Two weeks ago I shared Rob Brooks' HVAC story, and a lot of you responded. I get it - the search is a slog, and running a business is intense. Sometimes you need a reminder of what's actually possible on the other side. So here's another one. We invested in Alan Turkus' acquisition of a $20M+ business, and I'll be honest - this deal was not for the faint of heart. It almost fell apart multiple times. An SBA rule change - the same one we flagged in this newsletter earlier this year, now fixed - nearly derailed it at the last minute through no fault of Alan's. He had put an enormous amount of time and money into the transaction. Watching something that close to the finish line threaten to unravel, for reasons entirely outside your control, is a particular kind of stress that's hard to describe. Alan's response was to communicate. Constantly. Sometimes multiple updates a day to keep everyone in the loop. He never went dark, never stopped pushing, and never lost sight of the finish line. He's a few months into ownership now, and things are going well. When we caught up last week, the thing he mentioned most was how good it feels to focus on growing the business rather than closing the transaction. If you're like Alan - deeply motivated, deeply thoughtful, with that rare blend of personal humility and professional will - I want you to know two things: we'd love to meet you, and you're going to make it. One day or another, Alan was going to buy a business and do it well. It was an honor to be a small part of the journey. P.S. For more on Alan’s journey, check out this recent Acquiring Minds podcast episode featuring his story. Partner Perspective: Eli Albrecht, Albrecht Law: Want to Save Millions in Taxes? Find Out If Your Deal QSBS-Eligible One of the most valuable and underutilized tax structures in small business acquisitions is QSBS - Qualified Small Business Stock. Under Section 1202 of the tax code, a buyer who structures their deal correctly can exclude up to 100% of federal capital gains on a future sale, up to the greater of $15 million or 10x their adjusted basis. At a 20%+ federal capital gains rate, that can mean millions of dollars staying in your pocket instead of going to the government. But QSBS isn't right for every deal, and getting it wrong is expensive. There are five threshold questions every buyer should work through before deciding whether to pursue it: 1. Is the target in an eligible industry? 2. Do gross assets fall under $75 million? 3. Do you plan to hold for at least three to five years? 4. Does owning a C-corp make sense for your distribution strategy? 5. Will the tax savings outweigh the valuation hit that comes with selling C-corp stock to a future buyer? That last point trips people up more than any other. Selling stock in a C-corp deprives a future buyer of a basis step-up, which typically creates a valuation discount of 15-25%. The math has to work on both ends. I wrote a full decision tree walkthrough on this. If you're post-LOI and haven't had this conversation yet, now is the time. Read the full piece here, and reach out to me at redacted with any questions. Plus: • New Yorkers - if you’re searching and looking to connect with other acquisition entrepreneurs, I'll be joining a panel at the Search Fund Coalition NYC Deal Team Day on June 24. There is an awesome line-up of content and speakers, and I'd love to see you there. Register here. • Fellow searcher Jed Morris put together a recording on how to use Claude Code in your search process - worth a watch if you're curious about getting more out of AI as a practical tool in your day to day. Check it out here.redacted