SMB Deal Guy
@SMBDealGuy
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Patrick O'Connell | 2X SMB Owner | Confidently Buy, Sell, and Operate Profitable Small Businesses | Conducted 125+ SMB acquisitions ~$800M EV |QoE | CPA💥
Washington, DC
Joined July 2023
Don't wanna be here?
Send us removal request.
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Pinned Tweet
Want to find an off-market SMB acquisition?
I put together a 52- page guide called the Business Buyers toolkit which arms SMB searchers with the tools to get this done!
*Must be following*
Like & Reply "SMB" to this Tweet and I'll DM you the link.
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⚡SMB Buyers! I'm giving away a Free Buyers Toolkit Compiled from 10+ years, 100+ deals, valued at $750M.
🎯The best resources including:
1. Essential Buyer Questions
2. Ultimate SMB Guide
3.10 Buyer Tactics
4. LOI, 5. FDD, and more!
📈 Want a copy? Retweet, Reply, and Like
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Conducting Management Calls for Potential SMB Acquisitions - my detailed agenda (short thread)📈👇
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Struggling with >$100K in student debt?
Here’s how I paid off $225K in 8 years!
➡️ Spent 500+ hours learning this.
➡️ I'm an open book and want to help those with high student debt.
Comment "100"
** Kindly Like & Follow** for auto DM
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This is why I do what I do.
I love providing tangible value & actionable insights to people looking to change their lives by buying a business.
This just keeps me going to continue to help the SMB community!
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Hello X Community! A Quick introduction is needed...
-I'm a former Private Equity Strategic M&A expert (back when it wasn't cool). I'm old in the M&A world but new to X so please be kind as I navigate this platform!
2024 Goals:
1. Conduct $100 million in acquisitions (up 25%
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Just spoke with a business owner of a medical consulting business.
No marketing.
No fancy CRM.
1-page website that looks 10+ years old.
~ $3M in net profit last year
~ Extremely high gross margins
Maybe less is more???
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The SMB community is awesome! I've only been active on X for about 2 weeks & hit 225 + followers.
My original 2024 goal was 1,000 .
I've changed it.
The journey to 5,000 begins!
Providing value does indeed generate a following.
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Simple rules all SMB Buyers should follow:
⏩ 10% Seller note
⏩ 10% down payment
⏩ 80% SBA financed with a PG
Keep it simple and your next deal is closer than you think.
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2024 is poised to be a very strong year for acquisitions.
💥 To support my clients, fellow searchers, and the M&A community, I have compiled an M&A Cheat Sheet covering all aspects of Business Acquisitions. 💥
This cheat sheet provides a high-level overview, encapsulating the
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Searching for an off-market SMB acquisition?
My 52-page Business Buyers Toolkit provides all the tools you need!
*Must be following*
Like & reply "52" to this tweet, and I'll DM you the link.
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The components of a $5,200,000 SMB deal closed last week:
80%~ $4,160,000 (SBA loan)
5%~ $260,000 ( Buyer deposit)
5% ~$260,000 (Single investor)
10%~ $520,000 (Seller note)
Buying a $5,200,000 business is more attainable than people think.
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📊Business owners and future entrepreneurs!
Grab a copy of my free KPI template $$$
✅ Simplify performance tracking
✅ Make data-driven decisions
✅ Boost your growth and profitability
Like & reply "KPI" to this tweet.
**Must be following** to receive automatic DM.
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@SMB_Attorney
$400,000 for a domain in 2 posts makes me think these are related…..
@sweatystartup
@SMB_Attorney
odd amount for a domain these must be related!?!
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Want to secure an LOI in the next 90 days?
I put together a 52- page guide called the Business Buyers toolkit which arms SMB searchers with the tools to get this done!
*Must be following*
Like & Reply "90" to this Tweet and I'll DM you the link.
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Free LOI template 🔥
Receive an Instant DM!
⚡Used for 150 deals, valued at $800 million.
*Please Like and Follow*
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SMB X Community! As my following continues to grow another Quick introduction is needed...
-I'm a former Private Equity Strategic M&A expert (back when it wasn't cool). I'm old in the M&A world but new to X so please be kind as I navigate this platform!
2024 Goals:
1. Conduct
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📢 SMB Buyers: Include SBA payments
Add a line called SBA payments
into the last 3 years of historical financials.
Quickly see if the business can support the loan.
Very Effective for Rapid Analysis.
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Acquired an SMB?
