March 26, 2020 Updates on COVID-19 / Corona Virus updates for the Vacation Rentals / Hospitality from Micah Berg Founder & CEO of real https://realjoy.com/ https://www.thevru.com/ and Justin Jones Founder and CEO of https://imegonline.com/ In this update we we talk about how to save cash, get more cash flow, how to market in this pandemic, when might the travel and tourism industry turn around, and also what does the travel and tourism market look like when this pandemic is over, and more. You can get FREE access to https://www.thevru.com/ by using discount code covid19 at checkout.
Watch video below:
Micah Berg 0:00
Hey everybody, this is Micah from real joy vacations, CEO and founder of real joy vacations down in Destin and CEO and founder of vacation rental University. Today I’m here with Justin Jones from IMEG, internet marketing expert group and we wanted to hop on a call, and we’re just going to chit chat. So it’s going to be super laid back. We’ve been talking for weeks through this coronavirus nonsense. And we felt like we kept coming up with good ideas. And then we’d say, Man, we got to tell our clients this or we got to tell our owners this. And, you know, we’re trying but it’s hard to reach, you know, he’s got 150 clients, I have 850 owners and various number of guests. And so we wanted to just kind of hop on a call and we might do this every day. And we’ll just record this and we’re just going to talk through stuff that we’re thinking these are our opinions. You know, don’t go buying stocks or doing any crazy nonsense like that, or freaking out or doing anything that you know you wouldn’t otherwise do. But we think we have some good ideas. Operators Justin’s got 11 years marketing, hooking in jabbing, like literally in the trenches, with his clients in vacation rentals and hotels realtor’s, those sort of things. real joy manages 850 properties in the beaches of Florida. And we founded vacation really University. And that’s where we teach people how to apply all of this knowledge. And so we’ll get into some of that later. And we have some news about some access to that. So you can start learning for free, or at least on Justin’s dime, but we’ll cover that towards the end. Anyways, so we just want to cover some ideas about this coronavirus and what’s going on and why from two guys that are dealing with it on a daily basis. And we’re not we’re not news people we don’t this there’s really no like, benefit us for doing this. We were just tired of like having these good ideas on these 30 minute long phone calls every couple times a day and then having to call 150 people each. So we’re just gonna record them and publish them. Send them tomorrow. Friends, just so you got anything you want to say on intro?
Justin Jones 2:03
Sure, no, just that. So a lot of these things are the conversations I’m having with, with, with clients who are, you know, in the vacation rental space, and really just open this up to the public things are not calm down, but they’re slow down a little bit, which is gave us a little breather in talking about this. And I know, you know, you manage over 800 properties. So you’ve probably been in your team’s been dealing with owners. And that’s kind of slowing down a little bit, I guess a little bit and allows us to free up and maybe share some information to help some people that maybe we don’t work closely with. Yeah, to give back because we want our industry to be strong.
Micah Berg 2:37
Yeah. Yeah, perfect. Exactly. We want our industry to be strong. We all need to come out of this together. One thing that that we realized is we’re one big family and this all hurt together. I’ve been talking to my competitors through this trying to help everybody try and help homeowners. I mean, if we don’t, if we don’t all win, we all lose. And so that’s kind of deal where we might talk about stuff through these, you know, is like about competitors or about people making mistakes. But hopefully it’s just to learn. We’re not trying to throw stones at anybody. And so we’ll avoid some of that. And yeah, so we just want to help you guys. One thing I would say is this will be like on YouTube, we’ll probably send it out on emails, all this stuff, but maybe put some comments and reply back with some questions that you guys have. So we’re going to talk about all the stuff that we’re thinking and that our clients and friends and colleagues are thinking and, you know, we might have plenty of content, but if there’s questions, you know, we can definitely talk about that for what it’s worth. We don’t claim to know everything. So we’re just gonna unveil some ideas, feel free to talk in the comments.
Justin Jones 3:41
And one thing to remember too, that this is a very general conversation, we’re trying to help them you know, a lot of people at once. So if we say something that’s outside of what your business is doing, keep that in mind filter this through. But does that apply to my business? I think a lot of it will, but some of it may not because you’ve got a little nuance in your business. So this is a general conversation and not getting deep into specifics of, you know, certain markets and specific niche industries and those kind of things. So filter it through, use it for what it’s worth, but I think we can definitely add some value just because we both definitely been on the front lines of this from two different angles that I think are very important in the vacation rental space.
Micah Berg 4:21
Yeah. Cool. All right. So three topics we’re going to cover and remember,
this is broad stuff. So but three things I think we’ve decided to talk about today. We’ll try to keep this as quick as we can, but how to save cash during this time, like my CFO Jacob Dwyer says all the time, and who knows who he stole it from all these ideas are stolen from somewhere, but you know, oxygen, your cash, there’s your oxygen in business. And so like when and it’s funny, it’s so funny that this is a respiratory virus, and like something like that it’s already been talked about, but you know, it’s true in your business. Your your cash is your oxygen, and so We want to talk about ways to save cash. So I’ll go first you know one of the ones I’ve talked about right off the bat like immediately, I started telling everybody and if you’re not aware you should do this but defer every sort of payment. You have lease payments, mortgage payments, car payments, you have fleet leases, equipments, credit cards, anything that you can certain vendors like especially national vendors and those vendors with like great credit ratings access to capital, the bigger ones I’d be careful with your cleaners. Those aren’t kind of the we don’t want to be taking money from people who depend on you. You’re going to have to pay those people but for everything all you got to do and Justin back me up on this because you did it after I told you that it was easy, but you literally call your bank and you say hey coronavirus, defer payments and they’re like okay, which one do you want? 90 days this XYZ interest only? I mean, what was your experience?
Justin Jones 5:55
Yeah, so when you told me to do, I was like, yeah, I’m gonna do it. I thought, Man, I’ve got so many things. going on right now, it’s gonna take a long time. I delegated to somebody else. And they literally did, like dozens and dozens and dozens of these in half a day. Yeah. And then two or three, and they couldn’t do I had to do it because they wouldn’t talk to them even with a letter or whatever. So I had to call and I was like, oh, man, I got time for this. And I called literally, I was like, Hey, what do you got options for the further we got this, this and this. I was like, I’ll take that one. They said, Okay, thanks. So like, What do you need? For me? They’re like, just say, Yes, I was like, Yes. Thanks. Have a good day.
