You might think snow is bad for a car wash business…

But what if it turns out to be their best friend?

In this episode, Harry Caruso, founder and CEO of Car Wash Advisory, unravels the intriguing dynamics of the car wash industry and how it stands as an attractive investment sector in the world of mergers and acquisitions.

In this episode, you’ll discover…

• The surprising impact of snow on the car wash economy.
• Why car wash operators have opportunities to succeed no matter their scale.
• How matrix-like operations are shaking up the car wash industry.
• The relevance and advantages of reps and warranties insurance in selling businesses.
• A peek into the upcoming 2025 trends for the car wash sector.

Mentioned in this episode:

• carwashadvisory.com
• harry@carwashadvisory.com

Transcript

Patrick Stroth: Hello there. I’m Patrick Stroth, trusted authority in executive and transactional liability and national practice leader for mergers and acquisitions for Liberty Company Insurance Brokers. Welcome to M&A Masters, where I speak with the leading experts in mergers and acquisitions. And we’re all about one thing here. That’s a clean exit for owners, founders, and their investors.

Today, I’m joined by Harry Caruso, founder and CEO of Car Wash Advisory. As the name suggests, Car Wash Advisory is the leading M&A advisory firm for sellers of car washes. Car Wash Advisory is comprised of seasoned professionals with a deep understanding of market trends, operational dynamics, and valuation metrics specific to the car wash sector. Harry, it’s no small feat to be the best in the US in anything, and so as the leader in the car wash sector for M&A advisory, it’s an honor to have you. Thanks for joining me today.

Harry Caruso: Patrick, it’s a pleasure, and I’m very excited to be here. So thank you for having me.

Patrick: So, Harry, before we get into Car Wash Advisory and the sector overall, let’s start with you. What led you to this point in your career?

Harry: What led me to this point is a very non linear path, as I’m sure is true of many, many who may be listening or watching. My background was, I was an engineer by school. I then went over into the wonderful world of traditional investment banking at a bulge bracket firm. And have traversed from there to FinTech startups, mostly on the capital raising side, cross cap structure, hedge fund investing, and then, as of course, all good paths eventually lead to the car wash space.

Patrick: There you go. Yeah.

Harry: And about six years ago, I founded Car Wash Advisory, and I have just been so very fortunate and blessed to be in a community and in a group of people that are just, this industry is fantastic. What we do is awesome, and it’s tremendously rewarding.

Patrick: Well, now I usually ask my guests how they came up with the name of their firm. Pretty self explanatory for you. But with regard to Car Wash Advisory, give me an idea of the industry real quick. Because, you know, is it a large sector, fragmented, not fragmented? Give us a lay of the land there.

Harry: It’s a very surface level misleading market by way of total size. So what I mean by that, Patrick, is the very naive first level metrics of how many car washes are in the United States is very different than how many high volume investable or institutionally investable assets are there within this segment. Very different numbers.

So by and large, you’re going to see numbers around 15 billion of total revenue value, 30 billion in some cases. There’s a lot of variability in terms of the estimation, but it’s not as large as people think it is, but it is substantial. So call it 6000 to 7000 high volume investable assets in terms of site counts throughout the country.

Patrick: Okay. And then is it a couple big players dominate a large percentage of it and everybody else is independent?

Harry: No, so this industry begs to be abused, misused, and then to retaliate via sort of a rebound effect. And it has happened before, and it’s happening again right now. So to answer your question, the largest player in the space is Mr. Carwash, publicly traded, and the only publicly traded pure play car wash company.

They have 500 sites, and that 500 depending on how you look at it, whether or not the denominator is out of six to 7000 or 60,000 total car washes, is a very different market share. But let it suffice to say that private equity and institutional investments, financial sponsors as a whole, if you will, own the vast majority of high performing car washes in the entire country as of today.

Patrick: What percentage in your definition of high performing, and we get into that later, but what’s the difference between high performing and low performing?

Harry: Yeah. So the best way to think about it is because car washes do come in many flavors. And the last thing I will do is I will spare any listeners from listening to me go on a tirade as to the different types of car washes. But let it suffice to say, those that are capable, truthfully, capable of making call it over a million dollars of cash flow per site.

Under that, if you have different varieties where you’re going in, there’s no attendants. But the investable universe of high volume, where financial sponsors have invested before, and that replicable and scalable model being that of the express exterior tunnel car wash.

