3. The business is often worse than the seller will admit and can be improved more than the seller realizes.
I made my first SMB acquisition last Spring. Here are a few things I learned from the introduction until now:
1. Understanding the financial statements of a small business can be very different than what is taught in an MBA program
3. The business is often worse than the seller will admit and can be improved more than the seller realizes.
6. You'll lose sleep and won't even be able to identify the problem. It's just the pain of owning a business that keeps you up.
12. You'll get asked how many hours you work and you're never really off.
15. If you sign up to pay in net 30 then pay in net 30. Stretching payment terms isn't shrewd, it's dishonest.
More from Finance
Having made over 1000 boxes for vulnerable families in Cambridge via @RedHenCambridge (thanks to our customers 🙏🏽) My thoughts on the £30 box thing. Lots of factors at play here. 1/
If the pics in this @BootstrapCook thread are true and correct then the Govt/taxpayers & families in need are getting absolutely SHAFTED 👇🏽 2/
There are some mitigating circumstances. A £30 box won’t ever contain £30 (retail) worth of food - people aren’t factoring in
-the cost of the box
-paying someone to fill it
-rent & rates
-& most expensive the *transport/distribution*
3/
If you’re doing the above at scale. Delivering *across the UK* it’s not cheap BUT IMHO there should be at LEAST £20 worth of groceries in a £30 box. To get more value they need more fresh produce. Just carrots & apples is terrible. 4/
I’m gonna put my rep on the line here & say something about these big national catering companies whose names I’ve seen mentioned. They are an ASSHOLE to deal with & completely shaft small businesses like mine with their terms which is why I won’t deal with them. 5/
If the pics in this @BootstrapCook thread are true and correct then the Govt/taxpayers & families in need are getting absolutely SHAFTED 👇🏽 2/
Hi all. I\u2019ve been sent LOTS of photos of the food parcels that have replaced the \xa330 vouchers and asked what I would do with them. I\u2019m replying with advice privately because to do so publicly would look like justifying these ill thought through, offensively meagre scraps /1.
— Jack Monroe (@BootstrapCook) January 11, 2021
There are some mitigating circumstances. A £30 box won’t ever contain £30 (retail) worth of food - people aren’t factoring in
-the cost of the box
-paying someone to fill it
-rent & rates
-& most expensive the *transport/distribution*
3/
If you’re doing the above at scale. Delivering *across the UK* it’s not cheap BUT IMHO there should be at LEAST £20 worth of groceries in a £30 box. To get more value they need more fresh produce. Just carrots & apples is terrible. 4/
I’m gonna put my rep on the line here & say something about these big national catering companies whose names I’ve seen mentioned. They are an ASSHOLE to deal with & completely shaft small businesses like mine with their terms which is why I won’t deal with them. 5/