Whitney Shepherd
@Whitney_Sheph
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SMB searcher. 👩🏻🔬 past chemist. momx4boys & 18 🐣.
Boston, MA
Joined April 2022
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Hey I'm leaving for a run!
Wait, Mom can I come with you? I have my Paw Patrol watch to time it.
He’s 5, ran 1.7 miles and talked the entire time 😊
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I really want to build a new school that disrupts all of the current schools.
The private schools are just like the public as in they are so focused on traditional academics.
It would be so cool to have a school where your child learns actual skills.
Learns to cook healthy,
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I have an unforgettable parent story.
3 year old throws up this morning & says it’s from drinking water from his water cup next to his bed.
I go search for the water cup, find it and notice the liquid is yellow.
That’s weird we don’t have any juice in the house.
Did he
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What it feels like talking to people with a private equity background. 😜😅 jk
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Before he’d be sitting at a desk right now takes tests and doing worksheets, waiting for that 20m recess. Not anymore. He loves this!
8 year olds are capable of so much more!
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@MrRisun
Every person is difficult to be around at different seasons. Not worthy of a divorce especially for the impacts it would have on kids. Glad you let her know, heart sinks when I even hear that word.
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I love to travel with my kids, but the logistics are insane.
Rental car: always need a 6 seat car. Forget driving around Europe.
Flights: Buy 6 airplane tickets.
To and from airport: Most SUVs can’t fit all our luggage, stroller and us.
Oh and then there’s 4 carseats.
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Search doesn't seem as peachy as it did when I first started.
Let me explain.
The plan was buy a business at a price that was ~3-4x sde/ebidta in a place I want to live!
THAT SOUNDS AWESOME!
Here's what I've come to learn.
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@sweatystartup
Everyone making fun of the salesperson but desperately relying on them to bring in revenue. 🤔
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@chrisxmunn
Is this lecture necessary? Do some people NOT realize this? I’d be kinda pissed paying tuition to be lectured about common sense.
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Is Salt Lake City a good place to raise a family if you aren’t Mormon?
Curious on the pros and cons.
Love the outdoor adventures that exist and that there’s other big families.
Salt Lake City has sneaky good food. Never heard it mentioned on any of top food cities, but after a couple a days here, this city is crushing lunch.
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My husband complains about how much time I spend on here.
But I bet he won’t complain about this…
He’s been hinting he wants a new grill.
I know literally nothing about them.
His Birthday is coming up, so if you could drop some recommendations on what is good, I’d highly
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Do you think we’d be better off as a society if we stopped advancing the cell phone after the old Razor phone was developed?
I contemplate this often.
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1 year, 8 months of search.
~40+ Seller Calls
~15-20 LOI's.
3 accepted LOI's.
3 dead deals.
What's not included in that line-up? All of the amazing people I've met and the amount of information I've learned that no MBA would of taught me.
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At the Harvard ETA conference an MBA student at HBS asked me how I cope with the emotional roller coaster of search? I didn’t say this, but I sure as heck thought it; it’s nothing compared to parenting 3 boys 🤣 it’s a wild house here. 🤪.
#sba
#smb
#acquisitions
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Thinking a lot about this baby girl that I lost at 14w between Xmas and New Year’s Eve last year. I post this NOT for pity, but to remind myself of how much that pain also made me grow this year. Thanks baby girl for all that you taught me 💕 😘
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I have the cutest intern for my seller conference call 💕 1w today ☺️😊
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A 50k cash flow business.
Please send us detailed resume, PFS, credit statement, 3 references, names of your kids, your college gpa, and a 3 page essay on how you’d be a good fit for this business.
Vs.
A 2M cash flow business
Please sign NDA and call me.
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Does anyone else talk to themself while they drive?
Or is that just me.
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Real conversation.
Him: What size company are you looking for?
Me: 1-2 EBITDA. (he sort of laughs like “that's cute, little business”) How about you?
Him: I only look at businesses with a minimum 100M EBITDA.
Me: oh nice!
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HVAC, Plumbing.... just about every single service business you can think of has a franchise.
Cheat sheet to compare, analyze, and guide you to creating a great business model.
