I'm starting to do SMB content on twitter...I made this one with self-funded searchers in mind (I was one, exited earlier this year, now I'm building a portfolio using a similar approach).
Below is my favorite 3 of 15 principles when buying a business ($1-6M of EBITDA). To read the rest, follow me and re-tweet it if you have a twitter account: https://twitter.com/bentigg/status/1596928144430092289?s=20&t=gpupP9uY-Sg3UfNefRm7hA
// Don't buy a job, buy a company
I've had a job before...it's not for me.
I will not buy a company unless it can operate on its own
Your valuation and structure should assume a market replacement cost for the owner
// Visualize yourself as the owner of the business
This is about you
What are you doing? Are you winning or losing? Do you like it?
What do you and the company look like 3-5 years later?
If fears come up, I write them down and come up with a solution. Reiterate.
// Buy from a trustworthy seller
I won't buy if I don't trust
There are nefarious owners wanting to sell you their crap company
Require the seller to finance 10%-15% of the purchase price (seller note)
Do deep background checks and reference checks
Meet the seller's family