Clint Fiore 🦬 DM for Biz Deals
@ClintFiore
Follow me for Small Business Buying/Selling Info. Join my newsletter for Deals. Building the most trusted M&A / Business Brokerage in the USA: Bison Business.
Miraculous Survival: The Airplane Crash Story
21 Year Anniversary Today of when I crashed an airplane into a mountain canyon wall. ✈️⛰️
True story. I should be dead. Here's what happened. 👇
At the time I was 20 years old, a Junior at Embry-Riddle Aeronautical University in Prescott, AZ, working on obtaining my Commercial Pilot's License. I had been flying since I was 16 and advancing rapidly through my studies and ratings.
Responding to the "Everything has its price" Statement
In cold outreach, the most common response of an interested Seller playing coy is:
"Well, it's not for sale... but everything has its price!"
Don't be caught off guard by this. Here's how to respond 🧵
First off, it's not always, but it CAN BE a strong indication of interest. They generally flat ignore you or turn you away cold if they're not interested. "Everything has its price..." is them leaving the door open for you to pursue.
I would quickly respond with something like:
20 things Business Brokers should 🚩NEVER🚩 do:
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.
Avoiding Over-Reliance on Selling Owner in an SMB Acquisition
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. 🧵
(BOOKMARK THIS)
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.
Overvaluing SMB Business Listings: 18 Deceptive Practices
18 Ways Sellers Inflate Asking Prices on Small Business For Sale
🧵:
1) Weighting. Probably the most common and most deceptive is weighting the valuation entirely on the most-recent, best-year-ever. This can be appropriate if it's still growing the next year and sustainable, but often it's an outlier. More thoughts here: twitter.com/ClintFiore/status/1503717345860022273
🧵 Thread
THE PLAYBOOK 2.0
How to Buy a Business worth Millions with $0 of your own money.
Bookmark and consider this thread your 𝕏 SMB MBA
This is 100% possible.There are many variations of this, but this structure is super reliable and just works...🧵
First, for this to work, you need three things:
1) Good credit
2) have some relevant skills that lead bankers/investors to believe you're capable of running the business you want to buy
3) willing to sign on the line for a huge loan with an unlimited personal guaranty
2023 Results
2023 RESULTS!
Stuff I wanted to see happen in 2023 I posted beginning of year, and I promised to post results for transparency. I went 0/2 on big goals and 16/37 on random other things I wanted to see happen.
Itemized below 👇
Two big primary goals:
- Lose weight and get under 200lbs ❌
- Big Increase in Brokerage Revenue (number is confidential, but it's a huge jump up) ❌ (beat 2022, but short of '23 goal)
Miraculous Survival: The Airplane Crash Story
20 Year Anniversary Today of when I crashed an airplane into a mountain canyon wall. ✈️⛰️
True story. I should be dead. Here's what happened. 👇
At the time I was 20 years old, a Junior at Embry-Riddle Aeronautical University in Prescott, AZ, working on obtaining my Commercial Pilot's License. I had been flying since I was 16 and advancing rapidly through my studies and ratings.