Acquiring Minds Skip the SBA: Buying a $4m Biz with a Conventional Loan
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Nov 16, 2023 Topics in the podcast include: spending $150K and 18 months on a dead deal, the emotional toll of a failed deal, freelancing to fund the search, choosing a conventional loan over an SBA loan, tech debt as a liability, the benefits of having long-term employees.
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The Painful Dead Deal
- Ben spent 18 months and $150,000 on a precision sheet metal business deal that eventually fell through.
- The seller walking away saved him from a costly and difficult ownership experience.
Prioritize Business and Relationships
- Focus diligence on the business and seller relationship instead of the real estate and environmental issues.
- Vet the seller's team to ensure they understand SMB transaction norms to maintain momentum and reduce costs.
Surviving Post-Deal Hardship
- After his deal fell apart, Ben faced financial hardship and mental health struggles.
- He freelanced on platforms like Upwork to generate income and keep pursuing acquisitions.