Jacob Williamson
@jacubwilliamson
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Small Business(es) owner | Flight Instructor | F1 Media Content Creator | Racing Driver
Austin, TX
Joined January 2018
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Sorority estate sale on a Sunday yielded some amazing finds! $120 in cash from all of my flips and I’m up to $250 from today’s items. Almost $1,000 overall. I run a business at 80+ hours/week and still find this time
@garyvee
we should put out a free slide share on flips
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I bought my family catering company in the middle of the COVID pandemic.
I broke down in tears on more than one occasion in 2020-2021.
I honestly don't remember entire months at a time.
Here is a dose of reality for first-time buyers.
A 🧵
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I bet 50% of the “active” searchers right now would be better off joining a recent buyer as an operator.
I think being an operator/GM/CEO is an ideal blend of search and ownership without putting everything on the line.
@n8lenahan
and team are cooking up a place to connect
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3
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Goals for 2023 so far:
🔸Buy 2 companies
🔸Have an SMB meet/meal each week
🔸Finish flight instructor licenses
🔸Buy a plane
🔸Help someone buy a plane
🔸Be the go to guy on family dynamics in small biz
Surely there will be more but so far so good 😊
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@garyvee
I want to get a pair of these for myself and then buy one for someone who needs some extra 🔥 because they are down.
#randomactsoffire
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Direct outreach for me right now:
Me: "Can I buy your biz?"
Owner: "No remove me from your list!"
Me: "No problem. Now that I have your answer, can I ask you some questions about you and your company so I can learn?"
Owner: "Yes, I would be happy to talk"
😆😆
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Under LOI and 30 days to raise a significant portion of the capital. LFG!!
If you know of anyone who is interested in the automotive franchise space and partnering with seasoned operators, let me know!
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You know, I don't hear enough of the "battle scars" here in SMB land.
I want to encourage us to talk about the bad stuff in operating businesses more.
Here is a short story to kick it off...
🚨Spoiler - I f
@cked
up with an employee
🧵
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The process of valuing small-medium business may be broken
Here's how I bridged the gap between a seller and myself recently.
THREAD 🧵 ... Maybe too long... 😂
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Anyone want to roll up aircraft escrow companies with me? Seems ripe for it.
✈️✈️😬
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Not one to be star struck but
@danielricciardo
running around Austin made us stop in our tracks! Masks were worn before the pic don’t worry!
#COTA
#FormulaOne
@McLarenF1
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🚨Every business deal will have "hair"
My top three "hairy" things to avoid:
1. A single customer makes up more than 30% of revenue
2. Revenue tied to new home construction
3. 100% Commoditized product/service
What are you avoiding?
#SMB
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2
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Realized something recently thanks to
@SMB_Attorney
and close SMB friends.
Most people don't have a skill problem, they have a confidence problem.
I fell into the trap of not executing toward a goal because I was waiting for perfect.
Whatever you are doing, step on the gas 🏎️
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2
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Reached out to a flight school locally about selling me their business.
I’ll be honest I had a beer and was feeling frisky so I reached out.
Now talking about a purchase…
Wild what you can do with a phone
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0
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No one talks about the absolute paranoia that you feel as a business owner.
Is the work exciting enough for this person?
Did I say that the wrong way?
Are those employees getting along?
Recognize these feelings as normal!
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Common story I’m
#SMB
search:
“It took me 16 months to buy my first biz”
“I bought a second one 2 months later”
🧐 What changes for those people?
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0
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Under LOI on a business right in my backyard.
Lots of things to like and dislike but I’m excited to see if we can bring it across the finish line.
I’ll share as much as I can through the process but we are early.
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0
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Looking to revamp a website, not wanting to DIY again. Any recs?
🤔 do I go the upwork or Fiverr route??
#SMB
#DigitalMarketing
#smallbusiness
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1
15
You're looking at an
#SMB
and the seller is completely unwilling to take a seller note (says he is too old to take that on)
🚩🚩🚩🚩 or no?
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2
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This month, I've been searching for an
#SMB
for 16 months...
Some say this is too long. Others will say it's average.
I have been deflated. I have been elated. I've been everywhere in between.
The key is to power through and be disciplined.
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2
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I’m about to grill a broker on a $3.75 M cleaning company before a seller call.
