Pete Moore, Integrity Square continuing the two minute drill on the sell side process. We just got all your materials. You and your management team and Integrity Square have finalized the SIM. We've got a document that we feel really good about. We've got a workbook and financial model that articulates what we think the future will look like and the projections on how profitable this business will potentially become under someone else's ownership, and then we're gonna put together what we call a
teaser. Okay? That teaser is basically a one to two page document with our code project name on it that has be shared on a non confidential basis with all the potential strategic and financial buyers that we wanna go out to and talk to about your company. Now once we have the teaser and we make calls to these groups and emails and they say, yes. I'm interested in a 20 club
health club chain. Please send us the information. No information will go out until someone signs what's called an NDA or a non disclosure agreement or a CA, a confidential agreement. This is basically a pinky swear between you and the potential buyer that is now gonna have access to most of the confidential information that you're gonna be providing in order to get someone comfortable that they want to own and that they will pay up and participate in a process with their time
to review this opportunity. We might say we're going out to 10 buyers and that would be called the fireside chat. We might go out to a hundred buyers and call it a fireside chat, or we're gonna run a full fledged auction on the business and let people know that we are not entertaining one off bids. We are running a process and they are gonna participate according to our rules.