#211 - What Buyers REALLY Look For When Acquiring a Business | Muriel Touati | The Necessary Entrepreneur

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We talked a little bit before the podcast,

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that w we didn't you didn't have the exact
number of business owners that

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are gonna retire over the next decade.

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But I I think it's it's tens of thousands
and it it's something equal to like

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a few trillion dollars. They're either
going to be sold or they're just gonna
shut

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down because they're retiring,

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right? This is coming. It's a huge
opportunity for people

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to acquire businesses right now.

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All right, y'all. Hey, welcome back for
another awesome episode

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of The Necessary Entrepreneur.

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I'm pumped to have the conversation today.

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it's around businesses buying and selling
and the experiences of that

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and also from a person who's been an
entrepreneur for going on a decade.

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So what we know is most founders assume a
profitable business

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is automatically a valuable one.

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But when it comes time to sell,

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buyers are looking for something very
different.

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So today's guest works with entrepreneurs
to identify the operational issues,

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founder dependency, and structural gaps
that can limit a company's value

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and helps them build businesses that are
actually transferable.

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So Muriel Touati I came really close in
the last name.

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She sh we're gonna go by Muriel after
this,

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but just an awesome French name.

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But she's the founder and CEO of Exit 3D
Studio.

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Where she advises founder led service
businesses on increasing valuation

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and preparing for successful exits.

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So today we're going to talk about what
buyers actually look for,

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why so many businesses struggle to sell,

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and how founders can create companies that
operate beyond themselves.

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Muriel, welcome to the necessary
entrepreneur.

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Thank you, Mark.

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Hopefully that intro gave a good
representation of your business and

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and what you're really focused on going
into your fifth year of of exit 3 D
studio.

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Yes, absolutely. You described exactly
what I'm doing and what we're gonna talk

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about today. Yes. So what

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What brought you, let's start here with
me.

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What brought you from France five years
ago?

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So what brought you and then 'cause I
think what that'll do

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is you're an entrepreneur in France,

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I think that'll weed into even more
credibility and an idea on

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the uniqueness that you might bring to
this environment and this space that
you're

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in now too.

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Yes, absolutely. It's very related,

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actually. yeah, so I moved to New York in
twenty twenty one.

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I lived here in the past on different
visa,

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but this time I have a green card so that
allowed me to stay longer

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and because I just like the city,

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I still had friends, I decided to to come
to New York.

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Where are you located?

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I don't even know. Where I

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We're

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we're here in the Midwest. We're in we're
in Cincinnati.

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So Okay. Yeah, so just just a two hour
flight from New York City.

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so when you came up show a green card
means ten years,

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right?

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Yes, but it's constantly renewable.

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So you're stuck with us for good now,

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huh?

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Yes, looks like it.

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So why so where you were already an
entrepreneur in France?

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Yes, I was since twenty seventeen.

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So why come to a new country? Because I
think about if I went to I'm just gonna

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you know, we we think about France and we
think Paris,

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but there's Marseille, there's all these
other cool cities that none

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of us talk about. But if I were to go to
France or London

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or Madrid or Lisbon, I think it would be
really hard for me

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to become an entrepreneur there for
customers there,

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but you're making this seems to be this
seamless transition.

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So can you take us through these first
five years and

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Why you're making it feel seamless and why
it seems like it's comfortable to you.

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thank you. I didn't know I was giving this
perception.

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But so I already had my business in France
online.

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It was you know digital consulting like
LinkedIn consulting

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for clients and and and as we were
discussing earlier,

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like during the COVID period I was
creating an online course so this was

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something I could transfer here.

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And all this time, even now, I still have
my French client that I can coach coach

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on Zoom, you know, like once a week,

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and they have access to my program.

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So this was yeah, seamless because I
didn't have to change my offer.

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I didn't have to change my target
audience.

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I w I just moved from France to New York.

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And didn't change the business at all.

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You were gonna buy a business though,

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right? Like that was the beginning

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So this is yeah, this is what I have been
thinking about since last year.

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So in twenty twenty five I'm I realized
that I didn't change anything from when

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I was in France. And I said, okay,

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so I'm missing all the good opportunity
here.

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I'm meeting people and I I cannot do
anything.

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So first of all

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I thought, maybe it's gonna be too hard to
start a new business.

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So maybe I should buy one. I heard it
could be easier.

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I will be buying a cash flow. It will be
easy.

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So I've been learning all about you know
business acquisition.

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I joined a program, I am part of a buying
community and and it's been great.

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I've signed

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I don't know, one hundred NDA I've
submitted a lot of letter of intent.

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I even have an offer accepted and I was
like very close to buy a business.

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until you know I realized that they were
all having structural issues

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that was too risky for a buyer,

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you know, buyer operator I would say like
me.

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And as a matter of fact, like most buyers
like me,

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sometimes they are employee even and they
want to buy a business

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to become an entrepreneur. We we are all
bumping into the same issues.

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So this is how I decided to create,

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you know, pivot a bit my French business
into Exit 3D studio.

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What when you said an NDA for all those
people out here who haven't done it yet,

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what is an NDA?

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It's a non-disclosure agreement.

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It's business broker, they make you sign
that to ensure that you will

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not bypass them, that you will not go
directly to the to the business owner
because

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they want to get their commission.

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they also disclose different things that
for example they

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are not checking everything about the
business when they put it into the market.

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And and this explained different things
after and why actually like seventy

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to eighty percent of business that go for
sale actually never sell.

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When you

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It drives from the NDA actually,

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why?

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Yeah. There you go. So an NDA,

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what it does is it's also showing you some
things about the business that

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if they're gonna open up a little bit of
information about operationally revenue,

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if they're gonna show you some of that,

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you're agreeing that you're not gonna
share that with anyone else.

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Soutnie yeah

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And yeah. And it and if you and if you do,

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there's penalties for that.

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Yes, absolutely.

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Yes. And then after that, you move through
this process of an NDA.

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If you think you like the business and
your initial high

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ten thousand feet evaluation of it,

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then you can go to an LOI, right?

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And then an LOI go into details about what
that is a little

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bit because we're probably talking to some
people here that they've been

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entrepreneurs in the past where they've
built their businesses up.

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They haven't ever sold one, or they're
also,

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maybe like you were, thinking about buying
one.

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So you go from an NDA to then an LOI,

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which is

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Yes, so if you like the business,

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what they showed you, you analyze a bit
the financial and you want to make an
offer,

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you submit a letter of intent.

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So an LOI. I usually you send an email,

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post a letter to make your offer,

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explain roughly what I mean not roughly,

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it can be almost as long as a purchase
agreement if you want to where

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you put all your condition, your

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the old bag, the earnout, all the seller
note,

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you you can be as detailed as that.

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And actually it's I think it's recommended
because it's at least they like

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it or they they agree or they don't agree
and you don't waste weeks

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in due diligence. You know? Yeah.

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an O O I it's not you're not bound.

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Either party isn't. It's just saying I
have this is a letter where

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I intend to submit an offer with these
parameters.

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And if you're somewhat okay with them,

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then I'll move to submitting an offer and
try to go to a binding contract,

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correct?

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It is actually an offer. You're making an
offer but it's a non binding contract.

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Though you will have some brokers because
that happened to me,

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that will be that they will ask you to
sign their own letter of intent

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and it will be binding. So like always
read those documents because

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yeah, you can can get into problems,

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you know, you don't want to

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Until you you do your due diligence you
should not be you should not

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be into a binding contract because what if
you find some problems and

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you decide you don't want to buy the
business anymore?

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What if it has been not represented,

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you know, correctly?

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When you when you were gonna acquire your
business,

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at what stage did you decide to back out?

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So at what stage of the purchase process
and then why?

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What happened? What made you change your
mind?

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Yeah, so it was during the due diligence.

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I have been you know running the financial
like like

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in a content really into detail looking
the the revenue by client.

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you actually when you do a due diligence
you do like a financial due diligence,

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you do an operational due diligence,

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digital due diligence, all those sort of
different due diligence.

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The one I was the most comfortable with
was definitely the digital due diligence.

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This is what I've done first. I realized
first of all,

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okay, the business has no traffic,

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like 300 visits a month. That's so they
don't really generate lead from that.

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I was reading also everything they
provided in the in the data room to

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see okay how do they get a client.

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There was some thing also there were
announcing.

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Beh they have you know like past August
they had about 35 clients.

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But we were in December they still have 35
clients,

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but they say they are growing every month
getting new clients.

