Greg Mohr - Grow Your Wealth Combining Franchising & Real Estate

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Greg Mohr got his start working for a master franchisor for Taco Bell. He quickly saw how a franchise can be a vehicle to build the live you want and strive towards financial freedom. His path eventually led him to pursue a master's degree and work in engineering. He also purchased a dry cleaning business and some rental properties on the side. He found his corporate job unfilling and could tell his heart wasn't in it. After getting laid off, he realized he never wanted to work for another person again and put his control in his hands. He invested in a telecommunications consulting franchise and hasn't looked back since. He is now the head of Franchise Maven, a franchise consulting firm that works to partner ambitious entrepreneurs and corporate employees with great franchise opportunities that are a fit for them and their future goals. He's also the author of a Wall Street Journal best selling book, "Real Freedom: Why Franchises Are Worth Considering and How They Can Be Used For Building Wealth."

In this episode, you will:

• Learn how you can maximize income diversification through franchising opportunities.
• Identify the ideal franchise fit to expand your revenue streams.
• Harness the support of a franchise to accelerate your wealth and growth as an entrepreneur.
• Cultivate prosperity by leveraging franchising for real estate professionals by finding vertical alignment with segments of real estate you're already in.
• Explore growth opportunities and financial expansion through franchising.

The key moments in this episode are:
00:00:00 - Types of Clients
00:05:48 - Role of Franchise Consultant
00:09:40 - Time Commitments in Franchising
00:10:43 - Non-Restaurant Franchise Opportunities
00:11:57 - Hidden Service Industries
00:12:07 - Franchise System Importance
00:15:15 - Accelerating Growth with Franchise
00:17:48 - Future Growth Opportunities
00:20:25 - Finding the Right Fit
00:24:21 - The Real Estate Challenge in Franchising
00:24:46 - Family-Owned Franchises
00:25:36 - Benefits of Franchising
00:26:42 - Funding for Franchises
00:27:38 - Conclusion and Call to Action 

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https://www.linkedin.com/in/gregorykmohr/

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Greg Mohr
Probably about three different types that I work with on, on a regular basis on that, business owners who are looking to diversify on that, they want to pick up another business. And then for my corporate people, I have generally two different types of the corporate people that I have on there. We have what we call our corporate refugees, what you refer to getting out of the corporate world. They want to do something different. They've had enough of that corporate world, and they're ready to take on something new and different. And then I have those folks that are in the corporate world and want to stay in the corporate world, but they're looking down the road and they're saying they're not quite going to get where they want to be, so they need something on the side.

Mike Swenson
Welcome to the REL Freedom show, where we inspire you to pursue your passion to gain time and financial freedom through opportunities in real estate. I'm your host, Mike Swenson. Let's get some REL Freedom together. Hello, everybody. Welcome to another episode of REL Freedom. Talking about building time and financial freedom through different opportunities in the real estate space. And we've talked about this topic a couple of times before. I'm really excited to talk about franchising and how franchising can really help entrepreneurs. People in the real estate space add additional streams of income, add additional wealth building opportunities. Whether it's more turnkey, whether it's more hands on, there's just a whole bunch of different opportunities out there for you. And so we've got Greg Mohr from franchise Maven here, and I should say so we're REL Freedom, R-E-L freedom. Real estate leverage freedom. And you wrote the book REL Freedom, R-E-A-L why franchises are worth considering and how they can be used for building wealth. Wall Street Journal best selling author, Greg, we're so excited to have you on the show.

Greg Mohr
Honor to be with you today, Mike. Thank you.

Mike Swenson
So why don't you just share a little bit about your background, and we'll talk a little bit about in the real estate space, how franchising can really play a big factor. But let's kind of share your story, go back, talk about what you did, how you got into franchising. You also had some other businesses as well, some rental properties. We'll get into that, but just kind of share a little bit about your background.