1. Keep key talent happy.
2. Embrace the company culture don't change it.
3. Aim for quick wins.
New SMB Owners what else?
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I speak to 3-5 1st time searchers weekly here's what I tell them:
1. Figure out what you business you don't like
2. Begin outreach. Repeat daily
Remember, it's a learning curve that takes time.
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Looking for an LOI Template used on over 125 deals valued at $800 Million?
*Must be following*
Like & Reply "LOI" to this Tweet and I'll DM you the link today 👊
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Thinking of buying a business?
Ask 3 questions before submitting an LOI:
⏩Margin Trend: Are revenues and margins steadily increasing ?
⏩Liquidity: Can it cover short-term debts?
⏩Consistent Earnings: Is the business steadily profitable?
Keep it Stupid Simple.
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I have 3 deals that will close this week.
I conducted the QoE on all 3.
I conducted the purchase price negotiations on all 3.
Whose next???🎯🎯🎯
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Why is a solid SMB deal team crucial?
⏩SMB deals take 10 left turns & hit dead ends.
⏩You need pros who can back up without a crash.
⏩Seek flexible, easy-to-work-with team members.
⏩They must be very available.
⏩Insist on a high # of deal reps.
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Over $100 Million in Business Acquisitions. ✅
14 months ago I would have not believed this was possible....
I questioned this idea but knew I needed a better life for myself and my family, despite the barriers to entry of established US firms in QoE, FDD, and accounting
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On a day like today, with imminent interest rate cuts and recession talks, I anticipate a busy fall as owners look to sell their businesses before year-end and buyers take advantage of lower rates and valuations compared to the norm over the past 12 months.
What do you think?
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Seller notes in SMB Deals:
✅ Bridge finance gaps
✅ Seal deals faster
✅ Boost buyer trust
Rule of thumb - buyers, aim for 10% seller note.
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First SMB deal?
⏩ Nail that LOI!
⏩ Due diligence backs your $1M+.
⏩ SBA loans = personal guarantee.
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Struggling in your business search ?
#1
tip: don’t do it alone. Leverage a mentor, old co-worker, or partner to hold yourself accountable.
#2
tip: if your lacking
#1
and stuck send me a DM or email patrick
@oconnelladvisorygroup
.com
Going through this process alone can lead
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What’s the
#1
M&A podcast active searchers listen to and find valuable?
Some I find really good
How2Exit
M&A talk
Masters in Small Business
Let’s Buy a Business
What else???
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⚡SMB Buyers! I'm giving away a Free Buyers Toolkit Compiled from 10+ years, 100+ deals, valued at $750M.
🎯The best resources including:
1. Essential Buyer Questions
2. Ultimate SMB Guide
3.10 Buyer Tactics
4. LOI, 5. FDD, and more!
📈 Want a copy? Retweet, Reply, and Like
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I've shifted my focus entirely away from following news and politicians.
Now I follow 100% entrepreneurs, creators, SMB searchers, and operators.
This place makes me feel alive, excited and curious.
Choose your influences wisely—they shape your world.
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@Codie_Sanchez
Everyone has a different path. Some find the courage after an MBA. Others find it through job roles. Someone find it as a combination of both.
There is no one path.
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My DM’s are filled with such wonderful comments after tonight’s X space.
I’m glad listeners found it valuable!
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PSA to Buyers Still Waiting on “Closed 2023 Financial Data”
It’s June 1st.
If you are still waiting on closed 2023 financials, stop what you are doing and kindly ask for this by EOD Monday (June 3rd).
IMO buying a business without seeing a closed 2023 is incredibly risky.
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Free LOI template 🎯
Receive an Instant DM!
⚡Used for 150 deals, valued at $800 million.
*Please Like and Follow*
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Kickstart your SMB search for $29!
I just finished up my 10th call today!
Great guy who said it saved him about 3 months of research.
Inspired by
@RobertMSterling
The call went for an hour (I note 20 minutes but I’ll talk for as long as needed)
I wanted to do it for
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SMB Hard Truths:
1️⃣ 65-year-old owners: Can run their business with just 5 hours per week.
2️⃣ New owners: May need 60-70 hours per week to manage the same business.
3️⃣They win most bids, you'll lose a lot.
4️⃣ It's a journey but it takes time.
What else?????
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Entrepreneurship isn't just about making $, it's about creating value and helping others.
You unlock the ability to...
• Work where and when you want
• Choose who you work with
• Make a positive impact on the world
Strive to be valuable.
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Buy a $5,000,000 Business in 2024 using an SBA loan.
