Club Marketing Innovator ft. Zack Bates | Coffeez for Closers with Joe Shalaby Ep. 50

0:03What's up, everybody, and welcome to another episode of Coffees for Closes, where we dive deep into the stories of industry leaders who have redefined success. Today's guest is a true innovator in hospitality and marketing known for creating exclusive experiences for high-profile private clubs. With over 20 years in the field, he's advised legendary clubs like the Monterey Peninsula Country Club and Glen Eagle's Private Club, preserving members and boosting member engagement. He's also the founder of a luxury real estate platform that connects golf enthusiasts to premium golf properties around the world.

0:41please welcome zach bates thanks for having me hey thanks zach thanks for coming today i know it was a long drive you know quite the long drive across the street from from you guys yeah it's a nice surprise though yeah it's awesome i can't believe someone of your caliber i haven't met yet and you're right in my neighborhood so we hide out in the clubs that's what it is that's what it is of course yeah exactly it's a rough life yeah it's someone has to do it somebody has to do it what a niche we were talking that you got such a niche business such a niche business i think you're like the only person i've ever met that that basically helps elevate the private club community it's kind of a new business to begin with anyway well private clubs around for hundreds of years um but not like a promotional back end correct to scale a private club yeah i mean members generally don't want to know that there's someone pushing membership at their club they want it to be uh you know referrals and introductions from within their own circles so to start this company we were we've we're still are behind the scenes after 16 years of being in business.

1:38Yeah, well, I mean, it's really like you're bringing in such an exclusive community to these clubs. So what drew you, number one, into hospitality and number two, into this, like, how'd you even come up with the private club promotion idea? I was looking for a summer job in college as a lifeguard up in Los Angeles, and I just did not want to go back home up to Northern California and applied for a summer job at a country club to be a lifeguard and met a gentleman in the parking lot after giving him my resume. And he's like, I'll tell you about yourself. What do you do? What do you want to do? And I think I was 18 years old, 19 years old.

2:17And he's like, well, I'm the regional vice president of, at that time, the largest club management company in the world, 250 clubs all over the globe. He ran the entire West Coast. And he said, you're not going to work here. You're going to work across town over in Tarzana in Los Angeles. So I took this job for the summer and just loved it. I crushed it, loved it. I mean, hang out by the pool, put together kids programs, meet amazing people, help them start the wine club. And I was like, wait, I can do this. I can do this. It's really multiple businesses under one roof. It's not just golf. It's membership.

2:52It's accounting. It's food and beverage. It's tennis and wellness. And so to have a business that targets all of these things I already have an interest in was a great kind of win-win yeah exactly yeah but it's it's so niche that the private club community is so niche you know what one thing is to be a club community but you're you're helping like newport beach country club and these country club communities elevate their businesses which are pretty high risk businesses to start to begin with they come with a lot of vision but they also come with a massive cost to start and uh you're the the count you're becoming like the whisper to these private club communities, which are starting to be more abundant now.

3:31I'm starting to see a lot of them pop up. They're blowing up, especially the new social club scene. I mean, like the Soul House really kind of started this new category of social clubs. Before it was city clubs, golf clubs, yacht clubs, really. Yeah. This new category that's just targeting a younger demographic. The social club scene is blowing up. Yeah, even here in Newport Beach. We have two now in Newport? Yeah, well, I was just asking. Besides the cigar ones? The cigar ones, yes, but you also have the Elwood Club at the Pendry Hotel. You have where the Center Club used to be next to Segersham Center.

4:03The Park Lane or Park Club just opened up in that center, and they just keep adding on. But very cool interiors, younger membership demographic, great cocktails and food is really what their target's after. Yeah. There's people probably listening right now who don't even know what a private club is. so they're like what are they talking about what's a private club uh you want to explain to them what a private club is just so so people are aware and they understand this whole new genre absolutely so we started as a um a private club marketing is the company and we started as an advisory and marketing firm for private clubs which are basically golf courses that you pay a fee to join up front and then the only people that get to play are people who pay an annual or a monthly fee to gain access.

