1 00:00:18,110 --> 00:00:19,210 Anderson Williams: Welcome to Bigger. 2 00:00:19,220 --> 00:00:19,680 Stronger. 3 00:00:19,689 --> 00:00:20,330 Faster. 4 00:00:20,470 --> 00:00:25,830 the podcast exploring how Shore Capital Partners brings billion-dollar resources to the microcap space. 5 00:00:26,769 --> 00:00:38,690 In this episode, we hear from the Shore Capital Partners strategic planning team about the flexibility of the strategic planning process for the stage The vertical and the unique needs of each portfolio company. 6 00:00:39,450 --> 00:00:47,820 They dispel some important myths about developing a strategic plan and further elaborate on what a successful partnership with portfolio companies can look like. 7 00:00:49,150 --> 00:00:57,879 This episode builds on the process discussion the team had in the first episode of the series, which focused on defining the Shore approach to strategic planning more broadly. 8 00:01:00,460 --> 00:01:06,250 John Murdock: One of the things that we are, are sometimes asked is to what level was the strategy already developed, and I think. 9 00:01:06,725 --> 00:01:14,735 It's a common question for CEOs that have exposure to, through some capacity, other private equity firms, normally later stage. 10 00:01:15,130 --> 00:01:24,150 where it would be pretty standard for the investment team to have created a strategy, created a strategic plan, or a value creation plan, and sort of hand that to them and say, this is what we're going to do. 11 00:01:24,679 --> 00:01:29,940 So, what is it that we do in advance of buying a company? 12 00:01:29,940 --> 00:01:31,960 And to what degree is the strategy already formed? 13 00:01:32,679 --> 00:01:34,739 Dane Drobocky: So, Shore underwrites an IC memo. 14 00:01:34,829 --> 00:01:45,019 That's an investment committee memo, which outlines a way to create value in a certain niche, certain market niche, et cetera, The initial investment of a platform. 15 00:01:45,990 --> 00:01:50,940 What we do is bridge that gap from past to present to outline to all stakeholders. 16 00:01:51,020 --> 00:01:53,730 What is going to be truly valuable in that session? 17 00:01:54,099 --> 00:02:01,279 So what may have worked in a document that was underwritten before the initial platform investment may not work today. 18 00:02:01,579 --> 00:02:08,619 Sometimes that initial investment is also not in that direct, think of a bullseye, that direct middle of your underwritten value prop. 19 00:02:08,660 --> 00:02:14,049 It lies maybe a few degrees outside or off from the initial understanding. 20 00:02:14,475 --> 00:02:20,750 And as the world changes, dynamics in the market and competitive forces change as well. 21 00:02:21,109 --> 00:02:28,350 Thus, our strategic planning sessions help mitigate any discrepancy from what can derive true value in a business's vision. 22 00:02:29,300 --> 00:02:42,405 John Murdock: And I think one of the things I'd emphasize on that IC memo that you so well defined is that is, it is so high level that it is possible to execute on in infinitely different ways. 23 00:02:43,035 --> 00:02:53,345 So for an operator, which is not the person involved in making the IC memo, because that's very smart investment team members, an operator is going to say, this is not a plan. 24 00:02:53,795 --> 00:02:55,985 If you read it, you would say, this is not a plan, right? 25 00:02:55,985 --> 00:02:58,905 There are so many markets here listed as options. 26 00:02:59,145 --> 00:03:02,435 There are so many products or services listed as potentials. 27 00:03:02,915 --> 00:03:05,505 How do I prioritize which of these I'm going to do? 28 00:03:05,545 --> 00:03:07,725 Cause we know that most of them are not ever done. 29 00:03:07,795 --> 00:03:11,584 When you look at what we call the honeycomb slide, just, just a big picture of. 30 00:03:11,930 --> 00:03:16,080 Different in markets or different products or services that a company might want to enter into. 31 00:03:16,650 --> 00:03:18,560 They're only going to actually choose to do a few of those. 32 00:03:18,680 --> 00:03:20,509 So the choosing is what you need to do. 33 00:03:20,570 --> 00:03:26,490 And then prioritizing how you're going to get in there and how you're going to win is what you need to figure out that hasn't been figured out yet. 34 00:03:26,830 --> 00:03:29,969 So there really isn't a strategic plan and there isn't really. 35 00:03:30,359 --> 00:03:33,210 Anything other than the most general concepts of a strategy. 