text:
Curious Kids: What would happen if all animals on Earth were herbivores?
Mitchell G. Nye-Wood, Research Fellow, Edith Cowan University
29 November 2022, 11:04 pm ·4-min read
What would happen if all animals on Earth were herbivores? – Molly, age 9, Melbourne
Thanks for the great question, Molly!
We hear a lot about how humans eating meat is bad for the planet. That's because making room for the animals that produce meat leaves less space for us to farm plants, and less natural habitat for wildlife. And when all those farm animals burp, it releases methane into the atmosphere and contributes to climate change.
So it's natural to wonder if all animals, including humans, should be herbivores – in other words, only eat plants.
To answer this question, we first need to understand a little about animals, and herbivores.
Should every animal be like deer, and eat only plants? Shutterstock
Where do animals fit into life on Earth?
The animal kingdom is one branch of life on Earth, alongside plants, fungi, and two (or three, depending on which textbook you read) types of tiny organisms called bacteria.
Animals can be categorised by the main type of food in their diet. Herbivores eat plants or algae. Carnivores eat other animals. And omnivores eat both plants and animals.
But some omnivores and carnivores would die if they had a completely plant-based diet. For example, cats need meat for the nutrients it contains and because they can't digest plants well. This is true for all cats, from a terrifying tiger to a teeny tabby cat.
So if all animals on Earth only ate plants, millions of carnivore and omnivore species would die out. That's a problem, because meat-eating animals play an important role on our planet.
Take, for example, scavengers such as vultures, ravens, dogs and flies. They eat other animals that are already dead – and when they poo it out they put important nutrients into the soil so plants can grow.
Without these scavengers, the job of breaking down dead animals would be left to fungi and bacteria. That would mean a lot of dead animals lying around for a lot longer.
There aren't many things smellier than dog poo – but a rotting kangaroo is one!
Read more: How much meat do we eat? New figures show 6 countries have hit their peak
A food web diagram. Energy from the sun is captured by plants which are eaten by herbivores, which in turn are eaten by carnivores. Not pictured are the scavengers and decomposers, which complete the cycle by turning organic matter into healthy soil for plants again. Shutterstock
Carnivores actually help the planet – including humans
The absence of carnivores in an ecosystem can also mean herbivores start taking over an area, making it unlivable for other species. This occurred when wolves were removed from Yellowstone National Park in the United States.
Wolves used to eat deer in the wild. When wolves disappeared, deer populations got too big. They ate too many plants near streams, which caused riverbanks to crumble into the water. Deer also damaged trees used by beavers to build dams. This muddied the water even more, and other animals such as fish couldn't live there any more.
But the absence of meat-eating animals could also bring benefits.
For example, many native species are endangered because they're being eaten by introduced predators. Without carnivores, these endangered animals would have more of a chance.
The fate of farm animals is less obvious. If all humans were herbivores then there would be no need to raise animals for meat. That would mean we'd only ever see cows, sheep, chickens and pigs at the zoo.
And what about pets? Cats and dogs need meat to survive. So in a world of herbivores, the biggest animal at the pet shop would probably be a plant-eating guinea pig!
Read more: From foe to friend: how carnivores could help farmers
Cats and dogs need meat to survive. Shutterstock
There are human health aspects to consider, too.
We humans require a few micrograms of vitamin B12 each day, and the best source of this is meat.
If humans only ate plants, we'd need to eat a lot of the primary plant sources of B12 – seaweed, algae and some mushrooms. We'd also probably need to take B12 tablets or other man-made "supplements" containing B12. Making these would require farming a lot more algae and bacteria that naturally produce this essential vitamin.
Of course, many vegans – people who don't eat animal products – already manage to keep up their B12 levels. But I daresay others would struggle. And a lot of people simply enjoy eating meat. I'd hate to come between a bodybuilder and his or her steak!
Life finds a way
Losing carnivores would clearly have far-reaching consequences. Earth would soon look dramatically different.
But the more I study evolution, the more I realise life finds a way to achieve what seemed impossible.
If all animals on Earth were herbivores, sooner or later a species of herbivore or fungus would evolve into a new form of life that knows how to turn its herbivorous neighbours into a tasty meal.
Read more: Most large herbivores now face extinction, our study shows
This article is republished from The Conversation is the world's leading publisher of research-based news and analysis. A unique collaboration between academics and journalists. It was written by: Mitchell G. Nye-Wood, Edith Cowan University.
Chlorophyll water can't clear your skin or detox your liver. But this TikTok trend got one thing right
Is China ready to lead on protecting nature? At the upcoming UN biodiversity conference, it will preside and set the tone
Mitchell G. Nye-Wood works in a lab group that receives funding from the Australian Research Council.
Hoare, Hull added to world cross team
Australia is ideally placed to chase a rare gold medal on home soil at the world cross country championships after naming a loaded team for the 2km mixed relay.As expected, Commonwealth 1500m champion Olli Hoare and multiple national record holder Jessica Hull were added to the relay squad on Monday, joining trials winners Stewart McSweyn and Abbey Caldwell.
Grants to turbo charge electric car fleets
More than 1000 extra electric vehicles will hit Australian roads over the next nine months after the NSW government announced a new round of subsidies for the next-generation vehicles.Twenty organisations will receive financial help to electrify their fleets as part of the government's $105 million program, with most funding going to ride-share and vehicle subscription firms.
Australia seeks to build Pacific security cooperation
France and Australia are renewing their focus on the Pacific, pledging to engage with the region in areas such as defence and addressing climate change.Regional security where nations are able to make their own choices were discussed when defence and foreign ministers from the two nations met in Paris.
Man charged with murder of mum after alleged abduction
A Queensland man accused of abducting his mother last week has now been charged with her murder.Brisbane Magistrates Court heard on Tuesday that police had laid one additional charge against Slade Murdok, 30, for the murder of his 61-year-old mother Wendy Sleeman.
COVID remains public health emergency: WHO
COVID-19 remains a public health emergency of international concern, the World Health Organisation says, designating the disease its highest form of alert.The pandemic was likely at a "transition point" that continues to need careful management to "mitigate the potential negative consequences", the agency said on Monday.
Awkward police mishap on popular Aussie beach: 'Not a great idea'
A visit to the beach took an unexpected turn, leaving the officers red-faced. See what happened.
iPhone feature alerts police to horror crash on Aussie highway
Five passengers aged between 14 and 20 were rushed to hospital while four horses died in the crash. Read more.
UK PM sacks party chairman after breach
UK Prime Minister Rishi Sunak has fired the chairman of his ruling Conservative Party Sunday over a "serious breach" of the ministerial code.Pressure had been building on Nadhim Zahawi amid allegations he settled a multimillion-dollar unpaid tax bill while he was in charge of the country's Treasury.


text:
El Misti Volcano, Peru
El Misti, Peru's best known volcano, is a symmetrical stratovolcano that towers above the city of Arequipa.
It is seen here from the west at the margin of Arequipa's airport.
The modern symmetrical cone has a small, 1.5-km-wide summit caldera containing nested craters.
It caps an older Pleistocene volcano that collapsed, producing debris avalanches to the west and SW.
El Misti's most recent activity has been dominantly pyroclastic.
Historical eruptions date back to the 15th century.
El Misti, Peru's most well-known volcano, is a symmetrical andesitic stratovolcano with nested summit craters that towers above the city of Arequipa.
The modern symmetrical cone, constructed within a small 1.5 x 2 km wide summit caldera that formed between about 13,700 and 11,300 years ago, caps older Pleistocene volcanoes that underwent caldera collapse about 50,000 years ago.
A large scoria cone has grown with the 830-m-wide outer summit crater of El Misti.
At least 20 tephra-fall deposits and numerous pyroclastic-flow deposits have been documented during the past 50,000 years, including a pyroclastic flow that traveled 12 km to the south about 2000 years ago.
El Misti's most recent activity has been dominantly pyroclastic, and strong winds have formed a parabolic dune field of volcanic ash extending up to 20 km downwind.
An eruption in the 15th century affected Inca inhabitants living near the volcano.
Some reports of historical eruptions may represent increased fumarolic activity.
PHOTO SOURCE: Norm Banks, 1988 (U.S. Geological Survey), courtesy of the Global Volcanism Program, Smithsonian National Museum of Natural History, used with permission.

redpajama_set_name: RedPajamaCommonCrawl


text:
Harvey Weinstein, Ex-Associates, Accusers Reach Tentative $47 Million Settlement
About $25 million will compensate women who accused the Hollywood producer of sexual misconduct
Corinne Ramey
BiographyCorinne Ramey
@coryramey
corinne.ramey@wsj.com
Harvey Weinstein, his former associates, insurers and accusers have reached a nearly $47 million tentative settlement of almost all the civil cases pending against him, about $25 million of which will compensate women who have accused the Hollywood producer of sexual misconduct, according to people familiar with the matter.
Under the terms of the agreement, Mr. Weinstein and his former associates, including board members of his former studio, didn't admit wrongdoing, the people said. The deal still needs to be approved by...


text:
× Allergies (8)
× Children and young people voice (12)
× Chronic illness (2)
× Continuing professional development (13)
Respiratory medicine (13)
× Society (35)
Kent Surrey Sussex KSS (1)
North East England (1)
Thames Valley (1)
Yorkshire Humber (1)
× Chronic illness
× Continuing professional development
× Society
Government must defend and protect rights of child refugees, says RCPCH
Our President Professor Russell Viner comments on the Dubs amendment to protect child refugees from family separations.
RCPCH welcomes Northern Ireland Deal
Dr Raymond Nethercott, Officer for Ireland at RCPCH welcomes the New Decade, New Approach deal and the political parties' commitment to prioritising health.
Our view on air pollution and the climate emergency
The UK has environmental problems which are contributing to and exacerbated by climate change - a serious threat to future generations. Jo explains how the College is playing its role to speak up on behalf of young people.
UK General Election 2019 - view from the nations
Health and social care in the UK is devolved. Our Officers for Wales, Scotland and Northern Ireland set out what the UK General Election means for them.
NHS plan
Our manifesto for the next UK government - view from the President
With the UK general election on the horizon, we have an opportunity to make our case, explains Russell, for urgent action on the challenges facing both our workforce and the children and young people we support.
Membership benefit of the month - Compass
Compass is our online learning management system - free for all RCPCH members. It gives you instant access to our extensive library of online learning, created by paediatricians for paediatricians. It's designed to give you the flexibility to engage in continued professional development at your own ...
RCPCH Scotland responds to the Scottish Health Survey 2018
The Scottish Health Survey (SHeS) provides a detailed picture of the health of the Scottish population in private households and is designed to make a major contribution to the monitoring of health in Scotland. RCPCH Officer for Scotland, Professor Steve Turner, responds.
Choose Paediatrics careers campaign – the challenge is real... and it's here now
Paediatricians work in incredibly challenging times. But, say Camilla, the College's VP for Education & Professional Development and Hannah, Chair of Trainees Committee, this specialty is rewarding like no other, and there's much more we can all do.