Micah Berg 6:29
Yeah, that was my experience, too. I mean, ally financial, a local credit union. Ally. So he’s, you go on and they have a box that says, Do you want to defer your payments After you log in? And I clicked Yes. It was like, okay, you’re deferred for 120 days. I was like, Wait, what? I literally clicked on a box. And then the credit union I called them, and I was like, do you need me to sign something? She’s like, No, I’ll, I’ll take care of it. I’ll send you a letter. Two days later. I got a letter about the deferrals. Same thing with equipment leases. So what’s important about this is, you know, it We all, you’re still going to hurt, even if you deferred, all your payments are still gonna suck. But like, if you don’t pay your office lease for a couple months and you defer it you catch back up, or maybe they don’t pay their mortgage and they let you off the hook and you just kind of skip it. Kind of the thought process here is if everybody kind of just takes a pause for a second, we all get through this together and we just lose two months of life or whatever. We don’t all go bankrupt. And so even for some of the smaller companies or the gigantic companies, I mean, just do this. Now you don’t have to defer for 120 days if you don’t want to these payments and the interest is going to be tacked on to the back of your loan obviously. You may just be postponing paying stuff so you know be smart about it. But hey, right now save cash. Another thing you need to do is tell your owners and your vendors and your people who are asking you for money and things like that, like tell them their strategy, send them this video, where we talk about this why women cover it first. But tell them to be doing this that might lower the pressure, and then do it in your personal life. So this is not just business you guys like, I’m the CEO of real joy. I was the first person that did not get paid. Like, immediately, all of our executives were like, Hey, we got to sort out some stuff personally, but we’re just not going to take a paycheck. And we’re going to pay our employees, the ones we can. Obviously there are layoffs. We’ll talk about that next. But, you know, do it personally, don’t be prideful about this. Like literally, if you have things your rent, your mortgage, all that stuff personal as well as business.
Justin Jones 8:33
One quick thing I like to add on the oxygen, which in you know, we can go without food and water for quite a while and particularly food. We can go for a long time. We can’t go long without oxygen and businesses the same way we can go with all kinds without all kinds of things. But in business, as Jacob said, cash is oxygen and when you run out of oxygen in life and cash in business, yeah, yeah. Um and the way I’m visualizing in my head is I have this oxygen strain coming into my business all the time that’s been shut off. So now I got to go breathe other people’s oxygen. Yeah, the way I can do that one lever I can throw is defer, which allows me to breathe some of the banks and my lenders oxygen for 90 days for jail me with with cash, oxygen, whatever analogy, but definitely here to do that
Micah Berg 9:24
totally. And it’s why the feds cut rates and it’s why the feds are pouring all this money into the bond markets and those sort of things. So the banks can afford to do this. So you really don’t have to feel bad. It’s not gonna go against your credit, a deferral never hit your credit, it’ll look like a payment. So none of this stuff is bad for you. And honestly, like some of you are, who are really worried about that, like, you know, just trust me at the end of the day. All of that is going to get rectified. This is unprecedented, though. Let me
Justin Jones 9:52
add one thing to that I’m I’m really close with a couple of bankers and one of them owns the bank. And I asked him I was like, is this church wrong? He’s like, Right, it doesn’t hurt the bank. It’s a little hurt. But long term, we actually like it, we actually end up making more money in the long run.
Micah Berg 10:08
Yeah, cuz they tacked the interest onto the back end it accrues. So that’s good. All right. So and then again, tell your owners defer that. Another one I want to talk about saving cash is you may want to move some of your cash from your deposit account. So you know, you make a credit card sale and it goes into your you know, whatever account you have designated, well, if your business like mine, you’re getting a ton of chargebacks just a time and so maybe move that money somewhere else. It’s not i’m not saying don’t provide refunds, don’t do that. But there are a lot of people panicking and just hitting the chargeback button, move that cash somewhere else when it comes in everyday go move it to a savings account or somewhere else so that at least you have some control on when that chargeback can happen. That’s just going to protect you. Okay. Another one to think about is use credit cards. Accounts instead of your cash. So a lot of people do a CH ri of tea, you know, I mean, you like to run, nobody really loves credit, or at least you shouldn’t. If you should see me after we’ll have some conversations, but use it right now. That’s what it’s for. It’s not for, you know, buying more stuff and you can or growing fast and he came literally for this kind of time. And so don’t be afraid to max out your credit cards and defer them or pay the minimum payments, like save your cash.
Justin Jones 11:26
Don’t be afraid I didn’t really we didn’t talk about this when you and I talked the other day, you know, different mortgages and stuff like that. But when I called American Express, they had an incredible deferment program. And so did city card. Cool. So there’s some options there to city was not interest free, but it was a 4% interest rate, which is not bad. That’s great. On some different they wouldn’t defer any of the payment or any amounts, but they would do 4% interest, which right now i’d rather use somebody else’s oxygen for 4%. Absolutely,
Micah Berg 11:57
yeah. And so use your credit card if you have an idea. American Express, most of them are unlimited. So put as much as you can, excuse me put as much can on there and and then tell them you know, work out the deferment so you can actually build that up over several months and you’ll owe them money so it’s not free money don’t go buy stuff you shouldn’t buy but instead of writing a check for something, use your credit card and or your line of credit or something like that. I don’t know I don’t have anything else on how to save cash right this second Justin What you got?
Justin Jones 12:29
Oh, on the savings of cash one, one thing that I recommend doing is going through all of your expenses and any fix that fix we’ve covered most of the things you’re you’re you’re deferring are fixed costs, your variable cost, there’s a lot of opportunity to pull back there potentially. And there’s some tools out there to do it as well. We’re gonna show you all your recurring charges, go through those and cut anything you don’t need, but filter it through. The one I filter through as assets should become revenue, revenue becomes profit. It profit becomes cash didn’t and we’ll talk about this more when we get into marketing. But if you have an asset that’s producing revenue, that also creates profit, but also creates cash, you do not want to cut that asset. Right? Right. So but if you have an asset that’s not producing cash, now’s the time. If there are variable costs that you can, but you’re not locked into a contract, do not go cutting. We had several clients who had, you know, the 90% of their income is coming from this and they wanted to shut that off. And like, that’s like you give me $1. I give you five back. We need all that we can get right now. Yeah, so don’t emotionally make those decisions.
Micah Berg 13:35
Yeah. So what are some things you’re cutting in your business? I know, we can cover some of mine, but like, certain maybe software’s that you don’t use all the time, like what are a couple of things you found?