4:50They don't pay for golf. They just pay a monthly bill, call it$1 ,000 a month to play. Basically unlimited golf. You book your tee time and you come out whenever you would like. It's kind of like the show Cheers. Everyone knows your name when you walk in. So there's some perks to that, right? So if you come off the golf course and they know that you like a McAllen, it can be ready for you. Or they know you like a Modelo is what you want when you get off the golf course. It's nice to have those perks. They know what brands you like to wear. So they'll kind of cater things to you. like hey this new look just came in or these new brands just came in i think you might like so it's a bit different than your public golf course and you get into yacht clubs which are the same thing but just for people who like to boat and you've got tennis clubs the same thing and the social clubs are basically a you know your favorite steakhouse or restaurant where you have to be a member to walk in the door you have to uh you can bring guests but guests can't come without you so there's some perks come along with that as well it's like trying to make a dinner reservation at call it solani's steakhouse down in laguna and like oh we're all booked up but they don't know who you are they don't know what your preferences are and so you really have the opportunity with the private club to kind of have that elevated experience yeah and and they're they're becoming more and more elevated when i was touring dan fleischman's gravitas private club i mean he's adding comedy club in there he's adding nightclub experience in there he's adding health experiences.

6:13Every type of experience is within that one club. They know everything you like to drink, like you said, the wines. They have their own little private... This club even has private rooms for his private guests so they can have their own sub-party. Private meeting rooms are huge. I think COVID probably was the caveat behind this big boom of the new social club. like the Soho house boom. Soho has been around for 20 plus years, but I think all these newer clubs that are popping up working from home or remote work has really driven people to look for places where they can, um, hang out all the time, hang out, work with like-minded people because it's a lot of coworking in these spaces as well.

6:56Whereas before COVID or maybe, I mean, I'm going to age myself, you know, 10 years ago, laptops were not allowed. Your phone wasn't allowed in these clubs. Denim wasn't allowed in the clubs 15 years ago at a lot of these clubs. Oh wow. So it's, it's come a long way. And I like I love to see the progression of these clubs, just like we were on the phone earlier, like these biohacking clubs are going to start opening. They're going to be totally changing the experience because now they're going to be sober clubs for the people who don't want to go and drink and have a wine or alcohol. Consumption is way down on on especially a younger demographic.

7:26Yeah. But preventative wellness is such a huge marker right now. I mean, look, the biggest market I'm seeing ever. Yeah. Yeah. There's so much that's going into this preventative wellness. this whole biohacking is the rage. And why not? We can live longer and feel better at the end. Yeah, so it's like, I'm going to live longer. I'm going to look better. I'm going to feel better. Absolutely. And I don't have to get wasted. Yeah, I need to do whatever you're doing because we were talking about this when I walked in. I was like, how old did you? You just had your birthday, right? Yeah, I just had my birthday.

7:54It's like, I love to see that because there's these experiences now that are coming out that are really focused on wellness and health, like these biohacking centers. Unfortunately, those in Newport and Malibu and Santa Monica, those are the only people that are going to get these experiences. Yeah, yeah. But they should pop up in other cities probably soon. I think you look at, I mean, in New York, there's a company called The Well or a private club called The Well, and they've partnered up with Oberish Resorts on a couple of destination wellness retreats, so like down in Costa Rica. So it's not that you have to live in a high-concentration city to gain access to these benefits.

8:35There are resorts that are picking this up as well. I mean, even Amman is doing things at their properties. There's a huge wellness focus in hotel groups like that as well. Oh, so people don't have to come to Newport or Manhattan or L.A. to experience this. Yeah. That's good that they're incorporating it into these luxury hotel brands. I think it's nice if you're going to go to Tuscany and they've got something like that where you're like, oh, I'm going to go drink wine and eat great food. But you're like, oh, there's a whole wellness component to this experience as well. You do sound bass and Reiki and the cold plunge.

9:08Exactly. Exactly. I just want to eat and drink when I'm in Italy. Yeah. They've got those things available. Throw that in and it's all okay. It all balances. Absolutely. Absolutely. Yeah. You've totally atoned for that sin with the cold plunge. Exactly. With the cold flange. With the hangover, yeah. Absolutely. You know, I didn't even start with my opening question, but I like to start every show with an opening question. And even though we're a quarter way through the show, it's what's your morning routine? You know, you have obviously great health and living a good life here in Newport and everybody here in Newport Beach has some sort of routine.