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So this was a problem and something I
needed to resolve because when

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you ask the broker they still tell you
that everything is perfect,

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but when you run the financial you look

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and the I had to ask for that.

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They didn't want to give it to me.

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The the breakdown of revenue per client
for the past year.

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And once I've been running that,

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I have been able to see that every three
months when

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the contract was ending, it was an initial
three month contract and then ever auto

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renewal and a monthly auto renewal,

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so cancel anytime. Actually all client
getting

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working with them, most of them,

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they were leaving after three months.

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So they were able to get new clients every
month,

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but they were leaving after three months.

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And just that realization made me step
away.

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I said, okay, so this is it's not a
recurring revenue,

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it's a rollover sort of roll out,

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sorry, my English you know, type of
revenue.

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and it can disappear at any time.

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Also it was like a LinkedIn lead
generation agency and I I

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was able to see also their practice and I
said okay this can break at any time.

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Like I don't feel comfortable also taking
this.

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They are pushing the the machine a bit too
hard.

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Plus they were using the founder LinkedIn
profile to generate leads.

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Which was not an transferable asset,

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of course. Yeah. You know.

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Did you find yourself were you still
interested in purchasing it

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at a lower valuation or not at all?

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Well I was no I was not but I I explained
everything.

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My offer was at three point seven million.

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That is what they wanted. And when I ran
all my number my analy

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I think the agency was worth only six
hundred thousand.

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But at this point I say yeah no,

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I I'm walking away.

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Yeah. Yeah. What was their response to
that?

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Did they even respond or they just

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They

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did but I sent an email like long like
this with all the reason

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why and even suggesting like you should be
a bit more transparent,

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you know, like t with the buyers.

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I think they thought it's so helpful,

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like helpful information, just two lines,

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you know. Plus I never spoke with the the
the owner either.

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It was all through the broker.

236
00:13:56,633 --> 00:13:58,464
Yeah, all through the broker, yes.

237
00:13:58,464 --> 00:13:59,464
Hmm.

238
00:13:59,579 --> 00:14:03,706
So from that experience that caused you to
start your business,

239
00:14:03,706 --> 00:14:04,706
correct?

240
00:14:04,451 --> 00:14:11,034
Exactly. I say I you know, I understood
since I was bumping into the same issues

241
00:14:11,034 --> 00:14:14,372
all the time and part of the community I
am in,

242
00:14:14,372 --> 00:14:16,783
I I can read all the struggle they have.

243
00:14:16,783 --> 00:14:19,083
I said, Okay, this is making sense.

244
00:14:19,083 --> 00:14:24,079
And you know, this i and with my previous
experience in digital marketing,

245
00:14:24,079 --> 00:14:27,352
I say, you know what, I can help with
customer concentration.

246
00:14:27,352 --> 00:14:28,723
I mean this is what we do.

247
00:14:28,968 --> 00:14:35,149
in digital marketing, we can help with
that and the quality of the revenue,

248
00:14:35,149 --> 00:14:38,718
the growth, and the funder dependency as
well.

249
00:14:38,718 --> 00:14:41,342
There's yeah different things we can be
doing.

250
00:14:42,056 --> 00:14:45,008
Yeah. Do you find that is the founder
dependency?

251
00:14:45,008 --> 00:14:49,051
It means the revenue of the business is
dependent on the founder staying there,

252
00:14:49,051 --> 00:14:51,273
being there, maintaining those
relationships.

253
00:14:51,273 --> 00:14:56,455
do you find that the most significant
problem or just one

254
00:14:56,455 --> 00:15:01,324
of the significant problems in achieving
the valuation that sellers want?

255
00:15:01,324 --> 00:15:04,987
What's the most significant problem that
you're seeing that you just can't

256
00:15:04,987 --> 00:15:07,229
get to the valuation that they feel the
business is worth?

257
00:15:08,745 --> 00:15:14,330
The so the the most the the first thing
that I see we see it on

258
00:15:14,330 --> 00:15:16,916
the on the sim that we receive.

259
00:15:16,916 --> 00:15:21,416
Most of the time I think it's the customer
concentration that is the biggest issue,

260
00:15:21,416 --> 00:15:27,410
then the project based work and then
instead of the recurring revenue

261
00:15:27,590 --> 00:15:30,051
and then the funder dependent,

262
00:15:30,051 --> 00:15:31,272
the funder who

263
00:15:32,673 --> 00:15:37,155
was all the relationship with the
customers for example.

264
00:15:37,155 --> 00:15:41,474
no no digital presence, like no sign

265
00:15:41,474 --> 00:15:44,485
of regeneration online.

266
00:15:44,485 --> 00:15:47,286
That means everything is referral,

267
00:15:47,286 --> 00:15:49,927
everything is passing by the funder.

268
00:15:49,927 --> 00:15:53,000
This is a red flag as well.

269
00:15:53,000 --> 00:15:54,000
And

270
00:15:53,655 --> 00:15:56,751
And also just a funder who's managing
everything,

271
00:15:56,751 --> 00:16:00,568
who's where there is no other decision
maker in the business.

272
00:16:00,568 --> 00:16:02,302
This is also an issue.

273
00:16:03,127 --> 00:16:07,898
Yeah. What do you like to see now
evaluating businesses from the buyer side?

274
00:16:07,898 --> 00:16:09,939
So whether it's you doing acquisitions,

275
00:16:09,939 --> 00:16:11,599
whether it's helping people acquire,

276
00:16:11,599 --> 00:16:15,690
if it's sellers, what do you like to see
from a digital perspective?

277
00:16:15,690 --> 00:16:18,041
The the digital presence of the business,

278
00:16:18,041 --> 00:16:21,862
the level that they're at. What are what
are you looking for through the eyes

279
00:16:21,862 --> 00:16:23,482
of a buyer of these businesses?

280
00:16:23,482 --> 00:16:27,534
What level of digital engagement or
digital operation,

281
00:16:27,534 --> 00:16:31,085
what are you looking for? It seems that in
two thousand twenty six that it's

282
00:16:31,085 --> 00:16:32,865
not just AI driven, but

283
00:16:33,665 --> 00:16:37,523
You need to make sure that you have
platforms dialed in from

284
00:16:37,523 --> 00:16:40,369
an efficiency standpoint, from an
operation standpoint,

285
00:16:40,369 --> 00:16:42,584
so things can compound so it can scale.

286
00:16:42,584 --> 00:16:44,749
What are you looking at digitally for a
business?

287
00:16:45,815 --> 00:16:51,600
Yeah, so I think myself as you know as
expert in digital marketing,

288
00:16:51,600 --> 00:16:58,252
I could acquire, you know, like a business
with you know a very like

289
00:16:58,252 --> 00:17:00,723
w who doesn't have a good digital
presence.

290
00:17:00,723 --> 00:17:05,396
It will be an upside for me because I will
rebuild the website,

291
00:17:05,396 --> 00:17:08,267
I will create the social media presence,

292
00:17:08,267 --> 00:17:12,800
but also I will not buy the business at a
high valuation.

293
00:17:13,134 --> 00:17:15,791
you know, I will discount it
automatically.

294
00:17:15,791 --> 00:17:19,208
But someone who comes from another sector,

295
00:17:19,208 --> 00:17:23,031
and I think most buyer to pay a premium,

296
00:17:23,031 --> 00:17:27,042
they would expect traffic on the website.

297
00:17:27,042 --> 00:17:31,724
And this is easy to to find,

298
00:17:31,724 --> 00:17:35,466
you know, like when we do a digital due
diligence,

299
00:17:35,466 --> 00:17:39,667
we just go on some tools and we see the
traffic that they have.

300
00:17:39,667 --> 00:17:40,788
And if it's a

301
00:17:41,032 --> 00:17:44,514
branded traffic or if it's unreal
keywords.

302
00:17:44,514 --> 00:17:47,750
So we look at that. The traffic,

303
00:17:47,750 --> 00:17:49,473
I think the the most important.

304
00:17:49,473 --> 00:17:52,504
Then when you we look at the structure of
the of the website,

305
00:17:52,504 --> 00:17:57,655
is there any sort of funnels that could be
working?

306
00:17:57,655 --> 00:18:00,937
Could they be generating leads from their
website?

307
00:18:00,937 --> 00:18:06,560
Does it work something? And then the
social media presence also because

308
00:18:06,943 --> 00:18:11,511
you know, it's the perception of the the
perception from,

309
00:18:11,511 --> 00:18:13,540
you know, potential customers.

