Zero to Seven Figures: Malcolm Peace on Building a Profitable Small Business from the Ground Up

Is it part of your business vision to take your small business from zero to seven figures? Join special guest Malcolm Peace as he breaks down the foundational steps to building a thriving business, even when starting from scratch.

What’s covered in this episode:

• The core principles every successful entrepreneur needs
• How to scale strategically from startup to 7 figures
• Overcoming the hurdles of early-stage business growth
• Malcolm Peace’s expert insights on creating a sustainable, profitable business

Malcolm Peace is the President of TseTserra Growth Partners, they work with small business owners and investors throughout Texas to drive long-term growth and profitability.

Being born and raised in Austin, Malcolm takes pride in helping family-owned small businesses sustain a lasting legacy. Succession planning is an integral part of his work.

Connect with Malcom

For more information  go to: http://tsetserra.com/

Listen to this episode next: LeadersAreReadersSeries Ep. 2 E-Myth Revisited by Michael E. Gerber

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Transcript

Malcom: [00:00:00] At the very beginning, it's about getting people on board with you. For the most economical, reasonable way possible to get them excited. You have to be a salesman, both externally to whatever service or product you're providing, but you gotta be an internal salesman.

I don't think that goes away ever, but I think the energy at which you have to put into it changes as time goes on. , if you want to be successful from zero to 1 million or zero to low seven figure kind of businesses. It's about getting people on your team 

It's time to reinvent.

Priscilla: Welcome to Reinventing Perspectives podcast today. I have an exciting guest for you. He's going to give you a wealth of information. Malcolm, I'm preparing you cause I'm going to drain you with a whole bunch of questions. Thank you so much for being here. Malcolm, please tell the audience who you are and what you're about.

Malcolm: [00:01:00] Yeah, I appreciate that. I , I'm honored to be a part of the show. I'm based in Austin, Texas, a place that used to not be on the map. And now it seems that people know about it more and more. We build blue collar industrial type businesses and I'm a first generation American families originally from Southern Africa many generations there and came over to the States into Austin.

I moved to Virginia for a little while, but really Texas is home in a lot of ways. I'm kind of a Texas boy through and through. We love building businesses scaling them up. And we started off, basically with a thesis that we could add value in certain ways, and it turned into us acquiring businesses.

That ethos of who I am from a first gen to a kind of born and bred kind of person from this area. I find that can speak to a particular audience that we ended up working with.

Priscilla: which part of Southern Africa?

Malcom: My mom was born outside of Harare and my dad was born in proper Harare, and then they moved down to South Africa for a period of time. But they both were from that area through many generations. And then my great grandfather was in [00:02:00] Mozambique and that area as well, too.

That whole Eastern Southern Africa area is really the primary part for many generations. 

Priscilla: born and raised in Zimbabwe. So that was very interesting. When you said Southern Africa, I was like, I did not know that about you, Makamua. It's always great to know. I love that you talk about blue collar business, because I feel like people have certain assumptions about blue collar business, especially now in this age = where there's this push of , if you want to start a business, it must be online.

People think about courses and that kind of thing when they think about starting out as an entrepreneur. Maybe you can address the assumptions that people have about blue collar. What is it? What is it not? And why blue collar for you? 

Malcom: simply put, I love when we have guys and gals getting their hands dirty in the middle of the day. I tell people we start the day off, I can shake their hand at the end of the day, I often can't shake their hand. They tend to get their hands very dirty and we typically do something that adds tangible value, measurable, value and sometimes that turns into a product and sometimes that's a service.

We've spent a lot of time in the manufacturing world and adding significant value there, and we've [00:03:00] expanded outside of that. And we continue to, invest in other ways that we can find deals that are great opportunities there. But to summarize blue collar it's an opportunity for us to add tangible value with our hands.

Often not with, computer or technology, , every single person sitting in the office doing that, so our goal at the end of the day is to, again, add that value tangibly with our hands.

Priscilla: Malcolm, before I dive into, small business, maybe you can tell us how you landed on this particular type of businesses, as entrepreneurs, when we're starting out, , well, I could do this, or I could do this, or I could do that, sometimes you get paralyzed by all the opportunity there is in the world today.

Maybe you can tell us how you landed on that.