Patrick: And are we looking more at financial buyers just rolling up a lot of these practices? Or do we have outsiders that may be looking to break into this? It may, it may not, be a very capital intensive organization, but you know, who are the players, who’s coming in to merge and acquire car washes?

Harry: This is definitely one of those ones where you’re going to have to keep me in line in terms of going on a tirade. So here’s the most interesting part about car washes, especially in comparison to any other business, when looking at it from the purview of that of an institutional investor, outside investor, or individual operator.

Car washes provide owner operators and investors the opportunity to win at any scale, no matter what. And this is going to be to the defiance of and the dismay of many financial sponsors that may have gotten into the industry under the false presumption of the existence of synergies. Especially on the poster or grander than regional scale, which do not exist.

Nonetheless, there’s nothing to prevent a single site operator from absolutely competing with a multi site big brand always. There’s no significant savings on your costs. There’s some synergy in terms of brand recognition, very minimal. So by and large, this industry always allows for exceptional new entrants to come in. So some of it is that.

Patrick: Is it a regional thing, you know, where proximity for the customers? Is that largely it?

Harry: Yes, but less so regional as it is site specific. So I think the biggest, yeah, there’s, there’s the biggest actual, albeit an intangible synergy of having a strong regional dominance, such as, like a Crew Car Wash, which is just, they’re incredible. I mean, if you’re looking at the space and you want to go look at a company that’s done car washing, right, go to Crew Car Wash in Indianapolis.

And the reason I bring them up is the regional dominance allows you to afford to provide your employees, your team, and create a culture that is second to none, which, albeit again, not directly tangible or measurable, does percolate down to the end consumer’s experience. And certainly your bottom line on your financial statements, albeit it takes 50 years.

Patrick: Okay. And then you say now that you can have the best organization there, and you have scale, but anybody can come into an area of your dominance, and compete.

Harry: 100%. There’s nothing to prevent you. Now, there are certain very, very small nuances to that, involving that of municipality specific ordinances, will they allow more car washing? There’s a zoning element, so on and so forth. But compared to any other industry beyond that of selling, you know, non-specific, generic widgets to the end consumer direct, it’s not hugely prohibitive by any means.

Patrick: Gotcha. Now with Car Wash Advisory, which side are you on? I mean, you have the capability for both the buy and the sell side. Break it down for us.

Harry: Yeah, so get this, Patrick, everybody thought I was nuts to do this and that we were crazy to build an entire business this way. We only represent sellers. We’ve never represented a single buyer, and we never will. I just don’t.

On a personal note, the reason for that is that I am so deathly afraid of conflict of interest, and was so sort of put off by the omnipresence of such during my initial diligence, that we are fine to leave money on the table, to know that every client we have knows in their earnest, true heart of hearts, we have one person we are representing, and it’s them.

Patrick: Yeah, that’s excellent clarification. And so with the sellers, are they looking and again, give me a breakdown, percentage wise. Are they looking to scale up and continue on with their acquirer or are they looking just to exit.

Harry: You have to, some people do the prior. It’s our very strong advice that that should never be the case. So another proclivity of the car wash, you should never roll equity. We have never participated in a deal with rolled equity. I personally don’t think it should exist and has a place in the industry. And the reason for that is one of the nuances and proclivities of car washes as compared to that of other industries, such as, let’s just use self storage, right?

Car washes afford such egregiously attractive margins and cash flow when done correctly, that it is almost never, there are corner cases, but almost never the case that an exceptional owner operator is not generating enough internal cash flow where they would ever need to seek true external investment to throw proverbial fuel on the fire for scaling.

So there’s an adverse selection problem in terms of staying on where, in what instance would a five site owner that is netting seven and a half million dollars into their pocket every day, accept a future to stay on with somebody else, to control and steer that ship for which they are obviously more equipped to be doing it themselves. And capital is surely not the prohibiting factor.

Patrick: Yeah, and was I right in my initial thought that, you know, it’s not a huge capital intensive concern, or is it all heavy capital and big labor?

Harry: Forgive me and the naivety, but I want to make sure that, rather than just talking relativity, because I’m so entrenched in this industry, what is capital intensive? I don’t want to make broad stroke statements without understood relevance points. So car washes cost, five years ago, they cost four to 5 million to build. Now, they cost 7 to 8 million to build. And it’s not unusual for them to be upwards of 10 without blinking an eye.

