Ben Bortner
@Slackwatercap
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SMB owner, operator, and investor. Slack Water Capital provides equity gap capital to self-funded searchers acquiring established SMBs to own/operate full-time.
Key West, FL
Joined May 2023
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A lot of new followers over the last 24 hours, welcome!
For those of you not familiar with my story, I am a former investment manager turned acquisition entrepreneur. I performed a self-funded search and acquired a pool company in 2019, grew profits 4x over 3 years, and sold
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Pools are gross. You really wanna buy a pool service company?
This is 6 months of dirt, algae, dead skin, sweat, and probably even some 💩 (my dog uses the pool, but humans are also dirty) on my lightly used residential pool. Commercial pools are much worse. We had some pools
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@brianbeers
Now imagine private business ownership stakes. Are we taxing those too? Who's appraising all these private business stakes? This proposal is dead on arrival. Completely unfeasible and a terrible economic policy.
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@brianbeers
- The $750k EBITDA should already include the searcher's $120k salary
- $3m would be on the high end for a $750k EBITDA business (probably more like $2.6-$2.8m - we will call it $2.7m)
- 15-20% equity would be more like $400k-$500k of equity (we will call it $500k)
- Working
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All else equal, the "self-funded" searcher makes nearly 3x as much as a traditional searcher. Surprisingly, the investor is also better off!
Because of the superior economics, the self-funded model will continue to gain share among the best and brightest acquisition
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‼️Attention Self-funded Searchers‼️
My fund is currently writing equity gap checks of $250k-$500k for SMB acquisitions. If you are using the "self-funded search" model, have a deal under LOI, and are looking for an equity partner who brings hands-on-experience with SMB
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@F1
@Charles_Leclerc
@ScuderiaFerrari
Monaco track layout needs to be changed or removed from the schedule.
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I don't understand the infatuation with "generational wealth" that seems to be popular on Twitter these days. There are very few examples in history of children being gifted extreme wealth working out well for them. Everyone should have to work for their success and their place
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Self-funded searchers are always asking how to structure equity when taking on investors. Investors in self-funded search deals typically expect to receive participating preferred stock. Here's what that means and an example. 🧵
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This isn't going to make me any Twitter friends, but...
Searchers, you don't need another coach, guru, course, podcast, book, blog, etc. There's no secret sauce. Spending more time learning about search (beyond the basics) is just an excuse to not actually go and do the work. At
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Searchers, if you want to win more LOIs, and have those LOIs actually CLOSE (which is the real goal), here's a tip:
Rather than attempting to educate a seller on the ins and outs of working capital, just plan to bring your own and factor it into your purchase price!
For
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Here's the secret about buying an SMB, it's gonna be a GRIND.
You're going to work harder than you've ever worked before in your life.
That business you bought that runs off a fax machine and Excel spreadsheets? It's going to be a mess. It sounds simple to say you'll throw
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Eric posted a few weeks ago about the necessity of a 5yr non-compete. I'm an investor in a company that was acquired by a self-funded searcher in 2018. Sure enough, on the 5yr anniversary, the former owners started a new business to compete directly again.
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@bethanyjbabcock
Pools are like boats, money pits. One you're trying to keep the water out, the other you're trying to keep the water in.
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Slack Water Capital is currently under LOI to acquire a route-based home services and commercial services business located in Key West, FL. We are seeking an operating partner to run the day-to-day operations as CEO with some helpful guidance from me. We are uniquely positioned
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Put me in the grumpy grandpa category, but I see a couple worrying trends here:
1) Everyone wants to buy an SMB, but no one wants to actually run one.
2) Some "service providers" seem to care more about getting your deal done (and a commission) than whether it SHOULD get done.
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SBA Partial Ownership Buyouts
I'm starting to see more searchers using these deal structures. I don't think they are necessarily the best deal structure, but if we're going to use them we need to cover a few key points.
