Joe Moran @JoeCMoran Twitter profile

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Joe Moran

@JoeCMoran

3 years

I closed on the acquisition of a small wastewater mgmt biz yesterday. I quit an 11 year career in finance at a large global bank to take on this endeavor, in part at the encouragement of people on Twitter that I’ve never met.

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Joe Moran

@JoeCMoran

2 years

I left a cushy finance job about a year ago and bought a small home service business. The last year has been a wild ride of exhilaration, stress, anxiety, fear and fun. I’m still just getting started, but here are some important lessons I’ve learned over the last year:

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Joe Moran

@JoeCMoran

2 years

@DiedSuddenly_ @kanyewest Definitely the vaccine and not the fact he’s 400 lbs

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Joe Moran

@JoeCMoran

2 months

I own blue collar businesses but don’t have a blue collar background (team teases me for it). I need a new vehicle. I would love an Audi RSQ8, but doesn’t fit my environment and feels too much. Not a pickup truck guy. Any suggestions for high quality, not showy, and rugged-ish?

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Joe Moran

@JoeCMoran

1 year

Number of lawyers in US: 1.3 million Number of plumbers in the US: <500k Years of training to become a lawyer: 2 Years of training to become a plumber: 4 Tell me again why it’s okay for a lawyer to charge $400/hr but not okay for a plumber?

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Joe Moran

@JoeCMoran

2 years

Lot’s of discussion on SMBTwit the last couple of days on if buying and operating a business is easy and if buying a <$1 million SDE business is worth it or not. As someone ~18 months into actually buying and operating a sub-$1 million SDE biz my take 👇:

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Joe Moran

@JoeCMoran

3 years

@sweatystartup planted the seed of buying an existing biz vs. start up. Podcast with Nick Bradley got me really excited about the opportunity in the space

Why right now is the best time in history to buy a business with Nick...

Nick Bradley is a massively successful entrepreneur, consultant and professional business buyer. In this interview he describes why now is the perfect time t...

www.youtube.com

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Joe Moran

@JoeCMoran

3 years

@WilsonCompanies his pinned tweet is pretty much the playbook I am going to be implementing. I feel like I’m stealing from someone in plain sight. Also enjoy his Owned & Operated pod

‎Owned and Operated - A Plumbing, Electrical, and HVAC Growth Podcast on Apple Podcasts

‎Business · 2024

podcasts.apple.com

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Joe Moran

@JoeCMoran

2 years

2. People are everything. Your spreadsheets don’t matter. Do your people trust you? Do they like working for you? Will you help enhance their lives? Do you care about them? These matter. Everyone talks about how hard it is to find employees (and it is), but that’s a YOU problem.

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Joe Moran

@JoeCMoran

3 years

I’m excited to get started and dig into the real work. I’m not super active on here but I feel I owe something to this group of SMB Twitter that has helped me so much. So here’s a bit about me, and the people and resources that helped me get to this point:

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Joe Moran

@JoeCMoran

3 years

-Mid-thirties -wife of 8 yrs, two daughters (19mos and 3mos) -Wealth mgmt for 11 yrs -Advised on investments and wealth transfer for HNW (>$50mm) -Always had entrepreneurial desire but lifestyle creep and family responsibilities made startup leap too risky -Enter SMB acquisition

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Joe Moran

@JoeCMoran

2 years

1. If there’s one thing I did right, it’s I got in the game. Get off Twitter, podcasts, etc. GO DO IT! Be smart and calculated, but you aren’t going to find the perfect deal. I certainly didn’t, and made a lot of mistakes. But I’m in the game, figuring It out, and it’s working.