What are the top questions I should ask from my cleaning co. Folks?
@SullyBusiness
@chrisxmunn
anyone else??
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Original Hitchcock extension table with 5 original chairs. $250 paid for the set and selling for $1250 as complete set. Halfway to you
@garyvee
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1
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LOI submitted folks and a couple more in the pipe 😎
I have been thinking a lot about buying smaller business closer to me that have proven healthy cash flow. Avoiding the big swings right now.
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1
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Dear small business owner,
You aren't lying this business stuff is significantly harder than what social media tells us. It takes more cash and effort than you think.
It's like anything else, but more...
Internalize this
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1
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I think people get too caught up in
#SMB
multiples.
Don't get me wrong, they are fun to look at but you should be looking at:
Debt serviceability (DSCR)
Rev growth over 3 years
Solid/consistent gross margins
Industry outlook
I'll pay 20X if it pencils!
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1
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✈️Aviation has been a huge unlock for me in
#SMB
buying and networking.
I have met some incredible entrepreneurs, operators, and overall cool people who hang out in aviation circles.
I am incredibly grateful for this opportunity.
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1
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@SpeakerShinjini
Just throwing out their that small businesses are the front lines of the economy, if people just cancel everything, we would be in a world of hurt. People rely on my business for their livings and I take that incredibly seriously!
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3
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I f*cked something up at my company and I admitted fault and started fixing.
Employee said "I can't believe you just admitted messing up are trying to fix it, my last boss would never"
The bar for management is so incredibly low... Just be a good human and you're 99% there.
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3
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Understand that owning a business will result in:
😱The absolute lowest lows of your life
AND
😎The highest highs you have ever felt
Spend time thinking about the first one before jumping into the deep end
#SMB
#smallbusiness
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2
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Deep Work 3 hours
Break 2 hours
Deep Work 2 hours
Break 1 hour
Deep Work 1 hour
Test it and you'll realize your biggest $$$ is made in the breaks.
Letting your subconscious chew on ideas will generate some fantastic ROI.
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Another license down.
CFII - instructor for instrument privileges.
I am unapologetically obsessed with learning new things and getting certifications. It keeps my brain stimulated and always keeps me motivated.
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0
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Where do I take brokers to wine and dine in the following cities?
1. DFW
2. Austin
3. Houston
4. San Antonio
Sorry
@girdley
no chili’s
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0
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If your search for a business is taking a while, don't be discouraged.
You don't want to be the person that buys from a place of dealflow anxiety.
Buy right 😎
#SMB
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1
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Show me any business for sale, and I will blow at least 10 holes in it 🔫
I think this is the right way to search, but I need to start finding the silver linings 😆
#SMB
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1
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Normal people: "I'm anxious I need to stop"
Entrepreneurs: "I'm anxious I need to work"
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3
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🚨Florida SMB Meetup 🚨
Grab your spot at the
#SMB
meetup at the Sun N Fun Airshow with
@FlyingMagazine
on March 30. Meet & learn from SMB twitter friends. The meetup is free, but the airshow has admission (can't help it)
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I would love to teach a fellow SMB person to fly in 2023. I am getting my instructor license in the next couple months.
Any SMB folks in TX wanting to enter the world of aviation?
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Confidently admit you're wrong without letting it hurt your ego.
3
3
17
If you're successful, bring people along for the ride.
Money is great, but solving a puzzle and then helping someone else solve that same puzzle hits different.
1
1
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Does anyone know about the economics of RV parks? I have stayed at a few with luxury shower rooms and a bar for the visitors and it seems like a badass business.
#entrepreneur
#smallbusiness
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1
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#SMB
search thoughts:
I am seeing multiples based on 2021-2022
I am also seeing older sellers that just don't want to go through another recession
Other sellers just want to retire and don't care about any of the other stuff (want a fair price)
Still opportunity out there...
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1
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I bought a family business in 2020...
I muscled my way through the process with little knowledge. Since then I have gotten serious about M&A as I search for biz number 2.
Here are 18 go-to sources that I wish I had at the very beginning.
A meta 🧵
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4
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I am buying another business precisely because it is going to be difficult.
Difficult to learn the industry
Difficult to manage new people
Difficult to develop new systems
I am ready for the
#SMB
slog. Are you?
3
1
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Pricing out booths at Osh Kosh for an SMB X Aviation showing.