310
00:18:13,540 --> 00:18:14,540
Is

311
00:18:13,997 --> 00:18:14,997
Yeah.

312
00:18:14,522 --> 00:18:16,877
it outdated, in existence?

313
00:18:17,155 --> 00:18:20,387
Yeah. So we talked about funnels and I
think to break funnels down,

314
00:18:20,387 --> 00:18:23,869
really what it is, it's what's your
digital approach to client

315
00:18:23,869 --> 00:18:25,840
and business acquisition, right?

316
00:18:25,840 --> 00:18:27,681
It's like how are you taking those leads,

317
00:18:27,681 --> 00:18:30,893
putting them in the top of the funnel and
feeding down through your algorithm

318
00:18:30,893 --> 00:18:32,544
so that you can turn them into sales,

319
00:18:32,544 --> 00:18:34,945
buying whatever your service or product
is,

320
00:18:34,945 --> 00:18:35,945
right?

321
00:18:36,257 --> 00:18:37,257
Yes, yes.

322
00:18:37,326 --> 00:18:39,416
So with with the funnel perspective,

323
00:18:39,416 --> 00:18:42,968
do you what's your approach to building a
funnel?

324
00:18:42,968 --> 00:18:44,689
You were in the digital space.

325
00:18:45,653 --> 00:18:49,685
You help service businesses. What have you
seen this happening with funnels?

326
00:18:49,685 --> 00:18:53,189
It seems like a lot of stuff's moving to a
lot of automated things.

327
00:18:53,189 --> 00:18:55,501
It's easier to build these versus go and
pay,

328
00:18:55,501 --> 00:18:57,382
you know, very expensive experts.

329
00:18:57,382 --> 00:19:00,394
What have you seen happening with funnels
over the past six to twelve

330
00:19:00,394 --> 00:19:01,394
to eighteen months?

331
00:19:02,564 --> 00:19:06,266
Yeah, since I've moved a lot into AI for
sure.

332
00:19:06,266 --> 00:19:09,542
And there are different ways of building a
funnel.

333
00:19:09,542 --> 00:19:13,164
You know, you can have a a funnel with ad,

334
00:19:13,164 --> 00:19:18,307
a funnel with a freebie, you can have a
direct call funnel.

335
00:19:18,307 --> 00:19:21,969
There is d more or less sophisticated
funnel,

336
00:19:21,969 --> 00:19:27,335
but depending on what you are selling and
if there is a team on the other side that

337
00:19:27,335 --> 00:19:29,392
can take calls or not. yeah.

338
00:19:30,058 --> 00:19:32,830
Yeah. If you were doing it all over again,

339
00:19:32,830 --> 00:19:34,341
if you were the Muriel who said,

340
00:19:34,341 --> 00:19:36,021
I think I'm gonna buy a business,

341
00:19:36,021 --> 00:19:41,144
what would you how would you do it now
versus your approach back then?

342
00:19:41,144 --> 00:19:43,246
So you were evaluating the business,

343
00:19:43,246 --> 00:19:45,767
you signed NDAs, you went to an LOI,

344
00:19:45,767 --> 00:19:48,309
you're doing due diligence through
reflection,

345
00:19:48,309 --> 00:19:51,891
which should lead to your experience to
advise people and help them do this,

346
00:19:51,891 --> 00:19:56,193
what would you do differently now with the
approach versus the Murial of

347
00:19:56,354 --> 00:19:57,354
a year or two ago?

348
00:19:58,698 --> 00:20:00,479
Will say it depends on the business.

349
00:20:00,479 --> 00:20:03,210
Like the business I'm building right now,

350
00:20:03,210 --> 00:20:09,184
Exit 3D Studio, the funnel is gonna start
with the book that I have been writing

351
00:20:09,244 --> 00:20:13,139
and that will be out on Amazon end of
July.

352
00:20:13,139 --> 00:20:16,161
So that will be my first,

353
00:20:16,161 --> 00:20:18,912
you know, the beginning of my funnel.

354
00:20:18,912 --> 00:20:22,914
Then you know you can go into my my
website,

355
00:20:22,914 --> 00:20:25,736
get you know, the the freebie,

356
00:20:25,736 --> 00:20:27,617
the scorecard, the

357
00:20:27,739 --> 00:20:32,522
call etc etc but if it was let's say like

358
00:20:32,522 --> 00:20:37,157
a plumbing business what I will be doing I
think I will

359
00:20:37,157 --> 00:20:43,298
be for sure using the Google My Business
and making sure

360
00:20:43,298 --> 00:20:47,208
it is perfect we have review from all
clients

361
00:20:47,596 --> 00:20:53,666
We have a solid website that is
recommended locally even on AI search,

362
00:20:53,666 --> 00:20:56,658
maybe running some ads if needed.

363
00:20:56,658 --> 00:21:01,617
But I will try to move from the referral
only.

364
00:21:01,617 --> 00:21:04,871
Referral is a bonus, it's nice to have,

365
00:21:04,871 --> 00:21:06,993
but if we only count on that

366
00:21:09,553 --> 00:21:13,628
Though I'm saying that I'm pretty sure
many plumbing business have already

367
00:21:13,628 --> 00:21:16,181
a lot of business, you know, from
referral,

368
00:21:16,181 --> 00:21:19,065
but just mentioning.

369
00:21:19,759 --> 00:21:22,695
Yeah. The yeah, I mean it's it's
interesting.

370
00:21:22,695 --> 00:21:26,244
So tell us about your book. What obviously
the title,

371
00:21:26,244 --> 00:21:28,776
but what what's the what's the title?

372
00:21:28,776 --> 00:21:32,380
What's the purpose? What's it gonna do for
us if it's the funnel to say,

373
00:21:32,380 --> 00:21:34,492
Hey, Muro wrote this book, we read it,

374
00:21:34,492 --> 00:21:35,983
it makes us wanna work with her.

375
00:21:35,983 --> 00:21:39,256
Tell us tell us the depth and and and
what's happening in it and

376
00:21:39,256 --> 00:21:40,256
why you're writing it.

377
00:21:41,315 --> 00:21:44,216
Yes, so it's called the valuation gap,

378
00:21:44,216 --> 00:21:49,541
what biases then seller miss. And I in
this book

379
00:21:49,623 --> 00:21:55,296
I explain what I found and what needs to
be corrected and why

380
00:21:55,376 --> 00:22:01,819
for a higher valuation. I think it's
valuable for business owners

381
00:22:01,819 --> 00:22:05,571
who are thinking about exiting their
business at some point.

382
00:22:06,531 --> 00:22:10,787
But why not also potential buyers so they
don't get they don't waste

383
00:22:10,787 --> 00:22:14,372
too much time on businesses that have this
problem?

384
00:22:14,372 --> 00:22:20,671
Or at least they know they should discount
the the value the the multiple.

385
00:22:21,997 --> 00:22:26,080
The d do you think that was it a good
choice for you to work through

386
00:22:26,080 --> 00:22:30,304
a business broker or do you think there
was a different source that people should

387
00:22:30,304 --> 00:22:32,515
go through to go directly to a business
owner?

388
00:22:32,515 --> 00:22:35,288
Is there better way than just working
through a business broker now

389
00:22:35,788 --> 00:22:36,989
to acquire and buy a business?

390
00:22:37,045 --> 00:22:39,906
I mean, most of the time, you know,

391
00:22:39,906 --> 00:22:44,028
to find a business for sale you're gonna
go on different websites,

392
00:22:44,028 --> 00:22:47,269
like Peace by Sell and others,

393
00:22:47,269 --> 00:22:51,651
and all businesses are advertised by
business brokers.

394
00:22:51,651 --> 00:22:57,593
So those are partner for us. Like most of
ninety percent of the time

395
00:22:57,593 --> 00:23:01,060
you will work with the business brokers
and and that's okay.

396
00:23:01,060 --> 00:23:04,998
I mean they facilitate, they have the
financial ready and

397
00:23:06,719 --> 00:23:10,158
you know, while if you go directly with a
potential,

398
00:23:10,158 --> 00:23:13,519
you know, seller, you might not get that.

399
00:23:13,519 --> 00:23:17,836
But sometimes you can get some really good
deal.

400
00:23:17,836 --> 00:23:20,127
I I just I'm thinking about what.

