Transcript:

Welcome back everybody on our series of web interviews with local leaders and business experts today. We are joined by Andy Cagnetta who is the president of Transport Business Advisors, which is the largest business brokerage in the world. And so, but more than that. He’s really active in a lot of local charities. He’s the board chair of the board for United Way of Broward County in addition to be on the board of lot of other Charities reject we how we met on the board at Life Net for Families so welcome to the show Andy. Thank you. Thank you for having me on Jeff certainly unique times now in business and in non-profit to say the least we will talk about the nonprofit. Let’s talk about the unique times than what everybody is on everybody’s mind with abroad to covid-19 and the impact it’s having on business. What are you seeing on your end on the business broker side of things? Well, you know we deal with a lot of businesses all and kinds of businesses across the board and of course, you know being here in Florida and in some other areas of the United States, you know anything that’s torus based there anything that’s Hospitality based of course restaurants, and anything that has to do with travel those things are really at a complete standstill. I mean, I know there are some restaurants out there that are doing take out and things like that, but those businesses are just you know, suffering immensely and then And so they haven’t even really started the call yet that they need to sell their business because obviously everybody’s kind of just Frozen in place. I guess. That’s the best way to describe it. I would say about 33% of our deals have there are some businesses that are thriving in this things that have to do with Logistics things that have to do with supply supplying chain things that have to do with supplies for food. Those things are thriving, so we have some deals that are continuing the continuing, but you know across the board. It’s just you know, small businesses suffering sure and local businesses and like you talked about Hospitality unless they’re pivoting or able to Pivot in an effective way. They’re really struggling even with the pivot. I mean nobody expected this this is this is an unpredictable kind of thing. Are you seeing any deals come through the pipeline now, or is it just everything that Behold now, we see some deals coming through the pipeline? We you know, we sold a company that was a mail order a cake company that believe it or not. They’re doing very well. We just sold a cleaning janitorial company that’s doing extremely well, you know, there are some businesses that we see we had a medical supply business that the sellers actually put a hold on the sale because I think they’re profiting too much from this so We’re seeing deals go across but like you said most businesses are not doing well or through this. They’re having the pivot and even those pivots are just kind of short-term kind of stopgaps, you know, high-end restaurants doing take out. They’re not built for take-out and certainly, you know, people don’t want to pay top price or that, you know, they’re using Scout skeleton Crews with big kind of rents. I think they’re just; you know, a lot of people are just waiting on the sidelines. What happens and what is that? What do you anticipate this to do? Let’s say we come out of this in a month and things sort of start to return to normal or two months or three months. God forbid. It continues on past that what do you anticipate things happening for business valuation perspective because it has to impact valuations either positively or negatively. Yeah, we did they’ve already started the talk about that, and we’ve talked to a SBA lenders about how the SBA is going look at this first quarter, obviously. Almost done with the first quarter before this really hit and so, of course the end of March a big portion of March is been affected by that. Second quarter is going to be devastating. I think at least April if not a good portion of May to until things are people are out and about again and then you know again, there’s going to be some sort of Hangover to this thing. So I think what’s what the SBA lenders and people have already had a discussion about was ignoring the first and second quarter looking to current financials in the third and fourth quarter of this year and then normalizing through the last three years and trying to come up with a value. We’ve seen that in the past and we’ve been you know, 9/11 hurricanes, you know, obviously the economic downturn it affects value. Nations for several years, but and nobody really looked back the 2007 and 2008 the value our business but this one, you know a lot of the smart money and you see reports from you know, investment houses and things like that that feel like the second quarter. The first quarter GDP is going to be down second quarter is going to be a record down quarter and GDP and they’re talking about the third and fourth quarter being record up quarters in GDP. So, He’s kind of looking at this kind of bounce back pretty quick. Now. There’s going to be casualties