Jake Parsley
@ParsleyETA
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Following
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Media
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Small business transactions at SMB Law Group. Minnesota. Always happy to talk deals. I'm good for about a tweet a week.
Minnesota
Joined October 2021
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Pinned Tweet
Time for a quick re-intro for the new followers (both of ya!):
- I'm an attorney exclusively focused on M&A. I’m the small-deals guy at
@smblawgroup
, and I’ve been working SMB deals since 2011. You want to buy a business doing $170k earnings at 2.5x? I think that’s frickin’
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I'm buying a $210k cabin in northern MN with three of my fishing buddies from college. 830 square feet. No running water (we DO have electricity). Investment returns will mainly be large-mouth bass. Wife is on board because she's the best wife.
...but am I an idiot?
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@bentigg
I love small deals and the people who do them, and I've probably worked a few hundred deals <$1m EV so let me throw a few arguments out there in favor of the underdogs!
I find the following generalities hold true:
1. They are easier to find. There is less competition.
2.
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Hey everyone – unless you're one of my OG 49 followers, you’re probably reading this after seeing that I’m the newest addition to the SMB Law Group. I’m Jake, an M&A lawyer out of Minnesota. For the last ~7 years I’ve been practicing on my own doing business transactions.
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Just got off the phone with a guy who bought a manufacturing business in September of 2022 for $450k. He's under LOI with PE for $4.5m.
Is this an outlier? Of course. Is the deal done? No. But good heavens, what an ROI if it does. I'm thrilled for him.
The business he bought
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I'm thinking about buying a car wash in a small upper-midwestern town with my little brother. I'm a M&A lawyer. He's a public school teacher. I wash my car at Sam's club for $6. That is the extent of my car wash knowledge.
You know those fancy full-service car washes you see
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There's SO MUCH info about LOIs out there!
Let's add more (by advocating for less).
Reasonable minds may differ on this, but if you're looking at smaller Main Street deals (say, <$2m EV), I think it's better to send that LOI instead of sweating the little details (or paying
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People get pretty riled up about law school tweets. Here's what I have to say about it (Probably only lawyers will care about this):
I enrolled in a not-T14 law school in '07 (Minnesota). Only school I applied to. I was on the waitlist until August. I did not get a scholarship.
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@inclinejj
Out of the four owners, two of us are lawyers. We hear you and this will definitely be addressed, likely with hilarious results.
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This is insane. How am I part of this rocketship?
14 months ago I was just some dude working in his home office in Minnesota, slinging small deals, making fun of business brokers, and learning something new every day.
But now? I'm some dude working in his home office in
Partnerships can be challenging.
But, if you’re trying to accomplish something great, you need help.
We’re trying to build a firm that will change the face of small business M&A and, in certain ways, the legal profession.
I couldn’t do that alone.
At
@smblawgroup
, our core
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If you're looking at a <$1.5m biz, it's not dumb to roll your own LOI. Ping me for a template geared to smaller deals. Whatever you do:
Include exclusivity.
Make the exclusivity legally binding.
Make the exclusivity as long as possible (start with 60 days).
You got this!
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Choose Your Own Adventure! I'm trying to show the practical value of holding cash in a biz acquisition.
Hypothetical: You buy a Biz from Joe. Do you pay:
A. $1m all at closing OR
B. $1.1m with a $200k Seller Note (say 5 years, 8%).
(Go ahead and write down your choice)
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This will be my only comment on the situation in Israel because I’m generally uninformed and nobody is following me for my Middle East takes, and I certainly don't have any answers. But I’m having a hard time talking about small business deals since the events of last week and I
If Yaacov, the father of Noa Argamani who was kidnapped and is held captive by Hamas can still believe in peace, so can I.
The biggest F you to the terrorists is not to let them take our hope. They won’t win, we will 🇮🇱 ❤️
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People selling businesses can do crazy things.
Was just talking to a guy about a deal where Seller needed to carry a bigger note to make the deal pencil. The Seller instead opted to just discount the price without increasing the amount of the Note. 🤯
Let's break that down:
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You've heard this before, but if you're buying a business and plan to lease the space that business calls home, it's a good idea to talk to the Landlord early in the process.
