Hormozi berät 4 Education-Business-Owner live: Wie man von 10M+ skaliert
Haupterkenntnis: Wer ein lokales oder nischiges Bildungsbusiness skalieren will, muss zuerst die eigene Basis dominieren, den richtigen Avatar selektieren und Ads + Sales-Motion gleichzeitig optimieren – nicht national expandieren, bevor das Fundament steht.
Creator: Alex Hormozi
Branche: Business
Bereich: Strategie
Tags: skalierung, coaching-business, avatar-selektion, churn, content, paid-ads, sales-motion, pricing
Kurzbeschreibung
Alex Hormozi coacht live vier Inhaber von Education-/Coaching-Businesses (Hausflip-Coaching, Motocross-Camps, Immobilien-Coaching, Sales-Coaching für Finanzberater) und gibt jedem konkrete Wachstumshebel.
Langbeschreibung
Hormozi analysiert in rund 25 Minuten vier verschiedene Bildungs- und Coaching-Businesses und deckt jeweils den zentralen Engpass auf. Kernthemen: lokale Dominanz vor nationaler Expansion, Content als skalierbarer Impact-Hebel, Pricing-Fehler durch Angst vor dem Markt, die gefährliche Reaktion auf Wettbewerb (Preissenkung kostet Hormozi persönlich ~$50M), die Gleichzeitigkeit von Ads und Sales-Motion, Avatar-Selektion zur Churn-Reduktion sowie die Trennung von einmaligen Skill-Deliverables und Continuity-Angeboten in Education-Businesses. Außerdem: wie man einen Brand Manager rekrutiert (Poaching via LinkedIn) und wie Sales-Training durch tägliches Gruppen-Rollenspiel funktioniert.
Stichpunkte
- Erst lokale Dominanz, dann nationale Expansion – überausgedehnte Armeen kollabieren
- Content ist der skalierbarste Impact-Hebel, kein Ops-Umbau
- Preisangst ist meist unbegründet: 9 % der Amerikaner sind Millionäre (netto inkl. Immobilien)
- Typische Offer-Struktur: Done-With-You 100K
- Wettbewerb unterbieten ist fast immer ein Fehler – Hormozi verlor dadurch ~$50M Profit
- Ads allein geben 3–5× Boost; organisches Content-Wachstum baut die langfristige Pyramide
- Ads + Sales-Motion müssen gleichzeitig gut sein, sonst funktioniert der Funnel nicht
- Kalt- vs. Warm-Traffic verlangt unterschiedliche Sales-Motion – direkt zu Checkout bricht bei Cold Ads
- Churn-Problem in Coaching-Businesses: Consumables (Continuity) von One-Time-Skill-Delivery trennen
- Avatar-Selektion nach Demographics, Quantifiables und Behaviors reduziert Churn strukturell
- Activation = Time-to-Value: erster messbarer Erfolg in den ersten 7 Tagen anstreben
- Sales-Training: tägliches Gruppen-Rollenspiel, aufgeteilt in Intro / Discovery / Offer / Objections / Looping
- Brand Manager: In-House, nicht outsourcen – via LinkedIn aus bewunderten Brands poachen
Zitate
“In order to conquer the world, you have to conquer a country first. And before you conquer a country, you have to conquer a city.” “Don’t lose $50 million. Let him figure that out for himself. You just focus on the customer and you’ll win.” “The problem with coaching-type businesses is that people try to make continuity out of the front-end value – and the value drops once you have the skill.” “Ads are great, sales motion sucks – it won’t work. Sales motion is great, ads suck – it won’t work.”
Action Items
- Lokale Basis zuerst sättigen: Kapazität ausrechnen (z. B. 20 Kunden/Woche) und prüfen, ob die aktuelle Infrastruktur das hergibt, bevor nationale Pläne verfolgt werden.
- Content-Produktion starten: Wissen aus dem laufenden Business dokumentieren und regelmäßig veröffentlichen – Reichweite als Nebenprodukt der Hauptarbeit.
- Pricing testen: Done-With-You-Angebot auf 100K ansetzen und tatsächlich pitchen, statt Markt pauschal als “zu arm” abzuschreiben.
- Niemals auf Konkurrenz-Unterbietung reagieren mit Preissenkung oder Mehrwert-Inflation – Fokus auf Kundenergebnis halten.
