As of yesterday, after a brief self-funded search, I am the new owner and CEO of Vanlife Outfitters, a small retail e-comm business.

Before I start work in my new office on Monday, I thought I’d share a few key learnings from my experience getting a transaction done:

• “Don’t get ready, get started.” This quote is on a post-it note on my desk. When I decided to pursue ETA, I wanted to avoid the analysis paralysis I heard about so often on podcasts and in books on the subject. I used this quote as a personal rallying cry, and it worked: Although I felt unready throughout the process, I closed on a business only one week after I’d planned on beginning my search. Perhaps I’ll write a post later with more details about how that happened.

• Learn from others but trust yourself. Multiple trusted advisors told me to walk away from this deal (one literally told me to “run”). There were clear concerns about the business financials, and many experienced people told me that I wouldn’t be able to close on this business. I listened to them, but I also listened to my own analysis of the situation. Even though I was the newbie, I trusted my assessment and kept pressing ahead. I figured that the worst-case scenario was that I would not buy the business but would have gained a ton of valuable experience in the process.

• Don’t rest on your laurels. Many banks and a few loan brokers told me “no.” I did have one willing to give a term sheet, though, and the business broker really wanted me to stick with this vendor. It would have been easiest to do exactly that. However, I decided to pursue more banks because I didn’t want to rely on a single term sheet. It took a while, but I finally got two additional term sheets in hand. Although I’d been told it was unnecessary, I was sure glad I had done so when the broker’s favorite bank changed its mind and bowed out. When that happened, the sellers got frustrated and walked away from the deal. The only reason I was able to get them back to the table is that I had secured those “extra” term sheets. In the end, even one of those banks backed out – but I was able to get the final bank to a commitment letter and, eventually, to close (thank you to ^Searchfunder member‌ at Cadence bank for sticking with me on this!).

• Expect problems. The last six months were a roller coaster! So many ups and downs. It really felt like some other buyers might have walked away several times through the process. I felt prepared for the problems, though, because I’ve listened to so many podcast episodes (thanks, ^Searchfunder member‌‌ and Acquiring Minds!) talking about the pains of getting a transaction done. I kept warning the sellers that more hurdles were coming, even though I didn’t know what they would be, because I wanted us to be ready for them. And I was right – more problems always came, even while I was at the signing table on that final day.

• A LOT of it comes down to luck… I happened to see the posting. I happened to find a bank that could work with me to get to close. A previous searcher happened to not be able to complete the transaction and fell out before me. Many chips had to land my way for this to work out. Any of them could have easily fallen the other way, and I’d be onto the search again.

• Getting to closing is just the beginning. I kept saying “I need to get this deal to the finish line” throughout the last several months. Well, now that I’ve closed the deal, I realize acutely that it wasn’t the finish line at all. My ETA journey is just getting started. It’s now time for me to actually do it.

In the coming weeks and months, as I get a little distance between me and the experience of closing this deal – and as I dig into managing my new business – I’m sure I will have a much larger list of learnings.

This is enough for now, though. I need to get back to planning for my first day in the office as a new CEO and Entrepreneur Through Acquisition.

Reach out if you want to chat. Be patient with me, though, if I’m hard to get a hold of. I’ll be drinking from a firehouse for a while…

Haggin.net