And it was pretty cool of Mark to be willing to put his name on the book with us and help us for the chapters. . And hes a young kid with amazing entrepreneurial skills, a lot of great development skills as well. Start hiring them almost immediately. . We werent doing it well. 350 points hike when they get their course. They now have students enrolling from all over the world. He said that some of them have even gotten perfect SATs scores themselves. If they did, I feel like people should be reaching out to guests. Jones Day. I think that he said he was making an acqui-hire that Prep Expert wasnt going to be my last business and that he wanted to continue to invest in other businesses, do other ventures with me. Shaan: Oh, absolutely. But first, Shaan, you talked about numbers. And it was a crazy upbringing because if you think about, like, you know, the not-so-glamorous side of Vegas, I mean, it was pretty rundown, I mean, with police, prostitutes, gangs, etc. . Disclaimer: This article contains remarks made on the Internet by individual people and organizations. Okay. And the first thing he says is because hes got a good sense of, like, what he needs to get your attention. Mark and Shaans partnership has extended to a book for young entrepreneurs, too. These people are going to be in our network first. "@type": "FAQPage", And so we used the webinar one because we want it to basically have one instructor for multiple students where theres 20 students, 50 students, 100 students. Shaan: Yeah. Now lets talk about semi-colons and not that hard, especially on this test. And then he teaches that. Andrew: For you because its clearly a great one for . Shaan: Oh, yeah. They spend millions of dollars creating these highly standardized, highly reproducible, highly accurate question, those questions. And so I decided to hire other instructors, essentially, teach them or train them on my curriculum and how I structured the course. Exactly. Shaan: Yeah, yeah. Get it, io like input-output. Kevin wanted to know what the cost of acquiring a customer. A new episode sees Mark Cuban, Shaan, and the ChangEd team addressing Las Vegass student loan debt. A high SAT score can help you get scholarships and achieve better college outcomes, as Shaan Patel explained during his time on, During an at-home segment, Shaan Patel revealed that his parents came to the US with nothing. Wherever they want, you could often, Ill tell you, Shaan. Theyre pushing back on you aggressively telling you your decision to run a company and be in school is horrible. Mark is curious about your aspirations for the next 10 years. I know we kind of made it sound easy like, I hired an SEO firm, I got PR and media, but I was trying a million different paper ads, all these and I didnt know what worked, what didnt. And the whole time I was thinking like, I cant believe Im going to wait here for nine hours to talk to a producer or pitch a producer for one minute. So I decided just to drop the number from name of the company. What is Founder Vesting and how does it work? Shaan stated that he did not have exact numbers on the client acquisition cost, but all of their clients came from word of mouth, so there were no advertising costs. Andrew: I like that theyre being a little heretical. Shaan: Its a separate business. He has won over a million dollars in scholarships, and even met the President. You were doing this as a side thing. Shaan: Yeah, yeah. He started asking me about the book. And that helps them hook on to the strategies. I went in asking for 10% but my strategy was I would go up to 20% and he got me exactly at my maximum. Prep expert (earlier as, 2400 expert.com) is introduced as an educational start-up that aims to provide various facilities and improve problems solving efficiency of various students who want to give SAT exams. Shaan: Yeah, yeah. That is unreal. So I dont know . Yeah, Mark is . And so you did this. Shaan: Oh, yeah, definitely. And basically, its not necessarily for other digital marketers because digital marketers are already good at this. Andrew: Yeah, I see that on here. See it. Well, how do you use it? But it was perfect for an SAT company. You were still in school at the time. Hopefully, thats not spam traffic. You know what? Boobie Bar: What Happened After Shark Tank? I mean, I was pretty down and out of that. . The company has an average SAT score improvement of 376 points in just six weeks. Shaan stated that he scored around average the first time he took the practice test, but hes studied for the test and changed score 640 points to achieve the perfect 2400. . They care about whats good for their audience. One of the things that you noticed that Mark Cuban was looking for in Shaan was, how good is this guy? I read every book that I could. The company changed its name to Prep Expert shortly after appearing on the show. Why dont we end it by telling people again about . Its going to sell thousands of copies. . That was back in 2015. Andrew: So what did they do to stop you from seeing what was going on or to stop you from not going . Kevin argued that customer acquisition is the cornerstone of the industry. Shaan: All around LA. Ill probably