Philly_ETA

@ClintFiore @blueprintsmb22 Just curious was it a strategic or ETA who made the acquisition

@blueprintsmb22 Low. Very low. Like 1.5X on 2M EBITDA if I recall.

Remember the story of the business I sold years ago that had 95% customer concentration with 1 customer? Guess who the customer was.

@jamesonhaslam @pestctrlguy Who do you recommend for logo design

Im going to come across as a huge asshole (I promise I’m not) But I can tell you spent nothing on this and it looks cheap If you don’t value or understand good design, that’s ok! But your business would experience a financial lift with a design overhaul. Makes sales easier, recruiting, etc many many benefits Take a look at Reif Environmental

Any guesses on how much we spent on our logo?

@SBA_Matthias @RobertMSterling Are you primarily co-investing in the deals your financing?

If I’m investing in an equity deal, I require the sponsor to rep that there are no side agreements with any other investors. Not all sponsors operate the same way. I recently learned I’m in a cap table where the sponsor has a side letter with the anchor investor that grants them an MFN. For those unfamiliar, an MFN, or “most favored nation” provision, gives one investor the right to receive any better terms the sponsor grants to anyone else. So if the sponsor later cuts a side deal with another investor that has more favorable economics, governance rights, information rights, or liquidity terms, the MFN holder automatically gets those same better terms. The rest of the cap table doesn’t. Here’s how the sequencing actually played out on the deal I invested in. On December 7, the sponsor circulated a draft operating agreement. On December 10, I signed the subscription agreement. On December 11, I wired my capital. The deal closed on December 20. The final executed operating agreement was dated December 20, signed by the manager only, and distributed to investors via a Dropbox link at closing. There were no signature lines for the Class A investors anywhere in the document. We were bound by it without ever being given the opportunity to sign it. That was the first deal I ever invested in personally. What makes it worse is the sponsor’s position that the side letter doesn’t need to be referenced in the operating agreement, because in their view it’s purely a governance item for the manager to handle. That’s backwards. The operating agreement governs the relationship between the manager and the members. A side letter granting one investor MFN protection is a material economic and governance term that affects every other LP on the cap table, and it should be disclosed in the document that governs everyone. I’m sharing this because there are a lot of new investors coming into the space right now, and with some things like this, you don’t know what you don’t know until you have a situation on your hands. I’d rather spare others the headache I’m currently going through than have anyone else find out the hard way. Two takeaways. First, you have to make sure the sponsor is actually doing things correctly. A clean process is not a given. Side agreements that the rest of the LP base doesn’t know about can shift economics, control rights, information rights, or liquidity preferences in ways that materially disadvantage everyone else. If a sponsor won’t make a no side agreements rep in writing, or won’t disclose the ones that exist, that itself tells you something. Second, if the operating agreement doesn’t include a signature line for you, and isn’t put in front of you to review and sign before your capital is committed, don’t invest. A subscription agreement signed against a draft is not a substitute. The operating agreement is what governs everything that happens after closing, and trusting that the final version will match the draft, or that it will be reasonable at all, is not a strategy. Underwriting the sponsor matters as much as underwriting the deal.

@paulswaney3 @johnsplaining @MSUKyleBrown @BoringBiz_ @WallStreetOasis @BigJohn043 I witnessed a LMM shop do that with 3 - $1mm home health businesses. Went exactly as you’d assume.

I'm not picking on @BoringBiz_ , but he's never evaluated associates. He's never assigned bonuses. He's never recommended an associate for promotion to (A)VP or P. This is why @WallStreetOasis sells courses This is 100% NOT what moves the needle for promotion This is what people think the role is about @BoringBiz_ You aren't helping people. I admire the spirit. Unfortunately, you are marching people off a cliff

@paulswaney3 Application

I'm opening up LeverUp®. Private Discord for operators, dealmakers, and builders in the lower-middle market. Deal teardowns, frameworks, and files I don't post publicly. Comment "Application" below and I'll DM you the link.

@Simon_Ingari Terrible advice

A junior employee meets his CEO in the elevator. Employee: Good morning, sir. CEO: It is already 10:30 a.m., almost noon. Employee: Yes. CEO: You are two hours late to the concept of morning. Employee: I have been at my desk working since 7:30 a.m. CEO: Accuracy is more important than intent. Employee: Understood. CEO: Good. What is your name and employee number? Employee: Watkins Sam, number 34789. CEO:↓↓↓

@BuySellSMB Have to factor in the PG for the 7a. also I believe the GPs on the SBIC license have to give a PG on the debt they borrow.

Part of the problem here isn't just the ticket size/amort but also the product complexity. You go from a fixed pay term loan to custom amort, PIK interest, warrants, board rights, etc etc.

There's a growing no man's land between SBA 7a and SBIC debt. Whoever cracks this is going to make a real impact for American SMBs and earn muchos dineros for themselves.