Idea:
Get plane brokers
SMB buyer
Biz brokers
All together to share in a passion for aviation and make deals happen.
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Guys! I know this shouldn’t excite me at all, but this is cool 🥳🙏🏼
I measure success on here a few ways but adding value is one of them. If people are following, I must be providing something.
THANK YOU!! I have been trying to step it up for everyone
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Ok so LOI accepted 14 days ago with a hefty equity raise to prove in 30 to show the seller.
@EndresenHeather
was essential in helping me evaluate this deal while trying to raise capital.
Ultimately, the deal hit a dead end yesterday and I have to let it go.
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If you want to do something:
Buy a biz
Learn a skill
Travel more
Retire early
Surefire way to not do that thing is to ask EVERYONE how to do it.
Absorb what you NEED and then go do it 🔑
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13
Depreciation is a "non cash expense"
Be careful ignoring this in your business buying adventures...
That depreciation helping you get to a juicy EBITDA number could bite you in the ass.
Depreciation usually points to something that will cost you real $$$ later.
4
2
15
It is December 1st, which marks the one year mark of me getting serious about buying SMBs.
I want to specifically thank
@SMB_Attorney
@RegZeller
@ClintFiore
@KHendersonCo
and SOOO many more for their help along the way!
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3
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A common thread from
@SMB_ash
2023 was getting into the first business unlocked so many doors for searchers.
Holdcos, rollups, startups, etc. all came from the first action that got them in the game.
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4
15
Mentors are a huge cheat code. Don't overcomplicate this. Find people who are a few steps ahead (or several hundred) and learn.
I have gotten immense value from:
@chrisxmunn
@bibelhausen
@bentigg
@joshuamschultz
@SMB_Attorney
@KHendersonCo
@ClintFiore
And many more!
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1
14
A lot of talk on here about the "right thing" to do in buying businesses.
100% alone with debt
Search with a partner
Raise equity
Don't raise
The key is to know what your options are and select the one that fits you.
There is no "right" answer
4
1
14
600+ page CIM in the inbox...
I don't know if the broker is trying to compensate for something, or if they just used large font. 😆
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1
14
⚠️SMB acquisition trigger words:
Retrade
Searcher
Non-exclusive LOI
Standby note
Am I missing any??
I know there are some strong opinions out there...
9
1
14
Giving immense value with no expectation of a return + an intense passion for a subject builds an audience whether you like it or not.
👇
@girdley
@ClintFiore
@SMB_Attorney
@KHendersonCo
Tons more...
GIVE and people will find a way to reward you!
#SMB
#entrepreneuridols
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3
14
The best part about this....
I now own a successful business with a sterling reputation (In part from our handling of COVID)
We have grown 100% since 2019
My team has been through it with me and now runs things while I live in a different state.
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0
13
Person A spends $10k on a vacation.
Person B spends $10k on their business.
Person A gets told they're living the life,
Person B gets told to be cautious.
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1
14
Searching = difficult for operators & easy for PE people
Operating = easy for operators & difficult for PE.
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1
14
For those searching for a biz:
It’s a slog…
Some weeks are up and some weeks are down.
This week is a down week in dealflow (probably holidays) and it can really get to you.
Stay disciplined.
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0
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I had an angry client send one of our most trusted venue partners (I own a catering company) an angry email about my team's performance.
So, I did a deep dive with the team and found out that most of the client's complaint was rooted in a misunderstanding.
I emailed the
5
0
13
@davidrocknyc
you should offer content around editing for entrepreneurs who can’t afford their own Drock right now. Perfect opportunity to teach using our new restrictions! Not saying free,m necessarily but it’s something I need
2
0
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To all of my
@HoldCoConf
followers / operators. I own a biz and am starting a holdco with a partner for a follow on acquisition. Any advice on backing an already owned company into a holdco?
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2
12
All I want is a DA-62 to live my best twin engine life.
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0
11
@sbabmarks
This should force multiples down in the next 12 months. If it doesn’t, I don’t know what to say 😂
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0
11
When you buy your first business, don't expect a lot of opportunity for growth. 📈
You can probably grow the top line but you will burn A LOT of cash/profits doing it too fast. 🔥🔥
Pro tip: buy a business big enough to support the salary/distributions you need now.
