THE DEAL WHEEL How to Build a 4-Person SMB Deal Team : 🧵

20 things Business Brokers should 🚩NEVER🚩 do: 1- Keep up listings after they've already sold as Buyer bait. 2- Fail to mark under contract listings as such. 3- Projections. 4- Set an asking price based on what the Seller wants for it with no defensible logic or support.

5- Set asking price that won't appraise and definitely won't meet minimum debt coverage ratio standards for SBA lending. 6- Go to market before they've reviewed P&L's and Tax Returns of Sellers and have them available for Buyers on the other side of an LOI.

Tips on how to figure out if the SMB you want to buy is over-reliant on the Selling Owner, one of the biggest risks in purchasing a business: 🧵

Buy something from the business if you can. See if you touch the owner at any point in the normal sales process. Now buy a 2nd time and ask for something custom or a policy exception or discount. See if employees can handle the curveball or if they run to the owner.

30 Business Ideas for 2023: (🧵on observed trends and biz ideas to capitalize on them)

Trend: Working from Home 1) Niche remodeling that exclusively turns seldom-used dining rooms, spare bedrooms, and garage bays into dream home offices fully kitted out for remote work and video calls and content. (sound, lighting, etc.) Or just designs them.

The Whale Shark has emerged and is taking over the SMB acquisitions world. A new breed of Business Buyer. A thread 🧵

Stuff I want to see happen in 2023: 🧵 (dropping this early December so I can get a running start)

Two big primary goals that I'll be focusing on relentlessly: - Lose weight and get under 200lbs (~39 to go as of this writing) - Big Increase in Brokerage Revenue (number is confidential, but it's a huge jump up)

Over 2000 people have joined my "Probably a Good Deal" newsletter and I haven't properly explained it yet. Here's how it works and how it's evolving.🧵

SMB Labor Arbitrage strategy, and no I'm not talking about overseas VA's. Let's talk about it.🧵

One of the most important things to get right if you're executing a "Buy Then Build" strategy on a business, or scaling your existing business, is having a talent pipeline to keep having the people necessary to be able to deliver the promised result as you increase marketing.

Top 5 qualities to look for in a spouse. And 4 things that seem important but don't really matter. 🧵

1) Self-Reliance. Have they successfully endured some time as a happy single? Are they capable of "adulting" without being totally dependent on parents or a boyfriend/girlfriend?

Differences in small business deals based on DEAL SIZE. Middle Market VS Main Street Thread 🧵 Extremely important if you want to buy or sell SMBs to know the different vocabularies, characters you'll meet, valuation methodologies, and deal structures at different levels.