Phil Fitz - Expert M&A Planner

Super exciting news! We've launched a podcast!  Deal-Ready is now live on YouTube!  Deal-Ready is a podcast for small business owners to help them plan and prepare for M&A deals.  Check it out at youtu.be/ZC5lSX_CkYs?si… We've posted 2 videos - a short introductory clip giving some background on Deal-Ready, and the first "official" episode - What Does it Mean to be Deal-Ready? We'll be adding new episodes in the coming weeks, and expect to bring on guests to share their M&A stories to help you get ready for your own process. Like, comment, share, make suggestions for future episodes.  Get in touch with ideas, guests we should meet, feedback or to hear more about how Amplify can help you. Thanks (in advance) for watching!

@Accrual_Reality You need all that stuff too. I became a master diaperist but was never even serviceable at swaddling. Daughter still loves me.

@phil_fitz Hahah - that's hilarious They never even touched on that in this class 🤦‍♂️ We covered the basics like how to swaddle and do the diapers

Going to a newborn care class tonight because apparently they don’t just hand you a manual. I can build a financial model from scratch but I’m genuinely not sure I know how to hold a baby. We’ll see how this goes.

There's nothing I hate in small business M&A more than the self-inflicted wound.  You know. Avoidable deal-killers. Costly. Painful. Frustrating.  There are a lot of them. But my three least favorite? 1. Sharing financial info that isn't ready. 2. Hiring advisors with no direct M&A experience.  3. Mistaking the offer for the cash at closing. Who's with me? Who has something they hate more than these 3?

@joshualowenthal Even if you did all of these things in 3 days it's still gonna take you a lot longer than 3 days total.

Recently I posted about an ad with a particular content creator promoting the idea that you could buy a business in three days. In my opinion, the "buy a business in 3 days" framing is doing real damage to first-time buyers. Buying a business is no joke. Talk to any acquisition entrepreneur or someone who successfully closed on a business, and you know it takes a lot more than three days and countless at-bats before you actually close on the transaction. The list of what you need to do is definitely not short: > Find the right target > Negotiate the LOI > Legal Diligence > Tax Diligence > Financing and QofE > Purchase Agreements

I'm not a basketball fan. I help small business owners plan and prepare for M&A deals. There's a LOT to do. A lot of the time, the deal doesn't close. Often it's like having a 29-point lead and still losing the game. Don't celebrate before the final horn sounds.

40 years ago Diego Maradona sent Argentina past England in the World Cup Quarterfinals with perhaps the most legendary handball of all time. Who knows what we'll see this year. But it's likely replay would catch that today. And if you're a small business owner, you can't expect to rely on The Hand of God to get you the deal you want. Only planning, preparation and solid execution can guarantee that. Go Team USA!

@joshualowenthal I've seen plenty of businesses where 3 days wouldn't even get you to the top 10 of risks. I hate that this type of slop gets any attention. It's hurting main street America on both sides. Creating unrealistic buyers and wasting sellers' time.

Things you should not do for 500... Please, from all of us in the LMM & Main Street M&A space, do not do this. It takes way more than 3 days to learn how to buy a business.

@mroventures @girdley Also suggests they may be unaware how investor-friendly the ST terms are!

@phil_fitz @girdley Nothing wrong with pitching on Shark Tank, but if that’s their only strategy, it tells you that they are short-sighted and don’t know how to raise money in real life.

Real business looks nothing like Shark Tank. People don’t do multimillion-dollar deals after a ten-minute pitch between commercials.

As you start thinking about selling your business, it's natural to think about all the questions you're going to have to answer. But there is really only one that you need to be thinking about: Will it survive scrutiny? A buyer won't stop at the documents you provide. They're going to read them. Study them. Analyze them. Ask questions about them. A lot of questions. And so will their advisors, and their lenders. It's not personal. It's business. And in M&A, it's typical. A good buyer, a sophisticated buyer, isn't just asking questions because they're curious. Ok, sure, yes, there are absolutely going to be things they are genuinely curious about. But more than that, they're protecting the money. Their money. Their partners' money. Their lenders' money. So you better believe there's gonna be scrutiny. How will you deal with it? • Option A: Anticipate the questions, prepare the narrative, organize the supporting materials, and get ready for the discussion. • Option B: Take it as it comes. Do your best, even though you haven't really prepared. Hope it isn't too bad. Hope you get through it. One path keeps the ball rolling, builds momentum, and makes progress towards a deal. The other? Well, I suppose that's a question. When you're ready to get deal-ready, let's talk. DM in confidence.

The problem with the due diligence process is that it tends to find things. Things that you as the business owner might find surprising. They often fall into 1 of 2 categories:  1). Things you should have known about.  2). Things you've ignored for far too long.

Did someone tell PK it was pajama day at school? Go whalers (Canes)!