Here is the link to the database
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If you could live anywhere and cost of living wasn’t an issue, where would you pick?
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Best thing that ever happened to me x4. Nothing in life makes me happier then these guys!
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Saturday mornings at my favorite coffee shop on the Cape. 🥰
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What’s up with the crazy high “cleaning service fees” on Airbnb. What business is cashing in on these?
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Little slice of advice for when your preparing for seller meetings in businesses you’ve never ran before (which is probably all of them).
Search on indeed for all the types of job positions listed in the CIM. Read the requirements and the employees duties/responsibilities.
#smb
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A woman came up to me & said "you are SO lucky!"
I was solo with all 4 at the checkout at Whole Foods.
Really appreciated her saying that. Twist the perspective from "this is hard" to I'm so thankful
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This has been my two search outcomes lately when I find a great business 1.) very overpriced, bad dscr 2.) retiring owner who thinks only someone with direct industry experience is capable of taking over.
#smb
#sba
#acquisition
🧵
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First set of chicks are ready to move out of our house and into the coop!
Let’s do the numbers! After all, this is SMB twit… we gotta run the numbers!
Lumber = $434
Siding = ~ $ 250
Metal roofing = ~ $300
12 Chicks + brooder set/feed = ~ 200
Hardware= ~150
Chicken Door= 120
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In a dumb argument with my husband and he goes,
“You are just a very extreme person. Everything is just 100mph, pedal to the metal. You’re just very intense.”
And I just pause.
“Wait, Is that supposed to be a diss b/c that sounds like one of the nicest things you’ve ever
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The ultimate “thesis” for starting a company. I always wondered why he started with books…
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When writing an LOI do you like to put the $x amount for working capital OR say adequate amount of working capital will be determined after due diligence?
#smb
#sba
#workingcapital
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If the business is so good, why doesn't the seller have someone within their circle that wants to buy it?
I always try to figure this out through questions.
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Maybe it’s just my feed but lately I see the temperature change in SMB acquisition world.
From buy a business, nothing could go wrong, it’s a cash flowing Asset!
To buying a business is tough and it hasn’t worked out/were bleeding money.
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99% sure I live in a frat house.
My son just rolled out of his bedroom on a scooter, riding it into the kitchen asking for a bowl of cereal to eat in bed. Wearing baby Yoda Jammies.
How did the scooter get in his bedroom?
Why isn’t he asleep.
#momofallboys
#3boys
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@AustinLinney
With kids, airbnbs are life savers bc it’s a house verse a hotel room.
That said reviews & quality photos are everything.
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Thanks for the great women in ETA “space” call yesterday
@EndresenHeather
My big takeaway ⏩ Great Women doing Big things but they don't feel it's “big” enough to be more outspoken about it. Women are humble creatures. I was impressed by everyone on that call!! 👏👏
#womeneta
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Accrual vs Cash based accounting. Do SBA loans require cash based accounting to acquire the business your buying? Or does this typically not matter?
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What’s the deal with CPA firms? How do you purchase one without being an accountant? Google is telling me it’s not possible but I think smb twitter may be more insightful in this arena 😊
#smb
#sba
#cpa
#acquisition
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Tis the season… for amoxicillin.
4 kids with an ear infection and this our fridge 😂 what do you want for breakfast?
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There’s just so many people searching for a business to buy.
It’s kinda wild.
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What all searchers want:
- reoccurring revenue
- no customer concentration
- strong management team
- retiring owner
- working capital left in the deal
- seller note with 24 months on standby
- up to date equipment/vehicles
- niche
What am I missing? Wrong Answers only...
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My little sister is on ESPN today, she is a D1 athlete in the SEC. I’m just on Twitter to brag about us being related.
You go sis! 💯💕
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So, anyways that my take from someones who's been under LOI 3 times, and has looked at 1,000s of businesses.
Something I've always said, and will hold true to, I'm only buying a business if I truly think it will improve my current life.
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@meetmikehiggins
I also think not drinking alcohol is a big factor, you don't have something to fill the void of being bored so you work on creating or taking care of yourself
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Current SMB operators with SBA loan, what’s your game plan with debt?
