The Business Inquirer #146
Sharing a recruitment consulting firm, a profitable podcast, tutoring marketplace, a dryer vent cleaning & repair franchise, day cruise in Costa Rica, and a manufacturer of fence products.
Hello Friends!
In this week’s issue:
💼 Online Service, Media, Marketplace - 3 listings
🏡 Main Street - 3 listings
⚒️ Tools & Resources
💡 How I Can Help
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💼 Online Service, Media, Marketplace
Recruitment Consulting Firm - $1.2M
Launched in 2019
350+ paying clients
Revenue: $719k
Profit: $300k
Margin: 42%
Multiple: 4.00x
💬 Quick Take
Interesting listing for someone with experience in the HR and recruitment space. What I like about this business is its innovative lead generation approach, bypassing traditional job boards and tailoring its outreach. This personalized strategy seems highly effective and gives the agency an edge. However, I'm cautious about the business's heavy reliance on a small team, especially in such a dynamic field as recruiting. Moreover, the primary dependency on Instagram for traffic referrals could be a risk if the platform's dynamics change.
✅ What I Like
Experienced Team
The expertise of the team members in recruiting and venture capital adds substantial value to the company's operations.
Unique Revenue Streams
The mix of masterclasses, consulting, and coaching offers diversified income sources, reducing risk.
Low Owner Involvement
The fact that the owners are only dedicating about 10 hours weekly suggests efficient processes and potential for further expansion.
Scalability
The business shows great potential for scaling, especially with additional marketing efforts.
❓ Concerns
Dependence on Key Personnel
The business heavily relies on a few key individuals, which could be a vulnerability.
Limited Traffic Sources
Heavy reliance on Instagram for referrals might be risky if the platform's dynamics change.
Limited Marketing Channels
The current marketing strategy seems somewhat narrow, suggesting a need for diversification.
Competition
The recruitment industry is highly competitive, and staying ahead requires constant innovation.
Client Dependence
The business might be overly dependent on a limited number of high-value clients.
Regulatory Risks
Recruitment industries often face regulatory changes that could impact operations.
💼 Due Diligence Questions
Client Retention Rates: What are the historical client retention rates, and what strategies are in place to maintain these relationships?
Legal Compliance: How does the company ensure compliance with employment and data protection laws?
Competitive Analysis: What is the company's position relative to its main competitors?
Technology Dependence: How reliant is the business on specific technologies or platforms, and what are the contingency plans?
Client Diversification: Is the client base diversified enough to mitigate the risk of losing key accounts?
Market Trends: How does the company stay abreast of and adapt to changing market trends in recruitment?
Staff Continuity: Are there any plans or strategies to retain key staff members post-acquisition?
Operational Processes: How efficient are the current operational processes, and where can improvements be made?
Growth Strategy: What are the specific plans for scaling the business, and how feasible are they?
🚀 Growth Levers
Expand Marketing Channels: Diversifying into other social media platforms and digital marketing channels can broaden the reach.
Develop Strategic Partnerships: Forming partnerships with complementary businesses could drive growth and expand the client base.
Enhance Technology Use: Investing in advanced CRM and data analytics tools could streamline operations and improve client service.
Broaden Service Offerings: Expanding into related areas like career coaching or HR consulting could attract new clients.
Geographic Expansion: Targeting clients in new geographic regions could open up untapped markets.
Referral Programs: Implementing client referral programs could organically grow the client base.
Optimize Online Presence: Enhancing the website and SEO strategy can attract more organic traffic.
Host Industry Events: Organizing webinars or industry events can establish the agency as a thought leader.
🙋🏻♂️ The Buyer
Industry Experience: Ideal for someone with a background in HR, recruitment, or sales, understanding the nuances of the industry.
Digital Marketing Savvy: Proficiency in social media and digital marketing is crucial to leverage and expand the existing marketing strategies.
Leadership Skills: Capable of leading a small but highly skilled team and maintaining the company's growth trajectory.
Customer Relations Focus: Strong in building and maintaining client relationships, ensuring client satisfaction and retention.
