January 14, 2025 • 26 mins
Welcome to HeadHunters NW Podcast! I'm Shaylene Keiner, an executive recruiter with a passion for the global defense, small arms and shooting sectors. Join me as I sit down with top executives and industry leaders to dive deep into the world of global manufacturing, service companies, non-profits and more. Together, we explore the latest trends, innovations, and the inspiring stories behind the people who drive this dynamic industry forward. Whether you're a seasoned pro or just curious about what makes this world tick, you're in for engaging conversations that go beyond the surface. Let's uncover the fascinating stories and insights that shape the global defense, small arms and shooting sectors. Subscribe now and become a part of our community!
In this episode of HeadHunters NW Podcast, host Shaylene welcomes Nathan Pund, Global Managing Director at Houlihan Lokey. Nate shares his expertise in investment banking, focusing on consumer products, outdoor, and tactical sectors. He explains the basics of M&A transactions, common misunderstandings about investment banking, and offers insights into his unique career path. The discussion covers the global nature of the industry, the importance of trust, and the dynamic opportunities present in the outdoor and tactical markets. Tune in to learn more about how investment banking can help businesses grow and succeed.
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Episode Transcript
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Shaylene (00:01):
Okay.
Hello everybody.
Welcome to another podcastof HeadHunters Northwest.
I am, I am so excited.
I never in my wildest dreams.
Many years ago when I met Nate everthought I would have a podcast let
alone have the privilege of having himon the podcast So welcome Nate pun.
He's with Houlihan Lokey He is the globalmanaging director and your specialty is
(00:27):
consumer products outdoor Tactical andI'm sure there's something else because
you cover a lot of things in there.
Nathan (00:36):
I do I do shaylene It's it's fantastic to be here.
Thank you very much for having you Wewe've known each other for a long time
and honored to be on your program.
Thank you.
Shaylene (00:43):
Thank you well, the reason I asked nate to be on the program is because
Nate is an investment banker and I thinkthat a lot of our industry would benefit
from learning more about What investmentbanking is about and what you guys do
you help with M and A transactions,which I'm fingers crossed that we're
(01:05):
going to see a whole lot of that in 2025.
You know, I'm, I'm really excitedto hear a little bit about what you
think I've been watching your newspress releases and your reports.
So I have a little idea ofwhat your thoughts are on
that, but let's start with.
Telling the audience who your customersare and what you guys do on a daily basis.
(01:26):
Cause it's really prettymystical to most people.
Nathan (01:28):
Sure.
No, you're absolutely, absolutely right.
I get questions all the time,including ones from my mother
as an investment banker.
Can I, can I help youpick the right stock?
Can I do somebody's taxes?
Can I, can I break a 20 into,you know, two fives and a 10?
Yes, there's, there's, there's a lotof mystique about investment banking,
but the simple way I like to describeit is We're, we're really no different.
(01:49):
Obviously there's some, some, somevery major differences, but really no
different than a real estate agent.
I just happened to advise people onbuying and selling businesses versus
someone buying and selling a house.
And that's really how you shouldthink about it is, is when you need
help to go find the right house, whenyou need help to go Find that right
business that you want to acquire,whether you're a professional investor
(02:10):
or someone who's looking to get intothe industry, or you've worked really
hard, you put 20, 30 years in termsof building your business and you need
expertise in terms of representingthat business, that's where we come in.
And to your point, yes, Shayleen.
My my title is global head ofthe outdoor and tactical banking
team is, is quite a mouthful.
So I cover everything from coreoutdoor goods, you know, from skis
(02:33):
to bikes, to tents, to fishingrods, to more in the outdoor and
shooting world guns, ammunition.
And then we even like to think ofthe soldier as an extreme camper.
And think of all that soldier equipmentreally is the sector that we do.
We've been focused on that for25 years and advised on more
than 200 transactions at space.
So been pleased to workwith a lot of good people.
Shaylene (02:55):
Yeah.
And that is a big category,but it's not just you.
You have a team.
Nathan (03:00):
I do.
I do.
And I've
Shaylene (03:00):
met a couple of them three or four of them.
Great people.
Very smart.
And cute as a whip, because ofcourse they're much younger than me.
Most of them, I love talking to themat these cocktail parties and things.
They make me giggle becausethey, they're just fun.
Cause they're interesting.
They're interested inlearning about everything.
(03:22):
You know, they're like sponges.
Nathan (03:24):
Yeah, no, I'm, I'm fantastic.
As they say, it does take avillage and I'm, I'm fortunate.
I have a village around the world.
So we here at Houlihan, we'vegot 36 offices around the world.
I have.
Teammates is part of this whole outdoorand, and tactical team in five different
countries in terms of what they are.
And yes, some of them arestraight out of college.
Some of them worked with me for 10, 15years, and all of them are highly vested
(03:47):
in this space and love what they do.
Well, we're, we're fortunate.
I like to say I've, I've got thebest job of any bank in the world
because I'm dealing with things thatI have in my closet, in my garage,
you know, rifles, pistols, skis,bikes, tents, all the fun stuff.
Shaylene (04:00):
Yeah, and this is your area of interest.
I know that I heard on a podcastyou did recently that you
you're really into bicycling.
And so this was a focus for you.
You actually kind of made this niche.
This wasn't something thatinvestment bankers technically had.
You kind of created this niche, right?
Yeah.
Nathan (04:19):
No, you're absolutely, absolutely right.
My, my my path to being aninvestment banker is, is an odd one.
And I'll, I'll tellyou a very funny story.
So it was between my juniorand senior year in college.
I was a lifeguard.
So you could see I had high careeraspirations and my best friend had
graduated a year ahead of me andwas working for an investment bank.
And I'll never remember, never forget.
(04:39):
He called me up and said, Nate,I've been working for 24 hours
straight working on this deal.
It's been really amazing.
And I remember he hung up the phone.
And I thought, God.
I don't ever want to bean investment banker.
That sounds like a horrible job.
And here I am 25 yearslater in the career.
And it's been fantastic.
We've gotten to work with someamazing, amazing people out there.
(05:00):
And this is where the firearms industryin particular has been fantastic.
I came from that world.
I was, I was a competitive skeet shooter.
I also served 10 years in the military.
So I like to say I speak thelanguage a little bit and I,
and I really love the community.
It's, it's been a fantastic one.
Shaylene (05:15):
I think that's a little understated.
Having freshly read your bio onthe website at 10 years in the
military is an understatement.
Right.
