A Full Home of Lifefashion Providers

In Japan immediately, new condominium costs are rising. At the identical time, we’re seeing main demographic shifts which are having very actual, sensible impacts. With growing older and inhabitants modifications, extra individuals are shifting from regional areas towards Tokyo, and with the rise in single particular person households, way of life wants and housing preferences are altering as nicely. As a consequence, the way in which the actual property market is evaluated and understood is shifting throughout the board. In that context, can conventional actual property ideas and traditional market assumptions nonetheless be used to know the Tokyo metropolitan market? And what sorts of suggestions are you able to realistically make in response to those modifications?

If we begin with the broader, macro view of Japan’s actual property market, I agree that we’re in the course of a significant reconfiguration. Multiple structural components are overlapping on the identical time, and that complexity is altering how the trade works. In central Tokyo, together with the city core and surrounding prime areas, we’re seeing diminished provide, and because of this rents and different pricing indicators are climbing sharply. At the identical time, Japan’s demographic dynamics are evolving: we’re seeing fast growing older, a rise in single particular person households, and continued focus of inhabitants into city facilities. Taken collectively, the influence on the actual property trade is changing into extra advanced yr by yr.

However, with regards to our firm particularly, you will need to make clear one thing upfront. Tokyo is just not our market. Our market is Yokohama and, extra broadly, Kanagawa Prefecture. From that standpoint, Tokyo is a particular case. So whether or not costs in Tokyo rise or fall doesn’t straight have an effect on us in any significant approach. Even if Tokyo strikes considerably, it’s primarily a special world from our perspective, and there’s no main ripple impact throughout prefectural traces in the way in which folks generally assume.

That stated, the Yokohama space does perform as a mattress city for individuals who commute into Tokyo. There are neighborhoods right here the place folks can attain central Tokyo inside about an hour, so in that sense the area is related. But this isn’t an space dominated by giant scale condominium developments or dense clusters of economic workplace buildings. Fundamentally, it’s a conventional residential market. So sure, we do see that costs have risen barely, and in some instances there’s a sort of comply with the chief impact, the place costs transfer up just because Tokyo is rising, even when the underlying native fundamentals are totally different.

But if you look beneath the floor, Kanagawa additionally has a really totally different structural actuality. Even inside Yokohama, in lots of neighborhoods the growing older ratio is extraordinarily excessive. That leads on to a rise in vacant properties, as a result of you find yourself with cities the place the aged inhabitants is rising and households are shrinking. Tokyo attracts folks from throughout Japan and past, and costs are largely pushed by demand provide steadiness. In distinction, in our area most individuals are long run residents. They stay right here for many years, typically throughout generations. That means native costs don’t rise dramatically just because demand surges. And in Japan, because the bubble period ended, the long run pattern outdoors a couple of distinctive cities has been that asset values progressively decline quite than rise. So even when Tokyo’s development creates some upward strain, in sensible phrases it tends to cancel out, and the general impact is that costs right here stay comparatively secure. If I’m being candid, I don’t anticipate Kanagawa to expertise dramatic worth inflation the way in which Tokyo does.

You can even see the distinction socially. In Tokyo, folks come and go. It is a metropolis of fixed motion, many several types of folks, and a enterprise pushed way of life. In our space, folks keep. You get continuity. I’ve skilled this personally. In the previous, I lived in a special neighborhood, and I didn’t even know the place the folks round me have been, who my neighbors have been, or what sort of group existed. Over time, the realm modified, and relationships didn’t essentially kind.

More just lately, I bought a house in Oppama, and what I see there’s very totally different. I see the identical faces on daily basis. You naturally construct familiarity. You begin to really feel that ten or twenty years from now, these will nonetheless be the folks dwelling subsequent door. You come to acknowledge neighbors, construct belief, and share a way of native id. That continuity is likely one of the defining traits of our market, and it shapes what actual property means right here.

Tokyo will all the time be, at its core, a spot the place folks collect to do enterprise. It is logical that housing near that heart turns into costly. Outside of Tokyo, the problem is just not how one can maximize worth development. It is how one can stop worth from eroding over time. Osaka and Nagoya could also be exceptions in their very own approach, however past these main hubs, most areas in Japan face the identical underlying query: how do you keep away from changing into a city the place even if you wish to promote, you can not, as a result of there are fewer patrons, fewer jobs, and fewer causes for folks to maneuver in.