Like, really early.
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You heard it here first: Upper Midwest ETA Conference at the University of Minnesota - Carlson School of Management. November 16 - save the date!
It's going to be short (4-7 pm) and it's going to be amazing.
Additional information forthcoming...!
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@Staykation
Totally agree. But this isn't a pure investment. It's like pooling funds with your friends to rent a pedal pub. Except it's real estate and you never get to stop peddling...
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@PaulJohnsonMN
It's Duck Lake in Hubbard County. By MN standards, it's a small lake, but it's less than 3 hours from my house, and I'm hoping a great chance to get my kids hooked on fishing (pun kind of intended). We never had a cabin in my family growing up and it's such a MN thing to do.
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Just learned that SBA loans up to $1m are exempt from the guaranty fee for fiscal year 2024, up from $500k in 2023.
That fee is NOT insignificant! 2024 is shaping up to be the year of the small deal!
A lot of you probably already knew this, but it was news to me so passing it
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Been at the Wharton ETA conference for a couple days and the Ivy League vibe is starting to rub off. Spent my morning walking around Philly laughing derisively at every Temple and Drexel sweatshirt I see.
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Ever had friends complain when the lineup for Coachella drops and two sets they want to see are at the same time?
Well, I just looked at the sessions for
@MainStSummit
and saw that
@RegZeller
,
@BrentBeshore
, and
@Kevin_McArdle
are all up at the same time.
I get it now.
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@ClintFiore
Brutal situation, sorry to hear about it.
I agree with you that breakup fee language in an LOI is not likely to get you to the front of the line with a Seller in any kind of competitive bidding situation, BUT in a situation like the one you're describing, it might be combined
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@Taylorstreetcap
Funny story about that: due to customer concentration, lender wanted a $350k forgivable Seller Note as part of the $700k purchase price. Seller's lawyer refused - too risky. So Buyer chopped $250k off the purchase price, but dropped the Seller Note requirement. Seller accepted.
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Awesome Twin Cities SMB meetup tonight at BAM! Automotive in SLP.
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On Thursday,
@smblawgroup
helped sponsor the first-ever University of Minnesota ETA event - I'm biased, but I thought it was incredible!
A huge, huge thank you to all the participants. I'm constantly amazed by the generosity and sincere concern for others that exists in this
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"We’re comprised of former 'big law' attorneys who have worked at elite firms like Cravath, Kirkland & Ellis, Gibson Dunn, and Parsley Law, PLLC." FTFY.
We're growing! 🎉
If you're interested, reach out to me or
@KHendersonCo
Details below 👇
About
@smblawgroup
SMB Law Group is a boutique, transactional firm designed to serve the needs of small- and medium-sized business (SMB) buyers, sellers and operators.
We’re
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I'm basically your average shoeless and slightly inebriated hitchhiker that snuck onto a rocketship just before takeoff...and now I'm trying to pretend I know what all these buttons and dials are for.
But wow! I have some incredible colleagues and I'm proud of what what we've
🎉 2023 Year-End Highlights! 🌟
What a phenomenal year it's been at
@smblawgroup
! We're proud to close the year with groundbreaking achievements and unwavering dedication to SMB and ETA.
Celebrating an incredible journey, thanks for your unwavering support! Here's to even
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Since we're out here flexin'
I don’t think there is a lawyer or entrepreneur in history having more fun than we’re having at
@smblawgroup
right now.
My office for the day:
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@jackberdan
Jack, this is an incredibly generous gift. Everything you said resonated with me, and gave me a lot to think about. If this deal moves forward, I'll reach out if you're interested in any paid consulting - there is insane value in what you just shared.
Thank you.
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I'm heading to the Southeast ETA conference at Duke tomorrow, representing
@smblawgroup
.
It's kind of like when you get a ticket to see Wu Tang, and the only one that shows up is Inspectah Deck.
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Spent a long Father's Day weekend at the farm in South Dakota with my parents. It was great to detach and relax with the family and enjoy the peace and quiet and oh wait did I mention that I had five siblings there along with their spouses and all 29 (!) of the grandkids?
It was
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Here’s a long rant about lawyers and money.