9:46I really don't. I live like a normal person. I have a morning of mayhem with children at home. Yeah. How old are your kids? I have seven and nine-year-old daughters, and I have a four-year-old stepson. And so my fiance and I wake up every morning to just mayhem in the house. But it's getting three kids out the door to get them to school or camp, whatever they're doing for the day. But it's two cups of coffee and corralling herding cats around our house to get them off to school on time. But I love coming to the office. That is part of my routine. I have to get to the office every morning. And during COVID, I built out our studio or our offices as basically a private club.

10:29So we've got the fireplace and the full bar and the coffee bar and the living room and the putting green. And so it really is like a man cave, really. That's your studio? Yeah. You have to come over. It's across the street. It's awesome. That's the studio at the office? Yep. That's how you guys built your office here? Yep. Exactly. Okay, cool. It was an empty warehouse, and I was like, this needs to be converted. We converted it, yeah. It was a gym before I moved in. How many square feet is that? It's 1 ,500 square feet. It's not huge. But it's a pretty decent size. Yeah, yeah. Or just a big cave.

11:01It's a big man cave, basically, yeah. And you've converted that, and you made that your company office. That's cool. Yeah. So brands come in, and what a great way to activate or do a meeting. It's less formal. And so you sit in a Chesterfield couch, and we get you a whiskey or a glass of wine, and just hang out. I mean, the club to myself. Yeah, exactly. And it kind of sets a precedence for the club owners. But this is, you know, kind of like that what I do. We are a serious business. Yeah, this isn't a part time deal. This is we only focus on private clubs for the most part. What's the biggest private club you worked with?

11:35You're allowed to disclose the biggest one is coming up. We just signed a deal for a brand new, it's a half a billion dollar development on the East Coast. It's ground up construction. It's residence. It's spa. It's a private club. It's apartments and hotel. I mean, it's a major endeavor. So we're excited to get that started, but we can't release anything on that yet. Oh, wow. And we were talking about that. There's another thing that's starting called the virtual club. Yeah, we've been working for a year on a club without walls. How can that even be a thing or an experience? So 20 years of me being in the club business, we refer members to these clubs all over the country, all over the globe.

12:22And so we were approached by a group that has a large, I mean, hundreds of thousands of social club members. from these are members of Soho House, the Zero Bonds, the Casa Trippriani, to the Brightly here in Los Angeles. And these members don't have access to golf. They reciprocate with each other in some instances. So a social club will reciprocate with another social club with a request or permission, but none of those clubs have access to golf. And so we're approached to basically set up a golf network for them. And so our database or our network is about 100 ,000 members of golf clubs and so we're basically sharing access to these social clubs and country clubs where you would normally have to pay 25 or 50 or 100 000 to join these clubs we'll give you kind of a preview into what it is to come play golf and have access to that as a guest of our network so and that's an additional like up charge for your network so so but what if like let's say i become part of that network and i want to go to the newport beach country club like 10 times in a that's not possible you'd have to be club will have their own uh limitation their own limitations and it's based on availability so if newport beach country club which is not part of the network but let's say a club like that said um you know we're slow on tuesdays between 11 and 12 someone come in to make a lunch reservation with us we'd love that business so you're kind of like a hotels.com for country clubs yeah i would say yeah or a hotels tonight like hey i need i want something today to uh you know host a client for that's actually a good concept like but the problem is there's just not an abundance of those.

13:52It's not like I could look up private club, oh, this club's available this evening. You can actually. The request goes directly to the club for them to say, we'd love to host you for lunch, or unfortunately we can't accommodate you. There's a full app on the back end of our platform where they communicate directly with each club. That sounds like an exciting venture that you're starting. Yeah, we have 50 of the best golf resorts in the world that are already a part of this our first call was to pebble beach resorts and they got the concept immediately and jumped on board with us and so you don't get free golf at pebble beach but you get added amenities and benefits that you don't get with any other partner so so i can get how do i can get part of this membership and i can go to pebble beach and play golf or stay on property to play golf there which is just a standard rule of theirs but your experience that's elevated ahead of anyone else.

14:45So be it a preferred tea time, be it extra amenities in your room, be it an upgrade to a better room, a better view, an introduction to the director of golf, a quick instruction before you head out. There's some really cool things we set up with some of these properties. So Rosewood's on board, Aubergine, Amman, Pebble's involved, Pelican Hill here in Newport Beach is involved. So we've got some really exciting partners. That's great. And there's a lot of opportunity with that. So that's exciting to hear. Yep. So it's a virtual club. You'll have access to the entire club network. There's two tiers.