Justin Jones 13:48
We had an HR program we use? It was a couple hundred bucks a month, and it all adds up. Like when I first started doing this, you and I were talking you’re like, man, I don’t know that spend a lot of time for 29 bucks a month. It’s been a lot of time during your time values worth somewhere else. Yeah. But when I had the moment to do it, I did. And we ended up, you know, 10s of thousands of dollars a month, we were saved by 200 here, 300 here, 400 there. And like, the HR program is great. We’re going to bring that back. But I’m not hiring anybody can turn that off for now. But it does zero mode. All my data stays in there. When it’s back. I go turn it back on. Yeah, some things like that are great things to go through.
Micah Berg 14:28
Yeah. And I think you’ll be surprised like, you’re those kind of products and things that use like that your IT companies, your accounting relationships, you might go to turn them off, and they’ll say, Listen, don’t turn us off. We’ll just pause the billing, and then you’ll get to keep using them. So everybody’s kind of trying to lose I literally have met anybody that’s been a jerk about this. Like if everybody’s kind of doing a big circle and we can all do it. So
Justin Jones 14:51
we’ve been we’ve met in the past week with over I got the list right here. We’ve met with 68 clients. We’ve had One. Yeah, that’s a problem. Yeah, I think that’s amazing. Yeah,
Micah Berg 15:04
that’s, that’s awesome. Yeah. That’s awesome. Yeah. So look at things. And then you You said something really critical the other day, I’ll paraphrase, but you got to clear it up. It was something about if my revenue from something is 100,000, but my commission is 30. You know, like talk about that how the cuts actually affect that and how you’re looking at profitability and sustainability. Yeah.
Justin Jones 15:26
So in short, I think what we’re trying to do, if you were to say sum this up in five seconds, we have to cut expenses faster than revenue. Mm hmm. But then what does that look like? So one of the things that’s really helped our client is people typically in a time of crisis, they don’t know what to do. So they tell stories, and they don’t act and they kind of, you know, become lethargic in their business and don’t do anything because they don’t know what to do, which is because they lacked clarity. And when you have clarity, you typically have the ability to act. So the short version of what I try to get people to do is when a client who they said now, we’re going to Do 52 It’s a small client in this instance, we’re down $52,000 in April, and I’m gonna have to do this mass layoff cut. All my marketing doing is a hold up. That’s not the problem. The problem is the 52,000. So let’s walk through that. Your 30% company without fees, right? Yeah, well, let’s just go with that. That means you’re going to be $15,600 short of cash. Does that make sense? Yeah, we need to find 15,600 cut. I just found 7700 for you. So and they’re like, well, we already cut $4,000 and it didn’t have any impact on the business. Yeah. Okay. We got a 30 $900 problem. Now the question becomes, where could you go cut 3900 and they immediately go, I could cut this and this. Is that an asset that produces cash? No. Cut. Yep. Yeah. Now your revenues down 52,000. But your profits the same? Right?
Micah Berg 16:54
Yeah. So if your gross rents 52,000 off and your commissions 30% And you’re you’re really not trying to catch up to the $50,000 curve, right? You’re just catching up to what your actual revenue would be. And that that gets confusing when because we’re so caught up and generating bookings and gross revenue and those sort of things. But then even some of that revenue I mean, it’s never like some of these bookings are future bookings and some like it gets confusing so getting really into the data about here’s the bookings for April, here’s my actual revenue for April here’s my profitability for April finding out and this is a good time I cover this a lot in VR you but it’s no your margins and know your numbers. And it’s not that confusing and you get in there and you start looking at this you and like you said, Wait a minute, I adjusted some of these software products, I deferred alone and a couple of my employees that I probably should have cut a long time ago, I cut now all of a sudden, I’m actually going to hit about the same numbers for April. Now, it may not be possible But like I’m not saying, because I know April’s sensitive, it’s sensitive for me, it’s probably impossible. So don’t think we’re just layering that and you should
Justin Jones 18:07
know for some, it’s really hard. I mean, really, the bigger the business, the harder it is, the smaller the business easier, really. But with this client, they were wanting to cancel all marketing cancel, I mean, get rid of all kinds of employees. And we really had a $15,000 problem, it was already halfway saw. And actually now unless they have more cancellations, now, they’re actually going to be more profitable in April this year than they were last year with less revenue.
Micah Berg 18:31
Wow. Yeah, that’s amazing. Yeah. So think about that. Don’t freak out about these big numbers really iron out, where is your money? May What are your margins? What are your profits, what is the actual cash we’re going to receive and figure out how to adjust around that don’t, don’t try to chase the big numbers and don’t get confused and all the big numbers really break it down. Unfortunately, a lot of people watching this, you know, based on industry statistics are under 50 properties, give or take under management and so some of these is likely fairly easy to do and fairly easy to hit. So
Justin Jones 19:04
yeah, one thing I’d like to throw in there because I’ve been doing this, I mean, under the domain name for 11 years, and before that it company did marketing and it, so about 20 years, and we’ve seen probably the 14 or 15 companies go out of business. All for one thing. So we’re talking about through all this what what to do, let’s talk about what not to do real quick. I think the sin you can commit is to go spend your escrow. Yeah,
Micah Berg 19:30
I agree totally. And most people sadly, I mean, speaking as an operator, most people are, have done it or are doing it. And that makes this more important. Like, you know, it’s not illegal in most states. There’s a few states where it is and so but spending your pre deposits, you’re spending money that’s not quite yours yet. And we’re going to get to actually why don’t we move now since we’re talking about that? Because that that’s like, in my managers brain, the first place to go get some cash. Right, my operating account is at zero, but my pre deposits accounts at, you know, 500,000. I’m gonna go get some cash from there. But you can not illegal, bad idea because that money could come out in the form of chargebacks come out in the form of refunds, you’re still going to owe owners money, those sort of things. So let’s talk about getting some cash. One of the first things that I’m telling people right now is with this new package stimulus package that came out the SBA programs for the emergency relief of small businesses, especially in tourism is huge. So if you are looking at loans, look at the SBA loans first, they’re fast right now they’re fast track. They’re fairly easy to do. Actually, I’ll throw Jacob out under the bus. He actually told me before this call, he’s like, hey, on your on your little webinar thing that you’re doing, mentioned that if people need help, I’m a CPA and sadly for real joy, he’s going to have a good amount of time on his hands. So he’s willing to help people. It won’t be free. We can work it out with financing or whatever, he’ll figure it out. But, you know, we want to help people. So if you’re overwhelmed by how to apply for an SBA loan, SBA loans gives me shoot an email to me, you can shoot it to me mica, m IC h at real joy comm r EA l joy.com. I’ll get you hooked up with Jacob and he’ll figure out how to help you get your package, he can either do it for you, you just give him the info. Or he can teach you and kind of walk you through it and the follow up process and the amendments
Justin Jones 21:34
though, so I can’t stress enough on that one. Two, there’s a couple of reasons why. One is that right now, the government’s in panic mode, which has its downsides, but it’s good size. They’re like, let’s just give everybody money. Yeah. If we start reversing this out in the stock market today, which we’re going to talk about a little bit about how that if they get less than a panic mode that may be pulled back? No, we will be and then furthermore, If we were to go the other way, so things started getting better, they might not be as lenient as they’re going to be now. Second part is, let’s say it gets worse, the banks are going to be holding their money. And it’ll be very hard to get funding. So if you’re going well, don’t worry about it. You understand? I got a line of credit over here, that 500,000 they may not do that. Right now, whether you need it or you don’t, I would go good.
