Discover the Secret to Industrial Flex: Transform Your Operations Today

Brett McCollum (00:00.654)
All right, guys, welcome back to the show. I am your host, Brett McCollum, and I am here today with John Sidoti. And today we’re going to be talking about industrial flex and what that means. Before we do, guys, at Investor Fuel, we help real estate investors, service providers, and real estate entrepreneurs to 2 to 5x their businesses, allow them to build the businesses they’ve always wanted, and allow them to live the lives they’ve always dreamed of. Without further ado, John, how are you,

Jon Sidoti (00:28.156)
I’m great Brett. Thank you for the intro and the opportunity to be here.

Brett McCollum (00:33.998)
Yeah man, hey tell me this, should have asked you pre-show a bit. Did I say your last name right? I said Dodie, I knew I was gonna mess it up, I should have just.

Jon Sidoti (00:39.198)
Sidoti. That’s alright, those damn Italian names, right?

Brett McCollum (00:45.422)
I was like, it’s a soft eye. but hey, before we kind of get, because we’re going to talk, you know, some high level, you know, conversation and everything. But before we do kind of give some people some background, some history, catch us up to speed a little bit. Who’s John?

Jon Sidoti (00:58.696)
Yeah, so I am 34 years old. I’ve been in this real estate investing game. I call it a game because we’re very fortunate to play it. And I have been doing real estate investing for about 12 years. 2013 is where I got my start. I have a wife.

13 month old daughter and a dog and You know we I Have fun. I enjoy fishing. I enjoy cycling Like road cycling and you know I am That that’s kind of the quick and dirty of John

Brett McCollum (01:51.886)
Yeah. So he’s a 13-month-old boy or girl? Yeah. I’ve got. There you go. I’ve got four. And we have four kids, two girls, though. Yeah, man. So man. All right. So that 13 months, trying to like, she’s walking yet?

Jon Sidoti (01:56.87)
Yes, yes. Girl. I’m a girl, Dad.

Four daughters? Okay. Okay.

Jon Sidoti (02:14.267)
Right on.

Jon Sidoti (02:19.161)
Yeah, she’s walking, she’s blabbering, not really knowing her words, but she’s always smiling. We are so fortunate. She sleeps all night.

Brett McCollum (02:23.48)
Yeah, I was gonna say just.

Yeah.

Brett McCollum (02:35.118)
That’s what I’m talking about there. That’s the winner. Yeah, we, so we started off like my oldest, he’s 11, and my oldest was the best starter baby on the planet. Like this kid was the perfect kid. You know, I’m like this, everything’s not hard. What is wrong with you guys? You know, and then laid it down down to my fourth kid. I’m like, we know what we’re doing at this point. We’ve got three others. This new, he’s two now. My two year old, dude, my two year old.

Jon Sidoti (02:49.883)
Yeah, yeah.

Yeah.

Jon Sidoti (03:02.267)
Yeah, aw, that’s awesome.

Brett McCollum (03:05.42)
This dude is another kind of kid, I got, boy, he’s the best at the same time. He’s simultaneously the best kid in the world and also, my God, whose child are you kind of thing, right? Like, it’s incredible. yeah, so no, parenting’s the best. you’ve been, like, you’re getting ready to hit the spot too. I love that. Now, it’s the best age right now. mean, you’re having, this is awesome. So yeah, so you’ve been, what’d you say, 12 years now? You’ve been in the,

Jon Sidoti (03:17.189)
Yeah, that’s awesome.

Jon Sidoti (03:24.071)
I’m I’m still new. New parent. Yeah. What a blessing.

Brett McCollum (03:34.636)
The real estate space.

Jon Sidoti (03:36.102)
Yeah, and I started my background as construction management. I worked for a general contractor that did big commercial buildings, Suffolk Construction, did hotels, high-rise buildings, casinos, water parks, office buildings, apartment buildings, all over the country. I worked for their general

Brett McCollum (03:41.079)
Okay.

Brett McCollum (03:53.549)
Wow.

Brett McCollum (03:59.682)
What did you do inside of that?

Jon Sidoti (04:06.063)
labor, carpentry, self-performed labor, carpentry, rental and material wing of the company. I managed, my role changed, but started off managing labor, materials and rentals. And then I pretty much got into rentals or I narrowed down into the rentals and I built that business.

and that kind of got me going on rentals and how lucrative the rental business can be.

