Huge shoutout to these guys in the SMB space - enjoyed the conversation and insight tonight!

Too many Searchers focus on niches. When they should focus on industries. A few industry characteristics I'd look for:

I started playing with chatGPT today and just read through Rob☀️ recent tweets. Worth a read - go check them out! Use cases in the SMB space are endless. Anyone else using chatGPT or have plans on how they might? As an #SMB owner/operator? As a searcher?

Great thread for those currently searching, like myself. I’ve experienced both outcomes below and Whitney Shepherd offers great advice!

Anyone in #SMB twitter in the portable restroom / port-a-potty space? If so, I’d love to talk!

I first connected with Rory Tyer during SMB Attorney "retrading" Twitter spaces event. Met today for lunch and now have an accountability partner going forward. The #SMBTwitter community has been an incredible resource.

Thank you to Andrew Hoffman // Search Fund Coalition and the Search Fund Coalition for allowing me and SMB Law Group to participate in today's conversation "Inside the SBA" I enjoyed hearing from Derek Pitts, Lisa Forrest and Matt Dolsky. Record attendance for a SFC event!

What's the worst or dumbest thing you've ever seen a Buyer or Seller do in the last few weeks before their SMB business sale closing?

Hypothetical question for SMBTwit: You bought a business one year ago doing $1.5M of unlevered free cash flow. Your annual debt service payments this year were $1M. You now have $500k left over to allocate as you see fit. How do you allocate it?

If you are a searcher right now, I would suggest you bide your time. We are in the early innings of this crisis. There will be AMAZING opportunities that shake out of this, but patience is critical. Buy right, capitalize conservatively.

WSS: Bruce, I want to meet with you before we close our $4,250,000 loan that your bank approved I know you owned a management consulting firm for 13 years. I want to get your advice on a problem that I can foresee happening Oh no, what problem?

SBA rule change ➡️ now allows ROLLOVER EQUITY and continued involvement by the seller! I'm calling it now...This will change the dynamic between buyers & sellers in SBA 7(a) financed business purchases (if you know how to wield it) Here's what buyers need to know 🍎:

Awesome time tonight w/ Reg Zeller and Josh Schultz and lots of good people!

Quick PSA on buying Main Street biz, a thread 🧵 Lots of “buy a Main Street biz with $100k and a dream, and max SBA leverage! Have 250k-300k/yr in cash flow!” Possible? Yes. Likely? No. Eventually? Maybe Will the algo like this thread? No. Don’t care. Let’s chat.

Worth a read - I’ve spoken with several searchers going the “proprietary search” route, sometimes all it takes is buying a garbage cart off Craigslist

24 years old? What next? Google -75k marketing job. -report to mid level manager -no reports -snacks SMB -55k “get sh*t done guy” -Be invaluable -3 years and & youre #4 in the company. -Opportunity and experience. You can quickly outrun a big company. -no snacks

No secret that #SMBtwit and #REtwit loves the acronyms. But for the longest team I questioned why people were so eager to own Quiznos Subs Restaurants.. Turns out QSR = Quick Service Restaurant.. Lesson learned.

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