Matthew Saskin
@msaskin
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Husband, Father, Technology and Design geek // SMB Owner, Real Estate and SMB Investor // Durham, NC by way of Las Vegas and New York City.
Durham, NC
Joined September 2009
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In full disclosure, I *am not* a truck driver, but I *don't think* it's supposed to work this way.
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@shawngorham
Your requirements are screaming North Carolina. In/around Raleigh gets you: actual lakes immediately nearby, ocean 2 hours away, mountains 2 hours away, airport with quick access everywhere, fairly middle-of-the-road politically, 4 real seasons but a mild winter, etc.
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@BrentBeshore
Real question? Flippant answer is Austin or Miami! Real answer, Raleigh / Durham / Research Triangle would be my vote (as an adopted “local” slash NYC expat).
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Do you watch Ice Road Truckers or Highway Thru Hell? Wonder about how those businesses work?
In December '22 I bought a business in the Towing & Recovery industry.
If a vehicle is broken down, crashed, stuck, upside down, or where it otherwise doesn't belong, we'll come get it!
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@roblabonne
“SUV drivers need to find forms of transportation that are less dangerous when they hit bicyclists”
Your take is a bad one.
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@franchisewolf
End of the day it's equivalent to a highly-paid W2 though, right? You have no equity, you have nothing to sell at the end of the day when you decide to check out.
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Business unlock code discovered.
Our county offers workforce development grants to employers to offset the cost of sending employees for continuing education, certifications, etc. Covers 90% of employer costs _including_ salary paid to employees while at training.
30 mins of
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@labaccount_app
@Molson_Hart
Higher end NYC condos typically have commons charges in the $1-2/sf range. That mortgage payment implies a $5m or so condo, so probably 1500ish sf in prime spot (midtown, fidi, soho, etc).
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Deal team shout out:
💡
@patrickdichter
/ Appletree for tax consult
🔎
@ElliottEHolland
/ Guardian Due Diligence for QoE
💰
@SBA_Matthias
/ Pioneer Capital Advisory for debt sourcing
📄 Eric Hsu /
@lawyer4smbs
for all things legal
+ others in my network
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@STLChrisH
Caveat - you're a "large group" for health insurance purposes (51+ employees in most states).
For the majority of SMBs here ("small groups") underwriting doesn't occur on the specific population.
That said, there's value at any scale on educating folks on the benefits that
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@chrisxmunn
Not a solid calendly replacement yet. Killer calendly feature is the scheduling page, ability to view availability across multiple calendars, etc.
I was a holdout for the longest time, finally gave in, and use it all the time.
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@LuxuryWatchGuy1
Have you been? If so, you'd see you're generally right, the entire country does indeed have it's shit together.
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The most recent episode of
@AcquiringMinds_
should be required listening for anyone interested in search/ETA/etc. In particular the first ~half, and even if you don't have any intent on raising money from investors.
I speak to probably 1-2 searchers/wk on average who get
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@roblabonne
Very normal. Standard practice is the architect owns rights to the design instruments unless you specifically negotiate otherwise.
Saw your other comments that you had no contract (separate story...) but the standard AIA contract language that most architects use reflects the
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First payroll since kicking off a 401(k) plan for East Coast Towing. I can't express how exciting it is to see how many on the team are jumping in and setting something aside for retirement!
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@nicknemer2
@iononrecourse
Not quite. Buy property on land, that generates income in the interim, but where the land itself will have significant future value.
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@SBA_Matthias
@RosserJobs
Everyone says they have a great culture. Very few do.
Counter or walk. Better yet, should have had better clarity up front around salary expectations vs. the role, etc.
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....and we're under LOI at ~$450k on this one. No seller note or other contingencies at this price, which is a fair balance against the relative new-ness of the business.
Most importantly, it's an immediately accretive add-on for us. Adds a new service line we can sell to our
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@markanthrodr_
@LeadershipAcad1
@wbridgefa
The issue is much larger than that (said as someone who has imported *a lot* of vehicles from overseas).