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Joe Moran

@JoeCMoran

3 years

-Search lasted ~6 months (3 months of dabble, 3 months very serious) -Targeted home and commercial service biz with $300k-$600k SDE, and >$1mm revenue -Entered into final LOI in mid-March and closed yesterday -Self funded and total newbie

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Joe Moran

@JoeCMoran

1 year

@GolfDigest Bifurcated question: best golfer ever = Tiger Woods (circa 2000); best golf career = Jack Nicklaus

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Joe Moran

@JoeCMoran

3 years

@thinklikeanowner lots of great ep. on Alex’s podcast with folks who have successfully done exactly what I was trying to do. Invaluable resource. Highlight eps for me = Colin Hathaway (x2), Rich Jordan, John Wilson, Nick Hatchka (and a lot more)

‎Think Like an Owner on Apple Podcasts

‎Business · 2024

podcasts.apple.com

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Joe Moran

@JoeCMoran

2 months

Ok. My wife said she would divorce me if I drove a Toyota. So those are out. I don’t make the rules.

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Joe Moran

@JoeCMoran

3 years

A few people have asked, so here is a four month update on my #smb journey: So far, I would say things are going OK. Certainly not a @StrongpointRich rocket ship story, but customers are calling, no technicians have quit, and money is coming in each day.

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Joe Moran

@JoeCMoran

2 years

4. Leverage the skills you have, don’t overcompensate for those you don’t. I own a trades business but I am certainly not a tradesman. I know that and my team knows that. Our mutual agreement: you take care of our customers, I’ll take care of you and this business.

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Joe Moran

@JoeCMoran

9 months

I am hiring an Ops Manager for a sewer service biz located just North of Chicago that I recently acquired. If anyone in the SMB/ETA world wants real hands on experience operating a small (+$1mmEBITDA) business, please reach out. Responsibilities will include:

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Joe Moran

@JoeCMoran

3 years

My corporate experience has been very helpful in getting me here, but I genuinely don’t think I would have done this without Twitter. Here’s who helped me and how:

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Joe Moran

@JoeCMoran

2 years

10. FINAL THOUGHT: There are no rules. If you’re looking for people on Twitter to give you all the answers you’re ngmi. You can get a lot of good advice here, but at the end of the day you have to get out and go do something. You can’t eliminate all the risks.

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Joe Moran

@JoeCMoran

1 year

@NUCLRGOLF Tiger was 25. Hard to fathom someone that age in todays game having 34 wins already!

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Joe Moran

@JoeCMoran

2 years

Now that I’m a year in, hopefully I have more worthwhile insight to contribute. I have big ambitions and continue to be inspired by a lot of you in the SMB community. I’m just getting started but hope I can add some value here along the way.

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Joe Moran

@JoeCMoran

2 years

5. Don’t go it alone. This can be a lonely journey if you let it. I have a biz coach and network group with trades experience who have taken years off my ops learning curve and growth plan. Don’t try to figure it all out yourself. Learn from others and apply to your biz.

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Joe Moran

@JoeCMoran

3 years

@NickHaschka on Alex’s pod, provided reassurance that a “search” doesn’t have to last 2 years and cost $500k (like many resource suggest). It was comforting to hear he had done what i was trying: buy a biz in 3-6 months with as little frictional expense as possible

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Joe Moran

@JoeCMoran

2 years

…they could afford not to grow; you can’t. Things I’ve had to invest in before we could really grow: new office/facility, enhanced benefits, higher wages, equipment, technology/software, and more. Factor this into your growth plan pre and post acquisition. It takes time and $.

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Joe Moran

@JoeCMoran

2 months

@WilsonCompanies I like the side piece idea

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Joe Moran

@JoeCMoran

3 years

Week 1 of #SMB ownership is in. 4 days of ride alongs. Tons of feedback from the guys. Good group. I have lots of work to do but it is doable.

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Joe Moran

@JoeCMoran

3 years

There are plenty more that I am missing, but a huge thank you to all of you. Hopefully I can eventually be a resource to others like you have been to me. Now the real work starts!

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Joe Moran

@JoeCMoran

4 years

@mdressor @JustinRayGolf @collin_morikawa @TigerWoods Not exactly. Tiger also won 9 majors between those missed cuts...