36 00:03:33,589 --> 00:03:37,260 We need to build a strategy and a strategic plan with you. 37 00:03:37,269 --> 00:03:44,029 So it's not determined, I would say, almost to any significant degree from an operator's perspective, typically, uh, for what they're gonna do. 38 00:03:44,189 --> 00:03:55,179 Dane Drobocky: It also doesn't outline who and when any action might need to take place in order to move forward, which is a key outcome of a strategic planning engagement with our team. 39 00:03:56,639 --> 00:03:59,310 John Murdock: And we learn so much from the actual doing of the business. 40 00:03:59,630 --> 00:04:01,639 And so much depends on who we buy first, right? 41 00:04:01,689 --> 00:04:07,479 You're the initial CEO and you're in one geography, then that probably means the strategy needs to go one direction rather than another. 42 00:04:07,799 --> 00:04:11,029 Um, countless examples of situations like that. 43 00:04:11,159 --> 00:04:19,839 Dane Drobocky: Yeah, I just think back to a time in which in the underwritten investment committee memo, strategic acquisitions were going to play a heavy focus in the growth of a business. 44 00:04:20,309 --> 00:04:27,669 After some time in the market, after competitive forces have shifted and changed, we understand organic growth might need to be the bigger play. 45 00:04:27,919 --> 00:04:28,579 And guess what? 46 00:04:28,619 --> 00:04:34,239 Our business is growing at a faster rate than the market on average, which is amazing news. 47 00:04:34,479 --> 00:04:37,019 Sometimes that's not always the case, but in this case it was. 48 00:04:37,309 --> 00:04:50,759 So our ability to realize that through strategic planning sessions, through continuous follow up and engagement allows us to double down on, look, there's another route to victory and this route may give us a better victory than originally anticipated. 49 00:04:51,219 --> 00:04:51,729 John Murdock: For sure. 50 00:04:52,169 --> 00:05:05,449 And in that lens of, there's high level strategy and then there's the attempt to narrow the focus to where it's something that we can actually implement on and have a higher degree of success with. 51 00:05:05,989 --> 00:05:14,299 One of our constant battles in session and in all of our work with our portfolio companies is to help them decide what they won't do. 52 00:05:14,799 --> 00:05:19,619 To help them decide at least what they won't prioritize for the next timeframe. 53 00:05:19,989 --> 00:05:20,519 And then. 54 00:05:20,739 --> 00:05:23,679 That will leave them with some opportunity to decide what to do next. 55 00:05:24,689 --> 00:05:34,379 Sarah, how do you handle that conversation when you have the team, CEO, whoever in front of you saying, Ah, I don't want to limit myself. 56 00:05:34,724 --> 00:05:36,084 I don't want to have to focus. 57 00:05:36,864 --> 00:05:37,194 Sarah Giblin: Yeah. 58 00:05:37,254 --> 00:05:43,424 Um, that happens fairly often and it's, it's both not easy, but we're well equipped to manage it. 59 00:05:43,844 --> 00:05:54,404 Um, I think my initial response or my initial thought is always that if you aren't going to narrow the set of possibilities, then you're, you're not probably not going to do as much. 60 00:05:54,414 --> 00:05:56,174 You're not going to learn as much. 61 00:05:56,544 --> 00:06:02,094 Um, and you're not going to learn, um, what, what works and what isn't going to work. 62 00:06:02,414 --> 00:06:06,774 And so I certainly understand and can empathize with that position, right? 63 00:06:06,774 --> 00:06:12,744 You don't want to miss out on a great opportunity by narrowing in or focusing your strategy. 64 00:06:13,134 --> 00:06:21,154 However, by not doing that, what we see happen is then, uh, that the execution really isn't there. 65 00:06:21,294 --> 00:06:21,604 Right. 66 00:06:21,604 --> 00:06:24,574 So we want to explore this end market. 67 00:06:24,574 --> 00:06:26,114 We want to explore this end market. 68 00:06:26,114 --> 00:06:27,834 We want to explore this end market. 69 00:06:28,164 --> 00:06:34,774 And in exploring, you miss out on the great opportunities or at least learning from those great opportunities. 