- Ads + Sales-Motion parallel aufbauen: Kalt-Traffic braucht eine andere Sales-Motion als Warm-Traffic; Sales-Prozess vor dem Ad-Start skalieren.
- Avatar-Selektion durchführen: Bestehende Kunden nach Demographics, Quantifiables und Behaviors segmentieren – High-Activation-Avatar identifizieren und nur noch an diesen verkaufen.
- Churn bekämpfen durch Trennung: Continuity-Preis radikal senken (Netzwerk-Fee), Skill-Delivery separat und hochpreisig anbieten.
- Tägliches Gruppen-Rollenspiel für Sales-Teams einführen (5 Bereiche: Intro, Discovery, Offer, Objections, Looping + freies Thema).
- Brand Manager In-House rekrutieren: LinkedIn-Suche, bewunderte Brands identifizieren, Team dahinter via LinkedIn/ChatGPT herausfinden, aktiv poachen.
Full Transcript
I’ve been in business for 14 years. Last year, our company’s in total did over $250 million in aggregate revenue. I co-in the platform school, which is over 22 million users. In schools, a platform that allows people to start and scale digital businesses. And so I have access to quite literally millions of data points on what makes digital businesses work and what doesn’t. And so in this video, I’m asking your questions about how to scale.
- I sell dreams and I built an ecosystem to make it happen, essentially.
- Who do you sell to me?
- Let’s get into it. I start off flipping homes.
- Okay, thank you. (laughing)
- I start off flipping homes and it got to a point where—
- I sell hope and opportunity.
- Hey, it works. (laughing)
- I flip houses, it got to a certain point. We had about 30, 40, consecutively, every revenue market.
- Revenue is about 4 million.
- Okay.
- Just an outline itself.
- When it got to a point, there’s too much competition. It had a hard time being profitable, pro-flip. So then develop a model where we convert competition to collaboration, started contracting companies instead of buying the product, becoming the product, and then started a coaching channel where I feed this ecosystem. Virgically integrated HVAC company, roofing company, dumpster company, contracting the whole mine yards. So teaching people how to do it, and I’m giving them the process and how to do it, all that is different revenue drips from me. What’s stopping me, I got too busy, too fast, and owner operator for a long time, up until about three months ago, hard to COO, now transitioning a lot of the operation stuff onto her, really, I don’t know what the fuck I’m doing ‘cause I’m trying to transition myself out, I don’t know how to run at COO.
- Why are you trying to transition out of the role or other company?
- A little bit of both. So out of the role, because, to be honest, I don’t really care about the revenue growth factor, I care more about the impact.
- So, I promise I’ve made myself, ‘cause I want to impact at least one million lives before I die, so how do I do that? I’m not gonna be doing that flipping homes at a small scale. But I built a company that’s so based in locality that I’m trapped within it. Because it’s so local, my team is there, my resources, my companies. The coaching program only makes sense because it’s local, but because of my market size, there’s only so many people I can get consecutively every time, unless I keep dropping prices, the opposite of increasing price. So, what does that mean? I have to go to a national stage is how do I take this coaching at a massive scale, and that’s where I’m stuck at, ‘cause I’m too busy in the operations, and that’s where Amy came in as a CEO to kind of help me get out of it, and focus on the next phase of the origin story.
- So, dude, I appreciate the national scale vision. I think you could probably get to given the ticket size and how you can monetize the customer in all these hundreds of ways. Like, the reason you would do that setup is so that you could dominate a local market. You’re not dominating a local market right now. You’re barely getting started. And so, you could probably realistically get between Fedville and Raleigh, you could probably get to 100 million here, just now I’m not gonna long.
- Yeah, and I think if you just take your eyes off of like, I wanna conquer the entire world, it’s like, maybe, or like, in order to conquer the world, you have to conquer a country first, right? And before we conquer a country, you got to conquer a city. And right now, you have to conquer a city. And so, what happens is, when armies overexpand, they collapse, and so you need to fortify your base better. It’s 10 to 10 a month, there’s nothing.
- So, what do you recommend? Do I try to automate what I have?
- Yeah, I think so.
- Or do I just put myself more into it?
- And dump that out.
- Yeah, I think you should just ignore the national thing.
- Yeah.
- And let me just ask the simple question. Can you, could you sell 20 people a week right now?
