The Business Inquirer #160
Sharing a CPA practice, a wireless telecom tower mfg, a commercial printer, a medical billing agency, a niche content marketing agency, an IT MSP, and SaaS for fitness studios.
Hello Friends!
In this week’s issue:
☁️ SaaS - 1 listing
💼 Online Service - 3 listings
🏡 Main Street - 3 listings
⚒️ Tools & Resources
💡 How I Can Help
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☁️ SaaS
Automation SaaS for Fitness Studios - $680k
Launched in 2017
Offers payroll reporting, attendance, waitlists, and more
Revenue: $269k
Profit: $175k
Margin: 65%
Multiple: 3.89x
💬 Quick Take
I like these types of niche SaaS products. This one has an impressive 65% profit margin and saw a 26% YoY growth in the early months of 2024. While the business's deep integration within the boutique fitness sector and its high customer satisfaction are compelling, the business has no employees and is solely reliant on the owner to operate.
✅ What I Like
Strong Profit Margins
With a 65% profit margin, the business demonstrates excellent operational efficiency and a profitable business model.
Impressive Growth
The 26% YoY growth indicates a strong, increasing demand for the product.
High Conversion Rate
A conversion rate over 90% from free to paid users highlights the product's value proposition.
Low Churn Rate
Indicates customer satisfaction and product stickiness.
Strong Market Relationships
Partnerships with 400+ locations offer immediate market penetration and credibility.
Expansion Potential
With ideas for new products and improvements, the ceiling for growth is high.
❓ Concerns
Developer Dependency
The business's reliance on a single developer for system maintenance could pose a risk if that individual were to leave or become unavailable.
Sales Funnel Improvement Needed
Indicates potential inefficiencies in converting leads to paying customers.
Annual Contracts Not Utilized
Monthly subscriptions may lead to lower customer lifetime value compared to annual contracts.
💼 Due Diligence Questions
Customer Acquisition Cost: What is the current cost to acquire a new customer, and how has this changed over time?
Developer Reliability: Is there a contingency plan for system maintenance in the absence of the current developer?
Product Roadmap: What new features or integrations are planned for the next 12-24 months?
Market Analysis: How does the business plan to maintain its competitive advantage as new competitors enter the market?
Customer Satisfaction Metrics: What specific feedback or metrics can be shared regarding customer satisfaction?
Sales Process: Can you detail the sales funnel and identify areas for improvement?
Operational Risks: What operational risks does the business face, and how are these being mitigated?
🚀 Growth Levers
Enhance Product Offering: Develop new features or integrations based on customer feedback and market demand.
Optimize Sales Funnel: Analyze and improve each stage of the funnel to increase conversion rates.
Explore New Pricing Models: Consider introducing annual contracts or tiered pricing plans to increase revenue.
Leverage Customer Feedback: Use positive reviews and testimonials in marketing materials to build trust with potential customers.
Partnership Development: Forge new partnerships with POS providers and fitness industry influencers to expand market penetration.
Customer Retention Strategies: Implement programs to increase customer loyalty and reduce churn, such as referral rewards or premium support services.
🙋🏻♂️ The Buyer
Tech-Savvy Entrepreneur: Understanding of SaaS metrics and operations will be crucial for scaling the business.
Industry Insight: Knowledge of the fitness sector could leverage existing relationships and identify new opportunities.
Marketing Prowess: Skills in digital marketing and sales funnel optimization could unlock growth potentials.
Vision for Expansion: A buyer with a vision for entering new markets or niches would find this business particularly appealing.
💼 Online Service, Media, Marketplace
IT MSP in Midwest - $1.5M
Launched in 2002
Specializing in ISP, WAN, and colocation telecom services
Revenue: $1.6M
Profit: $287k
Margin: 18%
Multiple: 5.2x
💬 Quick Take
This MSP presents a solid opportunity, especially attractive for its diversified service offerings and a strong foundation of recurring revenue. The aspects I find compelling include the business's ability to secure long-term client contracts with a notably low churn rate and its operation of a privately leased data center, which offers a competitive edge. However, concerns arise from the reliance on traditional lead generation methods and the narrow geographical focus of the client base, which could limit growth potential. With a business like this, I would also want to understand why the COO isn’t purchasing it.