throughout the business landscape that you know are going to have to be absorbed sure and it’s exciting to hear that you’re hearing at least from other industry experts that they are expecting kind of record UPS in the third and fourth quarter because it’s exciting to hear. I mean like nobody, you know, nobody wants to hear Doom and Gloom. I mean, yeah, everybody’s concerned and obviously it doesn’t make you feel better. If your own a restaurant or are in travel if you want to travel agency now hearing that third and fourth quarter will be fantastic when you don’t know if you’re going to have a business in three months kind of thing, but it’s exciting to know from you overall business landscape that things are looking up. Talk me about more than just. The economic forecast the climate in talking to your clients and your staff because obviously you have a lot of business brokers work with you. What is the psychology of people now? What is there? I feel like peasants. Are they somewhere in the middle where they at? Why I think it goes across the board. You know, I think a lot of people are being you trying to be optimistic and trying to people are trying to beat make the best of it. I mean, you know, we’re all out there on social media trying to make people happy. We’re having we had my daughter’s birthday the other night. We had a virtual party where we all blow out the candles and it was kind of unique because we had family members. That attended that definitely couldn’t have attended they’re her normal, you know candle sort of ceremony on the cake. Hey, by the way, I also so I enjoyed the rendition of her lattice or said, you know song was pretty great. Yeah. So, we’re trying to you know, keep it positive Enlighten. You know what I always say. Listen, there’s a reality going on out there and you know in the medical community and in you know, the nonprofit community that Is somewhat out of my control, you know, certainly I’ve been involved with nonprofits but in the medical community, I’m not a doctor not a first responder. I’m not someone who works in the in the hospitals. So all I can do is work on what I can control and I could work on my company and I could work with my clients in the small business community and say Hey, listen, I think help is on the way. We’re talking about the big bailout. That should be out hopefully in the next too I think that will put money into the system into people’s pockets kind of take us over that bridge where we need to get to which is probably a good 30 to 90 days away. I don’t think anybody thinks we’ll be back in business by Easter. But you know, I think it’s going to be May or June where you know, we’re get back to the majority of our business and hopefully in between then we’ve given the, you know, the Healthcare System enough of a buffer. By doing the thing by staying home and giving them enough time to kind of be ready. And for this the dissipate right? So, then the next kind of question I have for you is how much will the future be changed when things start to normalize, and people start getting out and about that now people are more comfortable working from home. I mean like the idea of wrote, you know, it was already kind of happening over years, but now like people are realizing it’s not that Bad, how much do you think that’s going to be impacted moving forward? Well, I think you know we were going there anyway, but this is going to make a huge leap into it. I mean, it’ll like we could always look back on ways that we ran our businesses and you know, I have to say that I you know, I feel like I’m in a good spot because I went through 2008 2009 2010 and I’ve been very conservative about the way I’ve run my business and I’m in decent Financial shape that whether this and I’m thankful for that. And so I you know, listen, I’m not sure anybody’s going to ever shake hands again, you know any kiddingly but it’s going to change Norms in the way we deal with this, you know, I’ve seen reports that that you know, this coronavirus could be a seasonal thing. You know, I think we’re all going to really kind of actin and work differently. I think the workplace will be a little bit different the way we keep it clean and the way we interact it’ll be interesting, you know. You think about the about the big phone rooms will there ever be a phone room where everybody’s kind of shoulder to shoulder again. Is that going to be you know allowed with by OSHA? Who knows and I think the ripples go even further? I mean simply how many businesses are going to support the idea of working remotely and reduce your overhead from a kind of retail. Obviously, you can’t change but rather, but when you’re talking about, you know Professional Services, You know, listen, I have some big offices and I can argue that there really helps us but you know business brokers been working from home for years and we’ve seen a down, you know, a kind of a lowering of how many people come into the office over the last several years and I think that’s going to continue. We you know is funny during the economic downturn and when gas went up to $4 a gallon everybody was