Steven Pope

By the way, there's about three or four agencies that have 30 plus MAG employees.

And if you go look at their model, they are using private equity and are operating at a loss

three years into their business.

So what the hell are they going to even sell with zero EBITDA giving out equity?

I do not know.

And neither do those employees.

And sometime in the next one to two years, they will realize that when either one of two things happens.

Either the company goes under because they are not profitable and they're not going to get another funding round because why the hell would anybody fund a non-profitable agency?

I was profitable day one.

I was doing 70% net margins my first year.

And...

they're probably going to go under.

Or two, they do sell, but because the equity has been so, I don't know what the right term is for it, but basically there's so many diluted, is the right term, diluted.

Their equity is so diluted, it's worth nothing.

And it's just, it's really scummy.

And so I can't do that to my people.

So that's why I'm anti-give out equity.

I would rather just give people their base salaries.

Like inflation is crazy.

The world is crazy.