Micah Berg 22:21
Yeah. Well, that’s one thing I talked to you about, because you were in the middle of closing some deals and refinancing some stuff. And I was like, bro, don’t refinance into a line of credit, refinance and pull the cash out, right? Because what people forget is it’s it’s convenient to have a line of credit. That’s not cash, that’s a line of credit. And banks without a lot of deliberation can just turn off lines of credit. But once they close your mortgage and send you a couple hundred thousand dollars in cash, it’s in your bank somewhere else. It’s really hard for them to call your mortgage. I mean that that takes a lot of work and a lot of communication. So go ahead and pull whatever cash you can now Now I know it’s gonna cost some money. But if you’re forecasting some needs, and you’re just waiting because you’re, you don’t want to pay 5% interest, I mean, just do it, you just got to pull the cash pull what you forecast you can need plus, maybe 30% Be really careful. Remember, this is oxygen. So lines of credit that you have anything that’s open as far as like if you have a mortgage mortgage rates just went to zero, y’all. So you’re going to refi anyway, if you’re if you’re planning on refi in the next year and a half, might as well go do it now, while your credit still looks good, your income still looks good, and we’re in the middle of this crisis. And just pull that out. Now if you want to prepay it down and refinance it later rates aren’t going to skyrocket. So you’ve got some time. There might be some fees and all this but hey, sitting on the operational side, like staring at the real joy financials, I pay quite a pretty penny to have access to a couple million bucks right now, just to make sure. I mean, the last thing I want to do is go out of business if I create myself a year or two worth of problems, or debt or whatever, to dig out, but my employees are happy, nobody died. I didn’t lose any owners and I can continue on. I feel good about that.
Justin Jones 24:08
Well, we’re going to hit this a little more on the pinup demand situation. But I don’t think that anyone gets to the end of their life or their business and goes, you know, what? My greatest I just had too much oxygen. Oh, and also that when you get through with this, if you were to end up by accidentally borrowing $500,000, you didn’t need one. That’s a great problem to have very high quality. Three 4% interest, right. Yep. Exactly. And then then maybe it’s a it’s an opportunity to expand your business and as expansion as opposed to survival.
Micah Berg 24:44
Yeah, yeah. How many of you haven’t been doing on our acquisition programs or have limited your marketing or, you know, your website stinks. Or, you know, there’s all these things that you can do. I mean, literally at three 4% interest. You can put that into marketing and do it smart. Don’t waste Don’t just go risk stuff, but put it into marketing grow your incremental revenue, your profit goes up, all you got to do is have a return on that cash higher than the interest rate to make it worth it. So right now it’s a survival technique, and then it becomes an opportunity.
Justin Jones 25:14
And it three or 4%. Super easy to arbitrage. Oh, yeah, it will get hard money at 10 or 15%. That’s hard to arbitrage. But three to 4%. You can arbitrage that in almost any business. Yeah, even low margin businesses.
Micah Berg 25:27
Yeah. Something else while we’re on that is go ahead and call or go online for your credit cards and increase the limits. Most of them would have done in any way now. It’s just like the deferment thing. It’s kind of like a given that way, if you had a $15,000 limit or something, maybe can go up 30 and you can get a little bit more squeezed out of the same lemon. A couple of things and Justin, you’re good on this, but like future bookings or something. So maybe talk about how you’re helping your clients market for future bookings. Like, yeah, like the the thing here that I, that you told me that that really mattered was like, there’s certain things in marketing that we can cut. And I want you to cover some of that. And that’s okay. But in general marketing, and I believe this is one of the last things to cut, and I’m going to be the first thing to turn on. So be careful with that. But like talk about the future bookings, you’re seeing in some of the success you’ve already seen.
Justin Jones 26:21
Sure. We’ve been very helpful with our clients of really looking through our business model. If you go anywhere in our office, it’s the assets, revenue, profit cash. So we want to create a marketing asset, whether it be you know, Google organic as an asset, AdWords as an asset, email database is an asset, is it producing revenue? Most marketing agencies are pretty good at that. The question is, is it producing profit? And then does it turn into cash? So you don’t want to get rid of any asset that doesn’t produce cash. You have one example that is a that is a place to cut his AdWords and here’s the reason why.
Micah Berg 26:59
Google Google Ads Words face bloodwork, yes,
Justin Jones 27:01
Facebook ads those. And the reason being is because search volumes about cut in half in about any market. So half the people are less search. And the other problem we’ve seen is that so if you had a $20,000 budget, you can only spend about 10 of the 20. So that’s 10,000 savings. But then furthermore, out of that $10,000 that’s being spent for that half amount of traffic, you were getting 50 to 60% conversion rate drops. And we attribute that to there’s there’s still people looking but they’re not booking, they’re kind of wishing and hoping and planning. So I would shift that money into because you probably got some organic traffic, hopefully you probably got an email database, you’re still emailing you probably got some organic social going on those kind of things. I’m not a big fan of programmatic ad buys, and that’s a fancy term for retargeting. someone visits your website and you follow them around the internet. I’m sure you’ve been to a website, and then you go and you’re like, man, they’re everywhere. Yeah.
Micah Berg 27:54
So those people are lucky. You buy one piece of lingerie and you look like the rest of your life.