401
00:23:20,127 --> 00:23:22,388
So let me tell you. It didn't go through,

402
00:23:22,388 --> 00:23:28,522
unfortunately, but I was doing my off
market search so to enter directly

403
00:23:28,522 --> 00:23:31,098
in contact with some business owner.

404
00:23:31,098 --> 00:23:33,979
At this time I was looking for a marketing
agency.

405
00:23:34,669 --> 00:23:40,242
And I ended up meeting with one a
marketing agency in New York

406
00:23:40,242 --> 00:23:45,893
who went for lunch. We had a good time and
and he was telling

407
00:23:45,893 --> 00:23:49,909
me like if you're interested, I have those
other business,

408
00:23:49,909 --> 00:23:52,041
I even give it to you for free.

409
00:23:52,041 --> 00:23:55,752
really? Like I don't even have to get a
loan or anything.

410
00:23:56,152 --> 00:23:59,204
And he we're saying yes. But he had those
conditions,

411
00:23:59,204 --> 00:24:03,917
like he would want to stay in and then I
start to dig and also I said,

412
00:24:03,917 --> 00:24:05,828
but I would like to see the financial,

413
00:24:05,828 --> 00:24:08,599
you know, at least show me the financial.

414
00:24:08,599 --> 00:24:10,881
I want to see if the business is
profitable.

415
00:24:10,881 --> 00:24:15,732
And then I never got the financial because
so this you know,

416
00:24:15,732 --> 00:24:19,967
you cannot even get a business for free if
you don't get the financial.

417
00:24:19,967 --> 00:24:22,126
I mean that's dangerous.

418
00:24:22,636 --> 00:24:26,560
Yeah. So what's the benefit of buying a
business versus starting it?

419
00:24:26,560 --> 00:24:28,062
Because you've looked at both.

420
00:24:28,062 --> 00:24:30,074
You've looked at buying and now you
started yours.

421
00:24:30,074 --> 00:24:31,074
Yeah.

422
00:24:30,574 --> 00:24:36,510
Yeah. So the benefit of buying a business
if everything goes well

423
00:24:36,610 --> 00:24:42,370
is you're buying a cash flow. So maybe
you're you get a loan for like

424
00:24:42,370 --> 00:24:48,504
a million dollars, but if every month you
get getting your fifty thousand

425
00:24:48,524 --> 00:24:52,667
or eighty thousand and the loan is I don't
know,

426
00:24:52,667 --> 00:24:55,836
t I I'm not making accurate calculation
here,

427
00:24:55,836 --> 00:24:58,548
but like thirty thousand you still get
your fifty

428
00:24:58,926 --> 00:25:04,359
Okay, so you're buying that. This is what
you're getting directly from day one.

429
00:25:04,359 --> 00:25:06,138
while when you start your business,

430
00:25:06,138 --> 00:25:08,609
okay you don't have a loan, you're debt
free,

431
00:25:08,609 --> 00:25:14,541
but it can take more time to take off
before you get to your fifty thousand

432
00:25:14,541 --> 00:25:16,472
or one hundred K a month.

433
00:25:17,788 --> 00:25:21,056
Yeah. And learn all the hard lessons of
starting a business.

434
00:25:22,058 --> 00:25:23,058
Yes.

435
00:25:23,476 --> 00:25:27,312
Why are you so yeah, yeah, why why are you
so you're passionate,

436
00:25:27,312 --> 00:25:29,985
you're writing a book, you started a
business,

437
00:25:29,985 --> 00:25:35,241
you almost bought a business. What where
does your your fire and your excitement

438
00:25:35,442 --> 00:25:38,275
and your your energy for being an
entrepreneur,

439
00:25:38,275 --> 00:25:39,275
where's that come from?

440
00:25:40,830 --> 00:25:47,551
I think I like the freedom like most of us
the freedom of being where we want to be,

441
00:25:47,551 --> 00:25:50,223
to take the decision we want to take,

442
00:25:50,223 --> 00:25:56,257
to not have to stay in a box, decide to do
something and change

443
00:25:56,257 --> 00:26:02,522
it if we want just creating a lot and and
especially when

444
00:26:02,522 --> 00:26:03,522
i I have

445
00:26:03,647 --> 00:26:06,710
You know, for a long time I was doing
everything myself.

446
00:26:06,710 --> 00:26:12,087
I think it was limiting me. Now I am more
like outsourcing a lot of things that

447
00:26:12,087 --> 00:26:16,981
I'm doing so I can just have more project
at the same time.

448
00:26:18,041 --> 00:26:21,413
Are you are you outsourcing with virtual
assistants?

449
00:26:21,413 --> 00:26:22,413
how are you doing that?

450
00:26:24,009 --> 00:26:29,839
Some time I I did that with virtual
assistant but it didn't really work for
me.

451
00:26:29,839 --> 00:26:33,649
I rather work with really highly
specialist.

452
00:26:33,649 --> 00:26:38,553
Like if I want an automation, I don't want
to teach the virtual assistant

453
00:26:38,553 --> 00:26:44,056
to do that automation. I prefer to hire a
developer to do that directly.

454
00:26:44,056 --> 00:26:48,790
So I am working with specialists like this
developer,

455
00:26:48,790 --> 00:26:50,749
graphic designer, all of it.

456
00:26:51,659 --> 00:26:54,833
So how is you mentioned earlier with your
engagement with AI?

457
00:26:54,833 --> 00:27:00,584
Can you talk about in your business and
writing the book and helping people
evaluate

458
00:27:00,584 --> 00:27:04,820
businesses? What's been your engagement
with AI at what level over

459
00:27:04,820 --> 00:27:06,302
the past twelve or twenty four months?

460
00:27:07,700 --> 00:27:13,803
Well, I've used it a lot for you know you
can create content with it,

461
00:27:13,803 --> 00:27:18,026
you can build AI agent to automate things.

462
00:27:18,026 --> 00:27:20,608
Like at the moment, for example,

463
00:27:20,608 --> 00:27:26,899
I am automating my blog because you know
you can be creating

464
00:27:26,916 --> 00:27:31,955
it with AI, but what if you have solely
copy paste less that's not fun,

465
00:27:31,955 --> 00:27:34,537
like might as well completely automate it.

466
00:27:34,965 --> 00:27:37,797
And so I am creating those different
things,

467
00:27:37,797 --> 00:27:42,199
like anything that it's going to be
repetitive online,

468
00:27:42,199 --> 00:27:48,762
I think it can be automated. And this is a
great way to reduce funder dependency,

469
00:27:48,762 --> 00:27:52,154
by the way, and increase, you know,

470
00:27:52,154 --> 00:27:54,416
the the valuation of a business.

471
00:27:54,416 --> 00:27:55,416
What do you think?

472
00:27:55,758 --> 00:28:02,111
Yeah, I mean, I think that what I think
what all entrepreneurs are looking for.

473
00:28:02,111 --> 00:28:06,695
So let's say anyone that has anyone
working for their company,

474
00:28:06,695 --> 00:28:08,296
let's say it's not a company of one.

475
00:28:08,296 --> 00:28:11,698
The founder has scaled a little bit and
they have they have employees.

476
00:28:11,698 --> 00:28:17,489
What we're all looking for is to find
other humans to buy into this idea

477
00:28:17,489 --> 00:28:20,031
and this dream and this vision we have for
our business.

478
00:28:20,031 --> 00:28:23,022
And what you'll find is is that you need
to have

479
00:28:23,342 --> 00:28:26,744
Really good incentives. Incentives aren't
just income and pay,

480
00:28:26,744 --> 00:28:29,956
but why would they want to come and do
this with Muriel?

481
00:28:29,956 --> 00:28:31,807
Why would they want to come and do this
with Mark?

482
00:28:31,807 --> 00:28:34,728
So an incentive is beyond just their
compensation.

483
00:28:34,728 --> 00:28:40,061
But what we're finding is that that's
becoming harder and harder and harder.

484
00:28:40,061 --> 00:28:43,003
And I can't tell you exactly why it is.

485
00:28:43,003 --> 00:28:46,893
Like for example, I was on a construction
job yesterday,

486
00:28:46,893 --> 00:28:50,625
and there were some there was a crew of
people building a wall.

487
00:28:51,251 --> 00:28:54,382
And these stone walls. And I talked to the
owner and I said,

488
00:28:54,382 --> 00:28:56,193
Hey, I've noticed this guy over here.

489
00:28:56,193 --> 00:28:58,474
He's a really good worker. he stands out.

490
00:28:58,474 --> 00:29:00,205
He's completely different than everyone.