15:20And the tier we're going to start with is a much more attainable tier. It's$2 ,500 a year. There's no monthly dues. And basically, it just gets you access to be able to book these tea times and reservations with these clubs. So there's a huge market of golfers that can't afford or don't see the value in paying$25 ,000 or$50 ,000 to join one club to play golf at the same golf course every day or twice a week. I want to go play golf wherever I'm traveling, wherever I'm going to go. If I can't play a private club, it's not worth it to go play for six hours on the golf course. so this kind of um bridges the gap opens the door people that are like i don't see the justification of spending 100 grand to play the same golf course every day yeah yeah that that does bridge the gap yeah and it opens it up so you have you have so many different experiences i love it um now we've talked a lot about the hospitality industry and its changes in the in the private club community and what's kind of on the hop you know on the horizon what else do you think is on the horizon we got these biohack centers we got these this private club idea that you're basically introducing to the whole we're trying i think it's gonna be successful um what else i think i think that you've got two different demographics we're targeting or i guess having to meet the needs of and uh there's no middle class people that could be involved in anything no i'm saying you've got a newer demographic of people who haven't been exposed to clubs before who are like oh that's that i would say before covid everyone was saying the millennials are killing golf millennials are the ones that came and saved golf golf is now one of the most popular sports in the world with the most participants of almost any sport that exists um so now how do you pivot from being this very traditional buttoned up uh industry where you know it's it's suit and tie for dinner to loosening it up where you're like, no, you don't need to wear a jacket anymore, which has been an evolution of unfolding.

17:22But it's really forced the hand of a lot of clubs saying we've got to loosen the guidelines in terms of what our expectations are of our members, not to say to lower the expectation of who we invite into the club, but that we've got to kind of loosen up a little bit. We've got to do, you know, different types of wellness things. It's not going to be water aerobics anymore. It's going to be Pilates and reformers and things like that to cater to a younger demographic. So you see a lot more opening up to younger demographic. Absolutely. Which makes it more affordable for the rest of us. Absolutely.

17:54Yeah. And interesting, right? If you go to a club or if you go to a restaurant and there's no one there, you're not going to go back. Or you're going to finish that drink and you're going to move on. Or if you go there and no one in the room is of your age demographic. You went out for Thursday night cocktails and everyone's older and sitting down as a four top. you're not going to meet anyone. So I think these newer clubs, especially social clubs, are identifying we've got to do fun things for younger members to want to come and use the club not just once a month, but once a week or twice a week.

18:22That's awesome. And then how is the private club industry accommodating a more budget-friendly youth? Basically can't afford these crazy memberships. How are you bridging the gap for your 20-somethings? A lot of the clubs that are especially the higher end have either legacy memberships for the kids of existing members to join at a lower price and it tiers up as they get closer to, say, 50 or 40. And some just have a junior membership program that are, you know, if you're between 20 and 25 or 20 and 30, there's tiered pricing. And so you kind of pay up as you move along. So if you're 23 or just out of college, what a great way to get into the club.

19:04Yeah, they have tiered pricing. They're accommodating, you know. Absolutely. Gen Zers, the Gen Xers. yep and then you and i hit it in our 40s and you're like oh now i'm in the we get no discounts now discounts yeah i just still use my chai for discounts those um nice now um how are you preserve how would you say you're preserving like or balancing preserving like the the iconic legacy style club and then still introducing the modernization you know because there's that's a huge balancing act Absolutely. And that's actually one of our founding goals is to preserve tradition at these clubs. And so if they have an annual men's member guest, for example, a men's golf tournament where you bring guests in, it's how do you elevate that experience so that it's still a tradition.

19:56The trophy's been around for 50 years at that club. You want your name on that plaque. But when you do the stag night or each of the dinners that follow those or the breakfast in the morning or during the day, you have kind of newer amenities. Let's bring the bar cart out where it's not just the cart girl driving around during the day, but let's actually have a physical bar out on the fifth hole. And you see something different on the seventh hole where there's Chesterfield couches with a cigar lounge. You're going to sit down for a few minutes, light your cigar, catch up with your buddies, and then tee off and go on to the next hole.