text:
using KPI.Catalog.Domain;
using KPI.Core.Data;
using KPI.Infrastructure.Data;
using System;
using System.Collections.Generic;
using System.Linq;
using System.Threading.Tasks;

namespace KPI.Catalog.Service
{
    public class CategoryService : ICategoryService
    {
        private IRepository<Category> _categoryRepository;

        public CategoryService(IRepository<Category> categoryRepository)
        {
            _categoryRepository = categoryRepository;
        }

        public Category GetCategory(long id)
        {
            return _categoryRepository.Query().FirstOrDefault(x => x.Id == id);
        }

        public void Insert(Category pro)
        {
            throw new NotImplementedException();
        }

        public void Update(Category pro)
        {
            throw new NotImplementedException();
        }

    }
}

redpajama_set_name: RedPajamaGithub


Today, I am talking with none other than Bryce DeGroot, the President of Compass Advisors, a consulting firm that helps entrepreneurs achieve growth, capital, personal liquidity and eventually the sale and exit of their companies.
Since 1991 Compass has advised in the sale of over 155 companies and served hundreds more through exit planning and business valuations.
More importantly than that, Bryce is a good friend of mine and he's a very smart cat that's going to guide us through the conversation of considerations around buying or selling a portfolio.
(01:14) – Bryce shares his personal background and the type of business Compass engages in.
(01:57) – Bryce explains why the private business transaction marketplace can be very inefficient.
(02:22) – The network effect.
(03:11) – Discussing the 'triggering event' in the mind of a business owner looking to sell.
(03:59) – The percentage of people that go all the way to sale.
(04:35) – Key questions in a sale.
(04:53) – The general factors, levers and considerations that tend to drive value.
(05:01) – Cash flow and risk.
(06:36) – How assets are categorized.
(07:08) – Perspectives of the buyer.
(07:19) – Buying the business as a going concern.
(07:42) – Earnings before interest, taxes, depreciation, and amortization (EBITDA).
(09:08) – Buying as a platform investment.
(12:46) – The biggest common unknowns for the seller.
(13:47) – The number one reason that intent to sell a company is unsuccessful.
(15:12) – Considerations that cause business owners to want to sell.
(16:08) – Getting the timing right for an exit strategy.
(20:09) – Discussing the variables of scale and infrastructure in facilitating sales.
(21:52) – Bryce's advice for potential sellers for preparing for maximizing value.
(23:56) – Build an advisory team.
(24:32) – The critical question regarding profit after taxes.
(26:40) – What stood out to Bryce as unique data.
(26:40) – Distribution of profit margins.
(27:46) – Discussing distortions of profitability due to owner compensation.
(31:37) – Management fee dollars versus average rent.
(32:14) – The consistency of profitability and revenue across high and low rent properties.
(38:48) – What companies that achieved maximal value were doing operationally in the years prior.
(38:48) – Building the business with the end goal in mind.
(39:29) – The Key Man Discount.
(41:18) – How clawbacks are typically structured.
(43:14) – Discussing key terms, considerations and drivers of value.
(45:38) – Anticipating the demands of the sell process.
(50:22) – Ensuring harmonious negotiations.
(52:00) – When to involve your team.
(53:07) – Predatory brokerage tactics and red flags.
If you want to learn more about Bryce's business and get in contact with Compass, head over to their flagship website, Compass-Advisors.com.
0:00:06.4 I'm your host Jordan Muela, and every week I interview world-class property management entrepreneurs and industry experts who share actionable insights to help you grow your property management empire.
0:00:17.2 Whether you manage 100 units or 1000, this broadcast is designed to help you see the big picture and give you the tools and tactics that you need to get to the next level.
0:00:26.7 Today, I am talking with none other than Bryce DeGroot, the President of Compass Advisors, a consulting firm that helps entrepreneurs achieve growth, capital, personal liquidity and eventually the sale and exit of their companies.
0:00:41.0 Since 1991 Compass has advised in the sale of over 155 companies and served hundreds more through exit planning and business valuations.
0:00:49.9 More importantly than that, Bryce is a good friend of mine and he's a very smart cat that's going to guide us through the conversation of considerations around buying or selling a portfolio.
0:01:00.9 Bryce, welcome to the show.
Bryce: 0:01:02.6 Jordan, good morning. I'm so glad we get to talk this morning and I'm looking forward to it.
Jordan: 0:01:08.7 Alright. Well let's dive right in. So just finish up the context. What exactly does Compass do? What's your background?
Bryce: 0:01:14.9 So my background personally – this is my first career.
I picked up an MBA and then – I have been for the last dozen years – I've been helping entrepreneurs grow value and mainly accomplish their exit strategy.
0:01:29.8 And so, help them gain personal liquidity and capture the value that they've built over the years.
0:01:38.3 When we look at the private business transaction marketplace, it can be a very inefficient marketplace.
0:01:44.6 And so, the role that we serve as a firm is helping our clients to navigate that marketplace, make it more efficient and help them optimize the results.
Jordan: 0:01:57.8 Got it. I love that word. Inefficient. Put some more color, because I can intuit what that means, but what does that mean to you to say the market is typically inefficient?
Bryce: 0:02:09.6 So, the market is inefficient for a couple of reasons. So, when we're talking about the purchase and the acquisition, and the sale of private companies, the market is inefficient because – one is just the knowledge – it's the network effect.
0:02:22.6 The fact that there's not a very efficient network to connect buyers and sellers, it generally takes a lot of work to find the right match and the best fit for those type of transactions. 0:02:34.2 So, there's a lot of labor that goes into that piece of it.
0:02:39.3 And then there's also an expectation – it's inefficient because there's a lot of myths and misplaced expectations around valuation and process, and a lot of the factors around a business transaction, and so that creates an inefficiency.
0:02:55.6 That creates a friction in the transaction process that tends to slow down the process, it tends to reduce the success rate of getting transactions done and so those are some of the factors that make it inefficient.
Jordan: 0:03:11.2 So, having worked in a bunch of different industries and a bunch of different verticals, what's the common thread when people come to you wanting to think about a sale? What is typically the triggering event?
Bryce: 0:03:22.9 So the triggering event – so in the mind of a business owner, let's say they're a founder or potentially – as they're coming to the conversation around an exit, there number one question is typically, "What is my business worth?" That's the big one.
0:03:47.5 So there's sort of a – so the top three are value, timing and where do I start.
Jordan: 0:03:53.6 Got it. So those are kinds of the things that people are wanting to have a conversation around.
0:03:59.1 As people are kind of walking through that conversation – well, let me put it this way: what percentage of people that come to you actually go all the way?
0:04:08.3 Do you get a lot of folks that are early and just curious? Are you typically having conversations with people that are really serious and ready to take a transaction all the way to the finish line?
Bryce: 0:04:18.4 So we talk with a lot of people who are doing early exploration. And then some percentage of those will go all the way to the finish line and complete a transaction with us. 0:04:30.8 There's a lot of exploration that happens that never gets to a transaction though.
If you were here with me I could press you and we could get out a white board and give people the formula that they want. 0:04:51.1 But the truth is, it's not that simple. There's a lot of nuance.
0:04:53.4 So high level, what are the general factors, levers and considerations that trend to drive value?
Bryce: 0:05:01.2 Yeah. So at the highest level, value is about two factors: cash flow and risk. 0:05:07.2 And so, just to break down cash flow a little bit. It's really about the expected future cash flow of the company.
0:05:14.0 And so, while historical cash flow can be an indicator that a buyer will plug that into their model and create a model of expected future cash flow.
0:05:25.8 And that is the return that an investor gets for investing and purchasing the business.
0:05:31.5 The other side of the equation is risk. And there's a lot that goes into risk factors. And that includes industry risks, general business ownership risks such as legal risk and things like that.
0:05:49.5 And then there's the company specific risk, which is – that is – those are company specific factors such as the team and the retention of the employees and retention of the customers.
You know, customer risk. And what kind of churn and what kind of customer retention would you expect.
0:06:09.5 So there's a lot of company specific factors that come into it, but all those things influence what that cash flow is worth to a buyer.
0:06:20.4 So at the very highest level, cash flow and risk is the valuation concepts and then there's a lot of – you know, when we get down to the base level of the real world in a business, there's a lot of factors that influence those two.
Jordan: 0:06:36.0 Let's talk about how the asset is categorized. Within property management, there are two types of transactions that we see.
0:06:40.2 There's the transaction that values the business as a business. 0:06:44.1 As a complete thing with the brand, processes, staffing, culture, etc.
0:06:49.2 And then there's the categorization that looks at it purely in terms of management contracts as the thing to be sucked out and flipped. Basically.
0:07:00.5 Do you see this in the businesses and the transactions that you work with where the buyer can have really two very different view points on what it actually is that they're buying?
Bryce: 0:07:08.9 Absolutely. And those two view points can have a significant difference on how the company is valued and how a buyer – the lens through which the buyer is giving value.
0:07:19.0 So, the first category that you mentioned, where the company is being acquired as a going concern business.
In that case, the buyer is buying the good will. They're buying the brand. They're buying the team and the systems and in that case, typically the buyer's looking to leave the organization more or less intact. 0:07:40.1 And then scale from there.
0:07:42.1 And in that case, really the buyer is interested in the entire organization. 0:07:50.3 And typically, in that scenario, the buyer is looking at a valuation that is based on multiple of earnings.
Typically of EBITDA, which is a measure of earnings. Earnings before interest, taxes, depreciation, and amortization. That's the acronym for EBITDA.
0:08:07.3 And, as we – so that's – in that case, the buyer is looking at – they're very concerned about the profitability of the company as it stands. With the current team, with the current systems, they're concerned about – as the company is operating today, this is the earnings that it's generating. Right?
0:08:26.3 This is the cash flow it's generating. 0:08:28.5 And then they'll still make some assumptions about the future in terms of can they – what they can do with it in the future. 0:08:34.7 So there still is that forward looking perspective, but they're very concerned about it as a package deal.
0:08:42.6 The other type of buyer that you mentioned, is very – so a case study of the first type of buyer – so, if a couple of buyers that would buy a property management firm at the going concern would be at the small end – could be an individual entrepreneur who's looking to buy an existing property management company.
0:09:02.1 They don't already have a company set up, so they're looking to buy it as a going concern. As the whole organization.
0:09:08.1 Also, we find – we've seen some transactions where, let's say, a private equity firm is doing a platform investment and they're looking to enter the property management space.
0:09:20.7 And they're wanting to buy a company that is going to be their platform in that industry. Right? 0:09:29.5 And then to segue into the second type of buyer.
Typically, let's say that private equity firm, they might do some platform acquisitions or add on – excuse me, add on acquisitions, which is find books of business that will essentially buying a set of properties and management contracts. In that case.
0:09:50.0 So, the second type is, they might be specifically a company already in the industry. 0:09:54.8 They already have their systems set up, they already have all the backend systems and they're just looking to plug in more properties into their existing model.
0:10:02.5 And in that case, they're just looking for – the due diligence is typically more narrow in scope and they're more concerned about the customers and what is the portfolio of property contracts that I'm buying and under that scenario, the valuation models that I've seen are more based on top-line revenue.
