Latest / Financial Planner Search / Main Street Wealth & The Life Strategic Plan with Donald Morgan | Financial Planner Search
Transcript
- Gregory Wilnau: Donald Morgan, how are you doing today, sir? Donald Morgan: I'm awesome, Greg, how are you? Gregory Wilnau: I'm doing great. I've been really looking forward to this conversation. You and I got introduced a couple of weeks ago through Bosford Buds. ⁓ And ⁓ that's how we got connected. And I've been really looking forward to talking and speaking with you. ⁓ But let's. Donald Morgan: Mm-hmm. Yep. Well, in US, raving fans there, I got to tell you, there are people that really, when we talk marketing, they're like, go talk to Greg. I mean, he's the guy that knows. Gregory Wilnau: Yeah, don't tell anybody. That's my little secret. No, I'm just kidding. So I know that you got a hard stop in about 35 minutes. So I want to cover as much as we can. If we have to do a part two, we will. But to get started, I like to open these conversations with a little bit more about your backstory. So maybe you could tell us who you are, what you do, and how you got into it. Donald Morgan: You Perfect. so Don Morgan, my family and I own a financial planning firm in Washington state together with other owners called Colmena. We're a registered investment advisor, which means we're a fee only advisory firm. We're on your side all the time. We're fiduciaries, which is a Latin word that means that you should be able to trust us and our obligation is to put your interest first. So that's. sort of the framing of who we are as a group and as a family. I've been privileged, all three of my kids and my wife and I have worked together, not all of us all the time, but substantially over the last 15 plus years in this independent firm. And it's just a joy. ⁓ People talk about work-life balance. We talk about work-life blend. And there are some people that... Gregory Wilnau: I like it. Donald Morgan: go to college and they don't know who they want to be when they grow up. When I was in elementary school, I had decided I was going to be a space shuttle pilot. And that was the only thing I wanted to do. And this was before they built the space shuttle. They didn't even have the plans except Werner von Braun had written an article for Boys Life, if you remember that magazine. Gregory Wilnau: I do, I read it all the time when I was a kid, yeah. Donald Morgan: And my older brother was a boy scout and an Eagle Scout and all the good stuff. And I was, you he was my hero. 10 years older than me. I read everything he did. I wanted to follow him. He went in the army. I was going to go to the Air Force Academy. And I kept that plan. And the whole time I was growing up, I studied military science and aeronautic engineering and computer science and everything I could to make sure that when I graduated high school, I went to the Air Force Academy. And in June of 1977, I graduated high school and I had my travel orders from the Air Force Academy and I had my life wired. And a few weeks later, just after my 18th birthday, I got a telegram from the Department of Defense Medical Examiner Review Board saying, you know that eyesight waiver we promised you? Not so much this year, unless you're a female. And so I had to come up with plan B. And I shifted gears, my girlfriend, fiance at the time, now my wife, and I ended up getting into Los Angeles City College and then Cal State LA, studied finance and economics and political science. Those are the things I've studied my whole life. Military science, economic science, political science. I grew up in a very political family. My mom was an FDR Democrat. My dad was a Goldwater Republican. It was a very stormy house. Gregory Wilnau: Wow, I bet that was some interesting conversations around the dinner table. Donald Morgan: ⁓ they were fascinating. And I was number six of seven, so there was a lot of siblings in my family. And so you learn a lot of things when you're the second to the smallest, including how to be fast at the dessert bar. ⁓ Gregory Wilnau: Yeah, and probably what not to do to get in trouble, right? Donald Morgan: you know, there are so many paths that we take in life, but I ended up with a job in finance just because I needed a job. And I really didn't like it at first until I figured out that it isn't about the numbers, it's about the people. And once I discovered that people are endlessly different, because I was young and arrogant and thought everyone thought like I did. Turns out not so much. ⁓ And when you get to talk to two or 300 people a day, because in the early days, you know, was smile and dial, right? You meet a lot of, and this was in downtown LA by the Gregory Wilnau: And smile and dial, mean like cold calling, calling people up for new business. Yeah. Donald Morgan: Yeah, absolutely. Absolutely. you you learn from the people you meet many different lessons, the ones they want to teach you and sometimes the ones that you learn because of the way they act. And some people are really cool and some people are not. But once you embrace the reality that people are actually important and that you don't know how to read their mind and you have to listen to them. and build empathy to solve problems. And it's been a long journey and I'm a very slow learner and my friends all laugh when I say that, but