On a mission to build a better business brokerage after acquiring a 40 year-old firm (
@okeeffeomalley
).
Previously: poker pro, early
@doordash
, mgmt consultant
My wife and I started a tradition that’s become crucial to our marriage.
Every year around the date of our wedding, we go on a vacation.
Just the two of us celebrating.
It’s a key driver to our relationship success.
We call it our “Marriage Birthday”
@JoeCMoran
Any full size non luxury SUV would do the trick.
Make it a tad rugged with slightly bigger off roading type tires. Black paint with tinted windows.
Tahoe Z71, Lexus GX, etc.
@Nick_Palma1010
Yeah man I’m probably never talking to a 96 year old man like that.
Dude for sure thought “this old guy can’t fold Aces… I’ve got him”
Absolutely perfect slow roll.
Last night I hosted the inaugural “KC Local Business Meetup”
We had 30+ attendees!
It was an incredible group of business owners, buyers, and intermediaries.
Kansas City SMB/ETA community - be on the lookout for our next event.
Aiming for 50+ next time.
I’m still so frustrated that KC voted no for the downtown Royals stadium.
It feels like the verdict of a city that lacks vision.
Voting no doesn’t save The Crossroads. It ruins the chance to create a world-class downtown.
A stadium would make The Crossroads 10x better
Great businesses do not sell to searchers.
However, there are plenty of decent businesses available.
Do not let great be the enemy of good enough.
I had an awesome chat with
@smb_search
this morning on the importance of getting in the game.
Let's dig in. 👇
"Great
Long time reader, first time tweeter…
I joined X exactly thirteen years ago and decided it’s finally time to get off the sidelines. I’m going to start tweeting about my business and hobbies. So here’s a brief introduction.
Thread:
@sweatystartup
This comes down to the bachelor and the best man. If they want to subsidize then I think that’s fine. Other well off people can then join them. It’s not your place if you aren’t in a leadership role.
Cheap people on bachelor parties suck.
Inspired by my recent post and the sentiment that people are sick of
@dieworkwear
.
Here’s the easiest way for men to upgrade their style.
Ditch the lulu abc pants and golf polos.
I understand why 30-40yo guys love this look. It’s professional and translatable.
Upgrades 👇
I just finished “City in Ruins” which is the final novel of the Danny Ryan trilogy.
It’s also
@donwinslow
’s final novel.
It was a masterpiece. Talk about going out in style.
Don is the best Crime Fiction writer of all time. I’ve read them all. He’s the best.
Bravo 👏🏼
In the last two years, I have dined at over 50 of the best restaurants in Kansas City.
There are three aspects that make a great restaurant:
1. Food
2. Service
3. Vibe
I'm not a food critic. Just a guy that likes to eat.
Here are my top 10 fancy-ish restaurants in KC 👇
Last night at dinner a server dropped a fork on my back leaving a mark.
Should the restaurant have offered me compensation? (Free drink, discount, etc.)
Should I have asked?
Asking seriously. I just shrugged it off. Cost of doing business. But now idk.
Signed a new sell-side client last week.
The business coordinates and manages logistics for corporate events.
SDE is a hair over $1M.
I have a feeling this one is going to be very popular once we’re live.
DM me to get on the distro (serious buyers only please)
@tannerguzy
I’d say 2020 was possibly my best year ever. I got engaged, improved my appearance, doubled down on my physical and mental health, and earned more responsibility at work. External circumstances do not dictate your ability to improve.
Every month I meetup with a local group of ambitious dudes (business owners, searchers, etc.).
I asked my wife to brainstorm my win and loss from the previous month.
Her response:
"I'm not sure because you don't talk about work at home anymore"
That's it. That's the W.
Sold Out!
@FlatlandCavalry
burned it down for 5K+
@grinders_KC
last night.
I’ve been to hundreds of concerts and seen Flatland 10+ times.
Their show gets better every time.
Incredible stage presence, production, vocals, etc.
One of the best live bands you’ll find.
Heading to
@FlatlandCavalry
tonight!
These guys are at the top of the Texas Country game.
I first heard about them in 2017 when the king of Texas Country, Randy Rogers, said they’re the next big thing.
He nailed it.
Video below is from 2018 in Austin.
We’re still alive!
Played 11 hours yesterday (14 including breaks).
Secured a slightly above average stack of 194.5K from a starting stack of 50K.
Roughly 900 out of 3200 entrants advanced.
Day 2 is on Monday.
Putting the business and success posts on hold for a few days.
(Shit posting never stops)
I’m in Vegas for the World Series of Poker!
Firing Flight A of the Monster Stack today.
Send me some run good.
This is the moment.
