- 8 months ago
We sat down with Rich Dennis, CEO of Sundial Brands to chat about the company's recent announcement!
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LifestyleTranscript
00:00Welcome everybody. I'm Michelle Breyer. I'm co-founder of NaturallyCurly.com and I am very happy today to be here with Rich Lou Dennis, the founder and CEO of Sundial, which you know as Shea Moisture.
00:18Hello everybody. Big news Rich. As we heard, there was a major deal done last week between Shea Moisture or Sundial and Bain Capital and lots of buzz on social media, a lot of it wanting to know what this means, a lot of myths out there about what this means for the customer.
00:48You know, let's talk about some of those things, Rich, because I know that one of the big things is Bain is owned by Mitt Romney and Mitt Romney has bought Sundial.
00:59Yeah, well, Bain is not owned by Mitt Romney. Mitt Romney hasn't worked there in probably 20-something years, and 16 years to be specific.
01:16Never met Mitt Romney. Mitt Romney has nothing to do with Bain or with Sundial.
01:26So I think, I mean, I understand why people would ask that question, but it's a different organization than the one that we're engaged with.
01:40There's no Mitt Romney there. And a big reason for why we chose Bain was because of their social mission platform.
01:49And so when you go out and you look at the landscape, there's very few, if any, that have meaningfully engaged in social missions.
02:01I mean, the best example is Tom's Shoes and the work that they've done there and what we wanted was a partner that understood how important community is that's already invested in community so we wouldn't be the ones they would be practicing on or with.
02:20So we wanted to make sure that we had a partner that knew that our social mission was part of our business model and that has a proven track record of supporting mission-driven businesses over and beyond just it as a marketing tool, but really as a business model.
02:42I have a question. Now, did they buy you or did they invest in you?
02:46No, they invested in us. They're a minority investor. We're still, we're still family owned. We're still, you know, we own the majority of the business.
02:57We run the business. We, I'm still the CEO. My sister's still the chief innovation officer.
03:04My brother-in-law's still our chief operating officer. My mother's still our treasurer.
03:09So it's still very much a family owned run controlled business. And that was another important decision point for us because most private equity firms only are interested in majority.
03:26So I think where people feel that way is because historically what we've done is we've broken the mold and one of the very few deals where the family remains truly the majority and truly in control of the business.
03:41And, and for us, that was important because our consumers are the most important things to us. Always have been.
03:47Let's talk about that a little because there's been a lot of, a lot of questions. What is this going to mean to the products?
03:54Are they going to be watered down? Are the formula is going to change? Are the prices going to go up? Tell me how this affects the customer.
04:01Well, first, first of all, um, there's no company in America that's been more focused on its consumer than Shea Moisture.
04:09I mean, everybody knows that. Um, and that, the reason that we did this was so that we could have an even more intense focus so that we could have the resources to do the innovation that's necessary.
04:22Nobody's innovated, um, for our consumers like we have. We've been at the forefront of innovation.
04:28That takes a lot of resources. It takes a lot of expertise. It takes a lot of infrastructure.
04:32So what we needed was to partner with somebody that could provide us those resources and that infrastructure without them taking over the business.
04:42So if we had gone and sold the business, then that would be a different story. We didn't sell the business. We took on an investor.
04:50If we had, um, sold to a strategic, you know, like another multinational corporation, then, then those things happen and we've seen that happen.
04:59And so I understand why folks get, um, get a little nervous about that. Um, but it's truly because they don't understand, um, what we're doing and the deal that we're putting together and the way that we're approaching it versus having gone and sold out to somebody or partnered with somebody that was a majority and then took control of the business.
05:23This is truly a situation of where we now have resources to reinvest in our communities with a, um, with a partner that has a proven track record of investing in communities.
05:38While they may not be the same communities that we're invested in, uh, they've proven that they can do that and this was important to us.
05:46And that's why they, that's why we chose them.
05:49So when I buy my, uh, curl enhancing smoothie, it's going to be the same product that I've bought before with the same ingredients.
05:56Well, absolutely.
05:58So the other piece is, I think the other piece that we should help people understand here is a lot of companies don't make their own products.
06:06A lot of them make their products through a third party manufacturer.
06:10So somebody else makes their products, they market it and they sell it, right?
06:14So when somebody buys them, they take them and they move them into their manufacturing, uh, infrastructure or into their, uh, development infrastructure.
06:25And so when they do that transition, then that's where you see a lot of the changes in formulations.
06:31That's where you see changes in approaches as much as they may try.