Malcom: To keep it as succinct as possible, I found out that I had a lot of great ideas, but taking something from zero to a million dollars or zero to 1 for that matter. Is a different skillset being able to do that. And I've done it in some ways, right? Like we started the firm that had a thesis, we [00:04:00] acquire businesses that create cashflow for us.

, but at the end of the day, , that getting from zero to 100, 000, 200, 000 and building this business is a really hard feat. And I have a lot of respect for people that do that. And so I looked at, okay. What's another need that we could solve for in that ecosystem. And what we found, and this is a term that gets thrown around now a lot is like these baby boomers that have to sell their businesses and they have to get out.

And a lot of the time, because there are so many people interested in tech and online and computer kind of software, whatever companies, they don't want to take over the brick manufacturer. They don't want to take over the septic installer. They don't want to take over. The roll off dumpster company, all at which I'd be happy to take over and be proud that I own that generates great cashflow, but more importantly, provides a great service to the people that we serve and also the internal people in the organization.

The way [00:05:00] I looked at it, it was a win, win three times around where, I get to take over a business that has a proven success record. And at the same time, I get to also provide both an internal, external value to the people we interact with.

Priscilla: I love that you mentioned that. It's so many different skill sets from , Zero to getting something started. Even then some people just like going from zero to getting something started and then they get bored once wheels are turning.

And then some people are really good at taking that from something to scaling it. What do you think is the key skill that you've noticed in the people who start the zero to something? And what do you think is the key skillset that you bring when you take it from that to scaling it better? 

Malcom: Candidly, at the very beginning, it's about getting people on board with you. For the most economical, reasonable way possible to get them excited. You have to be a bit of a salesman, both externally to whatever service or product you're providing, but you gotta be an internal salesman.

I don't think that goes [00:06:00] away ever, but I think the energy at which you have to put into it changes as time goes on. At the very beginning, if I can give any advice, if you want to be successful from zero to 1 million or zero to low seven figure kind of businesses. It's about getting people on your team and an economical money ball.

If you're familiar with that movie and that kind of approach where you get people on the team for a really smart way, where they're just super passionate. You hear about that kind of startup culture, startup grind. Everybody's on the same mission together. I don't think that goes away in a blue collar setting.

I think it looks maybe a little bit different, but it's true that you have to get people on the team. . And make it an economical way when you're first getting started, but get them passionate to pour their lives into it. Cause that's what you're going to have to do as well.

Priscilla: Now thinking about Building to scale. I'm interested in how you see yourself, thinking about the audience that is like, well, maybe, I've been trying this business and [00:07:00] that business, and maybe this starting out part just really isn't for me, but they haven't had any exposure to, okay, there is also this other alternative of where buy a business that's already existing.

Malcom: Truth be told that I believe in, and I don't think anything that I'm doing or anything for that matter that anybody else is doing that gets any notoriety is truly unique or novel. We are playing the same game. That, in my world, the Rockefellers played years ago to the you name all these names that have historical been successful in business, quote unquote.

I mean, we're not creating anything revolutionary and new. It's a lot of pulling it forward, repackaging it, and we use maybe slightly different terms or it gets focused on for a period of time. My opinion, a business getting past that kind of plateau stage is a lot what you're describing where someone reaches a point and they're like, I think this business isn't really got foundational foothold.

It's not going to work, all that kind of stuff. If you've proven out that there is a [00:08:00] need in the marketplace, now it's a matter of, can you drive enough demand for that need by generating enough buzz around it? And that's where I think a lot of people get stuck. I've consulted at times for folks that are in blue collar businesses.

And they don't want to do the work necessary to go find out truly if their business model doesn't work, but they'll say their business model doesn't work. They'll say, I don't want to go out and do this kind of marketing. I don't want to go out and hire these types of engineers. I don't want to go do all these types of things.

Because it's unfamiliar and it's territory they don't want to be in. Right. And so a lot of businesses stagnate and that's where we come into, because it also happens at our level as well. We buy businesses exclusively in Texas that are three to 12 million in revenue, and those businesses have often also plateaued the business owners run out of energy.

He doesn't necessarily, or she doesn't [00:09:00] necessarily want to put that much more work that's necessary. And as a result, their business gets to a point that it can't scale because it's compressed by that owner's capability. I think it always goes back to that. It always goes back to the visionary or the head on show leader person of that organization.