✅ What I Like
Multiple Revenue Streams
The business benefits from a diversified revenue model, sourcing income from WAN, ISP, and Colocation services, which stabilizes income flow and reduces risk.
Recurring Revenue Model
The presence of ongoing client contracts, often renewed on the same terms, provides predictable, stable income, crucial for financial planning and investment.
Low Client Churn
The exceptionally low churn rate suggests high customer satisfaction and service dependability, underscoring the business's value proposition.
Minimal Owner Involvement
The business requires minimal time commitment from the owner, suggesting an efficient management structure and potential for investor flexibility.
❓ Concerns
Limited Digital Marketing
The reliance on traditional lead generation methods could limit market reach and growth in the digital age. Testing new digital customer acquisition channels can be expensive.
Geographical Concentration
A customer base concentrated in the Chicagoland area suggests vulnerability to regional market shifts. Important to have an expansion plan.
Team Dependence
The business's operations heavily rely on a small team, particularly the COO, posing a risk if key personnel leave. Why isn’t the COO buying this business?
Expansion Readiness
While there are growth opportunities, the business's current structure may need scaling to tap into them fully.
💼 Due Diligence Questions
Client Retention Strategies: What mechanisms are in place to ensure the continued low churn rate among clients?
Operational Challenges: What are the most significant operational challenges faced, especially regarding data center management?
Growth Plans: What specific plans does the management have to expand the customer base geographically and across industries?
Technology Updates: How does the business stay abreast of and integrate technological advancements in its service offerings?
Vendor Relations: Could you detail the terms and stability of relationships with key vendors and service providers?
Regulatory Compliance: How does the business navigate and comply with telecommunications regulations, especially in new markets?
Employee Skills and Morale: What training and development opportunities are provided to employees, and how is their morale maintained?
Customer Satisfaction: Are there any customer satisfaction surveys or feedback that highlight the business's strengths and areas for improvement?
Data Security: Given the importance of network security, what measures are in place to protect client data and infrastructure?
🚀 Growth Levers
Digital Marketing Expansion: Implementing comprehensive digital marketing strategies could significantly enhance lead generation and brand visibility.
Geographic Diversification: Expanding the customer base into new states and industries could mitigate regional market risks and open up new revenue streams.
Service Portfolio Expansion: Introducing new services like cloud hosting, backup services, and edge computing could attract new clients and increase revenue per client.
Technological Innovation: Investing in the latest telecommunications technologies could improve service offerings and client satisfaction, fostering growth.
Strategic Partnerships: Forming alliances with complementary businesses could provide cross-selling opportunities and access to new markets.
Client Education and Engagement: Hosting webinars and workshops on the importance of network security and efficient telecommunications solutions could enhance client loyalty and attract new business.
Optimization of Operations: Streamlining operational processes and enhancing data center efficiency could reduce costs and improve service quality.
Customer Feedback Mechanism: Establishing a structured feedback system to continuously improve services based on client input.
🙋🏻♂️ The Buyer
Industry Experience: Ideally, the buyer would have experience in the telecom or IT service industries, providing a foundational understanding necessary to navigate this complex field.
Operational Expertise: Familiarity with running and managing service-oriented businesses, especially those involving technical infrastructure like data centers.
Strategic Vision: A buyer with a clear vision for scaling the business, including geographic and service expansion, and digital transformation.
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Content Marketing & Social Media Management for Cybersecurity - $1.1M
Launched in 2021
Owner operated
Revenue: $488k
Profit: $328k
Margin: 67%
Multiple: 3.5x
💬 Quick Take
Here’s a good example of a business that may be unsellable. This cybersecurity content marketing & social media management agency is owner-operated and faces a massive risk of disruption from AI tools. They haven’t invested in marketing, SEO, or content. Revenue is mostly driven by word of mouth and (probably) the owner’s reputation in the industry. Having said that, I do like the niche industry focus, high margin, and recurring revenue. For the right valuation, maybe this becomes interesting.