Nathan (05:24):
I did get to work with a number of heroes.
Yes.
Shaylene (05:26):
Yeah, I was going to say, there's a couple other things in there.
So when you are at say a USA, or, youknow, I know that the Navy doesn't
really technically show up at that,but just in case you came to that.
Or modern day Marine or probablybetter soft week, then you're
rubbing elbows with the peoplewho you really actually understand
(05:49):
what they've done and gone through.
Nathan (05:51):
Yes.
Yeah.
So the truth is, is I w I wasa counterterrorism officer.
I came from the intelligence communityand I worked in special operations
and I worked with a number of heroes.
I, I am, I am not one of those.
I, I'm, I'm full of tears ifI stub my toe or a paper cut.
So but I did work with some amazingpeople across the teams across
the groups and across the Marines.
(06:12):
It was, it was, it was fantastic towork with those, those individuals.
Really, really amazing.
Shaylene (06:17):
Well, I think it really does set you apart in what people envision as
investment banking or M& A activity, thepeople who do these mystical transactions.
And it really, you really have beenso approachable and very kind to
me whenever I've run into you andyour team is equally as, as kind.
So I think it does set you apart.
(06:38):
And I know that you've donequite a lot of M& A work.
In the tactical market and hopefullythe MilGov and law enforcement markets.
Let's keep shoving that.
I think that'll, my personal opinion isthat'll be a good market for us in 25
because we need to rebuild our military.
So I do hope we pull some of thatcommercial business up with some of that.
Nathan (07:03):
Well, I think you, you, you hit on it.
So one for me, it is great to bepart of that community and help
people achieve their, their,their dreams in that community.
And two, obviously I'm a bigbeliever in our national defense
and what we're, what we're doing.
So the ability to, to really helpthose businesses and help us stay.
Protected and help protect otherpeople around the world is, is,
(07:23):
is, you know, is, is a real honor.
And to your point now with the electionbehind us, I think one of the things
that Trump stands for certainly is, isgun rights and certainly strong defense.
And I think that's going to continueto help the, that tactical industry
in terms of further, further support,further growth, and then hopefully further
accomplishment of, of all of our goalsin terms of what we're looking to do.
(07:44):
. Shaylene: Yeah.
And that is, as you appropriatelymentioned earlier, that covers
a lot more than just small arms.
You know, that is, there's tents,amazing structures, whole cities
that these companies put up.
There's.
All kinds of products that all youhave to do is walk through one of
those trade shows and go, wow, thisisn't just about tanks and helicopters.
(08:06):
This is about there's, there'severything you can imagine.
And these soldiers need allthat all over the world.
It's just, they're so innovative.
You're absolutely right.
And this is where this matches up.
I, I deal with also my focus on theoutdoor market because I'm going
to be a little tongue in cheek.
But it really is extremecamping at the end of the day.
You, you are camping inthe most severest form.
(08:29):
I happen to do that.
Thanks to seer school.
That was, that was pretty extremecamping, but nonetheless, you are, you,
you're talking about sleeping bags.
You're talking about tents.
You're talking about heating.
Food, lighting, communications, bodyarmor, load carriage and then everything
down from socks, shoes, and gloves.
It's it's, it's there's, there's alot to do there and there's a lot
of room for some great companies.
(08:50):
And there are some terrificcompanies out there.
What, what individuals have createdacross the tactical markets and the
outdoor markets to support our, ourlaw enforcement support, our war
fighters is, is really, really amazing.
I'm never, Never not surprisedby what the ingenuity is across
the industry and the good peopletrying to do the, do good things.
Shaylene (09:07):
Well, I love that about this industry.
There's never a day that'srepeated because you always
have something to learn.
There's always something who, that someonehas made better, innovated or created.
It is really never boring.
Nathan (09:20):
No, it is.
And this is where I'll,I'll, I'll, I'll be selfish.
I love this stuff.
This is the whole reasonwhy I got into this.
Cause to your point, I kindof made up this career.
So I started as a investment banker and abroad consumer banking practice way back
in early two, in the early two thousands.
And there I was representingpeople that made frozen peas and
baby toys and women's apparel.
(09:42):
And I'll be candid.
I didn't care about any of it.
I wanted to do things that I caredabout bikes, skis, guns, fishing rods.
And so I quit in 2005 to start my owninvestment bank to focus on this sector,
which was unheard of at that time.
We built that up over five years.
Me and a partner of mine made usnumber one in the world in what we did.
We ultimately sold that investmentbank to another investment bank.
(10:04):
And long story short, here I am atHoulihan still having a great, great
time with all the people in the space.
Shaylene (10:10):
Well, it, it is a great group of people because they, by and
large, I find the industry to be quiteapproachable and they genuinely in
invest in each other, even competitors,which is really surprising a lot
of times to people because theyreally do invest in the human part.
They want to know how yourfamily is, how your kids are.
(10:31):
And there's oftentimes thatthere'll be writing letters to help.
Someone else's kid get into the college.
They want letters of recommendations,internships, and things like that.
It was really special.
Nathan (10:43):
Oh, I, I, I agree.
You know, I, I think people end upin, in that industry one, because
they are passionate about the product,whatever, whatever their product is,
but they're really passionate aboutthe consumer and helping that consumer
you know, succeed in that journey.
Whether that happens to be as a warfighter overseas, whether it happens to
be Down the street in some state park.
I know when I was deployed, I receiveda huge outpouring of gear more
(11:05):
gear than I could have ever used.
And half of it wasn't even applicable,but I had more friends across the
industry, sending me more things.
And it was, it was just, it was justso, so touching and so heartfelt seeing
people wanting to do the best by me sothat I could do the best by this country
and the rest of my teammates out there.
Shaylene (11:23):
Yeah, well, we need more of that.
And luckily, I think UnitedStates is going to head that way.
I hope so.
So let's talk about who yourcustomers are, because I want people
to understand, you know, what youdo when you talk about M& A work.
Are you going out and you'remeeting companies that are for sale?
Are you meeting peoplewho want to buy companies?
(11:44):
Are you helping companies borrow and getmoney when they have times in growth?
You know, help us understand whatparts of that, that looks like.
Nathan (11:53):
Sure.
Yeah.
So when people say M and a, theymean mergers and acquisitions.
So that's just a shortcut for that.
And that really is kind of a catch allphrase for exactly what you're saying.
That's everything from sell side advisory,sell side representation, meaning I'm
going to give you advice and help you sellyour business, or I'm going to Buy side
rep representation, meaning I'm going tohelp you buy somebody else's business.