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Joe Moran

@JoeCMoran

3 years

@StrongpointRich absolute stud and leadership savant. I listen to every podcast he’s on. He’s crushing it in a sim sized biz and is a huge inspiration.

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Joe Moran

@JoeCMoran

2 years

3. Change takes time and investment. It’s easy to look at success on Twitter and think growing an #SMB is easy. It’s not. Most biz stay small for a reason. Growth hurts and takes investment. If you are leveraging to buy a biz, this is a critical diff btwn you and the old owner:

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Joe Moran

@JoeCMoran

3 years

@fortworthchris has built an awesome RE biz and just seems to be a great guy. I have simply enjoyed following along and learning from him

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Joe Moran

@JoeCMoran

2 years

4. So, is it doable? Of course. If you are willing to get to know your employees, build relationships and trust, swallow your ego, roll up your sleeves and get dirty, you can figure it out. If you have grit and a figure-it-the-fuck-out attitude, you can do it.

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Joe Moran

@JoeCMoran

2 years

6. It’s doable. If you’re on the fence, think about if owning SMB is what you really want. It’s damn hard, painful, enormously stressful, but super satisfying, fun (at times) and potentially lucrative. Despite all the stress, I’ve never looked back. But it’s def not for everyone.

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Joe Moran

@JoeCMoran

2 years

1. First, is it easy? Hell no it isn’t easy. It’s damn hard. Especially the first 18 months when you really don’t know what you are doing. When @RegZeller talks about the fetal position at 1am on a Tuesday, let me tell you, he ain’t lying.

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Joe Moran

@JoeCMoran

2 months

@JBMason_ Wife drives a Tahoe. Thought about doubling it up!

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Joe Moran

@JoeCMoran

1 year

@realEstateTrent I disagree. Most people are finding out (or going to) the laws of supply and demand are forcing plumbers to charge $300-$400/hr and people are pissed about it because they think plumbers don’t “deserve” to ear that much. That’s my point.

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Joe Moran

@JoeCMoran

3 years

@SeanODowd15 No chance. California has too much to offer in climate, education, beaches/beauty, and too many people who want to live there. Detroit had none of those things and an almost singular reliance on one industry. Def agree parts of CA are heading in a very poor direction tho.

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Joe Moran

@JoeCMoran

2 years

@realEstateTrent I understand this thinking and tend to agree but there are a lot of reasons to do it. Pride in your work, accomplishment, respect from family/peers. Working hard and accomplishing things feels good in itself. There are legit reasons people do this.

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Joe Moran

@JoeCMoran

2 months

@bsdyork Love the 911 but I think you’re missing the point

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Joe Moran

@JoeCMoran

2 years

6. Is buying a ~$500k SDE biz worth it? If you have a growth plan that can at least double SDE in 2-3 years, absolutely. If you can do this, all the value creation accrues to you, and that adds up quick. This makes the “buying a job” aspect of this size biz worth it in long run.

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Joe Moran

@JoeCMoran

1 year

@esaagar @Jacxonic Ha I love how their like “how could we have possibly known that making loans to highly volatile VC baked companies that no other bank would make, and then investing deposits in mismatched assets wouldn’t work? We couldn’t possibly have forecasted that!”

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Joe Moran

@JoeCMoran

2 years

7. A smaller biz allows you to sharpen your operating chops when the stakes are lower. Businesses at this size are likely simpler (not easy) to operate - less employees, competition, etc. I don’t think I would have been able to run a $10 mil rev biz to start. Now I know I can.

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Joe Moran

@JoeCMoran

1 year

@sulemanali Don’t listen to auditors in moment of crisis. Scenario #1 will be categorized as a short term loan from co to owner, pay a little interest, totally above board. #2 is probably in line at SVB right now…

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Joe Moran

@JoeCMoran

2 years

5. Just be prepared find yourself in hilarious situations where you think “what the hell have I done”? Can’t tell you how many times I’ve had my head in a septic tank, or been helping guys dig a sewer line, thinking: “Holy shit… I’m a long way from Park Avenue”.

