EP 41 - What is one thing you would do as President? Strategic Planning for companies going ESOP

Hello everyone. This is the ESOP guy, and we are on a journey to an ESOP. This podcast has been produced to really help individuals figure out whether or not they want to use or can use an ESOP, and employee stock ownership plan as a strategy for their business. If you are new to the podcast, I wanted to say thank you and welcome. If you're interested, what this podcast does is it has a lot of episodes. That will provide information to determine whether or not employee stock ownership plan is right for your business. And in addition to the topics, what we've also done is other episodes where we've done interviews with different ESOP professionals to provide different perspectives on ESOP transactions. Now, if you're continuing on this journey to an ESOP, I just wanna say thank you for continuing. And I wanted to start off this morning with this. So you might recognize that hail to the Chief. This podcast is going to be titled, if you were President of the United States of America, what is one thing you would do? Why would I ask that question? Why would it be the title of the podcast? Because we're going to talk about planning, particularly for companies that are going through the ESOP process. What is your strategic plan? First off, do you have one? Second off, what is it and what should it be? So for companies are on a journey to an ESOP, what is, what is one thing you will do over the next 4 to 5 years that we, that will make a meaningful difference to your company? That's your strategic plan. If you like what you hear, please subscribe to the podcast, rate and review the podcast, and share it with a friend. So want to jump in right into this where this question come from, where the title come from? It's really one of my favorite questions to ask at, say, a dinner party, especially this time of year where everybody's thinking about, hey, who might be elected for, uh, who, who might be elected as president of the United States of America. And as we start to think about that, when we, when we sit down and, and listen to all the campaigning and you, uh, you know, try to get through all the commercials and all the other, you know, I'd say nonsense about the election. As voters, ultimately what we want to hear. I, hey, what's your plan, man or woman? What are you gonna do? And so in business is no different. What, what's your plan? What are you going to do? um, why should we elect you as president of the United States and what are you all about? And so, the question as we start off this, you know, parallel with politics is what if you were president of the United States of America, what is one thing that you would do? Now, for me, I will answer that at the end of this podcast, not to be political, but I think it's a fun question and I think you all should answer it because we as Americans need to know what our country needs and we really do need to be involved in that process. As we move to the business world, though, it's essential for your business, obviously, to know where it's going and what direction it is. And that's, and that's ultimately what's wrapped up in this concept or idea of strategic planning. In a business that's going towards an ESOP, it's even, I think, more important. I was recently in a very long due diligence meeting with a client and their trust, the trustee, the transaction trustee of this ESOP or potential ESOP and the evaluation firm. And all the questions, if you really listen to what they're asking, are going to center around, not all of them, I mean, a lot of them are about history, but a lot of them are going to be about what's going to happen in the future of this company, how does it run, how does it operate, and what are their plans? And what that, what happens is that strategic plan. Moves into a essentially a business plan that then we're able to populate that business plan into a financial forecast. So where, where does it have importance in the whole process? Why is this such an important episode to listen to? And it's because your forecast is going to determine your overall valuation of your ESOP when you move into the transaction. And ultimately, as you go year to year, it's going to also be a central part of your valuation as you go. So, so the key is, is that how can your forecast really be meaningful unless it's backed up by some type of strategic plan? And so that's really, you know, when you look at it, it's a very integrated um part of the process of, of what we actually present to the trustee and going through this whole process of due diligence. And negotiation, it's very integrated into that whole process. So strategic planning is very important. And so, let me go into what I wanted to start with in this podcast or really the benefits so that we can start with the right things in mind on, at the outset of this episode. So benefits of strategic plan are going to include the following. The first I'm gonna just get into is that it establishes a direction of where the business is headed. And The business is always gonna be headed in some type of direction because it's, it's kind of without a plan, it'll just pretty much try to do the same thing it's been doing year after year. But within this first area of, of a benefit, I just want to say without a strong direction, The business needs to be able to communicate that throughout its entire organization. And it's really hard to do if you don't have some type of strategic plan. So within that, what are the goals and objectives of the business and are they clear? And a lot of times goals and objectives just aren't clear to the, the internal workings of your company or the rank and file or the individuals that work with you, even within your leadership team, sometimes they're not clear. Are those goals and objectives, are they in line with the vision and the mission of the company and what the, what the company is all about? Are they in line with the cultural values and the core values of the company? And what this does ultimately as a benefit to the company is is it allows everybody to get on the same page so that hopefully, with the metaphor of the idea of everybody