These aren't built to US standards, meaning they don't meet NHTSA safety requirements or EPA emissions requirements. No way to import them until they're 25 years old *or *
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Doing our part supporting local emergency services bringing supplies out to Western NC
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@realEstateTrent
Anything that's really an operational business masquerading as real estate. Self Storage, Hotel, STR, etc.
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@SullyBusiness
Daily reminder that real estate is hyper-localized. Two houses in my neighborhood (in Durham) just went under contract this weekend at above asking. Does that translate to further out in Durham/Orange/Chatham counties? Not necessarily.
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@sbabmarks
Tale of two economies. Our grocery bill is up by 30% per week or so. Does it matter to me? Eh, not really. Does it matter to many others? Absolutely. Going to be some pain as people's HELOCs adjust, as layoffs move beyond tech, etc.
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It's been ~8 weeks since we announced we'd be using safety score cards for our drivers, and 5 weeks since we started "keeping score". Carrot is a bonus paid for consecutive weeks above 95. Stick is counseling/training/other measures for consecutive weeks below 80.
Once you
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Winch out. Per the customer - "it's kind of far off the road".
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@adamstatonsmith
@JasonLarsonIDM
In spec builds? Almost never.
Should they be sealed and cooled? Yes, absolutely. The chiller units meant for wine cellars (whisperkool et al) are stout - have had one running in my house for 5+ years with no issues at all.
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@ImSamThompson
They're not generating anywhere *near* that amount of revenue just so we're clear. The largest PPI (impound) towing business in the country does ~$15m/yr in revenue. It's not in Texas.
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@SBA_Matthias
Geo (local to me, I'm not moving)
Industry (really, industries I don't want to invest in)
Size (750k-1.5m EBITDA)
From there, started looking at brokerered deals. No time or interest in doing proprietary outreach.
Maybe 3 mos and reviewing ~50 deals and found a gem.
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Just spent several hours teaching myself python to automate something that was a 10 min task once/month in hopes that I can turn it into a 0 min task daily.
Is this why I have a computer science degree?
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The transition to some recurring revenue begins!
First of several customers who are having us perform off hours (evening/weekend) on-site maintenance/inspections for their trucks on an ongoing basis.
For just one customer with 18 trucks in their fleet, we have maintenance
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@MarathonCat_MB
@seandsweeney
Probably in the $100-150/unit/mo. vicinity. Then it's not just about unit affordability, it's that the higher rent can't be justified in market and the project never gets built to begin with. Not just about 4 vs. 12 accessible units, rather 12 units or a single home.
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It was only supposed to be a 15 minute phone call with a potential seller of a business we're interested in...
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@patrickdichter
@ElliottEHolland
@SBA_Matthias
@lawyer4SMBs
I'll do a future thread on the business and industry, but I'll leave you with some facts...
🛣️ Our fleet travels an average of 70,000 miles/month
⛽️ We use around 11,000 gallons of diesel/month
🛢️ We go through 200 gallons of oil/month for routine truck oil changes
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@ShannonJean
@crazylilgreen
@trevizo_gabe
A crate Coyote with all control packs, etc. is in the $12-15k range. Another $3-5k for the transmission depending on what you pick.
*but* then you need to fab up a new cooling system. Fab a new driveshaft. Want A/C? Need to take that into account. Rear end probably needs to
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@Dominick_Tullo
I see the problem - you're operating on canadian units. Switch it to miles and you'll be fine.
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Testing out very important safety equipment (the horn) on the forklift.
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@Alphaholic1
@GavinSBaker
Cisco Capital has already existed for 20+ years with close to $10b in outstanding leases. This is just a timely expansion of a tool they’ve been using for years.
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@ClintFiore
Tell you what - any deal matching those criteria you send them at 3x I'll buy at 3.1x 🤣
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@Eli_Albrecht
The real answer? Fannie/Freddie. Mortgages are, by design, easily packaged and securitized, but that only works if they're underwritten to the same standards. FNMA/FMCC. They provide crystal clear standards for *how* you underwrite a borrower with self-employment income.
