Acquisitions Anonymous - #1 for business buying, selling and operating This Business Is a License to Print Money
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Jan 23, 2026 In this engaging discussion, guest Josh Tonneson, an expert in quality of earnings reports for small-business acquisitions, dives into a $34M heavy equipment dealership in Western Canada. With a stunning $9.2M EBITDA, they explore if this business really is a "license to print money" and what makes it attractive—and potentially risky—to buyers. The conversation also touches on common financial misstatements in acquisitions, the challenges of cross-border transactions, and the surprising questions around why a seemingly lucrative business is up for sale.
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Exceptional Dealer With Diverse Revenue Streams
- The company is a Western Canada heavy equipment dealer selling, renting, repairing, transporting, fabricating, and financing equipment.
- It serves 700+ accounts with 84% repeat business and reported $34M revenue and $9.2M EBITDA in 2025.
Revenue Mix Fuels Aftermarket Upside
- Revenue splits show roughly half equipment sales, ~30% rental, and the rest from parts and freight.
- This mix creates recurring aftermarket opportunity that can boost long-term margins.
Dealerships Can Be Protected Local Monopolies
- Dealerships tied to major manufacturers can act as regional monopolies with protected territories.
- Michael calls these businesses literal 'licenses to print money' because all local demand funnels through the dealer.