King of QoE @ElliottEHolland Twitter profile

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King of QoE

3 years

Intro: I run the ONLY due diligence firm specifically for self-funded searchers. Quality of Earnings (QoE) is what we do! #SMB for 15+ years. Former PE, self-funded searcher. @HarvardHBS alum. Mountain man. Our diligence services include deal coaching. #Searchfund #ETA

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King of QoE

@ElliottEHolland

2 years

Would you come to a monthly "office hour" where we took 2-3 deals and tore them apart? Showed the process & what kind of LOI would make sense for each? What else should we discuss?

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King of QoE

@ElliottEHolland

2 years

I’m getting trash talked by a major business brokerage. Why? I did my job! Delayed a transaction b/c the numbers & deal were sketchy. UPDATE: That same buyer is now suing the seller of that biz for issues I brought up in DD. Buyers!!! Don’t take DD advice from brokers.

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King of QoE

@ElliottEHolland

1 year

@markbdelaney Bro. You are right. 9-5 is great for some folks. Many ways to get rich. More important to be happy. Choose the right path for you.

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King of QoE

@ElliottEHolland

8 months

Caught another fraudulent deal this week. The math is not mathing! The Sellers set it up so well. We just don’t give up. So we found it.

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King of QoE

@ElliottEHolland

1 year

Down 33 pounds YTD 💪🏽✅

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King of QoE

@ElliottEHolland

2 years

#SMB #WarStory Don't be a Dummy! Sellers want to maximize their price. And they're willing to cheat you! How do you catch them? A thread 🧵

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King of QoE

@ElliottEHolland

2 years

Where to find the deals??? • @withkumo_ (DM me for a discount code) • Axial . net • Tresle . com • Flippa . com • BizBuySell . com • MicroAcquire . com What sites did I miss?

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King of QoE

@ElliottEHolland

2 years

Down 15 pounds since Jan 1. Trainer in the gym. Walking more. Road bike for weekends (long rides). Struggling through intermittent fasting. I’m that New Year’s resolution guy who’s still in the gym baby! 💪🏽

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King of QoE

@ElliottEHolland

11 months

1st Time Business Buyers. I've solved your biggest problem. Yes. I'm being that bold. Best part: It doesn't cost you a dime. You pay the exact same money in a smarter way The BIG Problem: Your in the SMB game but you're just starting. And the truth is you're struggling

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King of QoE

@ElliottEHolland

2 months

"How to Close A Deal" Masterclass coming soon! 250 deals under Guardian + 15 years in small deals shows me exactly who closes & WHY. Do you want to close or do you want to pretend?

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King of QoE

@ElliottEHolland

2 years

@KHendersonCo @ItsMattsLaw @SMB_Attorney @heyitsalexsu @Cravath First project at Accenture I was FRESH in my church shirts of all colors. Maroon, pink, etc. Mix btw a consultant and Deion Sanders. Took me a few weeks to see everyone wore just white, blue, and a combination of white and blue shirts. Goes shopping 🚶🏽🛒

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King of QoE

@ElliottEHolland

2 months

@Camp4 @tfons When the question of, "should I do this for a vendor" comes up - I reverse it. What would I do in the seat of the CEO if I was denied this request? Expand it outside yourself to find better answers. Also: Great example of asymmetric benefit vs. cost.

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King of QoE

@ElliottEHolland

2 years

Inspired by @tsludwig - I may put together a report called, “Best & Worst Practices From 50 Deals in 2021”. Would you be interested? Or am I wasting my time? (Keep it real with me!)

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King of QoE

@ElliottEHolland

2 years

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King of QoE

@ElliottEHolland

2 years

Don't get confused! EBITDA is not the same as Free Cash Flow. Know the difference so you know what to expect from your target company.

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King of QoE

@ElliottEHolland

6 months

I created a presentation for the @HarvardHBS ETA club on “What’s Different About QoEs for SMB Deals”. Anyone want a copy?

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King of QoE

@ElliottEHolland

11 months

Cash flow is the only purchase metric that matters. Argue with me

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King of QoE

@ElliottEHolland

1 year

Airport attire. Only the Biz/cash flow kids get it. Each comment makes me smile, though. 😃

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King of QoE

@ElliottEHolland

2 years

Attending SMBash in Austin, TX? Come in early on April 27th (1st day of Bash) & help me celebrate my BIG 40th Birthday! I'm hosting a lunch at 12pm on 4.27. Free food & booze. P.S. What's the best food in Austin? I'll pick the place w/ most mentions

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King of QoE

@ElliottEHolland

2 years

You're looking at a plumbing business in Ohio with $400k in earnings. Owner's salary is $150K. His wife's salary is $100k, and she only works part-time. They started a monthly service program that didn't work and shut it down last year - the program wasted about $50k. $50k of

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King of QoE

@ElliottEHolland

1 year

Stay off the Bogus EBITDA TRAIN 🚂 Broker/CIM EBITDA : $97 million QoE EBITDA: $73 million $24 million difference = 7 or 8 Buyers who I prevented from going to the poor house THIS YEAR!!