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Joe Moran

@JoeCMoran

2 years

8. That said, buying too small is a big mistake and ~$500k is about the threshold for me. Any smaller and you really do just have a stressful job that’s tough to grow out of. It’s not worth the stress and risk. Buy as big as you comfortbly can or stick with W2 if not comfortable.

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Joe Moran

@JoeCMoran

2 years

When I first got semi-active on Twitter I didn’t feel like I had anything valuable to add to the #SMB conversation. I was new and treading in very uncharted waters. The result has been that I’ve extracted a lot of value here, but haven’t added much.

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Joe Moran

@JoeCMoran

2 years

@Camp4 @elonmusk It’s gotta be so cool for those guys working with him. The richest man in the world and ceo of Tesla and spacX holed up in the trenches working on problems side by side with you… awesome!

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Joe Moran

@JoeCMoran

2 years

@QTRResearch Shows just how bad Oz was as a candidate

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Joe Moran

@JoeCMoran

2 years

3. My first six months of operations we were down 5-10% in revenue (I don’t know exactly because our accounting was so bad) and I was freaking out. When you are levered 80%, any drop in revenue is NOT good. But I kept grinding…

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Joe Moran

@JoeCMoran

2 years

@ChrisJBakke Really getting us with that penny discount. $36,999.99 just feels different than $37,000.

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Joe Moran

@JoeCMoran

3 years

@ljohnson333 Found it listed on . You have to do a lot of filtering but I found it a decent source for businesses to look at.

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Joe Moran

@JoeCMoran

2 years

3. Our first full year of ops, revenue was +24% and we’ll grow another 40% this year. Which means SDE will have nearly doubled in ~2.5 yrs. This doesn’t include any add’l acquisitions, which I hope to make at least one this year.

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Joe Moran

@JoeCMoran

2 years

2. If you mess up underwriting at worse you go bankrupt or best you have an extremely stressful 2-3 years that you possibly never grow out of. That risk is ever present the first 12-18mos. $500k SDE is great for the seller but for you it’s $300k and you need to grow. V different.

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Joe Moran

@JoeCMoran

3 years

@theSamParr @garyvee @myfirstmilpod is my favorite pod right now on my hour commute each way. These guys @theSamParr and @ShaanVP are just real. Not trying to impress. It’s like sitting around talking with my friends about business and money. Love it.

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Joe Moran

@JoeCMoran

2 years

…From there, there are lots of ways to win. If you have some grit, there’s quite a margin for the inevitable errors you will make. It just takes a mix of humility and a lot of self belief (and is not for the faint of heart).

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Joe Moran

@JoeCMoran

2 years

9. I didn’t know what a search fund was when I bought my biz so I can’t speak to those models. Personally, I like owning 100% equity but I saw in the SIG white paper the average successful searcher retains ~70% ownership of a $2 mil EBITDA co. If true, that’s pretty compelling.

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Joe Moran

@JoeCMoran

2 years

Hired a truck driver two weeks ago to be a septic technician. 20 years experience. Talked to him on Friday to prep for day 1 today. Came in this morning and the licensing study material we gave him was at the foot of our entry door, and he blocked my phone number…

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Joe Moran

@JoeCMoran

2 years

Also relevant that I started this thread with “Lot’s”. If there were ever a sign you don’t have to be too smart to do this, there it is….

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Joe Moran

@JoeCMoran

1 year

@dwilliamriggs This guy works in PE not an entrepreneur

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Joe Moran

@JoeCMoran

6 months

@Stealx His election was the direct catalyst for me and my family moving out of the city to suburbs. Very happy we did.

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Joe Moran

@JoeCMoran

10 months

@TronCarterNLU I don’t get the bit. Why do you root for Europe?

