Legacy Entrepreneurs

Great interview with a #Nashville native on a very efficient acquisition journey!

There will be a BONUS #Nashville ETA event this year! I'm really excited to announce that Nate Wasson a prolific search fund investor - will be in Nashville in December and we're going to get the chance to meet him. This is a great chance to learn about the investor perspective on small business acquisitions. https://lnkd.in/eXEaR7DW

Our "Secrets ?? " to Hiring a General Manager for You (4/4) Provide you with a summary of your options. Every candidate represents their own unique formula for success, once we have a selection of top candidates we set up interviews for you to decide. Along with those interviews we provide a summary of "why" for each candidate. That way, you spend your interview time determining fit and any final critical things you feel that only you can evaluate. Reach out if you need to a hire a general manager into your business: https://lnkd.in/eyG-hvPW #SMB #retirement #generalmanagers #operators #hiring #exits?

Our "Secrets ?? " to Hiring a General Manager for You (3/4) Look for self-motivated candidates that will hit your benchmarks whether or not they are in an incentive package. You need a GM with grit and self-motivation: someone who will grow your business because its in their nature to. Reach out if you need to a hire a general manager into your business: https://lnkd.in/eyG-hvPW #SMB #retirement #generalmanagers #operators #hiring #exits?

Our "Secrets ?? " to Hiring a General Manager for You (2/4) After we figure out what you need someone to do ? secret out of the bag alert ? we hire for that. Those skills are put right into the job description you need, plus we set up a screening questions to re-verify candidates have the skills needed. The screener also serves a second purpose: are you motivated enough about the opportunity to fill out a screener questionnaire? Reach out if you need to a hire a general manager into your business: https://lnkd.in/eyG-hvPW #SMB #retirement #generalmanagers #operators #hiring #exits?

Our "Secrets" to Hiring a General Manager for You (1/4) We analyze what you need someone to do. Do you need someone to maintain your books? Manage payables and receivables? Manage people? All of the above? Its hard to see the forest from the trees when you're busy. We help you figure out exactly what you need a GM to do and what activities you need to offload so you can focus on growth, or retire, or take a beach vacation! Reach out if you need to a hire a general manager into your business: https://lnkd.in/eyG-hvPW #SMB #retirement #generalmanagers #operators #hiring #exits?

Is the search market saturated? Let’s look at the state of search data - Part 4 of 4. Get alllll the data at: https://lnkd.in/eKZ_8FbS #eta #entrepreneurshipthroughacquisition #entrepreneurship #SMB Fourth! Let’s look at a new metric in the latest State of Search survey: lead efficiency. This is where we divide the number of leads in a searcher’s outreach pipeline by the number of LOIs they sent out that period. It’s a rough way to measure efficiency. In a perfect world of 100% efficiency, you would send 1 outreach and then send 1 LOI. If the market is saturated with too many searchers, you should see efficiency go down: too many searchers trawling over the same businesses and it becoming harder to find a business worth putting under LOI. This metric supports the idea that the market is becoming saturated. Efficiency has tanked since the spike in the second half of 2022. In the first survey efficiency was at 0.27% and now sits at 0.10% in the first half of 2024. Of course, that is an interpretation of this metric in the context of this question. This chart could simply be telling us that efficiency has gone down, due to any number of factors such as a reliance on the stale database leads. But we’ll score a point for saturated. Saturated: 2 | Not Saturated: 1 | Draw: 1 Conclusion. Maybe the market is saturated. There’s definitely some quantitative data to back up the idea. Best way to tell is to keep taking the survey. With more data we will be able to paint a better picture. State of Search only goes back to 2022, so we might have a clear-cut picture if we are comparing things to 2010. Closing Asks: ??♂? Participate! You get everything for free as a participant. And you get asked what you would like to know. ? Download! It’s a labor of love / obsession for me to do this and paid downloads pay for my PowerBI subscription and make it worthwhile to do. ?? Follow! I always post when new surveys are live, so you know when to participate by following me. Downloading the free version is also a good way to get on my list of ‘people to let know the survey is live’

Is the search market saturated? Let’s look at the state of search data - Part 3 of 4. Get alllll the data at: https://lnkd.in/eKZ_8FbS Third! If there is more demand, more people trying to buy similar target types, then in a saturated market you would expect LOIs to be placed on smaller and smaller businesses where there is less competition. In fact, we do see the EBITDA size under LOI trending downwards over time. That being said, there seem to be peaks and valleys in EBITDA size under LOI so this metric may be less conclusive or convincing than others. We’ll call this a draw. Saturated: 1 | Not Saturated: 1 | Draw: 1 #eta #entrepreneurshipthroughacquisition #entrepreneurship #SMB

Is the search market saturated? Let’s look at the state of search data - Part 2 of 4. Get alllll the data at: https://lnkd.in/eKZ_8FbS Second! Let’s look at EBITDA multiples being offered in LOIs. If the market is becoming saturated then demand for businesses should be going up, which should increase price, which means multiples should increase. However, what we see is that multiples are stable. They were above 5x in the second half of 2022 but are lower and hovering between 4x and 5x the last two periods. So maybe the market is not saturated! Saturated: 1 | Not Saturated: 1 #eta #entrepreneurshipthroughacquisition #entrepreneurship #SMB