0:10:25.9 Because the buyer already knows what their profit margin is going to be within their operating structure. Right?
0:10:30.9 And so they're – I've seen companies – in that scenario, you might have a company with – let's say you have two companies with the same top-line revenue. The same number of doors they're managing and one company is at break even. 0:10:44.5 Their net profit is break even.
0:10:46.1 And another company has a 30% net profit margin. A company that's just buying a book of business, of you know, a portfolio of properties, is – I have seen them actually value those two companies very similarly because they heavily weight the top line revenue in those cases.
Jordan: 0:11:08.9 Got it. Interesting. So you're saying that there is no right or wrong here in terms of the outcome for the business owner?
Can a business owner just expect one of those scenarios to be implicitly better than the other? 0:11:20.7 Because it seems like the situation where the buyer wants the whole enchilada is where you're going to get a larger degree of credit for what you've built.
Bryce: 0:11:31.9 Yes. Well, yes. If a buyer's wanting to buy the whole enchilada, you are going to get a – a buyer's going to place more value on the going concern operation that you've built.
0:11:43.8 In the case of buying a book of business, typically they're going to – essentially you've set aside some of the systems that you've built, potentially some of your people, your team, etc. 0:11:57.0 But that's how they gain efficiency.
So they may be still willing, from a valuation perspective, you may actually get a premium value from a buyer who is looking to cut some costs and gain greater efficiency by plugging it into their business model in their existing company.
0:12:12.5 So from a valuation perspective, I think valuations can be very strong in either option. 0:12:20.0 From a legacy and sustaining of your business operation perspective, you're going to see in the second buyer who's just buying your book of business, is typically going to take out some parts and pieces and only keep what they want.
Jordan: 0:12:37.9 Got it. So if it's your baby and you're wanting to make sure that it stays intact, then you should just go in eyes wide open. That makes sense.
Jordan: 0:12:46.7 So, what are some other things that people don't know? When you start this conversation, what are the biggest common unknowns for sellers?
Bryce: 0:12:56.4 So, as we think of mindsets, and sellers often come to the table with I think – especially a seller that has not sold a company before.
0:13:11.4 So, if it's a first time seller, there's often a steep learning curve around some of the realities in the marketplace.
0:13:17.8 And there can be, among owners, there can be a view that if I build it, they will come and pay me a premium value.
0:13:28.5 And sometimes that's a little bit simplistic in the sense that you have to build it right and you have to have a lot of clarity around what is driving the value and what buyers are looking for in the property management space.
0:13:47.4 And so, what we see is – the number one – many studies have shown, and our experience in our firm has shown that the number one reason that intent to sell a company is unsuccessful is due to misplaced or unrealistic expectations.
Bryce: 0:14:05.3 That's the number one factor.
And so what we see – so if we think about unknowns, it's those, "What should the expectations be?" 0:14:12.5 And so, the more that – there's a few things that owners can do to create a winning exit strategy as opposed to one that is going to fall short of their goals.
Jordan: 0:14:24.9 Yeah, that makes sense. And maybe a part of that is just the conversation around what the anticipated outcome is.
And that relates to the conversation around what's the right time to sell. 0:14:35.2 Which is really an open-ended question, but let's just talk through some overall scenarios.
0:14:38.2 There's the scenario where you're set for life. Right? Any time you're going from being bootstrapped to just grinding and maybe underpaying yourself to being able to sell and being set for life sounds great.
0:14:51.8 That just like, we can just make a blanket statement that that's a wonderful outcome and if you can achieve that and maybe you're ready for a break, go for it.
0:15:01.4 But for most business owners within my industry, for most transactions that are happening within residential single-family property management, it's not going to be that kind of a scenario.
0:15:12.6 So, taking that off the table for the moment, what are the other considerations that cause clients that come to you to want to actually sell?
Bryce: 0:15:21.5 So, in – and I think that was very insightful that the primary motivation for driving a sale – for motivating a sale – personal motives of the owner.
0:15:33.3 But usually it's not as much industry factors. Usually it's the owner's personal motives. 0:15:39.1 And those motives could be – it could be a health event, but more commonly what we see in our clients, it's either a serial entrepreneur who is ready to start the next venture or it's the retiring owner.
0:15:55.6 And so, what we see is it's an entrepreneur that's on the end of there – wanting to slow down or they're fired up about that next venture.
Jordan: 0:16:05.8 So, in either case, they've lost the fire for the business?
Bryce: 0:16:08.0 Absolutely. And it's so important to complete an exit before losing the fire. So, if you wait too long and you've lost the fire and once the fire goes cool, then it always has an impact on business performance.
0:16:27.8 And once you top out, you start coming down the other side, it's a lot harder to capture that value. 0:16:35.1 And so, the timing becomes very, very important.
Jordan: 0:16:37.2 Yeah, wow. What a big issue. We see this with sports performance, with company performance.
0:16:42.8 Getting out at the zenith. Timing that. Knowing when it's there and then having the gumption to actually sell at peak value is really challenging.
But it makes sense what you're saying. As opposed to getting well past your prime and just kind of grinding it out and having the business slowly erode value as you're just doing something that your heart's not in.
Bryce: 0:17:06.2 Absolutely, absolutely. We see that a lot. And yeah, absolutely.
Jordan: 0:17:11.3 So, do you tend to work with more buyers or sellers?
Bryce: 0:17:15.4 As a firm, we work with sellers. So, our – yeah, we're representing the exiting entrepreneur.
Jordan: 0:17:22.4 Can you talk to me about the maturity of the market? You've worked in a number of different verticals, surely you've seen that some markets are more efficient or less efficient. What are the characteristics or a more versus a less efficient market in terms of the maturity of the MNA function, the presence of entities, brokers, etc.? What's the difference?
Bryce: 0:17:44.1 Ok, just to clarify the question, are you asking about between different verticals?
Bryce: Comparisons between different verticals.
Jordan: Yeah. For example, property management, I would say, is not as mature when it comes to the presence of a well-developed and efficient MNA market. That's my perception of things.
Bryce: And I should mention, Jordan, they're mowing the lawn right outside my office window. Can you hear anything on your side?
Jordan: We're good man, let's keep going.
0:18:19.7 Yeah, that's a really great question.
0:18:30.2 Frankly, and this is might be off air here, but I honestly don't – I'm not sure how I can answer that question in terms of the differences between the different verticals.
Jordan: Here's what I'm getting at dude: for example, in a market that's going to be more mature, there's going to be more seller side representation. There's going to be more acquisition and rollup plays. There's just going to be more churn, momentum. That sort of thing.
Bryce: 0:19:26.1 I still don't see a lot of difference. I think I know what you're getting at, but I think it comes down to size, because I think in any industry – and I think you maybe we see it a lot in property management because's there's a lot – it's so fragmented, there's a lot of small transactions and that tends to be – there tends to be less structure and efficiency around some of the smaller transactions. 0:19:49.1 Almost in any industry where a single larger transaction, there's a very well defined – there's, I would say the advisors and the transactions have a much more structured approach to it.
0:20:09.3 Bryce, talk to me a little bit about the difference between scale. So, in the industries that you work in where the average transaction size is larger, let's say like north of five million versus smaller, south of a million, what's going to be the difference in just kind of the infrastructure that exists to facilitate larger deals versus smaller deals?
Bryce: 0:20:30.5 So what we see in the larger deals is there's more infrastructure. There's more support by advisors. By professional advisors.
And there's a more defined marketplace for transactions. 0:20:44.5 And the ability for sellers to reach buyers and vice versa is more efficient.
0:20:52.8 And one reason it's more efficient is there's fewer larger deals. There's fewer large companies.
0:20:59.4 So, when you look at the distribution of company size, once you get north of five million, there's a smaller set of companies.
0:21:07.9 And so it's a lot more efficient to transact those companies. It can be. 0:21:12.5 What we see on the smaller end, of let's say companies under a million dollars, it's often more of a localized market. It's harder to find. It's more of a network based and localized market and it tends to be less efficient. 0:21:28.9 And those companies sometimes don't have as much advisor support behind them.
Jordan: 0:21:35.0 Ok, so this is exactly the sweet spot of the types of clients that I'm interacting with. At least a fair number would be on the lower end of that transaction size.
There is less infrastructure, there's less support, there's fewer seller side representation options.
0:21:52.1 What is your brief playbook for the one or two or three things that a potential seller could do to prepare for maximizing value? Even if they're not ready to do it this year or next year. Maybe they're on a five year time horizon.
And so, on the flip side of that, we recommend a few things. 0:22:27.2 One is early planning. And early planning involves with beginning with the end in mind. To know where you're headed with the business and to build the business so that it's a transferable business that would be appealing to a buyer three to five years down the road. 0:22:46.1 So it's that early planning.
0:22:46.2 The second is, I would say, get educated. 0:22:49.2 There's some great books out there which I could recommend.
Bryce: 0:22:53.3 There's seminars. There's a couple here and I have no connection to these books, but our clients have found them very valuable. One is, Walk Away Wealthy. It's an exit planning playbook. We've found that to be helpful.
Another one is by John Warrillow, he's an INC. Magazine columnist, called, Built to Sell. That's another one that's been valuable.
0:23:20.4 And so there's some books out there, there's some seminars and industry conferences that sometimes have content on these topics.
0:23:29.6 And so I would just get educated and also talk to people in the industry who have exited. 0:23:37.5 People you know through your industry associations and ask some deep questions about what was the experience?
What was the owner's experience in selling their company? What do they wish they would have known? And to see it through the eyes of someone who has exited, it can be very valuable as well. 0:23:54.0 So then that second piece is get educated.
0:23:56.0 I would say the third thing is to build an advisory team. And for – it's important for a business of any size to proactively seek out an advisory team.
Typically that includes an attorney, an accountant to do some tax planning. Typically there's a financial advisor or wealth manger involved to do some planning.
0:24:22.9 And there should be some discussion around not only what is the business worth but whether you are the serial entrepreneur starting the next venture or whether you're retiring.
So, those are some conversations – that is a very important number to know before you start negotiating the sale of your business.
0:24:53.6 A lot of negotiations have failed once the seller realizes what the tax bill is going to be. So be proactive. Work with your advisors to know that up front and to get ahead of that so that – and the more information you have the more control you have, the more – the stronger you'll be in your negotiation process.
Jordan: 0:25:15.4 I like it. So, a lot of these considerations, to me, are the things that a shareholder would be thinking about. And there are these different roles within the business of shareholder, governance, versus operator.
0:25:27.5 And we tend to conflate these things and merge all those concerns together. 0:25:29.8 But they are distinct considerations. What the operator wants to do, maybe the shareholder might have a conflict with.
And if you can separate it out and really think cleanly, or at least make sure that distinct thought is happening in each one of those categories, it leads to a better holistic outcome. 0:25:50.6 That long-range planning, exit strategy, etc., is obviously a part of that.
