SMB Buyer @SMB_Buyer
1st time SMB buyer. Lifetime business owner/operator. Proud Husband, Dad of 3. Eagle Scout. Joined June 2019-
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Wait till he’s being crushed as a business owner by the competition because of this attitude. Noble but he’s not personally on the line at the moment.
Wait till he’s being crushed as a business owner by the competition because of this attitude. Noble but he’s not personally on the line at the moment.
I am convinced that most people take on a business partner or co-founder just because they don’t want to go at in alone. Giving up half your company is quite a price to pay for avoiding loneliness. Plenty of great reasons to take on partners - loneliness not one of them.
I am convinced that most people take on a business partner or co-founder just because they don’t want to go at in alone. Giving up half your company is quite a price to pay for avoiding loneliness. Plenty of great reasons to take on partners - loneliness not one of them.
This post got me taking action. Trying to figure out how to do this as a restoration company. Credit cards on file as a reserve? I can imagine the chargebacks will be fun. Proper contracts and avoiding Amex will probably be the way to go.
This post got me taking action. Trying to figure out how to do this as a restoration company. Credit cards on file as a reserve? I can imagine the chargebacks will be fun. Proper contracts and avoiding Amex will probably be the way to go.
Well I expected bankruptcy to be on the table but not because @mercury refuses to accept checks written out to multiple parties. They want the insurance companies to change how they issue checks after decades of doing it one way with no issue. I’ve got authorizations signed…
Great story. I also bought a business with an in between owner. I also relied on the previous owners books to some extent and the success of the business historically. What I didn’t take into account was how badly the middle owner could screw things up in such a short period.…
Great story. I also bought a business with an in between owner. I also relied on the previous owners books to some extent and the success of the business historically. What I didn’t take into account was how badly the middle owner could screw things up in such a short period.…
The more difficult the seller is to deal with the more the employees are going to gravitate towards a normal leader. Conversely the vacuum created by their newfound empowerment will also have them testing boundaries. Be prepared for it
Looking back I wish I recorded every phone call with the seller. If you are in a one party state I highly recommend it.
Count me in!
PSA to sellers: Delete your emails of shady stuff before selling. Ive got the smoking gun now.
PSA to sellers: Delete your emails of shady stuff before selling. Ive got the smoking gun now. https://t.co/465Xh8ZuIy
Blindsided 2 weeks in: Employee: “Some of the guys are wondering what kind of raise they are going to get” “I just got here we never spoke about raises yet” “Yeah, seller told us not to quit because you have plans to give everyone a raise after you bought the business”…
#3 Mad props to the wife for pulling this off on a Sunday morning so I can be back at work tomorrow. #SMB neverends
“Blindsided 2 weeks in.” Title of my tweet last week I never posted It all feels so trivial right now. Lost a family member to this senseless violence and hatred and I can’t stop crying all day. My business will survive but my heart may never recover
Psychological toll that no one talks about after buying your #SMB is watching your working capital balance rundown while you wait for new revenue to start rolling in. I’ve done really well here so far but it’s still nerve wracking.
Seller “Come here I want to show you something” Walk over to his computer. “I added your email signature so you just have to click this button and it goes in” Me:
Use @mercury they said. Best for business banking they said. Might be great for fintech but in SMB service land it’s rough. Hire a day laborer and expect them to wait a few days while a check is issued? ACH? They can’t find their bank info… They need real check support…
One of my employees is now homeless. Might be sleeping in the warehouse for a few days Small business ain’t just a spreadsheet.
One employee doesn’t have a drivers license, another had his suspended. These guys are driving our trucks to job sites. Another item to diligence next time. SMH. #SMB
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I heard this and say this now every day when speaking with buyers: Upside in theoretical Buy a really good business, mitigate the risk and implement your strategies! This will lead to success!
The only other reason we’d do it is if it’s convenient and we can get a good Google review.
Something you learn rather quickly when hiring employees: A lot of people simple are incapable of working well with others. Oil and water right off the bat. If there’s a dispute within a few weeks of bringing a guy on, it will just continue to be an issue indefinitely.
Anytime I see something meaningful and sustainable get built, it's almost exclusively by a team that doesn't care who gets the credit. Humility is outrageously profitable.
Every Friday by 2:30pm our team submits an EOW recap of weekly individual / team goals. 🟢 🟡 🔴 We spend the rest of Friday as a team filling the gap on whatever goals weren’t hit. It’s not a “oh, well, maybe next week” mentality.
@huntercdurham No love. I get it. Guy doesn’t get his wire sent in fast …
Maintenance guy quit. 4 customers complaining about product. Machines breaking down. Left factory at 9am to see 6 yr old daughter perform during "Int'l Day" at her school. She cried and hugged me when she saw I had come to watch her. I never cld have done this on Wall St.
@DanKats23 Guy seems like a real idiot and I hope you recover your funds but tbh I'm not sure how his religious affiliation comes into play. For those that are saying just go do it and make the guy happy, not sure I agree. It looks like they returned to do some areas and they agreed that…
@SMBDealGuy We have great candidates, cost less, and have more support. Have a look. @SaganPassport
My take: Writing content with the intent to get folks arguing is accommodating your ego’s need to have more eyeballs on you. Focus on quality of audience building rather than size & pace of audience building. I’d rather have 1000 owners of home service businesses than 100,000…
I keep wanting to teach people things I learn on this app. But the algo wants me to write stuff that gets people arguing. It’s annoying.
@SMB_Buyer @visionhealer @crushthememory @MKBHD In the CRUSH app you can record directly as well. So there it the app piece about which you are talking. Now consider this. You have a folder in the CRUSH app called, just for the sake of ease, "To do". You are on the go as you sound like you are just by virtue of needing an…
Me: It looks like net income is about $600k, what are the proposed adjustments to get to EBITDA? By the way, it looks like there are 4 sellers actively involved in running the business and they're paying themselves a below market wage ($12/hr). We will need to replace them and we…
@Slackwatercap @SOPbuilder Those sellers are the best in 6-9 months. Either A. Nobody buys the business and the owner continues to get worn out while the broker sharts in his ear about how "valuable" his asset is. Or B. A PE group comes in, pays too much for it and runs it into the ground. Also a cheap buy
@SMB_Buyer @visionhealer @crushthememory @MKBHD I think I misunderstood. You mean you record some voicenote on the Watch when you're in the shower, and then you go to the phone voice memos, listen to the voice note, and then type out what it says by stopping and starting the voice memo and using probably the Notes app. Or you…
@petelehrman Truly understand working capital. If you don’t, you could be dead before you even start. Been fielding horror stories from many new smb owners the last 6 months.
@CBarrett_CPA “Yes Mr. Buyer, you will not have to be so generous. You can cut the water rations from the budget.” Seems like a seller who incorrectly thinks he has been overly generous with such things as water. I see it as a seller personality tell of sorts. 🚩
Sharing a file with a name like... “2024 Projections and Budget_Input 03-25-25_[Company Name] OpEx Plan V2_UPDATED 20240411v4 FTE Adjustment6.xls” ...looks sloppy and shows a team is unorganized. Here is how to avoid it: 1) Have 1 “Working Version” with an intuitive name and…
@DanKats23 Respond the first two times he messages. Missed opportunity to delight a potential long term customer or someone to refer you. Is it too late now? Maybe.