Most importantly, these need to be structured so that
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It's been a magical past few days with my bride, family, and friends
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For those reading this post that don't know, I used to own a pool maintenance company that performed over 800 pool cleanings per week. I am a licensed Pool Servicing Contractor in the state of Florida and a "Certified Pool and Spa Operator".
While I enjoy pools, there's no
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Congrats to Cole Carrera and Jack Eldridge on their acquisition of Strobes N' More! Upon closing, Cole and Jack have relocated to Rhode Island to lead the company full-time as Co-CEOs. Slack Water Capital was pleased to serve as the lead investor and I am excited to join Strobes'
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I caught up with a self-funded searcher earlier this year who had bought a niche manufacturing business and then it's local competitor 1-2 years later. Both small acquisitions that he financed with SBA loans.
I asked him how it was going and he said that he had permanently
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@F1
So many talented young drivers without a seat (Lawson, Bearman, Antonelli), not sure why K Mag and Ocon still have seats.
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Brad Jacobs latest platform $QXO (formerly $SSNT) will be an interesting case study. Jacobs Private Equity just closed their transaction to inject $1B into what was a micro cap company with a $20m mkt cap to give themselves a new publicly traded platform/currency to go out and
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I am once again reminding searchers to get a forgivable seller note...
Have a faster growing business and basing your offer off of LTM EBITDA, which is significantly higher than the last 3 year average EBITDA? Forgivable seller note tied to revenue in your first 12 months vs
Guys/Gals in SMB land, I am shocked by the number of deals that I continue to see that have a seller note, but it is not forgivable. This is a mistake. You want a forgivable seller note tied to some historical performance metric of the business, and you should specify this in
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The economics for a self-funded searcher are INSANELY good and far above the "market" for independent sponsors and/or private equity.
The self-funded searcher effectively charges a 7.5%-25%+ management fee ($100-$150k salary on $500k-$2m of equity raised) and a 55-80% carry
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Slack Water Capital is pleased to announce that it served as a co-lead investor in the acquisition of Jones Skip Hire (Wolverhampton) Ltd. The acquisition closed on March 1st, 2024, and was led by Tarun Abraham and Tim Hayward. As part of the investment, Ben Bortner, Founder and
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Guys/Gals in SMB land, I am shocked by the number of deals that I continue to see that have a seller note, but it is not forgivable. This is a mistake. You want a forgivable seller note tied to some historical performance metric of the business, and you should specify this in
This is a great overview by Eli of seller notes, the nuances of which I think are often underutilized by searchers.
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For the love of God folks, stop engaging with the grifters. Just ignore them.
When you engage (positively or negatively) with the people selling bullshit newsletters, courses, masterminds, meetups, podcasts, coaching, and generally leeching off the SMB/ETA ecosystem without
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@LeadershipAcad1
I think your best option is to give the guys from the new company the week off as they were expecting and planning for (the seller should pay for this, or should have paid for this, through a PTO accrual at closing).
I would also pay your current team time and half for the week
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The most dangerous person in search/SMBX...the former real estate bro who now wants to be an SMB bro because the real estate market is dead. Every single one of them wants to (a) max out their leverage with an SBA loan (think 1.3x DSCR), and (b) own the business passively (like
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You better be great at raising capital if you're going to buy a capital intensive (lots of expensive equipment) and/or a working capital intensive (lots of inventory, slow payment cycles, lots of receivables) business.
With these types of businesses, the more you grow, the more
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The searcher's starting salary, bonus plan (if any), and annual salary increases should be specified in the term sheet and LLCA. Increases in salary or bonuses beyond this need to be approved by a majority of the minority. Otherwise, the searcher could easily increase their
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I don't really want to introduce more competition into the SMB world, but...
Sometimes I feel bad for my former public equity investor colleagues. Beating their heads against a wall trying to outperform a largely irrational market.