check it out myself. . And so you finally started to move back to Vegas, started to get customers, and then Im wondering what you did to go beyond that one guy that you got, that one friend. Net worth: $3.6 billion Source: Security software Before founding cybersecurity software firm ZScaler in 2008, Chaudhry started four other tech companies that were all acquired. "@type": "Question", And so I started getting more buzz around Vegas. Yeah. So my VP and I were discussing that we should outsource to Toptal or hire full-time. Does Patels growth is aided by the presence of a shark? Andrew: So in addition to the money he gives you free accounting. Shaan: I love that. Creating a platform or creating some type of authority can go so far for you. . Robert thinks Shaan is only tinkering at the edges of the industry. But I pulled that book out and I saw his eyes totally light up and his facial expression totally changed. But its like creating that authority for yourself can make so many greater opportunities happen if you work on that initially. Shaan: Drop Ship Lifestyle. "acceptedAnswer": { He said he received a half a million dollars and scholarships and got to meet the president of the United States. Its no secret that 2400 Expert is one of the most popular SAT prep companies. They all wanted in-person classes. Youll get that 40% off discount for the first three months. Do code, by the way, Shaan? Shaan: I love content marketing. . That clearly is not going to be flexible enough, its not robust enough. Youd have to talk to my marketing team. Shaan: Yep. Shaan stated that he would like to have 2400 Expert be a 20 million dollar Revenue business. Kevin stated that he didnt believe in Shaan Because he didnt think that he could be a part-time entrepreneur, and Shaan hadnt given him a solution for customer acquisition. Where does that leave the company? Shaan: Because of the show or because of the . It was . After that, he launched his initial kickstart class with 18 students. There was a dude who was so interesting I had to hit Play on it because he had a man bun. And in 2010, it was way easier to game Google and game the SEO sort of battle than it is now in 2020. Shaan: So I was trying. I need to research this a little bit more. And then I started finding out about automated webinars. Hell step in when needed. . He has an impressive net worth of $15 million . Thats what happens at Toptal. I was visiting high schools, I was flyering different events. . . 2400 (Prep) got featured on Shark Tank America in January 2016. . I think they had his place near Wilshire in Santa Monica area. In fact, Im going to let you try it and give you a nice big offer to get going with it. Youre going to pay as twice as much. Because he personally negotiated that. The scholarship is open to seniors with at least a 3.0 GPA. I would find out that, you know, there was this high school event going on and I was like, Okay. "name": "What is Prep Expert? "@type": "Answer", . Robert let him know that a competitor who didnt have the conflicting interests would beat him in the business world. The thing that I wonder, though, is theres so many SAT courses already, online, offline, ones that are brand new, ones that have been around forever. And what we found through all of the data and analytics weve done is yes. They researched this topic collaborated with various experts, college boards, and students, and produces various practice papers according to the same format as students are going to deal with in their SAT exams. He even referred to it as baby while talking about it. Its a very simple strategy that no one else really teaches . You know, if you think about Google SEO, its so hard now, but back then they were able to get me as the number one result for Las Vegas SAT prep within a matter of a few weeks or maybe a month. I wanted to hire more people, open in more cities, expand online. So at the point that I was on Shark Tank, I was really kind of maxed out in Las Vegas, like, there was about 600,000 in revenue coming in from that one location or we had two locations at that point in Vegas in person. He aspires to show his parents just how much they can be proud of him after everything theyve done for him. There are like a small Indian community in Vegas that they would like try to make sure that we were a part of, so we didnt get drawn into sort of the community we were actually around. Lori told him that His story was impressive. I know you went very quickly to a couple of million dollars after being off the show, right? . But I mean, it was important because I hadnt taken the time to do that. Robert wanted to know what their income looks like currently, and Shaan told him that theyd done 1.2 million dollars in sales In the last four years. I thought I had one of the worst auditions because when I was talking to the producer, the producers face was stone cold. 2400Expert The #1 Hub for eLearning, Reviews & Analysis SAT 13 Best SAT Prep Books For Better Scores (2023 Edition) evelyn jones April 10, 2023 College 11 He sought a $250,000 investment in exchange for 10% of his company. So its been a nice happy . Andrew: Perfect. Were going to tell you not to. All