✅ What I Like
Niche Expertise
Specialization in cybersecurity content creation positions the agency as an authority in a high-demand industry.
High Margin
A 67% profit margin indicates operational efficiency and a premium service offering.
Recurring Revenue Model
Majority recurring revenue ensures predictable cash flow and reduces business volatility.
Untapped Marketing Channels
The current lack of traditional marketing and SEO efforts presents a ripe opportunity for rapid growth.
Low Operational Costs
Potential to further reduce costs by incorporating AI in content generation.
❓ Concerns
Overreliance on Word-of-Mouth
Limited active marketing strategies could hinder scalability and market reach.
Underutilized SEO
Neglecting SEO, especially in a content-centric business, limits online visibility and lead generation.
Dependence on Founder’s Reputation
The business’s success heavily leans on the founder's personal brand.
Client Concentration Risk
Depending on a few large clients could pose a risk if any were to leave.
💼 Due Diligence Questions
Client Retention Rates: What has been the historical client retention rate, and what strategies are in place to maintain it?
Operational Capacity: Is there capacity to scale operations without compromising quality or significantly increasing costs?
Content Strategy: How is content strategy adapted for different clients and trends within cybersecurity?
Competitive Advantage: What sets this agency apart from competitors, especially in content quality and client engagement?
AI Integration: Specifics on how AI could be used more effectively for content generation and the associated costs.
SEO Strategy: Plans for integrating SEO to improve online presence and lead generation.
Client Diversification: Steps towards reducing reliance on a few major clients and attracting a broader clientele.
🚀 Growth Levers
Expand Digital Marketing Efforts: Implementing targeted SEO, email marketing, and LinkedIn campaigns to attract new clients.
Diversify Client Base: Gradually extending services to other tech niches like IT managed services and development agencies.
Leverage AI for Efficiency: Adopt AI-driven tools for content creation to increase efficiency and lower operational costs.
Strategic Partnerships: Form alliances with cybersecurity firms and tech conferences to enhance brand visibility.
Content Innovation: Invest in emerging content formats and interactive media to stay ahead in content marketing trends.
Customer Success Focus: Develop a structured client feedback system to improve services and foster client loyalty.
Educational Content: Offering webinars and training materials as a value-add for current and potential clients.
🙋🏻♂️ The Buyer
Industry Enthusiast: Ideally passionate about cybersecurity, understanding its trends and challenges.
Marketing Savvy: Has experience in digital marketing, especially in SEO and content marketing, to capitalize on growth opportunities.
Innovation-Driven: Open to adopting new technologies, especially AI, to streamline content production and enhance service offerings.
Network Builder: Skilled in building and leveraging relationships within the cybersecurity and broader tech community.
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Medical Billing Agency - $4.7M
Launched in 2009
100% recurring revenue
Revenue: $1.9M
Profit: $1.1M
Margin: 57%
Multiple: 4.27x
💬 Quick Take
This medical billing agency presents a solid acquisition opportunity, especially attractive for its high margins, all recurring revenue model, and strong foothold in the medical billing industry. What impresses is its 16-year track record of consistent growth and a diverse clientele across physical, occupational, and speech therapy practices. However, the reliance on word-of-mouth for marketing, while currently successful, poses a risk in terms of scalability.
✅ What I Like
Recurring Revenue Model
The business’s model is based entirely on recurring revenue, ensuring steady cash flow and financial stability.
High Customer Retention Rate
A 92% customer retention rate indicates strong client satisfaction and service reliability.
Diverse Clientele
Serving over 80 clients across multiple therapy practices illustrates versatility and a broad market appeal.
Experienced Team
A full team, including an operations manager and billing specialists, indicates a well-structured operation with depth of knowledge.
Untapped Market Potential
The business exclusively serves a niche market with potential for expansion into other medical specialties.