The good news for new entrants and maybe the less than wonderfully feeling news for those who might have inadequate or improper exposure to this is that leverage is plentiful and very available. So that’s good. So from the actual equity injection perspective, not enormously capital intensive. From a total build cost perspective, per unit, it is quite expensive.

Patrick: Yeah, and as your clients are seeking, you know, your services, what are you guys bringing specifically to the table, in addition to the focus, the understanding of this, you know, finite sector that is better than a generalist business broker or or investment banker. What are some of the things that you can specifically bring to the table?

Harry: And believe me, Patrick, when I say everybody I told that I was going to do this six years ago, thought I was a lunatic. This level of specificity and targetedness is remarkably frightening from most people’s perspective, but I’ll tell you, it’s the best thing we’ve ever done. And the real genesis and driver of that is I am personally petrified of falling and succumbing to the trap of chasing every shiny nickel.

You do one thing, and you’re the absolute best at it, and that’s what we do. And I’m glad to say that maybe it’s coincidental, but it worked this time, and it’s going to continue to work. So in terms of what we bring to the table, it’s rather there’s basically three things, and it’s different and a differentiator in comparison to different parties.

So the first, which is the easiest, is the expertise on the industry. I’d be hard pressed to say that a generalist is going to have, whether useful or some of it maybe less so useful. Spending 16 hours a day talking about car washes is the same level. You’re not getting anything past me. There’s zero chance that we will miss it, and it’s tremendously rewarding in that regard. So there’s the industry expertise.

The other side is hearkening back to my very original first job out of college, which was investment banking at Citigroup. I like structure, and I was an engineer in school. I was very, I saw a very big opportunity with the lack of professionalized, structured processes with methodical approaches in the mid market. So that’s another differentiator.

Nothing is done by mistake with us, and maybe it, you know, there’s a couple extra checks and balances, but it’s done on purpose and in a very structured manner. And then lastly is the ethical side. I think the lower you go in deal size, the more that becomes a pervasive issue that is very rarely talked about, and it really I just don’t get it.

So we’ll die for our clients and always do the right thing for them. And I don’t think you find that everywhere. The one last thing I meant to say on the specificity that’s pretty, pretty neat, is we never, as a company, ever fear losing fees at all. So we charge probably twice to three times as much as our nearest competitor.

We don’t buy. I mean, we will more than add that value. But the thing is, is that by specializing singularly in car wash, I have zero reticence, nor do we as a company, in telling somebody to not transact today, because we’re not going anywhere. Let’s do it in 10 years. There’s no rush. We’re at the same shows for the next 10 years.

Patrick: So, yes, well said. Well, I mean to quote the great Bruce Lee, deep philosopher, I fear not the person that has 10,000 kicks in his repertoire. I fear the fighter who has one kick that’s practiced 10,000 times. And I think that what you’re doing, and I think let’s put this into context too, is who you’re serving.

Because in mergers and acquisitions, this isn’t just one company buying another company. You’re dealing with people and there’s nothing wrong with it, but you know, your clients are sellers, and they’re looking for what they want to maximize their exit. They want it clean, they want to maximize it. And they’re looking to you.

The concern that others may have on legacy or ongoing and building their venture into a bigger thing, and moving forward or rolling equity, and you know, taking advantage of getting to the next level, that that’s not here, but there’s nothing wrong with that. And I think that, you know, you’re very clear on your mission for them, and that’s got to be refreshing.

Harry: I think so, and I will, I do believe so. I am also remarkably I always joke, I say I’m remarkably bad at my job, because you will never find somebody, or never find a firm such as us that will immediately knee jerk reaction is, don’t sell, don’t transact, don’t do anything. And that’s the way that we approach everything, and it’s on purpose. Because the onus lies on proving otherwise for us. We are not here to shuffle papers for no purpose. And you’re right, it is individuals, and it’s more than just individuals. It’s their families.

Patrick: Yes.

Harry: Their kids, kids we’re talking about. And for somebody to not get what they have or are able to get for generations to come familially is an unacceptable answer for me. So we take what we do very seriously. We view it as being, in most instances, the largest singular decision and event of a person’s life. Do not tell your spouse that, I would tell them, but yeah, yeah, it’s as big as it gets.

Patrick: My whole purpose with mergers and acquisitions is the concept that this is the most exciting business event in the life cycle of a company. I mean, some people may think that going public would be the biggest event. That’s like getting drafted on day one in the NFL Draft. It’s like, great, you picked the first round. You haven’t proven anything yet.