Brett McCollum (04:42.144)
Yeah. But what a cool thing, to you weren’t necessarily like learning on your own dime. You were learning the through, you know, company that probably had processes and procedure and things in place.

Jon Sidoti (04:56.913)
Yeah, yeah. The SOPs were incredible and for everything.

Brett McCollum (05:02.368)
It probably gave me a lot of good, like, I got a lot of good education coming into this space, which is really, yeah, because I mean, what we’re getting ready to talk about, like, this is, you got, I you don’t, I’m sure there’s still a degree of figure it out. But like, yeah, exactly. So that’s really cool you had that, man. How long were you there?

Jon Sidoti (05:08.625)
Yeah. yeah.

Jon Sidoti (05:18.255)
Yeah, the foundation was there, right? So…

Yeah. I was doing that for six years at the general contractor. And then I had a stint of three years learning sales for the biggest equipment rental company in the world, United Rentals. And that was phenomenal. Learned sales. mean, everything in life.

Brett McCollum (05:31.554)
Awesome.

Brett McCollum (05:47.821)
Yep.

Jon Sidoti (05:55.322)
involves the sale, everything, whether I’m talking to you, you know, I’m getting you to like me, I’m selling my resume, selling a product, selling a service. So learning the sales was very integral in getting into this business as well.

Brett McCollum (05:55.33)
All of it.

Brett McCollum (06:16.258)
Yeah, I like to teach when I’m taught. It’s all everything in life that we do. Our relationships from our spouses, to our children, to our peers, to business. It’s all negotiation of some kind.

Jon Sidoti (06:30.393)
Amen. Amen. Yeah.

Brett McCollum (06:31.212)
of some kind, right? And hopefully if you’re playing the game right, as we called it earlier, hopefully if you’re playing the game right, it’s not negotiation out of manipulation, but it’s negotiation out of relationship capital. We’re putting in deposits into these relationships so that when we have something like that, hey, John, I’ve already given you so much, like, hey, can you help me with this thing? Yeah, of course. But that whole way you go about saying it and doing it, it’s a negotiation.

Jon Sidoti (06:36.551)
Yeah.

Jon Sidoti (06:43.579)
Yes.

Brett McCollum (07:01.166)
and it’s all, life is sales, man. Like it doesn’t have to be, when we hear sales, it’s like, that’s sleazy. Like, no, no, dude, that’s not. It should be natural. It should be, if you’re doing your job right on this side of it. Yeah. Very cool. Sorry, so let’s kind of fast forward a bit, you know, and when did you kind of go independent to your own business? How long ago was that?

Jon Sidoti (07:02.001)
Yeah. Yeah.

Jon Sidoti (07:07.065)
Yeah, yeah. Yeah, yeah.

Exactly. Exactly.

Jon Sidoti (07:25.873)
Yeah. So the construction started, or not the construction, the investing started while I was doing construction. And it was kind of like the supplemental income that we were talking about before, right? And so I was doing that and then I sold a duplex that I was investing in, investing and living in and all that good stuff.

Brett McCollum (07:35.349)
wow. OK.

Brett McCollum (07:40.92)
Yeah, yeah, yeah.

Brett McCollum (07:51.842)
Okay.

Jon Sidoti (07:56.104)
I made a 1700 % return on investment.

Brett McCollum (08:00.716)
Yeah, that’s… I mean…

Jon Sidoti (08:02.375)
It’s like that I made my construction salary for three years selling that house.

Brett McCollum (08:12.43)
That’s when people talk about like the quote unquote power of real estate and things like that. I often like so I come out of the world of wholesaling real estate. You know, we talked about this pre show and dude, when I people like let’s say you did a I’m just using an average, you know, wholesale fee that people when you how much do we can also like let’s say it was 10, $12,000, something like that.

Jon Sidoti (08:21.233)
Yeah. Yeah.

Jon Sidoti (08:34.246)
Yeah.

Brett McCollum (08:36.174)
when you make 10,000 bucks. You get some people today, by the way, only made 10,000 dollars. How much work did you do? How much work did you do? Let’s start there, and then like, well, mean, I did all this time and more work, I’m like, no, no. From the time I got John on the phone, till the time it closed, how much work did you put in? And they usually say something like two hours for that one thing. So two hours may do 10,000 dollars. Do the rate of return on that, right?