70 00:06:34,784 --> 00:07:01,559 So I think what we try to do in session when that dilemma comes up in it, I think almost always comes up in almost every session is really trying to get folks to zoom in, um, to, to basically evaluate the options that you have in front of you, make a strong case for and against each of those options, kind of weigh those options, and then ultimately commit to, um, to just, you know, a smaller set. 71 00:07:02,019 --> 00:07:29,419 And in the strategy itself, if, you know, for example, in a recent session we had, there was some hesitancy to zoom in on, um, a particular, you know, Uh, type of service and, um, we weren't saying, no, you have to zoom in on this service if you're not ready to zoom on this service today, but you at least need a method to test out all of those options, um, and a timeframe by what you're going to do it so that you can then decide, okay, which ones are we going forward with? 72 00:07:29,619 --> 00:07:30,119 Dane Drobocky: That's great. 73 00:07:30,609 --> 00:07:31,319 I want to add to that. 74 00:07:31,319 --> 00:07:40,379 And just also, we emphasize don't let perfect get in the way of good and, you know, through your hold with short capital partners, one quarter. 75 00:07:40,909 --> 00:07:42,459 Is ultimately 5 percent of the whole. 76 00:07:42,929 --> 00:07:48,389 So by keeping options completely open and not putting a plan in place to act on anything or those options. 77 00:07:48,669 --> 00:07:51,399 Sarah Giblin: I think connecting back to that. 78 00:07:51,439 --> 00:08:09,299 I mean, we had, um, uh, an experience about a year ago where, um, a company was very hesitant to narrow their, um, acquisition targets, um, for the reason that they didn't They didn't want to, um, eliminate potential great targets. 79 00:08:09,689 --> 00:08:12,039 And again, we empathize with that. 80 00:08:12,099 --> 00:08:14,529 That was a real kind of worry or risk. 81 00:08:15,229 --> 00:08:18,419 They only have one, um, M&A person. 82 00:08:18,459 --> 00:08:21,419 They only have one person in, in, who's working on that. 83 00:08:21,649 --> 00:08:24,549 The CEO is helping, but it's really just one person. 84 00:08:24,550 --> 00:08:32,789 And, um, In the session this year, they said they have and I'm, I might be wrong on the number, but like 700 potential targets. 85 00:08:33,379 --> 00:08:41,609 And so like, how on earth is that person going to, uh, to, you know, evaluate all of those? 86 00:08:41,804 --> 00:08:51,844 If there isn't some, um, filter, some funnel, some way to know which ones are better or which ones are, are, are more, um, likely to succeed within their space. 87 00:08:52,204 --> 00:09:00,964 So, I think that's just like one of the many examples where prioritizing, Zooming in, narrowing, is, is essential. 88 00:09:01,344 --> 00:09:08,864 And then if that, like, unicorn company comes along that is maybe outside of what they had settled on, of course they're gonna consider it. 89 00:09:08,914 --> 00:09:12,234 But like, that's, that, that doesn't happen very often. 90 00:09:13,134 --> 00:09:19,044 John Murdock: I think, to your point, a couple of the things that we see, like, the unicorn is helpful to keep in mind. 91 00:09:19,104 --> 00:09:26,524 Because sometimes there's the fear is stated as, well, I don't want to turn down a great deal that comes through the door. 92 00:09:26,734 --> 00:09:31,734 And it's like, well, no one is ever going to tell you to turn down a great deal that walks through the door. 93 00:09:31,934 --> 00:09:37,984 Now, we may disagree, and by we, you and your board or your fellow management team members may disagree of whether or not it's a great deal. 94 00:09:38,214 --> 00:09:38,514 Sarah Giblin: Sure 95 00:09:38,704 --> 00:09:40,354 John Murdock: And that's a different conversation. 96 00:09:40,554 --> 00:09:45,814 But just because you're focused doesn't mean that you are completely closed off. 97 00:09:46,214 --> 00:09:53,144 And I think management teams worry that we are saying or that they are being told to close off possibilities. 98 00:09:53,574 --> 00:10:17,574 Forever and instead it's really no focus your energies here for now into kind of Dane's point earlier Imagine that you don't hit your goals Because for whatever reason you don't hit them if you walk into the board meeting and you say I don't I didn't hit my goals And I don't know why that's a problem because there was no gain made in that question Right? 99 00:10:17,574 --> 00:10:19,624 You didn't learn anything and you didn't make any money. 100 00:10:19,624 --> 00:10:21,174 And so there's no adjustment going forward. 101 00:10:21,174 --> 00:10:22,454 So how is this useful? 