Operational Efficiency: Adept at streamlining processes for efficiency and scalability, maximizing the business's potential.
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Podcast for IT Professionals - Open to Offers
Collection of 9 distinct podcasting brands
All revenue is from sponsorships; 90% sponsor retention;
100k+ subscribers in the IT industry
Revenue: $1.5M
Profit: $600k
Margin: 40%
Multiple: N/A
💬 Quick Take
This podcasting platform for IT professionals is a compelling acquisition opportunity. What's impressive is its focused approach, catering to a specific, engaged audience, and maintaining a high sponsor retention rate with notable brands like Intel and Cisco. This suggests strong customer loyalty and a successful business model. A point of concern, however, is its dependence on a niche market, which could limit scalability and adaptability in a rapidly evolving IT landscape.
✅ What I Like
Niche Market Focus
The company’s specialized approach to IT professionals ensures a targeted and engaged audience.
High Sponsor Retention Rate
A retention rate exceeding 90% with major brands signifies strong market position and customer satisfaction.
Diverse Content Offering
Nine distinct podcast brands cater to varied interests within the IT community, enhancing audience engagement.
Strong Subscriber Base
Over 100,000 subscribed IT professionals provide a solid foundation for sustained revenue.
Quality Advertisers
Collaboration with top IT brands reflects the platform's credibility and market relevance.
Healthy EBITDA Margin
An adjusted EBITDA margin of over 40% indicates efficient operations and profitability.
No Outside Capital
Being fully founder-owned suggests financial stability and potential for flexible deal structuring.
❓ Concerns
Market Specificity
Heavy reliance on the IT sector could be risky if the market faces downturns or rapid shifts.
Potential Market Saturation
The niche focus might limit the scope for expanding the subscriber base significantly.
Dependence on Key Sponsors
Reliance on a few major sponsors could be a vulnerability if these relationships change.
Content Refreshment
Constantly generating engaging, relevant content is crucial and resource-intensive.
Scalability Concerns
Expanding beyond the current niche without diluting the brand could be challenging.
Ownership Transition
Ensuring the founders' expertise and relationships are effectively transferred to new ownership.
💼 Due Diligence Questions
Sponsorship Contracts: What are the terms and durations of current sponsorship contracts, and what renewal strategies are in place?
Audience Growth Trends: How has the subscriber base grown over the years, and what are the projections for future growth?
Content Strategy: How is content planned and developed to maintain relevance and engagement in a dynamic IT market?
Financial Resilience: How has the business weathered past IT market fluctuations, and what risk mitigation strategies are in place?
Technology Infrastructure: What technology platforms are used, and how future-proof are these solutions?
Competitive Landscape: Who are the major competitors, and what differentiates this platform from them?
Founder's Role Post-Acquisition: What will be the involvement of the founders post-sale, and how will their knowledge be transferred?
Customer Feedback: What feedback mechanisms are in place to gauge sponsor and audience satisfaction?
Growth Strategy: What strategies are considered for expanding the subscriber base and sponsor portfolio?
🚀 Growth Levers
Content Diversification: Expanding into adjacent IT topics or incorporating emerging trends can attract a broader audience.
Strategic Partnerships: Collaborating with educational institutions or IT forums can increase visibility and subscriber growth.
Technology Enhancement: Investing in advanced analytics and user experience improvements can enhance audience engagement.
Sponsorship Packages: Developing innovative sponsorship packages and advertising models to attract new sponsors.
Global Expansion: Targeting IT professionals in emerging markets can significantly increase the subscriber base.
Community Building: Creating an interactive community around the podcasts can deepen audience engagement and loyalty.
Cross-Platform Promotion: Leveraging social media and other digital channels for promotion can expand reach.
Live Events: Hosting live podcast events or IT forums can create buzz and strengthen the brand.
🙋🏻♂️ The Buyer
Industry Knowledge: Ideal for someone with an understanding of the IT sector and its trends, ensuring content relevance.
Content Creation Experience: Experience in media, content creation, or podcasting would be beneficial for maintaining quality.
