I'll just find ways to resolve it and stay strong with my business and keep pushing every single day. Yeah. To show people that we can still do it even though it is harder.
Acquiring Minds
Buying a Business to Balance Ambition and Kids
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Well, what a, what a graceful reaction to something that probably feels unnecessary or unfair to you. So kudos to you for just soldiering on. Half of the audience or more will, will be disappointed by this rule change and, and, and feel similarly.
We're not feeling it personally, but feel similarly that it's wrongheaded and a shame to see. But here we are. Okay,. Let's start wrapping up. But. Well, I. Maybe not quite yet because you put pen to paper and posted on LinkedIn about a few learnings.
Yes, actually, I will say this there. You had two LinkedIn posts and the first one was about this SBA rule change that affects you so personally. So we'll link to that in the show notes.
People can read about it in, in those words, which is as I said, how what got my attention about your story and I really wanted to have you talk about that and share your overall story. But anyway, the, the second LinkedIn post here is more, you know, business related learnings. J curve stuff. Let's get into it. I'll walk you through it here.
Annaliyah, one of your first learnings was the revenue mix trap. Yeah, we've actually, I think basically already addressed that one. But indulge me in and quickly walk us through it.
Yeah, again the revenue was not 90% recurring, 10% one time, but 70% recurring and 30% one time. So that just meant I had to work so much more to get to the revenue level I had bought. Right. But you know, the thing that made me move forward with it is that this business didn't even have a Google profile, like no online presence at all and had been able to maintain 30% one time business with,…
So I thought to myself, good, well if I keep the referrals and I on top of it, invest someone like being online, hopefully that will help. And yeah, the referrals were very strong. There still are 90% of my business is coming from customers I already have.
So that's thankfully stayed strong. And I've been working really hard to convert one time to recurring revenue. So that has been addressed. But it was definitely, yeah, definitely tough.
Yeah. Because the way you basically see this. Business or your, or how you envision spending your first year or two is really just operating and doing the work and not doing a lot of sales. So you that, so in your case the recurring revenue really needed to be there because you hadn't, you don't sort of, you hadn't allocated on your day, in your week time to go out and generate new business. You,…
Okay, exactly.
Point two, accounts receivable. The accounts receivable and the friction that doing an asset purchase creates to getting paid to working capital.
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