Key Points From the Interview
fter 78 episodes, I still don't have a handle on how long a search should take.
Some searchers have rigorous criteria. (Looking at you, PE people.)
So their searches naturally take longer, and they leave me feeling that acquisition-worthy businesses are needles in haystacks.
But then there are stories like James Maxwell.
I love James' business, which he acquired in November:
- Janitorial/commercial cleaning
- 22-year history
- Upstanding seller
- Recurring revenue, good contracts
- Pristine books
- $1.5m revenue, $500k SDE
It only took James & his partner 5 months from their decision to search to putting the business under contract.
And get this:
They only looked in the city where they intended to settle.
AND that city is pretty small, about 100k population.
So did James just get lucky finding a business that checked all the boxes in his small city?
Or maybe it was actually an advantage.
Many searchers only look in the "tier 1" or "tier 2" metros.
So if you're committed to buying a business in a small city, you'll have less competition from other searchers and may find a good business in less time.
Like James 👇
Until next week,