Digital Marketing Skills: Skills in digital marketing and audience engagement strategies are key to growing the subscriber base.
Relationship Building: Strong in fostering relationships with sponsors and partners, crucial for maintaining high retention rates.
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Upwork-Like Platform for Tutoring - $910k
Launched in 2017
Connects HS and college students with qualified tutors
1,110 tutors serving 25,339 students
Revenue: $833k
Profit: $304k
Margin: 36%
Multiple: 2.99x
💬 Quick Take
This tutoring platform presents an innovative approach in the e-learning sector, skillfully merging the Upwork model with academic assistance. What's commendable is its meticulous quality control and strong tutor-student engagement, ensuring high-quality tutoring services. The platform's self-sustaining reputation mechanism and zero customer acquisition cost are interesting. However, a concern is the founders' admission of reaching their growth limits, indicating that the next owner must be adept in scaling and marketing. The platform's heavy reliance on organic growth and search engine visibility may pose challenges in an increasingly competitive online education market.
✅ What I Like
High-Quality Focus
The emphasis on quality tutoring and rigorous answer validation process ensures customer satisfaction and loyalty.
Robust Review System
Overwhelmingly positive reviews signify a strong trust in the platform among users.
High Customer Lifetime Value
An average customer lifetime value of over $500 indicates strong user retention and monetization.
Proven Revenue Model
The transaction fee and commission model has proven successful, ensuring a steady revenue stream.
Large User Base
Over 26,000 students and more than 1,100 tutors provide a solid foundation for future growth.
❓ Concerns
Limited Marketing Efforts
The founders' focus on tech rather than marketing might have limited its potential reach.
Scalability Challenge
The need for a new strategic vision to break through the current growth plateau.
Competitive Market
The online tutoring space is highly competitive, requiring continuous innovation to stay ahead.
Dependence on Organic Search
Heavy reliance on natural search makes it vulnerable to changes in search engine algorithms.
Tutor Retention
Maintaining a high-quality pool of tutors in a competitive gig economy.
Brand Visibility
Increasing brand visibility and market penetration in an already crowded online education space.
💼 Due Diligence Questions
User Engagement Metrics: What are the key engagement metrics for both students and tutors on the platform?
Technology Infrastructure: How robust is the platform’s technology infrastructure, and what are its future development plans?
Market Analysis: How does the platform position itself against major competitors in the online tutoring space?
Retention Strategies: What strategies are in place to retain both students and tutors?
Legal Compliance: How does the platform ensure compliance with educational standards and data protection laws?
Growth Opportunities: What untapped markets or expansion opportunities exist for the platform?
Customer Feedback System: How is customer feedback collected and integrated into platform improvements?
Operational Efficiency: How efficient are the current operational processes, and where can improvements be made?
Marketing and Branding Strategy: What marketing and branding strategies could be implemented to enhance growth?
🚀 Growth Levers
Expand Marketing Efforts: Invest in digital marketing to reach a broader audience and enhance brand visibility.
Partnership with Educational Institutions: Collaborating with schools and colleges could expand the user base and build credibility.
Mobile App Development: Creating a user-friendly mobile app to increase accessibility and user engagement.
Broaden Subject Offerings: Expanding into new subjects or test preparation services could attract more students.
International Expansion: Targeting students in emerging education markets can significantly increase the user base.
Referral Programs: Implementing student and tutor referral programs could organically grow the platform.
Leverage Social Media: Active social media engagement can attract younger demographics and enhance brand presence.
Community Building: Creating forums or study groups within the platform can foster community and enhance loyalty.
🙋🏻♂️ The Buyer
Marketing Expertise: Ideal for an individual with a strong background in digital marketing and brand development.
Educational Industry Insight: Knowledge of the education sector will be crucial in understanding customer needs and trends.
Tech-Savvy Entrepreneur: Familiarity with technology platforms and e-learning tools is key for continuous innovation.
Customer-Centric Approach: A focus on enhancing user experience and customer satisfaction is vital for long-term success.