102 00:10:22,674 --> 00:10:29,754 If instead you're able to say, you know what, I exhaustively searched this one end of the market, and it is not a good place for us to win. 103 00:10:30,274 --> 00:10:34,964 Then you have at least learned something that increases your odds for success in the next quarter. 104 00:10:35,224 --> 00:10:38,774 And as Dane mentioned, those quarters are each 5 percent of your hold period. 105 00:10:38,784 --> 00:10:40,544 So time is going away. 106 00:10:41,694 --> 00:11:00,134 All right, Sarah, every portfolio company that we work with is its own unique company and sometimes, understandably, we hear the concern that our session, our process, won't account for their unique circumstances, conditions, status. 107 00:11:00,749 --> 00:11:04,169 What would you say to that portfolio company? 108 00:11:04,879 --> 00:11:05,189 Sarah Giblin: Yeah. 109 00:11:05,199 --> 00:11:07,809 I mean, at its core, we do have a process. 110 00:11:07,869 --> 00:11:09,419 We rely on a process. 111 00:11:09,679 --> 00:11:13,479 Um, we find that the process does drive significant value. 112 00:11:13,489 --> 00:11:15,459 So that is important to note. 113 00:11:15,489 --> 00:11:33,109 Like our process is Is part of the success that we are able to achieve and the process that we use relies on and and builds in the opportunity to specifically tailor, um, our sessions to, um, the phase of the course. 114 00:11:33,279 --> 00:11:40,929 The company, you know, where they are in their hold period, um, the vertical, um, and just the certain set of circumstances that they're in. 115 00:11:41,229 --> 00:11:50,409 Um, so it is our process accounts for opportunity to find out, you know, what are the most unique issues and challenges for you all. 116 00:11:50,609 --> 00:11:52,119 We do this through our key meeting calls. 117 00:11:52,119 --> 00:11:53,419 We do this through our survey. 118 00:11:53,639 --> 00:12:01,589 We do this through conversations with the investment team members where we're getting all of that information so that we can really tailor the experience. 119 00:12:01,924 --> 00:12:07,354 Um, to what it is they, the company needs getting, you know, coming out of the session. 120 00:12:07,824 --> 00:12:24,604 Um, that helps us to the fact that we have this process enables us as a team to be able to more, um, accurately identify, um, winning patterns, um, coach teams along those patterns, um, and recognize them when they're kind of coming up. 121 00:12:25,144 --> 00:12:32,994 And then additionally, and we've talked about this a bit, we have run over 100 sessions, over 100 strategy engagements. 122 00:12:33,274 --> 00:12:46,454 And the fact that we've done this so many times, is, is testament to, and is, is part of the way that we're able to to kind of adjust course or adjust based on a company's unique set of circumstances. 123 00:12:46,774 --> 00:12:50,564 So in my mind, it's both the company and their perspective. 124 00:12:50,574 --> 00:12:58,394 And then our process that that really is like the winning combination, um, and ultimately leads to such a great outcome in session. 125 00:12:59,474 --> 00:13:11,944 John Murdock: So for, uh, the group, what are Some of the ways that the customization manifests, or the ways that a session might vary from year to year, or industry to industry, or circumstance to circumstance. 126 00:13:12,474 --> 00:13:22,414 Adam Shibley: Yeah, I think early on in the hold period, we're working on some of the more foundational decisions, as you discussed, like what end markets do we want to be in, what capabilities do we want to have. 127 00:13:22,754 --> 00:13:37,254 Sometimes we look at the mission, vision, and values of the company to really strengthen those before we start to acquire other businesses and make sure that more employees who are joining the platform are in alignment with those mission, vision, and values. 128 00:13:37,574 --> 00:13:38,004 So. 129 00:13:38,319 --> 00:13:52,669 It's a bit more foundational in the early phases of Shore, but as you start to grow and move throughout that phase journey, we're going to start to focus on some of the more major decisions that can affect your exit valuation. 130 00:13:52,989 --> 00:14:00,269 Some of those things, for example, we'll be working with a company in January and really diving in deeply into their technology base. 131 00:14:00,319 --> 00:14:07,909 Making very detailed decisions about what changes need to occur over the next two years within their technology. 132 00:14:08,539 --> 00:14:15,479 And I think those decisions become a little bit more clear as you age throughout the Shore journey. 