However, it's structured. Their capacity is what the business ultimately reaches. And until that person's either replaced or they skill themselves up or they think broader and bigger, they will always reach that ceiling. And that's where we come in to help break out that ceiling by bringing a different perspective and a different skill set.

Priscilla: Really interesting. I think it's so important for our audience to know that there are different ways. There isn't like a one size fits all. You may have a part of business that really sets you on fire. And maybe if that is your specialty, then that's the thing that you should do.

Interestingly, you say that the capacity of the founder or the founding team, it's typically [00:10:00] where people stagnate now to the entrepreneur, that's thinking, well, maybe I actually just want to build my business up to sell but I don't know what to focus on so that when I do try to go around five years from now or 10 years from now to try and sell this business, what should I be focusing on to make someone like Malcolm be interested in buying my business?

Malcom: we look at specific types of businesses. So I can't speak broadly for every scenario. I know guys that buy businesses in very different sectors and there's different expectations, but one thing is very true. We use a framework we call it a top down P and L approach. I want to know how stable is this business starting with revenue.

We look at the revenue and say, okay. Is this revenue predictable , the higher level of predictability of the revenue, the more I'm willing to pay for it. If I can say, you've got contracts for 10 million for the next 10 years. That's way more exciting to me than we make 10 million a year.

And it's erratic and it happens here and [00:11:00] happens there. And this person's responsible for pulling this out and doing all these types of things. I can't wrap my arms around it. It makes it more challenging. And then when you go down from that, you have a situation where.

Again, not speaking to everybody's circumstances, every business model is slightly different, but I'll tell you this way for me, if I look at it and you go to the cost of goods sold or costs of labor, which is that next rung going down the profit and loss statement. If you've got no control of that labor or those machines or everything that you're doing there, and it's a very erratic costs and not manageable costs.

That's something else. That's really not something I would be excited about because I don't know if I can tell. Walmart, who is my biggest, distributor or whatever the case may be. Hey, you can't cut me another 5%. That's really intimidating to be in a business where you have very little leverage.

And some people have businesses where they have all , 10 99 employees, and they're having to try to create and control margin constantly. There's no predictability there. So [00:12:00] those are the first two rungs that I look for. And then we go down to the third on the operational. If this business were to grow, would there be a break in the back area of the operations?

What would that look like? How key are these people? Hey, that person's 65 and they're wanting to transition out. They are the key person in this way. That's a risk. And so I'm always looking at it from that framework. And I try to, communicate to folks that If you can create some stability in that hierarchy, first being the revenue, then your cost and control to produce that product or service.

And then thirdly, operationally, what's that managed like, I think you'll end up solving a lot of problems and create a lot of ease for people that would be taking over that baton of your business.

Priscilla: . Malcolm, when you buy a business what are the common challenges that you face ? That a person should have top of mind.

Malcom: For me, what I find in my circumstance is that transitioning a business. Well, comes down to how you've communicated what [00:13:00] this is going to look like for those employees that have been key and you have to be able to communicate that this is one, not a sprint, but more of a marathon approach that if you intend on holding onto that business for a long time, and you tend on being at the helm for a while.

Like they need to know that through some security, whether it be just their paycheck, not getting bounced or, all those little things are my little details that happen, right? You got to transition all the bank accounts and make sure there's enough cash to make payroll, possibly that third day after you've acquired the business, because they're used to receiving it on that day.

But at the same while you've got to communicate to people , Hey, your job is secure. Let's continue to do great work because you bought the business because it was producing good money, or it was in good standing, or it had a really good reputation for it. You want to maintain that as much as possible.

And that often comes down to the people that are involved in the experience that the customer experiences through those people. [00:14:00] Because you don't show up on day one and all of a sudden handle all the vendor relationships, all the customer relationships, all those types of things. If you do, that means that the business probably is not in a good setup.

There's probably some level of people involved already, and you need to make sure they understand your commitment to them. And so we talk a lot about, Hey, this is a marathon. I know you've got some qualms with the way that the last owner may have run things, or you liked some of the things that they did, and you're concerned.

If those leave, how would this feel? All those types of things, , we're not trying to change things overnight. Our goal is to hold onto this for a long time. And as a result, we're going to make very long term perspective decisions. And so this is a marathon rather than a sprint.

Priscilla: , thank you for that. What that actually means to buy a business or what it actually means to sell a business, you talk about company culture and retaining talent.

