Action Academy | Millionaire Mentorship For Your Life & Business How These First-Time Buyers Bought a $1.1M Business—and Made $320K in Equity Day One (Full Playbook Inside)
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Jul 7, 2025 Tyler Killian, a first-time business buyer with a penchant for shiny objects, and Mike Henley, an operations-savvy finance expert, share their journey of acquiring a $1.1M debt collection agency. They dive into the emotional rollercoaster of entrepreneurship, the shift from real estate to business acquisition, and the importance of forming solid partnerships. With strategies for scaling their new venture and insights into embracing risk, they inspire listeners to transform their mindsets and pursue financial freedom through collective support.
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Seller Conversations Strategy
- In early seller talks, focus on understanding the seller’s motivation before discussing numbers.
- Build rapport first, then discuss financials, and proceed to the LOI if interest is mutual.
Quick Underwriting with ChatGPT
- Use tools like ChatGPT for quick back-of-the-napkin underwriting of many deals.
- Prioritize deals passing initial screens before full underwriting to save time.
SBA Due Diligence Advice
- Ensure seller provides clean books, tax returns, and official financials before proceeding.
- SBA loans require thorough tax document verification; P&Ls alone won’t suffice.