In a small business there is always more work than there are people to do it, especially if the company is growing.
Firms that figure out how to maximize the output and leverage they get from every function move faster, learn more quickly, and tend to be more resilient
Two broadly applicable actions we've taken at my companies recently to create this leverage are:
1) Creating awareness and understanding of low/no-code tools like @zapier and @airtable and then creating simple implementations to automate workflows (recruiting was where we began)
2) Hiring a Chief of Staff/Director of Special Projects to support and augment the reach of our CEOs. I dislike the CoS title, but the role is important and adding the capability has been a force multiplier.
CEOs and other senior team members always have important, but...
...not urgent tasks and projects on their to-do list that go unstarted or remain unfinished. This utility player role can move those forward to completion as well as, over time, carve out their own areas of impact that are strategic to the company and outside of daily operations.
As a leader, recognizing that your performance is ultimately measured by the output of your team and their progress against company goals rather than your individual efforts creates a compelling case for making these leverage-enhancing investments.
/end
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If you are an owner, investor, broker, banker, etc. that is involved with SMBs, I'd like to request a few minutes of your time.
1/x
Background: For some time now, I've been frustrated by the lack of engaging, relevant, and timely information about what's going on with SMBs at any given point in time and rather than continuing to complain, I'm going to try to do something (small) to start addressing that.
2/x
I have limited time, as I know is the case for you, so I am just asking for some quick responses (1-3 sentences per question w/ responses via DM to me) to the following prompts:
☑️ Funding - Millions of $ from leading business families
☑️ Compelling strategy - Search fund-like model w/ no PG, full $ support, long-term holds
🔲 8-10 top operators who want to buy & grow a SMB
Today, after a year of intense effort, we're launching Majority Search, a new investment firm created to become the preferred buyer of $1-2 million EBITDA service and light manufacturing companies in the US.
We're conducting a highly-selective process to attract a few high-performing, high-potential entrepreneurial leaders to join us.
Everyone knows someone who is amazing at managing & leading teams and orgs.
With our support, we'll be turning those operators into owners.
What does it cost to fund a search for a business to buy?
To support full-time sourcing efforts for 24-30 months, a typical single funded searcher will budget about $500,000 to sustain their efforts. (2 searchers might require $750k)
Broken deal costs, post-LOI costs (legal, QoE, etc., which can be $100-250k).
The amounts shown do usually allow a searcher to stretch things out a bit longer if they need the time, or it provides some cushion in case of a broken deal or two
For much of 2021 I've been developing a new idea for entrepreneurship through acquisition (EtA) with a partner. We're not quite ready to pull back the curtains, but we're really close.
1/6
In anticipation of our launch, we'd like to start identifying the highest caliber mid-career operators we can so that we can connect with them to share more about our opportunity later this year. That's where I could use your help.
2/6
If you have built and led teams, managed a P&L, are humble, curious, driven, and eager to have greater autonomy and a chance to build significant personal wealth, I'd like to hear from you. If this isn't you, maybe there's someone in your network that fits this profile?
3/6