Greg Mohr
Thanks, Mike. Okay, a little bit about me, where I got my first start in franchising. Well, I'm going to date myself here a little bit. But back in the late 70s when I was turned 16, kind of high school. Back then, most of us got jobs at fast food places. Well, I just picked Taco Bell. For whatever reason, at the time, it seemed like a good place they were hiring. So I moved up in the Taco Bell world a little bit, and I started managing restaurants for this lady. And unbeknownst to me at the time, she was actually a master franchiser for Taco Bell, and she owned about 50 taco bells throughout the woodland, California, Sacramento, California area. So that was my first foray into franchising. I helped her build up her restaurants all over Sacramento, and it was a really great experience because the franchising had that playbook that you followed. So anyone you go into, you just had to make sure everybody was doing what they're supposed to do. Treat them right, help them build their sales. That was perfect. I went on to manage other restaurants, and then I got bored, got a degree in electrical engineering and physics, became a microelectronic circuit engineer. And while I was doing that, I started getting my degree, or got my degree in master's degree in business. And I read Robert Kiyosaki's books, rich dad, poor dad, which I know a lot of your listeners probably have as well. And I started thinking that there's got to be something better out there. So I decided the first thing I was going to do, help the friend out whose wife had just gotten into becoming a realtor, and I had her find me a couple of rental properties. So I thought that's the first good start for it. So I got a couple of rental properties, ran those rental properties for a while, did it myself for a while, while I was doing the engineering thing, a little bit of work, but that was okay. It wasn't too bad. But then I turned it over to a property manager after a while, had them do. It was a little bit easier to do it that way. Then me and another engineering friend of mine, we bought into a privately owned dry cleaners. So it was a dry cleaners, had a few drop off locations, and had some storage units as well. So we're doing the storage units, rental properties, dry cleaners. At the same time I was working as an engineer. Quite a bit of work on that, but still doable. Then I decided, or actually the company, I think it was prescale semiconductor. At the time, I worked for motor role semiconductor. They decided I was no longer needed there. I think my boss realized what I realized that my heart was no longer in it, and they laid me off. And then I said, to know the private owned business was good. But boy, it was a lot of work trying to figure everything out for yourself. I really love that thing I was doing with Taco Bell in the franchising world. I said I got to get into a franchise. So I just went out there and started clicking all over the place on franchises, had a whole bunch of different people, about 20 different franchise development people calling me. But I finally got a hold of a franchise consultant who smoothed everything out, made it nice and clear, watered all that confusion, got into a franchise at that point in time, ran that franchise for a while, but then I decided I really like what that franchise consultant was doing, especially working from home part where I didn't have to go out and about driving around all the time. Thoroughly enjoyed that. Not for everybody, but I enjoyed it. So I went back to him, said, teach me what you do. I like that. So that was about ten years ago and I haven't looked back since.

Mike Swenson
Talking about franchise consulting, the thing that I have had a little bit of experience with a franchise. We talked a little bit about that offline, but really it's about finding the right fit for people because all sorts of people have different skills and abilities and passions, time commitments, money, availability. And so there's a ton of different franchises out there. There's a whole catalog of opportunities. And what a franchise consultant can do is really help pick the best opportunity for you based on your skills and abilities, what you want these businesses to achieve. And for so many people in real estate, like I said, you've got a lot of different irons in the fire, you've got different streams of income going. And so there's a lot of great franchise opportunities out there where instead of trying to reinvent the wheel yourself, start from scratch, learn all those hard lessons. You can really just plug into opportunities where people have hopefully kind of figured out all that stuff and you can get further, faster and add additional streams of income to businesses as you already have.

Greg Mohr
Absolutely correct, Mike. There's a lot of things that we look at when I'm talking with my clients on that. Where have you been? So why? Where have you been? What skill set do you bring to the table? Where are you at now? What are you looking at for investment wise? Time and money? And then where do you want to be five to ten years from now? What are you looking for that franchise to provide for you on that? So that was just a few of the many questions that we go through and there are about, as you indicated, a lot of franchises out there. Mike, there's like 5000 different franchises out there. Now, I don't work with all 5000, but we work with about 500 of them. And I help you avoid all that confusion and all that uncertainty about how to get started and how to get involved in a franchise on that. And there's a lot of things that we do in the background that you won't have to do. So we're like a plug and play system when you get all of a consultant and just keep in mind that we as consultants definitely see a consultant. If you're going to look and do franchising, I prefer that it be me. But I understand that there's many different consultants out there. Just keep in mind that we don't charge anything for our services. The franchiseors pay us a referral fee.

Mike Swenson
I joke about as a real estate agent, my goal is to be a matchmaker for the investment opportunity you're looking for. You're really a franchise matchmaker looking for pairing the person with the right franchise opportunity.