it's true. And I learned best, unfortunately, by burning my hand on the stove. Gregory Wilnau: Ditto. Yeah. Sure, you have to understand what it feels like to get burned, you know. Your parent can tell you, hey, don't touch that, it's hot, but you really have to know, experience what it feels like to get burned to really understand, yeah. Donald Morgan: Hey. 100%. And so over now four decades, I have had tons of roles in finance and I've enjoyed almost every one of them. And what I do now is work as a financial planner and as a mentor and a coach for other financial professionals who are on our team, either in any one of four of our businesses. So we have four separate businesses, Greg, and that's very different than most advisors. So we have a financial planning business where people pay me to do planning. We have a asset management business where people pay us to build and run portfolios. We have a tax office where people pay us for tax planning, tax strategy work, and tax preparation. And then we have a risk management firm that looks at all of the aspects of risk in people's lives. And one of the court mechanisms that we use to manage those risks is called transfer. In plain English, it's an insurance company. People don't like insurance. Gregory Wilnau: Yeah, well, know, can't necessarily blame them. It's kind of essential, but at the same time, too. but OK, so you've got your hand, your guy with deep experience, a lot of life experience. And at Colmeni, am I pronouncing Colmena? Colmeni. Colmena, sorry. You are the lead financial planner, right? Donald Morgan: Call me now. Gregory Wilnau: So how's that going? Tell me about ⁓ what you do there and what it is about financial planning specifically that you think made the people at Comina realize that we need to bring Donald on. This is a great thing. ⁓ Donald Morgan: That's an awesome question and it's the heart of why I joined Colmena. Colmena, by the way, means ⁓ honeycomb. Gregory Wilnau: interesting. Donald Morgan: And the idea is in a beehive, all of the bees work together for the benefit of the rest of the bees. And we bring in all of the components of the anicome and we build it for the benefit of the community. Does that make sense? And one of my fundamental beliefs that I've learned over the years is it's better to have a plan than not having a Gregory Wilnau: Yeah, it makes complete sense. That's brilliant. I love that. Donald Morgan: And the more uncertain the future is, the more important the plan becomes. One of my early experiences was learning how to fly an airplane. At age 15, as a relatively, well, poverty stricken young man in downtown Los Angeles, as in broke, broke, broke, I was still involved in a volunteer organization called Civil Air Patrol. And I got a scholarship to learn to fly an airplane. Gregory Wilnau: Mm-hmm. Donald Morgan: And I thought that was the coolest thing ever. While all my friends were out, you know, trying to figure out how to buy beer at 16, I was doing flight plans. And. I don't care if you're flying from here to there, you have to have a plan. And before you ever step foot in the airplane, you've got to have a certain level of training and education. And when you're ready, then you take your plan and you got and you walk around the airplane and make sure that, you know. Gregory Wilnau: awesome. Donald Morgan: The wheels are still tight on and that there's fuel in the tank. Really embarrassing. Yeah, no, that's right. We don't have time today, but if you're interested, look up the story of how the checklist was created by the Boeing company when they were designing the airplane that won World War Two. Now, that's an opinion, but it's fine and I like it. And it's a crazy good story with a tragic beginning. It started with destruction. Horrible death. Gregory Wilnau: Follow checklists, right? Yeah. Donald Morgan: And that's exactly how my career in financial planning started. This goes back to the very beginning. had a client refer me to a business owner. I love business owners. That's my core client is a business owner. And this was a young family with three kids and they owned a business in Kansas. And it was a great growing business. They were making gobs of money and they knew they needed to do planning. was late October. and we got together they were excited to start the planning process but they wanted to wait till they got back from Thanksgiving vacation and they got in their new Beechcraft aircraft and they flew home for vacation and they didn't make it. All five of them died. I never got the chance to do my job. And the tragedy of it was they weren't prepared at all. They didn't have wills. They didn't have trusts. They didn't have insurance. They had a great company with 50 employees. that the state of Kansas split between their two families. You don't have a will, the state law takes effect. Problem was their two families were culturally very different and they did not get along. And they spent their time fighting each other instead of building the business or selling the business. It ended up shutting down. The litigation went on for years. It destroyed what had been built and then destroyed two families in addition. Gregory Wilnau: Mm-hmm. Donald Morgan: And that taught me how critically important once you get the engagement, getting into it and not