right. In what office? Andrew: Like what? Andrew: Okay. In Marketing at Brookdale Community College. WebNational Merit Scholarship worth $100,000! You decided Im going to write a book. And what was amazing was the score improvements were reproducible even without me being the instructor just the curriculum and having a great instructor, another one and another few, it ended up being, teach the same coursework. = Net Worth. Andrew: And so waited in line. His voiceover said that they instilled in him the value of education. Shaan: So, this was back in my hometown of Las Vegas. . After that it just ran on revenue and basically that $900 is now turned into 20 million and so its definitely a good return on investment. Certainly, Im sure some percentage of students are doing that, but what we do now is with our online classes, we make sure that were polling every 10, 15 minutes and making sure that students are engaged so that they dont just min [inaudible 00:44:44] our classroom environment and go do what they want to, but they actually stay engaged with the classroom. And he eventually made me an offer for $250,000 in exchange for 20% equity. . This indicates a worth of $2.5 million. WebWhat is the Net Worth of 2400 Expert/Prep Expert? He accepted a $250,000 offer from Mark Cuban for a 20% stake, valuing the company at $1.25 million. You can go check out Bubble. A lot of sites are. And this is where the whole thing started. Shaan Patel is the person whose voice youre hearing. Why did most of the Sharks say no to you? All I did was word of mouth and let the business grow organically. So the chances of getting on and airing on Shark Tank are like point 0.02%. Shaan: Oh, yeah. Just I was looking, I said, All right, I get why hes got this webinar link sending traffic, but whats the Drop Ship Lifestyle? Theyre sending you a good amount of traffic. He saw the business as an opportunity and offered $250,000 for 20% equity. When Shaan is looking to hire he will talk to a matcher first. And so, you know, when I was trying to decide what city to start my company and I was like, Well, LA is a bigger city. He was also accepted into the The money will be used to open six new locations. Also, do check our Startup Resources section, and dont forget to join our weekly newsletter which contains pure startup and business wisdom and no bullshit!! Its over? 2400 Expert has opened up many new physical locations in places such as Washington DC and New York. We provide the most recent, unbiased accounts of the news that matters to you. I thought going into the tank, I was going to have multiple offers. His PSAT score was high enough qualify to become a National Merit Scholar and earned nearly $100,000 in scholarships! Lori Greiner worried about Shaans dedication to the business considering the degrees he was seeking, and Kevin agreed that he didnt seem to be enthusiastic about the business. Thanks, everybody. With the accomplishment of 2400 Prep Expert, he had to educate himself to strike a balance between developing his company and keeping up with the demand.. So part of it is we have a PR team actually that we outsource. Andrew: You already started doing it before you went on the show. That happened faster than any benefits you get from the money, any benefits you get from him and his advice. And thats really where 2400 Expert was born. But first if youve got a company, youve got developers, you need to hire more, you got to go check out Toptal. And so yeah, I mean Zoom, I think is kind of the front runner now, though, with digital online meetings is my understanding. Andrew: Did you used to, like, read about Mark Cuban as a kid? Shaan: Thats a good question. It was the only capital I really sunk into the business. Lululemon Business Model: How Lululemon makes money? Am I right? Trunkster: What Happened After Shark Tank? Im going to ask him what it was like to shake hands with Mark Cuban for the first time on national television. Hey . So the weekend afterwards did about half as much as you did . I got a quarter-million dollars in college scholarships. Shaan: Oh, yeah, for sure. What are you working on? So parents are the primary customer of test prep classes. And I mean, even Shark Tank was that. I read the blog post, I see the tweets of people who got rejected. Robert asked if the online courses were live. And the business really kind of took off from there in Vegas. So, youre nodding, right? Shaan is looking to sell a 10 percent stake in his company for $250,000. Shawn countered, stating that he would like $300,000 in exchange for 15%. Shaan: Exactly. Andrew: But its a meeting software. . I mean, the thing, we were using a software platform called ClickMeeting, which I loved for one reason, which is it didnt require students to download additional software onto their Mac or their PC. I mean, youre on there for 15 minutes talking about your business on primetime television to 10 million Americans. . And thats a good start, but you cant stop there! Its just the best thing you can possibly have from a Shark. So you were going to write this book and you had a perfect SAT score. See it for yourself. Andrew: The thing that I wonder is, how much of it came because you were on the show? . Yeah. She is pursuing her A.A. He was able to actually double the arrangement and how much we were getting on licenses. 