@ryanraysr Congrats!! Sounds awesome

🚨#BREAKING: Deal is done! Will be working directly with a long time client as the Director of Partnerships. I've been working with Ad Astra since 2023. If you've seen me talk about some of the bigger deals in the M&A world on here, it's been with them. Now, I'm pushing my attention to helping build out their partnerships. We've already quietly signed a few, and more will be coming. DMs are open if you have questions, and a bit about my role below. Ad Astra serves founder-owned and middle market businesses with $5M–$200M in revenue across sell-side, buy-side, valuation, and value enhancement advisory.   In this role, I build and manage the referral and advisor network that drives deal flow to the firm. I connect with CPAs, CFPs, attorneys, wealth advisors, and other trusted advisors whose clients are considering a business sale or acquisition. I also develop relationships with PE groups and strategic buyers to support active transactions.   Key focus areas: - Build and grow a national referral partner network - Source qualified deal flow through CPA, legal, and wealth advisor channels - Develop PE group and strategic buyer relationships - Connect business owners with M&A advisory services

If your data room looks like A or B, it's time for us to talk. If it looks like C, once you stop patting yourself on the back, it's time to talk.

When a buyer reaches out, there are only 4 possible outcomes. Only 1 of them lets you pass GO and collect $200. (Hopefully more, actually.) 1). You answer the call, and you're ready for the conversation.   2). You answer the call, and you're not prepared.   3). You don't answer the call, and you're prepared. 4). You don't answer the call, and you're not prepared. Which one describes your current situation?  If it's not 1, then it's time to get started. It's never too early. But it can get late quickly. And if it's 2, 3 or 4, or you're not sure, DM (or comment) if you want to stress-test your readiness. Let's get you Deal-Ready.

When a buyer reaches out, there are only 4 possible outcomes. Only 1 of them lets you pass GO and collect $200. (Hopefully more, actually.) 1). You answer the call, and you're ready for the conversation. You know your numbers. Your data room is organized. Your positioning is tight. You're the one holding the dice. 2). You answer the call, and you're not prepared. You're winging it. Maybe taking a long time to respond to basic due diligence questions. Maybe sharing information too early. Overplaying your hand. 3). You don't answer the call, and you're prepared. Maybe you're waiting for the right moment. Maybe you're hoping for a better partner. Selectivity may not be a bad quality. Trying to improve your odds. 4). You don't answer the call, and you're not prepared. You know your house isn't in order. And you know you need to change that. But in the meantime, opportunities may be passing you by. Which one describes your current situation? If it's not #1, then it's time to get started. It's never too early. But it can get late quickly. And if it's not #1, or you're not sure, DM (or comment) if you want to stress-test your readiness. Let's get you Deal-Ready.

For my birthday this weekend my 6-year old daughter bought me some chocolates (she's asked me to share). She took me to the movies (we saw what she wanted to see). We went for ice cream (she got sprinkles and gummy bears on hers). 10/10 would change nothing.

Yesterday we celebrated Memorial Day here in the US.  The "unofficial start to summer."  But if you're thinking about selling your business, there's no rest for the weary.  Getting ready to sell your business (let alone actually trying to) is a full-time commitment.  And you probably already have a full-time commitment, right?  Sounds like a busy summer.  If an exit is on the radar, later this year, next year, or later than that, now is not the time to ease up.  M&A isn't a day at the beach.  And buyers...serious buyers, of course...aren't waiting while you shake the sand off your financial model. Enjoy the summer. Nothing wrong with that. But the buyers are busy and they aren't taking Summer Fridays.  Which is why it's a great time to get some help planning and preparing. It's going to take time and effort right when you're trying to enjoy your summer, official or unofficial. And the choice to be Deal-Ready doesn't have to be binary. If the right buyer reaches out, do you really want to tell them you'll call them when you get back from the beach?

@wraithbrokerage "Trust me..."

Asked for a PFS or plan to fund the acquisition on an inquiry for a deal that is live “A colleagues private equity group but they don’t like brokered processes where information is heavily gated” No names? No amounts? No experience details? Like cmon dude I can’t give you anything if you don’t give me anything to work with

Data room. Buyer list. Financials. Tax returns. Forecast model. Customer analyses. Employee details. Partner information. Supplier contracts. Customer contracts. Service provider contracts. I should keep going but I'm getting tired just typing that out. You probably are too.  If you're a small business owner, you either know you need this stuff (plus a LOT more), or you have a sneaking suspicion it's a long list.  On the brink of this holiday weekend here in the US, I'd just like to offer some brief words of encouragement, advice if you will. Don't let the length of the to-do list stop you from getting started.  Every bit of planning and preparation you do will help you be deal-ready when it's time. • Smoother process.  • More thoughtful conversations.  • A running start at the beginning of the transaction marathon. You don't have to tackle the whole mountain today. Just start, one step at a time. • One document • One file • One folder Enjoy the long weekend. Barbecue. Hang out with your family and friends. Watch the NHL playoffs. Unplug. And when you're back? You run your business. I'll help your business get Deal-Ready. DM in confidence.