Operational Efficiency: Skills in streamlining processes and managing a large user base efficiently.
🏡 Main Street
Dryer Vent Cleaning & Repair Franchise - $2.0M
Launched in 2006
HQ in the Great Lakes Region
Serves residential, commercial, and multi-unit buildings
Revenue: $2.5M
Profit: $572k
Margin: 23%
Multiple: 3.50x
💬 Quick Take
The 17-year-old franchise in the Great Lakes Region specializing in venting services exhibits a robust business model with consistent growth, even during the pandemic. What stands out is its diverse customer base, including residential, commercial, and multi-unit clients, ensuring stable revenue streams. The high average revenue per job, especially from multi-unit contracts, is a good feature. However, concerns arise with the retirement of a key office employee and the reliance on physical labor, which could challenge scalability. The business's success hinges on hands-on management and a solid understanding of construction, making it ideal for someone with a blend of technical know-how and business acumen.
✅ What I Like
Established Business:
A 17-year history provides a strong foundation and reputation in the market.
Diverse Revenue Sources:
A mix of residential, commercial, and multi-unit contracts ensures revenue stability.
Pandemic Resilience
The company's growth during the pandemic demonstrates its essential service nature and resilience.
Significant Multi-Unit Contracts
Large contracts with multi-unit communities offer substantial, reliable revenue.
Skilled Workforce
A team of 9 field technicians and 2 office staff suggests operational robustness.
No Special Licensing
Ease of operation due to no special licensing requirements, aside from state DBA.
Franchise Support
Being part of a franchise provides support, brand recognition, and operational guidelines.
❓ Concerns
Key Employee Retirement
The retirement of a key office employee could impact operations and require a replacement strategy.
Labor-Intensive Services
Dependence on physical labor may limit scalability and requires continuous workforce management.
Market Saturation
Potential limitations in expanding the customer base in a mature market.
Franchise Limitations
Franchise rules may limit operational flexibility and innovation.
Technical Know-How
A general understanding of construction is necessary, potentially limiting buyer pool.
💼 Due Diligence Questions
Client Retention Rates: How has the business managed client retention, especially with multi-unit contracts?
Financial Consistency: Are there any fluctuations or concerns in the financial statements over the past years?
Operational Processes: How efficient are the current operational processes, and where can improvements be made?
Employee Retention: What strategies are in place for retaining skilled technicians?
Market Position: What is the company's competitive position in the Great Lakes Region?
Customer Acquisition Strategies: How does the company acquire new residential and commercial clients?
Franchise Agreement Details: What are the specific terms and conditions of the franchise agreement?
Technology Use: How is technology integrated into the business operations for efficiency?
🚀 Growth Levers
Expand Marketing Efforts: Investing in digital marketing and local advertising to attract new clients.
Service Diversification: Expanding service offerings to include related home and commercial maintenance services.
Geographic Expansion: Exploring opportunities to serve adjacent regions or areas within the franchise limitations.
Strengthen Online Presence: Enhancing the company's website and online booking capabilities.
Partnership Development: Forming partnerships with property management companies and construction firms.
Referral Programs: Implementing customer referral programs to organically grow the client base.
Technological Advancements: Integrating modern technology for scheduling, client management, and operations.
Employee Training Programs: Developing robust training programs to enhance service quality and efficiency.
🙋🏻♂️ The Buyer
Construction Knowledge: Beneficial for someone with an understanding of construction or handyman services.
Business Management Skills: Strong business acumen and experience in managing a team are crucial.
Franchise Experience: Previous experience with franchise operations would be an advantage.
Customer Service Orientation: A focus on maintaining high customer satisfaction and building client relationships.
Marketing Insight: Ability to implement effective marketing strategies to attract new customers.
Operational Efficiency: Skills in streamlining processes and managing a labor-intensive business.
