Josh Richman

People always ask me what the best business conference for searchers and operators is... My favorite is @SMB_ash and it's just three weeks away! Who's going to be there?

Thanks to our generous sponsors SMBash is ready to roll. Speakers ✅ Activities ✅ Food & Drinks ✅ Don't wait until the last minute. Just over a month until the stage gets lit. See you there! @firstib @Hollywellteam @SBA_Matthias @PreferredData @smblawgroup @systemsixbooks @patrick @NewCoRisk PPS Solutions @bylinebank @AxialCo @ampleo_ and Elite Video

Morning MTB

A must listen to episode on business ownership and how life has a lot of surprises from @1JoeSpringsteen. Joe is a graduate of @SMBootcamp_ from @Sam_Rosati. He shares his SMB Dealteam: @jackiehirsch_ @sbabmarks @SMB_Attorney @NewCoRisk @andyharbut @MrJoshFro @JermanMichael @Hollywellteam It’s never too late to follow your dreams, change your life. podcasts.apple.com/us/podcast/acq…

Here I am comparing Claude to Cedric (overseas support staff) on the same assignment, thinking Claude is wrong - when in fact, it’s Cedric!

@NewCoRisk is happy to sponsor the SoCal – LA ETA & SMB Meetup in LA tomorrow night — where operators, searchers, investors, and advisors actually talk about what it takes to diligence, invest and own a business. Sign-up if you're in town tinyurl.com/y35ayhc3

After nearly 15 years working on SMB M&A deals, I’ve noticed one very unscientific pattern: Buyers who burn their diligence providers seem to show up disproportionately in the lower quartile of returns.. Not a study — just based on my experience.

@jasonbmoody02 Yes, that’s typically a last resort. In M&A diligence, buyers are generally reluctant to ask sellers to sign anything so we have get passed the incumbent

@MrJoshFro I send a signed request form straight to the carrier for loss runs, they release them to the customer. I got out of that game of asking the incumbent agent because of this type of stuff

Here’s a new one... Incumbent insurance broker <-> Seller insurance diligence broker calls are normally smooth. We trade request lists, knock out loss runs, move on. Half the time we already know each other. Small industry. Today’s seller’s insurance broker? Reluctant. Hasty. Didn’t want to provide loss runs Then hits his Insured and the SMB Buyer with: “ I am going to need to charge a fee to gather loss runs, historical loss runs, ExMod worksheet 🤯 Hell of a first impression on the SMB Buyer! 🤣

SMB Buyer: “I’ve got the incumbent broker’s doing insurance  diligence — they really know the business.” Me: “Nice, Are you using seller’s counsel for legal & their accountant for QoE?” Make sure you find out why Products/Completed Operations is excluded on the GL. That’s not going to fly with the lender.

@mattragudo GL, Property, WC, Auto are typically written on an occurrence basis. Most PL, D&O, EPL and Pollution policies are written on a claims made form. That said, some insurers such as Philly may offer the option to choose occurrence or claims made triggers for certain PL coverages

@MrJoshFro I thought this is how most professional liability policies operated? Like Agent E&O? or should I be reviewing that old NAPA Policy I've been renewing for years...?

Directors & Officers Insurance on an Occurrence trigger is my new favorite fictional product 🤯 3,000 Views 328 Likes And nobody said “wait a second” From a Top-15 Broker (by size), no less

Risks, Red Flags and Deal Breaks at the Texas ETA Summit @andyharbut @LisaGForrest

Texas ETA Summit Happy Hour @NewCoRisk @andyharbut

“Protect your neck” - and come grab a @NewCoRisk gaiter at the @HoldCoConf Diligence is our deal.

@SMBJackieHirsch Unreal

@MrJoshFro Wow…

Here’s a new one. Contractor deal in the Southeast. Seller to buyer: “I still want to do the deal… can we push closing until after May 1 Seller told SMB Buyer last week. Not for financing or a seller vacation, etc Reason: broker fee drops from 10% to 2.5% once the listing ages out🤯. Hopefully, the business broker has some recourse here.

Unreal

Looking foward to a great event! @andyharbut @NewCoRisk linkedin.com/posts/jacobhal…