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King of QoE

@ElliottEHolland

2 years

Craziest EBITDA addback you've seen...and go!

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King of QoE

@ElliottEHolland

1 year

Cash flow is the only purchase metric that matters. Argue with me

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King of QoE

@ElliottEHolland

2 years

So…sponsored a baller conference @HoldCoConf and loving it.

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King of QoE

@ElliottEHolland

1 year

Buying a Business While Black 101 ✊🏽👊🏽 @AcquiringMinds_ was nice enough to allow @chrisxmunn Bruce Vann, Bakari Akil and I talk on the specific challenges for Black people in the SMB world. No sad stories either. We don't do that. But a lens into our world. Enjoy!

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King of QoE

@ElliottEHolland

1 year

@bradford_hardin I had a deal lawyer that instead of speaking strictly about risk, they mentioned the risk, magnitude of that risk, and likelihood it could or would ever come up in real life. I see so many lawyers blow time on miniscule issues.

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King of QoE

@ElliottEHolland

2 years

How to Fund Your Dream Biz Acquisition - A thread 🧵 Fact: By 2030, $7 trillion in Baby Boomer businesses will be sold. Don't let the idea of only the rich being able to afford one stop you! Here's how to fund a biz acquisition yourself so you can get in on the #SilverTsunami

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King of QoE

@ElliottEHolland

1 year

Hold up!!! -->Value bomb. Is this a NEW Resource Library with 120+ items all categorized & searchable? Link: resources(dot)guardianduediligence(.com) What are you looking for? 1) Free downloads 2) Podcast episodes 3) War Stories 4) How-To-guides & primers 5) Videos 6) Blog

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King of QoE

@ElliottEHolland

2 years

#SMB #WarStory For every extra $1 in EBITDA sellers get you to believe, they get paid $4. They are incentivized to misrepresent their companies. That’s just facts. I almost lost a million dollars of my own money on this deal. Don’t be a FOOL like I almost was. A thread 🧵

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King of QoE

@ElliottEHolland

1 year

Saddest call EVER! Shutting down $1M business after only 6 months. WTF ?!? How did it happen? How can you prevent it? #AudioWarStory #WarStory #QoE #duediligence

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King of QoE

@ElliottEHolland

2 years

BEWARE!!!!🛑 Your LOI is based on 2022 financials (best year) You're buying 2023 financials (worst year) We call that "catching a falling knife". Be sure your QoE addresses that 2023 may be VERY different than 2022.

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King of QoE

@ElliottEHolland

3 years

@girdley During performance reviews or otherwise ask what motivates the employee the most (or have their manager ask). I’m always surprised at how wrong we are when we guess. Use that motivation to keep your best players.

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King of QoE

@ElliottEHolland

1 year

I’m so full from @SMB_ash Our community is so special to me. Let’s crush it. If I can help - let me know.

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King of QoE

@ElliottEHolland

2 years

Twitter is full of people passively telling you to use their service, but masking it all as "fact."

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King of QoE

@ElliottEHolland

1 year

Today…I changed my profile b/c of this tweet? Can I get some feedback? “Our QoEs have saved 120+ SMB Buyers from BAD deals. Lethal for deal sizes $1-10M. Your 1st call after the LOI is signed. @HarvardHBS alum”

Nick Huber

@sweatystartup

1 year

If you want more followers: Put your damn accomplishments in your bio! And I'm not talking about Forbes 30 under 30. You may think it's bragging, but its the only way to get somebody's attention in the 3 seconds you have. Don't hate the player, hate the game!

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King of QoE

@ElliottEHolland

11 months

The EBITDA in the CIM Vs The EBITDA in the QoE A 2023 story

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King of QoE

@ElliottEHolland

8 months

10k followers! Who watch me riff on bogus EBITDA & deal advice. Straight no chaser. I'm truly blessed. Releasing some 🔥 in the coming weeks. So stay tuned.

