The Business Runs Itself
@OneTimeExpense
This shitco runs itself with 80 hours/week from me and my entire family working for free. Don't audit me, you won't like what you find.
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There is a 1:1 correlation between wealth and people who put the message in the subject line.
There is no greater signal for wealth and sophistication in the search world than an AOL email adress.
Heard of a searcher who signs LOIs with companies just to learn with no intention of buying, then walks in 2 weeks when they're done. Apparently even bragged about it. Searchers constantly complain about brokers, but there are plenty of reasons for brokers to hate searchers.
"If I commit tax fraud, but nobody notices, did it really happen?" Seems to be the motto of owners everywhere.
Everyone starts a search thinking they need to know GAAP. They end the search with the realization that none of their target companies have ever heard of it.
The “build a holdco” conversation is the search fund world’s hustle porn.
I’d like to report a murder.
This is why I dislike the idea of search funders that don’t close Instead of raising $500k to dick around, go buy a smaller biz (self $ or SBA or single investor) and prove your chops…THEN go buy a larger searcher type business
If you’re going to go buy a small business, these songs are your anthem. “You got to know when to hold em, know when to fold em, know when to walk away, and know when to RUN!” “Cocaine” because there is way more drug use than you’d expect. God’s speed.
Owner: "Pay me for my profits, but also for my team, experience, culture, and the opportunity." As if their team and culture had nothing to do with the profits... 🤦♂️
Brokers when you tell them you have no money and have never run a business before: Credit to @nocontextroyco for the screengrab.
If your friend group is discussing - Becoming partner - Climbing the ladder - Financial security - Happiness instead of - Searching to buy a small shitco - Dealing with lying brokers - Managing constant labor turnover Then you need to re-evaluate your friend group.
Pulse check: Talked to a traditional searcher who just raised capital. What questions did your investors ask during fund raising? “Nothing. I could have given the phone to my dog and still raised money.”
Nothing befuddles an MBA searcher more than employees not motivated by money.
Value-add search investor . Investor who writes a big check, but not much else. . . . . . Investor who doesn’t even remember who they invest in. Never communicates. Your direct outreach strategy has a higher response rate than this group.
Give me the confidence of a fully employed searcher trying to buy a business on the side.
Broker inbox: I'm a searcher looking for a business! What the broker sees:
Heard today that some brokers are blanketly saying “no searchers.” Shame, but not entirely surprising.
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