0:25:53.1 I do want to transition to talk about the benchmarking study, which I know you've taken a look at.
And I wanted to hear some of your feedback on what stuck out for you. Given that you work in a number of different industries and verticals, what did you – what seemed unique or distinct within this vertical as opposed to the financial performance of the other industries that you looked at?
Bryce: 0:26:20.7 So, I noticed a very wide – and great job on the benchmarking study, I thought it had some highly relevant and granular data that I think would be – I think property management owners would be well advised to pay attention to.
0:26:40.7 A couple things that stood out to me. The distribution of profit margins in the industry is remarkable.
0:26:49.4 And one reason is, because there's a fairly – unlike other industries, let's say manufacturing or other industries that have a lot of variance in potentially raw material costs, and a lot of different cost inputs into their cost structure, property management is – there's a lot of – it's a fairly homogenous set of inputs that goes into managing properties.
0:27:13.9 And so, I would expect a tighter range of profit margins in that industry. So, super wide range. 0:27:23.9 And so, I think there's a lot to be learned from that. And I think we should take notice.
Jordan: 0:27:31.2 It was about 90 points of variance in terms of the low end to the high end on profit margin. But obviously we were looking at adjusted profit margin, which was really important, because we wanted to see financial reality and to get rid of all the distortions.
0:27:46.5 How do you approach distortions around profitability and the distortions introduced by owner compensation and how that may be handled when you're doing a valuation?
Bryce: 0:27:59.2 Absolutely. I was pleased to see that you adjusted and you normalized owner's compensation as part of the study because there's a wide variance in what owners pay themselves. 0:28:12.0 From zero up to several times maybe the market salary range.
0:28:17.5 And so, it's critical when doing any sort of financial analysis or valuation analysis, it's critical to normalize the owner and management compensation to market norms.
Jordan: 0:28:30.6 So this is just the base line kind of stuff you do. You absolutely make the same consideration to sanitize the financial performance.
Jordan: 0:28:39.6 what else stuck out to you?
Bryce: 0:28:43.0 Hold on for one second, I'm just pulling up this study. I think there's one slide I wanted to reference here.
Ok, I just want to make sure I'm getting the right…yeah.
Jordan: No worries, take your time.
Bryce: It was the management fee percentage versus dollars management fee, I believe.
Jordan: I should have numbered the slides, but management fee percent versus average rent and management fee dollars versus average rent.
Jordan: No worries. Well what you were thinking the point was?
Bryce: I was thinking about the – I thought there was a slide showing the dollar management fee per unit compared with the percentage management fee.
Jordan: That's on the next slide.
Bryce: Yeah. There we go. Ok, ok. The next slide. Yeah. Makes sense. Management fee dollars. Yeah, ok ok. That makes sense. Ok. Can I comment on that.
0:31:37.6 So one thing that stood out to me in the benchmarking study, is the slide on management fee dollars versus average rent, which shows that the dollars per unit – the dollars of management fees per unit generated are fairly consistent across different rental – you know, from high and low rent properties.
0:32:02.6 And so, the percentage rate of the management fee essentially helps compensate for the, you know, high and low rent properties.
0:32:14.7 And so, it was interesting how both the profitability as well as the revenue generated across high and low rent properties was relatively consistent. It was a lot more consistent than I would have expected.
0:32:29.4 I've had some companies, some management companies that focused very heavily on getting the high rent properties and a more premium portfolio, but I was pleased to see that there's also an opportunity to profitably manage properties that are lower rent properties.
Jordan: 0:32:48.8 Yeah. Absolutely. The way that I would put that is that the level of variance within the management fee was much wider than the actual outcome in terms of the actual dollars captured in terms of management fee revenue.
0:33:02.8 And I think that just speaks to the level of exactly what you said, focus and priority that should be placed on the management fee percent as being this highly deterministic outcome within the business.
0:33:15.5 What we saw is that you can make money on the high end of the market. You can make money on the low end of the market.
0:33:20.6 We did see revenue per door as being a significant factor. 0:33:25.3 Now, the reason for that – my opinion, at least what I would read into that is that the correlation between revenue per door and overall profitability could be purely a byproduct of rents.
0:33:37.9 Or it could be a byproduct of fee maximization and the degree to which you have ancillary fees and that you're aggressively fighting for the full value that you provide. Does that make sense?
Jordan: 0:33:57.1 Yeah, so there's a lot of different ways to read these numbers, but there's a ton of information in the benchmarking study.
I think this sort of information and this sort of analysis is kind of a starting point for having a more informed conversation.
0:34:12.2 And trying to bridge the chasm between the buyers that come in, the smart money that's doing the math, that's using metrics to figure out where to deploy capital. 0:34:23.6 That's what's happening.
0:34:24.0 Money doesn't drop down from Wall St. on a whim, or because somebody knew a guy. It's because there was an investment thesis that happened.
0:34:44.5 I mean, I've heard that kind of feedback. 0:34:47.2 And everybody just has to decide what is it for you? Is it an income stream? Is it a business? What is the destiny and the end state that you want to pursue and what is the level of clarity and insight that you need in order to hit that target?
0:35:02.6 That's the opportunity that I see in taking a more data driven approach. And doing what you're talking about, which is just thinking about the long-term goal.
0:35:28.2 And I think your benchmarking study gives a lot of insight into the levers of value that an owner can pull and focus on as they're preparing to exit. 0:35:42.0 If value maximization is the goal.
0:35:43.4 And so, I think there's a lot of impact there whether it's tracking your churn rates and trying to reduce those and, you know, I was talking to a company yesterday about their churn rates. 0:35:55.4 And they admittedly hadn't given a lot of attention to that.
0:36:02.4 And so, finding a few key metrics that you can track can be incredibly valuable as you work towards building value towards an exit.
Jordan: 0:36:13.4 There's no doubt about it. So, for folks that are thinking about making that sale process at some point, or at least they're really focused on what the value of the business is as a kind of legitimate success metric. 0:36:31.6 Even if they don't want to sell, asking yourself the question of, "Am I building an asset of enduring value?" is a really important question from my perspective. 0:36:40.0 A lot of folks are slowly going through their process of at some point getting to the end of their comfortability zone, whether that's 100 doors, 200 doors. And then being faced with that question of, "Should I go to the next level? Should I make these additional infrastructure investments?" 0:36:59.6 Those are hard questions to make. 0:37:02.9 As folks are in the operations and the day to day grind, do you have any advice or counsel for the things that you see as common success factors from the well-run companies that do achieve maximal exits when they work with you?
Bryce: 0:37:21.9 I would say a couple things. I think those that achieve – that have a winning mindset and achieve a successful exit are those who – you mentioned the, "Do I stay at this level?" versus, "Do I make the infrastructure investments to go to the next level?" 0:37:40.1 I think the – those that have achieved the highest exits are those that have reinvested in the business, reinvested toward growth and – scratch that. Let me start that one over.
Bryce: 0:37:57.0 Start that one over. And so, just to clarify your question, Jordan, you were asking what are some common things that I have seen in companies that have achieved – were you asking about operational decisions they've made at the operational level?
0:38:17.6 So Bryce, for folks that are in the day to day operations grind and hustle, and they're thinking about valuations but it's not immediately in the forefront of your mind, you've seen it from the reverse position. You've seen the subset of companies that achieve maximal value when they sell.
0:38:36.8 Operationally, what were they doing three, four, five years prior to selling that allowed them to get in that position before it was even on their mind? Or imminent?
Bryce: 0:38:48.0 So there's a few key things. So, one: they built – they had to sell – typically as they were making operational decisions, they had the end goal. They had the exit goal in mind from the beginning.
0:38:59.8 And so, they built the business operationally so that it was not dependent on, let's say, the owner, for example. 0:39:09.8 Like day to day operations.
0:39:11.5 But also, the sales function. Right? 0:39:14.2 Is the owner the only person in the company that – is the owner doing all the sales? Being the sole rain maker? Or is there a team that can generate and keep the business going without the owner's – without the owner being present.
Jordan: 0:39:29.2 Alright, so let's dig into that one. Key Man discount? What does that mean? How does it work? What does it look like?
Bryce: 0:39:35.6 So buyers – if a buyer's going to invest in a company, and buyers are savvy. They dig in to what they're buying.
And one of the things they look at is, is the business sustainable? And who are the key roles and how are those roles going to be filled into the future?
Can the business keep performing if the owner steps out? Is the key question. 0:40:00.2 And if not, what – who's the successor to the owner's roles?
And so, what we like to do is say – is have our owners identify their job description. 0:40:14.1 And typically, in a small company, the owner wears a lot of hats. It might be sales, it might be general management, there might be some customer service in there.
0:40:23.1 There might be managing cash flow and banking and financial management. There might be human resources and hiring and firing.
There's – there might be a lot of different roles, but the idea is to break that down and delegate as much as possible so that the company can continue performing without that key person in place.
Jordan: 0:40:45.7 So the warm, fuzzy feeling I get of thinking that I'm the smartest guy in the room, the company couldn't work without me, it's directly related to the degree to which I can say that this is a true asset that has value divorced from me?
Bryce: 0:40:59.0 Absolutely. Absolutely. It's directly correlated. The degree to which – the weight that the owner is pulling in the company is inversely correlated to the value of that company as a separate asset. You know, as an independent going concern asset.
Jordan: 0:41:18.4 Talk to me about clawbacks on both sides of the deal. How are those typically structured and how often do you see them coming up post transaction?
Bryce: 0:41:28.9 Yeah, so in a case of – in a property management industry, in a service based business with management contracts, we often will see some kind of clawback provision.
0:41:39.9 And those can look a lot of different ways. Sometimes it looks like an earn out and it's based on revenue – kind of top line revenue based model.
0:41:49.2 Sometimes there's specific clawbacks for specific accounts and there's – it's essentially a way of adjusting the purchase price and terms based on future events that happen. 0:42:01.0 That is the way I would describe a clawback in general.
0:42:07.3 And so, and what it does is it shares the risk. Right? 0:42:10.4 A buyer is coming in and what we see – we see a lot more clawbacks in earn out type of scenarios when the owner is the – you know, is running the show and doing all the rainmaking and all that.
0:42:23.7 And the reason is, the buyer is willing to pay a higher value if the business performs, but there's a lot of uncertainty around whether that business can keep performing.
0:42:34.0 And so, it's a risk sharing mechanism and what it does, it incentivizes the seller to continue pulling some weight through a transition period and doing whatever they can to maintain the business and keep the revenue rolling through that transition.
Jordan: 0:42:52.8 What are typical durations of that phase?
Bryce: 0:42:56.2 So we've seen them anywhere from six months to three years typically. I mean, they could go longer, but after a lot of water has passed under the bridge after three years. 0:43:09.5 So typically it's six months to three years.
Jordan: 0:43:13.1 Got it. Yep. That makes sense. 0:43:14.9 What are some other criteria contingencies or considerations around key terms that you see being really significant value drivers in the transaction?
Bryce: 0:43:29.4 Yeah. So, as far as key terms go, it comes down to total valuation and then how it's paid out. Is it cash at closing or is it on a note or an earn out type of basis?