From our perspective, that’s precisely why market share issues. This is our enterprise actuality. If we don’t work aggressively to extend our share on this space and construct actual pricing energy, then as society’s general asset values decline, our market will decline with it. That is why we’re focusing so intensively on opening a number of areas in shut proximity, elevating our native share shortly, and strengthening our skill to keep up costs, and the place doable, even increase them. But past worth, the deeper level is worth. We need to improve worth, not merely defend a quantity.

Renovation Before & After

These structural modifications and traits are more and more advanced. In your view, what influence are they having on actual property firms, and the way are actual property firms responding?

The key’s that the standard transaction pushed method is now not enough in most locations. In a market the place values don’t robotically rise, the position of an actual property firm shifts from merely facilitating a deal to serving to clients make assured long-term choices. That contains explaining why to purchase quite than hire, what to purchase, the place to purchase, and how one can stay in a approach that preserves and enhances worth over time. On the corporate facet, that requires constructing stronger native positioning, growing share, enhancing service depth, and creating the potential to help clients all through the possession interval, not solely for the time being of buy or sale.

What you stated about not solely sustaining worth, but additionally growing worth, actually displays your organization’s mind-set. Over your fifty yr historical past, you could have diversified far past actual property into hospitality, eating places, abroad examine packages, and language training. Looking again throughout these 5 many years, what has been the one greatest turning level for the corporate? And in comparison with your opponents, the place do you consider your most significant differentiation lies?

This could sound just a little roundabout, however I need to reply from the inspiration, as a result of that basis determines every thing else. At essentially the most fundamental degree, what we should do as a bunch is survive. That is the non-negotiable premise. Companies are primarily constructed to fail. Very few companies final greater than thirty years. In my case, I inherited the corporate from my father, and I’ve a duty to move it on to my son. That means we should turn out to be an organization that lasts 100 years, 2 hundred years, even 300 years. That is the mission I carry.

But survival is just not computerized. If we have been the one firm in our class, if we have been really one in all a form with no rivals, then we might not fail. The drawback is that we now have opponents, and in a aggressive market it’s essential to differentiate and it’s essential to win. Otherwise, you don’t survive.

Now, actual property brokerage in itself is a enterprise that just about anybody can enter. If you get hold of the license, you possibly can take part. The merchandise usually are not proprietary. The identical property will be dealt with by many alternative companies. So clients have each proper to ask, why ought to we purchase by way of your organization? What is the explanation to decide on you? That is the place differentiation turns into existential.

In the previous, actual property firms merely bought properties. Renovation, restore, and what occurred after the sale have been handled as another person’s drawback. The trade was structured round transactions, not long-term relationships. And in the course of the bubble period, that mannequin labored, as a result of merely holding property meant the worth would rise. In that period, you would promote actual property nearly robotically.

But after the bubble collapsed, the truth reversed. When you maintain property, the worth typically declines. In that surroundings, you can not simply promote a house. You should clarify why somebody should purchase, what they need to purchase, the place they need to purchase, and the way they need to stay in that dwelling. Without that sort of proposal, many purchasers can not make a assured resolution. If you can not articulate how one can stay nicely, how one can preserve the asset, and how one can handle it over time, then clients wouldn’t have a compelling motive to buy as a substitute of renting.

And merely saying, this property is cheap, or it has good daylight, doesn’t differentiate you. Anyone can say that. So, we selected to position a special layer on high of actual property. We added the idea of way of life, the idea of how folks will really stay, and what sort of happiness and stability the house can help.

Once you decide to that, you naturally must construct capabilities round it. You want renovation, design, building, upkeep, and a broader set of companies. That is how we developed. We moved from pure brokerage into an built-in mannequin that features structure and associated companies. That shift, from a transaction mindset to a life-style and worth creation mindset, was the actual turning level, the axis of transformation for us.

Condominium in Hawaii

Traditionally, many actual property firms would promote what they purchased with out occupied with renovation, and within the bubble economic system it was simple to promote. But after the bubble, values started to say no and firms had to supply causes and steering. In that context, how do you concentrate on the lengthy interval after a buyer buys a house, when a brokerage agency may in any other case haven’t any relationship with the shopper for years?