rowing in the right direction, your company then can really accomplish what it's setting out to do. So it's a very powerful way, um, ultimately for your company to, to achieve its goals and objectives by bringing everybody together. So that's really the first benefit. The second benefit is that It helps the company really evaluate the resources it needs to get to where it's going. So the challenges that we're faced with when it comes to the changing business world is sometimes we have great plans, but we haven't done the work and strategic planning of really evaluating what we, what we need to accomplish, what we're really setting out to do. And so this could be things like software or technology that we might need or we might need um individuals in our company that we don't have in order to accomplish what we wanted to set out to do. So sometimes it's, it's resources that um we just haven't thought about that we actually need to do or we have excess resources or, or we have capacity within our companies that are being underutilized that we need to challenge and and employ in the right way so that our businesses are um fully operational, fully efficient and using everything they possibly can. The third benefit is that it helps a company to really set clear targets and we're going to use this idea of KPIs as key performance indicators for their business. So many times, Um, companies that are, are heading out and, and doing what they're doing with their strategic plan really need to understand what they actually are targeting. And what you find is this happens a lot of times when you're doing reviews of, of your individuals and they set their goals for next year, but the goals are not necessarily very specific. They're just generally, I'm gonna improve the departments something. I'm going to improve efficiency, I'm going to grow the top line, but they're not really that specific. And in some part, the reason they're not specific is because honestly, they may not even know what the company is trying to accomplish, but I think for the most part, they're not as specific as they need to be. Um, because it makes people very uncomfortable to put down something that's specific. But the business, as the business puts down something specific within their strategic plan. What it does is it allows everybody else to start doing the same thing and it really does lead the company towards this type of, of business processes or, or business planning where you're incorporating the The elements of good goals, when I'm gonna talk about good goals are smart goals, specific, measurable, achievable, relevant, and time-bound goals. So that, that acronym is being thrown around all over, but it's very important and I think it's, it's essential to get things done because if something's not specific or measurable, achievable, relevant or time-bound, it's really not. Uh, a goal. It's just something that we might want to get to if, if things um work out. And so what goals do is they put us into a bit of an uncomfortable position by making us accountable to what that is. And I think it's very, very healthy for our business and and for every individual to have some type of goals. And so the, the strategic plan really does set us up to, as a business to create those KPIs and specific targets so that our people can accomplish what they need to. And then the other side of being an ESOP, one of the things is one of the most powerful parts of being an ESOP. Is that the transition of that company from employees that they actually start to own the company can, can take on this mentality or this, this thought process that is in line in parallel to an owner. So this is also called ownership thinking. And I think this is one of the the greatest benefits of being an ESOP, but I think it's a lot, it's very difficult for employees to become owner thinkers just because they got stock in the ESOP. I think you have to do much more and that's why this is so, so important as well. I think the 4th reason this is a great benefit is that it increases the durability and sustainability of your company. When we talk about ESOPs, when we go into the uh the goal in mind when you create an ESOP, it is to create a sustainable entity. That can keep perpetuating itself and grow. And really what we want, we don't just want it to be sustainable, but we want it to grow in the future so that it increases shareholder value for the stockholders, for the employees that own it. And in addition to that, what that does for the selling shareholders is it continues to create and mitigate the risk of repayment so that the company is, is, is, is, has plenty of cash to pay for what it needs to pay for and it's growing and there's, there's opportunity for others as they grow in the company. So it's not just increasing the durability and the sustainability, but it's, it's helping the company become what it really needs to become as time goes on and, and structures. The other thing I would say about this fourth benefit is that we need to be prepared for what's coming. So it kind of bleeds into the next one, the 5th 1, which is to become a proactive company as opposed to a reactive company. And so being more durable and being more proactive helps us deal with specific issues just like we've seen this year with um unpredictable events like the COVID and how that hit our businesses and how, how businesses have had to adapt. So businesses that have a strategic plan that know where they're going, really do have more of an ability to adapt and be flexible towards things that are going to require you to be reactive. For the most part, if we are more proactive, though, what's happening is our businesses are finding opportunities that other businesses aren't. And I really think that's a key success factor or critical success factor when you look at creating new competitive advantages in your business, because being proactive. Really does fight the normal, sustainable or not sustainable complacency that happens. And so sometimes when when we look at businesses without strategic planning and they're just reacting and they're, they're good business, they're making good money. Many times the individuals there are not prepared for