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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
Oct 4, 2025
How do you bridge the gap between seller dreams and buyer reality in a lower middle market deal?

The unsung hero: the contingent promissory note.

A thread 🧵
2/ In SBA and LMM deals, the buyer and seller almost never agree on value upfront:
- Seller wants a premium for “potential.”
- Buyer wants protection against downside risk.
- Lender only wants to underwrite predictable cash flows.
3/ That’s where a contingent note comes in.

Instead of paying every dollar upfront, the buyer issues a note that gets forgiven (not paid) if certain metrics aren’t met.

Looks like debt on Day 1.

Acts like a capped earnout in practice.
Read 9 tweets
SMB Attorney Profile picture
Sep 2, 2025
Entrepreneurship is hard.

There’s no such thing as an “easy” business.

Anyone telling you otherwise is selling courses.

But some businesses are better than others.

This is a realist’s guide to what actually makes a good business in 2025

And a list of the very best…🧵
1/ First: the internet is full of furus hyping “boring businesses.”

Car washes. Residential cleaning. Vending machines.

Most are garbage: high churn, low margins, operational headaches.

Not businesses you buy to build wealth, they’re jobs in disguise.

Avoid this garage: Image
2/ So what does a good business look like?

It has:
• Recurring or contractual revenue
• Customers who must buy, even in downturns
• High switching costs
• Regulatory or compliance tailwinds
• Fragmented markets = roll-up opportunities Image
Read 18 tweets
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

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