If my customer asks me for a referral to another professional (CPA, insurance, whatever), and doesn't go with the folks I refer them to, and that person holds up my closing... ... ...well then I get a little grumpy.

Note to self: Unless I've worked with this particular seller's broker in the past, don't take their word for it that their client's lender will sign off on the short sale needed for my deal to close. Get it in writing early.

I had a dream last night. One of you in #ETA land - who will remain nameless - was in a coffee bar with me. I didn't know where I recognized you from, you gave me no vibe you recognized me, I didn't introduce myself, and then I woke up.

I'm still here. Haven't tweeted in a while. Still a fan of all of you.

My ringtone used to be "Gimme Shelter" by the Rolling Stones. We're changing it up in the new year. Now it's "What'd I Say" by Ray Charles.

When I do a business acquisition deal, it typically either: a. has a great sell-side broker, b. has a crappy broker, c. is an internal acquisition without any broker, or d. is a royal ass-ache. I can handle A, B, and C. I need to stop taking on unbrokered arm's length deals.

I have our douche of the day award, and it's only 8:11 CST. Dude bought into a business on a debt-free basis, is selling it back to his partners leaving debt behind, the operating partners don't have the savvy to see the sleight of hand, and there's no change in valuation.

Generally speaking real estate investment guy makes for a complicated SBA buyer profile. If you are trading in and out properties with equity in them, then unless that SBA deal had full collateral at closing you're talking about loan paydowns earlier than you wanted.

If Business 1 has Partners AB&C who want to buy out partner A so he can invest in Business 2 that A&B own, a prudent lender is going to ask about Business 2.

Do whatever your attorney tells you, but I never understood disclosing to your seller what your debt/equity mix will be in the LOI. Please disclose the financing contingency, but doesn't the seller care about the proposed cash at closing moreso than the buyer's cash injection?

If: *you have no money or no desire to put the money you do have into a deal, and *no ability to raise outside money... ... ...it's ok to buy a company that costs less than $6 million.

If you're buying a business for $ X, but to run it requires you have $ Y of working capital... ...then you're actually paying X + Y for the company. Hopefully your seller gets this, because they're only leaving the closing with $ X.

I was talking to a customer who just closed on an HVAC target a few weeks ago. He inherited a staff of around 10 folks. I told him to figure out when everyone's birthday is and to celebrate at least as much as the seller did. This is the transition stuff that will trip you up.

If your business is worth $1.2 million, you don't get to appraise the inventory separately. The inventory necessary to create the cash flow that justifies the $1.2 million price, along with any other asset necessary to do so, should be included in the price.

Dear Buyers: Never be afraid of your Seller.

If Partner A buys out Partner B, and their company still has debt on the balance sheet guaranteed by both... ...it doesn't matter that Partner B sold out. If the bank didn't release the guaranty, B is still on the hook.

I gave up Facebook and Instagram for Lent. I logged in again yesterday. I didn't miss much. Happy Easter!

I found it! It's a miracle! I found a deal with a seller-proposed SDE lower than what I calculated.

Yes, you have to repay that EIDL loan you took out in 2021.