Sure, you can occasionally find attractive
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Slack Water Capital is pleased to announce that it served as the lead investor in
@adammetauro
's acquisition of a majority interest in iMold LLC.
iMold was founded in 2015 by Brian Bland and is headquartered in Fort Myers, FL. Over the past decade Brian and the iMold team have
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The state of self-funded search. Lots of opportunities (Silver Tsunami TM), but also risks and challenges (rates, valuations, PE coming down market, etc.)
@SFSAssociation
@search_invest
@sarah_m_andrews
@Robert_E_Graham
@tex34hook
@JordanPCarter
@whentheresawill
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Searchers: You do NOT need to build a 10-20 sheet financial model to analyze a deal. I'm sure your modeling skills are unmatched, but I MUCH prefer to see a 1-page spreadsheet that summarizes all the key assumptions and the resulting financial projections. Make it easier for your
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One mistake I see a lot of searchers making in their search is thinking that just because a certain industry has a lot of M&A activity, or attention focused on it, that there are no more opportunities in that space (e.g. HVAC, plumbing, landscaping, etc.).
A lot of searchers
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Any self-funded searchers here in South Dakota or willing to move to rural South Dakota? Roughly $500k EBITDA. Durable. Non-economically sensitive. Growing. Dominant position in duopoly-like market. Books look clean. Looks like a nice business if you don't mind South Dakota! 🙃
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Still see a lot of posts about negotiating working capital.
My advice, don't bother!
Bring your own and include it in your total project cost for the deal. If you think the business is worth $4m WITH working capital, and you think you need $400k of working capital, offer
Searchers, if you want to win more LOIs, and have those LOIs actually CLOSE (which is the real goal), here's a tip:
Rather than attempting to educate a seller on the ins and outs of working capital, just plan to bring your own and factor it into your purchase price!
For
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Searchers, don't worry so much about your "upside" financial projections. Worry more about your downside scenario analysis.
When you're underwriting a deal, I would suggest stress testing your model with a scenario where revenue declines 20% or more, EBITDA margin contacts as
I believe that long-term rates, e.g, 30-year rates, will rise further from here. As such, we remain short bonds through the ownership of swaptions.
The world is a structurally different place than it was. The peace dividend is no more. The long-term deflationary effects of
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Guys, I think I'm out on the SMB stuff. I'm going to go be a treasure hunter now. ✌️
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Guys, 2 things here:
1) If I had a nickel for every time I heard that the sellers don't do anything I wouldn't have needed to buy an SMB in the first place. Every broker worth his/her salt tells the seller to say they're not actively involved. Really probe on this.
2) Make
Both Sales and EBITDA drastically reduced for the first six months of 2022. By about 35%
This showed that the Sellers were actually involved in the operation of the business and were somewhat responsible on a day to day basis.
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The average self-funded searcher buying a main street business for 3.5-4.5x EBITDA with an SBA loan typically only needs 0.5x-0.9x turns of equity (15-20% of the deal).
This equity can be largely raised from investors.
Buying a small business with an SBA loan makes the LBOs
KKR was one of the real pioneers of our industry. I read "Barbarians at the Gate" in high school. That along with "Liars Poker" first got me really interested in finance.
But in the early days the financial engineering opportunities were just amazing.
When I was at HIG
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A great way for self-funded searchers to stay top of mind with potential investors/advisors is to send a monthly or quarterly update to them via email. The update can cover key KPIs on your search (brokers contacted, CIMs reviewed, seller calls/meetings held, IOIs made, LOIs
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Searchers, are you ready to run an SMB? The following is an actual story I heard from an self-funded SMB CEO today.
The office received 2 phone calls about one of their vehicles swerving all over the road. They called around and figured out it was one of the division managers.
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@LeadershipAcad1
Make sure the seller and you have prepared a speech together and the seller isn't going to just say "here's your new boss" (this has happened to me). Make sure the seller has some skin in the game tied to customer and employee retention during the first 90 days.
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Searchers, depending upon the type of business or industry, a 5x multiple may be very cheap for a $1.5m EBITDA business!
