473 - No SBA, No Investors: The Liquidity Access Line
It's not the most obvious path to go from Fortune 500 digital marketing to acquiring a direct mail business. But today's guest saw an opportunity that most people miss. Brian Jungles acquired City Publications Atlanta, a direct advertising business that has served the local home services market since 1996. The flagship of an 11-market franchise system, it connects home services companies with Atlanta homeowners through targeted print campaigns. Brian had spent nine years at Adobe managing a $34 million book of digital marketing business, pitching campaigns to Fortune 500 CMOs. What he kept hearing, even from the most tech-forward companies: "Can this integrate with our direct mail?" That signal, combined with the growing analog revolution — ad blindness online, proliferation of AI slop — is the heart of his thesis. Listen for how Brian financed the deal. He skipped the SBA entirely and instead borrowed against his investment portfolio via a "Liquidity Access Line" from his bank — roughly half the SBA interest rate, and no fixed monthly repayment schedule. It's a structure I hadn't heard before, and if you have a material balance sheet, it's worth understanding. Also listen for Brian's reasons for buying so small — one employee, no payroll, no investors — and why he saw all of that as feature, not bug. Here is Brian Jungles, owner of City Publications Atlanta.