0:43:37.6 A note would be a fixed payment over time, whereas an earn out would be this variable based on performance. Variable payments. 0:43:45.2 And so, those are some of the key factors.
I think the other key factors are around, it's typically – and this is the part of the – you're getting into the legal terms of the sale agreement. There's going to be some representations and warranties in the agreement.
0:44:23.7 And so, those are some key terms that typically the legal team will develop around – that will develop – but it's really important for sellers to be protected on that basis.
0:44:40.1 Some other key terms are I think around transition expectations and roles. 0:44:48.1 We've seen some messy scenarios. If the role of the seller in the transition phase is not clearly communicated and agreed in advance, there can be some misplaced expectations and it can get messy.
0:45:03.0 And so, often there's a handoff period where the owner is handing off management to the new ownership. 0:45:14.9 And that's an important phase to understand and to define clearly.
Jordan: 0:45:21.1 If it gets messy, do you typically see that around the seller – around over-involvement or under involvement on behalf of the seller? Post transaction.
Bryce: 0:45:30.3 It can go both ways. You have the sellers that can't let go and then you have the sellers that get their cheque and they're gone. Right?
Jordan: 0:45:38.1 I'm sure. I can see it. So, if somebody was wading into this process and they're intimidated for a couple different reasons.
Number one, they don't know what they don't know. Number two, the heaviness of it. 0:45:49.9 You know, if I was to have this conversation, this hours and hours of NDA's and due diligence.
How much work should people anticipate as they wade into this process? And how does that work get distributed over the different phases?
Bryce: 0:46:07.5 So when you think of the phases of the transaction process, there's the initial – so let's just say there's an initial introduction to a buyer. 0:46:18.5 There's some initial information sharing. We call that pre-due diligence.
0:46:24.7 So you share some initial financial statements and so forth. 0:46:27.2 Buyer would sign a non disclosure agreement. The NDA.
0:46:31.5 And then there'd typically be an offer in the form of a letter of intent.
0:46:39.3 And then you have some negotiation and then due diligence.
And then the closing documents and the closing process.
0:46:47.6 And so, as we look at the work load, it really depends a lot on how much the owner is relying on advisors through the process.
0:46:56.8 Do they have – you know, how much are they relying on advisors or how much are they doing it themselves.
0:47:03.5 If there's a full team of advisors in place, then typically the business broker or merger and acquisition advisor M&A advisor would be handling a lot of the relations with buyers and NDA's and information sharing on the early phase. 0:47:20.3 Typically it ramps up once you get to the offer stage.
Then there's some negotiation and there's some investment of time into the negotiation. 0:47:31.6 But then the biggest investment of time is typically in due diligence for the owner. That's typically the highest work load.
0:47:37.5 And it's always more invasive, and I always advise owners to expect it to be twice as invasive and twice as much work as you might imagine.
0:47:52.6 Think of it from a buyer's perspective. Due diligence is really an opportunity for the buyer to understand the asset they're buying. 0:48:00.3 Because there's a big familiarity gap between buyer and seller. Right?
The seller, let's say they started the company. You know, ten years ago or whatever, and they've built it from scratch. And they'll do it from the ground up and they're familiar with every detail in the company. Right? 0:48:15.8 They know every client, they know everything.
0:48:36.2 And so, due diligence is a very important time of disclosure where the more that can be disclosed and the more organization and clarity around the data and documents that are being shared, the greater the buyer's comfort level is with the purchase.
0:48:55.7 And the lower their risk, their perception of risk. 0:49:00.7 And so, accommodating the buyer doing due diligence is a very important phase. Is a very important phase of disclosure.
Jordan: 0:49:07.2 And now, the due diligence process should be fairly portable, right? If I do the due diligence process for buyer A and it falls through at the eleventh hour, when we go to buyer B, I've already done a lot work that I'm going to get credit for right?
Bryce: 0:49:22.0 Absolutely. It should be set up in a digital – a secured digital data room or folder. You know, a Dropbox style folder where all the documents are available electronically and organized by legal documents and by management contracts and by financial statements and you know, by employee documentation and all of that.
0:49:48.1 And so, yes. It should be portable. And a lot of that can be done in advance so that it's not a time crunch. A lot of that can be developed early so that it's not a big event.
Jordan: 0:50:02.4 Got it. Yep. Makes sense. So the order of operations here was having the initial conversation, it'd be going under NDA, a letter of intent or an offer. Then due diligence and then some potential renegotiation and then a transaction. 0:50:21.1 I'm guess here, did I get this right?
Bryce: 0:50:22.5 Yep. Absolutely. Absolutely. And ideally, most the negotiation happens before the deep due diligence. Just because sometimes there's legitimate reasons.
If there is new information discovered in due diligence that's negative, the buyer may want to renegotiate.
0:50:42.9 But there's also – it can also be used as a way to try to re-trade the deal and get a discount for no reason.
And that's I think it's important for – the more an owner is prepared and their advisors are prepared for due diligence, and the more they understand, if they can get out ahead of any potential red flags or concerns that might come up in due diligence – if you get those on the table up front and you negotiate the deal and you agree on a price, then you have a very strong negotiating position to hold the line on price and terms and not renegotiate.
0:51:27.5 And so, we recommend get out ahead of any issues that come up. It's always better to tell the buyers in advance if there's a concern or an issue rather than let them discover it in due diligence. 0:51:39.8 Because they'll – not only does it undermine trust if they discover it in due diligence – it undermines trust but then they'll try to renegotiate the deal. 0:51:50.8 And so, outcome is always better. Get ahead of those things and if you tell the story the right way up front you're better off.
Jordan: 0:52:00.0 Wow, that's some gold advice there. What about involving your team? At what stage do you think it makes sense to involve the team and notify them and get them involved in the process?
Bryce: 0:52:12.4 Yeah. The team – I would say involve the team as early as possible. Ideally three to five years out. And that involves some initial conversations around exit options, your intentions, your goals, and getting some council on what to do between now and the exit to help you accomplish those goals. To optimize your outcome.
Jordan: 0:52:40.7 Wow, wow. Because I was thinking in terms of the immediate transaction. Your answer was great. You answer was like three years before the transaction.
Bryce: 0:52:49.6 Absolutely. Absolutely. However, I would say it's a lighter conversation three years out. And then when the transaction is imminent, then you're engaging a lot more – you're engaging a lot deeper with your advisors at that point and you're spending a lot more time with them.
Jordan: 0:53:07.2 Love it. Final question I want to get some feedback from you on is, talk to me a little bit about predatory brokerage practices.
In any given market there's going to be the good, there's going to be the bad. What might be some red flags that a seller might pick up on if they're approached by somebody that says, "Hey, I represent a buyer looking to purchase management companies" etc.? Are there any red flags that would kind of put you on notice?
0:53:58.9 And the reality is they probably don't have a buyer for your business. They're just fishing – they're just using that as a the bait.
Jordan: 0:54:08.5 It's like lead gen.
Bryce: 0:54:10.4 It's lead gen, right?
0:54:31.9 There needs to be an understanding around who's representing who in that case. 0:54:34.3 And the reality is, if – and so, I think the other thing is, I would ask what is your success rate?
I would ask for disclosure around what is his success rate for clients that – if you're representing a business owner, how many transactions do you get closed.
0:55:00.8 Because there's a lot of brokers that will sign up as many sellers as possible and just kind of see what sticks. Kind of throw it at the wall and see what sticks.
0:55:10.9 And in that case there's not a lot of value add advisory. It's more of a listing service.
Bryce: 0:55:18.9 Absolutely. It's a listing service. And so there's not a lot of value add advisory. At least, you know, I recommend as owners are looking for advisors, and specifically we're talking about, for example, in this case you ask about brokers like a business broker or M&A advisor is to look for someone who is willing to advise you and sometimes tell you what you may not want to hear but tell you the real truth about, "This is what you need to do to sell your company and optimize the outcome." 0:55:49.4 And so, look for that type of advisor. And your outcome will be better.
Bryce: 0:56:03.1 Yeah, I mean definitely over 50%. I mean, there's some solid companies that have like 50-90% success rates in getting transactions closed.
Jordan: 0:56:15.2 Wow. So the scenario you mentioned, somebody comes and they say, "I've got a buyer for your business", that could be an immediate conflict of interest. If they have the buyer under contract and now they want to get you under contract, that's the point that you're making there?
Bryce: 0:56:26.1 Absolutely. Yeah, there could be conflict of interests. Absolutely. And they may or they may not – I think it's a false pretext for selling the company. I think the key question is, "Is it the right time?" 0:56:40.9 And sometimes they'll take you to that specific buyer they're talking about or they'll want to market you more broadly to a lot of buyers.
0:57:00.3 And if it's ready, then let's go to market and find the best buyer, but whether or not that broker happens to have one buyer in their pocket is less relevant.
0:57:10.1 It's really not the primary determining – like the primary determining factor for optimizing the outcome for the owner, for the seller, is not that that broker happens to know somebody who's looking for a property management business.
0:57:24.2 Because there's tons of buyers out there. It's more about, "Is it the right time? Is this the time to optimize value and are we prepared to go do that." 0:57:35.8 Because the buyer, anyone can connect with a buyer. It's just not as compelling as maybe it sounds. 0:57:45.6 In terms of the actual value add to the process.
Jordan: 0:57:48.5 Yep. Totally makes sense. Do you believe that there is any such thing as a standard neutral EBITDA multiplier? Meaning, if you look across industries, do you think that there – just based on cash flow, agnostic of industry, do you believe that there is any kind of a baseline EBITDA multiplier that's just accepted as being the going rate based on cash flows?
Bryce: 0:58:12.7 No. There's no single multiplier. And the multiplier is basically – we talked about value being based on cash flow and risk. The EPITDA in this case, is the cash flow piece and the multiplier is basically the risk piece.
0:58:28.1 And it's based on industry. So every industry is different, each individual company is different within the industry. You have different growth rates, you have different risk factors within each company.
0:58:36.8 And so, there's really not a single number. I mean, we could talk about some ranges. 0:58:43.4 We could talk about some ranges and we've done transactions from, you know, three to 10 times 0:58:52.6 [Inaudible] more recently. I mean, there's a lot of variance there. 0:58:56.2 But I couldn't pick a single number that could apply broadly.
Jordan: 0:59:00.1 Fair enough. I think that's a comforting answer. It depends. It's not satisfactory but it makes sense that it's going to be based on what you've built. And some people have built something worth a lot more than others.
0:59:13.1 Bryce, I appreciate you coming on the podcast today. For folks that want to get in touch, learn more about your business, what's the best place for them to go?
Bryce: 0:59:19.8 Sure. The best place would be our website, which is www.Compass-Advisors.com Our firm is called Compass Advisors and I'd be happy to engage in conversation with owners.
Jordan: 0:59:36.3 Alright. So guys, if you want more information, Bryce would be a great guy to get in touch with. I've known him for a decade plus. Super savvy and he's been in it. He's an operator. He's got the entrepreneur's DNA. He understands what the journey looks like. So, Bryce, I do appreciate you coming on the show and let's stay in touch.
Bryce: 0:59:55.5 Jordan, it's been a fun time and thanks and I look forward to next time.


