Okay. All right, so those are coming, but they haven't happened yet.
Acquiring Minds
How Business-Buyer Fit Led to 2.2x and No PG
Deal story
Former medical device sales rep Joe Wynn bought an operating-room equipment sales/service distributorship in Georgia for $1.35M, leveraging supplier veto power and business-buyer fit to negotiate a 90%+ seller note at 7% over 10 years with no personal guarantee. The business does $2M revenue with ~45% margins; Joe underwrote it at a stabilized ~$600K SDE and is forecasting $3M+ revenue in his first full year.
Deal facts
Industry
Medical / operating-room equipment (surgical lights, tables, booms)
Business
Sales & service distributorship
Location
Atlanta / Georgia
Revenue
$2M (2025)
SDE / EBITDA
$889K reported SDE; ~$600K stabilized (underwritten)
Multiple
~2.25x on stabilized ~$600K SDE
Deal size
$1.35M purchase price
Acquisition model
Partnered
Outcome
Closed Jan 21; $120K down, ~90% seller note at 7% over 10 years, no PG, 3-month standby; received $150K working capital; forecasting $3-3.5M revenue for the year
People
Will Smithhost
Host of Acquiring Minds podcast
Joe Wynnguest
Former medical device sales rep, now owner of Surgical Specialties, an OR equipment sales/service business
Topics
Excerpts · 410 segments · ~1:33:42 long
Short excerpts only — hear the full conversation on the publisher's site.
05:03 Joe's medical sales background13:40 Finding the equipment business18:15 Revenue and SDE breakdown21:14 High margins and pricing power26:04 Lumpy project revenue history37:13 Purchase price negotiation57:52 Deal structure and seller note1:11:53 Bank froze account post-close
That's correct, yeah.
Anything else to share about the transition so far and what you've done and, or, and, or this would be the time to hear about any fetal position moments you've had? Joe?
No. Yes. So actually these past couple weeks the bank that we, we were using, Chase, actually froze the business account and then so I've essentially had to front load things from a personal standpoint and then the check was sent out via FedEx probably overnight. But it just so happened that when it got to the Memphis hub up, there was a chemical spill in Memphis.
So essentially the money from the business account has been held in Memphis for about a week now. So the payroll I've had to essentially front load personally until obviously that that check comes in or, or that Chase is going to resend another check as well.
Wait, so the freezing of the account was related to Memphis or a different thing? Thing?
No different. So the frequency of the account was because it looks like I think someone tried to get into the account or they thought it was fraud just due to I guess all the kind of the money coming in. So they froze the account and then issued out a check from that account that was in.
Oh, they froze the account and sent you the balance as a way of kind of closing you. Closing the account down. Down.
Yeah. So.
And then the check got stuck in the mail or at Memphis at the chemicals. But.
Wow. So essentially since the 15th, February 15th. I've been front loading, well, funding the business personally until the, the check comes in. So we're almost, almost at a month, it'll be on the 15th here. So.
Wow. Okay, well, so this is a lesson in post transaction liquidity. Happily you have a balance sheet that allows you to literally personally bankroll your business for a month. So you're paying everybody payroll. You're paying payroll out of your own checking account?
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