Jon Sidoti (08:42.567)
Yeah, 10,000 is great.

Jon Sidoti (09:05.083)
Yeah, it’s crazy.

Brett McCollum (09:06.668)
Find another industry outside of real estate where that’s even possible. There’s one or two maybe in the world that exist.

Jon Sidoti (09:11.793)
Yeah. Yeah. Yeah. Building businesses, stuff like

Brett McCollum (09:18.158)
probably defense contracting I would imagine, stuff like this. But the point I’m making is like, man, there’s an industry that we can all get into that produces this kind of a return. You sold it for a 1700%. It doesn’t exist.

Jon Sidoti (09:21.255)
If you’re doing it right.

Jon Sidoti (09:36.456)
Yeah, now I was able to do that because I got in with a low down payment, right? I used a first time, an FHA loan. I got in with like $10,000, but I made $180,000 at close when I sold it. And I had the rental income every month.

Brett McCollum (09:42.158)
Okay.

Brett McCollum (09:55.118)
That’s the…

Brett McCollum (10:04.162)
Yeah.

Jon Sidoti (10:04.571)
that was paying me, paying for the property, and I lived there. It was house hacked. So I lived there and like, you’re talking. That was my first deal.

Brett McCollum (10:11.159)
Yeah.

Brett McCollum (10:15.566)
Was that your first real deal that you had done? Yeah, it’s a blessing and a curse to do a deal like that, right? Like as your first deal, right? It’s like, this is what it’s always gonna be like, you know?

Jon Sidoti (10:23.067)
Yeah. Yeah. Yeah, exactly.

No, you can’t get that mindset. So then fast forward, I put some of the money from that sale into a commercial multifamily in Panama City, Florida. That got wiped out by Hurricane Michael within one month of owning it. so, but fortunately, I had a construction management degree. Everyone was okay at the property.

Brett McCollum (10:43.437)
Okay.

Brett McCollum (10:48.259)
Yeah.

Jon Sidoti (11:00.007)
We were able to, and we had an investment group behind us that was in a position where they just loaned us the money to get the property back up and running. And insurance. So we got a brand new property that just got decimated by Hurricane Michael. Brand new, updated from insurance money in this investment group. So we were able to stay on our feet.

Brett McCollum (11:09.794)
Yeah. You got insurance.

Jon Sidoti (11:29.975)
and then we were able to push rents to double them. So, which was great. And then I joined a couple Guru Masterminds and I found teams from all over the country and we kind of got into the niche product that we do today. So.

Brett McCollum (11:52.302)
Cool. We’re gonna dive into that here in a second. I wanted to ask you, because we did not talk about this one pre-show, the Panama City project, when Michael hit, I was here in Florida when it came through. I vividly remember it. If you’ve driven down I-10, going just north of Panama City, if you drive down it and it’s just wiped all the way out, I actually grew up in a small town just into the Georgia border. If you draw a diagonal, like northeast,

Jon Sidoti (11:57.605)
Yeah.

Yes.

Jon Sidoti (12:09.052)
Yeah.

Brett McCollum (12:22.316)
more north northeast from Panama City, that’s where I grew up. The whole town was wiped. Like, that was my hometown. And I remember it vividly. Do you remember in the moment, because this is, you’re still pretty green in this space of,

Jon Sidoti (12:25.509)
Okay. Yeah.

Jon Sidoti (12:36.173)
I was very green. I still, I mean, I know stuff, but you learn every day. Yeah.

Brett McCollum (12:39.82)
We are, we’re still learning. But I mean, like, your first deals, was there fear involved at that point, like when that happened? Or like, was there like concern? Like, I don’t know what the, like, what was that like?

Jon Sidoti (12:51.643)
Well, honestly, I was on my honeymoon when I got a call. I was on a honeymoon in Sicily overlooking the Mediterranean and I get a call from our property manager. Actually, he wasn’t our property manager. I had spoken to him and he wanted our business.

Brett McCollum (12:56.557)
No way.

Jon Sidoti (13:17.783)
And he called me and he said, I wanted to use them, but our lender did not want us to use them because he had to be something certified and he didn’t have that certification. He called me and he’s like, how’s your property doing? Everything down here is destroyed and we couldn’t get a hold of our our property manager. So we switched to him right away and we were like, we got to get this property up and running.