- Not, like, let me say differently. Can you handle 20 people a week?
- We will be soon.
- Okay. - Let’s see if I can take over.
- So, you could have an 8x increase in sales. Within your current infrastructure. So, that would take you from four to 32.
- This was a revenue problem, not the impact problem. (laughing)
- Do you make content?
- I don’t have time.
- 10 to 12 minutes.
- Yeah, if you couldn’t tell, yeah. But that’s where I’m slacking the most, just.
- Yeah, it’s the content.
- It would be far easier for you to just make content about the stuff you’re doing, impact millions of people that way.
- Yeah.
- Then try and get every single person in America to be a home flipper.
- And that’s not achievable anyway.
- I agree.
- It’s more of the financial education, like selling the dream of, like, you could be something more than just what you think you are and what you came from.
- And you can make content about that, and you can distribute it for free with leverage. It’s a beautiful thing. And so, like, you can be legit because you have a legitimate business, and then you can talk about it, and help all these other people. And then you just keep growing this thing.
- Okay.
- That’s what I’m doing locally.
- Yeah, yeah.
- You already have all the, like, you went through whatever the hell you did to go through and build all that stuff. It’s like, you just built it and you’re like, you know what, I’m gonna leave it now. And I’m gonna do another thing. Now, like, I’m glad you brought the COO in, but it’s probably said that she can do some of the stuff you’re doing now, so you can do the stuff you know you should be doing, but you’re not. And so, like, you wanted the impact. You don’t have time, you have to COO. Go make some content. It’s not gonna take that long anyways. And that way, you can scratch your impact itch. And then, for everything else, like, can you learn how to run paid ads and sell shit, ‘cause, like, you, for sure, can sell 20, 50, 100 people a week in a local market, no problem for the offer that you have.
- Should I increase pricing to make it better, or should I keep it where it’s at, given that it does feed my other channels?
- You probably have a better time, just, like, charging 100 grand and saying you’ll do that stuff for free or at cost.
- Yeah.
- But yeah, I mean, can you raise prices? It’s just, like, can you sell, and can you, like, yes, you could. Typically an offer like this is 100 grand.
- Yeah.
- So usually they have a done with you style offer that’s between 15 and 25, and then there’s a total turn key offer, which is $100,000.
- You don’t know my market can’t afford that. That’s the problem.
- That is just not true.
- If you don’t want to join your market.
- If no one in your market that has heard of you through word of mouth, are you emanating your presence into the workshops that you run once a quarter or whatever, can afford it. If you run ads, yes.
- It’s just that, like, how many people shop to your thing?
- Do many of you hold 55, it’s backed out every time.
- Yeah, 50, so you have 55 people a month that come in the doors.
- Every three months, yeah.
- Every three months.
- Right, dude.
- So it’s like, the way this looks in reality is you’ll bring 100 people in the room and you’ll do three of those in a day. And you’ll pitch and you’ll close 10, 15, you’ll close three or five at the, you know, like the 100K. And you’ll close a handful at the, you know, call it 15 to 25K. And that’s the business. So you’re like, you see 200 people a year and you’re like, my market can’t afford it. It’s like, well, those 200 can. It’s like, look at 2000, I’m sure there are some. Let me give you a stat. 9% of people in America have a million dollars in terms of their net worth. So if you include the either home, like 9%, it’s significantly higher than you think it is. They just look older.
- For real. - Okay.
- We sell motor cross training.
- Okay. - So we hold five day camps. What we did to be able to get our projection to 26 to the 4 million is we scaled down our single day tour dates. We did more in 24.
- Love this for you.
- We went all the way to, we scaled from 70 single day tour dates in 23 to 140 of them in 2024. And it was just a ton of operational drag. I mean, it was like, we were like a rocket in that tour. It was nuts. But what we realized in looking back on it is the bottom 20 of those were net negative. The next 20 were net less than $1,000, so inconsequential. And then I started looking at in 2024, we did three of the five day camps kind of as a test run. Each of those net well over 100 grand each. And I’m like, well, hang on a second. This is the answer. So this year, I told the team, at first I called them. I said, hey, I just had an epiphany. Here it is. We’re going to do 10 camps. And I said, actually, no, we’re actually going to do 25. And they’re like, 25, what do you mean 25? My question is, do I continue to, my—
- Were you just able to charge more for the three day than the one day?