If it's a high-quality business, operating in an attractive industry, there are very likely going to be strategic buyers or financial buyers (with stronger
WSS (War Story Saturday):
Bruce, I have an executed LOI based on an LTM as of the end of August showing $1,496,000 in EBITDA
I'm interested to see what you can lend on this business
The Seller is 80+ so holding a 10 year note is not possible
Read this deep dive and mind set👇
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Searchers/SMB owners: If you want to create a lot of value (and wealth), the metric you should be most focused on is intrinsic value per share (or unit/membership interest if structured as an LLC), which is largely derived from cash flow per share.
Total revenue, EBITDA, FCF,
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@SMB_Attorney
I, for one, prefer my political candidates selected by the elites. Celebrities, billionaires, and career politicians.
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Why do I like investing in self-funded searchers?
You have a different level of motivation when you're PG-ing a large amount of debt AND you don't make very much money until your investors have been paid back. I can confirm from experience.
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Me: It looks like net income is about $600k, what are the proposed adjustments to get to EBITDA? By the way, it looks like there are 4 sellers actively involved in running the business and they're paying themselves a below market wage ($12/hr). We will need to replace them and we
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Searchers, I am once again reminding you to get a forgivable seller note, contingent holdback, or Escrow agreement with the principal value contingent upon certain conditions being met post-closing. For example, a smooth transition of ownership, customer retention, breaches of
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Some guy standing next to me at the gate in Atlanta is explaining the difference between an IOI and an LOI to someone on the phone. No doubt a fresh faced MBA grad looking to buy a $500k SDE HVAC company located in Topeka, Kansas. 🇺🇲
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When looking for investors for your SMB acquisition, I recommend asking for referrals from past searchers/CEOs they've invested in. Not all search investors are the same. Some investors have a track record of adding value and supporting their CEO partners. Some do not. 👀
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SMB owner/operators: Your SBA debt is likely the cheapest capital you will find. Yes, it is currently costing you 10-11%, but that could go down in the future AND you can likely earn >25-50% annually on that capital via an add-on acquisition. Why rush to pay off the loan? 👀
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One trend I see on SMBX is too much generalization about various service industries. Service-based SMBs can be very nuanced by geography (region, state, and county) and should not be generalized.
The seasonality, economic sensitivity, services typically provided, equipment
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I love driving through small towns and cities and seeing all the thriving SMBs. I always Google them, look at their website, read their reviews, look at the level of competition, figure out how old the owner is, etc. Anybody sourcing deals this way? 👀🤔
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Update: What I thought was $600k of SDE, the broker turned into $900k of SDE vía add backs (keep in mind, this is ignoring the salaries for multiple owners who will need to be replaced). I heard it is under LOI for more than $8m now. This is around 3x revenue. 👀
Me: It looks like net income is about $600k, what are the proposed adjustments to get to EBITDA? By the way, it looks like there are 4 sellers actively involved in running the business and they're paying themselves a below market wage ($12/hr). We will need to replace them and we
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This is somewhat fair.
SDE = EBITDA + buyer/GM salary
My opinion:
As a searcher, you're looking for:
$100k-$250k SDE = unless you are buying a hobby business, don't buy this as your first acquisition. The math doesn't work. These only work as an add-on acquisition targets.
General SMB SDE Multiple Ranges Based on SDE size:
$750K-1M = 3.5-5X
$250-750K = 2.5-4X
$100-250K = 1.5-3X
<100K = Crapshoot or Asset Approach
Of course there's exceptions by industry and all kinds of other factors, but this is probably 90%+ of deals.
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Easy block on LinkedIn (or Twitter/X, email, etc.):
(1) You send me a connection request,
(2) immediately hit me up with some type of solicitation (often totally unrelated to what I do),
(3) I don't respond because I'm not interested, and
(4) you then follow up with me
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@patrickdichter
Hot tubs are the worst and riskiest. Look up Legionnaires Disease.