That level is extraordinarily necessary. If somebody buys a house immediately, they won’t purchase once more for fifteen years. If our enterprise have been purely brokerage, then we might don’t have anything significant to do for that buyer throughout these fifteen years. We wouldn’t have the ability to create ongoing worth for them, and we’d not obtain any income from that relationship. It can be one transaction, after which silence, and we’d lose contact.

But we don’t need to lose that relationship. We need to keep near the shopper in order that when the time involves promote, to maneuver, or to improve, we’re the primary firm they name. The approach to try this is to help their life within the dwelling over these years. When there’s a drawback, we repair it. When there’s a want, we reply. Through renovation and ongoing companies, we will obtain work constantly over that fifteen-year interval. That issues not just for income stability, but additionally as a result of it creates belief.

That is why we pursue a repeat and referral technique. We help clients constantly, and when the time comes, they arrive again to us. We usually are not merely ready fifteen years and hoping they keep in mind our title.

At a deeper degree, we view a house as a platform. Buying a house is just not the top of the connection. The actual query is, what sort of comfortable life are you able to construct in that dwelling? Our position is to suggest that, to assist form it, and to enhance it over time.

This can also be why we emphasize renovation. In Japan, many individuals don’t clearly distinguish between reform and renovation. But in our considering, reform means restoring one thing to its authentic situation, returning it to what it was. Renovation means growing its worth. And right here, worth doesn’t imply solely the market’s worth in a generic sense. It means the worth for the one who lives there. It means making a one-of-a-kind, deeply private dwelling that turns into the perfect surroundings for that particular person’s happiness.

Because once more, the home itself is simply a platform. If you need to be comfortable, you journey. You take pleasure in nice meals. You get a haircut. You go to a salon. You spend money on wellness. Life is made of those experiences. Our idea as a bunch is to suggest and help that total life, not only a property. We goal for a lifelong relationship with each buyer.

To make that actual, we do issues that almost all actual property firms merely don’t do. Today, we now have about 32,000 previous clients throughout our actual property transactions, whether or not they purchased, bought, or rented by way of us. Every yr, on every buyer’s marriage ceremony anniversary, our gross sales employees ship flowers. Every yr. The objective is straightforward. We meet them yearly, in particular person, and preserve the connection over the long run.

Cebu Island First English Global College Summer Camp

Do you really meet them bodily, in particular person, yearly?

Yes. We do it nose to nose. I don’t suppose there’s one other actual property firm doing this. It is just not one thing you possibly can execute until you really consider that your online business is relationships, not transactions.

Some Chinese shoppers stay in Yokohama’s Chinatown, however buying residential property rights in Japan will be troublesome for some overseas patrons. In this area, the market is primarily for individuals who really stay right here, so the proportion of overseas residents is comparatively small. With that context, I discovered your method to constructing worth by way of ongoing relationships extraordinarily attention-grabbing. I want to ask about Japan’s inhabitants decline. This is an enormous and troublesome query, however your mannequin seems to be designed to revitalize native communities. Do you consider your mannequin will be utilized to different areas experiencing inhabitants decline, and does it have replicability as a technique for revitalizing shrinking cities?

I feel it’s honest to say that our mannequin does have replicability, however I’d add a stronger level. In some ways, you would say it’s exactly as a result of we’re who we’re that it turns into replicable in observe.

The motive comes all the way down to a structural distinction between us and plenty of typical actual property companies, particularly giant companies focusing on shopping for and promoting transactions. The wage system is totally different.

In a lot of the trade, compensation is closely incentive based mostly. Commission and efficiency pay are a big portion of earnings. When that’s the mannequin, what occurs may be very easy. Once an agent sells a property, they can not afford to maintain specializing in that shopper, as a result of that shopper is not going to purchase once more for maybe fifteen years. If the agent retains investing time in that relationship, their fast earnings doesn’t improve. They should transfer on to the subsequent buyer. They should hold discovering new transactions to lift their pay. So after the sale, the connection successfully ends, not as a result of the corporate lacks goodwill, however as a result of the compensation construction makes long run buyer care economically irrational.

Our firm is the other. We function on mounted salaries. That creates stability. It means our employees can give attention to what really issues: caring for patrons who’ve already trusted us. That is their job. When you construct your group that approach, one thing highly effective occurs. Referrals and repeat enterprise naturally emerge. Customers introduce family and friends. When there’s a drawback within the dwelling, they name us and ask for renovation or restore. Over an extended relationship, the shopper base grows organically contained in the group.