- Why did they make some Earth five, sorry.
- So the one day is 1,200, which is definitely not enough. So that’s what part of the question is you?
- Cool. I want to continue to scale the five days and scale down the single days. But my fear is, we basically own the space. Nobody else does what I do. It’s a pretty large market. There is one copycat company, and he’s trying to hit all these single day tour dates in the regions that we’re doing them. So I’m afraid if I scale them down too much, we won’t be able to—
- We’re going to copy the model that makes the money.
- That’s a great point.
- Yeah. [LAUGHTER]
- Love this first, right? I hope he does. Honestly, I could go home right now, and I’d be happy after that. [LAUGHTER] Yeah, you’re right. You’re right. And I feel more confident that I don’t think he could do what we could do anyways, but he certainly can’t do what we can do in a five day event. I mean, we’ve run those five days like nobody else.
- Yeah, and I’ll land the plan on that for you too, which is that you’ll never go out of business focusing on the customer. And I’ll tell you a quick story. So the biggest business mistake that I’ve made, the two most costly business mistakes I’ve made. One of them has nothing to do with this. This is the other one, which has everything to do with this. I had a competitor that ended up taking a bunch of my top testimonials, that were that we kind of converted to semi-employees because they were big evangelists back in the gym launch days. And as soon as they took them, they were big ads for me. All of a sudden, they were running ads for this other guy. So it’s kind of like when the Verizon guy went to the AT&T. You remember that switcher over that actor? It was kind of like that. And this guy was offering one-on-one coaching to help people out. I never did that. And they were cheaper. So they were cheaper. They were doing one-on-one. And they had some of my top customers becoming advocates. And they said that the 10 of them had come, they partnered. He partnered with these 10 people or something like that. And when that happened, I got my feathers got all ruffled. And I was like, it’s wartime. We got to, you know, we got to go to the mattresses. We got to really, you know, change the business up. And so I did this big, kind of like relaunch internally to my existing customer base. And I said, I did this big value stack. And then I said, you’re going to get all this extra stuff. Not for the same price you’re paying me, but for less. And so I took my existing recurring base. And I reduced my revenue by 6 million. And I ended up losing in profits some of the neighborhood of 3,000 a month to 50 million. And so the big lesson that I learned there was that I shouldn’t, and that competitor ended up killing that business. Because it wasn’t fucking profitable. And so I, I was the market leader. And someone came in to undercut me. And then I said, oh, I’ll copy the moron. It’s easy to let happen. Yes. And so don’t lose 2.5 million. I’d like to double it. What’s stopping me? What’s a good question? Your boy Ed, he seems to think I could be just super famous. And he’s like, you need a brand manager. Yeah. And so, you know, he’s like, you need somebody that has already kind of achieved that with someone else. Yeah. So I guess my question is, how do I find that person? Because 99% of the stuff out there is scams, basically. Totally. I would even define them as scams. Just people with that are not that competent. Scam. I think comes down to deception. Whether they intended to see or reduce the art that good. But back to your point. Yeah, I agree. So fundamentally, if you want to just make more money and you are a brand that promotes itself, then you need to advertise more. Are you constrained on your delivery? Delivery as far as the fulfillment? Yeah. No, it’s group coaching. It’s easy. So you could double the amount of customers you have right now to wouldn’t issue. It’s a triple quadruple, yeah. OK, well then, yeah, I mean, this is a pure advertising play. You probably, I mean— I’m interviewing sales guys, and I’m looking at paid ads, like hiring people to do that. So I’m getting into that. Yeah, the paid side is going to give you call it like a one time three to five X off of a baseline, not a promise or guarantee. Just saying that’s what I would say is kind of typical. If you’ve gotten to this point off of just organic, obviously we can help you with that stuff. But the long term kind of like well that you need to keep digging is you want to, so think about like this. So you have— just imagine this is your audience. Right now, you’re monetizing these people, right? The people who are just super hot, they love you forever, and you continue to promote. And this gets filled up with new eyeballs, and then they come up because they see your stuff, and then they give you money, yeah. So if you— when you start doing— if you do more organic and do it across more platforms, do it more consistently, do it with higher volume, do it with higher quality, then what we’re going to do is you’re going to grow this base. This percentage will stay about the same, but now it’s going to go to here, right? So then that dollar sign goes up. That’s a great long term play. And you just want to keep growing the pyramid. What ads will do is that ads will