06:34In our situation is we built this business ourselves from the ground up.
06:38We still own it.
06:39We still run it.
06:40We built our own R&D.
06:41We built our own manufacturing.
06:43So there's nothing changing there.
06:45It's still the same team.
06:46My sister still runs it.
06:49Um, she's still doing the development work with her team.
06:52So there's no, that risk of, of, of changing formulations.
06:56And that, that's, that's not even a remote part of the conversation here because we do control all of our own manufacturing.
07:05And a lot of times what happens too is that people move from one manufacturer to another for the cost savings of moving.
07:13We're already the lowest cost, uh, uh, manufacturer in the business today.
07:18Um, so there's no gain, if you will.
07:22And that's why people have come to expect such high quality from us, um, at such an affordable and reasonable price.
07:29And so we're just leveraging that and doing more of that today, um, going forward, you know, we're going to be able to invest in our own innovation center.
07:38So we'll be able to bring in, uh, top-notch researchers, uh, focus more on the need states of our community and of our consumers than we ever have before.
07:50And when you think about it, we like to feel like we've done it better than anybody else has done it.
07:55Um, now we're going to be able to do it even better than anybody else has done it.
07:59So this for us represents a true breakthrough for, for not just our brand, um, and our business, but also for the community that we serve.
08:10Well, let me, uh, talk about the community that you serve because you and I have had discussions about this.
08:15I mean, there's been, you know, the, as the brand has grown, as the, you know, you've expanded your customer base and it's expanded well beyond your original customer base, customer base, which tended to be the African-American community.
08:29And I know you've gotten a little bit of plaque for that.
08:32Let's talk about Twittergate.
08:33I mean, with this investment, um, is that just going to allow you to expand even more?
08:40Or, and, and how do you respond to those customers who have been critical of that?
08:46Yeah, I think, I think, look, I think the criticism as a whole is fair for what they've seen in the marketplace.
08:53I think as it applies to us, um, I think it's more concern than it is criticism.
09:00And I think that they, this is a consumer that before we came along, nobody respected.
09:06No, brands didn't respect in the way that we respected.
09:10Brands didn't invest in them the way that we invested in them.
09:13And when I say before we came along, we've been doing this 25 years now.
09:17So from the time we were selling product on the street, we were making this investment.
09:22So their concern about wanting to make sure that we remain true and that we remain, um, uh, focused on them,
09:32I think is, albeit I think they don't have to be worried about it, but I think what they've seen happen to other companies makes them worried about it.
09:41And so having the love that we have for them means that we need to stay, um, focused on, on them and means that we have to continue to, um, reassure them that, that, that, that won't change.
09:56So what we've done was ensure that that didn't change, first of all.
10:01So they need to understand that we now have to compete against, um, multinational companies that didn't pay attention to them even five years ago, maybe even two years ago, right?
10:14That are now paying attention.
10:16They're, they're, they're, they're investing in advertising that we could never do on our own.
10:21They're investing in innovation, they're investing in, um, retail activations, they're investing in a lot of things that we think have been great for, for the communities that we serve because now there's focus and there's attention and there's energy and it's coming from everywhere.
10:40What they also have to realize are those that are critical, um, is that when you look at the landscape and what's happened with black businesses over the past 25 years, um,
10:51we've seen some, some grow and we've seen them bought and then we've seen some shrink and then we've seen some go away and we've seen some struggle and we've seen,
11:02so we've seen everything but incredible success, right?
11:06What we look to do is to bring incredible success and the way that you do that is by one,
11:12staying true to who you are and staying true to, to, to the people that brought you here.
11:16So we're not going anywhere and we respect that.
11:19We understand that we're going to continue to drive that.
11:22We've driven it for 25 years.
11:23That's not going to change 25 years from now.
11:26My family will still be running this business and we'll still be having these conversations.
11:30So I think that's the first part of it.
11:33I think the second part of it is as we think about the marketplace and how the marketplace is shifting and as it's changing,
11:41I think what, what we should all be proud of, especially, um, uh, the natural hair community, um, is what they've done to change the lives of their,
11:55in their own community and the freedom that, that they've shown their own community.
11:59And I think what they're seeing is larger communities, um, or broader communities are now saying, Hey, I too can live this way and there's nobody out there servicing them.
12:13And so they're gravitating towards the brands that do.
12:16So I think this is a moment in time where culturally we should all be very proud of the, of the impact that we're having on the broader, uh, culture,
12:26culture, but we also can't forget who we are, what we are, why we are, and how we got here and how we continue to drive towards making our own communities, um, benefit, right?