That is why I consider our method works. It is just not a mannequin based mostly on shopping for consideration by way of promoting and pushing merchandise. It is a mannequin based mostly on treating group as the inspiration of enterprise, and permitting the group itself to turn out to be the engine of development. In that sense, group members turn out to be influencers, not in a social media sense, however in the actual sense of trusted advice inside folks’s day by day lives.

As a consequence, despite the fact that we do round 4,000 actual property transactions per yr, about 60 p.c are both referrals or repeat enterprise. That is an exceptionally excessive determine on this trade. And that’s what makes the mannequin sturdy and replicable: it’s grounded in long run relationships, not one-time offers.

Anniversary Flowers

Do you personal actual property belongings abroad, maybe two or three properties? If so, who’re you focusing on with these belongings, and what sort of enterprise mannequin are you pursuing?

In Hawaii, we personal properties, and the primary and largest motive we bought was tax effectivity. In Hawaii, property values are likely to rise steadily, and buildings themselves retain worth. If the property is older, you possibly can take depreciation comparatively shortly, which helps compress taxable earnings on the group degree. That creates a significant tax profit.

Since we personal them, we additionally hire these condominiums and generate earnings. At the identical time, we use them strategically for our ecosystem. For instance, our clients can keep at a particular charge, and our staff can even keep as a part of our welfare advantages, generally at a particularly low price per night time. In that sense, it features not solely as an funding but additionally as a profit and relationship instrument.

Operationally, occupancy tends to be round 80 p.c even with out aggressive effort, and we regularly see company from Canada, for instance, utilizing the property.

So, you obtain many Canadian company?

Yes, we do.

How do these Canadian company, and abroad company extra broadly, make reservations? Are you listed on a reserving platform, or is it primarily by way of your buyer community? How do overseas company really e-book these Hawaii suites?

We checklist by way of reserving platforms, and a neighborhood administration firm in Hawaii handles your complete course of, together with recruiting company and managing operations. It is open globally. It is just not particularly a Canada targeted system, however Canadians could come extra ceaselessly just because when it’s chilly in Canada, Hawaii turns into a pure vacation spot.

So, the platform and the operations are run by a neighborhood administration firm in Hawaii?

Exactly. The native administration firm runs it.

You talked about combining companies in a complementary approach. Why do you use a marriage enterprise as nicely?

Because when folks get married, they both purchase a house or hire a house. Marriage naturally creates a housing resolution. So by being concerned at that life stage, we will talk with clients for the time being when housing turns into related. It is about connecting life occasions to housing choices and sustaining that relationship over time.

So, marriage is a set off level for housing choices, and also you construct communication from there?

Yes. Exactly.

Looking forward, do you propose to personal extra properties in Hawaii and increase this enterprise, or increase past Hawaii into different areas?

We don’t buy properties merely to revenue from shopping for and promoting. Our method is to purchase the place it’s vital and the place it serves clients or helps the group’s broader enterprise.

At the second, we even have partnerships with actual property firms in Hawaii, and thru the Mic Group we introduce and promote Hawaii condominiums to Japanese clients, primarily as a gross sales company, and we additionally present administration companies. So sure, we’re concerned in gross sales and operations.

But whether or not we improve the variety of properties in Hawaii is much less necessary than whether or not there’s a strategic want. For instance, in Cebu within the Philippines we function an English college known as First English Global College, and examine overseas is the core enterprise there. When folks examine overseas, they completely want housing. So for these shoppers, we personal a property in Cebu, and that’s one thing we may have to extend over time.

The logic is just not, this nation is worthwhile so we are going to purchase there. The logic is, do we’d like housing belongings there to help a enterprise and help our clients. So if somebody says Cambodia is worthwhile, that alone is just not a motive for us to purchase. If there isn’t a strategic necessity, then we don’t purchase just because it is perhaps worthwhile.

At your language college in Cebu, are the scholars primarily Japanese, or do you even have college students from different components of Southeast Asia and past?

About 80 p.c are Japanese, and roughly 20 p.c are worldwide. Recently, we now have had extra college students from Saudi Arabia, and in addition from Taiwan and Thailand.

Could you clarify how the varsity is operated inside your group, and what sort of companies college students obtain?