Greg Mohr
Exactly right, Mike. So what I do on the other end. So we were just talking about the client there a minute ago. Now, on the other end, on the franchises end, I get to know the franchises. They give us a lot of webinars that we go to talk to them about what their business is. I go out and visit with a lot of them. So mine is all about education. I'm educating myself on the different franchises and then I educate my people on the franchises. But what we're really looking for is when I'm looking at those franchises is who are they looking for in a potential Successful franchisee. So I already know who they're looking for. Now I just need to know who you're looking for and yeah, like Match.com and a realtor.com all mixed into one on that one.

Mike Swenson
Out of curiosity then, for people that come to you, are these folks that have maybe past entrepreneurial experience. Maybe they're working a w two and they're looking as a way to get out of their w two. What's the background of the types of people that come to you and are looking for kind of that next thing in their life? Maybe hit that roadblock like you did, or maybe that passion roadblock where it's like, hey, this isn't really meeting my needs. There's something more, something better, something different out there.

Greg Mohr
Yeah, great question, Mike. There's a few different types, probably about three different types that I work with on a regular basis on that business owners who are looking to diversify on that. They want to pick up another business and then for my corporate people, I have generally two different types of the corporate people that I have on there. We have what we call our corporate refugees. What you refer to getting out of the corporate world. They want to do something different. They've had enough of that corporate world and they're ready to take on something new and different. And then I have those folks that are in the corporate world and want to stay in the corporate world, but they're looking down the road and they're saying they're not quite going to get where they want to be, so they need something on the side.

Mike Swenson
Obviously, it depends on who they are. But how much time are people looking to invest into this? Because some are, there's more kind of turnkey opportunities where you don't have to be full time. There's some owner operator opportunities out there where you're right in the thick of it, hiring everybody, running everything. So what's the time commitments based on some of the opportunities that you typically pair up with folks?

Greg Mohr
Obviously the first one, Mike, would be full time opportunities. There's plenty of full time opportunities out there on that, but that doesn't necessarily mean 80 hours a week. That's your sole thing. There's a few franchises that want you to do no other jobs, no anything else. Just do that. I would say for quite a few of my people, probably over 50%, most of them want to do the semi absentee thing. So you're looking there at about ten to 15 hours a week, just depending on your management skill and style there. And I think I have four franchise opportunities where they actually have a management team that will run it for you. So you only put in just a few hours a month.

Mike Swenson
And in those cases, you just either hire somebody or the franchise opportunity is pretty much plug and play where you don't really have to insert yourself in there.

Greg Mohr
Yeah, as, as plug and play goes, most of them are just that simple. They've got that game plan already for you on that. But the ones that are semi absentee that you're referring to, Mike, those are the ones where what you're going to be looking for in that franchise system is how they're going to help you find that manager on that for yourself. And if you're thinking about industries, there's many different industries that you can get into. So don't just think of the restaurants and that sort of thing, but there's home improvement and all that good stuff as well. But you were looking for a franchise system that if it is semi absentee, what are they going to do to help you find that manager because you don't necessarily know exactly where to look yourself, depending on the industry. So you're looking for some help from the franchise. And that's a must for any kind of business that you're getting into is what kind of support are you going to get from that franchise.

Mike Swenson
Yeah, and now you mentioned the restaurants. I know when a lot of people think about franchises, that's the first thing that comes to mind is you've got your fast foods, you've got your restaurant chains and all that. But yeah, for people that maybe have real estate experience, have been in real estate or looking to get into real estate, there's a lot of great opportunities that might pair well with what you're already doing in the real estate industry or pair well with the time availability that you have. But talk about maybe some of those other opportunities that the non restaurant related stuff.