SBA Banks typically require a minimum DSCR of 1.25 to greenlight your loan.
🔑 DSCR = Net Operating Income / Annual Debt Service Payments
For more insights watch the full video below ⬇️
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Who wants to be the 25th $29 consulting call?
No agenda, No timeline, No worries!
We can talk deals all day long ( or something completely different!)
Book a time in (BIO)!
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First-time buyer with an LOI?
I’ve got some tips and best practices that could help.
DM's open!
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✅ Today, a client will finalize the purchase of a $4,200,000 commercial woodwork company.
📊 The QoE (completed by O'Connell Advisory Group) supported the SBA loan, provided the buyer with an operating plan in days 0-90, and was able to close the equity gap via 2 minority
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Buy a $5,000,000 Business in 2024 using an SBA loan.
SBA Banks typically require a minimum DSCR of 1.25 to greenlight your loan.
Here's what you need to know about the Debt Service Coverage Ratio (DSCR):
🔑 DSCR = Net Operating Income / Annual Debt Service Payments
For a $5
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SMB Acquisition Structure:
⏩ 10% Seller Note
⏩ 10% Down Payment
⏩ 80% SBA Financing with Personal Guarantee
Keep it simple and your next deal is closer than you think.
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Bruce makes a great point here, and I want to call it out.
A business buyer’s goal should be to receive an “appropriate amount of net working capital” needed to run the business.
Determining an “appropriate amount of net working capital” is often where a CPA & FDD advisor can
So when the Lender asks you how much working capital you need, never say “as much as I can get”. This is the wrong answer, rather,
You should be very specific and say here’s exactly what the business needs
There is an expression used, perhaps you have heard it;
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📣My annual reminder to ensure you’re analyzing closed financials.
Active SMB buyers under LOI
➡️If the owner or seller tells you the 2023 numbers aren’t closed yet…
➡️You need to pause everything and ask them to close the books.
➡️It’s 4 months into 2024 and they need to
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My old employer tied a noncompete to a 25K bonus I already earned from performance.
I refused to sign it and lost out on my bonus.
Best decision ever…. I would have never started this crazy journey of SMB.
What would you do?
BREAKING: The FTC just banned non-compete agreements.
The Federal Trade Commission has issued a final rule making it illegal for bosses to make workers sign noncompetes in any scenario, and voiding nearly all existing noncompetes.
This is a game changer for American workers.
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Business Buyers are the Hero.
Creating a tailored plan that meets your needs and ensures a successful business purchase is my business.
If you're under LOI and looking for support, I would be honored to guide you on your journey.
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SMB Buyers should ask:
1. Can the deal be financed? Check against SBA thresholds.
2. Are deal terms agreed by both sides (seller financing, transition period)?
3. If needing investors, are there quick capital sources?
4. Willing to provide a personal guarantee?
Avoid dead
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Which would you choose?
I’ve seen colleagues work 10 + years to start earning $300K-$350K suddenly fired after falling out of favor with 1 equity partner.
Both paths have risks, but buying an SMB is controlled by your sweat equity.
If you have a W2 job paying you $500k+, you’re generally well-advised to keep it and let someone else buy that SMB.
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When I conduct financial due diligence, I often “double click” when something in the financial analysis seems off.
It can be the smallest item that sellers may try to brush aside, but you need to pause and dig further. From there, occasionally, a potential deal killer reveals
Had an acquisition deal in closing that looked light on payroll for the two most recent years and conditioned for the seller to provide a payroll summary to review for those years. Seller sends over a payroll summary showing that he pays a few employees in cash. The cash payments
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I need a rockstar EA where do I look?
Retweet, like or comment would mean a lot to enable more engagement!
I had 1 last year but it didn’t work out.
The Internet is great, but there are too many options.
Onshore & offshore probably 50 -100 companies….
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3 ways I review a CIM:
1. Start from the back (always great flaws mentioned here)
2. Review Financial Performance
3. Skip all Projections and Assumptions
No one can predict the future especially the broker whose compensation is tied to the business sale.
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Thinking of acquiring a business? Check 3 things
1) Margin Trend: Are revenues and margins steadily increasing ?
2) Liquidity: Can it cover short-term debts?
3) Consistent Earnings: Is the business steadily profitable?
Keep it Stupid Simple.
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200 replays & 170 listeners!
Extremely grateful for the turnout
@sbabmarks
and I received for our X space this past Wednesday.
A Much larger turn out than I expected.
