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SMB Attorney Profile picture
@SMB_Attorney
Mar 23, 2023 • 11 tweets • 7 min read • Read on X
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I don’t know the actual answer, but these guys are pretty damn good:
Bradford Hardin (@bradford_hardin) Co-chair, Financial Services Practice David Wright Tremaine… he’ll eventually be their managing partner and much, much more. Mark my words. Image
Kevin Henderson (@KHendersonCo) my co-founder @smblawgroup… he’s good at *everything* especially lawyering. Started his career at Cravath. Unflappable. I’d throw hands for his guy. Image
Scott Oliver (@SAOliver_Atty) director at Lewis Kappes… represents SBA lenders in a competent and professional way. Lenders you should all hire him! Image
Eli Albrecht (@Eli_Albrecht) associate at Gibson Dunn… the #lawdad. Changing the face of lawyering for a generation of dads who want career success that doesn’t come at the expense of their families. Just ask the WSJ Image
Matt Margolis (@ItsMattsLaw) Head of Community for Lawtrades… it takes brass you-know-what’s to be a great lawyer and risk it all in an old crusty profession. Marketing genius. Generates more eyeballs than most Fortune 500 marketing departments… engagement worth millions Image
Eric Hsu (@lawyer4SMBs) founder of Clear Focus Law… sure he knocked off my brand and occasionally steals our clients, but frankly I respect the hustle… and there’s plenty for all of us. I’ve tried to recruit him to @smblawgroup but he’s a steadfast solopreneur Image
Sam Rosati (@Sam_Rosati) our other co-founder at @smblawgroup… he founded an SMB micro-PE firm, a law firm, @SMB_ash… name a bigger SMB expert? You can’t. Total team player. Humble. Image
Adam Wasch (@AdamGWaschEsq) Partner and Co-Chair of the Franchise Law Practice Group of a Greenspoon something… the franchise 🐐. This guy is who I call when I’ve got franchise questions. You should too Image
Jake Parsley (@ParsleyETA) our newest partner at @smblawgroup… a legend in the Twin Cities. I can’t wait for the world to meet Jake. Epitomizes Minnesota nice. Killer deal lawyer Image
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More from @SMB_Attorney

SMB Attorney Profile picture
May 2, 2024
"Qualified Small Business Stock" or "QSBS"

The most powerful wealth building tool in business today!

What is it?

Lets find out... a THREAD:
Let's start at the beginning.

QSBS means "Qualified Small Business Stock".

It is stock that is issued by a "qualified small business" (QSB).

How does a business qualify as a "qualified small business"?
There are a number of important factors:

1️⃣ It must be a C Corp for tax purposes
2️⃣ It must have < $50M in assets at issuance
3️⃣ Must be active business (not holding company...with exceptions)
4️⃣ Must not be a prohibited business
Read 30 tweets
SMB Attorney Profile picture
May 1, 2024
The following is a super serious 7-step thread on succeeding in corporate America.

Do all of this and you’ll be GUARANTEED to make partner or the C-Suite:
I’ve worked for some of the most prestigious law firms and well-known companies in the world…

Disney, Rocket Mortgage, Kirkland & Ellis

The following worked at all of these places…
Step 1: Walk fast.

I’m talking bathroom emergency fast.

People need to know you’re busy and going important places.

Perception is everything.

Jobs was known as the fastest walker in Silicon Valley.

Bezos goes through a pair of shoes a quarter.

Pick those knees up!
Read 11 tweets
SMB Attorney Profile picture
Apr 30, 2024
Looking to buy a business like this one?

Here's a quick guide on where to find one:

(This answers the #1 question I get DM'd)

A thread: Image
1 - Establish Your Criteria

Start by setting a rough criteria. This will help.

Consider things like size, location, industry, and financials.

What are you good at and what would you enjoy doing?
2 - Listing Sites

• @buyandsellabiz
• @BizBuySell
• @LoopNet
• @Flippa
• @acquiredotcom

These are fun to browse.

Like Zillow for business!
Read 10 tweets
SMB Attorney Profile picture
Apr 26, 2024
Working Capital

Arguably the most important (and often overlooked) element when buying a business.

This is a must read and could save your behind!

A THREAD: Image
1 - What is Working Capital?

The textbook definition (yawn):

The difference b/t a company's current assets and current liabilities.

This difference comprises the financial resources needed to fund the day-to-day operations of a business.
2 - Think payroll, inventory purchases and other operational costs...

You need working capital to keep the "machine" that is the business operating.

Some common analogies:
• Gas in the car
• Blood in the body
• Water in the water wheel
• Batteries in the flashlight
Read 28 tweets
SMB Attorney Profile picture
Apr 25, 2024
$7 trillion of Baby Boomer businesses will be sold by 2030.

A quick and dirty guide to buying one: Image
Before we dive in, some quick background:

The number of businesses bought and sold since 2018 hasn't materially increased.

And many of the businesses for sale will not and should not sell.

We are seeing a TON of opportunity nonetheless.

If you look hard enough, you will too!
1 - The basics: reading

You're going to need to do some learning.

Not a lot, but you'll need to get familiar with the fundamentals of the process.

The most popular books are:
• HBR Guide to Buying a Small Business
• Buy Then Build
• Buying a Small Business for Dummies Image
Read 17 tweets
SMB Attorney Profile picture
Mar 15, 2024
Breaking: Absolutely enormous real estate news today that affects us all. This settlement could reduce realtor commissions by 30% and put massive downward pressure on home prices across the U.S. 🤯🚨
Image
Image
The back of the American residential realtor lobby was just broken.

Watch for digital players like Zillow and others to emerge as the big winners as many (most) realtors are forced out of the profession.
I’m going to answer this once because I’m getting the same question repeatedly:

Lower commissions (admin expenses) means buyers can now list for less to get the same net outcome.

In a competitive, buyer-friendly environment, expect many sellers to lower their prices.
Read 6 tweets

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