Greg Mohr
Yeah, that's a great question, Mike. When we drive down the road, that's what we see all the time, is all those buildings, all those brick and mortar places that we see not just the restaurants, but, you know, your supercuts, great clips, miniki Mako fitness studios. What people don't see all the time is the services industry that you're referring to there, Mike, is that those industries are where you don't necessarily know they exist until you need them. So you need a great franchise system to drive people to you. The real estate investors that come to me, they are looking for something that relates to the real estate world that they're working into. So obviously the first thing that comes to mind is handyman services because you've got to have some things fixed up to get it going. Roofing, painting, HVAc, electrical, plumbing, those are all services that you're probably already used to as a real estate person. And my real estate people are, they've dealt with them. You don't have to know electricity or you don't have to know plumbing as well because those franchise owners don't want you working in the business. They want you working on the business and building it up. So it's an easy one to do, semi passive easy one to do. Even if you're going to do it full time, those are great opportunities because they relate to what you're doing. And if you've got a few rental properties already, well, then you've already got a clientele list for yourself. And then now if you're looking at something that has other things to do with the real estate world itself, you can do things like salon suites, where you build out a section of a building and you subdivide it up into individual suites for people who own their own business. Hairstylist, nails, massages, that sort of thing. Or office suites that you can do as well, where you have the small little regis type office on those. And we also have two franchises. One that does, that will help you with real estate investing itself. I think it's, we flip houses or something like that. And then we also have a franchise that helps you with commercial real estate investing as well.

Mike Swenson
Yeah, I was joking. So we have a 25 unit apartment building that has two commercial spaces below it. One has been filled, one we're looking to fill. And we kind of jokingly said like, hey, why don't we launch a business and launch it out of that location? So if you own some commercial space, you could pick up a franchise and have your franchise headquarters or have your building be out of that same office building that you own. And so that's another some other opportunities out there. And I think that's the cool thing about real estate, is it really is an entrepreneurial playground where there's so many different things that you can do with it. And franchising fits really well with people in the real estate space depending on what they're doing and where their area focus is because, yeah, there's so many different opportunities out there that if you sat down and wrote out some of these additional opportunities, being in real estate already or looking to get into real estate, there's just a way to kind of vertically integrate these different opportunities to help yourself along the way and not have to reinvent the wheel. You had mentioned the goal of working on the business, for working in the business. I think for a lot of people that haven't considered a franchise, it really is being able to not have to go through the headaches yourself. Right. As a new business owner, somebody launching their own business, there's so much junk they have to go through all the learnings. So talk about how a franchise can really accelerate growth, reduce those learning headaches and allow them to, like you said, really focus on the business versus getting sucked into in the business in those early stages.

Greg Mohr
Yeah, great question, Mike. I can relate to that personally going through that, buying that dry cleaning business, when I and my friend, we actually had to go learn about the dry cleaning business ourselves before we did. That's one of the reasons why I did not want to go back into a private business again when I went to do franchising. That franchise is going to give you that playbook, that step by step playbook, you're never going to be wondering, what do I do next? So a lot of people think, okay, that franchise is going to help me out. Yes, it is. They're going to have everything for you. If it's a service industry, they probably have call centers so you don't have to worry about fielding any phone calls on that. But they're going to teach you everything. Thing that is that you need to know about that. They're going to drive people to you when that need arises. And what you're looking for in that franchise is you're looking for that franchise to get you to where you want to be probably two to three years quicker than if you were to do it yourself. And keep in mind, not only is that franchise system helping you grow, but most of the franchises, probably about 90% of them, have specific territories that are exclusive to you. No other franchisees can come into that territory. As you're going through that franchise investigation process, you're talking to other franchisees. These are not your competitors. These are people that are going to work with you to help grow that entire franchise system up. So not only do you have that franchiser helping you grow, but now you've got all the other franchisees that are all working together. So you got a whole team of people, a whole tribe of people that are helping you build that out. So yeah, you're going to pay a franchise fee, you're going to pay royalties. What you need to determine as you're going through there and looking at that is, is that worth it? What am I getting out of that money? Am I getting to where I want to be two to three years quicker as compared to if you were to go out there and do it yourself, what do you have to do yourself to get that business going? And you just do the comparison. Franchising isn't for everybody. I don't try and convince people it is. It's not necessarily the greatest thing since sliced bread to everybody. I like to educate people on it, show them their options, let them do the comparison.

Mike Swenson
Yeah. And then some franchises as well have those expansion opportunities where, yeah, you may have some territory development where you're the first location in a new territory and you might be able to get the rights to grow. Some may not have those opportunities. Once again, it comes back to finding the right fit. And so if you're looking for future development opportunities, maybe you pick a franchise that has those. So talk about maybe some of those future growth opportunities. If you want to expand to more locations or have some additional spots as you continue to grow versus just a single location.

