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Song Pettus Dominates the Search and Buys a Stellar Company Aug 12, 2020

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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
song@taabs.la

Frustrations of Searching for a Business to Buy Aug 10, 2020

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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.

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Small Deals vs Big Deals Aug 07, 2020

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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.

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Due Diligence - How to Reduce Costs Until You Know the Deal is Done Aug 05, 2020

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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.

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Stock vs Asset Purchase Aug 03, 2020

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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.

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Update on My Deal #2 - Next Steps of Due Diligence / Complementary Skills with your Partner Jul 31, 2020

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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.

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Last Month - I almost QUIT looking for a business Jul 29, 2020

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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

Due Diligence Well Jul 27, 2020

Show notes

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...

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I'm Under LOI! + Find Under-Utilized Assets Jul 24, 2020

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My bid from 4 weeks ago was back on the table after two weeks and now I'm a week into being under LOI. We are way deep into Due Diligence. A few key takeaways....you need a network to tap into immediately in given fields and find underutilized assets within businesses.

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From a $3M Acquisition to $88M Sale in 8 years - Jordan Law Interview Jul 22, 2020

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50 years in the Aerospace Industry: from getting nearly fired, to buying and selling companies in Aerospace. Jordan always had creative solutions and bet on himself to make things happen. He invested heavily in his employees and gave them a massive upside that led to a $3M acquisition to an $88M sale only 8 years later.

Episode Resources

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

http://letsbuyabusiness.com/
Connect with Jordan Law
jordanlaw42@gmail.com

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