having sticker shock about driving into the Listen having important person meetings. And so, we started you know, quote-unquote Zoom meetings back then we I forgot what tool we were using go to meetings. But as the technology is gotten better less and less people come into the office and yeah, I think that’s going continue I really do and so it’s not a bad thing, necessarily right? Well if you own office space it’s bad thing. But beyond that no, it’s thought its very good thing especially if you can be as productive and you can keep Morale at a higher level although think collaboration is always pretty important. Anyway, so I think that you’re having the larger office space and having that being a value add to whatever it is you’re doing I’ve been to your conference from your training room many times and I think that’s it’s fantastic, especially when you’re able to kind of, you know, you don’t you lose the energy. I think whenever you do remote obviously over the last couple weeks we’ve done exclusively everything remotely the energy isn’t the same but there’s advantages to it certainly you can’t deny that, it’s kind of great going not having to wear pants to work kind of thing. I know it’s it is nice, and you know what? It’s nice to be home too, but I think it’s nice to get out of the house as well. I listen to you were talking about before what’s going to happen after this and you know sure restaurants are not going to be able to I think the restaurants will be packed by the way, but they’re not going to be able to gain ground but you think about the Airlines and Resorts and think just think about how many people are in wanting to have a summer vacation now and are just you know run out there and do it and you know, of course people be in a different financial situation some of them and so I think some of those some of those some of those Industries will catch up but Hey listen imagine this going on now if we didn’t have zoom and we didn’t have slack and we didn’t have Trello and we didn’t have teams and we didn’t have, you know, really a much better system than we did 10 years ago in the As 9 2010 if we want to try to work from home, it’s a different ball game these days and you know, we’re I’m thankful that there’s technology is here Crusher it take that step further if this has happened 10 years ago when we were still barely still kind of Barely getting out of the economic down cycle. I mean the fact that the fact that the market was so good and the economy was so good that people are in a better position to whether that’s this happened when people are still kind of reeling a little bit from what had been taking place. Place during you know, the last sort of you know, Market correction crash, whatever you want to call it. That would have sucked. I mean, so I really appreciated not just from a technology perspective from the state the economy that we are in such a good position to be able to weather this stuff. Yeah, you know listen to you know, they said it this morning and it was kind of unprecedented that the Fed chair was on the news and they were talking about that was first time the Fed chair has been on the news on NBC ever. So You know the Fed chair being out there talking about that, you know, the E economically we were a very sound in a very sound place and we should be able to get through the yeah, and I truly believe there’s going to be somewhat of a hangover. Yes. There’s going to be empty stores and there’s going to be some losers in this that couldn’t hang on and people might change their habits again. You have to think about during the economic downturn what happened to the Quick Serve restaurants the take outs. Where you know those became very popular and the white tablecloth, and I don’t know if the you know, certainly there’s some really nice white tablecloth, but it’s certainly not the norm anymore. You know, it’s more of those and you know, you might see a push back again, you know where these white tablecloth restaurants are not as popular. Yeah, and think that you also saw the I’m a kind of quick service restaurant kind of model you saw an increase in like sort of Premium Quick Serve restaurants and Like higher end as opposed your low-rent to wear his couple dollars more but when the economy was good everyone sort of supported and thought was great. Is that going to be the case anymore when that three extra dollars for your meal or whatever that looks like maybe we’re going to does not do that. Yeah. Well America is loves to spend their money where consumer Society they put 1,200 bucks in everybody’s pocket, you know by the end May that 1,200 bucks. I’ll be gone and I’m not making light. Light of the twelve hundred dollars. I mean, there are people that are definite, you know, one of the things that the United Way sitting on the United Way Board, we have almost 50% of our County in the Alice kind of which is they are paycheck to paycheck and that’s a huge amount of people that can’t afford this so that $1,200 is literally going to save them save them from you know, paying the rent and food and all those kind of things you think Kids that