Okay, there’s no transaction that has not only life changing, but generational impact. And to be somebody who can facilitate that, I mean, who wouldn’t want to contribute to that? And you bring that in, which I think is excellent. The one item that I didn’t hear, that you bring to the table, and I’m making an assumption here, but because you’re representing sellers, you probably have a robust, reliable list of good buyers.

Harry: Yeah, but here’s the thing with that. So everybody talks about this, and now you’re going to think I’m crazy, as well as all your listeners, but that’s not our value, right? So if somebody comes to us and they say, who are you bringing to the table? I’ll give them the list. I’m a data guy. So the list is there, organized and far more robust than anybody else.

But if that’s why you’re going with us, you probably shouldn’t be going with us, because it’s missing the forest for the trees. If you’re willing to run and give everything you have for your clients, anybody can recreate that generalized data. And if you’re playing for pocket aces, we’re not the players.

If you’re playing for somebody who’s the best player at the game, yeah, we got you. The first car wash I ever sold, I kid you not, was for $328,000 for, which I received a $12,000 commission for, and that was all about four and a half years ago. Today, Car Wash Advisory does not accept and we are not the best to represent any opportunities under 25 million of enterprise value.

And we like to be specifically within the 25 million to 250 million range. And that is not because that’s where the biggest sort of you know, opportunity is financially as an advisor. It’s because that’s where we can add the most value, and we like to play where we are best.

Patrick: Gotcha. Any regional limitations at all, or continental US?

Harry: No regional representations. Although, peculiarly enough, despite nobody in the entire firm ever having lived there, we have the most transactions in any state, in Ohio.

Patrick: How about that.

Harry: But no, there’s no limitations geographically.

Patrick: Now I’m on the West Coast. You’re based down in Miami, Florida. Warm weather locations for sure, we’ve got full seasons. It’s surprising me with Ohio, because it would get a little bit cold there for washing cars.

Harry: So get this, and this was my biggest surprise, when you’re getting really entrenched in the industry, would you believe it if I told you that snow is a car wash’s best friend? I know everybody who is in the industry is going to say, Harry, you moron. Everybody knows that, but you don’t. I didn’t know it before.

Patrick: I would say that’s an assumption. This is, we’re breaking news on M&A Masters.

Harry: So northeast car washes, anywhere where snow is present, right? Snow is your number one driver of volume and winters are better than the summer.

Patrick: Harry, let’s just talk about reps and warranties insurance briefly. And just share with us, because it’s a tool that’s enabled parties to transfer risk. It’s accelerated deals, and it’s increased the successful close rate of deals as compared with deals that don’t have insurance. They close about a 1/8 as often as insured deals. But, give us your impression. Good, bad, or indifferent. Rep and warranty.

Harry: Let me at it, Patrick. Forgive the interruption because anybody who knows us and or knows me will know how annoyingly structured I am. Things do not fall between the cracks, and things do not happen by accident. And we do nothing else. We iterate. When we, this topic of reps and warranty insurance is monumental and should be talked about a heck of a lot more than it is.

And it’s really a shame it’s not. On our side of the business not to go too far off the deep end in M&A in middle market, everybody’s all about, all about making a deal happen. They want a buyer that’s ready to go. They want to make something work. No. We do the opposite, and we do it for one reason, and reps and warranties and these sort of terms are a huge part of it.

You should try to break it and then decide whether or not it’s even going to the table. Please don’t try to make it work. And one of the things that we mandate every single offer come with in our process letters is exact, an explicit statement of what their plans are for reps and warranties. And without that, the offer will not be considered. Period. I don’t care who it’s coming from, because it will break deals.

Patrick: That’s fantastic. I mean, that’s in addition being music to our ears, we’re seeing that as we’re trying to play the role of facilitator and by transferring the risk, the risk isn’t huge, but it is there, and you want to make it palatable for both sides to you know, buyers need to have their risk hedged. Sellers want a clean exit, and this has been a great conduit.

I think one of the newest innovations that has happened is not only in concept, but in practice. Reps and warranties has delivered and is doing exceptionally well. Again, it’s ubiquitous in M&A right now. But is accessible for, you know, transactions that are priced on a higher level, above 50 million, above 75 million.