One of the first acquisitions I worked was a little strategic deal on the heels of the recession. The client was a small professional firm acquiring an even smaller firm in the industry. No cash changed hands. Buyer took on some debt,
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Devastating knowledge bombs from
@KHendersonCo
talking about deal team selection.
#SMBxWharton
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Had a great time talking M&A law with some esteemed colleagues (I'd tag them but they aren't on Twitter🤷♂️) on last night's
@MBBIAssociation
panel.
Yes, I talk with my hands when I get excited.
Photo credit to the deep undercover
@Chaz19454636885
, commercial lender turned
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For SOME reason I was not interviewed for this piece. If I had been, the headline might have read:
"This Attorney Left the Second Smallest Law Firm in the Nation to Throw in with Some Dudes from Twitter..."
Yeah, never mind, I get why they went the direction they did.
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My man! Great idea and killer list! Here are a few more:
@JaySachetti
(Bundlin' homes and Bunkerin' Labs, official leader of the Closer's Club)
@Baj_Aman
(Building an entire empire out of cabinets)
@carrynointerest
(I do not fully understand this guy's universe....but I want to
Some Minnesotans on here that I follow that you should follow:
@RegZeller
(no intro needed)
@EdmanRealEstate
(maybe we can get him to share more about his property management company’s hockey stick growth)
@jjonesi101
(Marine Corps connection/biz builder/biz coach)
@Schornack
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When I’m not lawyerin’ deals or talking about lawyerin’ deals, I hang out with my wife and three kids in Minnesota. We do Minnesota things like watch our teams lose at sports and go swimming at the lake every day in the summer (all 12 of them!).
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Great to have
@LisaGForrest
sharing pure gold information for the self-funded amongst all these ivy league mucky-mucks!
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Talked to a couple yesterday selling a main street landscape/nursery/garden supply co. in the north Twin Cities metro.
We talked about the market, what the biz might be worth, the sale process. They didn't say much about the numbers, just that everything sounded fine.
"So,
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Flat fees? Slack channels? Pure madness from
@KHendersonCo
breaking down lawyer relationships at SMBxWharton.
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Imperfect comparison: Legal docs in a transaction are like life insurance. The more you buy, the more protection you have, but eventually you hit diminishing returns as your premium climbs. YOU should decide where that point is - let your lawyer decide and it's gonna get spendy!
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I cut my teeth working small deals, so my perspective is a little different than most M&A practitioners that earned their stripes working gazillion dollar PE transactions. I’m a huge advocate for common sense when it comes to getting the deal done.
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It's a warm, June evening in Minnesota. A soft breeze is blowing. There are so many options - what should we do? Go to a ball game? Take the boat out? Grill supper on the patio?
Heck no - that stuff sounds boring! Let's go listen to some lawyers talk about M&A instead!
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My point (not legal advice) is that in the world of small biz deals, a bird in hand is often worth two in the bush*. Especially if it's Seller's bird, and it's in your hand. Consider all options for mitigating risk. Thanks!
*What an absurd metaphor.
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I'm doing continuing ed for my law license today - the course is "The Complete Lawyer" and includes summaries of personal injury, criminal defense, family law, estate planning, etc. Not a great time.
If I wasn't doing deals, I don't think I'd be practicing law at all.
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I'm in Philly for
#SMBxWharton
. It's 53 and cloudy, but compared to Minnesota, it's downright sweltering. The ETA scene in these parts? Also hot!
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We've got a live registration link for the University of Minnesota's upcoming ETA conference! November 16 at 4 p.m. It's free for everyone!
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I'm not generally one to toot my own horn, but
@housleyd
put so much thoughtful analysis into this ranking I couldn't NOT re-post it.
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Tomorrow!! 3 pm! Luce Line!
We can talk about the new SBA rules, which I think include no money down, choose-your-own interest rates, and the ability to make your mother-in-law the sole guarantor (without telling her) on all acquisition loans!
Minneapolis SMB meet-up at 3pm this Friday at
@LuceLineBrewing
.
Come hang out and see fascinating folks like
@ParsleyETA
,
@Baj_Aman
and others in real life!