491
00:29:00,205 --> 00:29:01,596
You don't have to tell him what to do.

492
00:29:01,596 --> 00:29:04,037
He already senses what needs to happen.

493
00:29:04,037 --> 00:29:05,837
He's doing it before you ask him to,

494
00:29:05,837 --> 00:29:09,279
before you need that before you need
things he's already doing.

495
00:29:09,279 --> 00:29:10,479
So I'm going somewhere with this.

496
00:29:10,479 --> 00:29:14,131
And and he said, in 30 years,

497
00:29:14,131 --> 00:29:16,782
he's the best employee that's ever worked
for my business.

498
00:29:16,782 --> 00:29:19,003
And so here's what I know.

499
00:29:20,269 --> 00:29:24,150
Every business owner would like to have
every employee or partner working

500
00:29:24,150 --> 00:29:27,081
at their firm and business be just like
that guy.

501
00:29:27,081 --> 00:29:31,112
But but it's tough to find these people.

502
00:29:31,112 --> 00:29:32,783
I can't tell you why. I don't know why.

503
00:29:32,783 --> 00:29:34,873
I don't know why every human doesn't have
this.

504
00:29:34,873 --> 00:29:38,228
And so what I would say is all the
founders and the entrepreneurs that

505
00:29:38,228 --> 00:29:40,171
I know really well that are highly
successful,

506
00:29:40,171 --> 00:29:44,312
they will actually overpay for that type
of employee.

507
00:29:44,312 --> 00:29:46,393
They will. They will.

508
00:29:46,809 --> 00:29:50,511
But they're so hard to find, we've had to
look for other areas

509
00:29:50,691 --> 00:29:53,532
to bring efficiency and scalability inside
our business.

510
00:29:53,532 --> 00:29:59,544
And unfortunately for humans on the other
side that want to be employees that don't

511
00:29:59,544 --> 00:30:02,455
want to be entrepreneurs, unfortunately
for them,

512
00:30:02,455 --> 00:30:07,828
if they're not choosing to be like that
great worker from yesterday inside your
your

513
00:30:07,828 --> 00:30:10,119
job, if you choose not to be that,

514
00:30:10,119 --> 00:30:14,323
AI is going to present new opportunities
for founders and business owners

515
00:30:14,323 --> 00:30:15,323
and leaders.

516
00:30:15,705 --> 00:30:20,128
And so it's not it's not going to
eliminate AI isn't eliminating

517
00:30:20,188 --> 00:30:22,730
the opportunity for humans to have jobs
and careers.

518
00:30:22,730 --> 00:30:26,173
What it's going to do is it's going to el
eliminate the need

519
00:30:26,253 --> 00:30:30,596
for mediocrity from average performing
employees and businesses.

520
00:30:30,596 --> 00:30:33,358
So that's what I'm seeing with AI with
these agents.

521
00:30:33,358 --> 00:30:35,378
Us founders, leaders, business owners,

522
00:30:35,378 --> 00:30:40,302
we're going to use these systems so that
we have someone that's acting like

523
00:30:40,302 --> 00:30:41,803
the employees that we wish we had.

524
00:30:42,095 --> 00:30:45,361
Yeah, it's yeah, it's a nice way to to say
it.

525
00:30:45,361 --> 00:30:52,150
I think it's AI can yeah, replace some
task that some employee will

526
00:30:52,150 --> 00:30:55,250
be doing. In in some job it's impossible,

527
00:30:55,250 --> 00:30:58,371
I think, to that AI replace them,

528
00:30:58,371 --> 00:30:59,712
you know.

529
00:31:00,740 --> 00:31:03,153
It's impossible if somebody's doing a
quality job.

530
00:31:03,153 --> 00:31:06,808
That's my point, right? Yeah. If if
someone's doing a quality job,

531
00:31:06,808 --> 00:31:09,132
I don't want to replace that. I want the

532
00:31:09,352 --> 00:31:13,473
And I'm sure yeah and I'm sure that that
person already is,

533
00:31:13,473 --> 00:31:17,542
you know, using some sort of AI to be even
better.

534
00:31:17,542 --> 00:31:23,384
And I think a anyone can use it now just
to get better at what they do.

535
00:31:23,384 --> 00:31:28,865
But in some I don't know, like I I was
taking the plumbing business example.

536
00:31:28,865 --> 00:31:34,495
I don't think a plumber there will maybe
there will be some AI enablement,

537
00:31:34,495 --> 00:31:38,102
you know, like but when they go and
they're repeating.

538
00:31:38,246 --> 00:31:42,709
pair there it's still an in human doing it
and so what you're saying

539
00:31:42,709 --> 00:31:48,663
is very relevant. Like the one who's gonna
do the good job or or who's

540
00:31:48,663 --> 00:31:52,485
not gonna fix the the bathroom,

541
00:31:52,485 --> 00:31:54,987
you know, like failing at it every time.

542
00:31:54,987 --> 00:31:56,978
Like you you see the the difference.

543
00:31:56,978 --> 00:31:57,978
Yeah.

544
00:31:57,424 --> 00:32:00,625
That's it. And I think even what what can
happen is a plumber

545
00:32:00,625 --> 00:32:02,966
who isn't the entrepreneur or the business
owner,

546
00:32:02,966 --> 00:32:07,228
if they're a plumber, they actually can AI
use AI to become more efficient.

547
00:32:07,228 --> 00:32:09,409
You know, we used to type things into
Google.

548
00:32:09,409 --> 00:32:13,611
Well, AI is just a more efficient response
and engagement system,

549
00:32:13,611 --> 00:32:16,132
is what it is. If we're having if we're
right,

550
00:32:16,132 --> 00:32:17,943
it there's many things above and beyond
that,

551
00:32:17,943 --> 00:32:22,615
but for an employee, it's a system that
allows them to do their tasks

552
00:32:22,675 --> 00:32:24,356
in a more efficient manner.

553
00:32:24,718 --> 00:32:27,939
And at a higher quality because it can
reinforce are you doing this right?

554
00:32:27,939 --> 00:32:30,570
Are you not doing it right? Can you look
for different ways that this

555
00:32:30,570 --> 00:32:33,134
has been done recently? can you go into
hey,

556
00:32:33,134 --> 00:32:36,575
it could be quad or chat GPT, whatever the
name of your AI is.

557
00:32:36,575 --> 00:32:41,065
You could say, Hey, can you look at the
total landscape of plumbing businesses

558
00:32:41,065 --> 00:32:46,688
in Milwaukee, Wisconsin? And can you go
through the testimonials that customers

559
00:32:46,688 --> 00:32:51,230
are giving at a high rating on Google and
tell me what they appreciated about

560
00:32:51,230 --> 00:32:52,230
the experience?

561
00:32:52,289 --> 00:32:56,270
It's questions like that. What did they
most appreciate about their plumber?

562
00:32:56,270 --> 00:33:00,390
And it could give you insight on what
customers are really appreciating.

563
00:33:00,390 --> 00:33:03,431
Right. It it might not just be about
fixing the leak.

564
00:33:03,431 --> 00:33:07,132
It might be about how you engage with them
when you arrive to their home.

565
00:33:07,132 --> 00:33:10,552
It might be if you run into a problem
that's gonna cost more,

566
00:33:10,552 --> 00:33:13,963
it could give you some soft skills on how
to engage with the customer.

567
00:33:13,963 --> 00:33:17,007
So, all those things, that's what AI is
gonna allow us to do more

568
00:33:17,207 --> 00:33:19,858
on the average level. There's a lot more
higher level stuff.

569
00:33:19,858 --> 00:33:20,858
So

570
00:33:20,816 --> 00:33:23,711
Yeah, I I think for somebody evaluating
businesses,

571
00:33:23,711 --> 00:33:27,428
it can help you evaluate the business
where you might not need attorneys

572
00:33:27,428 --> 00:33:30,223
on the front end. You might not need
accountants on the front end.

573
00:33:30,223 --> 00:33:33,870
AI can do some deep forensic things if you
give it the information.

574
00:33:35,012 --> 00:33:41,564
Yeah, as well. Absolutely. I am thinking
to create some sort

575
00:33:41,564 --> 00:33:48,196
of calculator, you know, for when I do my
business evaluation diagnostic just

576
00:33:48,196 --> 00:33:53,427
to help and show. yeah. As long as you
give them what you want,

577
00:33:53,427 --> 00:33:58,664
exactly. If you don't know what you want
to build or how you want them

578
00:33:58,664 --> 00:34:00,895
to take into account, you will get

579
00:34:01,491 --> 00:34:04,133
maybe not a like a weak result.