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Day Cruise Business in Costa Rica - $4.0M
Launched in 2015
Based in Playa Del Coco, Costa Rica
Trimaran and catamaran one-day cruises; 20 employees;
Revenue: $1.4M
Profit: $600k
Margin: 43%
Multiple: 6.67x
💬 Quick Take
There are worse places to live than Costa Rica. This Trimaran and Catamaran Cruises Company in Costa Rica is an attractive opportunity, especially for those passionate about maritime tourism. What's impressive is its unique location in Playas Del Coco, serving several high-profile resorts, coupled with the high-value assets of a custom-built Trimaran and a Fontaine Pageau catamaran. The absence of internet advertising or online sales indicates untapped marketing potential, promising for future growth. However, concerns include the reliance on local tourism trends and the necessity of bilingual capabilities for optimal operation. The high asking price, reflecting the value of the boats, necessitates a clear strategy to harness the growth potential and maximize ROI.
✅ What I Like
Premium Location
Operating in a high-tourism area near multiple resorts amplifies its business potential.
Valuable Assets
Ownership of a custom-built Trimaran and a Fontaine Pageau catamaran adds substantial value.
Untapped Marketing Potential
The current revenue generation without internet advertising suggests significant growth possibilities.
Growing Tourism
The continuous development in Playa del Coco area hints at a steady influx of potential customers.
Recent Investment
The recent construction of the Trimaran in 2020 indicates a modern, well-maintained fleet.
Proximity to International Airport
Being 30 minutes from Liberia International Airport enhances accessibility for tourists.
Unique Service Offering
Offering one-day cruises with large passenger capacities caters to both individual and group tourists.
❓ Concerns
High Asking Price
A $4M asking price requires a significant upfront investment and a solid plan to ensure ROI.
Market Dependence
Heavy reliance on the local tourism industry, which can be volatile.
Competitive Landscape
The presence of other maritime tour operators in the region.
Operational Complexity
Managing maritime operations demands specific skills and knowledge.
Environmental Factors
Vulnerability to weather conditions and environmental regulations.
💼 Due Diligence Questions
Customer Demographics: What is the breakdown of current customer demographics, and how does it align with marketing strategies?
Financial Consistency: Are there any fluctuations or concerns in the financial statements over the past years?
Operational Licenses: What specific maritime and business licenses are required, and are they all in good standing?
Market Trends: How does the business adapt to changing tourism trends in Costa Rica?
Maintenance Records: Are there detailed maintenance records for the boats, ensuring they are in optimal condition?
Competitive Analysis: Who are the major competitors, and what differentiates this business from them?
Online Presence: What potential strategies can be implemented for online marketing and sales?
Customer Feedback: What feedback mechanisms are in place to gauge customer satisfaction?
Environmental Compliance: How does the business ensure compliance with environmental regulations?
Growth Projections: What are the projected growth opportunities and challenges in the near future?
🚀 Growth Levers
Expand Digital Marketing: Implementing online advertising and sales platforms to reach a broader audience.
Partnerships with Resorts: Strengthening partnerships with local resorts and hotels for mutual referral programs.
Diversify Cruise Offerings: Introducing themed cruises or special event packages to attract a wider customer base.
Leverage Social Media: Active social media engagement can enhance visibility and attract younger tourists.
Enhance Customer Experience: Offering additional amenities or services on cruises to enhance overall customer satisfaction.
Environmental Initiatives: Adopting eco-friendly practices to appeal to environmentally conscious tourists.
Targeted Promotions: Developing targeted promotional campaigns for different tourist segments.
Expand Geographic Reach: Exploring opportunities to serve adjacent coastal regions or offer longer cruises.
🙋🏻♂️ The Buyer
Maritime Enthusiast: Ideal for someone passionate about the sea and maritime tourism.
Business Management Experience: Strong business acumen, particularly in tourism or hospitality, is crucial.
Marketing Savvy: Experience in digital marketing and online sales is key to unlocking growth potential.
Multilingual Capability: Proficiency in English, Spanish, and potentially French, would be a significant advantage.
Customer-Focused Approach: A focus on customer satisfaction and creating memorable experiences is vital.
Operational Efficiency: Ability to manage the logistical and operational aspects of maritime tour services.
