Practical insights on buying, financing, and running small businesses.
A hundred-year-old business often sells for the same multiple as a three-year-old one. That gap is one of the most overlooked opportunities in small business acquisition.
Mark Fleming, CFA, FRM
August 21, 20265 min read
Most buyers assume the owner's primary job is running operations. In our experience, the owner is the chief revenue officer — and buyers who miss that struggle early.
Mark Fleming, CFA, FRM
August 19, 20267 min read
It's tempting to believe the lower the multiple, the better the investment. In our experience, low-priced businesses are usually inexpensive for a reason.
Mark Fleming, CFA, FRM
August 17, 20265 min read
Buyers are drawn to low multiples because the model looks exceptional. Those businesses are frequently cheap for a reason — and the reason shows up after closing.
Mark Fleming, CFA, FRM
August 14, 20267 min read
Off-market deals get all the attention, but that's rarely where first-time buyers succeed. The brokered market is where most first acquisitions actually happen.
Mark Fleming, CFA, FRM
August 12, 20267 min read
A signed LOI feels like the win. In reality, it's the beginning of the hardest part — and 30 to 50 percent of those deals never reach the closing table.
Mark Fleming, CFA, FRM
August 10, 20268 min read
No purchase agreement, quality of earnings report, or attorney can fully protect you from someone determined to be dishonest. We learned that the hard way — twice.
Mark Fleming, CFA, FRM
August 7, 20267 min read
Everyone begins as a searcher. The challenge is that many people never move beyond that stage — and brokers can tell the difference.
Mark Fleming, CFA, FRM
August 5, 20265 min read
After evaluating thousands of businesses and participating in more than 40 acquisitions, we've found the highest-return deals aren't always the cheapest. Here's the nine-part framework we use instead.
Mark Fleming, CFA, FRM
August 3, 20267 min read