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0
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Biggest thing I learned while trying to raise a bunch of capital quickly.
1. You’ll never be ready - just get info out there and iterate
2. Leave emotion out of it - listen and adjust without feeling attacked.
3. Be a HUMAN, you aren’t Buffet
4. Highlight the good AND bad
1
1
12
🚨To those just getting into search:
ASK THE DUMB QUESTIONS
#SMB
space on here is incredibly kind and helpful. Please don't pretend like you have all of the answers... you don't 🔑
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1
12
🚨Update on my broker call today:
The broker was super nice! We chatted for about 45 minutes about the cleaning company he is representing as well as his process for securing new opportunities. (cont.)
3
0
12
I’m posting this here because it feels like a big W 🎊
The team at my catering company surprised me with a custom birthday cake with the formula 1 logo (because I’m obsessed).
I don’t know what I did to deserve it, but I LOVE building great teams in
#SMB
0
0
12
How do you diligence an
#SMB
seller and the culture at their company?
In my experience, the only answer is spending more time with them.
They can put on a show for 2 hours, but the real person will come through after 15.
Go to dinner, play golf, go fishing
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1
12
The worst feeling is saying no to buying a company when you get along with the seller so well.
I have gotten so much joy from getting to know broker and sellers so the rejection process is brutal!
🥹
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0
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In the end:
👉I bought a business at the wrong time
👉It punched me in the gut everyday
👉I came out the other side with a better biz
👉I became a better operator and human
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0
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I think I over-engineered my SOPs for my company.
I complicated it to the point that people will hesitate to use it.
Time to go back and edit for simplicity!
4
1
11
I’ve never wanted to be a part of US manufacturing more than right now.
Why can’t we bring back soft power like this?
@RegZeller
and
@joshuamschultz
are doing the real work
1
0
11
I don't know who needs to hear this:
Your emails will only take you so far.
You WILL need to pick up the phone and call brokers, sellers, and intermediaries.
I recently called a broker after nothing over email and he spent 15 minutes on the phone with me clarifying my search.
3
1
11
My Oregon team and I just wrapped up our EOS annual meeting. We push these to January because Dec. is a big month for the company.
🔥Everyone rated the meeting a 10/10
🔥I delegated more to the team
🔥Now marching in the same direction
3
1
11
Well this just popped up for sale…
There goes my imagination for an hour.
1
0
11
NOTAMs = Notice to Air Missions
It’s a pilot’s real time update to changes in the
Airspace system
Navigational aids
Flight restrictions
Big deal that it went down…
4
2
11
What am I up to now?
I am on the hunt for the next business to add to my portfolio.
I have been through the ringer and I know what the dark side of SMB land feels like.
Even so, I want to do it again. and again. and again as I build to $50M in SMBs.
1
0
10
Hot take: Alaska Airlines netted $50M on over $6B in revenue. Thats .6% net margin.
If they had to feed and house 10k passengers for 2 days it would cost 10% of their profit.
Maybe think about that before you blame the airline for weather and crappy service.
3
0
11
📣Update on my search:
I now have a tad too many deals coming my way. This has been the biggest side effect of direct broker outreach.
I was specific with criteria, but some brokers just want to sell you their idea of a good deal. Stick to the mission!
2
1
11
🚨My biggest fault:
Analysis Paralysis
Who else suffers?
5
1
11
I love businesses that have project-based clientele that funnel into recurring clients.
Also works well the other way around.
I believe
@WilsonCompanies
has talked about the path from HVAC service -> install
#SMB
5
0
10
Plenty of us are buying businesses.
It may not be right for YOU
You may not want to buy, but you could be a fantastic operator partner for us buyers.
People like
@bentigg
are out here looking for this very thing!
You are still welcome 💥💥
3
1
11
The problem with networking:
People come in hot 🔥 with their agenda.
Now everyone is thinking of the next thing they want to say. No one is listening...
Flip the script and be radically curious. Ask for advice. Discuss new ideas.
Good fortune and connections will happen.
3
1
11
Guys! This company is repairing cars that don't even exist yet...
3
0
11
As a business owner, you need to be ready to have a tough conversation at ALL times.
Someone asks for more money
Someone wants a month off
Someone messed up with a client
etc...
Meditate on this truth and understand the pressure that this creates.
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1
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