are in school and what the schools are doing just to try to feed those kids because that’s you know, that’s the you know one meal that they have a day and if you if you have a chance if everybody has a chance Udonis Haslem wrote a great article that I sent out but is on the player Tribune and Udonis is from you know, Liberty City and Miami if you don’t know Liberty City, let’s put it this way. He said he never saw Miami Beach till he was a rookie in the NBA, you know, you never saw South Beach until he was a rookie in the NBA and he lived across the bridge and so the his talk about hunger and his talk about being poor, you know, just hits home that for this crisis. It was it was really heartfelt. I thought what he was wonderful so and I’d seen it not through but you a chair, but I’d seen it another kind of channels and it was really pretty wonderful. So, I’m glad I’m glad he penned it. I’m glad that it’s getting the viral attention that should Yeah, so and you’re certainly the people that are living paycheck to paycheck the 50% that are struggling that are doing. Okay. They’ve got a home we don’t kind of we sometimes forget about that and how much this will truly impact them. So, let’s pivot a little bit and talk to about the philanthropic world and the Charities that are out there like now like United Way that are being impacted and how they’re being impacted and what are you seeing? On your end. You can talk about both United Way, but also talk about some of the other Charities that involved with. Yeah, I mean listen life that you know, we’re talking about Life Net that has a daily meal where we had a Community Kitchen where you know, 50 60 people would be in at any one time. They’re not letting them close the kitchen, you know, and we’re feeding outside more feeding box feels and we’re not using our silverware and plates and we’ve told all the volunteers to go home for their own safety. So just think about that model change where we you know we go from Um having volunteers and we’re also have, you know, a kind of triage kind of situation in our lobby where we’re helping people with food stamps were helping people get their mail and all that kind of stuff is ended now and old the only reason we’re letting people in the building is to get a shower. So, it’s really kind of ratcheted down to the to the basics out there. And these are people that are unsheltered, but then there’s the mobile food pantry and there’s tons of people that you know, the Well, that can’t make it from paycheck to paycheck the retirees the people who are disabled and I’ve seen a lot of other Charities kind of stepping forward United Way is gotten has started a fund to help these get those people money those Alice level folks I wish I wish I knew the acronym for Alice. I can’t quite think of it now, but and some big companies have stepped forward JM family gave Half a million dollars and you know, God bless JM family for what they do in our community and so many other some of the banks and I don’t want start rattling off who they were you’ll get in trouble in trouble for forgetting someone but I definitely the lead gift was JM family and other people have stepped forward and listen this is going to take a huge effort by the nonprofit Community to help those people. Listen, even we talked about know there’s a lot of people in the community other Charities, you know that I could think of like the Hispanic community and a lot of people that help with tax returns. There’s a there’s a credit every single year that people lose that people don’t even apply for because they don’t know. Can you imagine that these benefits these checks come out for $1,200 if you have online, I heard it on the news if you have an online account. With the with the IRS, you’ll get a direct deposit. Can you imagine how many people have that that are that are really poor? They don’t even know what it you know, some of these people don’t have bank accounts some of these people have no idea how to apply for this money or get the money and so there’s going to have to be a big movement to make sure that those people get the money. It’s just a huge mobilization and the SBA funding and This Disaster bailout is going to be available for nonprofits as well which is which is wonderful because it’s so needed. I mean oftentimes we serve on in the board of life it together and The base of homelessness and hunger is not what we often times think and it’s not where these people are lazy that classic sort of mentality of oh that will they deserved there are some and I’m not trying to say that doesn’t exist. But that’s not the majority the majority just now. Listen, there’s some people that were trying to house with the Broward ends homelessness and you know United We End the homelessness and that whole Coalition that came together here in Broward County and we put about 200-300 people into permanent housing, but there are a Cadre of people a percentage of people that don’t want to be housed refuse Services again, A lot of times mental illness and they just refused to you know, and yes, they want to game the system or whatever and you