Brett McCollum (13:47.67)
I bet that was, you’re on your honeymoon, man. That’s the call you wanna get probably, right? Like good night.

Jon Sidoti (13:53.2)
Well, was actually a Facebook message. And this is 2018.

Brett McCollum (13:57.902)
So yeah, that was 18. I remember when Michael came up, it spun up really fast too, by the way, right? It was like…

Jon Sidoti (14:05.735)
200 plus mile per hour sustained wind.

Brett McCollum (14:09.432)
Yep. was in, it was within like a 48 hour period of time. It went from kind of like flirting around with being a storm to a category five impact. And that’s, that’s unheard of, right? That just like, wow, it wrecked everybody. And there was no time to prep for it. That’s the other, like there was no time to prep. yeah, man, I’m sorry you went through that, but like it probably built some resilience and yeah.

Jon Sidoti (14:11.633)
severity.

Jon Sidoti (14:22.203)
Yeah, it was crazy. Yeah. Yeah. Yeah.

crazy.

Jon Sidoti (14:35.143)
Blessing in disguise. Silver lining. There’s always… or not always, but find the silver lining and you’ll do better.

Brett McCollum (14:47.022)
Well, find it, right? Like I think that’s the lesson is like, you could have let it mess you up, it could have set you back, but you found a way to, you know what, I’m gonna find a way to make this right and find a way to do better with this. And I think that’s the entrepreneurial spirit. All right, man, well let’s catch us up to today. What are you doing now? What does business look like? What’s the kind of 50,000 foot view of it?

Jon Sidoti (14:58.663)
Bleh. Bleh.

Jon Sidoti (15:11.845)
Yes, so today we’re investing in multi-tenant industrial assets throughout the country in great locations. we, you know, they have to have that value-add opportunity. the value-add opportunity can come in many different forms. And, you know, it could be

Brett McCollum (15:31.171)
Mm-hmm.

Jon Sidoti (15:40.668)
be through just having that knowledge of the market, being able to add more space to rent, increasing the rent and using the asset in the property more efficiently and effectively is kind of what we go for. And we specialize, like I was saying earlier.

We specialize in the multi-tenant industrial space and a lot of it is industrial flex.

Brett McCollum (16:11.086)
Mm-hmm.

Brett McCollum (16:14.626)
Yeah, so break down for me if you can, just kind of, because it’s more niche, right? Like we don’t hear a lot of people talking about that. Industrial Flex, that’s how we introduced it to you, right? What do you mean by Industrial Flex? What is that like and kind of what that looks like?

Jon Sidoti (16:23.942)
Yeah, yeah.

Jon Sidoti (16:29.031)
So quick, kind of the quick story of it is we try to acquire commercial business storage and maybe with a little bit of office in it. And you can kind of change the size of these spaces.

to kind of what would work best for the 10

Brett McCollum (17:01.902)
Yeah, and you’d mentioned, we’re kind of getting to know each other a little before the show, you’d mentioned in that too, it’s like kind of one of a, maybe like a chief skill that you guys have is to be able to look at an opportunity and go, they’re doing this, but it would be better if they did that in identifying opportunity. And that’s more or less, because these buildings from what I gather, they’re, if anything, it’s light renovation at the most, but it’s mostly like,

cash flowing already, but you’re just identifying opportunity within what they already have, is that correct? Yeah, how do you do, I mean, or is it just like this innate thing that John has, like, but how are you looking at it?

Jon Sidoti (17:37.019)
Yes. Correct.

Jon Sidoti (17:45.016)
It’s, I’d say it’s pretty magical that, you know, it’s being able to have the market knowledge, being able to identify demand drivers, being able to, you know, work with people. mean, because we do own assets all over the country, you know, knowing people that you can call and kind of…

You find an asset and knowing someone in the market, so obviously there’s a big networking component to it. But yeah, it’s…

Brett McCollum (18:25.838)
Truly. let’s talk about the, so we were talking, you guys own some assets in Savannah, Georgia, right? Absolutely love Savannah. It’s one of our favorite places. Yeah. It’s it’s a great, if you haven’t been there, yo, it’s pretty great. That being said though, when you’re looking at like the business opportunity of things, like, and you’re looking at different like demand, as you were saying,

Jon Sidoti (18:34.523)
Yes. Yes.

