Increased deal flow...and anxiety

Many searchers spend months before analyzing their first business. Often they acquire their first business more than a year after starting a search. That has not been my experience, so far.

After spending a couple of years reading about other people's experiences finding a business to buy, I expected the process to move slowly. Some searchers spent months before analyzing their first business. Many acquired their first business more than a year after starting a search.

That has not been my experience, so far. I've already looked at more for sale businesses than I expected to see in the first few months.

I credit this in part to my business broker outreach campaign. Multiple brokers have told me that my buyer profile immediately set me apart from the crowd of potential buyers and that's why they responded to me. Several have also referred me to other brokers who often represent businesses in my buy box.

I've already found one business that's very interesting. I'm considering putting together an offer for it soon.

Why I'm nervous...

While the pace of this project is exciting, it has also led to some anxiety and self-doubt.

I have lots of tactical concerns. Is my buy box too big? Do I need to add even more filters to my requirements? Are there industries I should avoid without deep experience?

Maybe a more important question is: am I getting too excited about this process to remain level-headed and make a smart decision?

This question is an important one for me because I am optimistic, decisive (sometimes impulsive), and a risk-taker. In some contexts the combination is a strength. In others, it's a liability. When acquiring businesses, I think it has the potential to be both.

I am less likely than others to miss a great deal — no fear of pulling the trigger. That sets me apart from most wannabe business acquirers who will never even make an offer. On the other hand, I'm at risk of making a poor decision because I get excited about the potential upside without adequately considering the downside.

Now that you know my concerns, I think the best way to bring you along on this (business and emotional) journey is to talk through the deals one by one.

Sharing evaluations with you

A few days ago, I posted a video with my plan for letting you in on some of the evaluations. The goal is to have a consistent framework for talking about each deal while respecting NDAs and sellers' privacy.

Stand by for the first of those posts and please feel free to drop comments and let me know what questions you have about the project so far!