This is a very important one. Specifically you talk about retaining talent and creating a culture from day one, which sometimes when we're starting out, we don't think culture top of mind. We're thinking about revenue. [00:15:00] Okay. We're thinking about our costs. We're thinking about how profitable we are and culture takes a back burner.

What is culture, why it matters and then we can go into like why culture from day one.

Malcom: I'm going to, provide a little bit of a hot take for you. No matter the size of the business, there is a culture and it's one that you've created, whether it's intentional or unintentional. And candidly, as much as you control it, the people you surround yourself with often in the workforce scenario, and sometimes even socially, it's because of the choices of what you find valuable and what matters to you.

And I don't think that stops at the office door. I think you bring yourself fully. There's a lot of studies out there. Obviously people can change personality wise and different things when they're in an office setting, but at the end of the day, you are who you are and you're going to want to attract people that.

Either emulate that or bring that forward or want to have the same culture as you, whether you're a size of three or you're a size of 300 people, whatever it may be, you're still creating a culture. And so [00:16:00] our culture and going back to where the names that Sarah growth partners comes from, my great grandfather owned 50, 000 acres of farmland and he served.

A product to people with a high level of integrity, as well as employed hundreds of people. And so in that process, that's what we try to embody too, that we are going to be very intentional about the way we communicate both internally and externally, be very upfront. If we're going to miss a payment with a vendor or there's a delay, or there's an issue or whatever the case may be, we're going to manage that communication really well and provide them a great experience working with us, so they're excited to continue working with us.

Both internally and externally. And that culture sometimes breeds itself to being a lot more transparent and a lot more open. And some folks don't like that. I've experienced that where people have selected out of being a part of that type of culture, where they would rather hide and not have their work being displayed [00:17:00] or shown.

Because they've been used to, oh, they can do 60 percent job and I'm asking them to do an 80 percent or 90 percent job when they bring themselves to work that culture breeds itself people want to be a part of that culture and want to be in a situation where they get to see that because they often get rewarded through that process.

Everybody saw the famous Elon Musk walking into Twitter. There's a lot of thoughts around that, but I have a ton of respect for, Hey, this was the culture we're going to create. And a lot of people were let go and a lot of people self selected out, but they also had a ton of applicants too.

That's just the by product of being a founder. You can create that culture. It's the world of commerce we live in. And you can decide if that's the culture that's going to be successful in your market, in your ecosystem that you're trying to create. We have created a culture that we're going to take care of our customers.

And , you have little things that go along with that. We have a 48 hour reply rule. And if you send an email and you don't get a reply in 48 hours, it's an expectation you follow up. [00:18:00] That's a company culture we talk about and we expect to be upheld. And that's me, that's who I am.

That's who I like to be. And it bred out from that. And now I've got a team that. Also does that as well. There's sometimes it's worked out with us. Sometimes it hasn't worked out and people self select in and out for that reason. 

Priscilla: The pressures of starting can have us put something that's not being intentionally catered to that really affects the way that things are done. I'm interested to find out what has been one of the most challenging businesses that you've bought and what was challenging about it?

Entrepreneurs live for business stories. 

Malcom: The biggest challenge in a lot of ways in our world is, we get presented basically, here's a business that you would love to run. Usually has some great merit to it. And then, after the fact, you buy it, you find out that X, Y, and Z is not the case.

We bought a business and it's a story that's just super personable to me, . . My brother was getting married . We closed the deal on the Friday, the [00:19:00] next day he got married on the Saturday. And on the Sunday, I was flying out of the country to go deal with a quality control issue that had come up.

That was never talked to me about during the whole due diligence process, which is this period of time that we go through to basically evaluate the business. That's the world I live in where. People display this rosy, great green grass on the other side. And then we get on the other side and it's like, wait a second, this is not all it's being projected out.

And how do we navigate this both with the former owner and in real time too, right? We show up and all of a sudden I've got 80, quality control claims that are coming through. That was never disclosed to me. And I'm jumping onto a plane, flying two plane flights out of the country to go solve this.

That's a real quick root awakening of business. And you've got that issue while you've got to make payroll and you've got to keep people happy and they're all wondering when you're going to show up and you taking yourself out of the country and everything's up in the air for everybody.