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King of QoE

@ElliottEHolland

1 year

Podcasts are a great doorway into the #SMB game. You get insights from experienced players & learn what to look out for in your deal. I've joined my SMB colleagues on several to discuss DD. Here are my top 10 podcasts I would recommend to any self-funded searcher:

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King of QoE

@ElliottEHolland

7 months

Fraud is popping up left & right in deals I’m working on. Legit fraud. Sellers lying about how much money they made last year - or how they made that money - or where their income is going. Be aware & take action. Here’s my best advice for avoiding fraud:

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King of QoE

@ElliottEHolland

2 years

NOW is the easiest time in history to buy a business with no money down. Ask me how.

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King of QoE

@ElliottEHolland

1 year

Fuck around = find out. That’s the tweet.

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King of QoE

@ElliottEHolland

2 years

PE group is buying a firm I did a sellside QoE for. Their CPA firm....Ernst & Young (very small, regional firm) No sweat. Ready for their calls pulling our QoE apart!

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King of QoE

@ElliottEHolland

3 months

150+ QoEs. 0 shut down companies.

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King of QoE

@ElliottEHolland

2 years

The $7 trillion #SilverTsunami will change the game. Even more than people think. Why? You must consider all the angles and how they work together. A thread 🧵

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King of QoE

@ElliottEHolland

14 days

I spent all of 2017 on my mother's couch because a deal went bad at the end of 2016. For those who are experiencing the same, I'm here to talk/help. Get back on that horse!

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King of QoE

@ElliottEHolland

2 years

Hi👋. My Name is Elliott. But who AM I really? I am exactly like 90% of my clients just at a different point in my journey. Let me introduce myself in this thread.

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King of QoE

@ElliottEHolland

1 year

My girlfriend and I are wearing my merch at our place while my mom is watching me on our living room tv moderating @AcquiringMinds_ podcast. Life is good.

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King of QoE

@ElliottEHolland

1 year

@TyronMcDaniel @realtoddbillion I’d be actively finding a new contractor. His language is disrespectful.

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King of QoE

@ElliottEHolland

1 year

They called me CRAZY when I posted this in Feb. Now @girdley @RegZeller @whentheresawill @UjwalVelagapudi @WilsonCompanies and dozens of others are posting the same thing. #receipts **Warning for Buyers**: Sellers are lying left and right to keep their valuations. 40% of my

King of QoE

@ElliottEHolland

2 years

BEWARE!!!!🛑 Your LOI is based on 2022 financials (best year) You're buying 2023 financials (worst year) We call that "catching a falling knife". Be sure your QoE addresses that 2023 may be VERY different than 2022.

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King of QoE

@ElliottEHolland

11 months

Investing in my mental health has been the #1 tool that has enabled me to succeed in the SMB world. Not the HBS degree Not the PE experience. Dial in on your mental health. And if you ever want a ride to a psychiatrist b/c it time...and you don't have the energy...I'll find

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King of QoE

@ElliottEHolland

1 year

Bday Party/Lunch a few hours B4 SMBash...YESSSSS! 12 noon - 2:30pm CT April 27th at (BBQ, steak) I may have Guardian T-shirts for those who come. Please RSVP in the comments b/c I need to finalize headcount and menu. P.S. Open invite - all invited

Lamberts Austin BBQ Always, Live Music Often

The best slow-smoked BBQ in Austin, Texas, and more. Our upstairs bar and lounge has weekly live music and special events.

lambertsaustin.com

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King of QoE

@ElliottEHolland

2 years

Every time I try to help more experienced buyers on bigger deals, I remember why I left private equity. Elliott…stay your ass in SMB! It’s the oasis of the deal world! The very best!

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King of QoE

@ElliottEHolland

2 years

#SMB #WarStory You MUST know WHY a seller is selling. Trust me. More time is wasted here than you expect. I wasted WEEKS on this roll-off container/dumpster business until the seller ghosted me, and I finally figured out what was going on. A thread 🧵

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King of QoE

@ElliottEHolland

3 years

Should I bring back due diligence Office Hours? What topic should I discuss during the first event?

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King of QoE

@ElliottEHolland

1 year

Stop letting these brokers - who wouldn’t get approved for a used car loan - talk you into a 🐂💩 deal. If they like the deal so much. Ask them to put up half.

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King of QoE

@ElliottEHolland

1 year

Don’t let people waste your time. Especially the rich ones. They bullshit the best. Stay woke.

