brhalcott

@PadraicMcC What providers are you using for this data in the US?

You can’t do this in Europe but Intent data is a great place to start in the US

@PrivatEquityGuy Thanks

@brhalcott Manufacturing

An important reminder if you work for a family office or just a HNWI and you've done a wonderful job allocating their capital across various asset classes: fixed income, real estate, public equities, PE, venture capital, private credit, commodities, and traditional niche businesses... a bit of everything. Take a minute to read this. If you actually have the desire to build something for yourself, I encourage you to try raising capital from this same family or individual. I spoke to someone who did exactly that. He is in his early 30s, and his 20s were spent working for a wealthy family. He did everything I mentioned above. He did it VERY well... but felt he wanted to build something for himself. What did he do? He went and pitched his boss to invest in his venture so he could start acquiring traditional $1-3M EBITDA companies. The family ended up investing ca $25 million. He’s about to close his very first acquisition in the next 60 days, and then two more right after that. What a guy. What a desire. What an execution. The power of free enterprise and pure desire to live an awesome life deploying capital in traditional niche businesses. The best part: he is doing that in an area with not many buyers, so the initial approach to a seller was followed by a 6x EBITDA multiple expectation... which today has changed a lot... the term sheet is signed at 3.9x EBITDA. The seller is older, with no succession plan, as the kids are not interested.

@Storage_Venture Send it

Most people overthink their first storage deal. They spend months underwriting facilities that should've been filtered out in 5 minutes. Filter things like: Is the market oversupplied? Pass. Physical occupancy 85%+ but economic occupancy below 70%? That's revenue hiding in plain sight. Current rates 20%+ below comps? Real upside. Seller not motivated? Move on. I run 7 questions on every deal before I spend a single hour underwriting. Saves me weeks. I put all 7 into a 1-page deal filter. Reply "send it" and I'm happy to share it with you.

@jordan_ross_8F Marketing

Anthropic ran their entire marketing operation with one person. $380 billion company. Paid search. Paid social. SEO. Email. App stores. One non-technical hire doing all of it — for 10 months. I pulled it apart. Compared it to every system we've built across the clients we've worked with. Then asked myself one question: If I had to reverse engineer this from scratch — what would it actually look like? Turns out the architecture isn't that complicated. I mapped the whole thing into a 47-page PDF you can upload directly to any LLM. It coaches you through building your own version step by step. Comment "marketing" and I'll send it over.

@OneManLBO Clay credits?

DUUUUUUUUUUDDDEEEE

@Chris_Petkas Thanks so much!

@brhalcott mckinsey.com/institute-for-…

McKinsey mapped out the impending ownership transfer wave by industry. Breakdown of $3.4T enterprise value at stake by 2035: - Manufacturing, construction, utilities: $1.45T - Trade and distribution: $753B - Knowledge-driven services: $630B - Healthcare/social assistance: $252B - Consumer-facing services: $294B ~25% of owners across those industries are already over 65. The Silver Tsunami is hitting the entire economy. Act accordingly.

@OneManLBO Isn’t this in your buy box?

For those of you just joining and feeling the itch to buy a tiny plumbing business this weekend because home services is SO HOT RIGHT NOW… Just don’t. Somewhere high in the clouds above, the deal gods are having a roaring laugh at this absolute joke of a listing I don’t even get mad anymore, brah

@SMB_Attorney LOI thanks so much!

We just released our 2026 Lower-Middle-Market LOI Template. Built from: > 500+ deals > $1.6B+ closed > And the busted ones It’s designed to reduce retrades and increase close probability. If you want the template, comment: LOI We’ll auto-DM you the download link. We’re on a mission to build the #1 LMM M&A firm and the #1 provider of value in the space.

@BoringBiz_ Any additional data by industry?

Some incredible data from Apollo highlighting the correlation between private equity returns and entry multiples paid for deals The lowest multiple deals exited as much as 1.3x during the 2017 to 2019 period, and that outperformance has gone up to 2.5x since 2020 Turns out the best way to generate returns and proceeds for LPs is actually very simple and intuitive, even in private equity Just buy low and sell high. Easier said than done.

@mindofachaser How are you thinking about / estimating the build portion for this new one? We have a property with 14 units on it under contract. We can build another 70 on there, but debating the benefit of all the work building versus just looking for properties that could be run better

How I bought 3 properties, from 1 phone call. Long post, stay with me if you want some free game. 🗣️ If not? That’s on you. First things first, a winner, will make money in any type of economy. Tariffs. Rates. China. Doesn’t matter. Winners win. 💡Stop worrying about shit you can’t control, control your mind and get to work. Today I stopped by one of my next deals. ✅ 5 acres with 72 new storage units approved. I’m purchasing this from a farmer that we purchased our last storage facility from. 75-year-old marine Vietnam veteran. Guy is a real character. Every sentence out of his mouth is 30% ‘fuck’, ‘shit’ or ‘c___ suckers’. Orphan, part of the recon team in Vietnam, successful business owner in the car industry. Absolute straight shooter. I’m buying this deal on another handshake. 🤝🏼 *I’d argue the handshake deals with this guy are more bullet proof than 99% of contracts. That’s the type of business this guy does, we agreed on a deal, he’s going to do all the site work, and we will do seller financing. He told me “just make the fucking terms work for yourself, I don’t need the fucking money.” Word for word. 😂 I’ve spent hours hanging out with the guy, he invited me to his home, and we’ve become friends. He showed me his homemade bunker, his machine guns from World War I & II, his mint condition Chevelle, etc. Even gave me pounds of free beef. 🐄 This is how you do business in rural areas. On your word. On your character. And on your handshake. 🤝🏼 Money is ~5% of the deal. 💡Say what you mean. Mean what you say. Nobody wants to hear about your spreadsheets. Your cap rates. The rate of return on their investment. Just be likable and be personable. 💡Especially with older people, they just want to be heard, tell their stories, and for someone to be genuinely interested. *Older people like me because I’m old school. The last deal he sold me for $1.1 million, was worth ~$1.5 million, the day of closing. With this deal? My goal is little to no money down. I’ll use a mix of seller financing, and bank financing, to buy the land and build the units. *more on that financing mix another time. Rinse and repeat. 🔁 How do I find these deals? VAs? Systems? Robo callers? Mailers? Special tricks? I’ll tell you… … in the next tweet below. 🧵

@bairdk @1245consulting Thanks so much. Any chance you’re racing Leadville this year? Saw how much training you were putting in.

@brhalcott @1245consulting

Cost segregation/bonus depreciation pros, help me out! I cost seg and bonus depreciate every property I buy. I'm a Real Estate Professional by the IRS's definition and use the depreciation to defer taxes on RE and non-RE income. Non-RE income isn't huge (yet), so I have a large and growing loss to carry forward. I'm expecting a couple of windfall capital gain events in the next few years (not RE-related). Is there a limit to how much of my carried-forward losses can be applied to those future capital gains?

@ESPNFANSUPPORT trying to watch man in arena and it keeps saying shows starts at x time and then never starts

@betsyandrews trying to find the recipe for Strawberry Icebox Pie and couldn't find it at wsj.com/food. Could you help me out there please. Thanks!

@harvardcycling need an update on my old kit so seeing when you guys are putting an order in this fall.