580
00:34:04,133 --> 00:34:06,814
But if you know what you're talking about,

581
00:34:06,814 --> 00:34:13,718
you will get yeah, you can for sure when I
was doing my you know,

582
00:34:13,718 --> 00:34:15,719
I was trying to buy businesses,

583
00:34:15,719 --> 00:34:18,201
I was giving a lot of information.

584
00:34:18,201 --> 00:34:20,683
It was helping me a lot. You know,

585
00:34:20,683 --> 00:34:25,625
without disclosing, you know, the name of
the company or anything.

586
00:34:25,625 --> 00:34:28,047
It was helping me a lot.

587
00:34:28,555 --> 00:34:31,012
Yeah. What so I know that, you know,

588
00:34:31,012 --> 00:34:33,685
there's there's small business
administration loans out here.

589
00:34:33,685 --> 00:34:36,748
A lot of people utilize those to acquire
businesses.

590
00:34:36,748 --> 00:34:39,636
And, you know, you have more expertise in
this area than I do,

591
00:34:39,636 --> 00:34:42,969
but I believe they'll fund up to probably
five million dollars somewhere

592
00:34:42,969 --> 00:34:43,969
in this range.

593
00:34:44,106 --> 00:34:45,106
They do, yeah.

594
00:34:45,652 --> 00:34:47,606
So speak to this process a little bit
more.

595
00:34:47,606 --> 00:34:49,320
If someone's never owned a business,

596
00:34:49,320 --> 00:34:52,699
what's that process like to go try to get
an SBA loan?

597
00:34:52,699 --> 00:34:55,275
Like where do they go? What's the
experience look like?

598
00:34:56,690 --> 00:35:02,021
Okay, I think the first step is to go to a
SBA lender,

599
00:35:02,021 --> 00:35:07,954
so a bank that will do SBA loan just to
get SBA approved.

600
00:35:07,954 --> 00:35:11,770
Both business owners can do it and buyers.

601
00:35:11,770 --> 00:35:17,911
That means that the the lender is going to
ask for various information

602
00:35:17,911 --> 00:35:23,933
and give you a bit like your your your
landing capacity and just give you a
letter.

603
00:35:24,397 --> 00:35:27,041
That says, okay, your SBA approved,

604
00:35:27,041 --> 00:35:31,826
you can show that to sellers so they know
you can get a loan.

605
00:35:31,826 --> 00:35:38,003
This is the very first step. And then once
you find a business

606
00:35:38,003 --> 00:35:40,702
you have you know offer accepted,

607
00:35:40,702 --> 00:35:42,884
you will go back to your bank,

608
00:35:42,884 --> 00:35:48,408
say that they're going to ask for the
financials and a lot of information

609
00:35:48,857 --> 00:35:55,087
are going to ask you for a lot of
information and and start their process

610
00:35:55,227 --> 00:36:01,001
and this is taking time. They might
renegotiate already a few things,

611
00:36:01,001 --> 00:36:03,092
say, whoa, your offer was too high.

612
00:36:03,092 --> 00:36:06,915
Like this we're not gonna finance this.

613
00:36:06,915 --> 00:36:11,377
It will be less. Maybe you need to ask for
a bigger seller note.

614
00:36:11,377 --> 00:36:13,889
And so this is the process. Hmm.

615
00:36:14,869 --> 00:36:18,558
What who's your ideal customer or client?

616
00:36:18,558 --> 00:36:20,080
So you're building your business,

617
00:36:20,080 --> 00:36:23,594
you're writing your book. Who are you
really trying to attract?

618
00:36:23,594 --> 00:36:24,775
Who are you trying to work with?

619
00:36:25,841 --> 00:36:32,667
Yes, so funder led service business owners
that do between five hundred

620
00:36:32,667 --> 00:36:37,780
K and ten million dollars in revenue and
it's I'm happy you mentioned

621
00:36:37,780 --> 00:36:43,748
the SBA because because buyers like me and
many of us we will

622
00:36:43,748 --> 00:36:47,810
use the SBA loan and usually this business
doing between five hundred

623
00:36:47,810 --> 00:36:50,291
K and ten million dollars in revenue,

624
00:36:50,291 --> 00:36:51,291
there are

625
00:36:51,131 --> 00:36:56,466
financed, you know, by SBLO. Let's say
that private equity,

626
00:36:56,466 --> 00:37:00,750
you know, investors, they are less
interested in those businesses.

627
00:37:00,750 --> 00:37:05,458
Though if they have a super high like a
one million dollars cash flow,

628
00:37:05,458 --> 00:37:08,437
yeah, they might come into competition
with you.

629
00:37:08,437 --> 00:37:13,922
That happened to me as well. When when a
business is really good,

630
00:37:13,922 --> 00:37:16,260
they are on it as well.

631
00:37:16,774 --> 00:37:19,496
What do you so five hundred thousand to
ten million?

632
00:37:19,496 --> 00:37:22,798
What does the what's the multiple?

633
00:37:22,798 --> 00:37:26,280
Is the multiple based upon a lot of people
hear this word this this term

634
00:37:26,400 --> 00:37:28,581
ac the acronym EBITDA? They don't know
what it is,

635
00:37:28,581 --> 00:37:32,404
but it's pretty much the profit before you
pay taxes.

636
00:37:32,404 --> 00:37:35,766
Right? That's pretty much that's pretty is
that a good way to say it?

637
00:37:35,698 --> 00:37:36,698
~

638
00:37:36,579 --> 00:37:43,331
It's earning before interest depreciation
and amortization.

639
00:37:43,592 --> 00:37:44,592
Yeah.

640
00:37:44,113 --> 00:37:46,536
So all of that. And and this is the yes,

641
00:37:46,536 --> 00:37:49,069
the the the right number we're looking at,

642
00:37:49,069 --> 00:37:50,069
the Ibidah.

643
00:37:50,482 --> 00:37:51,980
Yeah. it's pretty much like, hey,

644
00:37:51,980 --> 00:37:53,340
how much are you gonna make on the
business?

645
00:37:53,340 --> 00:37:54,730
Like that's just what we're getting down
to.

646
00:37:54,730 --> 00:37:58,641
Right. And so a lot of a lot of commercial
real estate,

647
00:37:58,641 --> 00:38:00,152
I'm involved in a lot of real estate,

648
00:38:00,152 --> 00:38:02,132
those are sold on what are called cap
rates.

649
00:38:02,132 --> 00:38:06,954
It's just an X as well. A cap rate is cash
on cash business.

650
00:38:06,954 --> 00:38:11,015
This'll be a seven cap rate. That means
that if you buy it for cash,

651
00:38:11,015 --> 00:38:13,935
you can get a seven percent return on your
business every year.

652
00:38:13,935 --> 00:38:15,756
If it's an eight X, eight cap,

653
00:38:15,756 --> 00:38:18,870
eight X, so your sell your selling
business is probably

654
00:38:19,216 --> 00:38:23,081
For three to six times that EBITDA or
somewhere around it.

655
00:38:23,081 --> 00:38:26,123
If it's one or two, boy, that's a business
that it's like,

656
00:38:26,123 --> 00:38:29,056
wow, you might not have any good customer
base,

657
00:38:29,056 --> 00:38:31,007
you might not have good consistent
revenue.

658
00:38:31,007 --> 00:38:33,619
But if you take, let's just say,

659
00:38:33,619 --> 00:38:36,010
a five million dollar sales business,

660
00:38:36,010 --> 00:38:39,133
what's a good EBITDA on that?

661
00:38:39,133 --> 00:38:42,765
Just in general, Carl, I know it's
different with different segments,

662
00:38:42,765 --> 00:38:44,627
but what's what's good? A million dollars,

663
00:38:44,627 --> 00:38:46,348
750?

664
00:38:47,978 --> 00:38:51,159
It depends what they sell for sure.

665
00:38:51,159 --> 00:38:56,939
it's really hard to answer that question
because you know,

666
00:38:56,939 --> 00:39:02,976
if they have a lot of inventory and
everything there we sell they have to you
know,

667
00:39:02,976 --> 00:39:07,498
they have a lot of spending to get the
five million dollars in revenue,

668
00:39:07,498 --> 00:39:12,190
then my they could have just five hundred
K in Ibita.

669
00:39:12,854 --> 00:39:13,854
Yeah.

