When you get into the business of acquiring, and then you start acquiring multiple stores, you find yourself in a situation where you have an opportunity to look at everybody's books. You'll find very quickly most of them are working on a 30 percent margin or less. It's an industry where you've got the manufacturers to drive sales. So I don't have to advertise Callaway products. It's a push market.
Customers push into the door looking for it.
And with that brand comes brand equity. That's what the Titleists and the Callaways have. They make strong margins on their golf clubs. Douglas R. Duncan Jr. Founder and chief executive Doug Duncan is the majority shareholder.