TODAY’S ISSUE

🧩 ALL THINGS WORK TOGETHER
🔎 Canvassing for SMB Cache - this week’s progress that you can copy
📈 Growth - our take-aways that you can use in your business buying journey
📚️ Resources - books, podcasts, etc. we are using to make us smarter

🧩 ALL THINGS WORK TOGETHER

“Eeeewww.”  My one year old shoved his chubby little finger into my face to show me something.  I nodded, half looked and repeated it back to him.

My toddlers were using my couch as a jungle gym / trampoline… climbing up and down, sliding off the couch onto the pull out, just to jump again.  I was taking cover to avoid being jumped on, scooting snugly into the corner while trying to have a somewhat serious phone call.

My one year old did what we call a “butt-drop” right next to me to slide down to the pull out.  I looked down at his little baby balance bike that he had scooted over on and thought how cute and endearing he was to ride it everywhere.  Ummm… but what was all over the seat?!?  I glanced over the couch where he had just been. “Eeeeewww….”

“I’ve got to go.”  Click.  I grabbed the baby fast.  He wrestled me as I took off his shoes, socks and pants which were covered.  “Angus!  Help!” as I ran up the stairs holding the baby away from me… I hoped that my four year old would follow, and was thankful when he did and without getting in the mess!  I wiped down the baby and threw them both in the bath.  It was time to get ready for my four year old’s dance recital, and the boys needed a bath anyway.

Well that worked out…

“We know that God makes all things work together for the good of those who love Him and are chosen to be a part of His plan.” Romans 8:28

So even when it all seems like a bunch of monkey-business, a bunch of random craziness all happening at one time, God has a plan.  He already knows why all of those parts are working the way they are, and He has purpose for how all of those things will come together.

It’s easy to feel disappointed and even a little overwhelmed when something doesn’t work out the way we think it should.  When I was running up the stairs with the baby, I was feeling out of control and overwhelmed.  I mean, who wants to be cleaning up that stinky mess.  But really, I was just pitching a little fit inside, a mini-temper tantrum, and feeling justified to do so because my idea of the way it was supposed to be wasn’t.  But it worked out, so did I really need to be kicking and screaming the whole way?

This week we put in our first Letter of Intent or LOI for short.  According to Investopedia, a LOI outlines the terms of a deal and serves as an “agreement to agree” between two parties.  You send it to the broker or seller when you think the business is one that you want to purchase.  It tells the seller that you are serious about buying it and are ready to dig in and do some research.

After submitting it, we had a call with the broker to discuss the terms, and it was not something the seller was willing to accept.  Disappointing.  It didn’t go the way I had planned in my head, but maybe it turned out better.  I trust that.

Here are a couple of positive take-aways:

1. Practice - We formatted and submitted our first LOI. 

2. Learning - We learned that some of the language in the LOI needed to be modified to better define the business we were interested in buying.

3. Network - We spoke with the broker and his representative and now have two more partners for future endeavors.

🔎 CANVASSING FOR SMB CACHE

Activities we accomplished this week.

 🪓 2 Opportunities Logged in our Analysis and Tracking Spreadsheet
 ☎️ 1 Listings Inquired After
 📬️ 1 Letter of Intent Submitted
 🏫 2 Learning Events with Unconventional Acquisitions

📈 GROWTH

This journey really is about learning, growing, self reflection and acting on the insight gained.

 🙉 Focus During Development Sessions
 ✔️ Take Development Calls from a Quiet Place, not while driving or riding
 ✔️ Turn on our Camera During the Entire Session, be vulnerable
 ✔️ Practice Active Listening, interact
 🔥 Refining Deal Box
 ✔️ Better Defining What We Do Not Want
 ✔️ Defining What We Do Want
 ✔️ Updated Website with Summary of Deal Box
 🔢 Finding an Accountant
 ✔️ Using our Network to Identify Accountants
 ✔️ Reaching out to Set Appointments to Interview
 📽️ Project Management Software
 ✔️ Researching Options, Functionality, Pricing, Getting Referrals
 ✔️ Testing Functionality of One Option (JIRA Work Management)

📚️ RESOURCES

Resources that can help you learn about small and medium business (SMB) buying:

1. Learn more about Letter of Intent (LOI)’s here. 

2. Project Management Software:

   1. JIRA Work Management

   2. Notion