Are you wondering to quit your job and start full time the entrepeneur throught acquisition path/ self funded search? It can be challenging to take action, this is how i did:
I was clear in two things: 1) Life is a raw material to create your own piece of art 2) I was willing to do whatever it takes to build an amazing life. So i came up with three options and i had to pick one path:
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keep doing my corporate lawyer career,
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do an MBA so I can understand better how the business world works and go big with more confidence or
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take risks and start my own company (since i had a couple ideas of things that should exist).
I chose path 3. I had the conviction that if my idea worked it would be the more optimal path in terms of learning about life and business, acquiring sensibility in market dynamics and creating long term wealth.
So, after one year serving the firm, I decided to quit my corporate job and start my own company. Now I had to talk with Fran (my boss at that time).
This is how i approached the conversation:
I sat down with him and delivered my speech. “I have been thinking about the future and I have to talk with you Fran. I have three requirement to work in something:
- To admire the person I work for.
- Just Sell something you would buy.
- Be passionate about it.
Requirement one and two are marked with a huge check. I have a profound respect both professionally and personally for you, you have teached me what work ethics and excellence looks like and I will hire the firm as soon as I need some legal service because I know here we are winners but I have a problem with requirement three. I see myself in the future more as an entrepreneur than a corporate lawyer.”
I shared with him my plans to develop a software platform to solve a problem I was aware existed and I can solve it. Fran told me that he supported me and that he was proud of me. It has been one of the most beautiful moments of my life. I still have tears in my eyes when I remember it. Since then, we met for lunch one or two times each year.
I am sharing my journey with others self funded searchers through a private community called "Self Funded Room", so if you
1) have already set up a company for your search.
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Want go self-funded (not traditional).
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You are planning to search full-time.
Schedule your intro call and join:
https://calendly.com/tonybellamy/1-1-meeting-with-tony-bellamy
I feel anything with 3x-4x is EBIT is a good/fair asking price in my opinion. The SDE and EBIDTA don't make any sense to me( the business always have capital expenditure/depreciation regardless , and not sure how it can be added back to show in financials, sure you can reduce the capex but the business wont get any better). Most of the business thats up for sale have reduced cap-ex in the last year before sale which causes the huge strain in the new business owner after sale. Anyway my chain of thoughts.