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Haven't considered this possible strategy for collecting reviews...
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@moseskagan
This describes one of our competitors to the letter. We have hired several folks from that business who left for that exact reason. It's become signal to us; if you leave that company, you're likely a cultural fit for us.
The bar for being not just a reasonable place to work,
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@Whitney_Sheph
My kids are both in private schools that fit that mold. One is a Montessori school, the other just a small non-traditional private school.
They exist, albeit not everywhere.
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Super cool to be a part of the
@cryptodripxyz
community. As I've learned more about web3 and NFT's it's exciting to see interesting ways to bring real world utility into the mix.
Plus....coffee!
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Once the cement mixer stops spinning it rapidly becomes a 40,000 lb. paperweight
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Espresso game just got stepped up several levels (aka I got a deal and this is the last machine I'll ever buy...)
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@Cjsmith_6
100%. The existence of FHA mortgages for 2-4 family properties is the *single best tool* the government makes available to help people down a solid financial path. Having a roof over your head *that someone else pays for* just can't be replicated.
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@ClintFiore
-Durham, NC
-Own a towing & recovery business. Looking for other related businesses (towing, oversizes transport, etc) in NC
-DM's open to talk about anything!
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@MarcSGIlbert
My quick .02c, decide what family stuff is non negotiable and don't allow it to be negotiated. X w kids is 330-530 on Thursdays, that's it. Known in advance, no meetings, no travel, etc.
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Getting prepped to run 2 generators down to a customer in Jacksonville, FL ahead of the storm hitting
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I live in Durham, NC with my wife and two kids, have mostly been in the tech industry (sales, sales leadership, general management), and until mid-2022 was focusing my personal investing on real estate. Around then we sold the real estate (COVID bump!) and bought a business.
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Spent 3ish hours with the seller of a company we're looking at as an add-on earlier this week. This is after months of trying to get basic info to allow us to pull an LOI together. Finally made a meeting happen.
Moral of the story - meet people in person! (not that we weren't
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@for_yield
You've got three levels.
1 - Rancilio Silvia and something like a Baratza Forte
2 - Lucca A53 / Rocket / etc and still a forte or similar
3 - LM GS3 / Slayer / etc and a monolith/EG1
I've been through the progression of all levels over the past 15 years. Landed on the level
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Sometimes the accidents get really ugly. The dump truck came across the line and hit the fuel tanker head on. One driver walked away, the other was less fortunate.
Put the damn phone down - this applies equally to passenger vehicles and heavy trucks.
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@ClintFiore
Yes, yes they are. Built mine almost 10 years ago. Still have a shit eating grin every time I get behind the wheel.
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The company was started in 1998 and we acquired it in December '22 via asset sale using a combination of personal equity + bank debt. At that point, we were 35 employees, 30 trucks, no management outside of ownership, and ~$5.5M revenue/~$1M EBITDA.
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Arrive at my Airbnb at
@MainStSummit
to find the previous guest left a welcome gift. Bottoms up!
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@acquanon
@Mikethelummox
A few thoughts after listening.
First, full disclosure, I know this business. I met with the seller several weeks ago. Not sharing anything here that breaks NDA.
As can be expected, let's just say the broker is being a tad...aggressive with how they've marketed the deal.
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Breaking News: I have spoken to several of our drivers, who are actual truck drivers, and they have confirmed that no, it is indeed not supposed to work that way.
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@patrickdichter
@ElliottEHolland
@SBA_Matthias
@lawyer4SMBs
The towing industry is relatively simple one. We either take broken vehicles and move them from point A to point B (and sometimes many other points along the way) or bring vehicles from places they're not supposed to be and put them in places they are supposed to be. Simple!
