Jon Hart

@preston_holland @YourAirplaneGuy Spent my 20s saving up to get my pilot’s license. Got it—then immediately stopped flying because I’d spent all my money getting it 😂

For all my pilot friends out there, this one definitely hits home. (h/t @YourAirplaneGuy for the meme)

@APompliano @Kalshi Just got this in my inbox from @IBKR

This feels like a big deal. @Kalshi has been officially approved to offer prediction markets for US presidential elections to US citizens. Markets will become the source of truth.

@jpthor I understand the fees, but the swap lost 0.5 BTC. The quote on @THORSwap for 34.4 BTC to WBTC is 34.2. Execution at 33.9 is rough. Anyone know why this streaming swap didn't perform better?

@bentigg I use Wagepoint for Canadian employees. Seemed to be the closest thing I could find to Gusto which I love, but isn't available in Canada. Unfortunately I can't speak for the rest of the world, so this comment might not be overly valuable 🤷‍♂️

Those with Gusto & international contractors...how are you handling payments, time tracking, PTO? Functionality is super limited in Gusto to only making payments so where do you manage the rest of this?

@ClintFiore Incredible. I'm a low hour VFR pilot and my blood pressure was rising as I read your story. It doesn't get any more real than accepting an emergency or crash landing as the only remaining option. Thanks for sharing.

/THE END. If this is the first post you've seen from me, consider giving me a follow. I'm a dude that tweets like a maniac about business deals and the work I do helping people buy or sell small businesses (SMBs). I try to keep it entertaining, educational, and uplifting.

I resumed flying after my suspension and graduated from Embry-Riddle, Magna Cum Laude. I finished up my flight ratings at another flight school and obtained my Commercial, Multi-Engine, Instrument Pilot and Flight Instructor ratings all after the crash.

@mollydeadwyler Plot twist, Stanley set her car on fire 😂

Brand marketing doesn't get better than this.

@TaylorHoliday Very cool, thanks for sharing

This spreadsheet can add $1M to your bottom line in 5 minutes. That’s the kind of impact we are seeing this model produce. Ask yourself a question… How do you decide how much money you’re going to spend next month? Trend? YOY comp? As much as you can? 95% of the brands we work with have no idea where their marginal frontier lies and are spending far beyond it. This can be the difference between profit and loss and in this environment, life or death.

@CoopNFT @JimDaily @LinksDAO Please do!

@KetoBars_Jon @JimDaily @LinksDAO I think the spot just sold but if another opens up we’ll ping you!

Who wants to play this legend with @CoopNFT , me and other @LinksDAO members?

@JimDaily @CoopNFT @LinksDAO I DM'd @LinksDAO instead since I'm not verified

@JimDaily @CoopNFT @LinksDAO I would love to! I'll shoot you a DM

@KHendersonCo @GuyDealership @Bringatrailer @carsandbids Nice! They're supposed to be a blast, but sadly I've never driven one. Here is one that I bet will sell on the cheaper side because of the SMG to manual conversion. It's also in Texas. carsandbids.com/auctions/3y0eW…

@KetoBars_Jon @GuyDealership @Bringatrailer @carsandbids Haha. I was in BAT looking last night. I may try to make an e46 m3 work. 🤷‍♂️

Looking like my son’s car is a total loss after a minor fender bender, so we need to replace it. What are your recs? Wish list: ✅Sub $20k ✅Manual trans ✅Something cool (e.g. no Jetta or Corolla recs…. And yes, I understand the financial impact) @GuyDealership?

@roblabonne I'll add that the latter apologize for being late, but don't mean it. The former (when rarely late) are genuinely sorry and disappointed because they know it sends the wrong message about who they are

@TaylorHoliday @RSteveData It's nice to see real data like this. I feel like this lines up with the general sentiment I see on my feed. Will be very interesting to see how Q4 goes.

This analysis was conducted by @RSteveData and his team. I recommend you follow and sign up for our DTC Index to receive regular analysis of the macro performance of our industry.

Will customers wake up when September ends? We hope so because we heard lots of anecdotes about brands struggling in the last month. Does the data back up the sentiment? Here is a data driven break down of the last month of performance across the eCommerce industry...

@MikeBotkin_ @Sam_Rosati @JermanMichael @Hollywellteam Awesome. Hoping I'm also happy with the results 🤞

@KetoBars_Jon @Sam_Rosati @JermanMichael @Hollywellteam You will be happy with their output.

Our QofE Deal Team partner, @JermanMichael of @Hollywellteam, is LIVE at SMBootcamp.

@MikeBotkin_ @Sam_Rosati @JermanMichael @Hollywellteam Oh good to know @MikeBotkin_ , he's currently doing QofE on a commercial landscaping deal for me!

@Sam_Rosati @JermanMichael @Hollywellteam Big endorse! We’ve used Michael / Hollywell on every deal, always very happy with their work. Highly recommend.

