Quick update on my deal and the due diligence process AND putting together a partnership agreement.

Episode Resources

• Connect with Ryan Condie 
• http://linkedin.com/in/ryancondie 
• http://letsbuyabusiness.com/ 

Buying a company while you have a job and kids and Costco bills is hard. So is life. So is going into a job you hate. You need to figure out where you can cut expenses and activities that are a waste of time. Song was the perfect example of how to stay disciplined in his search.

Episode Resources

• Connect with Ryan Condie 
• http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ 

Song has an incredible story of how he did his search with a full-time job in the LA region. Song had to focus on saying no to nearly everything that didn't fit his criteria while working at 6am and again from 8pm to 1am to find a company. He bought a stellar business in March in the middle of the COVID pandemic. Song talks about what attracted him to the business, how to make quick decisions, and why you need multiple lenders.

Episode Resources

• Connect with Ryan Condie 
• http://linkedin.com/in/ryancondie 

• http://letsbuyabusiness.com/ 
• Connect with Song Pettus
• Total Accounting and Bookkeeping Solutions
• www.taabs.la 
• [email protected]

Looking for a business can be miserable. You're alone, you don't produce anything, ship anything, sell anything, talk to happy customers and you don't make any money. Keep reminding yourself of your "WHY". My, why is financial freedom, buying, and building an awesome business and having fun while doing it for my family.

Episode Resources

• Connect with Ryan Condie 
• http://linkedin.com/in/ryancondie 
• http://letsbuyabusiness.com/ 

Small Deals are riskier, require all cash to buy, and take up the same amount of time as Big Deals. You can cut your teeth on small deals but they can be super hard to do.

Episode Resources

• Connect with Ryan Condie 
• http://linkedin.com/in/ryancondie 
• http://letsbuyabusiness.com/ 

Ryan is in the middle of due diligence but he tells a story of one $1M company buying another $1M company and nearly going under when it doesn't go through. You need to establish what the bottlenecks and KPI's are for the deal. If those 4-5 things don't work out, then the deal is dead. DO this BEFORE you incur massive costs from attorneys and CPAs.

Episode Resources

• Connect with Ryan Condie 
• http://linkedin.com/in/ryancondie 
• http://letsbuyabusiness.com/ 

First off, get a great attorney and CPA. Ryan walks through navigating a stock purchase and an asset purchase. Most businesses sub $5M will be an asset sale. In a nutshell, Asset Purchase is typically better for the buyer. Stock Purchase is typically better for the seller.

Episode Resources

• Connect with Ryan Condie 
• http://linkedin.com/in/ryancondie 
• http://letsbuyabusiness.com/ 

After costs, revenue, and customers are verified, you move on to the next tier of due diligence. Ryan dives a little into his partner and his complementary skills.

Episode Resources

• Connect with Ryan Condie 
• http://linkedin.com/in/ryancondie
• http://letsbuyabusiness.com/ 

Last month, I hit the DIP. I was tired and worn out trying to find a business. My wife helped me push through and realize I was in this for the long haul. Seth Godin talks about the dip when trying something new or hard. YOU have to push through as you are right next to explosive growth and results.

Episode Resources

• Connect with Ryan Condie 
• http://linkedin.com/in/ryancondie 
• http://letsbuyabusiness.com/ 
• The Dip by Seth Godin - https://amzn.to/39oDrP1 

NOW time for Due Diligence. As my friend Landon Ainge said it best "Due Diligence Well". Verify everything in the past as fast as possible. THEN start predicting the future. Run lots of different scenarios and the likelihood of them happening...

Episode Resources

• Connect with Ryan Condie 
• http://linkedin.com/in/ryancondie 
• http://letsbuyabusiness.com/