12:40So when I say that a big part of our platform is community commerce.
12:44So we support commerce in our communities.
12:47We believe that's how our communities can evolve.
12:50They can develop and quite frankly, they can stand on their own.
12:53And what often happens is that you'll see, um, movements or trends that happen in these communities, um, uh, go out into the broader communities and the people that started them and the companies that supported them disappear.
13:09I mean, I can go back and, and think about, you know, fashion and I remember, you know, I'm, you know, I'm not so young anymore.
13:17Um, but I can go back to the days of, say, Carlton 9 or cross colors.
13:23Um, some of these designers that really set the trends for what became, um, urban, urban design and clothing.
13:31Um, and those, those companies are gone.
13:34Those, those brands are gone.
13:36Um, but they're, they're, the movements that they started, the designs that they started, the, the ground that they broke remained.
13:45And the companies that benefited from them were not the people that started it.
13:49What we're trying to do is to ensure that as a community, we all move forward.
13:54And that those companies, those entrepreneurial companies that focused on the natural hair community, that focused on natural products, that focused on natural ingredients,
14:03that went through all of the challenges and the sacrifices to build up this business, remain at the forefront of it.
14:10And the community has to give us their support and has to provide, um, us the, the ability to broaden our businesses so that we can compete and that we can be, um, best in class.
14:25And they can be proud of, of our ability to sustain against the broader marketplace.
14:30Because I'm sure what they don't want is, so the flip side of, of what they may be concerned about is us being a Carl Kanai or us being, um, uh, uh, another one of these brands who set the trends early,
14:46but then couldn't keep pace with the market.
14:48And I don't think that's what anybody wants.
14:50Well, let me ask, uh, you know, one of the, the comments that came up a couple of times was, you know, why doesn't Sundial, why aren't you the acquirer?
15:00And I actually have had conversations with you.
15:03This investment actually will allow you to expand through acquisitions.
15:08Isn't that correct?
15:09Correct.
15:10Um, so the, I think the first part of that is why aren't we the acquirer is we actually are the acquirer.
15:17We didn't, we didn't get acquired, right?
15:20What we got is we got resources to go out and acquire.
15:23So, I mean, you've known me for a long time.
15:26I've made substantial investments in brands that even compete against us so that they could find their way to shelf in the market, right?
15:34Um, we, we, we've helped many entrepreneurs in this space, um, develop their businesses, even as competitors.
15:42We, we, we presented them to, um, uh, we presented them to retailers.
15:49We helped them get ready to go to market.
15:51So, but what we continue to find is that they don't have the resources, right?
15:56And so, uh, or access to the resources.
15:59What this is, what this allows us to do is to now not just have the resources, but also the infrastructure to go out and not just acquire.
16:10So I think acquire is, is one way that people grow.
16:14Um, I think the better way to grow is to invest in like-minded entrepreneurs that have a different point of view.
16:22Not everything has to be from our point of view, that have a different point of view, that have different, um, value, value, uh, creation, uh, for consumers and allow them to go pursue those values.
16:35So what this allows us to do now is for the first time is you have a black owned family business that actually has the resources to go invest in others, um, and to help them grow.
16:47And so, and, and in addition to the resources, the infrastructure upon which to scale, which is a big part of the, what's missing in our communities is as we've built these businesses, we don't have the infrastructure and the resources to scale.
17:02Okay. So we end up stagnant and other, other, you know, larger companies come in, take those ideas, take those opportunities, and then scale them out and blow them out.
17:12We don't want to be victims of that. And our community doesn't want us to be victims of that. However, um, they want to make sure that we don't forget about them, that we're not off doing focus on other, on other, um, priorities and not them.
17:27And one thing I can say for sure is the reason that we did this was so that we would be able to focus on them.
17:34And I think that as time goes by, um, more and more, um, uh, uh, uh, companies will have the resources because of what we just did, as opposed to being sold, as opposed to selling out and we've shown a different path here, as we always do.
17:51Well, and I know that it's been such a dynamic market, the natural hair market. It's like everyone just discovered that we're all a bunch of product junkies and we spend, you know, more than a billion dollars a year on, on, on hair.
18:04And hair care products. The companies like yours have been, you know, kind of a, a major acquisition target. I, I know as for a fact that several of the large companies have been interested in you. Is it, you know, were you approached by some of the bigger, uh, you know, and why didn't you sell to them?
18:27Well, I mean, I think, and that's, and that's the part that's so, um, heartwarming about, about what we've done and about what we're doing, right?
