Coming off the Twitter sidelines to share learnings from my SMB search. I have a decade of experience in M&A working primarily with consumer products companies. I’m looking to acquire and efficiently run a small business in Colorado so I can ski 50+ days a year ⛷

Trying to support my theory that rurally-located SMBs have a smaller buyer universe and trade for a lower multiple. Does anyone have data or experience that would support this?

What companies in SMB have been most bid up in the last 5 to 10 years and why? -self-storage, various medical practices, FBA… -change in underlying industry growth potential, increased PE involvement…

Anyone found comfort making adjustments for freight? Not sure where it will settle and when, but surely this can’t last forever

🤯 stat from a guy running a proprietary search in Australia 🇦🇺 … 1 out of 3 response on initial cold outreach

Freight broker: "Didn't come from me but just want to echo that spot rates are not slowing their descent at all. It's a free fall across most of the country."

simple 15 cell cash-on-cash calc that gets you to within 100bps of the IRR of the full model anyways

SMB lenders, How do you think about the unearned revenue associated with businesses where there is a limited cost required to service that revenue (e.g., SaaS)? It seems unfair to treat it like a debt-like item as you might in other businesses (e.g., construction).