keep this the same, and then it’ll move this line down. And so you want to do both. So like, in the short term, if I was like, how do I— like double your business? It’s like, that wouldn’t be that difficult. I would just be like, cool, just pull the ad lever. It’s done. But if we were looking at a 10-year horizon, then I would say, well, we need to do both of these in parallel. We need to continue to plant the seeds, and then the ads kind of reach off the top and skip. Does that make sense? Yeah, for sure. So how do you find the ad manager? I mean, I mean, I mean, a brand management. So that’s good. Yeah. The best thing— I mean, we just poach. We just— I mean, just outreach. Hey, you’ve crushed it with so-and-so. Can I pay you more to do it here? Right. It tends to work for you. I guess how do you realize who those people are to poach? Like, who— Look at the brands that you admire, and then reach out to them and offer them more money to do it for you. But you see the brand, but you don’t really know who’s behind the brand. LinkedIn, like, Frank can— like, yeah, solvable. Got you. For sure, solvable. Yeah, I mean, and most of the people who are really good at media stuff do have some presence anyways on their own, so they don’t make themselves invisible. Like, you could probably chat GPT search who are the people who are involved with that. Here’s my question. Like, is that something that could be outsourced? You mean recruiting? No, no, no, no, not the recruiting part. Like, the brand manager part. No, I wouldn’t recommend it. Yeah. Bring somebody in house. So what are the core things of the business? So for every business, you have attraction. You’ve got conversion. You’ve got delivery, right? Those are the things that are core to every business. IT, recruiting, finance. I see all of these functions as ancillary that aren’t core to value creation for the customer. There are things that must occur for the business to continue to be a business, but not things that are core for you value to be created. And so for you, your brand is arguably the most important asset that you have, and for sure would not be something that I would outsource. So bring somebody in house working directly for me. Yeah, I would poach somebody. Obviously, we’ve done— we’ve hired a lot of media people. I’ll be with that. If I’m doing order of ops, you’ll probably be— because the thing is, right now, who’s doing the sales? Well, so I do it in a challenge, it’s the only time I offer it. You do one-to-one-by-day thing, something like that. And somebody switched a book of call, single-sell guy. And do it on a recurring kind of evergreen basis, or still do it in this law school. I’ll do it both. I’ll do both. Yeah. But you’re selling straight to checkout. Got it. Yeah, that motion, as soon as you turn on ads, is going to break in all likelihood, because it’s totally different selling to coldness to warm. And so the motion break, you will not convert the same percentage you’re only doing. Yeah, no doubt. No doubt. Buy a lot. And so the whole— the economics of the entire funnel will change, and so that’ll take some adjustment in motion. So just more like preparing you for that, because that’s what comes next. So high-level recruiting for brand manager, that’s going to start building the base. And then ads plus sales motion are going to have to come in tandem, because they both have to be good. The ads have to be good, and the sales motion has to be good. The ads are great, and the sales motion sucks. It won’t work. If the sales motion is great, and the ads suck, it won’t work. Cool. That makes sense for next steps. What’s that? That makes sense for next steps. Yeah. Yeah, go to LinkedIn and poach somebody. Got it. We sell sales coaching and lead gen to financial advisors. We’re at 20, plus. App-down paid ads, events, how do you sell paid ads? OK. Straight to via sale to phone team. Correct. Cool. Yeah, great. Yeah. Biggest thing is churn, as well as pretty much all agencies. So we’ve basically transitioned from lead gen company to sales coaching company, because we know that advisors can’t close. No offense to any advisors in here. But yeah, so we’re doing a lot of sales coaching now. So we have the big head long tail, where we can sell the lead gen on the back end. So the main question is, have you seen other agencies successfully pivot from lead gen to sales coaching? Or in very non-sales or industries where founders or business owners are sales deficient? Have you seen companies successfully train their clients on sales? Yeah, sure. So like a gym lunch. How did you guys successfully do that across thousands of gyms? We had something called boiler room. We train their trainers and front desk people every morning and drove them role played and separate them in the groups the same way we would our own team. So we just did it every morning for them. And it was just an add-on. Just group role play basically. Just like you’d have a sales manager meeting, where you’d role play whatever particular part of the script they were all struggling with. And so we break sales training from the team side, not on the one-on-one side, into five parts. We’ve got intro, we’ve got disco, we’ve got offer, and then we’ve got objections and looping. And then fifth day is basically whatever is kind of the hot topic of