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This Beta opens 19 of 48 planned lessons, plus the capstone and the book overview.
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Stage 0 · Should I buy?
Module 1 · Stage 0
Buy vs. build vs. stay put
Buy, start, or stay put Ends in: Readiness decisionStage 1 · Who am I as a buyer?
Module 2 · Stage 1
Becoming the buyer
Owner-operator or manager-run: two different deals Ends in: Buyer ProfileThe personal guarantee and what your household is exposed to
Stage 2 · What can I buy?
Module 3 · Stage 2
Building the buy box
Write the buy box before you search Ends in: Buy BoxOwner dependence: what leaves with the seller Ends in: Buy BoxCleaning, landscaping, HVAC: same principles, different businesses Ends in: Buy BoxRecurring revenue and contract quality
Module 4 · Stage 2
Acquisition capacity
What you can put in and what you must not touch Ends in: Acquisition Capacity ModelThe full cost of a deal Ends in: Acquisition Capacity ModelWork backward from the income you need Ends in: Acquisition Capacity ModelStage 3 · Is this a good business?
Module 5 · Stage 3
Finding businesses
Working with business brokers and the buyer profile they want to see
Direct owner outreach and referrals
Running the search: pipeline, tracker, cadence
Module 6 · Stage 3
First-pass screening
Reading a listing: what it says and what it leaves out Ends in: Business scorecardThe first-pass scorecard Ends in: Business scorecardAsking price against reported earnings Ends in: Business scorecardThe full package after the NDA
Module 7 · Stage 3
Rebuilding earnings
Advertised earnings are not the cash you keep Ends in: Normalized earningsReading the seller's numbers: P&L and tax return Add-backs: which hold, which fail, what proof to ask for Ends in: Normalized earningsReplacement labor, equipment and working capital Ends in: Normalized earningsSDE and EBITDA: which measure for which size
Revenue quality: recurring, seasonal, concentrated
Module 8 · Stage 3
Valuing the business
Where multiples come from and what they hide Ends in: Value range and buyer maximumFrom earnings quality to an offer range Ends in: Value range and buyer maximumWhat the price includes
Module 9 · Stage 3
Financing the acquisition
How an acquisition loan works Ends in: Financing modelCan the business pay the loan and pay you Ends in: Buyer cashSBA 7(a) in detail
Seller financing: notes, standby and why sellers agree
Conventional loans, investors and partners
Stage 4 · Can I make a good deal?
Module 10 · Stage 4
Offer and negotiation
The first seller conversation and site visit
The letter of intent: what binds and what does not
Price or terms, and why deals die late
Stage 5 · Should I close?
Module 11 · Stage 5
Due diligence
The diligence plan and tracker
Proving the money
Customers and contracts
Employees: key people, pay, classification
Leases, licenses, equipment, systems and liabilities
Module 12 · Stage 5
Closing and first 100 days
Asset or equity purchase, and the entity you buy through
The purchase agreement, your deal team and what advisers cost
Price allocation and Form 8594
Assignments and consents
Working capital, inventory count and the closing checklist
The seller handoff
Day one with employees and customers
Cash control and the 13-week forecast
The few numbers to watch and what not to change yet