waiting till later planning is. That's a horrible tragedy. Gregory Wilnau: Yeah. Yeah, well, know, unfortunately, ⁓ oftentimes, you know, bad things happen. And if you reflect on those things, you good can come out of them. So, I mean, let's talk a little bit about your approach ⁓ when it comes to financial planning. Oftentimes we think when we think about financial planning and we also think about investment, investment management. And these things are separate. Right. Donald Morgan: Yeah, I'm not sure that's true, but sure. Yes. Gregory Wilnau: Well, they're separate but linked, right? So what I would like to do is I would like to talk a little bit more about your philosophy when it comes to financial planning, because we had a little bit of a conversation before we started recording, longer than I typically do, because you were sharing so much, you were dropping so many, you know, truth bombs on me. was like, ⁓ this is awesome, you know, but let's save some of this for the interview, you know? ⁓ So when it comes to like your philosophy for financial planning, Is there any unique approaches that you take? Like maybe you could just help us understand like how you approach financial planning, how you how you think about it. Does that make sense? that question make sense? I know it's a very broad question, but this is something that you're very passionate about. You're passionate about people. So help us understand more. Donald Morgan: It is. ⁓ people and it. So let's start with the people. What financial planning is is defined in both the law and in the standards and practices of the organizations that create certifications around practitioners. So I'm an accredited investment fiduciary and a certified plan fiduciary advisor. One of those is from the FI 360 organization, ones from the group called Napa. There's also the certified financial planner, which I don't have through the American College of Certified Financial Planning. There's also the PFS through the AICPA, which is CPA based financial planning. You strip all that away and you find that there are five core components that every financial plan has to have. And you tick them off and then you do the interview and you gather all the data and you put them all together and you have this document. That's great. It adds no value to anyone's life. And I'm not demeaning the process, the process is critical, but we use the process to build rapport and trust and identify the truth about the family, their assets, their goals, their tax picture, their risk picture. We start with risk. And by the way, the five pieces just for the record are cash flow analysis, risk management, liability management, asset management, and then the formal name is a state and other plans. We call it the life strategic plan. Because while death is inevitable, there's a whole life between now and death. Now, how long that life is, I have no idea. But we want to make sure that we give you the tools to live that life to the fullest the way you want to live it. Does that make sense? So we start with cashflow because if we get cashflow wrong, everything else is null and void. Gregory Wilnau: Absolutely. Donald Morgan: And because my core competencies lie in the arena of business owner families, well, you're a business owner, Greg, how absolutely predictable every month is your income? Gregory Wilnau: It depends. When I first got started, it was like one-off projects, but then we switched more into like ongoing month to month ⁓ to month things, which helped improve ⁓ predictability. But I mean, the short answer is like not predictable at all. Donald Morgan: You Unlike your cousin who works at the post office, who we can predict almost with mathematical certainty, right? So I've chosen a much more difficult path than many of my colleagues because my clients have chosen the more difficult. Gregory Wilnau: Exactly. Wait, why, okay, so what are some of the things when it comes to financial planning? Like what wakes you up in the morning? Why do you get out of bed in the morning? What is it about it that is so exciting to you? Donald Morgan: I get up every day really excited because I get to help people just like Gregory win at the great game of business. And because I helped them win at the great game of business, their employees get paid better, their customers or clients earn more and do better. The small business community, the Main Street business community creates over 100 % of all the jobs created in the American job. Mark. Gregory Wilnau: Yeah, it's the engine that turns the world basically, small business owners. Yeah, small businesses. Yeah. Donald Morgan: 100 % and there's a statistic in there and I'm a big numbers guy because that's my world that I absolutely hate and that I do battle with every day and that is eight out of ten Main Street business owners will fold their tent and silently fade away rather than sell their business at a profit. 