Proven Business Model
16 years in business demonstrates sustainability and resilience, a testament to its operational effectiveness.
❓ Concerns
Lack of Marketing
The absence of a dedicated marketing strategy could limit growth opportunities and market visibility.
Market Evolution Risks
Rapid changes in healthcare regulations and billing practices could pose operational challenges.
Client Concentration
Dependence on a limited number of large clients could risk revenue stability if key clients are lost.
Technology Adaptation
Keeping pace with technological advancements in billing software and processes is essential for maintaining competitiveness.
Operational Scalability
Scaling the business may require significant investment in staff training and technology.
Economic Sensitivity
The business could be affected by broader economic downturns impacting healthcare spending.
💼 Due Diligence Questions
Client Contracts: Are there long-term contracts in place with key clients, and what are the terms?
Regulatory Compliance: How does the company stay current with changes in healthcare regulations and billing practices?
Operational Processes: Can you detail the billing process from client acquisition to revenue collection?
Technology Stack: What billing software and technologies are currently in use, and how often are these updated?
Employee Retention: What are the current employee retention rates, and what measures are in place to maintain them?
Market Analysis: How does the company position itself against competitors, and what are its unique selling propositions?
Expansion Plans: Are there plans for expanding services to other medical specialties, and if so, what are the strategies?
Customer Feedback: Can examples of client feedback or case studies be provided to understand service impact?
🚀 Growth Levers
Digital Marketing Investment: By adopting digital marketing strategies, the company can significantly increase its market visibility and client acquisition rate.
Service Expansion: Expanding services to include additional medical specialties could open new revenue streams.
Technology Upgrades: Investing in the latest billing technologies could improve operational efficiency and client satisfaction.
Strategic Partnerships: Partnering with complementary businesses could provide cross-referral opportunities and expand client base.
Client Education: Offering webinars or training on billing best practices could enhance client loyalty and attract new business.
Customer Service Excellence: Continuing to focus on exceptional customer service can enhance the brand and encourage referrals.
🙋🏻♂️ The Buyer
Industry Experience: A buyer with experience in the healthcare or medical billing industry could leverage existing knowledge for immediate impact.
Operational Expertise: Understanding of service-based business operations and client management is crucial for maintaining high service standards.
Growth-Oriented: An individual or entity with a vision for scaling the business, including exploring new markets and services.
Technology Savvy: A buyer proficient in modern billing technologies and software could drive operational efficiencies and innovations.
🏡 Main Street
Commercial Printing in Phoenix, AZ - $1.5M
Launched in 1996
Seller retiring but willing to stay on for 1 year
Revenue: $1.9M
Profit: $556k
Margin: 29%
Multiple: 2.7x
💬 Quick Take
I’ve seen a few acquisitions of commercial printing businesses and my feeling is that it’s a good space to be in. This commercial printing business in the Phoenix Valley presents a robust acquisition opportunity, characterized by its long-standing industry presence and strong financial performance. With a healthy margin of 29% and an attractive valuation of 2.7x, it offers a solid foundation for further growth.
✅ What I Like
Strong Industry Reputation
The business's 20+ years of operations have cemented its reputation for quality and reliability in the Phoenix valley.
Consistent Revenue and Healthy Margin
A gross revenue of $1.9M and a cash flow margin of 29.3% demonstrate the business's profitability.
Loyal Customer Base
Repeat clients and a diverse customer portfolio indicate a solid, reliable income stream.
Strategic Location
Situated in the economically vibrant Phoenix valley, offering considerable market access.
❓ Concerns
Market Competition
The presence of numerous competitors in the Phoenix area might affect market share.
Dependency on Key Staff
The loss of crucial skilled staff could disrupt operations.
Client Concentration Risk
Heavy reliance on a few large accounts could be risky if any were lost.
Lease Vulnerability
Rising rent costs or lease termination could impact profitability.
Equipment Modernization
Continuous investment in the latest printing technology is required to stay competitive.
💼 Due Diligence Questions
Customer Dependency: What percentage of revenue comes from the top five clients?