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King of QoE

@ElliottEHolland

1 year

@SMB_Attorney @Jason That dude has an angle. Angel investor = want people to quietly work the same Big Law hours but want to call it “10 hour days”. I’ve lived it in private equity just like @SMB_Attorney says it. The folks on here who have lived it know it too. I stopped dating all together for 8

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King of QoE

@ElliottEHolland

2 years

I'm soooo buying this... Strong HVAC business at ~4x multiple in PALM SPRINGS.... 36% margins What sucks about this deal?

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King of QoE

@ElliottEHolland

2 years

10 Things the broker will show you when they don't have great EBITDA (in descending order)

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King of QoE

@ElliottEHolland

1 year

A piece of my Board of Advisors stock vested today. I now own part of a stealth startup in the M&A space

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King of QoE

@ElliottEHolland

2 years

#ElliottDisagrees Everyone: Best way to learn is to read the HBS Guide, Search Fund Guide, Buy Then Build to learn (1st step) Me: Send LOIs, negotiate offers, fail, learn these hard lessons quickly to accelerate your learnings

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King of QoE

@ElliottEHolland

7 months

The guy who killed the best deal I’ve ever seen - and threw me into a tailspin for a whole year … Just got sentenced to 2+ years in jail.

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King of QoE

@ElliottEHolland

4 months

A month ago a failed searcher reached out. Needed help recovering both mentally and professionally. We did weekly calls. Weekly motivation. I gave him a playbook to follow. One I followed years ago. He had accepted a job at $37k (bills need paying). Worked it for a few

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King of QoE

@ElliottEHolland

2 years

@BrentBeshore How they respond when attacked in a meeting or public forum

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King of QoE

@ElliottEHolland

1 year

Today I launch TWO new services: 1⃣Deal Sherpa program--> How to close the EPIC Pre-LOI deal that you've found. It includes everything from structuring/writing the LOI to getting you in the Owner/CEO seat (<<<The Promise) 2⃣Guardian Grow--> The SAME $1M deal can return 1x or

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King of QoE

@ElliottEHolland

7 months

I’ll be speaking to the @HarvardHBS ETA Club on March 21. Excited to be back at my alma mater!

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King of QoE

@ElliottEHolland

2 years

PE group is buying a firm I did a sellside QoE for. Their CPA firm.... @alvarezmarsal (very small, regional firm) 😎will be pulling our QoE apart. No sweat. We like going toe-to-toe.

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King of QoE

@ElliottEHolland

2 years

A shitty LOI will spook even the most eager Seller! 15 years of deals is baked into my LOI Template so you can jumpstart your deal with confidence. Download here:

Short-form LOI | Free Download

www.guardianduediligence.com

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King of QoE

@ElliottEHolland

1 year

New client just narrowly missed buying a $10M biz where the owners were committing tax evasion and were arrested. 😳🚓🚨 The kind of stuff that hits the news. “I won’t make that mistake again, we’re getting a QoE this time” -Client Imagine being the NEW owner of that biz? 🤯

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King of QoE

@ElliottEHolland

1 year

Me trying to figure out how a seller got to that number...

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King of QoE

@ElliottEHolland

2 years

Teaching about doing deals w/ no personal guarantee!

HoldCo Conference

@HoldCoConf

2 years

Take Cash Off The Table: 5 Step Process to Raise Non Dilutive Capital in 60 days with Elliot Holland

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King of QoE

@ElliottEHolland

2 years

My clients who DIDN'T close their deals received the best ROI for their QoE purchase. #truthbomb

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King of QoE

@ElliottEHolland

2 years

SMB QoEs are more street smarts than accounting.

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King of QoE

@ElliottEHolland

2 years

I’ll be adding dozens of instructional videos - separated by topic in the coming weeks. Stay tuned! #SMB #Acquisitions

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King of QoE

@ElliottEHolland

2 years

Your cheap QoEs get you in more problems than they solve. Let's argue 😎

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King of QoE

@ElliottEHolland

1 year

QoE ≠ Full Diligence Many self-funded searches make this mistake and end up shooting TWO AIR BALLS. There’s more to DD than just a QoE. Here are the three parts of #SMB due diligence...

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King of QoE

@ElliottEHolland

2 years

@RegZeller I hope people are reading this @RegZeller Strong analysis.

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King of QoE

@ElliottEHolland

1 year

Eating breakfast solo. Look up. See my brother from another mother at a random spot in Telluride. I’ll take it as a good omen! We took a pic without the takeout containers but it wasn’t as good 🤷🏽‍♂️ CC: NoIGRobLemos

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King of QoE

@ElliottEHolland

2 years

@CoderMatching @tsludwig Because "moat" is so poorly defined in most places, here is a good quick primer.