Grapes also contain significant amounts of phytochemicals and nutrients which are essential to the body. It is considered a home of nutrients. In an organization setting, grapevine communication is prevalent at the lower levels of an establishment or organization. It is better to get the benefits of resveratrol from eating grapes rather than drinking wine. About a minute later I started having waves of pain in the middle of my stomach. We get these polyunsaturated fats only from our diet.
However, this method for storing wines is not intended for long-term aging. Many experts say that globalization has existed for hundreds of years, ever since traders took to the Silk Route, explored new worlds and established trade. Bacon provides unhealthy amounts of saturated fat, sodium and cholesterol. The fruit has been cultivated for at least as long as it has been fermented and turned into wine which is a practice that goes back 8,000 years. One of these is resveratrol. Wine Bottle Cooler These items are perfect for dinners, date nights, exclusive get-togethers, small events, music in the park and more. You aren't allowed to eat potatoes, white onions and celery.
In this brief article on grapevine communication, we are going to take a look at some of the advantages and disadvantages of grapevine communication. As well, the high … water content can lead to diarrhea. Many organic farmers, especially Biodynamic , believe that their yields have stabilized since converting to these methods. Retrieved from How potassium can help control high blood pressure. The fruit is known to interact with certain medications. The American Diabetes Association people to consume grapes and other fruits, as long as the carbohydrate amount is counted as part of their meal plan. If you take any kind of medication, don't add grapefruit to your weight-loss plan without talking to your doctor first.
Nutrients, 8 4 , 200. They come in a variety of forms such as; counter tops, built-in appliance, freestanding structures, and furniture décor. Retrieved from Lutein and zeaxanthin. The nutrients in grapes offer a number of possible health benefits. In addition, the extra time it takes to manage this system adds up to tens of thousands of dollars for the average winery.
Experts say that because of the nature of grapevine communication, it enhances group cohesiveness in many organizations all over the world. It also contains 6 percent of the daily value for vitamin C, vitamin B-6 and thiamine; 4 percent of the daily value for riboflavin; and 2 percent of the daily value for vitamin A. This also acts as a great moisturizer for removing dry flakes from your scalp and improves circulation of blood. As canola oil has less omega-6 fats and more omega-3 fats than grape seed oil, it can be called the healthier oil of the two — grapeseed oil vs canola oil. The strict regulations regarding additives, provides a challenge to winemakers wanting to pursue these wine styles. This entry was posted in , and tagged , , ,. Grapes Angoor also aid in improving the skin tone.
It is also believed to have antimicrobial properties for bacteria; however there are no known studies that demonstrate its efficacy. Grape Practical Uses: Given the dangers of pesticide residue, it is highly recommended that you purchase grapes that have been organically cultivated by local producers. Eating at least one or two cups of Grapes regularly will not only aid you in reducing the signs of heart muscles but also will aid you lower blood pressure and enhance the heart function Now that we are known to the wonderful advantages of eating Grapes Angoor , why not add this delicious and healthy grape fruit to your diet every day? Throughout history, people who have traveled and have mingled with different cultures, people from various regions of the planet and have basically understood more of the world have always returned home wiser. Many have said of grapevine communication to be one of the fastest forms of communication. The odors have the ability to destroy the wine and ruin what was once delicious and sometimes alter the taste in the worst way. This is when employees become unproductive thanks to grapevine.
Sometimes management takes the advantage of situation by feeding the message on grape vine and to get the reaction of people about the polices or decisions before they ate implemented. Look for wine coolers that offer an appealing design that compliment your style or the interior décor of the room and will showcase your wine collection. Therefore, the potential to extend the life of their vineyard with consistent yields can be a huge advantage for some growers. Not to mention the costs vary and depend entirely on the size of your collection, where the cellar will be installed and budget. This suggests they can help reduce the effects of sodium in people with high blood pressure.
All things being equal, which of these solutions is the best for keeping my wines on a budget, which of these solutions is optimal? Leakage of policy matters or action against an employee may be examples of such types. Here are a few tips on how to do go about it. Grapes contain fiber and potassium, both of which support heart health. Fat content of grapeseed oil vs canola oil Both grapeseed and canola oil are extracted from seeds. But what oil has better nutritional data and more beneficial fatty acid composition? It can do wonders for a country, its people and indeed for the world. Talk to your doctor or your dietician. Current medicinal chemistry, 20 36 , 4640-5.
Despite that, the demands of such countries are now triggering environmental problems in poor or underdeveloped countries. Grapes are one of the fruits that are for people that need to strictly manage their blood sugar levels. Grapes can be can be crimson, black, dark blue, yellow, green, orange, and pink. During the study, which involved 187,382 participants and lasted 22 years, 6. This is mostly because of the free radical which leads to premature ageing and wrinkles and fine lines on the skin. In this article, we have told you about the benefits of eating grapes and side effect of eating the grapes.