20:26And I think that's what gives people to keep coming back. And you can keep driving the price up as members continue to utilize the club more often. nice now how often are these private clubs like increasing prices like we're seeing a like sure i'm seeing huge jumps in price huge with with demand yeah it's it's starting to slow down and um i mean covid crushed our business we consulted on growing memberships but everyone got into golf so clubs were like we don't need any help growing membership so we started really going back to our roots which is on retention because it's going to hit you're going to get the spike and then it's going to fall down and you're going to get less people joining because the price went too high too fast and you're going to run out of people in the market so um

21:13i think that clubs just need to focus on their price points and and come back to reality and and um lose my train of thought where we're going with that question um no no it's uh no it's all good it's uh right now we're seeing uh you know huge shifts in this whole space so it's just such a fascinating space for me to even like talk about and you know get introduced to and expose the community to because again we're people didn't didn't even know that this sort of thing number one existed number two was accessible to you know laymen and that there's scalable fees even for younger folks to join.

21:55I'll tell you, when I was, I got into this when I was 18 or 19 years old, when I was 23 or 25, I started the company. And I didn't know that there was a level this high. I thought clubs were like, you know,$10 ,000,$25 ,000 to join. And I got recruited to work on a club that was$300 ,000. And I was just like, who pays these fees? People will pay. I mean, being here in Orange County, people will pay for that sort of experience. and they were some of the nicest people I've ever met that I still, you know, 10, 15 years later, I'm still in contact with, you know, I worked for them and I'll run to them at a restaurant and like, how's everything?

22:31It's been 10 years. So I just, my business was grown on those people referring me to their second, third, fourth clubs. So that's another thing. These members pay 300 grand to join one club, but it's one of two, three, four that they're members of that pay the same price. So they have homes in Aspen or in Napa or in Pebble Beach, here, Chicago, Dallas. They have three, four, five homes. Now let me ask you, because we talked about this briefly in the beginning, but how do you really balance that exclusivity of a club and you still have the inclusiveness in the club marketing? Because to market kind of takes away that exclusivity.

23:16So how do you really balance that? We never say memberships are for sale. So it's always an education. So how do we educate you about the history of whatever club it might be? Let's say it's a historic club in Los Angeles. Sharing content in local magazines or getting a news clip or a social media clip because then you're going to market to a younger demographic. So you never sell. You're just educate. It's only about educate and then inquire to learn more. Would you like to learn more? Click here. So I say our database is quite large, hundreds of thousands of high net worth individuals that have an interest in golf, tennis, wine, cigars, whiskeys, wellness.

23:57If they click through, we then have a lead list. So we have an interest list. We call them suspects instead of prospects. Until they've actually done an inquiry to the club, they're a suspect. So now they're in a kind of a subgroup of ours. So if we know they're in Los Angeles, they make half a million dollars a year or a quarter million dollars a year. We qualify them based on income and their age. and proximity to the club well that's someone that maybe we need to do step two which is invite them to the club not from the club but from an existing member so someone who's say on the membership committee or someone who's on the food and wine committee or even someone like myself that would just like to host hey i'm going to invite 12 guys out to play golf and we just kind of move them through the process of you get an education touch point you get to actually physically touch the club and then an extension of the invitation so the club will then extend the invite or all extend the invite or the member who hosted will extend that invite to apply for membership fascinating strategy pretty layered and thought out yeah and what other industry do you get invited i mean ferrari does that right ferrari i i would love that experience by the way like please invite me i would love that exact experience you just yeah what a touch point right you're gonna pay even if it's 25 000 no i know i would be sold actually don't invite me because i don't even play golf and groucho mark said i'd never be a member of a club that would invite me so but the experience of the whole invitation process sounds awesome now uh we talked about this i'll just kind of dive into some uh some of your uh personal life here just because that's the way the show goes um so you got two kids and a step step kid you know you're you're incredibly resilient grew up probably not in newport beach definitely didn't grow up probably with that i was born here in Newport Beach actually and I grew up near Lake Tahoe and moved back in 2007.

25:48You were born in Newport Beach? I was yeah. Hogue Hospital. Hogue Hospital and you went to Newport Harbor? No I left when I was five. I grew up near Lake Tahoe. Oh okay okay and why did you come back to Newport? I lived in Los Angeles and lived in Hollywood and did all those things after college for a couple years and then my wife at the time we found a house when you could get houses for basically free. Remember those days when you had a pulse, they give you a mortgage. And so we bought a house at, I think we were 23 and moved down here. I think we'd fix and flip something in South County and the market crashed.