Staff Retention: What measures are in place to retain key personnel?
Technology Adaptation: How often is printing equipment updated?
Competitive Landscape: How does the business differentiate itself from competitors?
Operational Risks: Are there any current or potential legal issues?
Supply Chain Stability: How has the supply chain for materials been affected by global events?
Market Trends: What are the anticipated industry trends over the next 5-10 years?
Client Satisfaction: Is there feedback or data on client satisfaction and retention?
Expansion Capabilities: What are the limitations or opportunities for geographical or service expansion?
🚀 Growth Levers
Digital Marketing Expansion: Leveraging online platforms for broader market reach and customer engagement.
Service Diversification: Introducing new printing technologies and services to meet evolving market demands.
Strategic Partnerships: Forming alliances with ad agencies and design firms to secure more corporate accounts.
Operational Efficiency: Investing in technology to improve efficiency and reduce production times.
Sustainability Practices: Adopting eco-friendly printing methods to attract a growing segment of environmentally conscious clients.
Customer Experience Enhancement: Implementing a CRM system for better customer service and retention strategies.
E-commerce Integration: Developing an online ordering platform for ease of access to services.
Market Research: Regularly conducting market research to stay ahead of industry trends and customer preferences.
🙋🏻♂️ The Buyer
Industry Experience: Knowledgeable about the commercial printing industry and current technological trends.
Operational Expertise: Capable of managing a skilled team and overseeing high-quality production processes.
Growth-Oriented: Interested in expanding the business through strategic investments and marketing efforts.
Innovative Mindset: Open to exploring new technologies and services to adapt to the changing landscape of the printing industry.
Customer-Centric Approach: Committed to maintaining the high level of customer service and satisfaction that defines the business.
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Wireless Telecom Tower Manufacturer - $2.4M
Launched in 1998
HQ in California
FSBO; Chameleon Engineering
Revenue: $2.6M
Profit: $702k
Margin: 27%
Multiple: 3.9x
💬 Quick Take
This wireless telecom tower manufacturer stands out for its unique niche in custom concealment towers and a solid foundation of over 25 years in the industry. The business boasts a loyal client base in California, yet it presents untapped potential for nationwide expansion. While the strong specialization and established brand are attractive, the limited market reach and reliance on referrals indicate areas ripe for development and innovation.
✅ What I Like
Established Industry Presence
Over 25 years serving the industry signifies reliability and expertise, foundational for attracting new clients.
Specialized Product Offering
Custom concealment towers offer a niche advantage in a growing telecom sector, positioning the business for unique opportunities.
Expansion Ready
The current operational setup is primed for easy relocation and expansion, offering a smooth transition for scaling the business.
High Profit Margin
A 27% margin is compelling in manufacturing, highlighting efficient operations.
❓ Concerns
Limited Geographic Reach
Currently focused in California, missing broader market opportunities.
Reliance on Referrals
This can limit growth pace; diversifying acquisition channels is crucial.
Equipment and Vehicle Leases
Leased from a related company, this arrangement requires careful examination to ensure cost-efficiency.
Operational Relocation
While structured for relocation, the process can introduce temporary disruptions.
💼 Due Diligence Questions
Client Contracts: What are the terms and durations of current client contracts?
Lease Agreements: Details on equipment and vehicle lease terms and conditions?
Market Analysis: Have any market analyses been conducted on potential expansion areas?
Operational Process: Can we review the operational workflow and efficiency measures?
Intellectual Property: Are there patents or trademarks associated with the custom concealment technology?
Competitor Analysis: How does the company differentiate from its competitors?
Customer Satisfaction: Any available metrics on client satisfaction or repeat business rates?
Growth Projections: What growth projections have been made with existing and potential markets?
Regulatory Compliance: Are there any industry-specific regulations affecting operations?
🚀 Growth Levers
Digital Marketing Strategy: Implementing a robust online marketing strategy to reach a wider audience.
Market Expansion: Actively targeting new geographic markets and telecom carriers.
Refurbishment Services: Aggressively marketing to the untapped tower refurbishment sector.