80 % of Christians Gregory Wilnau: Interesting. Interesting. Donald Morgan: And that means that all of the stakeholders of that business lose. And I want to change that. And it reminds me of the story of the grandfather and his grandson walking along the beach and the grandfather picks up starfish and throws them out to the ocean. And the grandson says, grandpa, what are you doing? And he says, well, starfish will die if they're out of the water for any length of time. And he picks one up and he throws it into the ocean. And says, I want to save as many starfish as I can. And the grandson says, me too, and starts picking up starfish and throwing them vigorously out in the ocean. And the time comes where it's getting dark. And grandpa says to grandson, it's time we go home. And he says, but grandpa, look at all the starfish that are still on the beach. And he says, son, we saved the ones we could save. There's always going to be more starfish. But my job is to get as many of them back in the water where they can breathe as possible and then help them get to the finish line the way they want to. And to do it in a way that preserves and protects the family, the marriage and the children in a meaningful way. And that's why I tell my team that what we do is the most noble part of the world of finance. So I'm passionate about it because there's nobility to it. Gregory Wilnau: I agree. I agree. Yeah, I completely agree, man. ⁓ Maybe we could talk more about the people who come to you. So when you when you meet with a family, ⁓ small business owners for the first time, maybe you could describe the type of person that typically comes to you. What's ⁓ a typical situation that they might need you to lead them through? Donald Morgan: Yeah. So one of my iconic clients, it took me, I told you in our pre-interview that I'm a slow learner and I really am. I have to learn something again and again and again. And then the light goes on and I'm like, ⁓ wow, I could have helped so many more starfish if I just figured that out. And so I'm. Gregory Wilnau: I hear you, I'm a slow runner too. I'm more methodical, slower. I've got to make sure the pieces fit together and that I experienced this first before I'm sold on it, you know? So I get it, I get it. Donald Morgan: So this young man, 15 years ago came to me. He was a 25 year old ish, 26 year old. And he and his partner came into my office. They found me on LinkedIn and that's not on you. You can find me on LinkedIn all the time. I do a lot of writing. enjoy writing and I write on business topics and other topics, economics, love economics. And he comes in and he and his partner sit down in my conference room. It's three in the afternoon on a Friday. I remember it like it was yesterday. And I said, gentlemen, you found me. How can I help? And one of them said, we need a financial advisor. And the other one says, yeah, you're the fifth one we've interviewed today. And then the first one says, yeah, but you people, and he's got his arms crossed like this and he's scowling. mean, you people are all alike. You're going to ask me five questions and offer to sell me a mutual fund. Gregory Wilnau: Sure, yeah. I'm sorry, I'm not laughing because that's funny. I'm laughing because it's a little true, you know. Donald Morgan: There's some truth to it. And I said, you know, I don't know. Are you here to buy a mutual fund? And he got a little irritations. No, I'm here to hire a financial advisor. I said, okay, help me break that down. What does that mean to you? And he said, well, we have this business that we designed and started six months ago and it's making gobs of money and we don't know what we're doing and we need a financial advisor. I said, awesome. You found the right guy. Let me ask you some more questions. Where is the money you've made and how much have you made in the first six months? together said, we've made $250,000. It was like a chorus. I said, great, where is that money? And they said, well, in our checking account. I said, is that a business account? They said, no, the bank won't let us open a business account. Interesting, why not? They said because they keep talking about numbers that we don't have and we don't know what they're talking about and they won't explain it to us because they can't give us advice. So we need a financial advisor to give us advice on how to do this. And I said, got it. You need somebody to help you build your bookkeeping and accounting team, your tax and your legal team. Yes. I said, great. You're in the right place. And they hired me. Gregory Wilnau: Well, it sounds like that's a reflection of your ability to ask good questions and understand the reason behind why they're there in the first place. so many people just want to try to sell, sell, sell, talk, talk, talk, but they never take a step back to truly understand and ask questions to the point where they know why you're here. It sounds like that's something that you're really good at, which explains why you also focus on the financial planning piece. Because in order to intimately understand somebody, you have to ask questions, right? Donald Morgan: You have to, and we teach our young new advisors and we have a very formalized education program run by a CFP who's also a chartered life underwriter and a master's in education, former classroom teacher with 45 years experience. So he's an integral part of our team. We teach young people coming into the industry, which is very rare. Very few firms actually mentor young people on a systematic basis. We do. Gregory Wilnau: 100%. That's crazy. That's because that's how it used to be, right? Like mentorship is the best way to learn, you know? Donald Morgan: It works. I agree 100 % but