something that changes and disrupts their companies. And suddenly competitor enters the marketplace with something that they did not expect. And they were just not ready for it. And you can see this throughout all kinds of history of business where companies like the taxicab companies with Uber and um just different examples where technology has crept in and, and the taxicab companies, for instance, haven't caught up with technology because they weren't asking the right questions every year. And so being proactive is difficult. It's not something that is, it's not natural for any of us to want to do something that's, that's uncomfortable and different, and especially when everything is working. If, if we're making as much revenue as we did the the year prior, then why mess with it? And the reason is is because there's a million business examples of how companies have fallen behind and a competitor comes in and they didn't see it coming. And it happens all the time. Amazon.com, you know, you look at just, there's, there's just so many examples of this. So, um, being proactive is a benefit of this, and I can't, I can't stress that enough. I think that's probably the most difficult part. Um, when, when the mindset of a company is, hey, it's not broke, so don't fix it. It's not to break it, it's to only try to find ways to make it better. So taking time to do strategic planning is important from that standpoint. And then finally, I think the last but not least, but it, it just needs to be mentioned, we all want successful company. So the benefit of doing strategic planning is it should ultimately help increase the revenue or increase the bottom line, um, increase market share or whatever your goals and objectives are to become a more successful company, you should be able to accomplish through strategic planning. So now I want to get into this idea of, of the strate strategic planning process and I want to go through a, you know, really a three-step process that I think is very easy to kind of work through and I just, I'm gonna give you some of these key points as we go through the step by step process. So that you can use this in your company. And, and a lot of times companies are actually doing strategic planning already and they're just needing, this might just be a great reminder for you to schedule your strategic plan and get it out. And this, these things might be just good ideas that you may not have incorporated before. For those that haven't ever done one, this might be a a way that you can do it and um try to make it simple and get it done. So the first step I'm gonna call in the strategic planning process is define the map, where you are headed, where you want to be in the business in 5 years, 3 years, and 1 year. So this, this process of defining the map, and I would say it's the same thing as just sitting at your desk and opening up a map and saying, hey, and this is, this was for us when we were younger people, that's How we plan trips with our with our families, we would open the map up and we would look at where we want to go, we would look at the geography, we would look at the roads, we would look at the, you know, what's by different places if you zoom in on the map, you're going to find closer, you know, information that we might want to use for planning. So this is really trying to take a fresh look at your map, this first step. And your map is really is your, your business landscape, and your business landscape is your your competition, your industry, your customers, your suppliers. It's everything about your company and it's really understanding that as a business, you're going to have a plan to go somewhere in the stage where you're defining the map, and where you want to go is, is somewhere in 5 years. To where you think that that would be good, a good place for the business to go. And that could be um specific to measurables that we're going to get into. And so the, the, the finding the map stage is going to require that you, you start to not ask ask necessarily how you're going to get to where you're going, but you're going to ask the questions of what your business is going to become. And we're going to use measurables like revenue, profit. Number of employees, number of offices, the geographic locations, um, new products and services, maybe percentages of revenue of different products and services, what would the ownership look like in 5 years? All of those are going to be what I'm gonna call your 5, that's your 5 year map that we're defining in this process. And it's, it's, don't ask the question of, of how yet, just ask the question of what and, and where. Now, once you've got that 5 year measurable part of the map, then you can go back and say, well, in 3 years, this is what revenue and profit and employees and offices, and all of those measurables are gonna look like. And so when you start looking at those measurables, they could be anything, but they need to be definitive towards your organization and what you want to accomplish. So, part of the process here in the step, in step one is to put everything you can on the table that you think is gonna be descriptive enough to help you paint the picture of what it's gonna look like. And then once you've done the 5 year and then the 3 years, then you're gonna move into a 1 year. Now, the 1 year is the easiest one because um it's like I can see in the, in the, in the next year, I can see, you know, we could probably grow by 1%. We could probably add this many employees. So, so the reason we start with 5 years is because it is the most difficult. And it makes you want to stretch and think outside of your normal. So, so once we kind of build that net 53, and 1 year map, understand that's not your strategic plan. You're just setting out a map of a vision of where this company could go, and you're not asking how. The next step you're gonna do once you've done that, is you're going to now assess your strategic location on the map. And so if you understand how maps are, you know, if you ever look at a map and, and you have the maps that show you are here, this is what we're doing now. We're gonna actually determine where we are in, in perspective on the map with, with respect to