(12:16):
And then there's thecapital component there.
How does a business continue to grow?
I need investment from an investor.
I need, I need funds froma bank to be able to grow.
And we, we provide that.
And, and to your point, because weare so industry focused, we, we know
the ecosystem, we live the ecosystemand we believe that provides a
better skill set and better advicebecause we understand their products.
(12:40):
As a user, we understand the productsin terms of where they stand in the
industry, and that means we can alignbetter and better represent whether
that's valuation terms, access todifferent markets, different investors
around the world, all of those differentroles from buy side to sell side to
capital raising to help them succeed.
So yes, there's, there's a lot ofdifferent avenues that we can help.
(13:01):
And what we do is we'rebasically working with.
Two different sets of people.
There are those founders, thoseindividuals who created a company who want
to ultimately get rewarded for the hardwork or want to add on another company
to that, to continue to build that orprofessional investors, either large
strategics like a BAE or a cadre holdingsthat want to add to their portfolio.
(13:27):
Or people have heard of private equityinvestors, professional investors that
look to invest into businesses to helpthem grow and then help to sell them later
down the years to, to generate a return.
So it's those those groups of investorsthat we, we do a lot of work with,
and we see that very much on a, on aglobal basis right now we have deals on.
(13:48):
Five different continents at the moment.
If i'm if i'm catching all of our dealscorrectly and that's where we see the
world really global both in terms of Thosepeople in representing companies and those
people looking to invest in companies
Shaylene (13:59):
So you're the people should understand that you're not just us based
You so aptly pointed out that you haveall these global offices But I think
it's important for people to realizethat there are investors who are looking
to purchase United States companies.
And there are people who wantin the United States who want to
expand their holdings, maybe topurchase companies in Europe or,
(14:22):
or any, any continent in any job.
So, I mean, there's, it's wide open.
Don't think it's too small that youonly have to say you're looking for
something in one continent, becauseyou're, you guys cover it all.
Nathan (14:34):
Yeah, no, you're exactly right.
Many, many investment bankers arevery regionalized particularly very U.
S.
focused or some are even verymuch figure based on terms of an
actual, you know, state or, or city.
I, I work in the tri statearea, things like that.
We, we see it very differently, our brandsand the customers in the outdoor and
tactical industries are very much globalin terms of those people that consume and
(14:56):
we believe they need to have access toinvestors and buyers around the globe.
So to your point we were justjoking about my travel schedule.
I just spent this last month oneweek in London another one in
Milan, two weeks in Australia.
I now head to South Africa next,and then I'm back off to London.
Then back here in the UnitedStates, and that's all because
(15:17):
of there's opportunities in thosecountries as well as investors
and buyers in those countries.
And we believe that people deserve tohave access around the world because
our products and our consumers areglobal in terms of what they do.
Shaylene (15:30):
Right.
Well, we are global.
I mean, anyone who sayswe're not, that's crazy.
I agree.
Nathan (15:35):
We're a very much an integrated world in terms of where we are.
And, and, and just look at your,your kitchen or, or look at your
closet in terms of Italian fashionor French cheese or whatever
that is, we are a global world.
Now.
Obviously there's some strong viewsfrom the incoming administration
about how to handle that, but I'llleave that for something different.
But in terms of what we think aboutin terms of our outdoor products and
(15:56):
those tactical products, firearms,ammunition, soldier gear, outdoor products
in terms of climbing gear, jackets,boots, tents, those those activities
take place all around the world.
Shaylene (16:07):
That's right.
That's exactly right.
Now, how does someone in end upsaying we, we know we need to talk
to someone we're thinking aboutselling our company or we're thinking
about investing in a company?
We've got some extra cash layingaround and here's what we want to do.
Do they reach out to your officeand then your office can decide
who's best suited to talk with them?
(16:28):
Is that how that works?
Nathan (16:30):
It works by multiple ways.
So we, we often have a numberof different relationships and
build up those relationships.
And that all depends on timing.
You know, I'll, I'll pretendyou're an investor at one point.
I've known you for years.
And then out of the blue, you callme up, Hey, Nate, I'm ready to do X,
Y, and Z, or I've known you for yearsand you started a company and you say,
Hey, Nate, we've been doing this for20 years and I want to get rewarded.
(16:51):
So we're big in terms of developingthose relationships because
ultimately at the end of the day.
This is a really important functionand you got to have trust of the
person that you're working with.
And, and we believe trust is paramountbecause without trust, you don't have
any other relationship out there.
So trying to understand and knowsomebody for a long time is important.
That said, we do receive phone calls.
(17:11):
People come to our website email medirectly off of that or find somebody
at Hoolan and Hoolan is very good abouthaving those 36 offices around the world.
Oh, The guy you need to talk to aboutfirearms and ammunition or tactical
goods or the outdoor products is Nate.
And I get introduced andthat can work well too.
So many different ways for, for,for people to track me down.
Shaylene (17:31):
That's great.
So I'm sure our audience would loveto hear if you think, and I didn't
ask you this off camera, so I'm hopingI'm not putting you on the spot.
Is there, is there a deal that comesto mind or some circumstance that you
can share with us that wouldn't youknow, expose anyone or be negative,
but there's got to be, there's got tobe every day you pick up the phone and
(17:54):
say, I can't believe I just heard this.
I can't believe this deal.
This is how it came together.
You know, this is the craziest dealthat I have ever been exposed to.
I mean, I I'm sure that there's gotto be some crazy stuff you guys hear.
Nathan (18:10):
Well, I think there's some crazy stuff and we've done
some, some crazy deals too.
I, I guess that the craziest onejumps to the top of my mind is that
this is decades ago, but the founderof, of, of Chaco, which is a outdoor
sandal company desperately was tryingto call me over Thanksgiving and
I kept going, God, why is this guy
(18:31):
trying to call me.
I'm just trying to havetime with my family.
Well, lo and behold, that the poorindividual, the founder had gotten
upside down and into some, somefinancial difficulties, but it also been
approached by a very large strategicand said, Nate, I need some help.
And I literally took his callafter I, I had turkey dinner.
I was on a plane that evening.
(18:51):
I was in Colorado with Mark andin 32 days, we had a deal fully
signed and announced all the way.
And part of that was workingthrough a blizzard with the
buyer and the seller in Colorado.
It was, it was, it was a wild, wildride, but we couldn't be more proud.
Chaco to this day is a very successfuldivision of Wolverine worldwide.