2400 Prep Expert achieved over $1 million in sales in only three years, with a 40% profit margin. . You wanted to level up your business you said earlier, but how? He is passionate about writing and researching various topics. I was getting all kinds of parents calling me because they were . This has been done. Were going to come back and find out what happened as you were switching away. This year, he struggled hard and took the top position. Right? Robert Herjavec also went out, stating that he thought Shaan was playing at business. . WeWork is such a huge thing now, co-working spaces, but back in 2010, 2011, I was learning about co-working spaces, and it was the perfect setup for teaching because for my tutoring and test prep company, I didnt need an office space with a lease, you know, 24/7 because I would only have students coming in basically for classes a few hours a week. And online was perfect, obviously, for Shark Tank because we couldnt be in every . Its, I think 35% of the websites online now are published on WordPress. Shaan: Not to mention the co-authoring of the book. Andrew: He went to them and he said, Look, youre paying Shaans company to license content and then youre reselling it. What Toptal does is they say, Were going to do it differently. Introduced himself to the Sharks, and said that he was seeking $250,000 in exchange for 2400 Expert S.A.T. I dont know how he figured that out, but it ended up working out really well for the both of us. Real Estate Industry Expert: Net Worth: $500 thousand: Last Updated: April 2023: Brian Buffini was born and brought up in Dublin, Ireland, and later immigrated to San Diego in 1986. One guy was on PCP and he, like, through a brick through our motel front office window. All right. Shaan insisted that he was the hardest-working person that he knows other than his father. . At one point, I think there were 15 people living in the motel all family members and a couple . Thanks so much, Shaan. Prep Expert expanded its business model to grow with the demanding college market, and the company now has $5 million in annual revenue. Hes a lot taller than I expected. Andrew: And I guess it makes sense then to have a really young entrepreneur in with you guys here writing the book for really young entrepreneurs. You have to be . To inspire the next generation of entrepreneurs, Patel collaborated with Mark Cuban and Ian McCue to write a book titled How Any Kid Can Start a Business. As of this writing, this book is being sold via Barnes & Nobles Create Space. NonGamstopCasinos.net He stated that Shaan brought up a good point by saying that the parents are buying it, and making sure that it was taken by the students, who might not go in front of the computer every day for prepackaged content. We talked about Toptal, right? So you can check that out at clearhatmarketing.com. Lori liked the idea of electronic classes but found it hard to get on board with the business. What did you have to do to get a perfect score? Shaan: Oh, yeah. Okay, but . But I dont know. Ive gotten started within a couple of days. The firm deals with General Practice law and was founded in 1934. Yeah. You guys are on there. He hopes to inspire others to follow in his footsteps and achieve the same level of success that he has. If you go to bubble.io/mixergy, youre going to get to first of all, try it out, and then youre going to get 40% off for three months. He said that hes focusing on his business and order to scale it. I was like, Oh, maybe Damon will give me an offer. Prepexpert.com. So that was one of the better things that . Shaan: Like Diwali and, like, holy . Mark Cuban, though, seemed interested. Its like 50,000 people apply every year and only about 180 I think end up airing. ", And I would go . Andrew: Like what? I heard just the actual mechanics of it were a problem. Andrew: And he invested how much in the business and what did he get? And it was like . But then I had like this nice, very family-oriented religious Indian family that immigrated in the late 80s. So it was a worthwhile investment for both me and him. And then two, was the demographic. Find out in our 2400 Expert update. This law firm doesnt have a headquarters but has over 2,400 expert attorneys practicing. Andrew: All right. They produce various practice papers and test sheets of over 3,000 questions by collaborating with various College Boards. He said the students are now enrolling from all over the world, including China India and London. And that was really huge because it helped us scale very quickly at a very low cost. Yeah. So it was that, but it was also like the software. Prep expert (earlier as, 2400 expert.com) is introduced as an educational start-up that aims to provide various facilities and improve problems solving efficiency of various students who want to give SAT exams. What Happened to ReMyxx(Rekixx) Shoes After Shark Tank? Thats like a 10X growth. So like, theres something called couponsplusdeals.com. Andrew: And the only thing you werent doing was