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New SBA rules didn’t kill HVAC / plumbing / electrical acquisitions... but they did rewrite the playbook. Biggest shift: seller can’t stick around as W‑2 or minority owner unless they PG for 2 yrs. That knocks out the old “seller keeps the license” trick. Since it was

Big news: Our inaugural SMBootcamp newsletter "The Playbook" just dropped (yes... another newsletter)! Every other week, we'll bring you actionable insights, real-world acquisition playbooks, and hard-earned lessons about small business acquisitions. Check out our first issue

Why invest in small business acquisitions? Because putting capital into stable, profitable SMBs often beats traditional places you might park your money (stocks, bonds, real estate, etc.). Yes I understand its illiquid...

Valuing a small business isn't just EBITDA x a multiple. It's risk, growth, recurring revenue, customer concentration, working capital needs, and your ability to improve the business post-close (plus a lot more). Proper valuation = understanding the story behind the numbers.

“Document everything” is solid advice... until you’re 40 pages deep into a procedure no one reads (sometimes we go overboard on X). In SMBs, SOPs need to be usable. Too general? Ignored. Too specific? Overwhelming. Where’s your line between clarity and overkill?

Reminder for the week: Small businesses don’t run on Excel. They run on people!

Will and Michael have an awesome story. Tune in tomorrow at noon!

In an ETA world that's becoming increasingly difficult to get something done (especially at an attractive price), your network becomess that much more important. And it doesn't build itself!

Forget the narrative that SMB sellers will happily choose a the buyer who will "protect their legacy". It's played out and not a differentiator at all. In nearly all situations, you must bring the highest price (or very close) to win over other buyers. Nobody is giving you a

Today at noon ET!

This isn't to say you can't differentiate by being a buyer the Seller trusts to take care of his employees and customers. But it does mean you'll have to pay *basically* the same price as the rest of the buyer pool

Getting to LOI always feels like a win, but the real game starts after. Diligence is always messy. Both parties end up with deal fatigue. Financing is a drag. M&A is a tough game.

Been seeing more people suggest acquisition entrepreneurs should bring more equity than they think. Hard to argue. Deals are tighter, margins thinner, and a little extra cushion goes a long way in the first 90 days.