Got thrust into grill duty with a grill I’ve never used.
Opposing territory. Clueless as to its heating tendencies.
This is where champions are made.
Established X accounts are complaining about the lack of reach compared to pre-Elon twitter.
New guys are pumped about new connections, growing accounts, and the potential of building online.
This tweet is not about X or the new algorithm.
@aymanalabdul
My man it’s not a take at all. It’s a question.
I very clearly said that I shrugged it off.
I’m not upset at all. Just thought it was an interesting question about service.
Common Projects are the easiest style upgrade for men.
They go with almost anything.
10x better than All Birds or the hideous Cole Haan dress sneakers.
I picked up my first pair in 2019.
Finally caved and bought a replacement.
I suck at Twitter / X.
My engagement is proof.
But, if I hadn’t started tweeting in February these figures would be 0.
Eventually I won’t suck.
Some day I’ll probably be pretty damn good.
Just gotta keep pushing.
@Camp4
Freshman year of college I was walking on campus with an older friend/mentor in my fraternity.
I commented on our fast pace.
He told me the most successful people walk the fastest. It's always stuck with me.
Putting the business and success posts on hold for a few days.
(Shit posting never stops)
I’m in Vegas for the World Series of Poker!
Firing Flight A of the Monster Stack today.
Send me some run good.
@petercnordberg
Unfortunately, this is far too common.
Don't even get me started on the standardized valuations that CVAs perform for $10K+.
The only valuation that matters is how much someone will pay for the business. Usually that's going to be capped by SBA lending parameters.
The only thing you need to know about networking:
It's all about the vibes.
Stop thinking about it transactionally.
Get out there and meet people. Be authentic.
Keep meeting the people that you enjoyed hanging out with.
Simple as that.
@SMB_Attorney
The shirt will be fine. We never had any intention of making a scene.
Yesterday morning I was reflecting on Unreasonable Hospitality which is what inspired the tweet.
The restaurant didn’t need to do anything, but they could’ve score a big W with a free drink.
Visualize meeting a potential client or business associate for the first time.
What’s the first thing they notice?
Your appearance.
Second, the way you greet them and your handshake.
Third, the tone of your voice.
First impressions matter. Appearance matters.
Yes, people judge you based in your looks.
Forget whether this is right or wrong.
Instead, use your looks as an advantage.
The good news is that you don’t have to be born handsome. There’s plenty you can do to improve the way you look.
Getting in shape, dressing well, and
@realMarkB33
The only way this works is if you auto deposit $4 every day into savings which would be absurd. Buy the damn coffee and save money on the big shit. Or just make more money
Another killer show at Knuckleheads in Kansas City.
I’ve been to dozens of music venues.
@Knuckleheadskc
is by far one of the most unique.
Thanks to
@49winchester
for putting on two sold out shows. First time seeing y’all live and you did not disappoint. 🔥
@JoshW2571
@CopiahDawg
I’ll be making the trip to Starkvegas next year. The tweet was a joke. I’m happy y’all came out to Manhattan. We’ve got the best college town in the Big 12.
I strongly believe the most important aspect of entrepreneurship is getting started young.
There are two reasons:
1. "Experience" is bullshit
2. Nothing to lose
The youths should forget the corporate grind, build experience, get some cash BS.
Just do it.
Here's why 👇
What is your mental state when you wake up in the morning?
I wake up in the same state every day.
Content, but not complacent. Fired up.
The way you feel upon waking says a lot about your mental state. Listen to your mind.
It doesn't matter if I had the worst day ever. The
Here’s my sickest hand from yesterday.
Blinds are 300/600. Tight white dude opens to 1500.
I raise to 4500 with 45 of diamonds. He calls.
Flop (10.5K). AcJsTs. He checks. I bet 3K he calls.
Turn (16.5K) Qd. Check. I bet 6K. Call.
River (28.5K). 8s. Bringing in the spade
Do you want to own a business?
Here’s what nobody will tell you.
You will spend a beautiful Sunday afternoon cleaning out your office to move into a new space.
This includes moving a mini fridge with no help.
The fridge door will fly open emptying the contents everywhere.
This is exactly why I decided to purchase a forty year old M&A firm.
Owners, searchers, and everyone else in this game deserve better.
I’m still green, but that’s exactly what I’m trying to give this space - a better business brokerage.
* folks don’t have high opinions of business brokers
* the support of your spouse is crucial if you are married
* determining which opportunity is best is a challenge for most
* there are way more searching part time than full time
* your journey can be long and lonely
@Saint_Dici
Early 30s. Not broke. Have a great foundation. Own a business. Still feel like I'm playing catchup.