And that's a real life story [00:20:00] of when you've taken over someone's business. different culture and you're trying to move them into the next phase of business. You're often adopting or absorbing some of their past things that you have to find a way to navigate sensitively, but expeditally in all that process.

Anyways, all that to be said, that's a real one for you. A day after my brother got married, I jumped on a plane, from Houston going somewhere. 

Priscilla: Oh, my. I'm getting a sense that the first thing that you hit against is the culture. Do you get a sense of that when you're. In the process of buying the business, doing the due diligence, or do you all of a sudden get a sense of it now you've bought the business and then you start to realize, okay, this is how things are being done here, or this is the culture that has taken place.

Malcom: My belief is that the culture of a business is an ongoing, ever going thing, right? We live in a world where people are going in office, out of office, they're all remote, they're this, they're that, they've got offshore inshore, all this kind of conversations are happening all the time and they've happened a lot over the last few years.

And that's a [00:21:00] new culture, but the business has always existed. In my case, Like, yes, to answer your question, when we're going through due diligence, I'm certainly absorbing that culture and trying to understand how malleable it is. But I'm also aware that if a business, if you extract all the people out of it, although they play a part of the culture, if you're trying to say, Hey, what does this business need from a culture perspective?

Here's my example, right? If you market yourself out to the market , and you say, we are a white glove In home services business. But you show up and everybody's got raggedy shirts. Like there's a disconnect between your culture and how you've marketed yourself .

For us, I don't tend to buy businesses that are two star ratings on Google. I just don't. Because if they're two star ratings on Google I'm not going to, for myself, be able to match that culture. I'm not going to say, yeah, don't worry about how you dress or how you present yourself or how you answer the [00:22:00] phone.

All what really matters is that we create a lot of margin and we just screw people along the way. Right? , I want to be of the top echelon of how we run business. As a result, I'm going to naturally be attracted to businesses that can have that ability. There's not a huge change that needs to take place to make that happen.

It's within reachable range, if that matters. Right. That's the thing that we're evaluating, ? I show up and the guys are all in shirts internally. No, one's ever seen them dress like that. It doesn't really matter to the customer. I know I can change the culture internally by getting them in uniforms and getting them excited, helping them see hierarchy.

They know where they're heading in the company and they can talk about. I want to move from this phase to that phase. I want to become a manager that wears a black shirt and I want to do this, that, and the other, I can create that kind of culture where there's aspirations here rather than aspirations externally.

That's what we want to create. That's the way we think about it is yes, [00:23:00] there's a culture already in existence before we take over. And then it's during the due diligence part. How malleable is that to get them to where we would want to be and where we would want to ultimately be proud of the type of business we run.

Priscilla: Could you talk to me a little bit about scalability? I know it's so complex. , but when you're looking at scaling a business, if you're a small business owner, things possibly that you might want to consider in terms of thinking about long term growth and thinking about profitability, I know it's a big topic, so you can just give a few things just to nibble on mentally.

Malcom: Yeah. , we are big into low code, no code tools. We've got an internal team that basically runs that process. We'll take a business and then implement those tools. I don't think every small business that's just getting started less than seven figures. Revenue 

if you're at that phase, you don't need to go figure out all the automations and figure out all these types of things what you need to do is how do you replicate [00:24:00] yourself? So you get more into moments of revenue opportunities. And the same happens with us. , we're just doing it slightly different because we know who our market is a little more clearly sometimes, because we've proven that out over decades and decades, of historical record.

If you're in that phase of running a less than a million dollar revenue type business, your goal is to hand off things literally hand off so much so that you could turn your phone off for the whole day and no one would need to ask you a question about it. And if you do that, you'll create a culture of people aren't dependent on you to be able to accomplish the implementation of the business.

And you can go into the revenue role a lot more successfully. I think, most businesses that are doing less than a million in revenue, you need to be the revenue person in some ways. And so you've got to drive that process forward and let other people do the implementation. And a lot of the time, because you were the plumber, you [00:25:00] wore the website designer or whatever, you're still on the implementation side and you're losing money in my opinion, every day by not being on the sales side.

And there's ways to outsource that, but it's never the same. And so that's my kind of immediate take on that. That people can be focused on to scale the business, get yourself out of the implementation side and get yourself into that. And then when you get to a little bit larger type business, call it, low seven figures and up.

