Nick Patrick
@picknatrick
Followers
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Following
340
Media
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Statuses
553
Acquisition/Exit of Catering Biz & Wedding Venue. Searching for my next company. Esoteric Investment Nerd.
Colorado, USA
Joined April 2020
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Pinned Tweet
@AcquiringMinds_
podcast helped me go from a dreamer to quitting my job and pursuing Entrepreneurship through Acquisition. I am honored to be this weeks guest
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@MatznerJon
Thought my wife and I were the only ones who drink gator wine. White glacier cherry + empire estate blanc de blancs - highly recommend
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1K
@VerizonNews
Just went through all your troubleshooting only to find out it's not my device. It might be nice to mention this outage on your website so others don't delete all of their settings like I was told to
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LOI accepted ~ 3 weeks ago. Awesome sellers & a great business!
Here is what it took (all proprietary search):
- 7,407 emails
- 692 cold calls
- 845 LinkedIn requests
Leading to:
- 342 owner contacts
- 77 discussions "entertaining a sale"
- 25 NDA's signed
- 2 LOI's
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LOI submitted!
I have a hairy deal on my hands but financials are awesome and 100% seller financing. More to come!
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I bought a company doing over $400k SDE for $310k with 100% owner financing. Here’s what I saw:
- $1M in booked future revenue
- $400k deposits transfer at sale
- No risk opp. to learn ETA
- Neg. cash conversion cycle
- 30 year history
- Natural moat
- Great seller’s
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2.5 months in - I’ve had days where I thought I was going to default & some of the most fulfilling days of my professional career. This SMB ride is not for the faint of heart.
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@girdley
@shaneharter
Put yourself in the shoes of the job seeker.
Nearly 50% of the job postings are Ghost Posts - not actually hiring
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Thank you SMB twitter for rescuing me from a life of corporate redundancy. I closed a week ago & loving it so far.
What type of content would you like to see moving forward?
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Just gave my 4 week notice of resignation. I’ve been looking forward to this day for awhile - all in on full time search!
Also, if you are in SF come to the Search Meetup - 6 PM - Spark Social in Mission Bay
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Due diligence is going great. Books are clean, owners are awesome, and just made a key hire. I’ve met 2 of the largest clients and meeting the whole team next week. It’s a million things at once but really enjoying it.
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I’ve done the entire Yale ETA syllabus, setup website, tech/crm in place & talked with LiveOak. What should I focus on next?
-Network w/ searchers
-Reach out to brokers
-More banks
-Identify/talk w/ potential investors
-Personal network
-Something else?
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Goodbye SF. Officially moved into a log cabin on the grounds of my acquisition. Financial DD looks great. Everything is moving in the right direction. 28 days to closing.
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For those looking at smaller deals (<500k SDE) with owner involvement - 20-25% SDE Margin just won’t cut it! Don’t fool yourself into thinking it will - I almost talked myself into it and would have been screwed
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Who would be interested in joining a weekly mastermind group for active searchers? I'd see a lot of value in building a stronger recurring support group. I'm happy to organize everything
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APA is signed!
I’m getting a solid 6-figure check at closing.
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I bought a company doing over $400k SDE for $310k with 100% owner financing. Here’s what everyone else saw:
- 2 owner’s heavily involved
- Minimal recurring revenue
- Hospitality industry
- Tourist town
- Seasonal
- On the market for 6 months
- Got owned in Covid
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@Codie_Sanchez
Bought income rights to a number of best selling books (off Craigslist), ~45% IRR. TV series is about to start filming too.
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Under LOI! The
#hairydeal
is less hairy the more I learn about it. 6 weeks to closing, game on.
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Great conversation w/
@SamtLeslie
this morning on risk mitigation & moving (very) fast for the right deal. I can't say enough about how helpful and welcoming the SMB community is.
#lovethisshit
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Longest vacation of my professional career☑️
I forgot what it feels like to truly be present
In other news:
- A few brokers have started proactively reaching out prior to listing deals
- Expecting to submit my first LOI this week!
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Testing a new approach on the proprietary business search today
I'm emailing C suite & GM's asking for an intro to the owner & offering a $10k referral fee (if I buy the biz)
Curious how it will do!
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@mhp_guy
Program pays up to 75% of project costs. You would likely need to negotiate purchase price ahead of time/suck up holding costs. You would really need to add some serious value. Seems like not many landowners would go for this unless it's unattractive land? Source: Farmer friend
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@realtylerhannon
Denver needs a better cold plunge, sauna, etc option. I’d invest or partner on that.
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@guessworkinvest
It had no employees (husband/wife heavily involved), small mountain town, no recurring revenue, hospitality industry are my best guesses
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Custom (bad) puns are seeing higher response rates...they are pretty brutal but I'll take it
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It's fascinating that a ton of B2B biz's have:
- Simple, outdated website
- 5 or less Google reviews
and do $5M+ revenue
Something to be said for:
- Word of mouth
- Doing a good job
- Staying power of a being around for decades
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Just went under contract on a house. Claude AI reviewing all of the DD docs (structural plans, HVAC, plumbing, permits etc.) is awesome!
