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  1. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    The SBA doesn't require the loan be fully secured. They will put a lien on personal property if you have it, but if you don't then the bank can still do the loan if they business is strong enough. In other news, I've mailed out 23 letters so far with another 6 going out tomorrow. Haven't had...
  2. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    Been busy on several fronts related to this lately. The first is an issue related to SBA loans (which I will need to buy a significantly sized business). If the loan is over $500k (which most certainly will be in my case), the SBA requires the loan to be collateralized. The first assets they...
  3. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    No, just think he has one foot out the door commuting to see his girlfriend and managing his rental properties and the business suffered accordingly.
  4. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    So an update on my acquisition. After months of waiting to receive the company's year-to-date financials, I finally received them and they weren't good. Revenues dropped by about 30% and EBITDA by 40% (on an annualized basis). The owner stated this was due to people spending less money on...
  5. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    After a lot of searching, I have a letter of intent in place for a landscaping and snow removal business here in the Salt Lake City area. Now moving forward with the due diligence and SBA loan application process. If all goes to plan, the acquisition should close by mid-November.
  6. Bones81

    Starting (and Fastlaning) a lawn care service business

    GOLD! HOT! 
    Just read this whole thread from start to finish; I'm actually meeting with the owner of a lawn care and snow removal business here in Salt Lake City on Sunday about potentially buying it. It's doing over a million in sales annually, so I'm curious to see how his processes and policies compare...
  7. Bones81

    Salt Lake City (SLC) Utah Meet-up?

    MEETUPS 
    I'm still game to do this if anyone is interested.
  8. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    Yeah, quit job in Houston in early 2020, was a ski bum and trader for 2 years, got a new job at the end of last year, closed on a house 2 weeks ago, and now looking to make my slowlane exit. Have a lawyer, accountant, and lender lined up, now reaching out to all the local brokers in my area and...
  9. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    Starting to look at businesses on broker sites now. A few I'm getting more details on are a concrete sealing a restoration company, a company that is a distributor of drug testing kits, and an HVAC company. Interested if anyone has any experience in concrete and HVAC.
  10. Bones81

    ChatGPT AI is a huge breakthrough, a Google killer

    HOT! CHAT 
    I've used it a few times to answer questions and it's been great. Still struggles with math and logic though.
  11. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    Time for an update here. Wife and I have a house under contract that's closing at the end of the month, so I've been running around getting all those ducks in a row. It's within 30 minutes to a bunch of ski areas, so we're pretty excited about that. One major life goal out of the way as well as...
  12. Bones81

    Great books that are NOT best-sellers. Share yours.

    HOT! BOOKS 
    Book: The Accidental Entrepreneur: A Practical Guide to Financial Freedom Through Successful Business Acquisitions Author: James P. Shanahan Genre: Entrepreneurship Subject/Description: Lessons learned from 25+ acquisitions over several decades (optional) Amazon Link: The Accidental...
  13. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    So the bank I work for cut about 8% of its staff globally. We lost 2 people on my team. All the more reason to own a business. I spoke with a guy I met through SCORE, which is a business mentoring organization. He suggested a few types of businesses I should check out as well as various...
  14. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    Spoke to the accountant Friday morning and I think he'll be a good fit. He has worked on dozens on small business acquisitions and was very friendly and accommodating. Also reached out to a business buyer consultant to see if he can give me advice on businesses he thinks would be a good fit for...
  15. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    Some more progress today. Setup an appointment with an accountant tomorrow to see if he would be a good fit to help on due diligence when it comes to that point. I also scheduled an appointment with a photographer tomorrow to get updated headshots for my LinkedIn profile and information...
  16. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    Little progress report for today. My tax accountant referred me to another accountant in her firm who works on M&A, so I reached out to him to get the ball rolling to see if he'd be a good fit for the size of deal I'm contemplating. I'm also rereading some acquisition books and taking down...
  17. Bones81

    Exiting the Slowlane by Buying a Business

    EXECUTION SLOWLANE 
    Progress update. I joined David C Barnett's Business Buyer Adventure program. I previously did his Business Buyer Advantage program and found it quite useful. He has a ton of interviews with various people (business owners, lawyers, accountants, etc.). There are frequent calls with other members...
  18. Bones81

    Bitcoin / Cryptocurrency Discussion (And Predictions)

    HOT! CRYPTO 
    View: https://twitter.com/zerohedge/status/1605754522038460417?s=20&t=M-4N8AZC_60mkEiG4O576A Caroline Ellison and Gary Wang have plead guilty to charges and are likely cooperating, so SBF is screwed. Best bet now is to probably plead out as well and give up anyone he can. Martin Shkreli went...
  19. Bones81

    Stock Market Discussion, Chat About the Latest Market Action

    HOT! CHAT 
    The bid/ask spread is ridiculous on that strike as well. That being said, it is a biotech stock, so if you're going to do a trade like this, this is where you'd do it.
  20. Bones81

    ChatGPT AI is a huge breakthrough, a Google killer

    HOT! CHAT 
    Interesting
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