all of the potential issues that we have in our company. Now, so we're gonna end up populating in step two, the issues that we have not just as a company, but certainly departmentally as well. Because when we talk about issues, what we're really getting into are areas where we need to what we need to address in our company that if we don't address those and we try to go towards, um, you know, a 5 year, 3 year, 1 year plan, it's, it's kind of like, Jumping in the car and not realizing I haven't had my oil changed. I don't have enough gas. My tires aren't gonna be, you know, enough to, to make the drive. And so it's preparing our cars, like metaphorically for this type of trip. And so we need to do a really good job of understanding what's happening in our company. And so there's, there's several ways to do this. Um, and the first I want to do is assess where you are within the company's vision statement. It's mission statement and your core values. And really consider honestly what those are. And sometimes I would say that those, if you don't have those, first off, I think you do need them. And, and the reason you do need them if anybody's ever, ever talked about it as a consultant, is because It documents what the company is all about. And I'm not gonna go into two specifics about creating a vision statement or a mission statement or your core values, but I do, I do think, and I'm gonna encourage you to investigate that further if you've kind of skipped through that, because you do want to be able to communicate to not just yourself, but to your leaders and to your employees, what this company is all about. So it, it provides documentation. And it helps you to see when you look at the decisions you're making, if those are in line with or in alignment with those specific vision, mission, and core values. Um, so I can't stress that enough and I don't want to like take up the whole podcast on doing just those because I think the overarching thing is how do we get to the, the strategic plan. So with this step, again, what we're doing is we're assessing our strategic location, which is the same as creating and understanding our issues. Now, the issues are going to be broken down into really two categories. The first category is our problems, and what are the issues that we're dealing with that are really problematic for the company. If we don't fix these, things are going to get worse and worse and worse. Um, there could be the, the problem of a, we have high turnover, for instance, we have too many people coming and going as employees, that's not good. That's one of the reasons we want, want to do an ESOP. Um, we got to fix that, or we have too many customer losses. We're we're great at bringing in new customers, but we keep losing customers at the back door. Um, it could be we don't have the leadership plan we need for succession. That might be one of the problems. And so, Sometimes, you know, this could be problems that will overlap into opportunities, or sometimes they're just core problems. So we may be just falling behind in the technology race, we know it, we just can't catch up. And so we want to identify clearly all of those types of issues that are problematic. The other type of issue is, what are opportunities that we're missing in the marketplace or we should be capitalizing on or we're getting into, but we're not able to really pull the trigger and fully, um, you know, exhaust that opportunity or really go after that opportunity. So things like, hey, we're growing really fast, which is great, but we don't have enough capital to sustain it. And when we do our forecast on our balance sheet, we realize, hey, we're going to run out of cash. Because we're eating up all of the uh of the cash by, by the process that we have. So we wanna have capital. That might be an opportunity, that's definitely an issue. Um, there might be opportunities to acquire other companies, you know, there's no problem because we didn't acquire them, but we're not, we're not seizing the day on the opportunities. Maybe we don't have the type of people we need in the organization to have enough time to go out and look for the acquisition or pull an acquisition off. So, Um, there might be opportunities within changing legislation that, that could be a problem for us or that could definitely be an opportunity. So, so sometimes they split on both sides, but I think it's important to categorize both into either problems or opportunities because you're gonna want to prioritize these issues as you go through it. Now there's several models that I'm gonna mention that might really be helpful to you, that might be helpful to pull out and and flush out issues. Sometimes it's difficult for people to really think and understand what their issues. So the first model that we probably everybody knows it's, it's out there for, for most people that do strategic planning and that's your strengths, weaknesses, opportunities and threat model, the SWOT analysis. And what this does is it involves identifying an objective of a business or project, and then really identifying the internal and external factors that are both favorable and unfavorable. And the way that's broken down is it's the strengths or attributes of the business that can help achieve the objective. The weaknesses, and these are that's internal, the weaknesses are attributes of the business that could be uh obstacles or the things we just talked about or maybe problems to achieving the objective kind of like high turnover. The opportunities are external factors that could be helpful in achieving the objective that could be maybe a passage of new legislation or you know, new um a movement in demographics to a location, just different types of opportunities. Threats might be external factors that could really be, um, again might be change in legislation or it could be the, the, the, uh, new tax laws that might come in the future. Those things might affect um achieving the objective. And so when you list all those out. You know, whether that's for the whole company, departments, whatever, you're going to start to find these are key issues that are going to get populated in this part of the next step of, of really understanding