If other SMB / PE thought leaders would like to collaborate on future XSpaces I would welcome a
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Simple rules all SMB Buyers should follow:
⏩ 10% Seller note
⏩ 10% down payment
⏩ 80% SBA financed with a PG
Keep it simple and your next deal is closer than you think.
1
0
7
First SMB acquisition?
⏩ Structure is everything - do not overlook the importance of a solid LOI.
⏩ Due diligence isn't just a formality; it's the analysis that supports your $1M + investment.
⏩ SBA loan's often require a "PG" take this seriously.
What else????
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Business buyers, thinking of skipping a QoE or doing it yourself? See this real-world example of the long-term implications of missing something critical. These mistakes are avoidable with proper guidance. 👇
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Conducting Your Own Financial Due Diligence?
➡️ Monitor changes in gross margin month over month:
🚩 A decrease to 10%, when the annual average is 25%.
🚩 An increase to 50%, when the annual average is 25%.
Does this make sense?
➡️ This is the quickest and easiest way to
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Seeking SBA Lenders for Prequalified Term Sheets
I’m looking for SBA lenders who can issue prequalified term sheets in reasonable time frame 5-10 business days (assuming the minimum DSCR is met) Many of these are service-based and project-dependent.
If you can assist or have
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SMB buyers under LOI and overwhelmed by the exclusivity period and the due diligence process! 🚨
⏩First, Let’s chat. I’ll happily review the transaction process with you in detail to help ease your mind if you’re feeling overwhelmed or lost (seriously, no sales pitch).
⏩Second,
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@Codie_Sanchez
Consistently doing the right things over 2-10 years yields tremendous results.
Year 1~ $55,000
Year 8~$750,000
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SMB deal complexities?
Let’s chat DM’s Open 🎯
⏩ Seek pros for smooth course corrections.
⏩ Value team adaptability and cooperation.
⏩ Insist on continuous availability.
⏩ Require rich deal-making experience.
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First SMB acquisition?
⏩ Structure is everything - do not overlook the importance of a solid LOI.
⏩ Due diligence isn't just a formality; it's the analysis that supports your $1M + investment.
⏩ SBA loan's often require a "PG" take this seriously.
What else????
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7
I recommend the rule of 3.
Get the seller to say “yes” 3 different times to a proposed LOI based on 3 questions phrased differently.
Most effective way to ensure they’re serious.
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Struggling in your business search process?
DM's Open.
I’ll happily review the transaction process with you in detail to help ease your mind.
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Seeking a motivated Acquisitions professional to join my team to build out a pipeline of lower middle market (LMM) capital groups seeking financial due diligence (FDD) and quality of earnings (QOE) analyses for roll-up strategies only.
✉️
acquisitions
@oconnelladvisorygroup
.com
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✅ Today, a client will finalize the purchase of a $6,200,000 manufacturing company that services premiere clothing brands across the US.
📊 The QoE (completed by O'Connell Advisory Group) supported the investor capital raise needed to fund and close this deal.
This deal has
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Sales, Sales, Sales!🎯
If you are buying or starting a business your singular focus should be sales!
Stop spending all your time on automations, a fancy CRM and a Website.
If you have no sales it doesn't matter.
0
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6
Who wants to be the 30th $29 consulting call?
We can talk about:
- Kickstarting your SMB Search
- How to Handle M&A w/ High Interest Rates.
- Golf Handicaps ?
- Net Working Capital
- 4th of July Plans...
No Agenda. No Timeline. No pressure.
Book a time using link below!
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First-time buyer with an LOI?
⏩Assemble a deal team
⏩Begin due diligence
⏩Complete the above in 7 days or less
What other tips & best practices come to mind?
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No one can risk losing $1,000,000
⏩ Hire an M&A Lawyer.
⏩ Hire an M&A QoE provider with a CPA license & has worked at a Top 25 firm doing QoE work.
⏩ Discuss the deal with a trusted mentor (non-family or friend).
Although not ideal, you can recover financially from
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Kicking off your first SMB acquisition?
- Perfect that Letter of Intent!
- Solid due diligence is the backbone of your million-dollar investment.
- Remember, SBA loans come with a personal guarantee.
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10 Steps to Buy a Business: A Main Street & Lower Middle Market Guide
📌Learn key strategies for successfully acquiring businesses valued from $1M to $25M.
Topics covered include Sourcing Deals, Making an Offer, Conducting Due Diligence, Negotiating the Purchase Price
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Let’s talk about working capital.