18:35Is because, um, we could have taken that path, um, and we chose not to. We, we've been approached by just about everybody that there is out there, um, and we've turned them down.
18:49Yeah, we've had lots and lots of opportunity and offers. And for the very reason that the community is concerned is the very reasons that we didn't do that, right?
18:59So I think we're completely, um, in lockstep with, um, with, with, with, with how people, uh, are feeling. Um, and we've not just, uh, it's not just lip service. We've actually, we've actually put our money where our mouth is and said, no, we're not going to sell out. We're not going to, we're not going to cash out.
19:20We're actually going to reinvest in the business and we're going to go build it so that it can be that beacon that others can look up to and that other can, others can, um, aspire to be and show a different path.
19:31Now, um, for us, um, what's important is that we remain a family-owned business, um, that we, uh, continue to serve the, the communities that we serve in an elevated way, um, and that we build a business that everyone can be proud of.
19:49And so I think we put ourselves on that course. I think the vast majority of, of, of, um, of folks out there are overwhelmingly supportive and happy and driving this.
20:01And I think they will, as time goes by, they'll only continue to see that. I mean, I think what we've built is a company that, that shows that, um, people that look like us can do amazing things, um, and still control it.
20:14Um, and so we look forward to, to, to, to being an inspiration and setting that, um, setting that course for others to follow.
20:25So what are the benefits of being, I, I know that you have a investor, but you're still primarily an independent company.
20:32What is the, the benefit to you of being independent?
20:36Well, the, the, so we're, we're independent for a reason. Um, and the reason that we're independent is because we need to be, um, flexible in how we serve our communities.
20:53We don't need to be taking directives on, hey, this is how it's done in, in, in a corporate world.
21:00And so here's the infrastructure and here's the people and here's how you go do it.
21:04What we needed was to be able to make the same decisions that we made 20 years ago as to what were the best ways to serve these people that we so love and that love us.
21:15And that was the best ingredients, um, focusing on their need states and providing formulations that cater to what those needs were and provided solutions to what those needs are.
21:27Our, our, our ability to make investments in the community in the way that we choose to make those investments, not, um, how it's done in some corporate boardroom.
21:37Um, we choose to invest in, for instance, our supply chain, right?
21:42Uh, we have over 4,000 women in our supply chain that we invest in, um, to make sure that they are, uh, receiving, um, not just fair wages for their labors, but that they're building, uh, businesses,
21:56um, and generating revenue from the products that we sell.
22:00So a lot of folks know that we do that.
22:02What this now allows us to do is to scale that.
22:05So those 4,000 women will in the next, within the next year become over eight to 12,000 women that we will be, that we will be investing in.
22:14We don't need somebody telling us to do that.
22:17That's the core, um, of what we do.
22:20That's part of our business model.
22:21So we needed a partner that understood that and that would invest alongside us in so doing.
22:27And then you think about the things that we do domestically are in, um, women entrepreneurs that sell our products.
22:36Um, uh, uh, in fact, we had one of them just, uh, that we sponsored at, uh, at Dartmouth at the Tuck School of Executive Education this summer.
22:45We've got five more going in later on this year.
22:47These are things that we do because we understand how important it is to invest in our company, in our, in our communities, through our company.
22:55And so being an independent company allows us to make those decisions.
22:59We're not beholden to somebody else's shareholders.
23:02We're the shareholders.
23:03We control the business.
23:04And we, we, we, we continue to do that.
23:07So that independence allows us to make the decisions, um, not just for our consumers, not just for our products, um, but also for our communities.
23:16Well, uh, in terms of these communities and these companies, um, you know, you, you have really kind of coined this whole new term, the new general market.
23:27Um, and it sounds like a lot of the companies that you plan on investing in are a part of this new general market.
23:35You know, tell, tell, tell everyone what you, you know, kind of your viewpoint on the new general market and what we're going to see in stores as a result of some of the things that you've done and some other companies have done.
23:48Yeah.
23:48I mean, I think, you know, going back to earlier in the conversation, um, when we talked about, um, why this was important, right?
24:00And, and, and what, and what this means, this is important because, um, as, as, as, as, as people remember, not, you know, not even three years ago, um, the, the options that, that, um, black women had in shopping at retail were very limited, right?
24:23We came in and we broke that. And we broke that by saying, look, black women deserve access to everything that's great about, um, personal care, about beauty.
24:38They need, they need the opportunities to make their own decisions as to what they want to buy and what they don't want to buy.