Jon Sidoti (18:38.727)
I love Savannah too.

Brett McCollum (18:54.302)
What are the things inside of that? What are you specifically looking at? So all right, you drop into Savannah, you get this opportunity, then what does your homework look like? When you say, I’m looking for demand in the area, what does that mean?

Jon Sidoti (19:05.713)
So what is going to hold your tenants in that area? First of all, who’s your tenant base going to be? And what’s going to keep them in that area? And how successful are they going to be? So we own assets in Savannah. We have an asset in Shreveport, Louisiana. You got to think, what are the demand drivers that are going to hold?

Brett McCollum (19:14.115)
Mm-hmm.

Brett McCollum (19:21.634)
Mm-hmm.

Jon Sidoti (19:36.86)
your tenants in that market. Well, what’s going to make them successful? We own assets in Williston, North Dakota. you look at the one thing that all these assets have in common is they have a significant and a strong demand driver that is driving businesses to succeed.

Brett McCollum (19:45.612)
Mm.

Brett McCollum (20:03.798)
Yeah, well, I you know, I’m glad I just remembered this and we were talking about it earlier in the show. So I was wondering, or pre show rather. So in Savannah, we know it’s a port city, correct? Major. It is, but a lot of the tourism and everything else too far is, you know, some of the property that you have like in the garden city area, obviously port town, right? It’s outside of the forest trap. It’s outside of that in the port Wentworth, all those areas.

Jon Sidoti (20:15.695)
It’s a lot more than a port city though. Yeah, yeah, yeah.

Jon Sidoti (20:25.659)
Yeah. Yeah. Yeah.

Brett McCollum (20:32.63)
When there was, because there was a lot of supply chain issues with ports going on in the last couple years. Was there any impact into that area that you, or did you guys get into it after that?

Jon Sidoti (20:43.783)
we can wrote it out i guess we we got in we were able to keep the properties occupied but you kinda you’re flexible with the tenant base that you’re marketing to whether you’re yeah i mean they were port strikes but that didn’t really affect us because we’re not

Brett McCollum (21:02.36)
Yeah, there was a lot of strikes and all that stuff out there and they were, yeah.

Jon Sidoti (21:11.537)
First of all, all the assets are multi-tenant industrial flex, right? So you get a multi-tenant building and now, you know, if one tenant doesn’t succeed, you have 20 other tenants in the building that are paying rent.

Brett McCollum (21:16.014)
here we go. Yeah, keep going.

Brett McCollum (21:34.508)
Yeah, so guys, let’s rewind that back for a second and listen to what John’s saying there. We talk a lot in the single family space, like you buy a house, you better have multiple exit strategies, because if you don’t, you could get burnt. But that’s the same idea in what you’re talking about. You have multiple tenants that if one isn’t performing, the others can, yeah, because otherwise, I mean, that could have sunk the ship, you know, metaphorically. Yeah.

Jon Sidoti (21:54.792)
Yeah, well that’s also the difference between single family, multi family, single tenant, triple net industrial to multi tenant. then, know, just having the knowledge of how to operate these assets is huge, you know, it’s huge, it’s great.

Brett McCollum (22:19.554)
Yeah, no, that’s so cool. So future, know, what does it look like? More of the same? Is there any other future plans? That sort of thing.

Jon Sidoti (22:24.422)
Yes.

Jon Sidoti (22:29.041)
So, I mean, we’re going to continue acquiring these assets for as long as we can. you know, right now, I mean, every asset type goes through its real estate cycle, right? And obviously we stay because we have multifamily, we have single family, we have all of that part of the portfolio. But

staying versatile and being able to shift as things change in these markets. That’s kind of the key to being successful. You got to roll with it. But I would say right now we’re going to continue building the portfolio of industrial, flex, multi-tenant.

looking for great markets, looking to work with great people. And then, you know, maybe exit to an institution. I think, what was it, Sam Zell once said, put a bunch of things, a bunch of the same things together.

and now your value is worth more. He did it with a bunch of college housing, a bunch of office buildings. That is certainly a possibility. And then also development, where we’re starting to get development. But when you increase supply, demand,

Brett McCollum (23:55.544)
Mm-hmm.

Jon Sidoti (24:23.653)
might go down. But you know, yeah, it’s obviously doing it. And I mean, the thing I like about the industrial flex space is it can be flexible, right?