it's also tough and it's really tough if you don't have a system and a process. one of the first precisely one of the very first things we teach them Greg is you cannot go into the first meeting with any product in your mind at all. Cause you don't know you have to go in with a blank sheet of paper and then your goal is not to sell them anything. It's to find out. Gregory Wilnau: Yeah, it is tough. Yes, a framework to follow, sure. Sure. Donald Morgan: what they need in a way that causes them to believe that you're the best financial advisor they've ever met. So they fall in love with you. That's the goal of that first meeting. It's not to get a paycheck. Gregory Wilnau: Yeah, I think in sales we call that sometimes a commission breath too, because if you get too anxious just to get the sale, people can sense that, you know. Donald Morgan: Contrary wise, if you look someone in the eye and say, when they ask you, what are you trying to sell me? You say, you know, I don't know and I'm not sure that it's appropriate for me to sell you anything. How about on the first meeting you leave your checkbook at home and we just talk? Is that okay with you? Gregory Wilnau: Yeah. Well, you have to understand too, I think, and you know this already, you know, you're an experienced guy, Donald is, they assume that the experience that they have with you is going to be like the other experiences they've had with others in the past. And that's just natural. So if you can just come into that with a completely different mindset, you'll absolutely reset their expectations, you know? Donald Morgan: It is. That's exactly what our goal is and that's our experience. We don't want to be, so part of the math of my business is something called the law of large numbers. And one of the components of the law of large numbers is there's a bell curve in every data set. We want to be as far over on the right-hand side of that data set of financial advisors as we can possibly be. We want to be at least on the second standard deviation to the right of the bell curve, if not the third. And our aspiration is to be at the very, very, very tail end of the right-hand side, where we're so extraordinary that people want to bring their friends in so they can introduce them. Gregory Wilnau: Yeah. Donald Morgan: And that's, so again, we don't go in expecting to sell you anything. We don't have a clue what you might need. know, life insurance is one of our fundamental beliefs. We know the power of life insurance and you can't say life insurance in those words in the first meeting or they're gonna run out into the street screaming. Have you seen Groundhog Day? Gregory Wilnau: Of course I've seen Groundhog Day. ⁓ yeah. Donald Morgan: So the character Ned Ryerson, please. That's what people think when you say life insurance. Gregory Wilnau: You've told that joke before, haven't you? Of course you have, yeah. It's a good one, I like it. Donald Morgan: A few hundred times, yes. And what we want instead of Ned Ryerson, we want to be that super empathetic doctor that you were gonna get. Now this will date me when you watch Marcus Welby MD. You're gonna have to look that up. Gregory Wilnau: Yeah, that's over my head here. Donald Morgan: He started in the late 50s, early 60s. Gregory Wilnau: Yeah, that was before my time, I confess. Donald Morgan: I'm just saying I might've been around a couple of blocks. So, but that's the goal. We want to be the trusted white coat physician who looks at the symptoms, asks the questions and doesn't prescribe anything until a diagnosis has been made. And then we put that diagnosis into a peer group, totally confidential of anywhere from six to 10 professionals who all gather around. and look at the data about that patient. Gregory Wilnau: Wow, that kind of brings us full circle back to the meaning of ⁓ colmina, right? The honeycomb. Yeah. Yeah. Donald Morgan: The honeycomb and we're the honey bees and our client is the queen bee and our job is to take care of everything that's necessary for that hive to thrive. And you asked me early on to describe my clients who I love working for. I told you my get up in the morning is to help business owners win at the great game of business. Business owners is a broad term. There's Warren Buffett and Elon Musk. And if either one of them called me, I wouldn't know what I could do to help. They have armies of people to help them, right? I look for the Main Street business owner and I typically look for, and you're in the marketing world, I'm looking for the younger, married with children who are still in school, serial entrepreneur who knows that they need advice, values advice, is willing to pay for advice to help them win. Gregory Wilnau: Invest in advice. Yes. Donald Morgan: Invest in advice and invest in advice that helps do the things that are important to them, protect their family. What happens if Gregory starts making exponential money where you go from $100,000 a month to $100,000 a week to $100,000 a day? Gregory Wilnau: That's a good problem to have, man, but it's still a problem. Yeah. Donald Morgan: Could it create tension and problems for your children at school? Gregory Wilnau: Yeah, tax problems, stress in the marriage, yeah. Donald Morgan: Could it create tensions and problems with your family? Everyone's got that family member that's