670
00:39:13,514 --> 00:39:19,504
You know, like it depends why the service
business with very lean in operation,

671
00:39:19,504 --> 00:39:26,050
don't have much, you know, you know
spending to deliver the service,

672
00:39:26,050 --> 00:39:32,177
yeah not of overhead. they might maybe
they are making two two million inhibida,

673
00:39:32,177 --> 00:39:33,177
I don't know.

674
00:39:32,855 --> 00:39:36,841
Is a big problem that you find in these
businesses that the owners a

675
00:39:36,841 --> 00:39:41,119
lot of times will run a lot of their
expenses through the business,

676
00:39:41,119 --> 00:39:42,842
therefore it takes away from the EBITDA.

677
00:39:42,842 --> 00:39:44,695
That's a big problem, isn't it?

678
00:39:44,695 --> 00:39:46,749
on being able to evaluate the business.

679
00:39:47,247 --> 00:39:52,105
Yeah, but but so this is why there's a lot
of debate here.

680
00:39:52,105 --> 00:39:57,865
because you know there there are a lot of
things they are not supposed to do,

681
00:39:57,865 --> 00:40:03,113
but at the moment where they want to sell
the business they disclose everything.

682
00:40:03,113 --> 00:40:06,923
How they did the trip with the family,

683
00:40:06,923 --> 00:40:10,524
I don't know, ten thousand dollars back.

684
00:40:10,524 --> 00:40:12,625
It will be an ad back.

685
00:40:13,085 --> 00:40:15,707
you need to accept it so they get,

686
00:40:15,707 --> 00:40:17,828
you know, more money when they sell.

687
00:40:17,828 --> 00:40:20,194
All the restaurant, all everything.

688
00:40:20,194 --> 00:40:23,516
They disclose it all how it was personal.

689
00:40:23,516 --> 00:40:26,540
Even the the family,

690
00:40:26,540 --> 00:40:29,862
let's say they have a a son, a wife,

691
00:40:29,862 --> 00:40:32,291
a father working in a business.

692
00:40:32,291 --> 00:40:35,250
they're not working there. I just give
them a salary.

693
00:40:35,250 --> 00:40:37,382
you know, it's just money they're getting.

694
00:40:37,382 --> 00:40:39,494
So this is so bad for, you know.

695
00:40:39,700 --> 00:40:42,280
Tax purpose they're not supposed to do
that,

696
00:40:42,280 --> 00:40:45,714
but when they sell, they disclose it all.

697
00:40:46,750 --> 00:40:48,246
Yeah. It's kinda funny, isn't it?

698
00:40:48,562 --> 00:40:49,562
It is

699
00:40:48,924 --> 00:40:52,265
it's hilarious actually. Yes.

700
00:40:52,734 --> 00:40:56,291
Yes. what are you as you build your
business and you're gonna write the book,

701
00:40:56,291 --> 00:40:58,682
what are your own goals for your business?

702
00:40:58,682 --> 00:41:01,162
What's your approach to setting goals,

703
00:41:01,162 --> 00:41:06,877
to projections, to is it a three to five
year time frame?

704
00:41:06,877 --> 00:41:08,518
Is it just the next twelve months?

705
00:41:08,518 --> 00:41:13,809
Is it more a passion project? What's your
approach to seeing what the legs

706
00:41:13,809 --> 00:41:16,421
and what the wheels on your business are
gonna do going forward?

707
00:41:16,853 --> 00:41:23,541
Creating my own sort of PL with putting
all my numbers,

708
00:41:23,541 --> 00:41:28,468
like the revenue coming in, what I'm
spending on what,

709
00:41:28,468 --> 00:41:31,291
and with a bit like my objective.

710
00:41:31,291 --> 00:41:37,626
Like I I imagine I put on the PL how much
I'm supposed to bring in so I can do this,

711
00:41:37,626 --> 00:41:39,147
this, this investment.

712
00:41:40,031 --> 00:41:45,294
So this is how I approach it. And for now
I just created it for twenty twenty six.

713
00:41:45,294 --> 00:41:50,006
But I mean it's just something I can
replicate for other years.

714
00:41:50,006 --> 00:41:54,772
I haven't done it for and I did that only
I'm going to tell you,

715
00:41:54,772 --> 00:41:59,097
I did it because the lender they ask you
to do that.

716
00:41:59,097 --> 00:42:01,638
They ask you to do a simulation for three
years.

717
00:42:01,638 --> 00:42:03,209
They say, you know, it's very interesting.

718
00:42:03,209 --> 00:42:05,640
I'm going to do it for my own business,

719
00:42:05,640 --> 00:42:06,951
even if I don't get a loan.

720
00:42:07,273 --> 00:42:10,576
Do you think you'll acquire or buy any
more businesses?

721
00:42:10,576 --> 00:42:13,518
Do you think you will? Or will you just
advise,

722
00:42:13,518 --> 00:42:16,361
consult, do strategy?

723
00:42:16,593 --> 00:42:22,139
I am still interested. I'm still
interested to yeah to buy a business

724
00:42:22,139 --> 00:42:25,250
but most probably I think off market.

725
00:42:25,250 --> 00:42:31,153
I think the business I have built helped
me to find also off market deal.

726
00:42:31,153 --> 00:42:36,380
Like just today I was I spoke with a
business owner.

727
00:42:36,380 --> 00:42:41,455
He was telling me yeah, I we want to to
prepare with thinking about it.

728
00:42:42,675 --> 00:42:46,966
Yeah, and the and the call that I had with
him was not even to discuss that.

729
00:42:46,966 --> 00:42:52,503
It was more a a one on one networking sort
of exchange,

730
00:42:52,503 --> 00:42:56,748
but they they think about it. Like many of
it

731
00:42:57,190 --> 00:43:01,319
Talked a little bit before the podcast
that w we didn't you didn't have

732
00:43:01,319 --> 00:43:06,403
the exact number of business owners that
are gonna retire over the next decade.

733
00:43:06,403 --> 00:43:10,507
But I I think it's it's tens of thousands
and it it's something equal to like

734
00:43:10,507 --> 00:43:15,822
a few trillion dollars. They're either
going to be sold or they're just gonna
shut

735
00:43:15,822 --> 00:43:17,694
down because they're retiring.

736
00:43:17,694 --> 00:43:20,707
Right? This is coming. It's a huge
opportunity for people

737
00:43:20,707 --> 00:43:22,058
to acquire businesses right now.

738
00:43:22,316 --> 00:43:28,021
Yes, because it is the period for a few
more years where

739
00:43:28,021 --> 00:43:34,683
all the baby boomers are retiring and a
lot of them were business owners.

740
00:43:34,683 --> 00:43:41,438
So well I've heard this in some media
talking about the biggest transfer

741
00:43:41,438 --> 00:43:45,962
in the history. And it's either you you
you know,

742
00:43:45,962 --> 00:43:48,934
get a piece of it or it just disappear.

743
00:43:48,934 --> 00:43:50,694
Yeah.

744
00:43:50,875 --> 00:43:56,344
And I must say yeah, I just now when I see
some business that are close,

745
00:43:56,344 --> 00:43:58,765
you know, I'm wondering. I don't know.

746
00:43:58,765 --> 00:44:04,683
Was it a business that failed or was it a
business nobody that didn't think they

747
00:44:04,683 --> 00:44:07,877
should sell, you know. Like I don't we
don't know.

748
00:44:08,519 --> 00:44:11,708
Yeah. Yeah. So maybe that's a part of your
passion project,

749
00:44:11,708 --> 00:44:13,473
right? To help all those people.

750
00:44:13,473 --> 00:44:14,676
Not just to help buyers acquire,

751
00:44:14,676 --> 00:44:16,350
but help those people sell their
businesses.

752
00:44:16,350 --> 00:44:17,350
Help them

753
00:44:17,159 --> 00:44:18,159
Yeah,

754
00:44:17,389 --> 00:44:21,613
exactly. I want to help the business owner
sell their business at

755
00:44:21,613 --> 00:44:24,600
a higher valuation because as buyer,

756
00:44:24,600 --> 00:44:27,992
since we're using loan, okay,

757
00:44:27,992 --> 00:44:32,535
to be buying a business, we don't mind
paying more for a good business.

758
00:44:32,535 --> 00:44:38,579
What we don't want is to buy a business
that that disappear the moment

759
00:44:38,619 --> 00:44:39,790
the funder leave.

