BS

smb owner operator

[K-State Athletics @kstatesports]

Announcing the 36th Head Coach in @KStateFB history, Collin Klein.

📄 https://t.co/CLdGAjZ1QF // #EMAW

[BS @BryanCSwartz]

@SMB_Attorney Nope.

[Nick Huber @sweatystartup]

The level of your success in life is directly correlated to the amount of stress and discomfort you are willing to endure.

The further you get out of your comfort zone, the wealthier you stand to get if you get it right.

[BS @BryanCSwartz]

@CTW_SMB Good tea.

[Barstool Sports @barstoolsports]

“I know I’m not going to the NBA but on any given night I can compete with those type of guys”

Jack Gohlke will forever be a March Madness legend @StoolOakland

[BS @BryanCSwartz]

@SMB_Attorney The bank he keeps his deposits with should jump on this. He can nudge them that he might bank elsewhere if they’re hesitant… I landed that exact setup with my deposit institution — SBA lender signed subordination on AR to bank’s LOC. Attractive rates typically.

[BS @BryanCSwartz]

@kickstartmyfran Info

[Tucker Carlson @TuckerCarlson]

Ep. 73 The Vladimir Putin Interview

[BS @BryanCSwartz]

@RoeblingCapital dm’s not open. own and operate in healthcare staffing space. shoot me a message.

[BS @BryanCSwartz]

@STLChrisH A lot of replies saying 30, 40, 50% growth in B2B services. I am out here SCRAPPING for 10%.

[Chris Williams @CTW_SMB]

The convo about whether ETA is risky etc etc has gotten too general

Not all business acquisitions are created equal. Even ones with a lot of leverage, PG, and limited operator experience can be very different

We need to focus more on the TYPE of biz. Obviously, this hugely influences the risk of your deal.

If you’re thinking about buying a small business, you shouldn’t just think about the risk of the debt, your lack of experience, and overall business acquisition. You need to think about how the business you buy and the industry your in influences your risk. Not all ETA is the same.

For context, I bought into an industry I didn’t have experience in with PG and a lot of debt. Plus investors. If not obvious, my biz now also sells services to ETA. Just so all my cards are on the table

Inexperienced operators buying a business (some with a lot of debt some without) has been around for decades. Stanford has its study, Harvard has its book. @walkerdeibel has Buy and Build. There are dozens of investors who have been doing this for decades.

There’s nuances, and different perspectives on the margin, but ultimately, they’re all guiding towards a simple, obvious concept. The foundation of ETA.

Buy a good business in a great industry at a reasonable price. Put a very hungry, talented, albeit unproven, operator in at the helm, and the protections of the first sentence (biz, industry and valuation quality) should provide enough cover for the person to make a ton of mistakes, learn, and then generally grow and emerge out the other side successful.

Obviously this is a comically simple concept. It frustrated me a lot when I was searching. Heard it from investors all the time. I was always like “well duh, of course that’s what I want to buy”. But now 2.5 years into operating I’m a pretty strong believer in many of the ETA frameworks, even if they’re offensively simple at times.

Is buying a business as a young operator risky? Yes

But if you buy a good business in a great industry, you will do a ton to de-risk it. If you’re evaluating the risks of ETA, focus on the risks once you’ve bought a decent business in a good industry, not just the general risks of buying a business. That’s just too general.

Are there people who bought in a tough industry or bought a bad biz and still crushed it? Yes, of course. And there are exceptions the other way.

But the vast majority of all ETA deals that get done, and especially the successful ones, check most of the boxes.

And many of the ones that went south obviously did not check critical boxes

So if you’re thinking about doing ETA, and you’re evaluating the risk, make sure you’re thinking about it through the lens of what you’re actually buying, not just the overall risk of buying a biz.

Buying a project based business with <$750K SDE? Incredibly risky. Think construction related.

Buying a consistent revenue business with scale in a good industry? A lot less risky.

[BS @BryanCSwartz]

@EndresenHeather Youth volleyball clubs, of course.

[Jeremy Boreing @JeremyDBoreing]

Israel did not bomb a refugee camp because there is no refugee camp because there are no refugees.

Israel did bomb and is bombing a densely packed urban area, and that is incredibly difficult to observe.

Our generation (in America) has not had to contemplate this kind of war, and it offends our bourgeois morality.

We have been infantilized by decades of relative peace and prosperity, only fighting small wars against minor powers in distant lands where winning and losing are - or at least appear to be - political abstractions.

Israel does not have that luxury. They are fighting an entrenched enemy at their gates who has declared a desire and demonstrated a will to obliterate every Israeli man, woman, and child.

Even with all the ways Israel endeavors to mitigate civilian losses, it does not prioritize that goal above their other goal: to destroy Hamas. We recoil at that because we have not in living memory fought an enemy we had to defeat in order to sleep safely in our own beds.

This is a war from another generation. War terrible to behold.

It is war as war truly is.

[Robert Greenway @RC_Greenway]

💯

We moved our embassy to Jerusalem. No war.

We withdrew from the JCPOA. No war.

We undertook the maximum economic pressure campaign and crippling, historic sanctions on Iran. No war and they stayed below 4% enrichment.

We recognized Israeli sovereignty over the Golan Heights. No war.

We eliminated Qassem Soleimani and Abu Mahdi al Muhandis (and Abu Bakr al Baghdadi). No war.

The results? Iran isolated under crippling sanctions reducing their capacity to threaten the region, and historic peace brokered between Israel and its neighbors via the Abraham Accords. 🕊

Two years after Biden took office Iran is enriching over 60%, they’re two weeks from sufficient material for a nuclear weapon, Sudan fell into a civil war, and Israel just experienced the greatest loss of life in a single day since the holocaust.

In seeking to avoid conflict, it is upon us. By embracing our enemy and spurning our friends it will not be easily contained.

This should never have happened.

[Mahyar Tousi @MahyarTousi]

You can only say Hamas and Palestine are different when Palestinians come out to condemn Hamas terrorists instead of celebrating the murders and rapes.

[BS @BryanCSwartz]

@damccormick13 You’re shipping taking a hot second.

Can I swap for the new stuff if it’s not out the door already?

[BS @BryanCSwartz]

@SMB_Attorney ^
This.

I went to a super average law school, got super average grades, and now
I’m a janitor.

[BS @BryanCSwartz]

@DailyMunger Listed at 4 transacting at 2.

[BS @BryanCSwartz]

@sbabmarks Could you explain “the step up in basis was just over a half”?

[BS @BryanCSwartz]

@FranchiseMnA Investor in HB. Awesome company from an awesome city!