what’s the thing that we think is going to benefit the team the most. And so that’s kind of how we rotate through. If we have to keep each part of the script crisp, otherwise they’ll fuck up something. And so that keeps the sword sharp. And that’s what we did across the team. We still do that for our teams too. But I think it’s likely that it’s under— basically you need to provide more value or you need to lower the price. And so if you want to tackle churn, it has to be— there are for sure businesses that work in the space that you’re at. I think Big Head Long Tales is a great model. Charge the upfront. And then just make the continuity much, much smaller. So it’s a no-brainer. Like they almost pay that just to be kind of in the network. And so this is— I should have said this earlier, but it’s like I try to answer the question so that it affects as many people as possible in this room. But the problem with information and kind of quote-quote coaching or education type businesses is that people try to make continuity out of the front end value that you’re providing. And then the value drops once you have the skill. And so you have to separate out the consumables from the one-time things. The one-time things also have significantly more value than the consumables do. Now, sometimes they don’t have the money to pay for the one-time thing because they don’t have the skill. The one-time thing would give them, right? That’s kind of the issue. So in order to separate it, it’s like you just have to think, what are the things that they get on an ongoing basis? And if we only stole that, what would the price point be? Likely significantly lower. And if we got in that skill, it would be significantly more. But once they have the skill, assume they have the skill on the ongoing basis, what would they still pay for? Now, you have the lead gen thing. I mean, the lead gen— Oh, everyone wants it. We only can learn how to sell using our process. They stay. So the biggest thing is just making sure they actually— They just don’t know how to deploy. So it’s activation as well. So like getting them to come in and actually engage. Because most advisors— Is it all remote? It’s all remote. And they also don’t like sales. Like the word sales, they like cringe in size. Sure. And they hear it. So we’ve literally like banned the word sales. We just say consulting. We don’t call them sales calls. We call them consults. So like, you know, like that. But yeah, I’m just curious about you. So it sounds like you just have to get better at training them? Yeah. So your issue, though, is that if someone gets activated, they stick, for sure. Well, then all of the effort we have is how do we get them activated, like, better faster? Which is going to be a function of two things. One is going to be, are there some avatars that are better than others, right? So we only sell those avatars. And we split that into three buckets. You’ve got demographics. What do they look like? You’ve got the quantifiables, which is like what are the— what size business do they have, whatever. And then you’ve got the ethnic— I said demographics. And there’s quantifiables. There’s a third one, I can’t remember. But those two will at least get you on a head start in terms of segmenting the traffic. So you can be like, this issue, the avatar is. These ones have a significantly higher likelihood of converting. And what will happen when you do that is your cackle go up. But then your stick problem will get fixed. OK. So like, for example, if I sold everybody who identified as a fitness person, then gym lunch would never have been able to exist. Because I would have had too many shitty customers. We’re personal trainers. We’ve got 10 clients, whatever. And they can never pay, and it doesn’t matter what I do. And so for me to deploy the resources required to actually get them up to snuff, I have to have somebody who at their onset can pay more. So that can actually help them. OK. Because below a certain extent, it just needs to be DIY, which is a different business, not the business I wanted to be in. So there’s probably some advisors that are better that you need to basically scan out and say, all these people are not going to service, because they have a low likelihood of actually working. And maybe you need to adjust price to only accommodate those people in that newer avatar that’s better. So this is becoming an underline avatar issue. And then obviously, the opposite of the back end in terms of activation is, what do— yeah, that’s the third bucket— the behaviors. So what are the people who all have the right demographics and the right quantifiables? What behaviors do that cause them to activate and stick? And what are the other people who look like them not do? And then that becomes the activation process we reverse engineer. Makes sense. Quick last question. How did you optimize for time to value at your launch? And how can we potentially do something similar? As for us, the deal cycles are. Yeah, we’d email their list. They make a sale in the first seven days. OK, so just reactivation. OK, sweet. Appreciate you. If you are doing 10 million or 1,000,000 plus. And yeah, so if this is your invitation. So if that’s interesting, click, book, call. If it’s a good fit, love to invite you out here. And maybe see you in here, Vegas.