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Podcasts/Acquiring Minds
Acquiring Minds

One Year Later 60 Growth 2 More Acquisitions

with Patrick Dichter · Appletree Business Services

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

The Deal

Business
Appletree Business Services
Industry
Bookkeeping and tax services
Year
2021
Revenue at Purchase
$1.2M
SDE at Purchase
$330K
Deal Source
proprietary

Strategic Rationale

Identified bookkeeping as a transformational service for small businesses during prior advisory role and sought to build a platform business serving clients across multiple industries while maintaining full ownership.

Post-Acquisition Performance

Revenue grew from 1.2 million to approximately 2 million in first year (60% growth), achieved through combination of organic growth, price increases in July, and two tuck-in acquisitions late in year; team expanded from 12 to 22 members; positioned to reach 3.5 million in 2023.

The LenderHawk View

Real lenders that finance similar deals

Active Lenders
10
Median Spread
P + 4.37%
Top Lenders
The Huntington National Bank222 deals
Eastern Bank169 deals
Wells Fargo Bank National Association157 deals
TD Bank, National Association154 deals
JPMorgan Chase Bank, National Association100 deals

Key Takeaways

  • 1Look at numerous deals before committing; when a good one emerges it becomes obvious and demands rapid action.
  • 2Ensure deal process is sequenced correctly rather than attempting due diligence or financing analysis before basic owner conversations occur.
  • 3Prioritize acquiring well-run businesses with solid teams and recurring revenue over attempting to retrofit legacy firms with outdated technology and billing practices.
  • 4Buy smaller modern firms with cloud-based technology and monthly recurring billing rather than larger legacy firms, as retrofitting change management across staff, clients, and technology is prohibitively difficult.

Matched SBA Loan Records

SBA loan filings we matched to this deal

Needham Bank85%
$617KP + 0.25%FY2022
Needham Bank85%
$250KP + 2.50%FY2022
Needham Bank85%
$1.0MP − 1.75%FY2022