133 00:14:16,339 --> 00:14:17,069 Dane Drobocky: Definitely. 134 00:14:17,169 --> 00:14:22,659 I also think it defers and manifests And different verticals of Shore through many different reasons. 135 00:14:22,659 --> 00:14:24,189 But some of those may be trends. 136 00:14:24,219 --> 00:14:38,069 So if you look at the food and beverage business, the way we facilitate a conversation around labor optimization is going to be different than that of a practice manager at a different clinic or an account manager for different accounts in the healthcare space. 137 00:14:38,479 --> 00:14:39,869 It's just going to look and feel different. 138 00:14:39,919 --> 00:14:42,039 And we're here and have seen that in the past. 139 00:14:42,039 --> 00:14:52,869 So we are able to adapt to it, customize your need to fit our strategic planning process that Sarah so clearly outlined and create maximum value as well as great time spent. 140 00:14:53,489 --> 00:15:03,999 It's like in the food and beverage industry, you're gonna see different trends that will impact the way our session is customizable that can be through health and wellness or sustainability and the impact that may have. 141 00:15:04,444 --> 00:15:14,394 And the different services we're offering or manufacturing of goods we are making technology integration as well or transparency and traceability and flexible product lines. 142 00:15:15,974 --> 00:15:19,224 John Murdock: Yeah, I think there's variation by vertical. 143 00:15:20,189 --> 00:15:56,104 In general, that we are aware of that the, whether it's workforce, uh, the types of workers that one company's working with in a healthcare company versus a food and bev company versus a business services, pest control company versus a roofing company like that, there's going to be some different dynamics there, the industry trends, whether it's a growing industry, a shrinking industry, whether it's being disrupted at what rate by technology, all things that we keep in mind, we know that a food and beverage industry Company on average is going to worry more about acquisition for new capabilities or new geographic touch and reach. 144 00:15:56,134 --> 00:16:02,134 We know that in a lot of our healthcare multi site models, it's going to be more about just expanding capacity. 145 00:16:02,164 --> 00:16:10,324 And so we know there's variation that is kind of thematic and that's a pattern that we can see, but we're aware of by industry. 146 00:16:10,584 --> 00:16:12,754 by phase of your time in the hole at Shore. 147 00:16:13,194 --> 00:16:17,514 And then we also make sure with that survey and all those other questions to, to identify what's the right issue for you. 148 00:16:18,604 --> 00:16:27,834 Two healthcare companies in similar industries, one might need to talk about account management a lot more because it maybe just lost a big client, or it's trying to make sure it can land a big client. 149 00:16:28,044 --> 00:16:32,714 While another group needs to talk about M&A because it hasn't had a successful acquisition in a year. 150 00:16:33,114 --> 00:16:38,004 It's what the company needs to, um, and really it's what the company needs first and foremost. 151 00:16:38,014 --> 00:16:39,470 We just bring our knowledge to try to help enable that. 152 00:16:39,470 --> 00:16:49,239 Dane Drobocky: And one really cool thing we're doing on the back end is tracking all of this qualitative and quantitative data through a compiled database that will allow us to understand. 153 00:16:49,524 --> 00:16:52,704 What are the biggest things keeping companies up at night in phase one? 154 00:16:52,894 --> 00:16:56,944 Or what are the biggest things keeping companies up at night within food and beverage? 155 00:16:57,294 --> 00:16:59,264 What are the top initiatives in this industry? 156 00:16:59,264 --> 00:17:06,164 Or what is the overall just team alignment around their mission, around their vision, et cetera? 157 00:17:06,164 --> 00:17:14,864 Which is a really great tool that we show companies in session so they know how are they comparing against the rest of Shore and just Microcap in general. 158 00:17:15,524 --> 00:17:17,054 Really great stuff that the team's working on. 159 00:17:18,294 --> 00:17:18,854 John Murdock: So. 160 00:17:19,674 --> 00:17:28,604 Adam, and the team can chime in too, but what is the promise that we are making to a company that goes through our session? 