I will also say that he had intermediary than a lot of businesses I deal with. So he didn't just have like a regular business mercury as a middle market investment banker and I think that brings a level of credibility is like hey, I'm gonna lend my name to this but I, you, you can't be out here burning me by not like being deceptive and fraudulent and all those things.
Acquiring Minds
Growing Profits 30% in the First 1.5 Years
Excerpts · 383 segments · ~1:31:19 long
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I don't want to sign up for those type of deals because this is literally my, my business. And so I found that to, to also be helpful because he was helpful in you know, oftentimes playing referee and nursing the deal and getting it across the finish line. But you're 100% true.
If people want to be deceptive and fraudulent, it's going to be really, really hard to, to stop them from doing that. You just have to listen to your, your, your, your inner gut and try to spend time and building as authentic of a relationship as you can with potential sellers.
Yeah, yeah, yeah. Jonathan, your first loi wasn't great. It was terrible. Talk talk to us about why it was bad, how it was bad, how you improved it. Give us that little detail of your story.
Yeah, I, I, I reread it the other day after our pre call. It was just a Frankenstein of a lot of, of templates that I saw out there and, and it, and it, it was a just me trying to be cheap in the self funded search and save some expenses. And this, this is where I knew like Michael was going to be someone.
I wanted an investment group. I shared it with him and he immediately shot me back and he was like hey man, this is terrible. Just like hire someone to help you with this because this is, you have a good, good opportunity in front of you.
But like you're this, this what this loi you have is complete garbage. And so I was just frankensteining templates together and it was just a mess.
Wow. Sage and direct words from, from a savvy investor.
Don't, don't, don't play lawyer. Ideally just hire one or work with way more experienced people that can help you, guide you through that process.
But you want to really put your best foot forward and you want to show that you know what you're doing because already like as a self funded searcher going through the SBA process that brings you enough red flags for, for people that any, any sense of you really don't know what you're doing in San Mature hour, I think is definitely going to be a knock on you.
Yeah, yeah. No, exactly exactly. It's it's, it's a first impression case. Case of first impressions.
Right.
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