Thread by @joshuamschultz

How to find a small business to buy, the best listings, and what its going to take to execute it.

Since I seem to be deeply entrenched in Micro PE twitter now, and keep seeing this question. Here you go.

First off, the best way to locate a small business to buy, is to get off smb twitter, and stay away from "buyer meetups". As @mgirdley put it:

https://twitter.com/mgirdley/status/1304148171195666433?s=20

Listing agencies can help, but most likely won't. Your best strategy there is to set filters for industry and location for daily emails for all the major buy/sell business listing sites. If something is added in your realm, you'll see it and can email/call.

The next basic play is to reach out to all local business brokers, and national industry-focused business brokers in your realm and send them 2 things. A personal finance sheet (proves serious and ready), an email on what you are looking for and why you are looking for it.

Next, and my favorite, go to all industry association sites and look at businesses in your area of expertise, or locale and start to get contact info from their websites. If you want to buy industrial, go to manufacturing associations, etc. Use Linkedin and Google to find emails.

Add further to this list by checking convention attendee lists. These aren't great since most smaller businesses won't be attending, but still can be a great resource. Add those emails to your list.

You can use corporate databases such as DB, Hoovers, or a number of newer lead lists as well. These can be expensive to access. However, @tsludwig has an excellent hack for this, reach out to someone on Upwork or similar that has access, and have them run the filter. $100 $5000

Now you have a massive email list of potential companies. Use an extremely short email that does NOT talk about yourself, but simply says "I am interested in... on these terms... not sure if you have every thought about selling... if so call..."

One last great idea from @tsludwig is to feed this into an auto emailer/responder. Setup a classic 5 email system. Intro, 3 follow-ups, a break-up email. Keep them short and sweet.

Finally, understand what you are about to get into. The top reads on this are going to be from @BrentBeshore @jeff05251. Order their books and start reading today. If you are new to business, you may also want @ScalingUp. a bit too corporate, but good distillation

Finally, I have been through this process on the sell side, have done due diligence, and have some minor buy-side experience. Reach out if I can help!

Other great follows on this are @joelrandyblake @mgirdley @emilyleldridge @tsludwig @MatthewGHinson @rudman_ben

This more ideas and sources, and so wanted to make this part of the official thread. Thanks @swilera

https://twitter.com/swilera/status/1297778156087238656?s=20