161 00:17:29,184 --> 00:17:34,524 Are we saying, if you engage with us, you will be successful? 162 00:17:35,514 --> 00:17:36,524 Adam Shibley: No, we are not. 163 00:17:36,534 --> 00:17:37,724 Wouldn't that be amazing though? 164 00:17:37,764 --> 00:17:38,594 John Murdock: That would be great! 165 00:17:38,704 --> 00:17:41,504 Adam Shibley: If we could promise success to each company we worked with. 166 00:17:42,079 --> 00:18:04,619 I would be very happy, uh, and there would be no reason for anyone not to work with us, but when you think about it, um, it is a proven fact that consistent engagement in the strategic planning process can help deliver over two times your valuation at exit, um, if you're engaging in that strategic planning process over a three year period. 167 00:18:05,199 --> 00:18:09,079 While that is true for some companies, it's not true for some others. 168 00:18:09,399 --> 00:18:13,069 Uh, there are many factors that go into having a successful strategy. 169 00:18:13,599 --> 00:18:15,819 You're going to have to update it with market trends. 170 00:18:15,859 --> 00:18:17,659 It has to be the right strategy. 171 00:18:18,149 --> 00:18:20,379 Uh, things change over the course of time. 172 00:18:20,389 --> 00:18:23,449 You're going to have turnover within your management team, most likely. 173 00:18:23,819 --> 00:18:29,019 So there are a lot of factors that are going to change after our strategic plan is set. 174 00:18:29,459 --> 00:18:33,799 However, at Shore, we like to promise the process, not the outcome. 175 00:18:34,409 --> 00:18:36,819 That's the same within strategic planning. 176 00:18:37,129 --> 00:18:43,489 Our process is going to enable you ultimately to have more success than if you were not engaging in that process. 177 00:18:43,999 --> 00:18:47,819 But we are not saying that this will lead directly to the perfect exit. 178 00:18:48,839 --> 00:19:01,249 John Murdock: I think if, if someone were asking what's the value that we provide, I would tell them that we are going to help you have the best chance to maximize your outcome in this engagement with Shore. 179 00:19:01,780 --> 00:19:05,019 And we're gonna make it better. 180 00:19:05,409 --> 00:19:08,099 Like your experience going through it at Shore better. 181 00:19:08,679 --> 00:19:18,009 The strategy and the strategic plan will enable you to have the best conditions to maximize value, to grow EBITDA, to have a successful exit event. 182 00:19:18,709 --> 00:19:19,769 And by having. 183 00:19:20,149 --> 00:19:27,679 your board, your investors, and your management team better aligned on that journey, you will have fewer headaches. 184 00:19:27,709 --> 00:19:28,789 You will still have headaches. 185 00:19:29,164 --> 00:19:31,704 Because it is not easy doing what we're asking you to do. 186 00:19:32,104 --> 00:19:34,904 Um, and you probably wouldn't have signed up for it if it were gonna be easy. 187 00:19:35,664 --> 00:19:41,634 But it will be drastically better the more aligned your team is with you on the journey and that's what we're here to help facilitate and do. 188 00:19:42,054 --> 00:19:52,064 And so anytime that a leader needs something or wants help, we're here inside or outside of our engagement structure to provide that support, so. 189 00:19:52,065 --> 00:19:54,294 Anderson Williams: If 190 00:20:00,554 --> 00:20:03,344 you enjoyed this episode, be sure and check out our other Bigger. 191 00:20:03,344 --> 00:20:03,754 Stronger. 192 00:20:03,754 --> 00:20:04,154 Faster. 193 00:20:04,154 --> 00:20:14,884 epsidoes, as well as our Microcap Moments and Everyday Heroes series at www.shorecp.university/podcasts or anywhere you get your podcasts. 194 00:20:15,434 --> 00:20:20,314 This podcast was produced by Shore Capital Partners with story and narration by Anderson Williams. 195 00:20:20,684 --> 00:20:30,124 Recording and editing by Austin Johnson, editing by Reel Audiobooks, sound design, mixing, and mastering by Mark Galup of Reel Audiobooks. 196 00:20:30,144 --> 00:20:34,864 Special thanks to John Murdoch, Sarah Giblin, Dane Drobocky, and Adam Shibley. 197 00:20:35,404 --> 00:20:38,494 This podcast is the property of Shore Capital Partners, LLC. 198 00:20:38,944 --> 00:20:46,854 None of the content herein is investment advice, an offer of investment advisory services, nor a recommendation or offer relating to any security. 199 00:20:47,194 --> 00:20:51,224 See the terms of use page on the Shore Capital website for other important information.