24:45We shouldn't, it shouldn't be people that don't have those same issues that don't understand what their needs are that make that decision for them.
24:53So what we set out to do was to level the playing field and say, we're going to put the best products on the shelf and we want our consumers to be able to engage with the best products, period, and allow them the choice.
25:06And so by taking that, and, and, and you got to remember that it took us 16 years for us to get to retail because nobody would give us the opportunity to give them that choice.
25:17So we've been fighting this fight for a long time.
25:19So we get on the shelf and we start to, we start to, to, to help with messaging.
25:25We start to help with inclusion.
25:27We start to help with, um, uh, business models.
25:31We start to bring other brands along with us that have a similar philosophy.
25:36And today, um, you have all of these great brands, um, uh, in the marketplace that were great brands before they got there, but just didn't have the same opportunities.
25:47And so while we didn't do this alone, um, we were certainly, uh, at the forefront and, and brought the thought leadership around.
25:57And that meant.
25:58That is done.
25:59I'm sorry, go ahead.
25:59And that, and, and that's kind of meant, um, you, you really fought to get your products out of the ethnic section, you know, where they were often put, uh, I mean, I know, I know in some stores there's still, but you, you've really tried to get them into the kind of, uh, or, well, the general market.
26:25I mean, it's.
26:26Yeah, so, um, the, what we were fighting for wasn't necessarily get them out of the ethnic set.
26:35What we were fighting for was to have inclusion so that the, the black consumer wasn't relegated to one particular place and that the products that she was offered wasn't relegated to one particular, um, uh, set of brands.
26:52That she should have access to all brands and in so doing that you allowed people that have different needs, um, to be able to engage with, with different brands.
27:03So, um, black women go in and they shop in, you know, what was then the ethnic aisle, but then they also go to the general aisle and they need products in the general aisle.
27:13Um, and, um, but the way that they were being treated was this is your aisle, you stay here.
27:21Um, and then on the flip side of it, you have, um, women that needed those, um, those products that were in the ethnic aisle that were said, hey, you stay over here.
27:31This is the general aisle, you don't go over here.
27:34For us, it's, it's a matter of choice.
27:36It's saying we all have needs, we all have need states, um, and we all need the best product possible.
27:43Give us the opportunity to have the best product possible.
27:47And so that was, that was the, the sort of the genesis of it.
27:51Then I think when you start to, to look a little bit deeper and you start to go a little bit further around that,
27:57you start to think about what is the, what is the marketplace today?
28:02And the marketplace today is truly that when you take the, the, um, the African American consumer,
28:10you take the Hispanic consumer, you take the Asian consumer, you take the, the, the, the white consumer,
28:17you, you take all of these consumers and they all have these different needs.
28:20Um, the majority of what's driving beauty today are minority consumers, particularly African American
28:29and Hispanic consumers.
28:31And so as the population changes, the shift is no longer that white consumers are the majority
28:39of the population.
28:41It's now where you have minority, what, what they would call the minority majority.
28:46So why should those consumers not have access to the best of products?
28:52And that's what we're, we're driving towards is to make sure that our consumers have access
28:57to the best of products.
28:58But what that also means is that when you make the best of products, all consumers need access
29:04to that and all consumers want to have that.
29:07And so that's what we, that's what we drive towards is to find a place of where we're inclusive.
29:13And I think where, where some folks get a little concerned is as you're being inclusive,
29:19are you excluding, are you going to forget about your core?
29:23Are you going to forget about who got us here?
29:25And the answer to that is absolutely not because the, the, the largest segment of the population
29:31is that core.
29:33So they never have to worry about us straying.
29:36We will always be focused on them, but larger than that, we're going to be focused on providing
29:42the best product for all needs states.
29:45So it sounds like this investment from Bain is going to allow you to continue to grow,
29:51continue to address the consumer in the way that you really want to do that.
29:56It'll allow you to invest in other companies who are doing a lot of the similar things that
30:03you support, the, sounds like the products are not going to change in quality, they're
30:10not going to go up in price.
30:11Yeah.
30:12What are some of the other myths that you would like to address here in closing?
30:17I'm sure you've seen a lot of response to the announcement.
30:21Are there any other things that you'd like to tell the consumer just to reassure them
30:26about what this investment is all about?
30:30Yeah.
30:30So, I mean, I think the, the, the number one thing is we, we did this for you.
30:37We, we've remained a family business for us.
30:41Um, we believe that by remaining independent, we can do things, uh, that no other company in
30:47our space can do, um, and that these resources will allow us to do.