That leaves the $25 to $50 million sect of the market that is unprotected. It could be for reasons either, you know, the coverage is just not available, it’s cost prohibitive, or the buyer doesn’t want to invest in the amount of diligence required. And I would, you know, I’m proud to say that there is an alternative. There’s a new product. It’s called transaction liability private enterprise.

TLPE, it is a little narrower in coverage scope than a buy side policy. However, it comes in at a fraction of the cost. The underwriters underwrite the target. They don’t require the buyer’s diligence. They don’t require a diligence underwriting fee. They go ahead and look at a narrow, low risk, high volume suite of transactions out there in industries.

They stay out of the highly regulated industries like healthcare, financial, crypto, cannabis, those are the tougher areas. Simple manufacturing, retail businesses, car washes, distributors, those are straightforward, non complex deals that are lower risk.

They should be treated as a lower risk. And it’s nice to have the ability to deliver to the market a new innovation that’s out there that, quite frankly, is not available. And the best thing about it, it is a fraction of the cost and is easy to execute. So it’s transaction liability private enterprise.

Harry: Patrick, I mean, this is, I actually didn’t even know about this product right prior to now. I will say that I think the entire mid market, and then, if the heavens forbid, you go down to the broker, right, non investment banker M&A advisor level, the lack of understanding by the intermediaries as to what reps and warranties even are, let alone to proactively address the issue, which you know is coming prior to getting to is absolutely abhorred.

And it’s terrible that it’s done across the entire I mean, and car wash owners, I think this is true. I don’t think it’s car wash specific at all. I believe most people that partake in selling their business for under $50 million never understand what reps and warranties are.

Patrick: No. And the terror that they have as they go through the process. And you’ll find as eager as you know the owner or founder is to move forward at the beginning, as they go through the diligence process, as they go and all of a sudden they’ve got in paper in front of them, having to sign off saying, you know, I don’t know of anything.

Only to, you know, think, what if there’s something back there I forgot about? What happens there? And then the terror. We’ve had clients that have talked to us about it. I can’t go and tell my wife that we just lost that $2 million escrow. I just can’t. Is there anything we can do about that? And that’s been the thing that we can now deliver with this. So I’m very, very proud of it.

Harry: Agreed, Patrick. And I’ll tell you another thing when I say that, I don’t think most of them know what reps and warranties are, I will go further and say I don’t think this is going to sound odd. I don’t think most of them ever should, because I think it’s, if you’re in the course of running and building a fantastic company or business, to get into the legal intricacies of reps and warranties fundamental baskets, none it is not a fun exercise.

Please shoot me in the head twice before ever letting me do that. It’s the worst. So it’s not as though it’s obliviousness, nor is it negligence for which they don’t know it’s unnecessary. Now we, and I’m sure you’ve seen this a lot of times, you’ll get to that closing table, or far enough down in the process, and all of a sudden they go, well, what is this stuff? This reps and warranty stuff?

Patrick: Just sign it. It’s market.

Harry: It’s market. I mean, so we won’t, like, that’s the stuff that makes us personally as advisors when we’re with a client, no. Like, if we’re not comfortable with reps and warranties, the amount of times that we do not accept the sticker price, highest offer is almost 90% of the time when we run a process. And the devil is in the details, but also the profit is in the details. And one of the biggest things, and it’s literally on our form submission in our process letter over here, you must have a plan to address reps and warranties.

If you do not, your offer won’t be considered. And I wish more communication, like what you’re doing with everything you are was done, because it would make our jobs a lot easier, and it would also alleviate sellers from having to deal with this. It’s a mess to learn all of it and then the languages around it. It’s like lawyers on steroids.

Patrick: Yeah. And the nice thing about this product, it’s flexible. It is built to protect the seller. It protects the buyer, because there’s a source of remedy if the buyer has a loss, the policy pays the buyer, not out of the seller’s pockets. But if you have situations where, if you have a buyer that is against their principal, to waive escrows or, you know, bend on some of the reps and warranties, this tool protects the seller.

The seller’s interest is that, you know, the escrow getting the return of that all the way up to the indemnity cap, which could be the whole purchase price, all that is available to be protected. In a perfect world, the two sides split the cost, which happens more than not.

Harry: Not in our transactions. The buyer will pay.

Patrick: Now as we go forward, we mentioned earlier that you had your annual report for the car wash sector. Okay, it was just released in January for the year 2024, the year in review. For those who haven’t read that, and we’ll talk about where they can access that report. What trends do you see in the car wash industry for 2025?