Justin Jones 28:01
So my wife,
Micah Berg 28:02
I don’t wear it
Justin Jones 28:06
earning that money from pay per click into the programmatic ad but the retargeting aspect of things because people are looking whether or not booking so we want to stay top of mind. So maybe even moving your whole AdWords budget want to just spend 20 maybe spent 10 but maybe take 567 8000 of it and put it into retargeting your habit so you can stay top of mind. Yeah, through this longer look to book process, okay, potentially. So literally looking at things if it’s an asset that’s producing cash do not cut that get out of the emotion as Warren Buffett says you can’t control your mind you control your emotions. Get out of this, like panic mode like retraction of everything because of this and the analogy I haven’t given clients and I don’t know that it’s the best one but it’s the best one I got so far is that we were all running a marathon for summer and we’re spraying we’re all at the starting line. We’re getting ready to take off for spring break. I know for sure in your market too. Yeah. And we want to the gun never went off. So we need to stay in shape, we still need to run in place, do our exercises, eat healthy, maybe we need to not eat as much, maybe we need to not exercise quite as much. But that marathon is going to start and some are so good. And there’s going to be so much pent up demand. The people who have retracted too much, they’re going to be not in good shape. No not going to be healthy. And they’re going to they’re going to come in or the game of summer to run the marathon with us, but they’re not going to be as healthy as they were to start. Yeah, anything you can do to protect your health of that. I read this earlier leaving the office to do this. And I thought this was the best thing said I’ll read it here so I don’t mess it up. But it was on one of our boards. It says to navigate this changing landscape Make sure your brand continues To deliver value while building a pipeline for the future that isn’t tone deaf to crisis, and to me that goes back to cut assets that aren’t producing cash and keep the ones that are.
Micah Berg 30:10
Yeah, yeah. And and, you know, you’re, you’re still you’re intending on being in business in the future. And, you know, that’s one of the things I see. And I don’t want to name names because I said, we wouldn’t be bashing anybody, but I see some pretty big companies in our space who are cutting things to the bone for extended periods of time. And I in my head, I’m just like, why are you just gonna, why are you the, the, you know, in good times the leader, and in bad times, you’re freaking out so bad that you’re willing to decimate your brand, your staff, whatever. You know, personally, I just don’t see how you come back from that in a good mode quickly. And so that’s I think that To summarize, the point here is marketing to me as an operator. Let’s look at there are some things I SEO, social, some of these things that are just long term programs, email capture, you know, he’s still gonna have website track traffic from the lookers, they may not be Booker’s yet, but they might sign up for email ads. So like if you’re capturing those emails, those sort of things. And I think what we agreed on as a strategy for real joy, you know, just to lay that out there, you know, I want my competitors to know this I don’t care is let’s pull back on the ad spin and some of these like direct cost right now, but we’re going to keep the the general maintenance costs and the cumulative stuff going. And then when we see signals and a signal of a recovery to me, which will cover some like about the general but for my business, as soon as booking.com and vrb o start generating, let’s say a third to half of what my expected revenue is. I’ll view that as Oh, things are coming back and then I’m going to call you know, Susie and I Meg and say Susie turned my The marketing budget back on we already discussed this, boom, pay per click email, all the ad buys all that stuff go right back on and so, but don’t cut so far to the bone with your marketing and your staff that you like you said, You’re out of shape. You took your shooting we’ve got
Justin Jones 32:14
now we’ve got several clients that have said, Ah, cut our budget, but hold it. Yeah, when the market comes back and the pent up demand is ready. I want to be bigger and stronger than everyone.
Micah Berg 32:27
Yeah. Yeah. And like and to me the fact that there’s people like our website traffic isn’t really going down, the conversion ratios getting demolished, but that means they’re still people looking. And so this is your time to communicate to them. So do whatever website tweaks, make sure your photos are updated, look at your rates, like do all this stuff and then get ready to book. So that looks good. And one thing I wanted so that’s that’s about future bookings and you’re seeing future bookings now. So some of the stuff we’ve done, Justin, I hadn’t been able to tell you but we’re starting to get bookings again for July, August, September. October, it’s very encouraging. A couple other ways to get cash is to move bookings instead of giving refunds, you know, just talk to these people and say, hey, let’s move them into the future. I know repeating what everybody’s saying. So we’ll move on a couple ideas that I had sell gift cards that are good for the next however many years or instead of canceling with a refund cancel with a gift card. And so you keep the cash, they get a gift card from you that has a unique identifier on it. And when they call him book in the future, you’ve had that cash at zero percent interest for this whole time. And so you just apply that, you know, cash that you had a year ago or whatever, to that new booking, and you need to keep track of that. I mean that that is an obligation or a debt on your balance sheet but it is free money in that term. So gift cards or selling gift cards, like run a campaign that says hey, help keep us in business. I know you love Destin or the outer band nxr California beaches or the mountains or skiing or whatever helps keep us in business. We know you’re going to travel eventually, we’re selling gift cards for 10% off or something and sell gift cards. And then another one we have is cancellation fee. So people want to cancel, but it’s against your policy. It’s against the rental agreement, like you’re saying no, or you’re moving bookings, if they’re really adamant. I mean, maybe charge them a 10 15% cancellation fee. And so if your Commission’s 25% and you’re charging 15% cancellation fee, you’re getting two thirds of the revenue for none of the work. The property is now open. You don’t owe anybody any money. Yes, you let some oxygen out but you receive some money and you can market that future booking so this is kind of like if they’re really pressing you for a refund or it’s a really horrible story or whatever. You charge that 15% you keep that what would have been your revenue, and you open that night up or those nights and you booked those in the future so you can kind of double dip because you We’ll talk here in a few minutes, I really think the recovery is going to come back relatively quickly and very strong. And I’ll break that out here when we get. I think we cover everything about how to get cash. I mean today. Yeah. refinances. We talked about that loans
Justin Jones 35:18
I had on the list was I think that I mean, I’ve had a lot of questions, you know, my thoughts and theories, which is just that thoughts and theories and assumptions. When do we think this is over? And when when it is over? Where do we end up?