26:24I think the day after we signed our docs. I mean, we thought we got a steal on this house and the market just tanked. Yep. But we love George County. So what's the point of leaving someplace? You got dealt a bad hand or you picked up the last straw on that one and you know you've got a roof over your head he picks up the house and try to get it sold and so we stayed in that house i think for five years nice yeah what was it what city in in santa margarita rancho santa margarita okay yeah yeah i mean this is this the best place that now you're here in newport you're in turtle ridge ridge yeah yeah yeah i mean that's just the best place there is we we love it we love it down here i mean uh and i think newport beach is such a great city also because especially where we live you jump on the toll road you're at the airport in like 12 minutes yeah i think at the gate and probably 15 yeah so it's fantastic to be in this town you're leaving possibly the country in 20 minutes you could yeah i've done it yeah yeah off to italy let's go yeah um yeah a great place to live now um how are you because you're at you were telling me today up at 2 30 in the morning at the office at 4 in the morning so you're you're a grinder You know, how are you instilling that same level of grit into your children that you have now?

27:36What are you doing now to just instill that level of hard work, fortitude, overcoming tribulation and adversity? They come to the office with me sometimes. I mean, I'd say we built this out as kind of a man cave, but we have a full kitchen and bar at our office. So my kids will come and do homework with me while I'm working. So I have to pick them up at least at three o 'clock or they're not at, you know, at caregivers after school. they'll come with me and we'll hang out and they'll see me working, be on the phone and kind of learn those, you know, dad's on the phone. You got to be quiet or they're on the phone with me because we're pretty close with our clients.

28:08Yeah. So it's, you know, you've got kids. So it's one of those, Oh yeah, the girls are here with me. And it's, it's so nice to work with clients that are like, it's a family. We're all working towards the same goal of being better and having an elevated brand and elevated business. Cause we all want to just keep moving forward. So to, you know, we're all human beings at the end of the day. So I think to have that human element of our business and it be a luxury brand or a luxury business that targets that demo to be like, we're still human at the end of the day and having boundaries. Like, hey, my kids are having dinner.

28:37I'll call you in 20 minutes. And it's all texting with our clients. It's a pretty cool experience. Yeah, that's one thing I've really found. You know, it humanizes you to have your kids around. I mean, it does. Like, I called someone yesterday and I called them. My kids were screaming literally as I called them. I'm like, sorry. like in the middle of screaming and throwing a tantrum I was my baby and like throwing a tantrum like he's like no worries man it's all good we've all been through it if you have kids you get it yeah it's like literally screaming at the top of their lungs like oh my god this is happening right now sorry about that absolutely also my kids get to see some of the projects that I've worked on so yeah when we did Newport Beach Country Club we worked with the ownership there they got to see the construction as it was going up and then got to you know drive the golf course with me they got to swim in the pool they got to go to the the mother's day brunches or or dinners at the club so it's nice for them to kind of see like this is what i do yeah dad puts this thing together yeah all these hoity-toity uh folks here you know dad knows them all dad most of them yes yes that's very it's i think it's just fun for them to see like how do you um work for a company like this which they don't get to meet anyone else you know a lot of parents are attorneys or accountants or a general white collar job.

29:56And this is a white collar job that's just so niche. Attorneys and accountants at Newport Beach Country Club? No, no, no. They're all like CEOs. They're all CEOs. That's true. You also have partners in law firms. They're all there. Yeah, yeah, yeah. Partners in law firms are owners of the hospital. That's true. They're there as well. Yeah. They're on the board. They're not just regular doctors or lawyers there. Absolutely. But to rub elbows. I mean, I didn't grow up with money. No. I earned up that way. My family moved up. You didn't grow up with money? That was my segue into the question was not growing up with money and then having your kids grow up with money.

30:32How are you balancing that? Because I grew up dirt poor. My kids are growing up in Newport Beach where their friends are like, their dads are Super Bowl champions, literally. Several of the kids, or whatever, champion, or God knows what they are. It's the town. It's a high concentration of that. You know, like everybody is something like so you're just so numb to it in Newport Beach. It's like, oh, you're whatever you own F1. Oh, that's cool. You know, it's surprising there's a lot of multigenerational wealth in this town, but there's also a lot. New wealth, a lot of new wealth. I've met a lot of multigenerational wealth.