(19:13):
Everybody's succeed in that transaction.
And that's, that's reallywhere we like to see things.
We love to see founders get rewardedfor the hard work, but we love to see
buyers be able to succeed with theirbusinesses too, because that way that
stewardship and the continuation ofthat is, is really honors the founders.
And then it also helps continue todeliver better product to the consumer.
(19:33):
So that's probably the, the, the, oneof the toughest and most challenging
and fastest deals we've ever done, butone of the most entertaining for sure.
Shaylene (19:42):
Yeah.
Wow.
That's amazing.
That leads me to ask you, what'sthe standard start to finish?
What's the open to close or the start to,Hey, we want to, we want to buy or sell.
I would, you know, what,what is that length?
I know what mine is.
I tell people, you know, 90 days.
Basically start to finish is a, a roundnumber that generally we can stick to,
(20:05):
but I've got, like you said, a 30 daything in my mind and some that are a year.
It's just crazy.
Nathan (20:13):
Yeah.
Well, it, it all depends.
I'll give you the before Igive you the stock answer,
I'll give you another example.
I don't, I don't mind setting thistransaction to, we worked with Jonathan
Blanchet, who was the founder of revisioneyewear, the, the leading protective
eyewear to the, the us military.
And when I first met Jonathan, gosh,this was now 20 years ago, but when
we first got hired to ultimatelysell his business the day we started.
(20:37):
So the day we ultimately closed wasalmost 10 years and it wasn't because
that transaction went on for 10 years.
But the reason we originally gothired was to sell the business.
But then we had anacquisition opportunity.
Then we had capital funding opportunity.
Then we had these different thingsover the 10 year relationship.
All the while we were supposedto be able to sell the business.
To bring the business andmake it better and better.
(20:57):
And then ultimately it was thetremendous success that it was.
So not everything goes according toplan, but that's where we like to
say, we take that flexibility and wereally believe in the trust of the
individuals in terms of who they are.
Jonathan was fantastic to work for hisemployees, the team, and ultimately
not only did we deliver success tohim and the employees for the great
work, but we delivered a better productfor the war fighter on and on and on.
(21:21):
But to your point, a typical transactionis, is typically a, a six month endeavor.
There's two months to prepare yourmaterials and think of that, like cleaning
up your house, you know, putting on afresh coat of paint mowing the lawn.
So you present very well.
Two months of that is, is then bringingin buyers to your open house, marketing
(21:41):
the business, and then another two monthsto ultimately close the transaction
and sign all the legal documents.
So six months is what youshould think of on average.
Shaylene (21:50):
That's great.
And right now with our commercialbusiness, at least, so not the mill
le give, but on the commercial side,which I refer to private owners.
selling to citizens, let'ssay in the United States, this
might be a very good time.
And I'm sure a lot of people havingridden the wave of COVID and the massive
(22:13):
sales now want to sell, but unfortunatelytheir businesses are not worth that.
and I'm sure there are pl want to sell.
And I, I wo
(22:34):
I have witnessed that your team and youknow the industry and that is really
important because you need to know thatsuppressors are like printing money right
now today but tomorrow it could changeyou know tomorrow it could be something
else and To know what the longevityin the brand is worth is so important.
(22:54):
And without knowing that niche, itwould be very tough to evaluate.
I would think.
Nathan (23:00):
No, you're absolutely right.
Look people love to, to, to correctlypoint out that the, that it's core
a business's valuation, it's worth.
Is a representation of the incomestream, the return to the shareholders,
but there's more to that at the end ofthe day you know, products are really
representations of a business and aresomething that goes into a customer's
(23:20):
hands and that builds a loyalty anda brand awareness and an aspiration
in terms of what they want to do.
And so that, that brand really meanssomething at the end of the day.
And, and, and, and, and unfortunately,sometimes that brand isn't as
representative as it should be indifferent markets, markets go up and down.
So.
We really put a big emphasis on thatstorytelling, that differentiation in
(23:42):
terms of why X company versus Y companyrepresents what they do and why they're
just not a number or another, you know,part of the me too, in terms of who
they are, what they are in terms ofother, other products, having that.
in depth analysis and understandingboth as a consumer and then someone as
part of the industry is Is one of thereasons that we think we we can do a
(24:02):
really good job for our for our clients
Shaylene (24:05):
Yeah, and you guys also know when the when the local gatherings
are all over the globe because thesegatherings if you will these events
are all over the world and There'scertain times that they always happen.
And I would assume that you are veryregular in making sure that you have an
ongoing list of buyers, just like a realestate agent and set up those meetings.
(24:30):
So if someone says, Hey, Iwant to sell this company.
You've already got your list in mind andyou help them put it in a nice package.
And then get them choices, right?
Ideally, people want choices.
Nathan (24:41):
You, you took the words right out of my mouth.
And that's, that's exactly right.
Is, is that a lot of investment bankerslove to run around and say, we're
going to get you the best valuation, orwe're going to get you the best buyer.
At the end of the day, our jobis to give you choices because
those choices can matter.
Sometimes the highest buyer and thehighest bidder may not be the right
steward of your brand, or you maynot share the same morals or view
(25:03):
of the The future, and you may wantto go a different direction and take
somebody who represents, and that'snot my prerogative to choose that
my job is to give you those choices.
And to your point, this is why wethink we do the job that we do.
And that we're so proud of is, is that welive and breathe this day in and day out.
We close a transaction now, roughly everysix weeks around the world in my sector.
(25:25):
And because we're in the market soconstantly like that, we're always
aware of where buyers are and hencebeing able to give better choices and
better options and well aware of all thedynamics so that we can best do our job.
Because ultimately when someonecomes to us, that trust is so
important for what they're doing.
And we want to make sure that we doeverything we can to honor that trust.
Even if it takes, like it didfor, for revision eyewear, 10
(25:48):
years to be able to succeed.
Shaylene (25:50):
That's great.
Well, I really appreciate you doingthis and being on this podcast.
I really think this is going tobe valuable to our listeners.
I know it is for me becauseI've even learned things.
I have never heard the exampleof real estate as a comparison.
It's brilliant.
It makes it all, everyone understandsthat, you know, most people have bought
(26:11):
a house or will in their lifetime.
And so that really does.
That's a great explanation.
And I'm sure your mother is stillgoing to ask you to make change.
Nathan (26:21):
Oh, she most certainly will.
Cause she always asks why I didn't godown to the doctor route and actually
help save lives, but I still liketo think I've done some important
things out there for, for our clients.