Micah Berg 35:32
Yeah, no, cool. Yeah. Let’s cover that. And for those of you getting tired of looking at us, this will be the last thing we cover. So we’ll be done here in a moment. But yeah, So when’s it over? That’s a good question. We don’t know a couple of data points that I’ve read that I find interesting are the rate of doubling of cases has gone and this is nationally has gone from two days a couple of weeks ago to now like five days or so, which is a huge, that’s huge. That’s like we’re getting to flatten the curve. Once you flatten the curve, it starts to go down. We’ve seen that in China and a couple other places. And so that’s a big deal. That’s the effect of this quarantine. And what’s to be known about that. And this what people don’t understand. The initial pandemic, like when these cases were skyrocketing, we weren’t really testing all that many people. So we were seeing this huge acceleration and not testing a ton of people, which means it was probably a lot faster. Now, like just in New York, I think they’ve tested in the last week more people than the rest of the world combined or something crazy. I mean, just ridiculous. like Bill Gates, the Bill and Melinda Gates or whichever foundation does some of the disease and vaccine stuff that he runs, they pumped 100 million bucks into figuring out how to do testing kits that weren’t the long things that a nurse had to do. And now you can test yourself. So in New York, you know, and other places have high density, they’re just saying People, these small swabs, you swab your nose, you turn it in, you get the results in half a day or something. So now it’s not taking a ton of staff. It’s not very expensive, and it’s happening a lot quicker. So now they’re testing a ton of people. The reason I bring that up is we were testing few people and seeing cases skyrocket. Now we’re testing tons and tons of people and seeing cases decline. That’s very good stuff is a very good sign that the quarantines are working possible these bigger cities, New York, New Orleans, LA places, homeless populations are going to be harder to get under control. But for the most of America, it’s probably going to be okay. And then there’s some news about warming slows, slows it down, because it’s a respiratory disease. So warm, moist Airways, the molecules down and they fall instead of float through the air. So that’s, those are those are some interesting thing bill was
Justin Jones 37:52
saying that isolation and testing are the two keys to this and both of those are increasing every day. Yeah. And kind of the threshold he was saying was keeping it at less than 1% of population seemed to be on the trajectory to do that. And he had a bunch of data. In fact, he watched TED Talks, launched a video yesterday about that, I encourage you to watch, it’s very interesting to see Bill’s insights, because he’s obviously very good at
Micah Berg 38:18
this. I mean, he’s kind of the leading expert, when you think about, like, what he dedicated his life to post Microsoft, it’s really been this and so, you know, not only do we all agree, he’s a genius and, and capable of understanding but he’s literally devoted his life and somebody that capable, devoting their life to something is worth listening to. So and he’s very, you know, he’s cautious. And but he’s very encouraging and, and I think that that’s necessary, you know, I don’t want to dismiss like this is going to be over soon. Because it maybe isn’t, but I think that is good.
Justin Jones 38:53
to the to the degree that we get testing and isolation in place, is to the degree that this comes back faster, so The longer we delay those two things is the longer this last, but most people are saying the experts top infectious disease dad forgot his name, the Bill Gates and just a bunch of smart people I know, are all saying six, eight weeks. Yeah. And that was me go. So basically now I guess we could say, you know, five to five to seven weeks. Yeah. But it is to the degree that we do self isolate, and that we do get testing going. And both of those seem to be working in our favor.
Micah Berg 39:29
Yeah. Yeah. So that’s good. The The other thing that I think has been really interesting is today, literally today, we had the jobless reports, and it came out at three point something million. I mean, just a ludicrous number, right. I think the previous record was 700,000 or something. And what was interesting is the market went up some almost 5%. So recently, we’re at 18,000. All of a sudden, we’re at 22,500. The fact that we went up significantly in a day where cases increased, deaths increased, and layoffs are the highest by multiples, tells me something because the market bets on things that they think they understand. That’s all that this is. So they’re betting they were betting stocks down based on the severity that they thought was going to happen. Now, what’s interesting about that, is we just got some of the worst news ever in the history of the United States and stocks went up, which means that they were betting this was going to take a heck of a lot longer. So again, these are theories that I have nobody really knows exactly what this is yet, but the theory that I have here is we’re we we dropped, I mean, just in a couple weeks from 29,000, something to 18,000. I mean, just plummeted right. And now we hit we hit the bottom. There were some technical resistance, some of that now, some news There’s some trading that’s been going up. And so it looks like a heartbeat. And that’s the kind of recovery that really I believe we’re going to see is a heartbeat, mainly because what if they were thinking it was 6 million people that were going to get laid off and blah, blah, blah. And and truly what it shows me is all of a sudden, there’s confidence that Americans are smart. It’s really only a few industries that are affected. So it’s tourism, airlines, cruise ships, like those kind of things, restaurants to a degree. So there’s a few industries but you know, medical hospitals, CVS, Domino’s delivery services, Amazon, UPS, FedEx, like there, there are some industries out there that are making a mint right now, pharmaceuticals might do well, those sort of things. And so there there are things balancing this out. There are people hiring as others are laying off. And so I think what that saying is, oh, there’s a certain sector that’s going to be impacted, but American In general, just gonna figure out how to work from home how to survive, how to keep commerce going in the areas that are strong, and, and there’ll be some recovery, there’s still going to be some losers, but there’s going to be a good recovery. And so just keep an eye on that the fact that we’ve had really bad news and stocks are recovering, in addition to, you know, this stimulus bill, and all this other stuff, Trump, you know, whether you love them or hate him, you know, we don’t need to get into that, but he’s done a pretty good job leading through this, like the Senate passed this bill unanimously, under Trump. So that’s pretty important. And he’s saying now think like he led us into the closure like he put out the sea with the CDC, the guidelines in the quarantine and, and all this and push for the malaria drug and all this sort of thing. Now, he’s already saying, which he has the most Intel in the world, right. So this is a guy you should trust. He’s saying, hey, America is going to get back to work. We can’t shut the economy down. You know, these sort of things and so he’s already predicting and kind of forecasting are telling us what’s coming next is the worst is probably behind us. We’re going to all work together figure out how to get the economy moving again, this was just a pause. This is not a collapse. It’s not a bear market. Like I actually think today the it’s possible that we like entered a bull market. So in two weeks, we went from a bear market a bull market to a bear market back to a bull market, you know, and so there’s just a pause none of this stuff makes sense. You don’t focus on it but the recoveries coming in long term to electro is if you read the hundred and something page document the government released about this plan that they have in place. The The only thing that’s alarming but you got to take it in perspective. Do I think that we’re going to come back in six to eight weeks and do I think we’re going to go into you know, What, are you gonna have two quarters to have a recession? Really? I don’t foresee that. I’m planning for that. Yeah. Okay. Watch this. A Hollywood recommend you plan for that? Yeah, we’re in recession. This is bad times. You think that way you optimize that way, but you wake up every day and do your business the same as you are? Yeah, um, because you can’t control that. So only focus on what you can control. But in their plan, it says an 18 month recovery. Now, they don’t give any context about that. So this is an assumption on me. But I think that 18 recovery is where like, we government, not us as people, the government can look back and go, that kind of never happened on the books. Yeah. Right. Governments stocks, those sort of like, when I look at my business, the last couple of things I’m worried about is like the government and stocks and those sort of things. Like I’m literally worried about rents booking pace, and
Justin Jones 44:44
I look at the stock market for one thing right now, and that is typically the stock market is is a chart of emotion in our society. And if that’s going up, the positive sentiments going up. If that’s going down the negative sentiment, read your comments. And people spend the money when they’re confident. Yeah, but we’re seeing confidence in the market, even though we had three big metric points. Unemployment was, you know, I think the biggest was 700,000. We were 300. Yeah. We haven’t declined. There’s been more deaths in the market and the sentiment of people are like, Hey,
Micah Berg 45:18
we’re gonna we’re going to be okay. Yeah, no, it’s beautiful. Alright, so, now we’re talking about recovery. I say quick, I say V shaped. I want to clarify, I think April’s toast for tourism. So if you’re thinking I’m telling you, your APR is going to be good. I’m not you’re probably not gonna have any bookings in April.