your strategic location. The second model that I'll throw out to you that you can, that you can find if you just Google it, it's called steeple. And STEL stands for social, technological, economic, environmental, political, legal, and ethical. And so each one of these categories would be uh evaluated to determine what those potential um categories would bring us issues to your company. So, for instance, technological, you know, so it's, so technological might be the emergence of competing technologies, you might have automation happening in your business and you haven't really identified that as a key issue in your SWOT analysis. Um, there might be, uh, you know, just certainly economic issues because as we look at the interest rates changing, the potential for inflation, there might be just the potential for changes in tax rolling. So the, the nice thing about the steeple model is that what it does is it asks questions categorically that sometimes you may miss off the SWAT because you're not thinking at those certain categorical levels. So, so I do, I do recommend that you look at multiple models and not just to do the one when you're trying to create your issues. And then the third way what I'm going to recommend is called the five forces, the 5 forces model aims um a business to understand the drivers of competition in their markets. And it does that by looking at 55 elements of your business. First is the customer's bargaining power. And obviously the customer, the higher the bargaining power, the more pressure you have on your pricing model. The second is your supplier's bargaining power and the ability of the suppliers to push prices up and how that has an effect directly on your costs, of course, and your profitability. The threat of new competitors entering your market or as that you look at your barriers to entry and, and knowing that you're, you could be in a, in a marketplace where there's not a lot of barriers to entry and how that might really affect your, um, a potential threat of your company. The threat of customers switching to substitute products. So there may be, uh, you know, you might, you might be exposed from a competitive force of Of something way better than your product coming in. Just, just like the taxi cabs and the Ubers just for, just to keep the example simple. And then just really the level of competition would be the 5th factor between businesses in the market. So as those compete, as those levels of competition go up, what does that do to how you react to the marketplace? So again, those might, those might glean problems and and opportunity issues that you want to be aware of that you might not have if you hadn't gone through those step by step questions and categorically asking those questions through the models. So hopefully those are helpful to Start to root out and then as you populate section 2 or step 2 of this, you should be left with a very concise issue list that is going to need to be vetted and prioritized. And I can't stress that enough, because let's just say you're, you've gone through those three models and now you've got, you know, as a business, you've got You know, 20 major issues. How do you know which ones you should work on, you know, first? So, so you want to go through a prioritization process with your leadership team and or your consultant, facilitator, whoever you're employing to help with this strategic planning process and ask the questions, ask the hard questions of those issues. If this was, if this was not taken care of what would happen to my company, um, what can I do in 2020? That if I wish I would have, if I'm living in the future that I wish I would have gone back and taken care of. And I think it's hard to prioritize sometimes, but do prioritize and put, put a number, a numerical priority by each one so that when you move into the, the third step, you're prepared to really deal with where your, where's your real focus, where does it really need to be? And that third step is gonna be called your strategic planning session. And what you're going to do in this session is you're going to um pull together all of this data, all of the issues, everything you've got, you've put together. And this is where the, before you get to the actual venue of where you're going to go to do this session, um, the first is to really understand what the session should look like. And the session should be an off-site retreat. It should not be in your conference room in your office. And there should be plenty of time for the retreat or the session to happen. And so we're gonna start with this and say the beginning, if we start with the end in mind and work our way backwards, the end in mind is we have this, say 1 or 2 day meeting with our leadership team that's gonna incorporate a strategic planning process. That is going to take all the elements of our pre-work and it's going to um pull all of that together into one strategic planning document that I'm gonna set up and discuss as, as we go, you know, after this session and say what is, what actually needs to happen with that. But if we go backwards, That meeting is going to comprise. Your leadership team. And when I say your leadership team, I'm talking now to the CEO, the person that really is in charge of the company. And my advice, um, from the CEO perspective, and I've done strategic planning for a, for a long time and I've done it internally for our company for say more than 10 years. I've done it for nonprofits, I've done it for um different types of businesses and different types of clients and What happens is if I go in to do the strategic planning session as the CEO and I'm the only one talking, then that's not a good, a good session because really it's not, it's not all my ideas, it's what the, the company has come up with. So my recommendation is, is that as you move from step step 2 into step 3, what needs to happen is that the CEO. Needs to really set the tone of the company. Their role is to be the visionary and really cast this overarching direction of the business and really create this atmosphere of what's going to happen and the commitment people need to make. As they do that, um, they're going to want to provide and communicate um