Otherwise Shaylene.
Really honored to be here.
Great to see you.
Thank you for this and reallyexcited to be part of this industry.
Cause as you said we're honored to be partof what really is a very strong community
(26:41):
or strong family at the end of the day.
And we're honored to be ableto be helpful on that path.
So great to see you.
Thank you very much again.
Shaylene (26:49):
Thank you very much, Nate.
All right.
Well, that's it for theHeadHunters Northwest podcast.
We hope you enjoyed this.
Let us know how you enjoyed thistalk in the comments, wherever
you're hearing this or watchingit, and we'll be back next time.
Thank you.
Okay.
Hello everybody.
Welcome to another podcastof HeadHunters Northwest.
I am, I am so excited.
I never in my wildest dreams.
Many years ago when I met Nate everthought I would have a podcast let
alone have the privilege of having himon the podcast So welcome Nate pun.
He's with Houlihan Lokey He is the globalmanaging director and your specialty is
(00:27):
consumer products outdoor Tactical andI'm sure there's something else because
you cover a lot of things in there.
Nathan (00:36):
I do I do shaylene It's it's fantastic to be here.
Thank you very much for having you Wewe've known each other for a long time
and honored to be on your program.
Thank you.
Shaylene (00:43):
Thank you well, the reason I asked nate to be on the program is because
Nate is an investment banker and I thinkthat a lot of our industry would benefit
from learning more about What investmentbanking is about and what you guys do
you help with M and A transactions,which I'm fingers crossed that we're
(01:05):
going to see a whole lot of that in 2025.
You know, I'm, I'm really excitedto hear a little bit about what you
think I've been watching your newspress releases and your reports.
So I have a little idea ofwhat your thoughts are on
that, but let's start with.
Telling the audience who your customersare and what you guys do on a daily basis.
(01:26):
Cause it's really prettymystical to most people.
Nathan (01:28):
Sure.
No, you're absolutely, absolutely right.
I get questions all the time,including ones from my mother
as an investment banker.
Can I, can I help youpick the right stock?
Can I do somebody's taxes?
Can I, can I break a 20 into,you know, two fives and a 10?
Yes, there's, there's, there's a lotof mystique about investment banking,
but the simple way I like to describeit is We're, we're really no different.
(01:49):
Obviously there's some, some, somevery major differences, but really no
different than a real estate agent.
I just happened to advise people onbuying and selling businesses versus
someone buying and selling a house.
And that's really how you shouldthink about it is, is when you need
help to go find the right house, whenyou need help to go Find that right
business that you want to acquire,whether you're a professional investor
(02:10):
or someone who's looking to get intothe industry, or you've worked really
hard, you put 20, 30 years in termsof building your business and you need
expertise in terms of representingthat business, that's where we come in.
And to your point, yes, Shayleen.
My my title is global head ofthe outdoor and tactical banking
team is, is quite a mouthful.
So I cover everything from coreoutdoor goods, you know, from skis
(02:33):
to bikes, to tents, to fishingrods, to more in the outdoor and
shooting world guns, ammunition.
And then we even like to think ofthe soldier as an extreme camper.
And think of all that soldier equipmentreally is the sector that we do.
We've been focused on that for25 years and advised on more
than 200 transactions at space.
So been pleased to workwith a lot of good people.
Shaylene (02:55):
Yeah.
And that is a big category,but it's not just you.
You have a team.
Nathan (03:00):
I do.
I do.
And I've
Shaylene (03:00):
met a couple of them three or four of them.
Great people.
Very smart.
And cute as a whip, because ofcourse they're much younger than me.
Most of them, I love talking to themat these cocktail parties and things.
They make me giggle becausethey, they're just fun.
Cause they're interesting.
They're interested inlearning about everything.
(03:22):
You know, they're like sponges.
Nathan (03:24):
Yeah, no, I'm, I'm fantastic.
As they say, it does take avillage and I'm, I'm fortunate.
I have a village around the world.
So we here at Houlihan, we'vegot 36 offices around the world.
I have.
Teammates is part of this whole outdoorand, and tactical team in five different
countries in terms of what they are.
And yes, some of them arestraight out of college.
Some of them worked with me for 10, 15years, and all of them are highly vested
(03:47):
in this space and love what they do.
Well, we're, we're fortunate.
I like to say I've, I've got thebest job of any bank in the world
because I'm dealing with things thatI have in my closet, in my garage,
you know, rifles, pistols, skis,bikes, tents, all the fun stuff.
Shaylene (04:00):
Yeah, and this is your area of interest.
I know that I heard on a podcastyou did recently that you
you're really into bicycling.
And so this was a focus for you.
You actually kind of made this niche.
This wasn't something thatinvestment bankers technically had.
You kind of created this niche, right?
Yeah.
Nathan (04:19):
No, you're absolutely, absolutely right.
My, my my path to being aninvestment banker is, is an odd one.
And I'll, I'll tellyou a very funny story.
So it was between my juniorand senior year in college.
I was a lifeguard.
So you could see I had high careeraspirations and my best friend had
graduated a year ahead of me andwas working for an investment bank.
And I'll never remember, never forget.
(04:39):
He called me up and said, Nate,I've been working for 24 hours
straight working on this deal.
It's been really amazing.
And I remember he hung up the phone.
And I thought, God.
I don't ever want to bean investment banker.
That sounds like a horrible job.
And here I am 25 yearslater in the career.
And it's been fantastic.
We've gotten to work with someamazing, amazing people out there.
(05:00):
And this is where the firearms industryin particular has been fantastic.
I came from that world.
I was, I was a competitive skeet shooter.
I also served 10 years in the military.
So I like to say I speak thelanguage a little bit and I,
and I really love the community.
It's, it's been a fantastic one.
Shaylene (05:15):
I think that's a little understated.
Having freshly read your bio onthe website at 10 years in the
military is an understatement.
Right.
Nathan (05:24):
I did get to work with a number of heroes.
Yes.
Shaylene (05:26):
Yeah, I was going to say, there's a couple other things in there.
So when you are at say a USA, or, youknow, I know that the Navy doesn't
really technically show up at that,but just in case you came to that.
Or modern day Marine or probablybetter soft week, then you're
rubbing elbows with the peoplewho you really actually understand
(05:49):
what they've done and gone through.
Nathan (05:51):
Yes.
Yeah.
So the truth is, is I w I wasa counterterrorism officer.
I came from the intelligence communityand I worked in special operations
and I worked with a number of heroes.