just not the sharpest knife in the drawer and has stumbled around making mistake after mistake and is always asking for a loan. Do you think they'll come out of the woodwork when people figure out you're making a million dollars a week? Gregory Wilnau: Family members I've never talked to would probably start coming out of the woodwork. Yeah. ⁓ Donald Morgan: Something you never even knew you had. And I've watched this. I've watched people's best friends sue them and then say, well, you have plenty of money. This isn't a big deal. So we help create the structures. It's not just money. It's not just assets. It's not just the account you've got at Ed Jones or Merrill Lynch or Goldman Sachs. It's the personal, social and emotional capital of your family. Gregory Wilnau: Man, that's crazy. Yeah. Donald Morgan: that needs to be protected. Gregory Wilnau: 100%. Donald Morgan: And so we care deeply about that. Yes, we do the asset management. Yes, we do the cash management. Yes, we do the risk management. Yes, we do liability management and tax management. Those are just the things that we do that support our mission, which is helping you and your family win at the great game of business all the way through to the end. And for that reason, we built a multi-generational firm that will be there long after I've gone to my reward. Gregory Wilnau: I ⁓ I love structuring the entire business around that. And I love how you frame it. Long after I've gone to my reward, right? In the next life. But okay, so we're over time. I know you have a hard stop at the top of the hour. ⁓ I'm sure that I could, you and I could talk for another 30 minutes to 45 minutes, but for the sake of, you know, time, for anybody who's listening, who's like, you know, I love what Donald's saying. I'm interested in possibly working together and exploring what that might look like. What should they do next? How can they get in touch with you? Donald Morgan: The easiest way to get in touch with me is go to my name on the internet, donaldfmorgan.com. That'll pop up my calendar. You can set a telephone appointment, a zoom appointment. You can go to my profile on LinkedIn. You can go to colmina.com to look at our website. But if you want to talk with me, donaldfmorgan.com, I'm always in a meeting. I'm always on the phone. We work by appointment. I'm happy to have that first meeting at no obligation. I guarantee you this, first meeting you'll walk away without a bill, it's totally complimentary, you'll walk away with more than you came in with, and often I find a way to get you a gift. Gregory Wilnau: sounds like a pretty sweet deal. Donald Morgan: It is. And the last thing I'll say is this, Gregory, we don't want clients who won't fall in love with us because we want to fall in love with them. Gregory Wilnau: Yeah. Yeah, there's nothing better than working with somebody who when they call you, you look at that and you're like, ⁓ I get to talk to Taylor today. Right? Yeah. Yeah. Donald Morgan: This is a pop image. Yeah, yeah. It's one of the great joys of our life. We love every one of our clients. We look forward to helping every one of them. We're structured in a way. We've got a great team that when they call and I'm on the phone, they're taken care of. And if they need me, which often they don't need me, and that's okay too. Gregory Wilnau: And you'll tell them, right, if they don't, you know? Yeah. Donald Morgan: Yeah. Yeah. So it's a wonderful world. The last thing I'll say is this. If you know young people that want to get into finance, we're unusual, extremely unusual in that we teach and mentor young people and we can do it in a way that can include a salary and corporate benefits. And we can do that in all 50 states. So if you've got a family member that's just getting out of college, has a degree in finance, has a degree in social studies or zoology, I don't care, have them call me and we'll interview them. And if it's not right for them, we'll let them know why it's not right and we'll help guide them into some other path. Gregory Wilnau: I love it. I love the mentorship model. I think that's something that we as a society need to go back to. Definitely. Donald Morgan: I agree. fact, an essay that I'm wrapping up right now and it's in my lawyer's hands right now to get their approval on it. We talk about how to do really tough problem solving. And as a business owner, sometimes you got to do really tough problem solving. Gregory Wilnau: very, yes, very tough, very difficult problem solve. Donald Morgan: But I also talk in there that I think one of the great problems that we need to collectively start solving is how we heal our culture. And part of that is bring back mentorship and the intergenerational connections, those values from generation to generation. Gregory Wilnau: Yeah, the lessons that the previous generations have learned, passing those on. I completely agree, man. Well, I know you got a hard stop in two minutes. I don't want to keep you at Donald. You and I could keep talking for another 30 minutes to an hour. And I would love to extend another invitation for you to come on whenever you like and we can continue the conversation. But thank you so much for coming on the show and we'll talk again soon. Donald Morgan: I look forward to the next conference. Truly my pleasure. Thank you,