30:51Um, we will continue to invest in our communities in, in, at levels that have never been seen
30:58before.
30:59Um, we will continue to bring out innovation that is, um, uh, what is needed, uh, for, uh,
31:08for textured need states and not just, you know, willy nilly.
31:11Um, uh, we will continue to, uh, invest in our communities, in our, in our supply chain,
31:20in our community commerce platform, in our mission.
31:22Um, we will start to expand that here, um, uh, uh, uh, nationally.
31:29And then also we will, we will really now, um, be able to invest in other and help others,
31:39um, that are like-minded, that are focused on the community, that want to, uh, that are
31:46entrepreneurs that need resources that don't have them.
31:48We will now be able to invest with them, uh, uh, invest in them in unprecedented ways.
31:55So, all in all, um, the one, the, the, the, not so much the myth, but the ask is, guys,
32:03thank you, continue to support us, continue to help us, uh, change the game, the, the, the,
32:10the way that you've changed the game.
32:12Uh, we're aligned with what your interests are.
32:15Um, we'll continue to do that.
32:17We found a partner that's aligned with it.
32:19We spent a lot of time on it.
32:21We certainly didn't sell out.
32:23Um, uh, uh, in fact, what we've done is we've reinvested in ourselves and we've reinvested
32:28in our communities.
32:29And I think that, um, what, what we've seen, though, is an overwhelming amount of positivity,
32:37um, around this new chapter that we're opening.
32:42And we're looking forward to continuing to, to write yet another, uh, uh, chapter.
32:49Um, we're going to continue to, to change the way business is done in beauty.
32:54Um, and the, the community that got us here is going to be at the forefront of that change.
33:00Um, so I think there's a lot of really exciting things ahead.
33:05We're really excited.
33:07Um, our community is really excited.
33:09I think that, um, hopefully this, this conversation helps people understand better.
33:15I mean, Michelle, what do you think?
33:16What, what, what are your thoughts on this before we, we leave?
33:20What do you think?
33:20Well, I am always excited when I see companies I like, uh, and other entrepreneurs, uh, you
33:29know, continue to do well and be able to continue to grow.
33:33So, for me, it was very exciting to see it.
33:36You know, yes, obviously, I always have the same concerns that everyone else does.
33:42What does this mean for the products?
33:44What does this mean for being, you know, in terms of ingredients?
33:46But I, I also know enough about you and what you were looking for that you, you really wanted
33:55something, some kind of investment where you were going to be able to still be in control.
34:00And I think, um, you know, so I'm, I'm extremely happy for you.
34:04I mean, I remember the first time we ever met was at a Curly Nikki meetup.
34:09Yeah.
34:10Where, uh, you know, it was just very organic, uh, we had, you know, standing room only,
34:18500 people.
34:19You showed up and you said, oh my God, this is an amazing community.
34:23You ran over to the Bronner Brothers show, brought back all of your products and handed
34:27them out to people and, um, you know, it was really amazing.
34:31It was very, you, you were always about, you know, connecting with the customer.
34:36So, I'm, I'm very excited for you and I can't wait to see what you guys have in store.
34:42I know that we're going to be hearing some announcements out of you pretty soon.
34:46Yeah.
34:47Well, we're, we're, thank you, thank you.
34:49Um, we're, we're really excited.
34:51I mean, I think, you know, the, the, the other piece here is, um, never in the history of
34:59beauty has something like this been done.
35:02Um, and, um, what we now do with it and, and what our community allows us to do with
35:10it is going to set pace for the generations that are going to come behind us.
35:15Um, and for that we're really, we're really excited and, and we're really humbled and,
35:21and fortunate to be the ones that are doing this.
35:24Um, but at the, at the core of it, at the core of it is, um, this community that has just
35:33done amazing things and that we'll continue to support in amazing ways.
35:37And so I just, I just want to say thank you and we're, we're, we're really proud to be
35:41serving you and, um, we're going to do everything in our power to make sure that you remain
35:46as proud of us, uh, five years from now as you were five years ago.
35:51Well, thank you again for, um, you know, taking the time to talk with us today and,
35:56and sharing your thoughts with our community.
35:58And, uh, we can't wait to see the next chapter of, of Sundial.
36:04Thank you very much.
36:06The next chapter is going to be really, really fun, but I gotta say I don't think it'll be
36:10too different, uh, Michelle.
36:12It'll just be more of what we're, what we've been doing on a much larger, uh,
36:16on a much larger scale and a much larger platform.
36:19So, uh, it's going to be a fun ride.
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