#sba
#smb
#acquisitions
- pay it off over traditional 10 years.
- pay yourself next to nothing and pay it off in 3-4 years if possible.
- somewhere inbetween
- if comfortable pls explain ⬇️ I’m curious.
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There's no playbook in searching for a business. Everyone's journey looks different, don't spend to much time comparing yourself to others.
A wonderful speaker at Harvard ETA conference spoke on how it took her 3+ years to find a business.
Her returns were 29% for 20+ yrs.
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Why are you ssstiiillll searching for a business to buy?
Short answer: I had my fourth baby. He's super cute.
You don't want to jump into bed with the wrong business, just because it's taking time. Or maybe you do, but I don't.
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⚪️ If a broker is nice, personable and responsive I’m more likely to want to send an offer in and look forward to being in communication for 60+ days.
⚪️ If a broker is rude, it reflects on the seller for picking that broker and it stirs a 🚩for the culture at the business.
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Should I leave him in the stroller outside the house to nap like the Northern European countries?
I know the moment I pull him out of stroller he’ll be awake.
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This made me laugh. What's your degree in? 🔽 did you use it?
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The 10% down + 10% seller note days may be over for good deals in the 750+ ebidta region.
I know once I post this everyone will say no way I got a deal with that! From my perspective it’s been a fight for a dscr that works with 10% down.
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Saw Messi play tonight & he scored 2 goals! Unforgettable 🤍
That’s the best pic my oldest will take with me. 😅
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📍Burlington, VT to run my first marathon.
End up sick all night before my run, sounding like a pack a day smoker.
My sweet kids gave me something 🤷🏻♀️
All that training and couldn’t run it.
Made the best of it though and had fun exploring Burlington and celebrating my
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@gas_biz
Where I grew up you were not allowed to pump your own gas. The law just changed this past summer it was surreal. People driving off with gas pump still in there car- it was wild.
In short, pumping your own gas is way better then someone else. No wait. Just pump and go.
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“People don’t sell businesses that make money they sell the losers”
Beth on Yellowstone 😜
I hope that’s not 100% true.
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When I started search, you could expect a 2-4 multiple for most businesses in the 500-1.5M Ebidta. These days, it’s a Wild West with the prices.
As more MBA programs teach it & more gurus sell courses on it, businesses will continue to increase in price.
For the business
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What’s people’s thoughts on MedSpa industry during a recession?
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Decided to homeschool my almost 9-year-old so he can sort through CIMs and NDAs for me.
Ok, not really. He's still in school.
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Happy 9 year Anniversary! Cheers to a lifetime of laughter and kisses, and a home that never has a dull moment.
It’s been one heck of a ride so far, and I wouldn’t want to be in it with anyone else but you.
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Mom: how's marathon training going?
Good, have to run 8 miles today tho.
Mom: oh that’ll be easy for you, you used to do that all the time!
Um mom that was 4 babies ago and about 15 years ago.
It's funny how the older you get, your perception of time changes.
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My 2 youngest made a Christmas present tonight; Christmas color drawing all over our white living room walls in PERMANENT marker. Merry Christmas Eve! ✌️🎄🎨
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I've been seeing a big increase in listings wanting a strategic partner. Is anyone else seeing this?
#smb
#sba
#acquisition
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RVs are crazy these days.
So full disclosure we took the kids to two RV expos last month and they had a blast. Judge me all you want.
Its wild that an Escalade cost more than a high quality 5th wheeler/trailer with 3 bedrooms.
You know I had to look into this industry. 🧵
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Saw an SMB “celeb” post this. I’ve never heard of an M&A lawyer only charging 5-10k dollars for a 5M deal. 😂 🤔🧐🧐
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My son participated in a kids business fair and he made lots of bouquets 💐 all on his own to sell.
Generation Alpha you can go ahead and thank me for raising great future husbands 😅 He also can make a killer Charcuterie Board.
Raising 4 gentleman’s over here.
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Without getting technical, SMB search is just online shopping where you read a ton of “reviews” to determine the quality of the “product”. Push add to cart. Check for coupons “lender”. Let QoE and attorney package it up. Pay.
#smb
#sba
#acquisitions
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