Greg Mohr
Perfect. Mike. That's absolutely one of the good reasons why you want to get involved with a franchise consultant or if you know a specific franchise that you want, just go for it. But one thing to ask them is they'll tell you yes or yes or no, the territory is available in your area. Next question is how many outlying territories are available in my area as well? So that way you can find out and you can buy more than one territory when you first get into it. I recommend usually just start with one, see how it goes, if it goes. Get more put in there if you can. The right of first refusal if you have adjacent territories, so that if anybody else is looking at the territory adjacent to yours, the franchiseor has got to tell you and you have the opportunity to pick it up right away. So that would be what we call an area developer. When you pick up more than 1235 territories, area developer. The other thing to consider when you're expanding out your franchise, that's horizontal growth. So if you want to take a look at vertical growth, then what you want to look at when you're looking at franchises, you want to not only look at that individual franchise, but see if they're involved in a group, the neighborly group, for instance, the neighborly group is probably the largest home services company in the US. They've got about 20 franchises underneath them. Authority brands. That's another one, premium service brands. They've got several different franchises within their group. So now what you can do is you can pick one territory and you can do vertical growth on that. So with those, you can pick up your maid service, you can pick up your handyman service, your plumbing service, your electrical service. Now you've got one territory and you just pick up more services. So what you're doing there is you're owning the home or owning the business. So whenever somebody needs something, they just turn to you. So that's great vertical growth. You're advertising to the same people all the time, same area. Great way to expand.

Mike Swenson
Yeah, like we've talked about, I mean, the opportunities really are endless when you start to take a look at it and your mind might open up and think, oh, gosh, I could do this franchise, this franchise, this franchise. There's just a lot of cool opportunities. We've talked about this a little bit before about you being the consultant, helping people to find the right fit. And I think that's the thing that I want to highlight with people that might be listening to this and are curious because, yeah, they might have seen, hey, this franchise is doing really well. I'll call their franchising department and get plugged in and see. But for you, because there's so many different brands, so many different opportunities, it might open up things that they haven't thought of to really fit their skill sets, their passions, because you want to find something that really does fit with you. Not a square peg and a round hole versus like, hey, I heard this franchise is successful, so I'm going to join them or try to join them. Well, it just might not be a fit based on where you're at. So talk maybe about kind of that fit piece.

Greg Mohr
Yeah, that's a great question there, Mike. So real estate, real estate people, my husband and wife team real estate, they came to me and they. We go to our local brewery all the time. We love it. It's great, it's busy. Outstanding thing to own. I want to look into a brewery. It's like, cool, we can do that. Let's sit down, let's talk some more about other things that you may be interested in. So we can kind of do a compare and contrast on that. And the wife said, I'm doing my own thing with the real estate. I'm not going to probably get too involved in that. So just the husband was doing it. So we looked at a few things and what we also looked at was an electrical services franchise as one of them. So they started investigating the brewery and the electrical services franchise.

Mike Swenson
Well, brewery is pretty darn two very similar opportunities.

Greg Mohr
Yeah, it was Od, but it was one of those things where they went into the brewery, they saw it was busy all the time, they thought it was great. But what they ended up doing was getting into the electrical services franchise, because we talked about what it is that they've done in the past, what they're familiar with, what they're comfortable with, their investment level, what they're comfortable with, a lot less for the services industry, which is about 150,000, give or take breweries, like 400,000 on that one. And at the end, the wife spoke up and said, we were planning on running this semi passively, but I'm going to run that electrical services franchise, I'm going to take that one. So it was like, wow, it's complete turnover. But that's what we do together, is what we work together. I had another gentleman that was in the IT industry from back east. He moves over to Oklahoma, not getting paid what he wanted in the IT industry in Oklahoma, because pay was a little bit different. So we went through and he said, let's find me a good it franchise on that. Well, long story short, he is now in the auto mechanic industry for an honest one. Auto, because he loved working on cars, or he loved being around cars. Not necessarily always just working on himself, but he loved being around him. And he knew cars and he knew vehicles, and we ended up with that. So what people come to me, Mike, at first, and think about what they want. Once we start exploring their passions, what their interests are, what they see their life looking like in five to ten years, we don't always end up with the same one that they started with there. There's so many different opportunities out there.