know, it’s just I don’t know if anybody really wants to be on the street, but there are people that choose to be there. because of their situation perhaps they just can’t mentally get there and you know, we talked we dealt we do deal with them at LifeNet but there’s a huge portion people that we give daily weekly food boxes to and mobile Pantry items that are again retired just can’t make it pay to paycheck to paycheck, you know, and just think about all those people now high as you know, Joe Hiatt, Just unemployment, you know percentage ever just coming this month. It’s going to be crushing and you know, and so, you know a trillion dollars may not do it. But you know, it’ll certainly help. I hope a lot of those. I hope we can really kind of get back and give those people jobs again. I think it’ll take a while, but I think the economy. We’ll return pretty quickly from foremost and there’s going have to be this Gap, you know, it’s like it’s like after a hurricane. I mean, there’s probably still people up in the Panhandle and hurricane Michael that have been negatively affected. I think there’s some people that are still affected by Hurricane. I forget which was the last one that came through here, you know, there’s people that lost their housing that just never could get a leg up and there’s going to be that that percentage. of people that you know nonprofit we’re all going to have to come together. And that’s one of my biggest fears about what’s happening from the economy productive economy will be better like this will end. I mean, I’m sure this isn’t like being an optimist or real. This is the reality if you look at the economic cycle, it always gets better. Okay. This is a buying opportunity. If you kind of look at that kind of perspective. No, we’ve said that huh. So, we’ve said that I mean, you know, how many times after the economic downturn after the.com crash after 9/11. Oh, I wish I just would have bought Yahoo or Google or Microsoft. I mean we have the crystal ball. We know what’s going to happen. We know it’s going to get better. So my concern though is not the State of Affairs for The average American or even the people that are struggling a little bit but they’re getting by their struggle but they’re getting by I’m not as worried about that because I know that will ultimately get better and it’ll suck for a little bit because it will suck for a little bit but it’ll get better. It will get better relatively quickly. I don’t obviously have any timetable that’s it. What makes me concerned is how the not profits will be handled because that’s dealing with that bottom three five percent and as people stock portfolios dip. Okay, and you look at the major donors it goes for twenty-nine thousand nineteen thousand. Okay, and they just they just lost 33 percent of their perceived Network. Even if you don’t, you know, you look at it from a long-term investment beside you still lost it from on paper. You just lost that much value to yourself. Are you guys comfortable giving the money to the pot? And the answer is absolutely not you’re absolutely you’re absolutely correct in the fact that even me who I consider myself a philanthropist is not going to give a major dollars to anybody now because I have a business that I am trying to figure out what the ramp rate is, right? I am trying to figure out what my burn rate is and when we quote on quote get back to normal. So, you know, we are definitely not going to be profitable for the next at least the next month or two. Probably three four five. I have to make sure that I have enough money to pay my employees the way I want to pay my employees and I want to make sure that you know, I have enough money at home to can you know continue to house and feed my family. So, there’s a huge amount of people we had a deal crater the other day a deal where the buyers just said. Hey we lost. The million dollars in the stock market. We just don’t feel comfortable putting this money at risk and buying this business. So yes, I mean when people look at their four, oh, you know, they feel rich they feel that they have, you know, whatever in the bank and they could say, okay I can give this much money to charity. I’m making this much money this year and if that is soft this year. Yes, we’re there, you know. Nonprofits going to struggle some nonprofits are Going to go out of business and we talked about that at the United Way and we and we’re trying to help everybody all those nonprofits as well. And but you know, there’s going to be a Shakeout and you know, hopefully, you know, once things get real lined, you know, we could continue to help all those people and you’re the nonprofits need help to know the absolutely no doubt because we’ll take it a step further. From what you had said as far as you know, the stock market’s the perception of your 401k and feeling a little bit more comfortable saying okay, we can give this small business owners, like myself II am philanthropic mind that I can’t give as much as the candidate is but you know, I do give not much and so so I’ll say it but I’m also looking at the same thing. I’ve got staff. I’ve