Justin Jones 45:37
April. April is going to be in my opinion, the worst. Yeah,
Micah Berg 45:40
April’s toast. So if nothing else, April stinks. March. You know, some of us had a couple weeks spring breaks, made some cuts, etc. Like we might get out with a small bruise. You’re going to get a black guy for April. You just need to plan on it. Don’t freak out. Take your lumps. You know, keep looking at this. We’re gonna keep talking about this. Every day if we can every other day, whatever as often as we can, but you know, plan on April suck, May, it’s going to start coming back, I think June and that’s where I wanted to get with you and get your opinions on this because I have some theories. And so I want you to kind of argue with me or flesh this out. But I think June, you know, the schools may or may not go back out. So it could be a little sooner, but schools will release at some point, and there’ll be this pent up demand. And my theory is, airlines will not be taking people to Europe. So European Asian travel Islander, like type stuff, cruises, all this sort of international overseas type travels just going to be shut down for quite a while. But most of the people watching this are in drive to or, you know, maybe a short like flights over zoom again. So it could be a fly to market like Denver or something or the mountains but they’re not going to Europe. So the third of the population that traveled abroad while the economy was so good are now going to be stuck here. And by stuck here, I mean, they’re going to go to local destinations, drive to beaches, and not just once, like traveling to Europe or Japan or China. You know, that’s expensive. I mean, crazy expensive. You spend time overseas. Yeah, yeah, exactly two weeks you spend 10 grand coming to Destin for a week or you’re gonna live like a king. And same thing with you know, Pigeon Forge Gatlinburg, I mean, you’re gonna be able to go to three restaurants a day do every single activity stayed in the nicest place ever just for what it would have cost you to fly to Europe. So you’re gonna get people taking more shorter trips and spending the money they would have spent in Europe here. And I hate it for Europe, but I love America. I mean, I was a marine. So like spend your money here Made in America bought in America spent in America like, you know, let’s support American businesses. Let’s take our vacations, but we We’re going to see that so what do you think, Justin? I mean, about that
Justin Jones 48:03
this is based on, you know, 20 years of doing this, but also looking at kind of, I did some, a couple of hours deep dive into, into the recovery after 911 of what businesses came back first in the tourism space. And I will talk about this for a while, but I’ll keep it as short as I can. If I’m in a drive to destination, and I’ll put them in kind of like the first the second the third tier, first tier, I think the comeback is non Corporate Drive to leisure destinations. Hmm. So, you know, if you fall into that,
Micah Berg 48:39
yeah, be mountain. Yeah,
Justin Jones 48:40
that kind of in corporate travel, I think will be kind of the mid tier to come back. And I read an interesting article, and I hadn’t thought about it. And I was like, Oh, that makes sense. I’m not real sure that corporate travel, not that it’s going away. I’m not saying that. But I think there’s going to be a forever dip in corporate travel and I think yes, Here’s the reason why. It’s people figured out Wait a minute, I can do all this from home and from
Micah Berg 49:03
zoom like we’re doing this
Justin Jones 49:05
Yeah. Um so I think the corporate travel is gonna take a son probably a single digit but it’s still a big number globally um from the fact that people been like wait a minute maybe we don’t have to travel as much maybe we can do this I mean, I was gonna kind of thing because it exposed to people to doing that. And then go fly to destinations will be kind of the other. And then the last one to come back will be your flight to international destinations. And then cruise ships are going a little bit longer. I don’t mean this like years and years out. But I think if you’re in a drive to leisure destination, and I think vacation wheels will come back before hotels.
Micah Berg 49:43
Oh, for sure. Yeah. Well, because we have like a cult like following almost. I mean, most of my men, they’re repeat guests. They know Destin, they stay in the same neighborhoods, that kind of thing.
Justin Jones 49:53
But if you’re in a drive to even a flat to you’ll be very quickly to return Yeah, when it does happen, I don’t know when that is six, eight weeks, 18 months, but yeah, right. But I think if you’re in those you’ve got, you’ll be the first to recover.
Micah Berg 50:09
Yeah, yeah. Cool. One thing. So last thing I want to cover and then we can wrap up is we’re making all these cuts right to we’re finding expenses we shouldn’t make. You know, you found some, and I found some, what I would encourage you is when you make these cuts, as business gets back to normal, really ask yourself hard questions before you start adding stuff back. For instance, like this is dumb, but I cut out a personal YouTube premium or whatever, is 15 bucks a month or something. But you know, like you said, it starts adding up. So personally, I cut it. I’m like, wait a minute. I can watch a 32nd ad. Like I don’t watch youtube so much, that a 32nd Saturday is worth $15 and so like, look at that in your business like what products Using that was just lazy, what stuff had you just not turned off that now as turned off, and just be careful what employees did you cut because you actually kind of wanted to cut them in this gave you the excuse, you know, it’s a hard reality but like, just don’t add stuff back to your business that you don’t need. And so as revenue comes back, if you’re careful about what expenses you add back, you recover faster. So don’t just go straight back to business as usual. Don’t pay all your debt off all at once. You know, really analyze that stuff, do the math and back what’s appropriate, pay your debt off as as it as appropriate, you know, based on you know, if it’s a good use of that capital, pay the 3% or the 4% or even 6%. If it’s not start paying that loan off or whatever, if it’s if you’re uncomfortable with the risk, pay it off. But just be careful what you add back and try to focus on your margins and your profit when you come back and don’t just go back to business as normal because maybe your business stunk in the first place. And there’s like literally, it’s just a way for you to get A better business out of the deal.
