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Podcasts/Acquiring Minds
Acquiring Minds

Escaping Golden Handcuffs By Buying A Business

with Gretchen Roberts · Red Bike Advisors

LenderHawk analysis. Not affiliated with or endorsed by Acquiring Minds.

The Deal

Business
Red Bike Advisors
Industry
Tax accounting and financial advisory services
State
TN
Purchase Price
$2.0M
Multiple (REVENUE)
1.0x
Year
2023
Financing
SBA 7a
Revenue at Purchase
$2.0M
LTV at Close
90%
Deal Source
broker

Financing Structure

$1.4M
$400K
SBA 7(a)
$1.4M (70%)
Seller Note
$400K (20%)
Buyer Equity
$200K (10%)

Strategic Rationale

Escape the golden handcuffs of corporate America and create a business asset that generates sustainable income while allowing her to leverage her marketing and operational expertise to modernize the accounting firm industry and implement value-added services like virtual CFO offerings.

Post-Acquisition Performance

Business stabilized with new leadership in place; team accepted transition well; early changes focused on efficiency and process improvement including software migration and team retrospectives; founder Adam Shea retained as virtual CFO building out new service line; focus on stability before growth phase.

The LenderHawk View

Real lenders that finance similar deals

Active Lenders
5
Median Spread
P + 1.50%
Top Lenders
Meridian Bank1 deals
Paragon Bank1 deals
MidFirst Bank1 deals
United Midwest Savings Bank National Association1 deals
Pinnacle Bank1 deals
See all matching lenders →

Key Takeaways

  • 1Do not make requests of the tax team during busy seasons, as timing matters significantly in professional service businesses.
  • 2Use your non-expertise as an asset to avoid getting pulled into operational details and keep focus on the business rather than the work.
  • 3Position leadership changes as beneficial to the team and involve them in decision-making to build buy-in.
  • 4A strong cultural fit and alignment of values with the seller and team is critical for a successful transition.
  • 5Focus on buying profitable, operating businesses rather than distressed turnarounds, even if the price seems attractive.

Matched SBA Loan Records

SBA loan filings we matched to this deal

Live Oak Banking Company85%
$150KP + 1.32%FY2023
Live Oak Banking Company85%
$1.7MP + 1.32%FY2023