If the water in the pool is clear and you can see the main drains on the bottom, you're probably good! 🤷🏻♂️
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Congrats to Martin Lopez on his recent acquisition of Dryeco Green Cleaners!
Slack Water Capital was pleased to serve as the lead investor and I am excited to join Dryeco's Board of Directors.
Dryeco was founded in 2008 and is one of the largest providers of premium dry
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👀 The amount of interest in the space continues to increase exponentially...
MBAs Are Spurning McKinsey to Buy Small Companies
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We are still looking for deals!
I've been a searcher, an SMB operator, and have exited to a larger PE-backed platform (delivering an 8x MOIC for my investors). I've personally acquired 6 companies and have invested in 9 other SMB/LMM companies. I know what it is like to buy and
‼️Attention Self-funded Searchers‼️
My fund is currently writing equity gap checks of $250k-$500k for SMB acquisitions. If you are using the "self-funded search" model, have a deal under LOI, and are looking for an equity partner who brings hands-on-experience with SMB
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Sure, running an SMB is hard, but have you ever tried to catch a permit on a fly rod? 😂
#permitonfly
#flyfishing
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Thankfully, the buyer has scaled and improved the business dramatically and I think they will have a hard time trying to build a competing company today, especially in the current environment, but it just speaks to the importance of getting the full 5-year non-compete!
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Underwrite your deals with a margin of safety, folks. Estimate your EBITDA conservatively. Understand your variable costs from your fixed costs and how your EBITDA deleverages with a decline in sales. How much would your sales have to decline before your DSCR falls below 1x?
J CURVE.. not discussed enough in self-funded search. Good chance EBITDA goes DOWN 1 - 2 years. Spending money to grow and that growth is often delayed or muted by unforeseen factors. And/or Transition goes wonky. Have enough DSC margin to get through transition.
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@Jeffrey20706426
Depends what type of filter you have, size of the pool, use, environmental factors, etc. But cleaning a quad cartridge on my size pool once every six months is more than adequate.
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Don't listen to Twitter finance bros telling you not to buy and run a small business.
Make up your own mind about it. No one ever said it was easy. Interview people who have done it and succeeded as well as some that have failed. But definitely don't listen to the opinion of
Don’t listen to Twitter business bros telling you to buy and run a small business.
There’s a lot of bad business advice on Twitter — and this is the most painfully obvious one.
Here’s why it’s not a good idea 👇
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Barracuda are one of my favorite fish to target with a fly rod. You have to spot them a long ways off. Make long accurate casts. Technical retrieves. Super aggressive eats. Long fast runs and acrobatics. Plus those teeth.
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It should be illegal to post something like "I'm building a HUGE NUmBEr XYZ company" in your bio when your actual company is 1/1000th, 1/100th, or even 1/10th of that size. BS indicator 🆙 🚩
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Some are worried about the number of new searchers, but all I see is opportunity. Everyday I get 5-10 solid new business listings in my inbox. When I browse
@BizBuySell
, I see opportunities left and right. There are more business opportunities than buyers. But there's a catch...
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@STLChrisH
This is 100% one of the biggest risks to a business with a large fleet. Especially in some of the more litigious states. Highly recommend implementing a telematics, GPS, and camera system like Netradyne or Azuga. They report unsafe driving, which the manager can then watch on
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Remember...
Searchers, if you want to win more LOIs, and have those LOIs actually CLOSE (which is the real goal), here's a tip:
Rather than attempting to educate a seller on the ins and outs of working capital, just plan to bring your own and factor it into your purchase price!
For
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@KrissBergTweets
3 nice months in exchange for 9 months of darkness and depression. Lived there for 22 years.
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Another common question from self-funded searchers is, "What do I do when a broker asks me for proof of funds?" This is the first test of your sales skills, which will be necessary for not only closing your deal, but also your life as a small business owner. Here are some tips:🧵
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The search feature on Twitter/X is amazingly bad. Hard to find people. Even ones you follow.