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@ClintFiore
Towing & Recovery based out of Raleigh, NC ()
-Happy to talk with any searchers who are looking at the towing & recovery industry (have probably spoken with 30+ in the past year)
-Also looking to buy additional towing, heavy haul, and truck repair
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@GuyDealership
Bought a new car today. Walked from a local dealer with an egregious market adjustment. Called a dealer an hour away and did the deal at MSRP over the phone. They're offering me a massive number on my trade in, 10% over Carvana bid, didn't even have to push hard.
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Hey
@acquanon
- if you want to talk towing me and
@Mikethelummox
would be happy to! I know the deal you cover d today. Let me know if you want and I'll tell you what you got right (and not!)
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@patrickdichter
@ElliottEHolland
@SBA_Matthias
@lawyer4SMBs
I can promise lots of stories (with pictures!) of cars & trucks in places they shouldn't be. In this case, we were called by the local police to fish this car out of a creek. The [drunk] driver landed there overnight and abandoned it, where it was discovered in the AM.
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Yup...totally believe that.
[forward looking projections from a public listing...]
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@TexasSMB
@SBA_Matthias
Highly recommend
@lawyer4SMBs
On the diligence front: LOI language should reflect completing a QoE to your satisfaction, etc.
You're going to need access to tax returns and bank statements on top of P&L, no time like the present to prep the seller of that.
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The towing industry is split in two parts; businesses that do towing & recovery, and those that do repossession and non-consensual towing/private property impound. We only do towing & recovery. If you're parked where you're not supposed to, someone else will handle it.
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@patrickdichter
@ElliottEHolland
@SBA_Matthias
@lawyer4SMBs
For me, this was an investment first and foremost (not a day job!) so I also hired an operational leader to run the day-to-day of the business. I'll be on an upcoming podcast going deep into the search itself and hiring an operator, link coming soon!
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@lawyer4SMBs
Buy unquestionably.
It took me a while to learn, but about 5 years ago I realized I'm much better at, and happier, going 1-100 as opposed to 0-1.
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@Daniel__McCarty
This is...not entirely accurate.
It's that you can't pass a CDL medical if you have sleep apnea. You're required to get a sleep apnea exam if you have a BMI over 40 *or* a neck-width over 17.
I've had several drivers go through it without issue. Hell, I have a neck width
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Happy Monday and welcome to July / H2
Rolled over loaded cement mixer to start things off.
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@chrissisanders8
Except googles data sucks in this regard. I’m seeing high 4s to low 5s for the same location, credit, loan amount from a variety of sources. Not that it’s great, but not as dire as Googles calculator data would suggest.
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@SamtLeslie
96 Land Rover Defender 110 that I'm refreshing/updating bit by bit.
Factory Five MKIV Roadster, built it ~7 years ago.
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@patrickdichter
@ElliottEHolland
@SBA_Matthias
@lawyer4SMBs
Having spent those months on research & diligence, and now rapidly approaching 6 months post-close, I can confirm there *have not* been any massive surprises, and the industry overall (and this business specifically) is more or less what I thought it to be.
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@patrickdichter
@ElliottEHolland
@SBA_Matthias
@lawyer4SMBs
Here a truck full of groceries ended up overturning on the highway. This recovery required sliding the tractor and trailer out from under an overpass, emptying the contents using a track loader, then uprighting the tractor/trailer to be towed away.
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🚨RALEIGH SMB/ETA Community!! 🚨
(borrowed the headline from
@RandBusiness
)
Block off August 14th for some time to get together with others in the SMB community (operators, searchers, etc.) in the Raleigh area!
I'll be hosting a tour of the facility and operation at East Coast
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We're seeing it too. 16 applicants in the first hour after posting for a light duty tow truck operator. Salary in the same vicinity as the job below.
66 driver applications in 15 hours.
Over night job position, $30/hour
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@shawngorham
I really don't understand the anti-WFH maximalism that exists in the amalgam of
#retwit
/
#smbtwit
. As someone who has been WFH + travel for 15+ years, and been around countless WFH-centric companies, there is significant nuance to this discussion that everyone ignores.
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