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Manufacturer of Fence Products in Northeast - $2.1M
Launched in 1971
Branded manufacturer of fence-related products
Revenue: $2.1M
Profit: $589k
Margin: 28%
Multiple: 3.57x
💬 Quick Take
This fence manufacturing company in the New England region has carved a niche in the market with its diverse product range and strong regional presence. What's compelling is its extensive portfolio catering to both DIY enthusiasts and professional contractors, coupled with on-site custom fabrication capabilities. The company's wholesale division enhances its market penetration. However, a note of caution: the business operates in a highly competitive and physically demanding industry, requiring constant innovation and efficient supply chain management. The asking price appears reasonable given its cash flow, but the buyer must have a keen understanding of the construction industry and regional market dynamics.
✅ What I Like
Diverse Product Range
Offering a wide variety of fencing products caters to a broad customer base.
Strong Regional Presence
Established market position in Rhode Island, Southern Massachusetts, and Connecticut.
Dedicated Wholesale Division
Supports professional contractors and enhances business-to-business sales.
Custom Fabrication Capability
On-site customization offers a competitive edge and customer satisfaction.
Decorative Outdoor Products
Expanding beyond core products to include garden accessories broadens market appeal.
Stable Revenue
Consistent gross revenue of $5.5M indicates a solid customer base and market demand.
❓ Concerns
Competitive Market
Operating in a competitive industry requires continuous innovation and marketing.
Physical Product Limitations
The nature of physical products necessitates effective inventory and supply chain management.
Market Fluctuations
Sensitivity to regional construction trends and economic conditions.
Labor Intensive
Manufacturing and installation processes are labor-intensive and require skilled workers.
Supply Chain Dependencies
Reliance on raw material suppliers could impact profitability and delivery timelines.
Transition Challenges
Ensuring a smooth transition and retention of key relationships and expertise.
💼 Due Diligence Questions
Customer Segmentation: What is the breakdown between DIY, professional contractors, and commercial clients?
Financial Stability: Are there any underlying financial concerns or irregularities in the past financial statements?
Market Trends: How does the company adapt to changing trends and demands in the construction industry?
Supplier Relationships: What are the terms and stability of relationships with key suppliers?
Competitive Analysis: Who are the major competitors, and what differentiates this business from them?
Operational Efficiency: How efficient are the current operational processes, and where can improvements be made?
Technology Adoption: What is the level of technology integration in manufacturing and customer service?
Employee Skillset: What training and skills do the current employees have, and are there any gaps?
🚀 Growth Levers
Expand Digital Marketing: Strengthening online presence to reach a broader audience and enhance brand visibility.
Geographic Expansion: Exploring opportunities to serve areas beyond the current regional focus.
Product Line Extension: Introducing new and innovative fencing and outdoor products to attract new customers.
Partnership Development: Forming partnerships with local construction firms and landscapers for referral business.
Enhanced Customization Services: Offering more bespoke services to meet specific customer demands.
E-Commerce Integration: Developing an e-commerce platform for direct sales to DIY customers.
Sustainability Practices: Adopting eco-friendly materials and processes to appeal to environmentally conscious consumers.
Automated Manufacturing: Investing in automation to improve efficiency and reduce labor costs.
🙋🏻♂️ The Buyer
Construction Industry Experience: Beneficial for someone familiar with the construction or home improvement industry.
Business Acumen: Strong business management skills, particularly in manufacturing and supply chain.
Marketing Insight: Experience in marketing, especially in a B2B context, would be advantageous.
Operational Efficiency: Ability to streamline operations and manage a labor-intensive manufacturing process.
Customer Relations: Skills in maintaining and building customer relationships, crucial for sustained growth.
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⚒️Tools & Resources
I want to share some tools & resources that I have found helpful. Please note that some of these are paid sponsors of the newsletter.
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Search Fund Coalition - community for the Entrepreneurship Through Acquisition ecosystem. Monthly events and meetups for acquisition entrepreneurs.
Deal Sourcing Guide - a comprehensive list of business marketplaces, brokers, deal origination firms, and more.
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