I, I am, I am not one of those.
I, I'm, I'm full of tears ifI stub my toe or a paper cut.
So but I did work with some amazingpeople across the teams across
the groups and across the Marines.
(06:12):
It was, it was, it was fantastic towork with those, those individuals.
Really, really amazing.
Shaylene (06:17):
Well, I think it really does set you apart in what people envision as
investment banking or M& A activity, thepeople who do these mystical transactions.
And it really, you really have beenso approachable and very kind to
me whenever I've run into you andyour team is equally as, as kind.
So I think it does set you apart.
(06:38):
And I know that you've donequite a lot of M& A work.
In the tactical market and hopefullythe MilGov and law enforcement markets.
Let's keep shoving that.
I think that'll, my personal opinion isthat'll be a good market for us in 25
because we need to rebuild our military.
So I do hope we pull some of thatcommercial business up with some of that.
Nathan (07:03):
Well, I think you, you, you hit on it.
So one for me, it is great to bepart of that community and help
people achieve their, their,their dreams in that community.
And two, obviously I'm a bigbeliever in our national defense
and what we're, what we're doing.
So the ability to, to really helpthose businesses and help us stay.
Protected and help protect otherpeople around the world is, is,
(07:23):
is, you know, is, is a real honor.
And to your point now with the electionbehind us, I think one of the things
that Trump stands for certainly is, isgun rights and certainly strong defense.
And I think that's going to continueto help the, that tactical industry
in terms of further, further support,further growth, and then hopefully further
accomplishment of, of all of our goalsin terms of what we're looking to do.
(07:44):
. Shaylene: Yeah.
And that is, as you appropriatelymentioned earlier, that covers
a lot more than just small arms.
You know, that is, there's tents,amazing structures, whole cities
that these companies put up.
There's.
All kinds of products that all youhave to do is walk through one of
those trade shows and go, wow, thisisn't just about tanks and helicopters.
(08:06):
This is about there's, there'severything you can imagine.
And these soldiers need allthat all over the world.
It's just, they're so innovative.
You're absolutely right.
And this is where this matches up.
I, I deal with also my focus on theoutdoor market because I'm going
to be a little tongue in cheek.
But it really is extremecamping at the end of the day.
You, you are camping inthe most severest form.
(08:29):
I happen to do that.
Thanks to seer school.
That was, that was pretty extremecamping, but nonetheless, you are, you,
you're talking about sleeping bags.
You're talking about tents.
You're talking about heating.
Food, lighting, communications, bodyarmor, load carriage and then everything
down from socks, shoes, and gloves.
It's it's, it's there's, there's alot to do there and there's a lot
of room for some great companies.
(08:50):
And there are some terrificcompanies out there.
What, what individuals have createdacross the tactical markets and the
outdoor markets to support our, ourlaw enforcement support, our war
fighters is, is really, really amazing.
I'm never, Never not surprisedby what the ingenuity is across
the industry and the good peopletrying to do the, do good things.
Shaylene (09:07):
Well, I love that about this industry.
There's never a day that'srepeated because you always
have something to learn.
There's always something who, that someonehas made better, innovated or created.
It is really never boring.
Nathan (09:20):
No, it is.
And this is where I'll,I'll, I'll, I'll be selfish.
I love this stuff.
This is the whole reasonwhy I got into this.
Cause to your point, I kindof made up this career.
So I started as a investment banker and abroad consumer banking practice way back
in early two, in the early two thousands.
And there I was representingpeople that made frozen peas and
baby toys and women's apparel.
(09:42):
And I'll be candid.
I didn't care about any of it.
I wanted to do things that I caredabout bikes, skis, guns, fishing rods.
And so I quit in 2005 to start my owninvestment bank to focus on this sector,
which was unheard of at that time.
We built that up over five years.
Me and a partner of mine made usnumber one in the world in what we did.
We ultimately sold that investmentbank to another investment bank.
(10:04):
And long story short, here I am atHoulihan still having a great, great
time with all the people in the space.
Shaylene (10:10):
Well, it, it is a great group of people because they, by and
large, I find the industry to be quiteapproachable and they genuinely in
invest in each other, even competitors,which is really surprising a lot
of times to people because theyreally do invest in the human part.
They want to know how yourfamily is, how your kids are.
(10:31):
And there's oftentimes thatthere'll be writing letters to help.
Someone else's kid get into the college.
They want letters of recommendations,internships, and things like that.
It was really special.
Nathan (10:43):
Oh, I, I, I agree.
You know, I, I think people end upin, in that industry one, because
they are passionate about the product,whatever, whatever their product is,
but they're really passionate aboutthe consumer and helping that consumer
you know, succeed in that journey.
Whether that happens to be as a warfighter overseas, whether it happens to
be Down the street in some state park.
I know when I was deployed, I receiveda huge outpouring of gear more
(11:05):
gear than I could have ever used.
And half of it wasn't even applicable,but I had more friends across the
industry, sending me more things.
And it was, it was just, it was justso, so touching and so heartfelt seeing
people wanting to do the best by me sothat I could do the best by this country
and the rest of my teammates out there.
Shaylene (11:23):
Yeah, well, we need more of that.
And luckily, I think UnitedStates is going to head that way.
I hope so.
So let's talk about who yourcustomers are, because I want people
to understand, you know, what youdo when you talk about M& A work.
Are you going out and you'remeeting companies that are for sale?
Are you meeting peoplewho want to buy companies?
(11:44):
Are you helping companies borrow and getmoney when they have times in growth?
You know, help us understand whatparts of that, that looks like.
Nathan (11:53):
Sure.
Yeah.
So when people say M and a, theymean mergers and acquisitions.
So that's just a shortcut for that.
And that really is kind of a catch allphrase for exactly what you're saying.
That's everything from sell side advisory,sell side representation, meaning I'm
going to give you advice and help you sellyour business, or I'm going to Buy side
rep representation, meaning I'm going tohelp you buy somebody else's business.
(12:16):
And then there's thecapital component there.
How does a business continue to grow?
I need investment from an investor.
I need, I need funds froma bank to be able to grow.
And we, we provide that.
And, and to your point, because weare so industry focused, we, we know
the ecosystem, we live the ecosystemand we believe that provides a
better skill set and better advicebecause we understand their products.
(12:40):
As a user, we understand the productsin terms of where they stand in the
industry, and that means we can alignbetter and better represent whether
that's valuation terms, access todifferent markets, different investors
around the world, all of those differentroles from buy side to sell side to
capital raising to help them succeed.