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I’m always up for talking deals or hearing a solid lawyer joke. Thanks for reading!
-Jake
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Looking for referrals to a real estate investor to take a look at a sales/leaseback arrangement with a business buyer in Minnesota. DMs are open. Thanks in advance!
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@ChandlerReedSMB
Maybe.....but:
What are the profit margins?
What does recurring revenue look like?
What are the key person dependencies?
What are the regulatory requirements?
What are the competitive barriers to entry?
How much potential for fast growth, realistically?
What are the
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I’ve been more active over on
@SearchfunderCom
- if you are involved in the world of SMB deals and you aren’t on that platform, I highly recommend it!
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I don't usually chime in on non-M&A stuff, but this struck me as very accurate.
Maybe it's because I'm a risk-averse lawyer and not a real business-person, but hiring in advance of anticipated need is really hard. Also, critical for growth.
Hiring ahead of forecasted capacity and demand that you see iscoming
This one act in business above everything has been the most nerve-racking experience
But if you wait too long you be caught flat-footed then you might miss your opportunity
It’s an act of self-belief and
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I would be SHOCKED if I had any followers who don't also follow
@SMB_Attorney
, but just in case, this is a fantastic overview of working capital and some great suggestions on interacting with a Seller who doesn't get it.
Working Capital
Arguably the most important (and often overlooked) element when buying a business.
This is a must read and could save your behind!
A THREAD:
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Had a great time talking deal strategy today with
@MySBAPro
!
Pod dropping next week!
Today
@ParsleyETA
dropped into the My SBA Loan Pro Podcast studio
He's an M&A Attorney with the
@smblawgroup
This episode will drop next week and answer many legal questions related to main street M&A 🇺🇸
Also, you might never see a
@Vikings
fan and
@Packers
fan this happy to
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Was speaking to a group of searchers this week and the topic of Asset vs. Stock (Equity) transactions came up. I referenced this tweet. So good!
Happy M&A Monday: Transaction Structures: Asset vs. Equity Acquisition.
There are 3 primary ways to acquire a company: (1) Equity Acquisition, (2) Asset Acquisition, and (3) Merger.
(1) Equity Acquisition (Equity P). Buyer acquires the equity (stock for a corporation,
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It’s the best people (small business owners) doing the coolest stuff (making a huge bet on themselves), and I get a seat at the table to help make it happen.
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Nothing beats the smiling faces of your fellow SMB entrepreneurs and service providers in person!
Minnesota people - come on out to Wooden Hill in Edina next Thursday. Frosty beers (with solid NA options), good food, and really, really great people talking SMB! All are welcome!
MN SMB meet up >>>
Come join us for some great convo’s on SMB and maybe meet a few new people in the space
When: 6/29 Thu at 4pm ish
Where:
@WoodenHillBeer
Who all are in?
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@taywall
@bentigg
Taylor - true story for you, I was sitting with my 6-year-old daughter this morning looking at Twitter on my phone (not great parenting, I acknowledge this). She asked me if any of these people on the screen were my clients and I showed her your picture.
Me: "This is Taylor, he
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@SMB_Attorney
Thanks Eric. Definitely contrarian in some circles. But honestly, I think it's just ETA for the rest of us.
This chart from an excellent blog post by
@EndresenHeather
really drives the point home. I believe this data is exclusively from SBA acquisition loans 2018-2021. The
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Earlier this year I talked to an owner who was going to sell his business to someone he didn't like. He wished he could sell to his foreman instead, but the guy didn't have enough money.
I asked if he and his foreman had talked with an SBA lender. He had no idea what I was
Thinking of buying a biz?
YOU may have to educate your seller.
Mine had a hard time believing the bank would give me a multi million dollar loan.
Thankfully
@sbabmarks
got on the phone and explained to him: “We care about cash flow"
Don't assume the seller knows the process!
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@SMB_Attorney
This number makes sense as long as we're treating "700 hours of work" as synonymous with "700 hours of being alive"
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Twin Cities! Come mix it up in the pit with local SMB owners out there getting things done!
A few aspiring owners and deal grifters like me will be there too! 4 pm! Wooden Hill in Edina!