In an SMB acquisition, the structure and financing of both the NWC peg and the post-close revolving line of credit are very important to get right.
Your lender and QofE provider should be able to help guide you.
1
1
6
Thinking of buying a business?
Ask 3 Q’s before submitting an LOI:
⏩Margin Trend: Are revenues and margins steadily increasing ?
⏩Liquidity: Can it cover short-term debts?
⏩Consistent Earnings: Is the business steadily profitable?
Keep it Stupid Simple.
1
0
6
Maximize Value, Minimize Risk with Our Proven M&A Strategies.
Business Acquisitions & Sales Require Hard Work and Team Effort. Starting in 2024, all clients of O'Connell Advisory Group will receive a commemorative award to celebrate their successful milestones!
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Free LOI template 🔥
Receive an Instant DM!
⚡Used for 125 deals, valued at $800 million.
*Please Like and Follow*
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1
6
Sales, Sales, Sales!🎯
If you are buying or starting a business your singular focus should be sales!
Stop spending all your time on automations, a fancy CRM and a Website.
If you have no sales it doesn't matter.
Pickup the phone and call your biggest customer or a prospect.
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SMB content 📈
Follow along here where I talk all things M&A.
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SMB dealmakers. Calculating net working capital (NWC) can pose unique challenges. Let's dive into common errors and mistakes I see (short thread)
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Thinking of buying a business?
Ask 3 Q’s before submitting an LOI:
⏩Margin Trend: Are revenues and margins steadily increasing ?
⏩Liquidity: Can it cover short-term debts?
⏩Consistent Earnings: Is the business steadily profitable?
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📢 Join Us for the SMB State of the Market
I'm excited to host this event alongside my co-host,
@sbabmarks
to discuss the current state of the Small-Medium Business (SMB) M&A market, future outlook in dealmaking, and much more!
"Click the link and Add to your Calendar Today"👇
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✅ Successfully completed a comprehensive QoE and a detailed 25-page report within just 10 business days.
How did we do it?
By working both weekends, effectively extended 10 business days to 14, ensuring top-quality results without delay.
DM me today to get started🤝
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HubSpot , Pipe-drive or go high level?
Looking for simple affordable and can grab contacts from gmail automatically.
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Struggling in your business search process?
DM's Open.
I’ll happily review the transaction process with you in detail to help ease your mind.
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Over the past 2 months I’ve noticed a lot of sellers walk right before LOI signing…
Unusual and something I haven’t seen in 5+ years.
Likely a combination of brokers pushing them and their hearts not being in it.
Some probably think they can get back to 2020 / 2021
These days, getting your Letter of Intent signed is less about the financial investment and more about the seller's emotional investment.
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@MarkMagaro
What was revenue in 2022 and 2021?
What industry ?
How much are you paying for it?
With this info I can provide my 2 cents (DM’s open if you’d like)
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Seeking a small community of founders and entrepreneurs, open to a new member.
Meeting monthly or quarterly.
Comments off for privacy concerns.
DM’s open.
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SMB Buyers
Analyze the balance sheet—serious risk lies here.
If you're struggling to understand it, hire someone.
I've worked with and met 5 people lose $500k + overlooking this.
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Simple rules all SMB Buyers should follow:
⏩ 10% Seller note
⏩ 10% down payment
⏩ 80% SBA financed with a PG
Keep it simple and your next deal is closer than you think.
0
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6
The importance of seller notes:
⏩ Bridging Financing Gaps
⏩ Facilitating Deal Closure
⏩ Enhancing Buyer Confidence
Boilerplate seller note for buyers = 10%
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When I started my first business, people told me:
• You’re crazy.
• It won’t work.
• Why wouldn’t you get another job?
• How will you compete against larger US firms?
• How will you get clients?
• You’re risking your family’s future.
• You’ll be looking for a job
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Close SMB Deals Faster
1. Clarify Needs.
2. Streamline Decision Making.
3. Follow Up Efficiently.
What else????
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🚨SMB operators, service providers, and searchers what’s the next event close to Washington DC in the upcoming months?
Looking to carve out 2 -3 days to meet some of this great community face to face.
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SMB Searching is a marathon not a sprint.
1. Prepare for the long haul.
2. Finding the right business can take time.
3. Patience and persistence pays off.
4. Don't rush. The right opportunity is worth the wait.
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📢 Are you a Buyer under LOI?
Save 10% - 15% on your deal with my expert tips and proven strategies.
Follow and send me a DM to learn these tips.
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