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Joe Moran

@JoeCMoran

4 years

@JustinRayGolf Guy may be a cheater but his short game is world class

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Joe Moran

@JoeCMoran

3 years

@sweatystartup Golf club, $5k-$15k (not including initiation), great way to make and keep new friends in adult/parenthood, love the competition of tournaments, handicap system = real-time measurement of improvement/progress, place to socialize and have beers/laughs with likeminded golf nuts

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Joe Moran

@JoeCMoran

3 years

@WilsonCompanies Saw a few of these people in my wealth management days. There weren’t many of them, especially in NYC, but the ones that were there were the clients I admired the most. Never the wealthiest but definitely the most successful. This is the goal.

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Joe Moran

@JoeCMoran

2 months

@pinpulleddrmf This thing is sick

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Joe Moran

@JoeCMoran

5 months

Watched Taylor Swift’s The Eras Tour with my three daughters last night (on TV). Amazing show. 3.5 hours, 44 songs, 150+ shows, +$1 billion revenue. Hard to fathom the stamina required for this. What a beast!

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Joe Moran

@JoeCMoran

2 years

For all the #SMB acquires out there thinking about marketing and growing by building demand, you’re thinking about the wrong problem. Creating supply is much harder in this environment. Carrying on!

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Joe Moran

@JoeCMoran

1 year

For any of you saying “it’s 6 years to become a lawyer!”, if you went to a state school like me you know damn well those first 4 don’t count.

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Joe Moran

@JoeCMoran

6 months

The LIV Golf format is still goofy and the team names/logos are preposterous, but there’s no question this is the most compelling golf on this weekend… I think that’d still be the case if the AT&T were on.

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Joe Moran

@JoeCMoran

2 years

@LumberyardDamon Asset sale doesn’t necessarily protect you from this either. Yes, legally you’re protected, but are you going to tell your customer “sorry, same company, same name, etc. but I did an asset purchase so sorry call the prev owner”? I wouldn’t. Need to sort in DD. Speaking from exp.

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Joe Moran

@JoeCMoran

3 years

I am very much still enjoying the virtual camaraderie of @WilsonCompanies @StrongpointRich @sweatystartup @ShaanVP @theSamParr @SamtLeslie @RegZeller @RickVazza and many others! Appreciate you all!

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Joe Moran

@JoeCMoran

3 years

4. Managing stress: After 12 years in a relatively low stress corporate job, I’ve felt out of shape as it relates to stress management. Like going back to the gym after time off, I was gasping for air the first few months, struggling to manage stress and anxiety.

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Joe Moran

@JoeCMoran

3 years

The biggest lesson I’ve learned: Things that initially felt like a crisis (to a noob like me) are just part of the daily challenges of owning and running a #smb business. The challenge is what makes this so fun and keeps me coming back each day.

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Joe Moran

@JoeCMoran

1 year

@RegZeller Enormous stress Revenue declining first 3 mos Profits falling as I invested in the biz (bank account dwindling) Debt payments rising as fed increases rates 12 mos in started to feel a little more secure Then lost key employee 18 mos was the turning point Grew 55% next 12 mos

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Joe Moran

@JoeCMoran

2 months

@Stealx Kinda look like a G-wagon which would be a disaster

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Joe Moran

@JoeCMoran

1 year

@balajis Arent bank ceos paid a lot of money to see this and effectively manage through the current environment? It’s not like these rate hikes were just sprung on us last week…

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Joe Moran

@JoeCMoran

3 months

I bought a company in October 2023 and 4 of the 12 employees are still with the company today. AMA #operationalexcellence #smb #eta

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Joe Moran

@JoeCMoran

2 years

In Fort Lauderdale for the week with the fam and lost count of the Ferraris, Lambo SUVs, Bentleys and Rolls. There’s an ocean of opportunity out there. There are no excuses. Just got to dip your pail in and get yours.