That's when you can start building in a lot better data management tools. So you are pulling yourself out of maybe the revenue role, and you're going into a role of how do I make thoughtful strategic decisions? For instance, we take over a business. What we do is after two weeks, we present to the whole team.

We call it our family lunch. We present at our family lunch, the organization chart for the business. And often they've never seen one before. They have no idea what maybe their title really is or who they report to or what the [00:26:00]hierarchy is. And it's not so much to put them in their place, but to allow them to see, like this organization has some legs to it, and here's where everybody kind of sits and here's who they report to.

And here's why you shouldn't feel frustrated. If that supervisor who you actually report to has that conversation with you, all these types of conversations, but then it also allows Get a clear understanding that we're going to get information to the right people a lot more effectively. , Hey, you need this information.

You don't have a manager. I'm going to take this information directly, get it to you. And when you start creating that connectivity, that allows your business to scale because a lot of the time data information gets stuck in between the different hierarchies or different people within the organization.

And that's where the tools and things like that can be really successful. To help scale up businesses.

Priscilla: Thank you so much, Malcolm. This has been so full of gems and business nuggets. To the entrepreneur [00:27:00] who's thinking, wow, welcome. And what he's doing, , how did he develop himself? What can I do to build that capacity?

Malcom: I'd go back to the same framework that we talked about before I would go a top down approach on profit and loss statement. , if you're going to go be a founder and run a business, be the head visionary of the business, you've got to understand that three part framework.

I think that would solve a lot of the ways that you think about it and think about them compartmentalized. What's my main pain point or my main bottleneck that's happening in the revenue side. Service side, cost of goods sold, all that related to after the revenue and then operationally, like if we're going to go implement this service to people, how does it look like for us to collect, payments?

How does it look like for us to do all these other things , those three components, splitting them out. Allowing you to become as good of an expert in kind of those three buckets. There's typically business books that kind of focus on different ones. It's a sales guide. It's a management of people situation, which is often your cost of goods.

Cause most of your [00:28:00] people end up, being in that sector of your profit and loss statement. And so then it's all the rest of the stuff. How do you work with a CPA and reconcile tax returns and all that kind of stuff is like the other parts of books. Right. And so I would compartmentalize that.

And. Thinking through who are the people out there in my spheres and my circles that I've already been connected with that I can either, maybe their founders, or maybe there are people that have worked with founders and bring them into what I'm already doing, finding a way for them to be a part of what you're doing.

I'm not implying partnerships, but it's pretty cool when you can bring somebody in, who's really good at driving revenue and they're not a partner, but they share in the revenue. And they're just getting to run full fledged into that compartmentalized section of your business. And you can then go work on the next bottleneck of the other sections.

That's the way I usually think about business is in those three and solve them individually rather than trying to broadly solve problems all the time.

Priscilla: Thank you for that insight. Malcolm, this is definitely the last question. Please tell me if there is a [00:29:00]business book that you would recommend or one of your favorites for some reason 

Malcom: The one that I would tell a lot of people is if you're in that visionary role is the e myth. If you haven't read the e myth, I think that's huge. Talks about the type of people that would be a part of your organization that you need to be in and finding how to get those people onto your team is the one that I would recommend.

Philosophically, but also good. And then all that to be said, I think there's a lot of other great ones out there about buying back your time, which is one that's come out more recently and how do create that kind of leverage in your kind of daily schedule.

But as the owner, your goal, in my opinion, is to get high quality. Grade a people on your team and find a way to them to be excited about what you're doing. And , that culture will permeate out if you get those types of people.

Priscilla: Please let people know where can they go to learn more about what you do and where can they go to learn from you?

Malcom: Yeah. Thanks. So I'm on LinkedIn and Twitter. Happy to just get Malcolm piece on both of those. Happy to take any questions or, feel free to reach out, but also online at sit Sarah, it's spelled T S E [00:30:00] R a sit Sarah growth partners that Sarah. com I'd love to be able to chat with anybody.

Like I said, we, we buy exclusively blue collar industrial type businesses, but we've got a lot of tools on there and things that we, try to educate people on about what it looks like to transition their business. And we try to be that solution. For a lot of folks that may not have a secession plan or somebody to hand their business off to love to be able to chat with anybody that's interested in that.

Priscilla: Thank you so much, Malcolm. You've been awesome.

Malcom: Thanks for having me.