Looking For - Best Starter Guides
November 04, 2024
by a searcher from Lake Forest College in Denver, CO, USA
I am looking for community guidance on how to best start my search. There is a lot of information out there for free and I feel like I have learned so much already, so I dont feel the need to pay ~$10K for an online course: Acquisition Lab, SMBootcamp, Codie Sanchez's course. Correct me if I am wrong. I feel like I should be taking more action than looking on biz buy sell, like a proprietary search or narrowing my target buy box or maybe networking with brokers, lenders, lawyers, QoE firms, etc. Is there a list that people used successfully out there that I missed in my own search?
Buy box:
Within 30 miles of my house or remote
1M EBIDTA
Home services or Manufacturing
What I have done so far:
Gotten mentally prepared for changing jobs/seeing myself as an owner
Gone to one meet up
Listened to a lot of podcasts
Read buy then build
from Bentley College in Miami, FL, USA
1) Set Up a Professional Online Presence: Create a polished website and a professional email address for your search efforts.
2) Warm Up Your Email Address: Ensure your email domain has been warmed up to avoid deliverability issues or spam filters.
3) Prepare a One-Page Search Summary: Develop a concise PDF that highlights your search criteria, background, and any advisors involved. This acts as a sales pitch for business brokers and sellers.
4) Secure a Lender Pre-Approval: Obtain a pre-approval letter from a lender, which shows your seriousness and financial readiness.
5) Show Proof of Funds: Alongside the pre-approval, provide a bank statement screenshot demonstrating you have the capital for a down payment.
6) Build Broker Relationships: Make a list of locally active business brokers, introduce yourself, and prove you’re a serious buyer who won’t waste their time. Set up email reminders to stay in touch with them every couple of weeks to stay top-of-mind.
7) Sign Up for Deal Aggregation Platforms: Use platforms like Kumo, Interexo, BizScout, or BizNexus to track potential deals.
8) Consider Data Scraping: If your criteria are narrow, consider hiring a data firm to compile a list of businesses that fit your criteria. This helps you assess the opportunity set within your target market.
These steps form the essential groundwork to start your search on a solid footing.
A bit self-promotional but take a look at DueDilio. We’re a marketplace designed to connect small business buyers with M&A professionals, including experienced attorneys, due diligence specialists, and post-acquisition advisors. Our network includes highly vetted independent professionals and boutique firms ready to support your transaction needs. Using DueDilio is free, and we’re proud to hold a 5-star rating on Trustpilot. Share your requirements, and we’ll match you with the right service providers.
You can go to our website and schedule a free consultation. I'd be happy to chat with you and provide some pointers.
Visit DueDilio: https://www.DueDilio.com
See our Trustpilot reviews: https://www.trustpilot.com/review/duedilio.com
from The Chicago School of Professional Psychology in St. Louis, MO, USA