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I've never done cold email before
Here are my stats
How am I doing?
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@stillwell
I think there's about 12 of these between Vail/Beaver Creek. Don't forget they are closed for multiple months out of the year!
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Who wants to pool some funds and acquire Cougar Canyon for $1.42M (back taxes)- once named by Golfweek as the "Best Course You Can Play in Colorado." Jack Nicklaus designed par 72, 7669 yards.
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I want to get my pilot's license but am worried I won't fly enough to be a safe pilot/stay current.
A Denver flight school was just listed for sale - seems like an easy solution?
1. Buy flight school
2. Expense license/flight time
3. Profit?
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It's official! The wedding venue & catering co I bought 19 months ago with $30k down/all seller carry has been sold for 2.5x purchase price!! It was a wild ride!
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Googling an acquisition target - a lawsuit between shareholders came up. The court docs spelled out the yearly revenue, income, shareholder distributions and all of the shareholders name.
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@sweatystartup
Loose Leaf Mate - most balanced stimulant in the world
I was so effective in my corporate sales role I had to quit drinking it
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I’ve got an awesome alt asset I’m trying to take down. 11% return, 15 year track record. A little beyond my reach, anyone interested in partnering?
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@mhp_guy
For anyone wanting significant seller financing: 1. Build the relationship/trust before discussing owner carry 2. The more “unsellable” a business the better your chances
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Just had a music catalogue under LOI @ 8x for $520k. Broker knows artist will take $300k (commission is 10%). Tries to get me to remove language so broker can take the spread w/o the artist knowing. This sums up the music industry as a whole right now.
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@guessworkinvest
This community is awesome, I echo the immense support! I surely hope this is something that is not lost as it grows.
Shameless plug -- Starting a '22 ETA weekly meetup group (targeted at searchers, open to all)
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Never had a creative enough idea for a true “startup” just took buying a SMB to come up with one! Going to launch locally and test this thing
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@JamesonCamp
This was my start. Bought condo from landlord (3% conventional), put in sweat equity, got heloc for $90k. Aquired multiple cash flowing assets with the heloc. Happy to talk to anyone who’s debating it, it’s overwhelming 1st time. Have a huge step up in early 20’s
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Personalized Cold Email at scale, here is what I've learned deep diving for the last 2 days.
- Don't use AI to write the entire email, just part
- Use AI to write a personalized 2-3 sentence opener
based on their LinkedIn info, website, etc.
- You need to be hyper specific with
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@OptimusCFO
Haha seriously. FWIW I have also had some long days drinking snuck in booze under the water slide at waterworld
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I need some help here.
I found a super nichey company I like. Financials are a bit messy. Customer concentration, few other issues.
If I went for an all seller financed offer - how could I deal with/structure large NWC needs?
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@guessworkinvest
Your substack is awesome, just finished it up. Absolute wealth of knowledge. I would love a post on how you evaluate structure for IOI/offer, specific to the seller note
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3 weeks in and the biggest challenge has been myself. The drive not to fail has had some impacts on my personal life. Lots to learn but loving every minute of it.
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Direct mail people - Is anyone personalizing?
Just a name & a few unique aspects of their biz
It would be easy to do this at scale. I imagine more effective than some of the other gimmicks out there?
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Cold calling tip from my brother - get past the gatekeeper:
"owners name should be expecting a call from me"
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Hydroelectric Power Plant Investing
I'm looking at a minority interest in a small plant
Anyone have experience with this?
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Interesting read on PE firm's using AI ($70k/yr) vs. traditional outreach ($184k/yr) for proprietary deal sourcing.
I'm running roughly the same process with more tracking + AI personalization for $2.5k/yr
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I'm doing a "proprietary search" (codewords for pestering business owners). I have gone through/trialed ~25 pieces of software and here is my tech stack. I feel confident in it's simplicity that things won't fall through the cracks. All in, under $100/month
- G Suite (email x5,
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Had a call with a lifelong CEO today. His specialty: taking roll-ups public. His entire career he came on as a consultant and was then hired to be CEO. A unique and interesting approach vs. a PE buyout. Here is what I learned:
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@moizali
@Shopify
@robinhood
Uhh AML laws?
How about this as a better strategy. Pay your quarterly taxes (1.82%) with your 3% card.
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@ClintFiore
@TonyNTate
Good advice above. Apollo is pretty dang good at getting someone personal phone number too!
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Cold outbound success is growing - best week yet.
As a follow up - AI is night & day faster, more accurate and cheaper than the VA's for most OB tasks related to a search.
It took months to get it to be that way though.
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Here we are again - 15 outbound touches (email, cold calls, linkedIn) to get the appointment.
We had a great convo & could lead to a lot of opportunities from their network
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@TexasSMB
Probably nothing as that SDE is just 2 incomes. It will probably take a minimum of 2x people at 40 hours/week to replace their experience.