So yes, there's, there's a lot ofdifferent avenues that we can help.
(13:01):
And what we do is we'rebasically working with.
Two different sets of people.
There are those founders, thoseindividuals who created a company who want
to ultimately get rewarded for the hardwork or want to add on another company
to that, to continue to build that orprofessional investors, either large
strategics like a BAE or a cadre holdingsthat want to add to their portfolio.
(13:27):
Or people have heard of private equityinvestors, professional investors that
look to invest into businesses to helpthem grow and then help to sell them later
down the years to, to generate a return.
So it's those those groups of investorsthat we, we do a lot of work with,
and we see that very much on a, on aglobal basis right now we have deals on.
(13:48):
Five different continents at the moment.
If i'm if i'm catching all of our dealscorrectly and that's where we see the
world really global both in terms of Thosepeople in representing companies and those
people looking to invest in companies
Shaylene (13:59):
So you're the people should understand that you're not just us based
You so aptly pointed out that you haveall these global offices But I think
it's important for people to realizethat there are investors who are looking
to purchase United States companies.
And there are people who wantin the United States who want to
expand their holdings, maybe topurchase companies in Europe or,
(14:22):
or any, any continent in any job.
So, I mean, there's, it's wide open.
Don't think it's too small that youonly have to say you're looking for
something in one continent, becauseyou're, you guys cover it all.
Nathan (14:34):
Yeah, no, you're exactly right.
Many, many investment bankers arevery regionalized particularly very U.
S.
focused or some are even verymuch figure based on terms of an
actual, you know, state or, or city.
I, I work in the tri statearea, things like that.
We, we see it very differently, our brandsand the customers in the outdoor and
tactical industries are very much globalin terms of those people that consume and
(14:56):
we believe they need to have access toinvestors and buyers around the globe.
So to your point we were justjoking about my travel schedule.
I just spent this last month oneweek in London another one in
Milan, two weeks in Australia.
I now head to South Africa next,and then I'm back off to London.
Then back here in the UnitedStates, and that's all because
(15:17):
of there's opportunities in thosecountries as well as investors
and buyers in those countries.
And we believe that people deserve tohave access around the world because
our products and our consumers areglobal in terms of what they do.
Shaylene (15:30):
Right.
Well, we are global.
I mean, anyone who sayswe're not, that's crazy.
I agree.
Nathan (15:35):
We're a very much an integrated world in terms of where we are.
And, and, and just look at your,your kitchen or, or look at your
closet in terms of Italian fashionor French cheese or whatever
that is, we are a global world.
Now.
Obviously there's some strong viewsfrom the incoming administration
about how to handle that, but I'llleave that for something different.
But in terms of what we think aboutin terms of our outdoor products and
(15:56):
those tactical products, firearms,ammunition, soldier gear, outdoor products
in terms of climbing gear, jackets,boots, tents, those those activities
take place all around the world.
Shaylene (16:07):
That's right.
That's exactly right.
Now, how does someone in end upsaying we, we know we need to talk
to someone we're thinking aboutselling our company or we're thinking
about investing in a company?
We've got some extra cash layingaround and here's what we want to do.
Do they reach out to your officeand then your office can decide
who's best suited to talk with them?
(16:28):
Is that how that works?
Nathan (16:30):
It works by multiple ways.
So we, we often have a numberof different relationships and
build up those relationships.
And that all depends on timing.
You know, I'll, I'll pretendyou're an investor at one point.
I've known you for years.
And then out of the blue, you callme up, Hey, Nate, I'm ready to do X,
Y, and Z, or I've known you for yearsand you started a company and you say,
Hey, Nate, we've been doing this for20 years and I want to get rewarded.
(16:51):
So we're big in terms of developingthose relationships because
ultimately at the end of the day.
This is a really important functionand you got to have trust of the
person that you're working with.
And, and we believe trust is paramountbecause without trust, you don't have
any other relationship out there.
So trying to understand and knowsomebody for a long time is important.
That said, we do receive phone calls.
(17:11):
People come to our website email medirectly off of that or find somebody
at Hoolan and Hoolan is very good abouthaving those 36 offices around the world.
Oh, The guy you need to talk to aboutfirearms and ammunition or tactical
goods or the outdoor products is Nate.
And I get introduced andthat can work well too.
So many different ways for, for,for people to track me down.
Shaylene (17:31):
That's great.
So I'm sure our audience would loveto hear if you think, and I didn't
ask you this off camera, so I'm hopingI'm not putting you on the spot.
Is there, is there a deal that comesto mind or some circumstance that you
can share with us that wouldn't youknow, expose anyone or be negative,
but there's got to be, there's got tobe every day you pick up the phone and
(17:54):
say, I can't believe I just heard this.
I can't believe this deal.
This is how it came together.
You know, this is the craziest dealthat I have ever been exposed to.
I mean, I I'm sure that there's gotto be some crazy stuff you guys hear.
Nathan (18:10):
Well, I think there's some crazy stuff and we've done
some, some crazy deals too.
I, I guess that the craziest onejumps to the top of my mind is that
this is decades ago, but the founderof, of, of Chaco, which is a outdoor
sandal company desperately was tryingto call me over Thanksgiving and
I kept going, God, why is this guy
(18:31):
trying to call me.
I'm just trying to havetime with my family.
Well, lo and behold, that the poorindividual, the founder had gotten
upside down and into some, somefinancial difficulties, but it also been
approached by a very large strategicand said, Nate, I need some help.
And I literally took his callafter I, I had turkey dinner.
I was on a plane that evening.
(18:51):
I was in Colorado with Mark andin 32 days, we had a deal fully
signed and announced all the way.
And part of that was workingthrough a blizzard with the
buyer and the seller in Colorado.
It was, it was, it was a wild, wildride, but we couldn't be more proud.
Chaco to this day is a very successfuldivision of Wolverine worldwide.
(19:13):
Everybody's succeed in that transaction.
And that's, that's reallywhere we like to see things.
We love to see founders get rewardedfor the hard work, but we love to see
buyers be able to succeed with theirbusinesses too, because that way that
stewardship and the continuation ofthat is, is really honors the founders.
And then it also helps continue todeliver better product to the consumer.
(19:33):
So that's probably the, the, the, oneof the toughest and most challenging
and fastest deals we've ever done, butone of the most entertaining for sure.
Shaylene (19:42):
Yeah.
Wow.
That's amazing.
That leads me to ask you, what'sthe standard start to finish?
