here. You got probably a ton of leads coming in every single month. I know you’re doing a bunch of paid ads right now. First thing is how much you think you’re spending a month on paid ads. And then you said it was about a million bucks, a couple of segments, one to two. Okay, cool. So there’s a lot of leads coming in. I’m assuming, right? Where are you putting on leads? What CRM system using what’s your sales process? Walk me through that. Like a minute.
Hubspot is the CRM that, well, I think they’re, they might be using Infusionsoft. I don’t know, to be honest with you, but I know our sales team uses HubSpot. They come in, we have a team that just takes care of every front end, lead. Everybody who comes in, we take care of them. It’s a real human, we try not to automate this. I was on the, on an interview with, with the sales guru. And he’s like, you should automate that. And I’m like, dude, you know, people want a relationship now. Yeah. Like people want to relate. People want a relationship now more than ever before. It’s, it’s why it’s part of why we’re so successful. Nothing against them, but I was like, not enough where we’ve tried that and we’re actually gonna call people the old fashioned way, because that’s when you’re 20, that’s what people want. So
We’re also calling, you’re calling every, like if somebody buys a $17 product, you’re calling them right.
Every single person who comes in, we’re calling them. Great.
And what do you think that you think that that’s changed the game for you? Because I know a lot of people in the space they’ll focus on nurturing email sequences and automations and stuff like that versus actually picking up the phone and saying, why did you just buy our product?
Well, the two trains of thought here are, there are some big names in the, in the industry that are like only do, what’s going to get you paid what was going to get you money. And that’s kind of, their ethos is like, man, get rid of all the stuff. That’s not an immediate ROI. But then my advantage in the reason that I have an advantage here is because I am not in internet marketing a hundred percent. Like I study banks, people don’t understand this. They can’t get it through their head. That’s why it’s like difficult to have conversations with some people who are like, all they do is is sales online. It’s like, no, you don’t understand because you’ve never studied bank of America and how they do business. You’ve never studied, you know, how real estate has gone through ebbs and flows. And this is a Dan Kennedy thing where you’re going to pull so much gold from other industries that you can just take and clone inside of your industry.
That’s gonna work. So yeah, we, we have the ethos of like relationship first and what, what produces revenue is the by-product of that relationship? So we’re not in the business of like, man cut everything. That’s not profitable in 24 hours. You know, there’s like a big ad. When we got, when we were coming up, it was like click to close in 48 hours. And by the way, they’re still doing this. They’re amazing at it. And you may not know who that is, but they’re like, they want to close as many people as they can inside of 48 hours because they’re statisticians, they’re mathematicians. We are like the opposite, man. I will take six months to wait for a sale because we’re not necessarily extracting the math value out of each person. We’re trying to build a relationship and out of that relationship can come and healthy transaction. And by the way, we have likely a lot more repeat buyers because of that ethos. Does that make sense?
Yeah. When you’re building rapport with a specific human, when like one human builds a rapport with another human it’s game changer business, especially even in the agency world, because I know a lot of listeners have an agency that are watching this I’ve seen so many people that are like, Hey, I have my VA just like sending them emails and updates about like what they’re doing. Like dude pick up the phone man and those people. So they don’t cancel on you in 30 days. Let’s go into the last bit of metrics here. You’re doing, let’s say $2 million a month in ad spend. You’re probably doing a bunch of other advertising, but how much money are you selling? How much money generating on an annual basis for your companies?
TF is around 25 million a year. Sales mentors around 18 wealth cap is around 24, 23, 24. We just had a new business. We picked up, that’s doing four to five. That one will probably be over 15 by the end of next year. I mean, we’ll crack a hundred million dollars in 2021 relatively easily.
And is, are you looking at these businesses as an ecosystem or are these all self like separate serving businesses where they don’t touch really each other?
We try to keep them in their own kind of universe and we try not to have too much spillover at the beginning. It’s not it’s it’s way harder than it than it seems to like we have to have them a little bit wrapped together because a lot of the new acquisitions, the teams are not developed. But there is still an ecosystem system aspect in that every business that we build or acquire serves in some capacity, one of the other businesses for wealth gap takes the money that’s coming off to the other, other businesses. And it invests it, sales, mentor, staff, salespeople for all the other businesses, you know? So there’s like different connection points. But for the most part, what we’re trying to do is each business can be siloed off and sold. If we want to get rid of it.
Are you, is your main avatar in profile for most of these businesses? B2B?
No. Okay. Okay.
Are these all business owners or is it just
People? Wealth gaps? Not really that many business owners. I mean just people like a lot of, yeah. People and we have people in California who are like, Oh my goodness. I can’t believe that the houses in the South in the mid South are so cheap. Let me invest there. And you know, they’ve got jobs and pensions and all that good stuff. Yeah. Yep.