@Codie_Sanchez Love this

Running a mostly remote team, regular meetings are a necessary evil. But I have a framework to make them suck less, that you can steal: I call it the COMPASS agenda. It keeps your team pointed North. This agenda template has 7 basic parts: 1. The Compass This is the CEO's quick opener. Something that inspired me that week • One of our core values • High-level overview of our metric • Roadmap of where we're headed as a company. Some weeks I share all of the above. Some weeks, just one quick hit. 2. Content Calendar & Events Team leads report what's coming up in their world. 3. Customer/Employee Headlines Every company should review what their customers are saying about them: • Good feedback = testimonials. Inspiring for the team & the mission. • Bad feedback = critiques. Helps you identify gaps you can't see internally. 4. Issues & Ideas If you have a strong team, they will always think of ways to improve. Give them the space to do it. Work solutions together, let no problem be siloed. Collaboration is one of the most beautiful parts of meetings. Don't stifle it. 5. Biz Unit Breakouts We have department meetings, ideation sessions, and 1:1s to address micro concerns. This meeting is your opportunity to get the entire team pointed North… So keep this compass time about cross-collaboration. The goal is that other depts say, "Cool, tell me more about that?" or "Can you send me that?" 6. Resources & Links A simple hub of the important stuff. For us, it's: • KPI scorecards • Content calendar • Strategy sprints 7. Meeting Summary I like my team to be present during meetings, not stressing over taking notes. We use the AI tool fireflies to summarize the meeting. Then a team member is responsible for reviewing action items discussed and assigning them post-meeting. Now, do you know the reason why this agenda works? Because we constantly improve it based on what we need. We cut what we don't use, we add what will make us better. If you want to try tweaking it for your company, you can download the full template here (free): contrarian-thinking.ck.page/compassmeeting…

@BoilerPlateCPA What type of QoE would you recommend for an acquisition at/under $1M?

Another QoE wrapping up this week.. 20K QoE for a project based construction business under LOI for $6M on a bit over 1.5M of EBITDA in 2022. The initial phase of reconciliations looked pretty clean. No problems with the proof of cash, tax recs, or payroll recs. Then, we found 3 different adjustment opportunities that saved our client $2M (100X !!) of our QoE fee on their purchase price. 1. Revenue recognition When we dived into management interviews and monthly financial analyses, we quickly understood that the business did not have a reliable process for recognizing revenue. Monthly gross margins were all over the place, spanning from near 0% - 100%. The underlying data showed that the business was recognizing revenue based on the billing date. If you know anything about businesses w long-term project, you know that invoices and actual costs are rarely identically aligned. We were able to take all of their budgeted project data and recast revenue on the % of completion method, realigning revenue with the incurred project costs each period. This resulted in a reduction of EBITDA of over 300K for 2022. At the agreed multiple, this was a 1 million purchase price adjustment. 2. New hires for roles done by the owner We discovered during the management interview that the owner hired two new key employees in 2023 that did not burden 2022 EBITDA. The owner was previously filling their roles with no salary adjustment for it. This was another adjustment of 210K against EBITDA, another 600K off the purchase price! 3. Market rent adjustment The business was operating in a building that was owned by the owner in a separate entity. When we analyzed the monthly rents, we found that the owner was effectively paying whatever they wanted as rent to the related party entity. When we recasted rent for what the go-forward lease would be, we adjusted EBITDA downward over $100K. Another 300K+ off the purchase price.. This doesn't even include the analysis we did on net working capital. The net working capital peg mechanism we're helping them with will likely help save another $500K compared to what they had agreed to in their initial LOI. If you're putting REAL money into an SMB deal, you need a QoE. You're buying a company that has never had robust financial reporting requirements (tax returns are not the same as accrual statements, that focus on actual business performance). Not only are you saving huge value on your purchase price, you're protecting yourself from buying a company with substantial leverage that would otherwise evidently not cash flow. Which would be serious pain post closing (trust me you'll have enough going on after closing, you don't want issues with your bank) Shoot me a DM if you need help with an SMB acquisition opportunity.

@girdley Just came back to reference this list, thank you!

I look at private companies for sale all the time. I’ve learned every good investor has “stock” questions they ask. To really understand a business well. Here are 14 of my favorites. * What happens if you raise prices? What happened the last time you raised prices? * Why do customers love the product? How do you know that? * What’s the number one thing you can do to increase retention? * Why do customers leave you? How do you know? * What is the biggest impediment(s) to growth? * Why am I the lucky buyer/investor? ← asking myself this sometimes! * When you win deals, why? How do you know? * When you lose deals, why? How do you know? * What’s your biggest problem(s) right now? * Why are you selling the business? * Pretend you have to fire everyone but three people. Who do you keep? * Pretend you must reduce staff by three tomorrow. Who do you let go? * What keeps you up at night? * What would happen if you didn’t come into work for 6 months? (for SMBs for sale) — What’s your favorite question? Disagree with any of these? (If you liked this or found it helpful, give this tweet a like, retweet, or comment. Show the algorithm you like helpful, nontoxic content.)

@RossTuckerNFL In a stand of solidarity, you should broadcast outside during the next rain game you get😆

She doesn’t have a choice. She’s from Wyomissing. 💪