Serve your Christmas drinks in fabulous Mid Century style this year! We have collaborated with LadyJoBangles to bring you these stunning Retro Christmas Cocktail Coasters! She has hand-painted this gorgeous 50s cocktail design and we have printed it onto a set of high gloss melamine coasters. What a fabulous addition to your Retro Christmas Decor!
They also make great Christmas gifts for those retro cocktail loving friends! Our coaster sets are tied with festive red ribbon and then carefully wrapped in tissue paper, so the gift wrapping is already done for you!
LadyJoBangles creates unique hand-painted vintage-inspired accessories. We have admired her work for a long time and so are super excited to have collaborated with this talented lady!


text:
200 Golfers Lined Up for Jamhuri Day Tournament
by Pat Robert Larubi
Peter Macharis, poses with some of the trophies to be won in the golf tourney.
Peter M Macharis, the Counsellor at the Kenya High Commission in Uganda has revealed that over 200 golfers have been lined up for the upcoming golf tournament to mark Kenya's Independence Day 'Jamhuri Day' slated for December 12.
Speaking during a press conference held at Golf Course Club on Friday, Peter noted that the game is anticipated to bring in high profile dignitaries from across the region with passion in golf to simply come play for fun.
"This is simply a networking event for professionals to hook up, share ideas and strengthen their work relations, and business opportunities for further growth," Peter said.
For Peter, what is anticipated to be a great tournament is a way to give back to the Ugandan society. A number of gifts will be given to the participating players.
"I too am prepared to win at least some games but it doesn't make sense for me to feel good for taking a gift hamper as an organizer yet our Ugandan friends would have rather taken it up," he said.
The golf tournament is in its eighth edition and has already attracted a number of sponsors.
Peter says the game will not focus on numbers but rather the social interaction and bonding between participants as key to their agenda of breaking barriers created by borders.
Samuel Matekha, the Head of Marketing and Communication at KCB Bank Uganda, one of the sponsors of the event said the event provides a great way for them as a brand to come back in the sports arena.
The Kenyan Ambassador to Uganda, Kiema Kilonzo recently announced a series of activities to mark Jamhuri Day, in the month of December, which are geared towards promoting relations between Kenya and Uganda, showcasing Kenya's cultural diversity, promoting regional commercial integration and promoting Kenya as a tourist destination.
The Kenyan envoy said that the golf tournament on Saturday will facilitate a stress free environment for interaction and conversation on trade and investment between government officials, the cooperate world, and other like-minded persons.
Tags: golf tournamentIndependence dayJamhuri dayKenyaNewsPeter M MacharisSoft Power NewsUganda


text:
Moving to Honduras
Despite being one of the poorest countries in the world, there are a number of factors that draw expats to the beautiful Central American destination of Honduras. The country's expat population may be relatively small, but is growing steadily with people from Germany, France, Norway and the US, in particular, looking to Honduras to find a piece of Caribbean paradise where they can enjoy a better quality of life without breaking the bank.
Living in Honduras as an expat
People move to Honduras for a number of reasons. Many of the foreign residents living in the country have taken advantage of the favourable property prices and low cost of living and have chosen it as their retirement destination. Others move to the country to work for an NGO, a missionary organisation or in the medical field. Due to the fact that many of the wealthier locals choose to leave the country in search of job opportunities overseas, there is a huge demand for professionals with skills in sectors such as IT, administration and hospitality.
Expats relocating to Honduras should prepare themselves for a slower pace of life and general bureaucratic backlogs. Spanish is the official language of Honduras and taking a basic language course before relocating is advisable. Those who take the time to learn the local language will find their experience far richer, thanks to their ability to interact with the locals. Crime is a social concern in Honduras with armed robberies and violence being major concerns. Generally, the most dangerous areas are parts of urban centres and the areas close to the borders with El Salvador and Guatemala. It is important to bear in mind, though, that most crimes committed against foreigners are opportunistic and expats can avoid being targeted by taking basic safety measures.
The quality of healthcare in Honduras varies across regions. Public hospitals aren't really up to the standard that most Western expats would be used to. These facilities are sub-par due to poor funding and lack of staff. There are a few private hospitals in the urban centres but it is wise to invest in a fully comprehensive health insurance plan that covers the cost of evacuation to the US for emergency medical treatment.
Cost of living in Honduras
One of the reasons why so many expats are choosing to settle in Honduras is the country's low cost of living. Housing, food, schools, healthcare, and just about everything else, are very affordable. Those expats who earn a foreign currency, especially, can afford the finer things in life in Honduras.
Honduras may not be at the top of the list when it comes to family-friendly destinations, but many expat families make it work here, and enjoy a peaceful, affordable, lifestyle. It's also a great base for families to travel the Americas and the Caribbean.
Although education is highly valued in Honduran society, demonstrated quite clearly by the fact that the country has consistently had a literacy rate of over 90 percent, the sad reality is that, due to economic constraints, many people don't complete their studies. Public schools in Honduras aren't a viable option for foreigners as they are often underfunded and also because the language of instruction is Spanish. There are only a handful of international schools in Tegucigalpa and San Pedro Sula, and it's best that expat parents start the application process early to secure a spot for their child well before they move to Honduras.
Climate in Honduras
Honduras has a tropical climate and experiences hot and humid conditions almost year round, though the mountainous area is slightly cooler than the rest of the country. Expats should note that the dry season runs from November to April and the wet season from May to October. The north coast receives rain throughout the year and the Caribbean coast experiences heavy downfall from September to February.
While expats relocating to Honduras may be shocked by the high levels of poverty, those who choose to settle down in this country will be rewarded with a relaxed and peaceful lifestyle, a great climate and the opportunity to contribute to the development of the country. Whether expats choose Honduras as a long-term option or only stay for a short stint, there is no doubt that the experience will be an unforgettable one.
Capital city: Tegucigalpa
Neighbouring countries: Honduras is bordered in the southwest by El Salvador, the west by Guatemala and the southeast by Nicaragua. The country is also bordered by coastlines to the north and south.
Geography: The terrain of Honduras is mainly mountainous with some plains on the coast. There are a handful of islands scattered around the coast of Honduras.
Political system: Presidential republic
Main languages: Spanish
Money: The Honduran lempira (HNL) is subdivided into 100 centavos. Foreigners should be able to open a bank account fairly easily, and ATMs are available throughout the country, although they may sometimes run out of cash.
Tipping: A service charge of 10 percent is usually added to bills at restaurants in Honduras, but anything extra is for good service. It is customary to tip hotel bellboys and cleaning staff for good service.
Time: GMT-6
Electricity: 110V, 60Hz. Plugs in Honduras have two flat blades.
Internet domain: .hn
Are you an expat living in Honduras?
Expat Arrivals is looking for locals to contribute to this guide, and answer forum questions from others planning their move to Honduras. Please contact us if you'd like to contribute.


The attorneys at Otis, Bedingfield & Peters, LLC are recognized leaders in real estate law and business law. We advocate for individuals, businesses, and families in the Northern Colorado region. Our clients are landowners, business owners, business professionals, businesses of all sizes, and individual families in need of guidance or representation in court proceedings involving commercial real estate or business issues.


The new IPv6 signals a time to scale the Internet 4 folds.
The Internet Society is a international nonprofit organization that administrates Web standards, policy and education. They claimed June 8th to be World IPv6 Day and it give enterprises and ISPs (internet service providers) a chance to "stress test" the next layer of IP's (Internet protocol) to see if it works and what may not. Its a huge wake-up call that it's time to upgrade the World Wide Web.
Companies like Facebook, Google and Yahoo, will work with ISPs and content-delivery networks to conduct the first global-scale trial of IPv6. For a 24-hour period, participating companies around the world will enable IPv6 on their main services.
Its said that in 2023 we will each own 7 devices that will require a unique IP (anything from your phone, cell, tv, tablet, and more..) To support the scaling up, a scheme was developed to allow IPv4 addresses to be embedded within the IPv6 address structure. This method takes regular IPv4 addresses and puts them in a special IPv6 format so they are recognized as being IPv4 addresses by certain IPv6 devices. But since the IPv6 address space is so much bigger than that of IPv4, embedding the latter within the former is actually simple. It's like driving an over crowded bus into a cargo boat. A much faster one at that. Both have zeroes for the first 80 bits of the address, and put the embedded IPv4 address into the last 32 bits of the IPv6 address format.
Like the conversion of analog to digital TV, this might take some time. But the possibilities of this wider open road are very exciting.


I have passed the 30 pound mark!!!!!!!!!! Less than 20 to go to goal.I have a few other things to write about but I need to prepare some things first – like pictures. Be back soon.
Here is my second in the line up. Her birthday is today. 20 years old. Finding her path. Working things out.We love you Chelsea.


Chester County Kitchen & Bath partners with only the best suppliers- from granite to appliances to fixtures and lighting! Bringing our customers the highest quality products and the best possible prices is our goal. Learn more about who we partner with and recommend without the slightest of hesitation!
Inside the Chester County Kitchen & Bath Showroom, we have fully functional Miele appliances- and as a preferred dealer, we can bring Miele to our customers! Shop virtually, order with us for best pricing!
Visit a Ferguson Bath, Kitchen & Lighting Gallery showroom to find product experts who share your passion for getting it right. They'll guide you through a wonderland of kitchen, bath and lighting styles and new solutions from top brands, beautifully displayed in a welcoming, hands-on environment. Let's bring your project from dream state to reality.
As a family owned company, Avalon Flooring prides itself in providing warm, professional service and an exceptional range of quality products – because happy, satisfied customers are our most meaningful measure of success.
At Chester County Kitchen & Bath, we know selecting flooring, tile or other materials for your project can be daunting; but, we have found that our partner in Avalon can help you select the right products at the right price.