Well last question here for you. What’s your exit strategy out of all this and of all these companies that have all this wealth that you’ve built for yourself, or do you see yourself in three, five, 10 years? Like what’s, where’s Taylor, route’s going to be,
They will be over a billion annually in 10 years. I don’t know. You know, you can build all the plans you want, but sometimes it’s just like things change and you gotta be agile in the process. To be honest, I don’t really have much of an exit strategy right now. I’m having a lot of fun. Chris is having fun. Chris wants a private plane. So it’s like, well, here’s, here’s the math we need to get into the plane. Let’s get into
Business stuff now. Yeah.
But I think if, if you do it right and, and we’re doing it right, then it might not make it sense to have an exit because we’re able to do what we enjoy doing. And the things that we don’t enjoy doing. There are other people in the world who do enjoy doing those things. So it’s not a, it’s not like a, you know, a zero sum game. It’s really the opportunity to give people things they enjoy. And we keep things we enjoy, but who knows, man, we may, we may get tired in 15 years and sell everything. I don’t know. So
Somebody walked up to you right now and they’re like Taylor, here’s 200 millions of step away. Would you take it?
Probably not. No, no. I had a hundred million dollars in sales with the EBITDA. We have, I think if you get into six, 700 million maybe, but I mean, obviously everything’s for sale, but
The multiple is because obviously, you know, SAS companies have high multiples, retail businesses have low multiples. What do you think a multiple is on the education and on the wealth management space,
The education is probably two, two and a half. Really? Yeah. Salesmen. There has some recurring, so that’ll probably bump up to four or five. One of the other businesses we acquired is recurring and that’ll be over 10 next year. So you know, that, that could be worth a lot. Wealth gap has two different types of businesses in it, but it’s an asset business. So the valuation is going to be inflated on that as well, a hundred percent. So, and we keep a lot of that real estate by the, by the end of 2022, we would have to go through absolute and crisis to not hit three to 400 million in holdings that’s assets, not under management, we’re not playing great card knowns, owned like assets owned the difference between me and grant Cardone besides the fact that he has a plane and I don’t,uis he does assets under management. He eats a percentage of that for his take-home. And he does very well. I own all my . Now we’re not selling any of our stuff or managing it for others.
I want to make sure that the viewers understand that because a lot of people don’t understand assets. As far as like building assets a year. What grant Cardone is doing is essentially creating a fund saying, Hey, a hundred people give me a hundred grand, let’s get this fun together. And then he’s essentially taking a percentage to manage that fund or whatever the case, what he’s doing in the background. You’re essentially saying that you are taking that a million dollars or $10 million or whatever it is, and you have your own liquid money and you’re putting that into physical assets, buying those assets. And that those are your physical properties. Now question I have for you is because I see saying yes, by the way, for those of you guys watching me audio, he’s saying yes to that. But on the flip side, so what all these people in wealth cap, whereas I give you a hundred grand, like, how does it work? Where were you doing? What are you taking that money? Is it not?
Yeah. Yeah. We have the, we have the SCC fund part set up. It’s a debt fund though, not a syndication fund. And the difference is a syndication is like, they own a percentage of the real estate. And I’m, I’m pretty sure unless I’m mistaken grant owns a piece of his too likely because you take a piece for the know-how and the knowledge to put the deal together. But ours is just debt. That’s all that it is. So when somebody invests a million dollars, it’s one of our, our funds, see, notice what I just did is I just raised you. It’s like, I’m not taking a hundred grand from anybody because it’s peanuts now. But if a million bucks is someone else put a million bucks in, we’ll pay them a percentage for that. But it’s promisary style. Promissory note style is to be paid back at a future date. There’s no preferred returns. It’s just a, an annualized payment that we make monthly. And that’s for the, the benefit for the privilege of using that cash. We pay them for it. Then we returned that sum to them.
What’s like average percentage of return on your money. What are you seeing right now
For the fund? Yeah. 10 to 12%.
That’s good. Yeah, that’s great. Okay. Fair enough. And Hey, you have, you have a book coming out. Let’s close out with that. Tell us a little bit about the book and where people can go get it.
Yeah, so they can, pre-order it, it’s at traffic and funnels.com/ 99 cents. And I think 99 is the numbers. And then since it’s spelled out it is called the consultant next door. It is a really a conglomerate of what we’ve done in the last three or four years. Everything kind of put down into a book that teaches how to build offers, how to set up your first bits of marketing and advertising. I wrote this back in January, February of this year and we’ve just gotten all of the pieces together finally to launch it. So we sold about a thousand copies. The feedback has been phenomenal and pre-order is 99 cents. So it’s a steal of a deal.
Love it. And that’s available on outright. Now somebody can go to traffic and funnels.com/nine, nine, and then since spelled out, we’ll pick that up right now. And I’m assuming it’s at 99 cents. Yep. It is indeed. All right. Well there you guys go ladies and gentlemen, Taylor Welch from traffic and funnels and multiple other companies coming out all the way from Nashville. Taylor brother, Thank you so much for your time. Tons of value drops here, man. We appreciate you, man. And we’ll see in a couple of months when you’re, when you’re up to that billion dollar valuation, there we go. Bye.