to each of these departments what they're, what they're responsible for in the strategic session. And that's going to include A presentation for the, the session where they're going to manage through and develop a presentation to deal with, and I say deal with the issues, but I really am, I'm saying to um not just deal with the issues, but to create a plan around the issues. Some of those issues as problems, obviously, we're, we're looking at those departments to create a plan to eliminate those problems. Sometimes those problems can be created into and turned into opportunities. And so the presentations they're going to need to put together are need are going to need to be in alignment with. Your 53, and 1 year direction of the company. So it works kind of concurrently and together. It's not, it's not just step by step, but it all needs to fit together like a big puzzle piece. And so as the CEO directs the department heads to, to prepare for the strategic session, they need to be prepared to talk through that first step and the second step of their plan, and then the issues related to the plan, or their, their map, say, and defining the map with them. And so that those department heads understand where the company is supposed to go and so then the presentations can make sense. And so when they get to the strategic session, each of the departments should be presenting towards those issues. And what happens is, is the work of the retreat. Isn't to come up with the ideas, it's to evaluate and modify those ideas that have been created by the departments or leaderships of the departments and then move those into initiatives that need to be accomplished over the, the next year. And so now what we're gonna have is not just a strategic plan, we're gonna have a, an action item list or a list of initiatives that are going to um be populated here at the, at the really end of the strategic plan. So that it's very clear what's going to happen. And so, so really the final part of this is as it's pulled together is, is to create measurable goals within those, that action item list that could be as much as they possibly can, smart goals as we talked about at the front end. They need to be measurable, and they need to be assigned to specific individuals that are responsible for accomplishing those goals. Now, we use what we call 90 day rocks. So we're gonna take a 1 year goal sheet of initiatives and we're gonna break those down into 90 day rocks, and those rocks are gonna have a champion. With the due date. And then once we have those 90 day rocks, now we're able then to move those into monthly and weekly activities that will help us to get to where we need to go. And so that sounds simple, it is not, it is difficult because what we're really doing is, is we're adding more work to everybody's schedule, and we're being very intentional about that and we're, we're really changing if, if. Um, people are already busy. We're really kind of changing things and, and adding more to their schedule. So one thing that might have to happen is you may end up having to have an additional, additional personnel. So people, you know, have the ability and the capacity so that the goals could be achievable. Um, either way, that needs to be addressed if that's not in your issue list, um, in order for these things to get done. Now, a lot of times things are being done, but they're not being done efficiently, so there might be capacity by, by working on important things that are not urgent. But again, sometimes when we're in business, we get into fire drills and we, we find we don't have time. But the key is once it's written down. And you break it down by, you know, not just 90 days, but, but monthly and weekly, you're then able to create scorecards for your departments that help to monitor activity. And really, if you're really good at this, you would have every single person in your company have some type of measurable scorecard so that they can accomplish the goals. But, but the, the key of all of it is that it, all the things they're working on should be in alignment as that rolls up to the one year plan. Then that rolls up to the 3 year plan and that rolls up to the 5 year plan. And what this now does for the CEO is it puts them in a position to where they're not putting out fires every day or they're not solving the problems of their whole company, but what they're really doing is they're checking in with their department heads and the meetings that they have throughout the year have have meaningful follow up because it's pulling them together in this plan so that they're getting things done that need to be done. So I hope that really helps you. That's, that's, there's a lot of steps in there and it does take time, it does take commitment. And this really is the perfect time of the year to start planning your strategic plan for 2021. So I wanted to encourage you to do that. I will share with you as we've closed, what would I do? If I were the President of the United States of America. And I would do one thing, I would campaign on this one thing, and I'm not asking to become president, but I'll just do this one thing. And that is I would. Change Congress to have a requirement for term limits so that they don't serve in Congress for 30 to 40 years and become super wealthy politicians. When the rest of the country is working so hard, not to say that they're not working hard, but having a lifetime career in politics doesn't make any sense. Our, our country was founded on the, on the principle of serving and what is, what seems to happen is Congress is up there for so long that we as a group of people in America are. Serving them, they're not serving us. So I would have mandatory term limits for every part, every seat in Congress, and we would change America that way. And I think that would be the most helpful thing that anybody can do in this country. So I don't want to be political, but I do think that's what I would do as president. So what would you do if you were president of the United States of America? With that, please subscribe to the podcast, share it with a friend and rate and review the podcast. Have a wonderful day and we'll look forward to what happens in November.