4 Steps to Create Shortcut for Programs and Features on Desktop. If you often open Programs and Features to use a particular file or folder a lot, we advise that you can create a Programs and Features shortcut on your Windows 10 desktop so that you can easily find specific files and folders.... 26/10/2016 · how to create a hibernate shortcut on my desktop in Windows 10 Several months ago a community member provided information to accomplish my above question. Recently, I did something that caused this shortcut to stop working, I have tried everything I know to no avail and apparently the file is no longer in my computer.
16/08/2015 · How to Restore Desktop Icons in Windows 10 - My Computer, Control Panel, Recycle Bin, etc. How To Create Shortcuts In Windows 10 Windows 10 - Desktop shortcuts to web links on Explorer Chrome and... 26/10/2016 · how to create a hibernate shortcut on my desktop in Windows 10 Several months ago a community member provided information to accomplish my above question. Recently, I did something that caused this shortcut to stop working, I have tried everything I know to no avail and apparently the file is no longer in my computer.
16/08/2015 · How to Restore Desktop Icons in Windows 10 - My Computer, Control Panel, Recycle Bin, etc. How To Create Shortcuts In Windows 10 Windows 10 - Desktop shortcuts to web links on Explorer Chrome and... 6/07/2018 · How to Create Screen Snip Shortcut in Windows 10 Starting with Windows 10 build 17661 , a new Screen Snip feature has been added to Windows 10 to be able to quickly snip and share a screenshot. You can snip a rectangle, something a bit more freeform, or full screen and it will go straight to your clipboard.
Everyone wants to work or open an app or program by shortcut and while using Windows you might not have found out this. Actually, you can do it in Windows and create keyboard shortcuts for a specific app or program.
30/01/2018 · Usually, if you are running a program with Administrator rights as a scheduled task, it will run it in the Users environment that you are using, so only if the user that you are running the program as is logged in will see the program pop up.
Right-click on the program that you want to create a desktop shortcut for in Windows 10 and then click on "More" from the menu. Click on the "Open file location" after clicking on the "More" option from the menu, and then the program opens up in its folder.


text:
Tollywood's Jr. NTR is the new face of Appy Fizz in South India
This summer, the superstar will be seen as part of the new Appy Fizz campaign in the region while Salman Khan will continue to be the national brand ambassador
BestMediaInfo Bureau Delhi, February 21, 2019
Beverage company Parle Agro has signed Tollywood superstar Nandamuri Taraka Rama Rao Jr., popularly known as Jr. NTR, as the brand ambassador for Appy Fizz in South India.
This summer, Jr. NTR will be seen as part of the new Appy Fizz campaign in the region while Salman Khan will continue to be the national brand ambassador for Appy Fizz.
Signing Jr. NTR is part of a strategic approach to reinforce Appy Fizz's brand recall and connect with the consumers in southern states. This has been coupled with the increased manufacturing capacities being deployed in South India, as Parle Agro recently completed the setting up of its new state-of-the-art manufacturing facility in Mysore, Karnataka. The new manufacturing location becomes the third manufacturing facility in the southern region after Hyderabad and Chennai and 12th in the country.
Nadia Chauhan
Nadia Chauhan, Joint Managing Director and CMO, Parle Agro, said, "Parle Agro has an aggressive target to gain tremendous market share in South India and as part of the marketing strategy towards building a strong foundation in the region, we have signed on Tollywood superstar Jr. NTR for Appy Fizz. We understand the influence and affinity for regional cinema and celebrities to build stronger cultural relevance and this is a key agenda driven towards our vision to be the No. 1 beverage company in India."
On the signing as the brand ambassador of Appy Fizz, Jr. NTR said, "I have always loved Appy Fizz and the decision to be the face of the brand was an easy one after I saw the vision and plans of the brand. Already one of the top beverage brands, I am sure everyone, especially my fans, will enjoy drinking a lot more Appy Fizz."
Jr. NTR joins Allu Arjun as the second celebrity from south India to be a brand ambassador for Parle Agro brands in the region.
The Telugu superstar has joined Parle Agro's existing A-listers like Alia Bhatt and Allu Arjun who are the faces of Frooti and Salman Khan, the brand ambassador of Appy Fizz.
Tags: Tollywood Jr. NTR Appy Fizz


An attacker exploits weaknesses in the physical hardware of a machine in order to gain unauthorized access to the device or system. Hacking hardware devices falls into several broad categories depending upon the relative sophistication of the attacker and the type of systems that are targeted. Attacks against hardware devices differ from software attacks in that hardware-based attacks target the chips, circuit boards, device ports, or other components that comprise a computer system or embedded system. The most common hardware devices which are attacked are computer systems such as laptops, desktops and server platforms. Sophisticated attacks may involve adding or removing jumpers to an exposed system, or applying sensors to portions of the motherboard to read data as it traverses the system bus.
Some level of physical access to the device being attacked.


Philip Shirley / THE GRACELAND CONSPIRACY | Turnrow Book Co.
Elvis has left the building - or not. With THE GRACELAND CONSPIRACY, Mississippi author Philip Shirley delivers a genre-busting novel full of unexpected twists, tension, and fascinating characters.
Matt Boykin is a rebellious young man who becomes caught in a 1990s conspiracy in which the government will stop at nothing to prevent the release of sensitive information about a 1970s crime that could still bring down many powerful government figures and rewrite American pop-culture history.
Join us at 5:30 PM on April 4 to welcome Philip Shirley to Turnrow Books! No purchase required. Our events are free and open to all.


Vignette Corp. has announced enhancements to its integrated content management and portal solutions designed to provide customers with measurable improvements in business efficiency. Through enhanced capabilities including expanded presentation management, real-time delivery of information from its native sources via real-time page generation and assembly, and advanced caching, Vignette intends to enable customers to quickly deploy Web properties, decrease business users' reliance on IT, and facilitate dynamic Web interactions across the enterprise.
Vignette content management now provides modular dynamic content delivery to Vignette portals and other Web sites, with a page region caching mechanism. Vignette's approach is designed to allow site managers to automatically target their information to channels, sites, specific users, or classes of users, even if that information resides in multiple repositories or is generated on demand. New presentation management capabilities span Vignette's content management and portal applications to allow IT departments to create templates that can be customized to power any number of unique sites. Vignette solutions separate control of layout, content, and presentation so that static content, dynamic information, content selection rules, and active applications are all assembled at request time to satisfy the Web user's requirements. The latest versions of Vignette Content Management, Vignette Application Portal and the integration modules are available and shipping to customers immediately.


text:
High Society Investors Technology & Science,Top News Telcos' revenue growth seen stable next year
Telcos' revenue growth seen stable next year
By Arjay L. Balinbin, Senior Reporter
MOODY'S INVESTORS Service on Thursday said it expects the revenue growth of Philippine telecommunications companies to remain stable in 2021.
"Revenue growth of operators in emerging markets will remain stable," Moody's Investors Service said in its 2021 outlook report for the telecommunications sector in Asia Pacific.
Emerging markets refer to Bangladesh, China, India, Indonesia, Malaysia, Pakistan (up to 2017), and the Philippines.
Moody's noted that "rising" data consumption and broadband usage in the Philippines "continue to drive revenue growth, although partially offset by declines in legacy voice and messaging services."
"Heightened competition will weigh on growth when a new player, DITO, enters the market in 2021-22," it added.
As for the entire Asia-Pacific region, Moody's said telco revenue will grow 3.5%-4% next year, as the sector "bounces back" from the decline in the first half of 2020, which was caused by the coronavirus pandemic.
"Capital spending will be high at about 22% of revenue, but we expect companies to fund spending largely with internal cash," Moody's said.
It also expects the free cash flow to remain "negative."
"But some reduction in shareholder returns will lead to gradual improvement," it added.
Moody's identified six themes that will shape global credit next year, namely: policy challenges, digital transformation, social trends, uneven recovery, rising debt burdens, and environmental impact.
PLDT, Inc. Chairman and Chief Executive Officer Manuel V. Pangilinan has said he expects "better numbers for 2021."
PLDT recently reported a 95% growth in its attributable net income for the third quarter.
It said the period was an "all-time high" across its different business segments because of the spike in customer demand for digital services.
The company posted an attributable net income of P7.41 billion, up from the P3.79 billion it generated in the same period last year.
Meanwhile, Globe Telecom, Inc. saw a 22% drop in its third-quarter attributable net income to P4.39 billion.
Globe said its service revenues declined 3% to P36.68 billion, driven by the sustained drop in traditional voice and mobile SMS, but partly mitigated by the increase in the mobile data segment.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.


text:
Q: Analytical solution to coupled nonlinear first-order ODEs I have a system of equations as below:
$$\frac{dx_1}{dz}=A+B\cdot\frac{x_2}{1-x_1}$$
$$\frac{dx_2}{dz}=C+D\cdot\frac{x_1}{1-x_2}$$
I got derivative from first equation and substitute the value for $x_2$ and $\frac{dx_2}{dz}$, but the resulting equation seems too complicated. Any ideas?

A: Let $y_i = 1-x_i$. Then,
$$\begin{align} -y_1'&=A+B\frac{1-y_2}{y_1}
\\-y_2'&=C+D\frac{1-y_1}{y_2}
\end{align}$$
Rearranging,
$$\begin{align} -y_1y_1'&=-\frac{1}{2}\frac{d}{dz}y_1^2=Ay_1+B(1-y_2)
\\-y_2y_2'&=-\frac{1}{2}\frac{d}{dz}y_2^2=Cy_2+D(1-y_1)
\end{align}$$
By inspection, one possible solution is $y_i = a_iz+b_i$. Substituting this into the equations:
$$\begin{align}-a_1(a_1z+b_1)&=A(a_1z+b_1)+B(1-a_2z-b_2)\\
-a_2(a_2z+b_2)&=C(a_2z+b_2)+D(1-a_1z-b_1)
\end{align}$$
Matching coefficients of $z$ results in a system of 4 equations:
$$\begin{align}Aa_1-Ba_2+a_1^2&=0\\
Ca_2-Da_1+a_2^2&=0\\
Ab_1+B(1-b_2)+a_1b_1&=0\\
Cb_2+D(1-b_1)+a_2b_2&=0
\end{align}$$
It is possible to obtain a quartic polynomial equation in terms of $a_i$, and then linear equations for $b_i$ with coefficients in terms of $a_i$. Or, you can employ a nonlinear solver.

redpajama_set_name: RedPajamaStackExchange