When college students come, many are guided by their mother and father’ considering. Parents typically need their kids to have the ability to work globally sooner or later, or to enter abroad universities. So some college students come from a comparatively younger age with that long run aim in thoughts.

At our faculty, we offer one on one instruction. That is a key characteristic. Whether the coed is a small youngster or perhaps a grandmother or grandfather, everybody learns by way of one on one classes.

For college students who’re critical about worldwide educational pathways, many come particularly to arrange for IELTS. In Japan, folks typically give attention to TOEIC or Eiken, however globally, IELTS is usually the required normal. For instance, a college could require an IELTS rating of 6.0 or increased. So we now have many college students who include the aim of attaining that degree.

Because IELTS is difficult, this turns into a longer-term course of. Some college students come yr after yr. In addition, we provide on-line English packages. So college students can come to Cebu for nose to nose studying, then return to Japan and proceed finding out on-line, generally with the identical academics, and hold enhancing over time. It turns into a steady talent constructing pathway quite than a one-time journey.

2^nd Floor, Head Office

So college students can really get hold of the IELTS rating they want by way of your program, right?

Yes, that’s right. It is just not simple, so for a lot of college students it turns into a long run effort, however that’s precisely why our construction, together with ongoing examine and on-line continuation, is necessary.

To obtain your long run objectives, which companies do you anticipate will drive development and ship the numbers you’re focusing on? And to what extent do you anticipate abroad enterprise to contribute to attaining these targets?

Originally, we created this plan in 2013. It was a plan of about 100 pages. At the time, our gross sales have been 3 billion yen. We distributed that plan to each worker. Everyone had a duplicate, and the expectation was that everybody would work to make it actual.

At that point, we have been a 3 billion yen firm, however I publicly declared that we might attain 25 billion yen in gross sales by 2030. And from that time, we constructed a really critical technique to get there. So it’s not that we are actually improvising in response to immediately’s surroundings. The technique was already established in 2013, and what we’re doing now could be executing it step-by-step.

At the inspiration, it’s about persevering with to pursue the imaginative and prescient we set, quite than continuously altering course. That plan included world technique from the start, and it additionally included our goal of changing into primary in Kanagawa.

In sensible phrases, we’re advancing three methods concurrently. The three methods are as follows. First, to create 100 areas that every generate 100 million yen in gross revenue. While the headline quantity is 25 billion yen in income, what issues most to me is gross revenue of 10 billion yen. Revenue can rise and fall for a lot of causes, however gross revenue is what really displays the energy of the enterprise. If we obtain 10 billion yen in gross revenue, then by reverse calculation we attain roughly 25 billion yen in income. So our key goal is gross revenue of 10 billion yen, and the operational key phrase is one location, 100 million yen. If we now have 100 such areas, that turns into 10 billion yen. Today we now have about 80 bases, and we plan to increase to 100, centered on actual property.

Second, to construct enterprise traces that every attain 1 billion yen in gross revenue. If we create ten companies that every generate 1 billion yen in gross revenue, that can also be 10 billion yen. In different phrases, ten 1 billion yen companies throughout ten classes.

Third, to lift productiveness in order that even when we don’t improve employees, don’t improve areas, and don’t improve the variety of enterprise traces, the expansion charge of our present folks improves yearly by an element of 1.11. If we constantly enhance productiveness by 1.11 occasions yearly, we attain the ten billion yen gross revenue goal by way of compounding.

Because we advance all three methods on the identical time, if every thing succeeds, gross revenue may attain 30 billion yen. If one technique underperforms, we nonetheless attain 20 billion. Even within the worst case the place two methods underperform, we nonetheless attain 10 billion. That is the construction of the plan. We constructed it in 2013 and we now have been climbing it step-by-step ever since.

If you construct a plan over too brief a time horizon, every step turns into too excessive and it turns into unrealistic. But as a result of we now have been planning and executing for 13 years already, the steps are smaller. A goal like 1.11 occasions productiveness development is achievable, and other people can hold climbing steadily. That is the idea: small steps, constantly executed.

In Kanagawa, Japan’s inhabitants will proceed to say no. But you could have stated that general inhabitants could not change as a lot as a result of folks will come from world wide. In that surroundings, how do you concentrate on language, diversification, and abroad technique as a part of your development mannequin?