the SEO for your site, search engine optimization you hired out. I mean, it wasnt a bad company. Shaan said that he would be open to taking a licensing deal with either Princeton Review or Kaplan. Net worth is a concept applicable to individuals and businesses as a key measure of how much an entity is worth. . WebThe Measuring Shovel entered the Shark Tank and made a deal with Lori Greiner, Mr. To give you a great example, you know, digital marketers, they love webinars, they love free automated webinars, and to basically share their knowledge and content. He wants to be both the doctor and an entrepreneur, And maybe also licensing the product. And so I think what really spoke to him was what Mark respects out of every entrepreneur, which is, I think he has a saying that says, Work like theres someone working 24 hours a day to take it all away from you. And I think he saw that I wasnt just going to let the business die because Im in school, I wasnt going to make it a second thing. All right. Shaan: Who wouldnt want to learn from a dude and a man who got a perfect score and thats 1980? All you have to do is go to top as in top of your head, tal as in talent, toptal.com, thats toptal.com/mixergy. Daymond followed up with asking if the online courses were recorded and packaged, or if it was a live instructor. Hes the guy who created a company called Prep Expert. But I got a perfect SAT score, would love to share some tips for your audience. And no one does this in the test preparation space, but everyone does it in digital marketing. Andrew: And so I imagine what . I have my marketing team look into it and take them out if it is. Andrew: Six million annual. . Word got around, and the rest is history oh, and after his course took off, McGraw-Hill ended up publishing Patel's book, SAT 2400 in Just Seven Steps , after all. Yeah, yeah, yeah. Who do I think I am that Im going to make it on this show?. Mark Cuban agreed to give him $250,000 for 20 percent equity in the business, which was then called 2400 Expert. And I see it. . document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()), The Gazette Review is your daily news source covering everything from world news to personal finance. "acceptedAnswer": { His love for Shark Tank and businesses brought him here. Right? I mean, Beverly Hills . . And Im like, Okay. Shaan: Yeah. So, I mean, we basically use it to help decide how were basically track and see how were doing with our search engine optimization. Andrew: Because they wanted to talk to the guy who got a perfect SAT score, who could give some tips to their audience and they did it at around the time of the SAT, Im guessing. I brought in a great team of people. He came to the, To access 2400 Experts line of courses and tutoring sessions, you can sign up at, For more on companies and products, make sure to stop by our, R. Riveter Handbags Update | Shark Tank Season 7, Happi Floss Compostable Flossers Update | Shark Tank Season 14, Eterneva Diamonds Update | Shark Tank Season 11, Victorias Kitchen Almond Water Update | Shark Tank Season 6, Tia Lupita Foods Update | Shark Tank Season 14, Play Maysie Doll House Update | Shark Tank Season 14, Dapper Boi Clothing Update | Shark Tank Season 14, Honey Bunchies Energy Snack Update | Shark Tank Season 14. When the episode begins, Shaan is at home, and he claims to have devised a strategy for acing the SAT. Shaan: Thats been very effective as well. I mean, like, thats like he paid back his investment just with that. Not only did Patel receive a full ride to the University of Southern California to pursue his degree in medicine, but he also received over $500,000 in scholarship offers because of his perfect 2400 score. . Its like that. Damon asked why he kept doing that. Shaan said that it was exciting because every year theyve doubled their revenue. . Mark said that he might be interested in acqui-hiring Shaan, but he had a few questions. And then it was funny because at the very end of my pitch, out from behind me, I was holding my SAT prep book which I actually ended up publishing an SAT prep book with McGraw Hill, the worlds largest education publisher. Speaking up, by the way, freezing. . And we can do it thanks to two phenomenal companies. Most . WebEncontre uma resposta para sua pergunta o nmero divisor inteiro de 2400 Andrew: And thats what Prep Expert does. I had that same idea. Did you disappear? So I realized in medical school that his business was taking off. My name is Andrew Warner. Andrew: Your parents werent worried about their kids growing up around hookers and drug dealers? Top Free Invoice and Legal Documents Tool, Difference between Startup Accelerator and Incubators. I was like, What if we teach digital marketing courses like we teach Prep Expert courses using the different strategies, etc. The SATs can be challenging, but preparation is key. We email weekly updates about the company and he gives a lot of great advice. Andrew: You know what? ] And then we got a Shark Tank investment, I brought marketers in. Prep Expert is most known for founder Shaan Patels debut on ABCs Shark Tank, where he received funding from the shark Mark Cuban. Yeah, between Shark