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King of QoE

@ElliottEHolland

2 years

Want a crash course on cash vs. accrual accounting and why you should care - check out my new War Stories blog post that addresses how it played a role on a real deal. #accounting #SMB

Acquisition War Story: What Accounting Reveals

Businesses either use cash or accrual accounting. You should be cognizant of which accounting style is being used during your due diligence process for your acquisition deal.

www.guardianduediligence.com

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King of QoE

@ElliottEHolland

11 months

#AMA (Ask me anything) Sponsoring coffee at the @MainStSummit and have an hour to respond. Any questions for me?

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King of QoE

@ElliottEHolland

2 years

Yeah, go ahead and do it yourself... 💀

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King of QoE

@ElliottEHolland

1 year

I called “bullshit” at least 5 times today filming @MillionairesPod with @SMB_Attorney & @KHendersonCo When this one drops - you’re gonna love the honesty.

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King of QoE

@ElliottEHolland

2 years

Make sure you send business back to the people who send business to you

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King of QoE

@ElliottEHolland

2 years

Buyers taking advice from sell-side brokers is probably the dumbest thing I consistently see in #SMB deals. They're not on your side!

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King of QoE

@ElliottEHolland

7 months

Y’all are getting played. Believe me. Here are the top 5 ways new #SMB buyers get duped in their first deal…

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King of QoE

@ElliottEHolland

2 years

Quote from client who just CLOSED their deal: "I wanted to send you a thank you for the work you and Guardian did to help make this a reality. There is no way I would have had the confidence to pull the trigger on a $3M+ deal like this without you all."

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King of QoE

@ElliottEHolland

8 months

Today. Two tough calls with clients. EBITDA not checking out half-way through QoE Lots of emotions. Can't be human and not care. I truly hope the deals still have life. But I smiled when one client said, "I should start sending some new LOIs, right?!". YUP!

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King of QoE

@ElliottEHolland

2 years

Deal closing best practice #1 /10: The buyer is ALWAYS the quarterback (never the running back or receiver) #smb

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King of QoE

@ElliottEHolland

2 years

Today is the first in a series of recurring #ElliottDisagrees tweets. Popular thought: Industrial service companies are the ideal target for self-funded searchers. NOT! My POV: If you have never managed a blue collar workforce, go elsewhere. U R not ready.

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King of QoE

@ElliottEHolland

5 months

For a person with a signed LOI, my phone line is always open. 404-441-2637. If I miss your call, text me, I'll get back to you.

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King of QoE

@ElliottEHolland

8 months

What I can share: 1) Seller/Broker want DD done NOW. We just got access last week. 2) Revenue on Income Statement not matching revenue on Sales by Customer report & 4 other data points are off by over 40%.

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King of QoE

@ElliottEHolland

2 years

Want to know if your deal is dead? Here are 7 ways to know. A thread🧵

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King of QoE

@ElliottEHolland

2 years

PSA! 🛑 ⛔️ There will be NO MORE “quick questions” in 2023. Choose from: 1) “Extra long question I want a free answer to” 2) “Deal blowing up. Please send help question” Or 3) “I should have chosen you. Didn’t. And I regret it question” -MGMT

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King of QoE

@ElliottEHolland

2 years

@SMB_Attorney .

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King of QoE

@ElliottEHolland

2 years

#SMB #WarStory Deal dies. Fiery blaze. Lender yelling. Absolute cluster F*ck Here’s a story about a client who started his QoE too late & lost his deal in a fiery blaze. Top 25 SBA lender yelling at the top of his lungs! Here is how we got there & how to avoid it A thread 🧵

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King of QoE

@ElliottEHolland

2 years

@LoftedLearning "I don't try to be the cheapest. I add the most value. I'm glad others offer cheaper options for lower budgets. My clients understand my value" (not perfect, but where I've evolved over the years)

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King of QoE

@ElliottEHolland

6 months

Top 10 Podcast Launched Today! @BiggerPockets Money! Title: "Everything to Do Before Buying a Business (Due Diligence 101)" Check it out here: (links in the first comment) We cover: (1) How to buy a “boring business” that will lead you to financial freedom (2) How

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King of QoE

@ElliottEHolland

1 year

Client Quote: "I've gotten to the point where I'm not comfortable with the financials in the state that they are in...I don't see the point of further effort -- the decision is clear for me. I personally want to say thank you to you and your team. Time will tell, but I have a

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