In Kanagawa, Japanese folks will lower, that’s true. But I don’t suppose the whole inhabitants will essentially shrink in the identical approach, as a result of folks will come from abroad. If that occurs, and we solely communicate Japanese, we can not do enterprise. So even to function efficiently in Japan, language is one thing we should remedy. That is the primary main motive English is crucial for us.

Beyond that, as you could have seen, the Mic Group now operates many companies: childcare facilities, cake retailers, eating places, and extra. Let me clarify why we accomplish that many issues.

As I discussed earlier, when you solely do actual property, you could have rivals. And if rivals exist, it’s essential to compete head on. So the query turns into, how will we keep away from changing into simply one other competitor in the identical crowded area? The reply is that we should create followers outdoors of actual property.

We name this a Funnel Strategy. If we goal your complete inhabitants of Kanagawa, there’s what entrepreneurs typically name a funnel: consciousness, consideration, comparability, buy. If we attempt to construct that funnel purely by way of actual property, then we’re pressured to battle main actual property firms at each step. But if we seize clients by way of different companies, the dynamic modifications. We can construct relationships by way of a cake store. We can construct relationships by way of a childcare heart. We can construct relationships by way of eating places. By creating followers throughout many companies, we create communities of people that already belief us.

Then, when these folks attain the second in life once they need to purchase a house, what occurs? They naturally come to us. All of the shoppers we collect by way of these different enterprise traces can circulate into the actual property enterprise. That is why diversification is just not random for us. Every enterprise is designed to attach again to actual property.

We discuss with our 2030 goal as our hundred yr imaginative and prescient, however the fast aim is 25 billion yen in gross sales. To obtain that, we’re increasing into a number of enterprise areas and getting ready for a future the place extra worldwide residents stay on this area.

There can also be one other important challenge: labor shortages. This connects to why Singapore and different abroad bases matter. Japan is dealing with a critical scarcity of human assets. Meanwhile, in locations just like the Philippines, the inhabitants is rising quickly. So we’re working to develop expertise there and produce folks in. If we’d like extra building professionals, we will prepare them as building employees and produce them. If we’d like extra caregivers, since we function nursing care services, we will usher in folks with the talents to help that work.

The bigger the Mic Group turns into, the larger our human useful resource wants turn out to be. But quite than merely competing to recruit scarce expertise domestically, we need to develop expertise globally. We need to discover folks world wide, prepare them, and produce them into our group.

In that sense, world technique issues for 2 causes. First, folks from world wide will turn out to be our shoppers. Second, folks from world wide will turn out to be our staff. If we combine these parts efficiently, then we consider we will obtain the 2030 targets.

Why did you determine an organization in Singapore? Was it primarily for expertise recruitment in Asia, and for training, an HR enterprise?

Yes, HR is the principle focus. At the inspiration, there’s additionally a monetary actuality: taxes are excessive when you pay them solely in Japan, and paying taxes abroad can create tax effectivity. So Singapore features as a base for us to interact the worldwide market.

From Singapore, we will search for clients and discover totally different markets, together with sending college students to our First English Global College in Cebu. So sure, HR is the principle perform, however there’s additionally a advertising position. We additionally use it as a base to search out and develop shoppers for the varsity and different abroad associated initiatives.

This is my remaining query. Newsweek and different world media attain tens of tens of millions of readers throughout many international locations. Your readers embrace folks from actual property, tourism and hospitality, and language training, amongst others. If you needed to outline your organization in a single sentence for that world viewers, how would you describe who you’re?

The slogan we use immediately is that we’re an organization that folks thank. That is how we see ourselves. And the reason being related to what’s written in our credo. For me, every thing begins with staff first. I stay to make our staff comfortable. And I state that clearly. I’ve distributed this all through the corporate as a declaration: for the happiness of our staff, I’ll put aside myself and commit totally to administration.

Why do I consider that? Because the primary precedence is worker happiness. When staff are comfortable, these staff could make clients comfortable. That is the cycle we goal to create.

I additionally wrote about this in my e-book. Even on the band across the e-book, I expressed it straight: what we’re promoting is happiness. We usually are not merely an organization that sells issues. We need to be an organization that makes everybody concerned happier by way of their relationship with us. If I need to say it in a single line, it’s this. We don’t promote services or products. We promote happiness.

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