Operational Efficiency: Streamlining production and operational processes for scalability.
Strategic Partnerships: Forming alliances with complementary businesses for cross-promotion.
Product Innovation: Investing in R&D to enhance the existing product line and develop new offerings.
Client Acquisition: Diversifying client acquisition strategies beyond referrals.
Brand Building: Strengthening the brand through industry events, sponsorships, and thought leadership.
🙋🏻♂️ The Buyer
Industry Experience: A background in metal manufacturing or telecom, understanding the specific market dynamics.
Growth Mindset: Prepared to capitalize on expansion opportunities and explore new markets.
Marketing Savvy: Ready to implement modern marketing strategies to enhance visibility and reach.
Financial Resources: Sufficient capital for initial investment and future expansion activities.
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CPA Practice in Northern Utah - $2.2M
Revenue: $1.8M
Profit: $592k
Margin: 33%
Multiple: 3.72x
💬 Quick Take
This CPA practice presents a compelling opportunity with its robust growth, diversified service offerings, and efficient operational model. The practice's strong reliance on fixed monthly fees for a broad spectrum of accounting services establishes a stable revenue base, which is highly desirable. However, the reliance on overseas contractors could pose challenges in quality control and client relationships. The solid foundation for remote services and the existing knowledgeable staff provide a great platform for continued growth, although the asking price appears to be on the higher end.
✅ What I Like
Diversified Services
Offering a full range of tax and accounting services provides multiple revenue streams and client touchpoints.
Fixed Monthly Fees
This billing model promises steady, predictable income, reducing the variability common in professional services. 75% of revenue is fixed fees.
Remote Service Capability
Utilizing advanced software and systems for remote service delivery maximizes efficiency and broadens the potential client base.
Knowledgeable Staff
Having a large, well-informed team, including overseas contractors, ensures that the practice can handle a growing workload and provide specialized services.
❓ Concerns
Overseas Contractors
Relying on overseas labor might introduce challenges in maintaining service quality and timely communication.
Integration Challenges
For an acquiring firm, integrating systems, staff, and client portfolios may require significant effort and resources.
Staff Retention
Ensuring the continuity and loyalty of the knowledgeable staff post-acquisition is critical for seamless operations.
💼 Due Diligence Questions
Client Retention Rates: What are the historical client retention rates, especially during the tax season?
Staff Turnover: What is the turnover rate among the staff, particularly the overseas contractors?
Technology Systems: Can you provide a detailed overview of the technology platforms in use, including any proprietary systems?
Client Satisfaction: How is client satisfaction measured, and what have been the trends over the past few years?
Service Delivery Model: Can you detail the operational workflow for remote/virtual services?
Growth Metrics: What have been the primary drivers of growth in the past two years?
Market Analysis: What market research has been conducted to support the continued growth projections?
🚀 Growth Levers
Expand Service Offerings: Introducing new services like financial planning could attract more clients.
Geographic Expansion: Utilizing the remote service model to target clients outside Northern Utah County could spur growth.
Technology Integration: Implementing more advanced technology solutions could enhance efficiency and client satisfaction.
Marketing Strategy: Developing a robust digital marketing strategy could increase visibility and attract new clients.
Client Education Programs: Offering seminars or webinars on tax planning and financial management could deepen client relationships.
Referral Programs: Implementing a referral program could leverage existing client relationships to acquire new clients.
Staff Training: Investing in continuous education for staff could improve service quality and expand service capabilities.
Community Engagement: Participating in local business events and networks could raise the practice’s profile and attract business clients.
🙋🏻♂️ The Buyer
Experienced CPA: Ideal for an individual CPA or an existing firm with experience in tax and accounting services.
Growth-Oriented: A buyer with a vision for expansion and the ability to capitalize on the existing operational framework.
Client-Centric: A commitment to maintaining high standards of client service and satisfaction is crucial.
Strategic Planner: Possesses the ability to strategically integrate the practice’s services and client base with existing operations.
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⚒️Tools & Resources
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