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Joe Moran

@JoeCMoran

2 years

@sweatystartup Full Swing. $40k min. Spend the money dude! You’re going to die with it. Who cares?

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Joe Moran

@JoeCMoran

3 years

#smbtwit I think it’d be cool to do a monthly dinner where new #smb owners could get together and talk about biz challenges and successes (and other things we like - sports, crypto, whatever - to get away). Any interest? If so, I’ll host the first one in Chicago. Let me know!

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Joe Moran

@JoeCMoran

1 year

@NUCLRGOLF No. He should not be on the team. JT, Brooks, Bryson, DJ, Reed (?), all before him.

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Joe Moran

@JoeCMoran

2 years

@JordanPCarter Alt perspective: You don’t hire the $80k person unless you think they can pay for themselves and more. The right $80k hire in a business of that size can help you grow 50%+ in a year. Not likely the case in a $2 mil EBITDA biz.

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Joe Moran

@JoeCMoran

2 years

@doctor_dade @zerohedge HF manager is a centi millionaire tho. Great biz model!

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Joe Moran

@JoeCMoran

3 months

RIP to all the golf dads today skipping their tee times and trying to look helpful around the house.

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Joe Moran

@JoeCMoran

3 years

Working in wealth mgmt, I learned it wasn’t the amount of money that my wealthy clients had that I admired/desired the most - it was the satisfying work they did. Their wealth was a byproduct of doing something challenging and interesting. I love that and am trying to live it.

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Joe Moran

@JoeCMoran

2 years

@StephenCFU_ Hard not to like $GOOGL. The ultimate GARP stock and arguably the best business ever created.

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Joe Moran

@JoeCMoran

3 years

@RealFrugalMogul Leaving all your savings in cash instead of investing. Enormous opportunity cost, esp in today’s world.

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Joe Moran

@JoeCMoran

1 year

@balajis “Surprise”? That seems like a stretch. Despite the many mistakes, this is probably the most transparent Fed in history.

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Joe Moran

@JoeCMoran

1 year

@LawrenceLepard If everyone goes and buys a 5% tbill it’s no longer going to be a 5% tbill

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Joe Moran

@JoeCMoran

4 years

@awealthofcs Try ordering from Jet’s

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Joe Moran

@JoeCMoran

3 years

@WilsonCompanies Well said. Sounds easy when people talk about it on Twitter and in podcasts - just add some tech and raise prices! But really hard and messy in real life.

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Joe Moran

@JoeCMoran

3 years

@SamtLeslie A lot of biz owners think they get wealthy once they sell. I think that’s wrong. They are just as wealthy, they just sold a cash flowing active asset for an equal value of cash. Now they have to figure out what to do with the cash and their time.

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Joe Moran

@JoeCMoran

2 months

@WestTunnell Looks like they’re giving away the Lightning’s these days. Not for me but seem pretty cool.

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Joe Moran

@JoeCMoran

2 years

Anyone have a good experience with a fractional CFO? Specifically looking for someone w trades biz experience (ie ServiceTitan/QBO management). Current setup with accountant is not working.

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Joe Moran

@JoeCMoran

2 years

@barstoolsports He ain’t lying

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Joe Moran

@JoeCMoran

3 years

3. Change management: It is easy to say “I want a biz stuck in 1985 and bring it into 2021” it’s another thing to do it. It’s been slow. Change is hard, but hard often leads to good. I am making changes that will be great for biz (software stack, accounting, marketing, training)

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Joe Moran

@JoeCMoran

9 months

This is truly a “sweaty” business. I have a specific playbook i have implemented in my other biz which we will be matching here. If you are interested in getting hands on operating experience in a small biz and not afraid to get dirty, reach out!

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Joe Moran

@JoeCMoran

2 months

@NUCLRGOLF Fred couples would be a good pick. Too early for Tiger and Fred would help galvanize the US team and bring the PGA and Liv guys together.

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