Just Closed On My First Deal! Reflections And Takeaways For Other Searchers - Searchfunder. After more than a year of grueling, frustrating, and lonely searching, I'm glad and relieve to announce that today I officially closed on my first deal! I've been active on this forum, picking other people's brains and asking for help, so I only find it fair to share some of my experiences and what I've learned with you all. I am a self funded, solo searcher, so everything below will be written from that perspective. First, for those of you curious about the deal specifics (because I always am): I bought a 100% residential lawn maintenance company based in NJ.
The company averages about 2.5mm in revenue, of which ~70% is recurring annual contracts. After deducting $150k for owner's salary, I expect the company to average (assuming 0 growth) 550k in EBITDA. I paid $2.3mm for the business (including 115k of net working capital which I negotiated into the deal), of which 1mm was equity, 825k SBA loan, and 475k sellers note. 1. 2. --Geography: You don't have to do a nationwide search. 3. 4. Business News & Strategy For Entrepreneurs | Entrepreneur.com.
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Videos. Startup. Financing. Innovate. Enterprise Forum - Mindshare - Other Entrepreneurial Organizatio. The New Entrepreneur: Research Review | Scott Gavin. Internet Business Blog - Entrepreneurs-Journey.com by Yaro Stara. What Startups Are Really Like. October 2009 (This essay is derived from a talk at the 2009 Startup School.) I wasn't sure what to talk about at Startup School, so I decided to ask the founders of the startups we'd funded. What hadn't I written about yet? I'm in the unusual position of being able to test the essays I write about startups. I hope the ones on other topics are right, but I have no way to test them. The ones on startups get tested by about 70 people every 6 months. So I sent all the founders an email asking what surprised them about starting a startup. I'm proud to report I got one response saying: What surprised me the most is that everything was actually fairly predictable!
The bad news is that I got over 100 other responses listing the surprises they encountered. There were very clear patterns in the responses; it was remarkable how often several people had been surprised by exactly the same thing. 1. This was the surprise mentioned by the most founders. Here's a typical reponse: 2. 3. 4. 5. 6. 7. 8. 9. 10. Reframe It.