Acquiring Minds The 7-Year Collapse of an SBA Acquisition
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Dec 11, 2025 Scott Duncan, an entrepreneur and former owner of F&M Tool & Die, shares his rollercoaster seven-year journey in acquiring a business that ultimately failed. He discusses the harsh realities of customer concentration risk and the challenges of managing a skilled but temperamental workforce. Scott reveals painful lessons on employee theft, operational distress, and financial strain during COVID. Despite the collapse, he highlights the relief and insights gained, considering the possibility of pursuing another acquisition in the future.
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Prioritize EBITDA Concentration Checks
- Diligence customer concentration by EBITDA, not just revenue percentages.
- Investigate profit contribution per customer, not only top-line share.
Funding Ease Signals Investor Economics
- Self-funded search fits lifestyle choices as much as economics.
- Easy investor interest can signal excellent investor economics, not necessarily your best personal path.
Trust Site Visits And Your Gut
- Verify seller claims by observing operations and employee interactions firsthand.
- Trust your gut if site visit vibes feel inconsistent with seller story.
