Seeking Advice: Where do I start?

searcher profile

October 06, 2021

by a searcher in Washington, DC, USA

Hello All,

What is the best advice that you can provide for a solopreneur with no prior experience, due diligence/negotiation skills, or funding that is looking to make their debut in the world of M&A? Where do I start? Is contacting brokerages the way to go until I get my feet wet and then move on to off-market opportunities? Thank you all who reply in advance.

V/r,

DeShawn Johnson

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commentor profile
Reply by an intermediary
from Ryerson University in Toronto, ON, Canada
DeShawn, the best place to start is buying a few popular "buy a business" books which summarize the process and general terms. The best ones are How to buy a small business by HBR and Buy Then Build by Walker Deibel Once you have the lingo down you should connect with other searchers that are willing to share their experience and lessons learned. Speaking to bankers too early can be risky in terms of personal brand management and building a reputation in your marketplace. Take your time as the process of learning this business is long. Also I would plug my Youtube channel which has some good basic videos on deal structuring and debt financing. Search up "FinanceKid" on YT. Good luck!
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Reply by an intermediary
from University of Virginia in Metuchen, NJ 08840, USA
I am assuming by “no prior experience” you mean experience of buying a business and by “no funding” you mean a lender backing you up. For the former, everyone starts with their first deal at some point. I would recommend starting slow and not try to do everything on your own so you have the energy and capacity to run the long race. Even if you hit a bump in the road it should not be a debilitating setback. For funding, there are several lending solution providers on this platform and they can provide you the best guidance. Apart from SBA financing, there are programs where you could use part of your retirement account for down payment/equity.
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