Harry: What do I see for 2025? I see a silent reckoning of imprudent behavior and disjointments of incorrect, incorrectly predicated investment theses. That’s what I see. So I see very, very tepid volume, a lot of people putting their tail between their legs, and unfortunately, little conversation as to what the integral sort of issues where to start. But I’ve been wrong before. Could happen again.

Patrick, but before even diving more into that, if you wouldn’t mind, just because, for even because we’ll be sure to share this with the community and everything, one of the things that I think is really hard for, difficult for sellers, to grasp is, can you walk through, maybe even just from the highest of levels? What is a policy like that cost? Numerically, and then what is the savings? What are we talking here? Hundreds of 1000s, millions of dollars, 10s of 1000s like, what does it look like?

Patrick: Oh, well, the reps and warranties are based on the amount of limits you purchase. It’s less about how big or how complex the risk is, but you can look at a real average rate of 15 to $20,000 per million dollars in limits. So on a $25 million deal, we could do a $5 million limit policy, it’d be about $75 to $80,000 all costs, all in.

Okay, compare that to a buy side, rep and warranty. So you’ll again 75 to 80 for a 5 million limit, okay, which is, you know, 20% of the purchase price is insured, okay? Market. A lot of times the buyers will have a 10% escrow, and buy an insurance policy that covers that escrow, that 10% thing.

With TLPE, let’s just say at 20% okay, a $5 million limit policy, 75 to $80,000 all taxes, all fees, there’s no underwriting cost, okay? Compare that to a buy side rep and warranty policy, and you are looking at $200,000 all in. That’s the 150 to $160,000 rep and warranty policy, plus a $40,000 underwriting fee. So you’ve got under 100 versus 200 for a 5 million limit policy on a car wash.

Harry: And just to even because, again, I want to be sure to actually share this with our viewership as well. And I think, just to be clear and to summarize that we’re talking about one of the parties, or both the parties involved pay accumulative call it 50 to $100,000 to get liability insurance for up to $5 million of potential post transaction claims due to misinformation and other things.

Patrick: Yes, absolutely.

Harry: Capitulating on 100 grand for a $5 million production.

Patrick: Correct. Yes, and more can be purchased if you want. We can ensure a transaction up to $20 million okay, in limits and so and as you go up in amount of limits, the rate per million comes down. So it’s 15 to 20 million out the door, but it could be as little as $10,000 per million. As you get up high, a $20 million policy is traditionally going to be about between 200 and $225,000. That’s 10 grand per mil.

Harry: That’s tremendously helpful. And I will tell you, for anybody listening, if you think that you’re going to go through a sponsor, buyer led process, and they’re not going to demand reps and warranties, please let me know, because it’ll be the first time I’ve ever seen it.

Patrick: Yeah, and we’re looking at this as you’ve got, if you’re on the buy side, there’s a purpose for the buy side, rep and warranty. The TLPE product that I’m talking about, it may not be a good fit once you’re over $50 million in enterprise value. 50, 55, let’s see, but 80, 100 million. That’s your traditional rep and warranty side. But if you’re under 50 and under you have no underwriting fee.

There’s no underwriting diligence call, which is 1000s of dollars, because you’re bringing a bunch of the attorneys in for a conference call for an hour plus as part of the process. So that’s your saving. You’re also saving on the need for all these third party diligence reports. Particularly the legal diligence report, the environment, all those are not necessary.

So those are things to consider. And again, that’s been an impediment for deals that are under 50 million. It’s tough to incur those expenses. If you’ve got a $200 million deal, yeah, every dollar you spend in diligence is a very, very prudent investment. That’s the market that we see right now, and it’s right now. And a part of the market, the sub 50 million, that is not addressed yet until now.

Harry: Makes sense, makes a ton of sense, and I really appreciate, even just to my own edification, breaking it down in understandable terms, because I’ve personally found this to be one of the most convoluted areas of M&A.

Patrick: Harry Caruso from Car Wash Advisory, how can our audience members find you and get that annual report?

Harry: So it is directly findable on our website, which is carwashadvisory.com and that would probably be the best way to find it. Alternatively, you can, of course, email me at harry@carwashadvisory.com and I will promptly respond.

Patrick: It’s nice that you’re easy to find. Well, great. Well, Harry Caruso from Car Wash Advisory, thanks for being a great guest today.

Harry: It’s a pleasure. Thank you so much for having me, Patrick.