760
00:44:41,050 --> 00:44:46,534
So it's a it's a win win situation helping
the business owner rebuild

761
00:44:46,534 --> 00:44:50,427
a bit the business in a way that is less
risky for the buyers.

762
00:44:50,427 --> 00:44:53,000
So I could benefit from it, you could.

763
00:44:53,000 --> 00:44:56,637
Anybody interested in buying businesses
could benefit from it.

764
00:44:57,355 --> 00:44:59,192
Yeah. so when when's this book come out?

765
00:44:59,192 --> 00:45:00,651
Do we know yet? Yeah.

766
00:45:00,585 --> 00:45:01,585
Yes,

767
00:45:01,058 --> 00:45:02,297
july twenty seventh.

768
00:45:03,187 --> 00:45:06,569
July twenty-seventh. We'll make sure that
we we come back to this episode then

769
00:45:06,569 --> 00:45:08,046
as well on the twenty-seventh.

770
00:45:08,046 --> 00:45:12,509
Do you find it may maybe to to wrap up
with a final question here?

771
00:45:12,509 --> 00:45:19,264
Do you find in talking to owners of
businesses that it's it's very

772
00:45:19,264 --> 00:45:20,264
emotional?

773
00:45:21,424 --> 00:45:25,666
Yes, I yeah. Can be for some it depends.

774
00:45:25,666 --> 00:45:29,068
I honestly it depends. I've noticed

775
00:45:29,068 --> 00:45:35,191
in younger entrepreneurs they are more
like serial entrepreneurs.

776
00:45:35,191 --> 00:45:37,203
I don't think they have much emotion.

777
00:45:37,203 --> 00:45:39,794
They are here for the you know,

778
00:45:39,794 --> 00:45:45,437
the the thrill, I don't know, the the
sensation that they give them

779
00:45:45,437 --> 00:45:49,069
to build a business, exist and and they do
that.

780
00:45:49,069 --> 00:45:50,575
And yeah, maybe the

781
00:45:50,767 --> 00:45:56,111
baby boomer who has been running the
business for forty years,

782
00:45:56,111 --> 00:45:58,532
yeah, it's probably very emotional.

783
00:45:58,532 --> 00:46:01,864
And they want to make sure I I mean it
depends again.

784
00:46:01,864 --> 00:46:05,395
Some would like to just get the money and
leave.

785
00:46:05,395 --> 00:46:11,615
because I have been signing some L O I for
you know like business like that.

786
00:46:11,615 --> 00:46:17,557
They just wanted to retire in Florida and
just leave and almost no transition.

787
00:46:17,557 --> 00:46:18,557
So you have

788
00:46:18,661 --> 00:46:23,611
business owners like that. But you have
some and I think most of them really care

789
00:46:23,651 --> 00:46:26,995
about the you know the the brand.

790
00:46:26,995 --> 00:46:29,447
They they have built the legacy,

791
00:46:29,447 --> 00:46:36,146
keeping the employee, making sure things
continue for the client that they had.

792
00:46:36,146 --> 00:46:39,942
They have the employee, the the process,

793
00:46:39,942 --> 00:46:43,774
the everything they want they want
everything to continue.

794
00:46:44,894 --> 00:46:46,205
Just like when they were there.

795
00:46:47,058 --> 00:46:50,502
Yeah. Makes a lot of sense. So what do you
what do you want everyone

796
00:46:50,502 --> 00:46:53,336
to know that listens to this? Do you want
to go buy the book?

797
00:46:53,336 --> 00:46:55,499
Do you want to come to your website?

798
00:46:55,499 --> 00:46:58,322
Do you want them to come talk to you about
selling their business?

799
00:46:58,322 --> 00:47:02,428
What does Muriel want to happen from this
episode today?

800
00:47:03,388 --> 00:47:09,108
Okay, you could for example go to my book
page

801
00:47:09,188 --> 00:47:12,249
and download the first chapter of my book.

802
00:47:12,249 --> 00:47:16,577
It's on exit3dstudio dot com slash

803
00:47:17,178 --> 00:47:23,027
D dash valuation dash gap and you can get
the first chapter.

804
00:47:23,027 --> 00:47:27,625
Also have exit readiness scorecard to also

805
00:47:28,250 --> 00:47:31,367
Calculate and see where you stand on the

806
00:47:33,178 --> 00:47:36,630
Read the first chapter, which will you'll
go into Muriel's funnel,

807
00:47:36,630 --> 00:47:39,651
which will then be a link to buy my book
when it comes out,

808
00:47:39,651 --> 00:47:42,773
which then'll be a link to put your
business in if you want to sell.

809
00:47:42,773 --> 00:47:45,880
it seem it seems like you're taking a very
smart approach to the business.

810
00:47:45,880 --> 00:47:49,977
I hope that the people that you help is
ten or twenty or thirty

811
00:47:49,977 --> 00:47:53,369
X even the significant profit and money
that Muriel's gonna make.

812
00:47:53,369 --> 00:47:55,578
And you have a you have you have a you
have a good

813
00:47:55,488 --> 00:47:56,488
Make

814
00:47:55,719 --> 00:47:57,569
more money than me for sure.

815
00:47:58,496 --> 00:48:00,547
That's the sale. There's the sales,

816
00:48:00,547 --> 00:48:03,171
Muriel. It c it comes out. the well,

817
00:48:03,171 --> 00:48:05,855
I'm excited to have you on this side of
what they call the pond,

818
00:48:05,855 --> 00:48:09,417
right? I'm glad to have you on this side
of of the Atlantic with us for five years.

819
00:48:09,417 --> 00:48:11,849
And so give us in in the parting here,

820
00:48:11,849 --> 00:48:14,734
if we go to France, give us a little
tidbit,

821
00:48:14,734 --> 00:48:18,256
give us Muriel's best advice for anybody.

822
00:48:18,256 --> 00:48:19,847
And if you give us the right advice,

823
00:48:19,847 --> 00:48:22,029
they might come back to you and sell their
business with you,

824
00:48:22,029 --> 00:48:25,181
Muriel. Well, give us the best advice if
we're going to France.

825
00:48:26,313 --> 00:48:32,198
Well first of all I am from Nice and I
think it is the nicest region in France.

826
00:48:32,198 --> 00:48:38,103
So French Rivia I think is more fun than
just Paris.

827
00:48:38,103 --> 00:48:40,154
So if you plan a trip to Paris,

828
00:48:40,154 --> 00:48:42,875
come visit also the French Riviera.

829
00:48:42,875 --> 00:48:47,904
We we our culture is really blended with
like Italian culture.

830
00:48:47,904 --> 00:48:52,028
It's it's the only place in France that is
like that.

831
00:48:52,028 --> 00:48:54,830
It's yeah, it's just beautiful.

832
00:48:56,568 --> 00:49:02,722
You go between I will say between June and
September is the best moment,

833
00:49:02,722 --> 00:49:06,784
although we have nice weather all year
long.

834
00:49:06,784 --> 00:49:11,307
We have good food, good wine,

835
00:49:11,307 --> 00:49:15,667
good weather. You can go skiing also,

836
00:49:15,667 --> 00:49:19,823
it's not just the beach. Lot of hikes,

837
00:49:19,823 --> 00:49:20,864
yes.

838
00:49:21,494 --> 00:49:24,186
So sell so sell your business with Muriel,

839
00:49:24,186 --> 00:49:28,651
buy her book so that you can afford to go
on your dream vacation and

840
00:49:28,651 --> 00:49:29,744
go to the French review.

841
00:49:33,024 --> 00:49:34,635
There you go. It's that time of the year.

842
00:49:34,635 --> 00:49:35,905
We're coming to this June moment.

843
00:49:35,905 --> 00:49:39,994
Way, thank you for the time and and share
them with the Ected Three D studio

844
00:49:39,994 --> 00:49:42,025
and and what you're doing and the book
coming out.

845
00:49:42,025 --> 00:49:44,566
So go to your website, we'll put all the
tags up,

846
00:49:44,566 --> 00:49:48,898
read the first chapter, and then start
engaging with everything that Mural's
doing.

847
00:49:48,898 --> 00:49:51,639
So I appreciate the time you've given us
today.

848
00:49:52,229 --> 00:49:57,575
Well thank you Mark. I appreciate to have
had this opportunity to to talk with

849
00:49:57,575 --> 00:49:59,169
you today. It was fun.

850
00:49:59,701 --> 00:50:00,852
Yes, thank you very much.