got to pay them. I’ve got make sure that my family so I’m not even looking at That you know, what’s in the market not worried about that. I’ve got time to build that part back up sure about the day-to-day and of flying chimp is a profitable then there’s not money to give like I’ve been have the conversation. I wipe those who hate you need to smart now like no frivolous stuff. That’s not that that is a four-alarm fire. I already thing but it’s something to be mindful of and if everybody has that quarter step back. One of the first places to cut would be giving and that’s yeah, you know, I think that’s a reality. I think the you know; the Charities have to be you know. for that and I think that’s why you know, I’ll get out the list of the people that have given to this United Way funds is to fund some of the Charities out there some of the partners that we have that are doing child services that are doing food that are doing you name it mental health. I mean all those you know, and for those big companies and you know, it’s The Usual Suspects the bank’s the bank’s the the Bank of America’s the law firms. The you know, again, the jam families the auto Nations you’re going to see those companies step forward and give money. You’ve seen some of the big philanthropist in the world give money like the Gates Foundation and Warren Buffett and I think what and the Amazons I think you’ll see more of that as well. You know, did This Disaster is different than almost every is probably different than every other disaster we’ve ever seen it’s everywhere. You know, it’s What is in the same boat? So, I would tell people that are in a crunch out there in the world and even companies that are in the crunch, you know, your landlords in the same place. Your landlord doesn’t want your business now, you know the banks and the same place. The bank doesn’t want your business now. The SBA in the same place. They don’t want your business now and same thing that you know, I already think there’s a moratorium on evictions in some counties. He’s certainly you’re not going to get any judge to to you know, preside over a lawsuit now your clothes so I mean like it. Yeah, well, they’re trying to do some online hearings, but they’re certainly not going to hear from someone that wants to foreclose on somebody’s mortgage or somebody’s rent. So yeah, it’s an odd situation. I guess the one thing I keep. Feeling the need to remind myself of and reminding everybody else that we have these conversations because then you can kind of go down this kind of cycle of but but but oh my gosh. We’ve gone through nothing like this ever before obviously. I mean that this is a precedent in end certainly our lifetimes 1918. I suppose I mean is the closest butter but there’s there’s no there’s no wisdom attached to him how to handle this is no book on how to handle, you know a pandemic what I would say is it’s gonna get better. We know that it’s going to get better like our country isn’t going to fall apart. The world isn’t going to fall apart because of this it simply will happen. And so as long as we remain mindful of that and it doesn’t make the day-to-day easier, but as long as we kind of keep our eye on that big picture and I kind of just reminded that my wife healthy my son’s healthy and the rest of it doesn’t really matter is kind of how I keep reminding myself and looking at it when I These conversations both, you know in an interview format, but also just with friends and colleagues and clients is own self-worth. It’s it’s gonna get better and it’s not going to take us long I think is most of the other situations because it didn’t happen because of mismanagement or mistakes. It happened because of the most Black Swan event ever. Yeah. You’re absolutely right. I mean like you said this is this is a this is not even a sucker’s bet. This is like a Sure thing like if you bet on the stock market at its bottom it’s going to go up and you know, listen if I had like the only the only thing we all don’t know is when so the problem is is we’re all trying to gauge even if we had dry powder like a bunch of cash sitting on the sidelines or we had equity in our houses, which we were able to cash in and just put it in the stock market. We want to know when Is it three months is it six months is it you know, so so I think as soon as that Peak hits and it’s certainly not hit yet. And again, horrible things happening in the in the in the medical community and I pray for everyone as soon as that Peak starts to head and those number of cases start to come down. You’re going to see the stock market explode. I mean it was up today or ready, but you’re going see it explode and here’s what I hope happens as well. If it turns around quickly and if every American that made less than ninety nine thousand dollars gets 1200 bucks or businesses get a bunch of money from this from this and they get money and they come in and this thing does turn around quicker than everybody thinks please everybody. We already talked about it if they were going to give $1,200 to every single person in the United States. No matter who you are. We’re going to