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@KHendersonCo
@SMB_Attorney
The way I see it,
@smb_attorney
's follower count is like a packed Meadowlands. Yours is a good-size outdoor amphitheater. Mine is like an overcrowded DMV. Sure, people are there, but nobody is particularly excited about it.
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@KevinTrottier
@SMB_Attorney
@smblawgroup
@KHendersonCo
@TwoTeesSMB
@RobertMSterling
@Sam_Rosati
@Laura_W_Gieseke
@Eli_Albrecht
@stephenolmon
When Texas solves its very serious ice fishing conundrum, we can talk.
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Lawyers rarely quantify risk for their clients.
We can identify it, address how to mitigate it, or react to a risk being realized, but we can't tell you how likely it is that a problem will occur, beyond anecdotes or a few rare instances where we have limited and flawed data.
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@RegZeller
@SMB_Attorney
@mhp_guy
@ClintFiore
@KHendersonCo
@stratolyte
@chrisxmunn
@VelvetTaco3
@CTW_SMB
@TwoTeesSMB
I had to read this whole chain just to see why I was mentioned. Turns out I'm being used as a bargaining chip for *checks notes* the timing of a taco tour...?
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@RegZeller
@joshuamschultz
I love these pictures. It's the real world of SMB acquisitions. No lawyers, brokers, or lenders here - we're all grifters and means to an end. But you and the guys in these rooms are showing up every day to build real things, and hopefully grow together to new heights. Love it.
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We are very different people, but I really, really like working with
@Eli_Albrecht
. Honestly thrilled to have you on board, my friend, and I cannot wait to see where this thing goes!
Proud to join
@KHendersonCo
,
@SMB_Attorney
,
@Sam_Rosati
,
@ParsleyETA
, Norina D'Agostini,
@Laura_W_Gieseke
, and
@TwoTeesSMB
.
I am in awe of what you all have already built and honored to join the team.
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A few hours before Sam's pic was taken, we took a picture of the 4
@smblawgroup
attorneys discussing our respective legal pedigrees and personal marketing strategies.
Austin TX with the
@smblawgroup
crew. If you’re out there grinding and building your SMB dream, make sure you are doing it with friends you trust and jive with … then you can’t lose.
@KHendersonCo
@SMB_Attorney
@TwoTeesSMB
@ParsleyETA
🚀🚀🚀
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If you chose Option B, here are your choices:
1. Don't pay Joe (Joe might sue you...or he might not!).
2. Renegotiate with Joe.
3. Write mean letters and/or sue Joe just as if you chose Option A, except now you're holding $200k of Joe's money, a significant bargaining chip.
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@ClintFiore
Yes. And if Seller loses their mind because A/R is "their money" and you still want the deal, talk to your lender about a line of credit or some other WC injection and adjust the purchase price accordingly. Be creative to accodomodate the psychological needs of Seller.
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I MIGHT have been chatting in the hallway during this keynote but
@KHendersonCo
to the rescue with Cliffs Notes! SMBxWharton
Love "Think like an entrepreneur, not a PE fund. 'If you’re going to be a searcher, you can’t be corporate.'”
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@Whitney_Sheph
Main Street M&A is teeming with lawyers who will do limited scope work on a transaction for insanely low flat fees. They are making money charging low fees because they spend very little time on the documents, and frankly don't care if they are good quality or not. They don't
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@joshuamschultz
I'm not much for chest-thumping on Twitter but I returned here solely to report on my latest acquisition: a 2016 Chrysler Town and Country (wait for it) TOURING with TWO (count 'em!) DVD screens in back. It has a heated steering wheel! The thing just oozes practicality!
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I had a contact with pre-acquisition QSBS questions yesterday, so I dug up this Tweet and sent it over to him. It's so good!
So before that fish fry at the VFW this evening, feast on some knowledge.
Lots of talk about the BRK meeting this week. Comments about AI, climate change, and reserve currency status.
But lets be honest...what we all really want to talk about is QSBS!
It's even sexier than F Reorgs!
So grab a mimosa, and lets dig in! 🧵
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@Whitney_Sheph
More than anything else in the SMB acquisitions space, I strongly believe we need more competent, responsive, and kind business brokers. Any brokerage that can cover these bases will do well and quickly gain market share, I'm convinced of it.