Brett McCollum (24:24.908)
Yeah. Just doing it systematically.

Brett McCollum (24:38.294)
Yeah, the beauty is in the name. Yeah.

Jon Sidoti (24:42.127)
Yeah, exactly. So, but yeah, that’s kind of what the future is looking like.

Brett McCollum (24:51.362)
Yeah, and I like looking. It’s important to stay in tune with what you’re doing, making sure you’re doing the things that you’re meant to do the right way. But it’s also important, too, to look ahead and make sure our businesses are driving for growth. Because if we’re not growing, we’re dying, as they say, right? But doing it with wisdom and stuff like that. So man, that’s cool. Well, before we kind of wrap things up, I do like to ask, like,

Jon Sidoti (25:00.828)
Yeah.

Jon Sidoti (25:08.665)
Yeah. Yup, exactly.

Brett McCollum (25:20.206)
You’ve done a lot over these last, you know, however many years it’s been. 13 years now, what are we talking? Something like that? Any kind of lessons, like, you know what, I learned something through this that, like, I kind of carry with me today. Anything that kind of sticks out at you?

Jon Sidoti (25:24.048)
Yeah.

Jon Sidoti (25:27.537)
Yeah, 12, 13.

Jon Sidoti (25:36.431)
the probably the biggest lesson that I’ve learned in this business is your expenses you can only take down so much.

Brett McCollum (25:49.794)
Hmm.

Jon Sidoti (25:51.144)
that income can grow to the moon. Worry about what you’re in, but also worry about what’s going out.

Brett McCollum (25:56.302)
Hmm.

Jon Sidoti (26:08.423)
So, I don’t know, you know, that was, and that goes for any kind of real estate, right? So that’s probably one of my biggest lessons getting in.

Brett McCollum (26:16.973)
Yeah, truly.

Brett McCollum (26:23.212)
Yeah, it’s tough, because if you’ve not managed it before and you see cost, and you’re like, what? It’s easy to get wide-eyed with it and let that affect your day to day. But what it translates to, if done right, is impactful, man. Yeah, super cool.

Jon Sidoti (26:33.328)
Yeah.

Jon Sidoti (26:44.263)
Yeah.

Yeah. And then, you know, a lot of things are… A lot of things in the commercial space is derived from an equation. So as your income grows, the value of the asset grows, you know… And also it’s a lot about hedging, right? So hedge the ways that you can…

Brett McCollum (26:58.126)
Mm-hmm.

Jon Sidoti (27:15.569)
your costs remain or so, you know.

Brett McCollum (27:19.16)
Right, that’s super, and there’s wisdom in that one. Yeah, well, yeah, and again, I appreciate you doing that. That’s good advice, hedging is always wise too. But if people are looking to reach out to you in some way, connect with you in some way, and somehow, what’s the best way for maybe that to happen?

Jon Sidoti (27:23.057)
Yeah. So.

Jon Sidoti (27:38.471)
I mean the I’m on Facebook. I’m on LinkedIn. I’m on I’m on Instagram, but you know They they can are we gonna put the emails in the in the show notes or Yeah, I I can put my email my phone number, you know

Brett McCollum (27:58.144)
If you like, we don’t have to, it’s up to you,

Brett McCollum (28:03.532)
Yeah, let us know and we’ll make sure it goes in there and guys like connect with John in that way. know, look him up on the socials follow along. know, as it’s John somebody that you can look at and say, this is somebody that’s doing real business that’s having success and great results and therefore absolutely worth following along because if nothing more than the inspiration that it, you know, gives.

Jon Sidoti (28:13.361)
Yeah.

Brett McCollum (28:30.99)
Guys, go out there and do that. Connect with him in that way. If you want to shoot him an email or things like that, too, feel free to. But John, man, this has been a great show. I really appreciate you coming on and this, talking with us about this is a unique space that not a lot of us get a chance to talk about. thanks for sharing your wisdom on that.

Jon Sidoti (28:45.211)
Yeah. Thank you, Brett. Thanks for giving me the opportunity. Great conversation.

Brett McCollum (28:49.656)
Yeah, man.

Perfect. All right, guys. Thanks for hanging out with us today, and we will catch you guys on the next one. Take care, everybody.

Jon Sidoti (28:57.64)
Thank you everybody.