tell everybody you don’t Refuse the money take the money and give it to you, you know United Way lifenet whatever, you know, we I hope that people are super generous after this and I’ll even throw one more in all of you out there with a Year’s worth of toilet paper and Years’ worth of tuna and a Year’s worth of peanut butter. You know, I’m going come knocking on your door after this is all done and let’s try to feed those hungry people for the next year because they were hungry before like it like Udonis was Saying they were hungry before and I would add to your to your list. If you can give to charity fantastic the very least go out to eat or do takeout rather obviously don’t have any now, but do take out, you know, one thing that we sort of embrace to my house is we’re going to do take out 3 days a week no matter what like that’s just on the list and we were never a takeout family ever like we was just about something we ever did. I know a lot of families are we just didn’t do that that was never part of the caustic family, but it’s the little Things that we can do to help keep money in motion. Yeah, we’re trying to I mean we ordered out to couple restaurants recently and we’re trying to keep that motion as well. Especially our favorite restaurants that we like and and we’re trying to support our friends. You know, I got a call from a restaurant or as we’re on the phone here. I’ll call him back in a few minutes, but you know, they’re hurting I mean, they’re not built again to be a takeout place. Ace, I mean, they’re paying huge amount of rent because they are able to charge money for when people come in and drink and things like that and take out just doesn’t do it. So and you don’t get the drinks orders in those situation which is where the money is the money is not the food and is already low margin business to begin with so but put the money in motion put into local community whether it’s charity whether it’s local businesses that you know are hurting. I mean the hospitality industry in general is a good place to be able to put that money in to kind of keep it. So, thank you so much for your time today. So, spend 30 seconds 20 seconds talking about Transworld and and a plot little little plug for yourself. Yeah, so, you know transferral business advisors, we help people buy and sell and franchise their business. We would love to you know talk. We just want to be a resource for people. We always have been we’re willing to talk to you years before you want to sell your business. We are here. Again, to try to help people through this process. We’re going to get out as much information. We’re very active out there in the world. So, look us up Transworld business advisors. We have offices all around, you know, and you know, I’ll throw out that we have an annual pasta dinner that thank God we got done on on February 9th 80, but believe it 16 16 that they are all starting to get together these dates. was looking back on some of the dates that we had, and we did have some in March in the past. And so, you know, we raised two hundred and sixty five thousand dollars for Life Net for families and and we had a thousand people there and it was just starting people talking about the coronavirus believe or not back then and people worried about people traveling from China, but you know, all those all those events out. There are now wiped out so we will have another pasta dinner. And it will probably be in February of next year. I already heard dates of because of when the Superbowl lands and then the next week happens to be Valentine’s Day. And so, it’s going to be like the third or fourth week in February come out. It’s a great time for families and we do that on an everyday basis, and I’ll let go with with Jeff has been talking about if you can give the nonprofit, please take some of your money now. And deploy it there are all working on behalf of those out there who are less fortunate than us where I’m very lucky to be in a house that I don’t mind being cooped up when but that’s not the case for everybody so, you know and and I’ll just also take it one more step is listen everybody. Like Jeff says this is going to end. It’s going to get better in the process. Let’s be nice to each other. Let’s be respectful. Stay home. Let’s let’s lessen the blow out there to our Health Care system and certainly those who are immunocompromised in our elderly. That’s why we’re doing this. We’re doing investment them. And you know, I’m very proud of everybody for doing that. Yeah, absolutely and do your part and I think being a part of the community is in the community is really a better way of thinking about it is, you know, that’s what we’re all in this together. You know, we are, and we need to rely on everybody. Thank you so much for joining me today everybody. This is an antique agneta. Ultimately. We’re going to do another one of these at some point. Maybe have you join us again when it’s slightly better ties are not talking about doing glitch you are, we could talk about fun things, right? So, everybody have a wonderful day be kind be safe and I’ll talk to you later. Thanks, Jeff.