What's the open to close or the start to,Hey, we want to, we want to buy or sell.
I would, you know, what,what is that length?
I know what mine is.
I tell people, you know, 90 days.
Basically start to finish is a, a roundnumber that generally we can stick to,
(20:05):
but I've got, like you said, a 30 daything in my mind and some that are a year.
It's just crazy.
Nathan (20:13):
Yeah.
Well, it, it all depends.
I'll give you the before Igive you the stock answer,
I'll give you another example.
I don't, I don't mind setting thistransaction to, we worked with Jonathan
Blanchet, who was the founder of revisioneyewear, the, the leading protective
eyewear to the, the us military.
And when I first met Jonathan, gosh,this was now 20 years ago, but when
we first got hired to ultimatelysell his business the day we started.
(20:37):
So the day we ultimately closed wasalmost 10 years and it wasn't because
that transaction went on for 10 years.
But the reason we originally gothired was to sell the business.
But then we had anacquisition opportunity.
Then we had capital funding opportunity.
Then we had these different thingsover the 10 year relationship.
All the while we were supposedto be able to sell the business.
To bring the business andmake it better and better.
(20:57):
And then ultimately it was thetremendous success that it was.
So not everything goes according toplan, but that's where we like to
say, we take that flexibility and wereally believe in the trust of the
individuals in terms of who they are.
Jonathan was fantastic to work for hisemployees, the team, and ultimately
not only did we deliver success tohim and the employees for the great
work, but we delivered a better productfor the war fighter on and on and on.
(21:21):
But to your point, a typical transactionis, is typically a, a six month endeavor.
There's two months to prepare yourmaterials and think of that, like cleaning
up your house, you know, putting on afresh coat of paint mowing the lawn.
So you present very well.
Two months of that is, is then bringingin buyers to your open house, marketing
(21:41):
the business, and then another two monthsto ultimately close the transaction
and sign all the legal documents.
So six months is what youshould think of on average.
Shaylene (21:50):
That's great.
And right now with our commercialbusiness, at least, so not the mill
le give, but on the commercial side,which I refer to private owners.
selling to citizens, let'ssay in the United States, this
might be a very good time.
And I'm sure a lot of people havingridden the wave of COVID and the massive
(22:13):
sales now want to sell, but unfortunatelytheir businesses are not worth that.
and I'm sure there are pl want to sell.
And I, I wo
(22:34):
I have witnessed that your team and youknow the industry and that is really
important because you need to know thatsuppressors are like printing money right
now today but tomorrow it could changeyou know tomorrow it could be something
else and To know what the longevityin the brand is worth is so important.
(22:54):
And without knowing that niche, itwould be very tough to evaluate.
I would think.
Nathan (23:00):
No, you're absolutely right.
Look people love to, to, to correctlypoint out that the, that it's core
a business's valuation, it's worth.
Is a representation of the incomestream, the return to the shareholders,
but there's more to that at the end ofthe day you know, products are really
representations of a business and aresomething that goes into a customer's
(23:20):
hands and that builds a loyalty anda brand awareness and an aspiration
in terms of what they want to do.
And so that, that brand really meanssomething at the end of the day.
And, and, and, and, and unfortunately,sometimes that brand isn't as
representative as it should be indifferent markets, markets go up and down.
So.
We really put a big emphasis on thatstorytelling, that differentiation in
(23:42):
terms of why X company versus Y companyrepresents what they do and why they're
just not a number or another, you know,part of the me too, in terms of who
they are, what they are in terms ofother, other products, having that.
in depth analysis and understandingboth as a consumer and then someone as
part of the industry is Is one of thereasons that we think we we can do a
(24:02):
really good job for our for our clients
Shaylene (24:05):
Yeah, and you guys also know when the when the local gatherings
are all over the globe because thesegatherings if you will these events
are all over the world and There'scertain times that they always happen.
And I would assume that you are veryregular in making sure that you have an
ongoing list of buyers, just like a realestate agent and set up those meetings.
(24:30):
So if someone says, Hey, Iwant to sell this company.
You've already got your list in mind andyou help them put it in a nice package.
And then get them choices, right?
Ideally, people want choices.
Nathan (24:41):
You, you took the words right out of my mouth.
And that's, that's exactly right.
Is, is that a lot of investment bankerslove to run around and say, we're
going to get you the best valuation, orwe're going to get you the best buyer.
At the end of the day, our jobis to give you choices because
those choices can matter.
Sometimes the highest buyer and thehighest bidder may not be the right
steward of your brand, or you maynot share the same morals or view
(25:03):
of the The future, and you may wantto go a different direction and take
somebody who represents, and that'snot my prerogative to choose that
my job is to give you those choices.
And to your point, this is why wethink we do the job that we do.
And that we're so proud of is, is that welive and breathe this day in and day out.
We close a transaction now, roughly everysix weeks around the world in my sector.
(25:25):
And because we're in the market soconstantly like that, we're always
aware of where buyers are and hencebeing able to give better choices and
better options and well aware of all thedynamics so that we can best do our job.
Because ultimately when someonecomes to us, that trust is so
important for what they're doing.
And we want to make sure that we doeverything we can to honor that trust.
Even if it takes, like it didfor, for revision eyewear, 10
(25:48):
years to be able to succeed.
Shaylene (25:50):
That's great.
Well, I really appreciate you doingthis and being on this podcast.
I really think this is going tobe valuable to our listeners.
I know it is for me becauseI've even learned things.
I have never heard the exampleof real estate as a comparison.
It's brilliant.
It makes it all, everyone understandsthat, you know, most people have bought
(26:11):
a house or will in their lifetime.
And so that really does.
That's a great explanation.
And I'm sure your mother is stillgoing to ask you to make change.
Nathan (26:21):
Oh, she most certainly will.
Cause she always asks why I didn't godown to the doctor route and actually
help save lives, but I still liketo think I've done some important
things out there for, for our clients.
Otherwise Shaylene.
Really honored to be here.
Great to see you.
Thank you for this and reallyexcited to be part of this industry.
Cause as you said we're honored to be partof what really is a very strong community
(26:41):
or strong family at the end of the day.
And we're honored to be ableto be helpful on that path.
So great to see you.
Thank you very much again.
Shaylene (26:49):
Thank you very much, Nate.
All right.
Well, that's it for theHeadHunters Northwest podcast.
We hope you enjoyed this.
Let us know how you enjoyed thistalk in the comments, wherever
you're hearing this or watchingit, and we'll be back next time.
Thank you.
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