Here in Philadelphia. Truly appalling. These assholes chanting for the death of our servicemembers. Where’s the Dem outrage and condemnation?

@SBALenderLyons Lmao my in-laws were getting a valuation from their accountant as part of a transition plan. Had a good 15 minute argument with their CPA over this. He couldn’t grasp this concept.

If your business is worth $1.2 million, you don't get to appraise the inventory separately. The inventory necessary to create the cash flow that justifies the $1.2 million price, along with any other asset necessary to do so, should be included in the price.

@blueprintsmb22 @lawyer4SMBs Feel like it’s better risk reward to keep the W2 and do some type of consulting work on the side

As someone that bought a biz fortunate to have a large enough personal balance sheet that if things could go south, I cld pay off all the debt personally and walk away. 1) 90 pct of pple shld stay in a W2. Find a better job if u can but bi weekly paychecks w healthcare isn’t bad at all. Personally guaranteed debt is serious and having it is more mentally taxing than I think pple understand. I know many high earning former finance W2s that have studied bankruptcy outcomes within 18 months post close. Not because they were bored but because they were seriously worried about losing the home they live in because of a key employee threatening to leave or a big customer shutting down 2) Sourcing and closing a deal is hard. I have several friends with 7 figures of liquidity that have been looking for 18 months and can’t find anything that’s reasonable. They’ve burned the boats. Doing this full time and they r frustrated - very frustrated. They want to do this very badly and have big balance sheets yet aren’t close to anything. One friend is in year 3 of search….just burning cash while he looks

"Buying a business is risky." Everyone says it. But you can get RIF’d tomorrow ("AI efficiencies" they'll say). Your W2 income can hit zero overnight. And after 15 years, you own exactly nothing. A $2M acquisition with SBA financing? You own something real. It compounds. It’s hard to fire yourself. The people calling it risky have never run the numbers.

@ClintFiore What’s that on a revenue basis 1x

Another CPA firm (<5M EBITDA) just got an IOI at 12X. 80% cash at close. Twitter still in disbelief. They didn't believe me last time when one sold at 10X and won't believe it again this time at 12X. Meanwhile, if you have a firm that's dialed in and doing 7-figures of EBITDA, let me know if you want to sell! I know who is paying.

@blueprintsmb22 How fast did you payoff your SBA debt?

Head of the SBA lending division of the bank I used to fund my small business acquisition at the end of 2022 is no longer there. I don’t want to say the name of the bank (publicly traded), but he did mention of some challenges in the portfolio in 2023 in the franchise space. The layers below him gone too. Doesn’t really matter as I’ll be paying off the loan this week. I guess this foots with the data out there that the 2022 and later vintages are showing elevated signs of distress relative to loans prior to 2022.

@paulswaney3 Praying for him

@MatrixMysteries No one’s forcing you to make the minimum payment or buy the average priced house.

An American buys an AVERAGE home for $784,000. After 4 years and $285,000 paid, ONLY $50k hits the principal. $230,000 is PURE interest. Over 30 years she’ll pay $1.6M for a $784k house. This isn’t homeownership — it’s legalized usury.

@EliotShorrParks Your still an idiot

If AJ Brown wants to be traded to the Patriots the Eagles should make it happen for him He helped them win a Super Bowl. He’s been a huge part of the best run in franchise history. It’s his childhood team. Would be a classy move by the organization

@Will_Schryver 6-8x depending on geography

Friend of mine is willing to sell his HVAC company and wants to get 10x EBITDA ~$6 million Revenue / ~$1.5 million EBITDA (25%) 100% Residential w/ 0% construction What do you think private equity would pay?

@Restructuring__ @lukky_lukas How much was the cost?

@lukky_lukas Exactly, you have access to recording that you can watch and study at your own time

Took this myself and highly highly recommend it - it is really good and helped me in my PE job as well Public equities is a very hard game to learn without knowing someone on the inside giving you help but Brett is changing the game Happy to answer any questions (I also have a discount code so send me a DM in case interested) Your PM won't have the time to teach you directly even if you get the job so this is very worth the money

@Codie_Sanchez Your an idiot

@arianajasmine__ You do realize the snow melted given the temperature right

Zohran launched $30/hr snow-shoveling jobs with $45/hr overtime, and Republicans mocked him. Not only were sidewalks completely cleared within a day, but he did exactly what taxes are intended to do: take taxpayer money and invest it in people while producing results that benefit everyone.

@nickywonka @ZoltanSuranyi1 @HedgeFundTips @CNBC we just need PayPal to leave the station

@ZoltanSuranyi1 @HedgeFundTips @CNBC @HedgeFundTips also called the housing market flip to more sellers then buyers

.@HedgeFundTips called this rally Software stocks rebound as Anthropic announces new partnerships cnbc.com/2026/02/24/sof… @HedgeFundTips @CNBC $CRM $NOW $DOCU $INTU $IBM $FDS $GOOG $GOOGL $SPY