Acquisitions Anonymous - #1 for business buying, selling and operating

A deep dive into a Florida SaaS serving real estate brokerages with e-sign, transaction management and commission tools. They flag a sharp -17% revenue decline, discuss churn drivers and competitive pressure from giants. The hosts explore missing retention metrics, the lack of a repeatable go-to-market engine, and suggest live marketing tests during diligence to validate growth assumptions.

A $10.5M luxury treehouse resort in Ohio gets a full breakdown, from 135 forested acres and river frontage to multiple elevated cabins and spa-style amenities. The hosts probe missing financials and possible distress. They debate valuation approaches, event and retreat revenue potential, and risks tied to Airbnb dependence, seasonality, staffing, and regulatory exposure.

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.

In this discussion, Josh Tonneson, aQuality of Earnings expert and founder of Tonneson Accounting Services, dives into the complexities of a government contracting business generating $20M in revenue. The team evaluates the implications of its Service Disabled Veteran Owned Small Business (SDVOSB) status and the challenges of declining revenue streams. They highlight the risks tied to contract renewal, financial transparency, and potential valuation pitfalls, ultimately weighing the business's attractiveness to future buyers.

Travis Jamieson from CapitalPad.com offers insights into a luxurious $6.9M Dubai limousine business featuring Rolls-Royce vehicles, catering to embassies and HNWIs. The conversation dives into the impressive cash flow, regulatory barriers, and the risks of operating in a tightly networked Emirati market. They also discuss innovative strategies like minority rollovers to mitigate ownership transition risks and the unique challenges of navigating local regulations while maintaining client relationships.

Travis Jamison, co-founder of Capital Pad and a seasoned entrepreneur in digital marketing, joins the conversation. The hosts dive into a $4.3M agency specializing in legal clients, discussing its impressive growth, strong margins, and retainer model. They explore why law firms pay a premium for leads and how AI could transform agency operations. Travis emphasizes the importance of understanding marketing fundamentals for potential buyers and highlights the operational challenges in the agency landscape.

This week, the hosts critique a questionable Instagram mass-DM automation tool, highlighting its meager revenue and high risks. They dissect claims about growth and margins, while also discussing potential customer use cases. Concerns about spam detection and competitor threats surface, along with warnings about platform vulnerabilities. They explore ways the business could pivot or improve but ultimately agree that this acquisition is not worth pursuing, making a strong case against it.

The hosts dive into an intriguing deal involving a New England insulation contractor, dissecting the role of utility incentives like MassSave and EnergyWise. They highlight potential pitfalls of relying on government subsidies and question the inflated normalizations of EBITDA. Concerns about the owner's hands-on involvement and hidden labor costs are raised, alongside discussions on the market's scalability and DIY competition. Ultimately, they find the sector appealing but deem this venture too reliant on subsidies and overly adjusted financials.

Discover a unique farrier training school in Idaho, priced at $3.5M, boasting impressive yearly revenue and cash flow. The hosts delve into the clever use of local horses for student training, eliminating the need for herd ownership. With a thriving social media presence of over 740K followers, demand is skyrocketing. They explore the school's facilities and the attractive lifestyle appeal it offers for horse enthusiasts. Tune in to hear about potential franchise opportunities and the importance of the founder's brand in retaining success.

The hosts dive into a fascinating port-a-potty rental business generating $4.1M in revenue, exploring its hefty $2M price tag and operational challenges. They discuss the balance between a blue-collar dream and an operational nightmare, covering unit economics and service costs. The conversation touches on issues like hiring difficulties for drivers and the strategic fit for potential buyers. The team highlights the importance of effective transitions to avoid losing customers and considers the potential for scaling with better operations and technology.