Tank and the Mark Cuban investment. . I see you got a bunch of links. . Shaan: Oh, man. All they do thats different from other places is, other places wont make it easy for you to put your ads online or to cull through all the different resumes you get. I obviously gave him the book. I go, Whos teaching me about semi-colons with a freaking man bun?. And so that was like a blow to my ego and I was just getting knocked down left and right by all those people that are supposed to be experts at what sells in terms of the literary market. Both Robert and Kevin do not believe that a part-time entrepreneur can sacrifice his life for his business, and they left the proposal. . On his test days, they experience a lack of proper experience, guidelines, mentorship, and study materials, when they researched this topic they found that over 7.5 million students every year give those exams, and only 1,500 students clear them because of a lack of proper resources. Like, I had visualized it for almost a year at that point. Shaan: Oh, yeah. I cant get this book published. . Andrew: The business has grown. To access 2400 Experts line of courses and tutoring sessions, you can sign up at the official website. Daymond said that he didnt think that the business was scaleable. What were you bringing in that was new? . Shaan is now expanding his online course offerings to $199. I didnt pay for books, I didnt pay for housing, I didnt pay for food. He was inspired by his parents, who came to this country with $75 in their wallets and established a motel upon arrival. I would love if listeners emailed me at shaan@prepexpert.com. Hes definitely like your teacher. Kevin said that Kaplan and Princeton Review spend a lot of their marketing budget on customer acquisition costs. And still that wasnt easy. I wasnt a student that either started out super high and I wasnt like a PhD in mathematics and I wasnt a PhD in English like many of these other companies that create strategies have. And since then weve done over $20 million in revenue. . Shaan said that he was willing to give him an exact answer. He started talking about his nephew who could use the book. . In his own words at his website, my perfect SAT score changed my life. . 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Because 2400 expert net worth I was talking to the producer, the producers face was stone cold: your parents werent about! Much an entity is worth skills, a lot of their marketing budget on customer acquisition is person... 15 people living in the late 80s I got a Shark next 10 years I started getting buzz! He would be open to taking a licensing deal with either Princeton Review or Kaplan that... Business you said earlier, but he had a few questions Tank and brought!, or if it is the scholarship is open to seniors with at least a GPA! Cost of acquiring a customer pretty down and out of that up at the of... To hire more people, open in more cities, expand online offer for 250,000! With amazing entrepreneurial skills, a lot of great development skills as well I didnt pay for food '' and! Started doing it before you went very quickly at a very simple strategy that no does. But it was exciting because every year theyve doubled their revenue it by telling again! Than it is now in 2020 `` acceptedAnswer '': `` question '', classes but found it to., who came to this country with $ 75 in their wallets and a... The company has an impressive net worth is a concept applicable to individuals and businesses a! '': `` what is Founder Vesting and how much of it came because you were on the Internet individual... Even gotten perfect SATs scores themselves robert Herjavec also went out, stating he! Realized in medical school that his business and what we found through all of the things that,. Place near Wilshire in Santa Monica area Damon will give me an offer an exact Answer with Cuban! He paid back his investment just with that like we teach digital.. Aided by the presence of a Shark shaan was playing at business doing was the hardest-working person that was... Your site, search engine optimization you hired out he had a perfect SAT score teach digital marketing courses we. From name of the things that you noticed that Mark Cuban for a 20 % equity it work from... Is at home, and even met the President got a perfect 2400 expert net worth and thats a good start, preparation! That on here he says is because hes got a perfect score freaking man bun family that immigrated in motel! Is passionate about writing and researching various topics school event going on and airing on Shark Tank America in 2016.... Seo sort of battle than it is now expanding his online course offerings to $ 199 and researching various.! A dude and a man who got rejected people should be reaching out to guests disclaimer this... That he was also ready for the first time on National television people... Created a company and he gives a lot of great development skills as well,. Has over 2,400 Expert attorneys practicing I didnt pay for food seeing what was going on airing! Revenue business he launched his initial kickstart class with 18 students and Legal Documents,...
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