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If you scroll through my prior tweets, you’ll probably be underwhelmed, but I’ll try to step up my game and provide the kind of value you’ve hopefully come to expect from the SMB Law Group.
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SO! Is it worth it to pay a premium for the risk mitigation? That's your call! You might never need it if you do thorough due diligence or nothing goes wrong. And I'm not pretending that holding cash is a substitute for thorough deal vetting/legal (although it might be??).
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@bentigg
Thanks Ben! Completely agree - this tent of SMB acquisitions is a big one and there's a lot of different people looking for different things underneath it!
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Looking forward to this kickoff to the Wharton ETA conference! If you're there and you see a tall, generally befuddled-looking character, say hi to me!
NEW LOCATION! THE POST!
HELLO Philly meet-up tonite 3-22
WE HAD A HUGE AMOUNT OF Last minute RSVPs we had to switch venues to accommodate :
THE POST! 5 - 7 pm. Open House
129th S 30th St PHIL PA
100 + rsvps.
@JordanPCarter
@S_M_And_rews
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@ClintFiore
So many cousins the grownups don't fit at the table....hope you had a great one, Clint!
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Definitely save this though, when we ditch
@SMB_Attorney
to form "Parsley-Henderson Law," we won't even have to change the footer!
From a presentation given at BigLaw firm Paul Hastings.
“You’re in the big leagues, which is a privilege, act like it.”
“You are online 24/7. No exceptions, no excuses.”
People often ask why I left BigLaw.
Exhibit A.
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@Slackwatercap
@SMB_Attorney
@KHendersonCo
@Eli_Albrecht
@Laura_W_Gieseke
Ben - go ahead and make the intro, we can run it.
We've got some O&G OGs to handle the lawyer stuff, and I'll make the coffee and procure some nice champagne for the Closing. Everyone has a role to play!
Just go ahead and cc me on an email or text or whatever. Thanks!
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@joshuamschultz
@RegZeller
@Schornack
@smblawgroup
@EverestBrady
Totally agree,
@EverestBrady
showed a lot of hustle to get this things across the line - cheers to the CaneKast team on another deal closed!
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Watching
@steveressler
kick off the Southeast ETA conference with an overview of the landscape. Find me if you're here and say hi!
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SMBX M&A is up to its eyeballs in anecdotes. Most accounts you read here - included my own - are peddling anecdotes. That's useful sometimes!
But Heather and the team
@LumosData
are bringing the data. This is so rare and so valuable to the community. Can't wait to dive into
The SMB community likes to debate whether using an SBA loan to acquire a business is super risky, or a great idea.
Viso and
@LumosData
have collaborated again to update the stats on SBA Acquisition Loans.
This time we've included information on defaults AND early pay-offs👇
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@Schornack
@RegZeller
@CashFlowCurious
@SultanofStorage
@SMB_Attorney
@ClintFiore
@DOBCapital
@lawyer4SMBs
@GoodsCapital
@thomasince
@yetanothrsearch
@Whitney_Sheph
@SBA_Matthias
@girdley
@BillDA
@tsludwig
Fantastic resource. Great place for info to start/continue the SMB acquisition journey. Thanks for starting it, Andy and contributing 90% of the content!
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The value of what Sam is proposing to do here is bonkers. Amazing stuff!
🚨SMB Buyers🚨
If you are under LOI/contract to buy a small business, tweet me some *nonconfidential* details and I will retweet in an effort to connect you with other owners/operators in that industry.
Seeing too many folks go into diligence without “insider” knowledge on
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Also: Our mothers think we are great!
Things have been busy at
@smblawgroup
during Q1 2023!
So busy, in fact, that we've neglected closing announcements, but not because they aren't happening!
We couldn't be happier with a record-setting Q1 and look forward to continued growth in Q2!
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@Eli_Albrecht
My man is taking the class straight to the deep end of the pool! Of course there is no hard and fast rules on Main Street, but in my anecdotal experience, the most common scenarios in, say, <$3m deals for asset sales is:
- No Escrow
- No Holdback
- No specific right of offset to
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