00:30:00 John R. McAdams: I'm going to build that here in this company and I don't like to lose and I'm going to make it happen. People like that have to wait two three or four years before they're actually brought into ownership. But then they are a bonus to higher amounts and they climb this ladder faster. They are creating more value than other people. We work hard to have fairness in how we dole out the ownership of the company. there was one other thing too, and I don't have my notes for it, so we will go on. Oh, here it is. Managerial hierarchy within the firm is important and we have a good one. But ownership is different. Ownership is unattached. You can't say, I own $82,000 worth, of the company and you own 60, thousand dollars worth of the company. And so I don't have to do what you say? No, no. If that person is your supervisor, you know, it's just completely different. All right. The $82,000 person has probably gotten a lower, lesser amount of stock bonuses, but has been in the company for longer. So let's not confuse ownership proportions with the managerial rankings in the firm. Any shareholder who is coasting gets little or no new stock. The late career people who have probably been static for a while are then encouraged to begin divesting so that there is a flow of stock off of them and able to be put to the others. Again, we don't want to create any, new. We're getting rid of the 1,800-pound gorilla. And so that's why at some point we have people become static and say, hey, look, just work for making this more valuable for yourself and everybody else. And then at some point, out of the concern for keeping the ownership transitioning, how about you become a divestor? In this final point here is how do the acquirers, pay for stock? As I said earlier, the employees don't have stockpiles of investable cash. They can come up. Maybe they do. Maybe they have a rich family or some other means to sell something off and they can come up with the cash to pay. The company could do annual bonuses of cash. But I've already told you why, we're averse to doing that because we have to pay out more. Just seems silly to send somebody $15,000 knowing that they need to pay us $10,000 back. So we, we do bonus the stock. It may be a little hard for everybody to get their, head around, but it sure works really well for us. So that is, that is the conclusion of my description of how we do this and why. And I wonder if I have caused any questions. Yes. Randy Wilburn: How do you decide how much cash to keep in your company for the buyback? John R. McAdams: Okay, there are so many things to talk about. First of all, we are a C corporation, not a subchapter S. We elected to go with C because the federal tax rates as of about 2018 dropped down to 21% for corporations. So our tax expense on our earnings is 21%. If we were an S corp then the S corp has to pay out dividends and those dividends are not a taxed event. But the holders of shares of the S corp of course
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