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It doesn't benefit me much to tell you this, but there are a lot of pros (and some cons) to starting small and just getting in the game!
Pros:
- Lower acquisition multiples
- You save SBA debt capacity for add-on acquisitions at 100% LTV (no equity)
- You get to start small and
We’ve done three HVAC acquisitions so far.
Here’s the progression of how we sourced each of them:
1. Straight from biz buy sell and a broker. We were like the 8th group that came in to look seriously at the business and got the deal done. Small deal, pretty simple.
2. Hip
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I called the IRS today. They said I could either fax the document they need to them, or send it via snail mail. They don't accept PDF scans via email. What century are we living in? The IRS is apparently the ultimate enterprise that still runs via fax machine.
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It should be illegal to publish an annual letter, shareholder letter, investor letter, etc. without disclosing any actual financial performance metrics (i.e. consolidated revenue, EBITDA, FCF, NAV, FMV, etc.).
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Looking forward to seeing everyone at
@SMB_ash
!
At SMBash, we pride ourselves in ensuring you receive the complete conference experience, packed with value and memorable moments. Included in your ticket are:
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I say this often and agree 100%. The ability of a self-funded searcher to get a deal to the closing line is a good indicator of their ability to operate. I would add "sales skills" as well. You'll have to "sell" the broker, seller, investors, lender, etc.
The acquisition of an SMB is a great indicator of how a searcher will handle the challenges of post-closing operations.
Closing an SMB deal takes people skills, tenacity, creative thinking, problem-solving, analysis, and direct (often uncomfortable) communication. It requires
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Searchers may want to think twice before hitting the ask on that a Toronto-based towing company... 👀
"A turf war between tow-truck gangs has fueled a 50% rise in Toronto shootings" via
@WSJ
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@LeadershipAcad1
The way I ran my team was that whenever someone called out, it created more work for everyone else. Everyone pitches in to help out when someone is sick, but there is also heavy peer pressure from the team to self regulate bullshit call-outs. Ultimately, if someone is calling out
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This is a great post by Bruce.
However, IMO, the question isn't whether you can run the business on your own on day-1, but whether you can learn it over 3-6 months with guidance from the seller, employees, and other training resources. And can you properly structure the deal so
WSS: Bruce, I have an executed LOI for $4,250,000 and wish to work with you to help get this done for me.
Task accomplished, deal approved, commitment letter signed!
Now, read why this deal didn't close and valuable lessons learned 👇
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I've noticed a trend of exited traditional searchers coming back around and doing a self-funded search the 2nd time around. I don't think I've heard of an exited traditional searcher doing a 2nd funded search.👀🤔
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If you own the S&P 500, approximately 30% of your money is invested in 6 companies.
4 of the 6 companies have a PE ratio in excess of 30x. The other 2 have a PE ratio of around 20x. The historical average PE ratio for the S&P 500 is around 16x.
I see 2 possible causes or
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People love to talk trash about BizBuySell, but I think almost every business I've found on Axial has also been listed on BBS...🤔 There are a lot of quality businesses on BBS, and there are also lots of low-quality ones. The key is to set up your filters properly and use keyword
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I've struggled with what to say about the horrible atrocities in Israel, or whether it was even my place to say anything at all. However, the tweet below resonated with me.
Hamas clearly targeted innocent civilians in cold blood and committed unspeakable atrocities against
Words matter.
A number of media organisations have editorial guidelines directing them not to use the term 'terrorist' in their reporting of the conflict between Israel and Hamas.
These guidelines may be borne out of well-intentioned aspirations to appear accurate and
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Searchers, I recommend that you reach out to potential investors no less than 45 days before your target closing date. It takes time to round up investors, negotiate terms, review legal docs, provide documentation to SBA lenders, wire funds, etc. This is especially true if you
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When entering an entirely new business or industry, I suggest one approach it with a healthy dose of humility, curiosity, and willingness to learn.
Over confidence, dare I say hubris, is likely to lead to some unnecessarily expensive learning lessons...
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