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@Andre_PP_Report
The whole industry is pretty much word of mouth. There definitely are conferences, you can find them on LinkedIn too
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@JackMccunn
@realEstateTrent
@sweatystartup
@fortworthchris
Add value in everyone conversation! People recognize that and can feel it.
I have great success starting with “I know you weren’t expecting the call, so I will be brief out of respect for your time”
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Who is interested in a specialty print shop in Denver? Talked to the nicest owners yesterday. They have been at it 35+ years. 85% repeat customers. ~$1M Rev. Not a fit for me but would love to find them someone.
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Talked to a friend yesterday - his family member turned a pontoon boat into a 40 person bar. Doing public & private cruises. 3 employees. Netting $40k/mo. Just one of his side businesses. What else is there in the tourism/private event space?
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There as SO many things wrong with this:
- S Corp LLC you can make $500k and have an effective tax rate near 20%
- RE Pro requires 750 hrs/yr
- Cost Seg front loads depreciation, your income will skyrocket in a few years
Too many entrepreneurs make good money each year but pay Uncle Sam 35-50% of it.
It takes a long time to build a massive wealth snowball when 1/3 to 1/2 of your snow gets chopped off each year.
Real estate can help with this. The best model I've seen is:
1. Earn cashflow from
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Loved
@NickHaschka
on
@ThinkLikeOwners
ep. 49 - Highest likelihood of success = acquire a smaller company (relatively) quickly. Gain experience, move on to something bigger. Search funds have WAY too much risk of failure.
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@CastIronWabSab
@RegZeller
I don't have much experience but here is what my cold calling sounds like:
"I know you weren't expecting my call so I will be brief out of respect for your time" you have like 15 secs to tell your story (who you are/what you are doing/why you). Go from there & be genuine!
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@vrexec
When I was in financial services I had a guy cash out his whole 401k to buy 50 head of steer.
He said it was what he knew and didn’t understand/want to deal with the market.
I checked his math and confirmed net of the tax/penalty he would still be making a solid return.
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I spent today studying & iterating the most legendary copy ever written: "The Lazy Man's Way to Riches"
Karbo grossed 8 figs selling his book via print ads back in the 70s with this
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Hipgnosis Song Fund (dissolved) has always been a fraud. My partner wrote an analysis calling this out in 2019. Rampant conflicts of interest. Made up their own valuation methods. Fleeced pension funds. Byeeee
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@mhp_guy
I did the exact same thing except it was high school for me and I took physical delivery of the phone, added in a case/charger, resold the same day for $50-$150 more/phone.
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@gvh41
100% agree. “Hi this is Nick Patrick. I know you weren’t expecting my call so I will be brief out of respect for your time.”
then pitch
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Outbound sales efficiency has changed so much in the last 10 years. Just figured out:
- Voicemail drops (don't have to record your VM every time)
- Automated follow up email every time I log a voicemail
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@BryceNelson
A little less than 15% down, 10 yr amort/3 yr balloon, I get a substantial check at closing (unearned revenue)
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Still working on optimizing AI personalized cold outreach. It's a black hole...seeing considerably higher open rates so far though.
Who is successfully using text messages for outreach? I've tried the app Porterhouse but I feel like there must be something better
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@guessworkinvest
Good writeup as usual. I've had success connecting with other biz owners on youtube. Their seems to be a business owner posting videos (with 200 views) on just about every topic out there
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Doing a little personal research: VA vs. AI
Providing: Owner Name, Company
Asking for: Website, In specific industry (Yes/No), Email & Phone Number
Using company info that Apollo & Data Axle don't have
Any guesses on accuracy, time taken & cost?
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If I were to use AI to analyze a seller's financial statements, would I be in breach of the NDA...?
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Took a 5 day vacation and asked the old owners to help for a few hours…the former chef managed to get 75% of my staff to threaten to quit… he wants to help this weekend again too
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Decided to cold call on hood cleaning (powerwashing) per
@RohunJauhar
. Biggest take away: Internet Marketing! The
#1
result (paid) has 20 crews/booking 2 weeks out. Owner operators (poor website, hard to get ahold of) were available later this week.
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For everyone with their DM’s off - send me your email address, ideal time for weekly recurring meeting, and a random fact. Let’s get this thing going.
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Had one of the crazier days of the year a few weeks back. We did double the capacity we are comfortable with and somehow pulled it off - added a lot of confidence for the future
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@guessworkinvest
@J_M_Vogt
That makes a lot of sense, thx - I need to better leverage my alumni networks
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First Cold Email - Value Add?
Subject: "a fair trade?"
Body Gist: Reply to my email & I will give you free actionable items to improve your online presence. Mention that I'm trying to buy a biz too.
I hucked this into a sequence 4-5 steps in, not sure about 1st
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@DisgracedProp
At 1 hotel in Hanalei Bay right now, quite the opposite. No way this place can make money how nice it s
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