Mike Swenson
Yeah. And I think, too, because you had mentioned this, the capital investment and kind of the projected earnings, or what people could potentially make. You go into one opportunity and you think, oh, brewery. And you might realize, well, jeez, I can make way better margins on something else, maybe in a different industry. And so that's also part of the process, is you get to see in the franchise disclosure documents, where they share, kind of remind me of it's different tiers, right, where you can see kind of like the top quartile, middle quartile, what people make in the franchise to get a sense of, okay, where do I feel like I might fit in? Obviously, they're not guaranteeing incomes, but you get a chance to see what those potential earnings could be. And, yeah, you might see I can make way better margins with a lot less time over here than what I maybe went into the conversation thinking, because that brand looked cooler, the brewery was always busy, and it must be a good opportunity.

Greg Mohr
Yeah, exactly right, Mike. And it's surprising when you're looking at the brick and mortar places, you're looking at $300,000 total investment on up. That includes the franchise fee and everything. When you're going over to the services industry, you're looking at $150,000, give or take, depending on what kind of equipment you need on that one. As far as the money that you can make, really doesn't make too much difference at all. These are just two different types of businesses. Whichever one you want, whichever one you feel more comfortable to find, I can find ones for you that make good money either way. But margins wise, yes, margin wise in the service industry, because your overhead is so low, definitely much more there. You're up and running a lot quicker with those as well, because you don't find the real estate. Franchiser finds the real estate for you by the way anytime you're in a brick and mortar franchiser has got to be the one to do it. You're not necessarily an expert at that, but you have to get the real estate, and that takes a few months. Whereas the service industry, you're trained, you're up and going, you got your licenses, bam, you hit the running.

Mike Swenson
One of the things that was really surprising to me, the more I dug into the franchising industry is a lot of times when people think franchises, they think huge corporations making a ton of money and that sort of thing. And what really surprised me is it's actually all these family owned, hey, this is our family business. We're looking to do this to build something for our future. And so it's really kind of the opposite. It's kind of this ground up bootstraps. We're looking for franchises to help us build and grow our wealth versus what people might think is this big corporate opportunity where the person at the bottom gets squeezed out. It's really this kind of family, small, entrepreneurial type person that's really looking to plug into a franchise to grow. And so that really is most of the people that might be listening to this, hey, I want to grow a business. I want to build wealth. And franchising really can be that tool and that opportunity for me to get what I want out of life, both from a money standpoint, but also a time commitment standpoint. And so franchising, for those that haven't considered it, is an amazing opportunity.

Greg Mohr
Yeah, it is. It's great. You usually get to talk to the person that created the franchise in the first place before you get to it. Now, it's going to depend a little bit on how large the franchise system is, but for the most part, you get to talk to the owner that actually started out, and you get to talk to them and say, how did you get started? Where do you see yourself going? And they're going to be right there when you meet them. One of the final steps in the process is to go out there and meet the team in person at their offices. So you're going to meet that person that did it. And if you get into one of the smaller, emerging type franchises, you're going to be working hand in hand with them as you grow your business.

Mike Swenson
Yeah. Awesome. Well, thank you, Greg, so much for coming on and sharing for people that want to learn more about franchise Maven and also, too, about your book, how can folks do that?

Greg Mohr
You can go to my website, franchisemaven.com. That's franchise M-A-V as in Victor en.com. Email me at [email protected] or just pick up the phone and give me a call at 361-772-6401 last thing we didn't discuss, Mike, that I want to plug in real quick. What everybody asks, how do I pay for it? Franchises are very easy to get funding for. If you want to get funding for a franchise, franchises have a proven record. We have people that fund franchises all the time. As long as you've got a decent credit score, 600 and 5700 or better, you want to use other people's money. Simple process. You can also do an IRA or a 401K rollover if you don't want to go into debt. That's what I did to do my business. So if you need information on that, just let me know. That way you don't go into debt and you just roll over your retirement money. Definitely a personal decision, but it's out there.

Mike Swenson
Yes. That's an awesome part. Yeah, we didn't cover that. That there is funding available. It's not like you have to be sitting on this mound of cash to be able to invest. You can get financing for those opportunities. Well, thank you so much, Greg, for coming on. I really appreciate you sharing. And yeah, for folks listening, there's a lot of great opportunities out there. It's about finding the right fit for you that's going to help you achieve what you want in the future. So reach out to Greg and get the conversation going. And thanks for coming on and sharing.

Greg Mohr
It's been an honor to be here today, Mike, thank you.