yetanothersearcher @yetanothrsearch
Yet another searcher. Chronicling the journey of purchase. And the dumb, crazy, and occasionally offensive things that come with it. Joined July 2022-
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Transworld is the most LGBTQ friendly brokerage. It's in the name.
I'm looking at a smaller deal. It's among the best businesses I've come across. But the broker said the seller is looking for the equivalent of 8-10x SDE. Even with ~2x worth of RE and a long amort period, it doesn't pencil. What's the move here?
What will be the "handmade locally" or "prepared fresh" equivalent in an AI-driven world?
There is a max pace at which you should learn bad info in SMB M&A. In the past, I've gone too deep, too fast, reflected negative learnings in my offer, and lost to folks who only discovered bad info later and successfully retraded.
Seller notes can align incentives. But with the generosity of the SBA's term length vs. shorter terms for seller financing, it often hurts DSCR (even at lower interest rates).
My restaurant manager was out this week. She made an extra large order to avoid having to order this week, staffed carefully, and punted more difficult tasks until after she returned. Nothing broker. What a baller.
I find often times that brokers know the price is unreasonable. But it's their job to present that it is reasonable and attempt to pull bids 'up.'
A critical realization in search: We're not going to see the best deals. We're going to see the deals that others passed on. That's the result of being an imperfect buyer (no committed capital, etc). (Of course there are exceptions)
I'm at the "there are no rules, how can I make this deal work" stage of search
In the background, I run a couple QSRs. Today, I'm having a conversation with the franchisor about our new unit's underperformance. From talking to other franchisees, most units in this format have started to underperform. Should be a fun one...
$400K SDE, you say. But you don't pay rent. You work 60 hours a week. And you forgot the $20K of annual payments on truck loans. A tail as old as time.
A serious question: Do the new construction companies get bought? Plumbing co's, drywall installers, resi landscapers, etc with primary exposure to new construction. I see so many of them, so I suspect they do (else brokers wouldn't take 'em). Who buys them? What terms?
Most of the times, real estate in an SMB deal is good. But when the real estate is worth a lot and the business is worth a little It becomes a hurdle. The business can't "afford" that real estate. Ran into this a few times. Only thing you can do is what @UjwalVelagapudi did,…
Most of the times, real estate in an SMB deal is good. But when the real estate is worth a lot and the business is worth a little It becomes a hurdle. The business can't "afford" that real estate. Ran into this a few times. Only thing you can do is what @UjwalVelagapudi did,…
Maybe I'm not crazy. Aggregator 1 - 17 deals in March, 0 so far in April Aggregator 2 - 24 deals in March, 2 so far in April Aggregator 3 - 27 deals in March, 1 so far in April
A heuristic I use frequently in mental math: Annual SBA loan payment = Initial loan amount x 16.6% (assumes 11% interest rate, 10y term) I use this frequently to estimate DSCR.
Where are all my Texas deals? Pipeline running low this morning...
"Wait out the seller, they won't get that price and will come down to earth" It's my experience that many actually get the spike bid. The market remains hot.
Every new deal is a new opportunity for a deal to die.
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@yetanothrsearch Sometimes you just have to move on. There are other buyers who can lower the purchase price multiple if they’re in the space already (ex. Roll ups)
@yetanothrsearch Does the broker not understand DSCR? 🙄 Good brokers will set a realistic valuation on the front end or not take on the listing. Bad brokers will waste the seller and everyone else’s time for years (not months) and yield the same result. Best to walk if it doesn’t pencil.
@yetanothrsearch You could start one for that price. Maybe two. 😉
@yetanothrsearch If it’s THAT good you can always buy it and just obv will have to raise more equity, more dilution, base case more contingent on growth But if it’s that good…
At @smblawgroup, we've closed over $1 billion in small business acquisition transactions since 2022. We have data... probably more than anyone! What info about market terms, deal structuring, etc. would you like to know? We'll compile the requests and begin sharing!
@SMB_Attorney This is the asylum I was assigned to
@yetanothrsearch The broker should have done a better job setting price expectations. That said, just submit an offer that makes sense to you. They will likely counter. They hired a broker for a reason...
@yetanothrsearch Don't get attached. If it's a great business, keep in touch with them as the market tells them 8X isn't the right price. But for today, move along.
@yetanothrsearch Might be a bridge too far, move on and wait for the “boomerang” to come back. If it’s close, there could be a way to have them roll equity or substantial forgivable seller note to bridge the gap and put some variability/ risk on the price
@yetanothrsearch Could you do an equity roll or earn out of someone to try and bridge the gap? If not, just be honest. “That price doesn’t work for me, but if earnings come up by Y%, I’d be willing to pay that price, or if the seller has a change of heart, let me know.”
@yetanothrsearch Tell the broker you remain interested if his pricing expectations become more realistic but sounds like bad representation
Sales should be the first area of focus post-close. If you don’t know how to turn on the tap, there wont be operations and systems to improve. Plus it takes a while to be up to speed on industry sales dynamics.
Was at a dinner with a couple well known HF managers and the regional leader of a very large bank last night and the consensus is that there likely won’t be any rate cuts this year, and potentially maybe even one rate hike left to go.
@yetanothrsearch Candidly, it sounds like the broker isn’t doing a great job. One of the biggest value adds they have early in the process is setting realistic valuation expectations.
Your seller insisting that "the business runs itself" isn't a red flag. It's a parade of red flags. 🚩🚩🚩🚩🚩
@yetanothrsearch let’s chat tomorrow about it happy to lend some free thoughts
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