Justin Jones 52:02
Yeah, I’ve added up some charges. While this is good and depressing at the same time you look at you guys 15 bucks a month, it’s 20 bucks a month. It’s not a big deal. And, you know, I use it twice a year for five minutes. Yeah, Jackie, it’s easy. But I looked at charges that I’m like, I really didn’t need that even though once or twice I use I don’t need it in the past eight years, which if you look at like, Oh, I cut $15 here like, Yeah, you got way bigger problems than that. Yeah. But let’s just put the immediate need for cash aside, just in the things that I’m not going to bring back. I’ve wasted in eight years. $41,760 Yeah, what would I do with that cash right now? Right? Right. Not to mention the interest I could have earned the investments I could have had all those. So now is a great opportunity such with the buyer sucks with the cash flow loss in the hit. We’re all taking. But it’s also a great time to do some housekeeping. Now go and then when this is over, run Your business as if you were having this cashflow crash every day, even if you’re happy?
Micah Berg 53:04
Absolutely. I mean, absolutely, that’s the best way to do it run your personal life like that, like, man, did you have a Jeep sitting in your garage that you hadn’t driven for three months and you got this car payment and now you’re deferring? Like, maybe it’s time to sell the Jeep that you don’t really ever drive and spend time with your kids or whatever. So, you know, those are good things. So a couple items to wrap up. Justin, I think we’ll do this again tomorrow. I’ll get with you on that. I’m gonna air I’m gonna air some stuff you said you would do for these people is going to cost you some money, if you’re okay with that. But if you have comments or questions on this, you know, hit hit the subscribe button, this will be on YouTube, we’ll email it out. You know, subscribe, we’re going to be releasing these regularly do a little thumbs up thing. So people see this, forward it to your friends, like, let’s get some of this information out. Again, we don’t really need anything from this. So this is literally like, help the community by forwarding this stuff around. That’s that’s all we’re really asking. And then To help you guys to kind of prove that I was talking to Justin so you know, I mentioned vru, which is vacation rental University. It’s www dot the edu. So the vacation rental university but the VR you calm. Go there, Justin is has been generous enough to release a coupon. So we have some free stuff, which just introduces you to the platform. But then we have 40 hours of lessons that I did all about how to run the business, how to grow your business, how to sell, how to manage your financials, Justin did some lessons in there about marketing. So it’s literally soup to nuts, everything you could imagine in there about 40 hours of content. And Justin’s going to pay for your monthly subscription through this next several months while we’re, you know, sitting around. So in April, you could literally go consume all of our content and learn everything about the business. And so the code will be Covidien tene something super easy CLB ID 19 when you sign up and you go to pay for the Masters monthly program, but in Cova 19, and Justin at I mag is paying for your subscription or go down to free, you’ll get access for at least several months, three, four months, we’ll figure out you know that it will turn off at some point. So please use it. He can’t afford it forever. We want to introduce you to it. It’s a resource that could be valuable to you for a long term, something else he’s doing and this is the expensive one. And we’ll figure this out because I don’t have unlimited time but he is paying my consulting rate for phone calls for you guys for about 2030 minutes each and so if I get an overwhelming response, I’m obviously gonna have to do group calls or something. So here’s how you get that you can email me it’s mica. At real joy calm m IC h at real joy calm Lj OY calm. What I want you to do is send me Hey, this is I mag consulting budget or something like that. So I know what you’re emailing me about. in there, I want you to put three questions, we’re only going to cover three questions I’m gonna give you 20 to 30 minutes max, and if they’re common questions, I want you to email this. They’re common questions, I’m going to do videos or maybe a live webinar and we’ll cover that all at once so that you know everybody can get served and you can get the best answer from me but send me three questions that you have about your business and and your your contact info your phone number, and I’ll email you back sometimes we can jump on a call and we’ll spend some time together I’ll answer the questions and walk you through some of that stuff. And again, the bill goes to Justin so just be sure to put in the in the subject line I Meg consulting or I Meg Mike of time or something along those, those lines, and I’ll make sure that billing goes to him and not you guys. So Justin, thanks for That, you know, this is
Justin Jones 57:01
and, and kind of the reason that we’re doing this and thank you for your time on this as well. But it’s just like deer, I love to help people solve problems. I know you do, too. Like that’s really exist. I love to solve problems. And I think that right now the better like it’s a time to share the pain. I mean, we’re getting hit heavy, heavy financially, our clients are the market is the world is. But that’s not a time to attract and be needy. I think it’s one of those things, I believe in the law of reciprocity, where when you need more, you need to give more. And that’s kind of the short of that there’s no real hidden agenda. Of course, we may end up with some business from it and we may not that’s not the intention, the intention is that when I need I need to give
Micah Berg 57:46
Yeah, sure. Yeah. And I got I mean, I guess I just assumed that people would put that together but yeah, obviously I Meg’s a marketing company dedicated to the vacation rental space, that a real joy markets through them. So I can attest to that. But you know, it’s no pressure but I max out there they care about you guys he’s gonna pay for you to learn and you don’t owe him a thing but you know if you get to the end of this and you’re like, Man, what am I marketing company do for me? Maybe give him a call and we’ll leave it at that I mean truly is not a sales pitch. This is this is like hey, go to the VR comm get your learn on if you’re just going to be sitting around, get all your staff in there, sign up. You know, you can add seats when you do the Masters monthly, so add some seats, or just just send it around tell everybody just I’m giving him an obviously, he’s not paying full price, right? I’m not gonna destroy his financials. So he’s getting a great discount for the bulk. But tell everybody, you know, have them have everybody sign up. All you need to do is is send them the link or tell them the Cova 19. So it’s super simple, impossible to forget. And then sign up and get it for free and just everybody signs up. everybody learns it’s ready to go. All the videos are there and I think you’ll really enjoy it. So and then shoot me those emails if you want direct help with the three questions and tag I mag in the in the subject line so I know where it came from. So that’s all I got. I think we’ll be back here tomorrow. Just anything on parting words. That’s all I
Justin Jones 59:15
got. Thank you for joining. All right. We’ll see y’all Bye. Thank you.