I think that's just the life we choose to live though. Always feel like we're behind and there's more work to be done.
1000% accurate.
Something I struggle with though.
Are there any SMB/LMM M&A guys worth $1B? Doubt it.
On the other hand M&A/PE has to have one of the highest concentration of billionaires.
@jlkurtz
To be fair I am adamantly against black unis but I also would be completely fine with abandoning the Snyder / cowboys uniforms. I just prefer school colors and think white / purple is incredibly clean.
#1
. Farina
Delicious Italian fare in an intimate setting located in the heart of the Crossroads.
Reservations are encouraged, but you might be able to sneak in at the Oyster bar (!!!).
Favorite dishes are 1) duck meatballs and 2) burrata.
Great wine list and cocktails.
KC is a really cool city. Underrated.
It has the potential to be so much more.
I truly believe KC could be a great American city.
We can’t force that on citizens who are fine just getting by.
The vote shows us the mindset of 59% of our neighbors. Fixed.
I choose Growth.
One of my first "businesses" was brokering JJ's sandwiches for my high school.
My
@jimmyjohns
brokerage made me a hero to my friends, paid for my lunches (and a bit extra), landed me in detention nearly every week, and eventually got me a job. Here's the story 👇
During
I spoke to a former Jimmy John's franchisee (8 stores) off the record and this is what I learned:
- $1.1m in sales per store and $183k profit, on average
- He sold them all for $6.1m a few years ago (~4x multiple)
- JJ was good at the beginning but then started to cannibalize
I take handwritten notes in every meeting.
I've considered taking notes on a tablet (Remarkable 2)
It's a digital notepad that automatically stores notes.
Seems efficient, but I can't get over the perception of bringing a tablet to an in-person chat.
Convenient or lame?
In an in person meeting, I take notes on a pad.
I know computers and AI can take notes...and you certainly can have AI take notes for you.
But I believe the handwritten note approach allows you to focus on the other person and is really a sign of respect.
Bruce is right.
Buyers can acquire with $0 of their own $.
Try telling a 70 year-old owner that a broke millennial is going to buy their baby.
Asking for a PFS is the lazy solution.
Still, we have to show our clients that the buyer is qualified. It's not an easy balance.
Why are brokers still asking for “Letters of Support”. I just don’t get it.
We closed a $7,900,000 deal and the Searcher/Guarantor injected $50,000 of the $1,000,000 injected.
What difference does it make how much the Searcher has ? 😳
@agazdecki
Agreed that the goal is finding work that you truly enjoy, but I hope you aren’t implying you’re better than people because the grind is your hobby
Carlos Alcaraz's secret performance enhancing drink:
Pickle Juice.
Somebody needs to work with Carlos to bring this to market with dope branding and a better flavor.
@Larryjamieson_
It makes sense if you believe the sole reason she did it was to keep Ken from winning. She wasn’t doing it to save her marriage. She certainly didn’t do it to stop the cycle of family trauma. She did it because she’s a narcissist.
SMB M&A Folks -
How much time do you spend looking at a client's financials before deciding to pursue or pass?
I feel obligated to provide a valuation to anyone seeking our services, but I think I need to be more strict.
Looking at a business with several losing years
Recently we had a sell-side deal go up for bank approval.
One of my connections at the bank (not the buyers lender) sent me this text.
10+ senior bankers saw our best-in-class materials.
Feels really good to know that we’re starting to get some serious traction.
@RobertMSterling
@patrickdichter
If you just send 1 LOI a month that has a 20% chance of getting accepted then after 6 months you have a 120% chance of being under LOI
Sam and I had a great conversation about this last week.
Complexity kills SMB deals.
Buyers should be actively trying to keep their deals as simple as possible.
Boomer sellers do not care about your fancy deal structure or MBA.
Keep it simple.
Getting labeled a "tire kicker" is a death sentence for a searcher
Once given this tag, your chances of getting deal flow are slim to none.
Define your “why” and “what” to show brokers you're serious.
Read on for my tips and a template guaranteed to open doors 👇
Getting
PSA to business owners and buyers.
Do not tell employees about the deal until it's done.
(This assumes you actually want to close the deal).
False starts kill deals.
Employees get scared and might act irrationally.
Break the news without breaking trust. 👇
Maybe or maybe not.
What’s certain is embracing this mentality guarantees you remain a loser.
Plenty of people out there grinding making themselves a success.
Stop being a victim and get after it.
Your “cool” friend that just bought a brand new Range Rover or Mercedes SUV?
It’s probably leased or financed.
Your colleague that just bought a $1.2M home in the suburbs?
He can thank his parents for the down payment and signing the note.
Stop comparing yourself to others