Peter Lehrman @petelehrman Twitter profile | Pikagi

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Peter Lehrman

@petelehrman

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Founder of @AxialCo . Enabling great exits and acquisitions for American SMBs; husband and dad. 🇺🇸 🏊🏼‍♂️ 🚴🏼‍♂️ 🏃🏻‍♂️ 🏄🏼‍♂️ 🏌️‍♂️ ⛷️

NYC

https://t.co/xLPxM6TVUR

Joined April 2008

Don't wanna be here? Send us removal request.

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@petelehrman

Peter Lehrman

2 months

Prediction: EtA and Search (self-funded and traditional) will consistently be rival buyers to LMM PE funds and strategic buyers within 5 years. EtA is not just acquiring sub-scale "below the PE radar" businesses anymore. That's simply an outdated narrative. Example 1: 👇

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@petelehrman

Peter Lehrman

10 months

It's high time someone build the home services empire of the Hamptons. A proper " @WilsonCompanies " or " @girdley -style holdco" that pursues this high-end high-margin market. all I see is SMB M&A opportunity out here. Here's what I've scouted so far 🧵 ! 1/Landscaping galore...

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@petelehrman

Peter Lehrman

2 years

SMB twitter is starting to sound a little bit “get rich quick”. Lots of people talking about buying businesses for zero money down, how easy it is vs a startup, etc etc. Be careful out there, it’s a lot harder than tweeting !

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@petelehrman

Peter Lehrman

1 year

Jamie Dimon right now... #SVB

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@petelehrman

Peter Lehrman

2 years

Family offices are often over-rated buyers. Permanent capital, yada yada yada. But there ARE great FO partners. Same for PE’s rap of over-leverage, short-termism. But there ARE great PE partners out there. SMB Sellers - do ur homework; don’t rely on sloppy generalizations!

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@petelehrman

Peter Lehrman

2 years

Profiling three closed deals on Axial by searchers. No, these were not proprietary deals or broken deals. Yes, these searchers outmaneuvered PE buyers to win these without overpaying. Deal 1 - med device biz in southeast. $1.8M EBITDA. Bought in Q1 2022 for 5x TTM EBITDA.

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@petelehrman

Peter Lehrman

7 months

One of the best times to sell your business is probably when you’re also having the most fun. It sounds so wrong, but I think it’s true. At least if you’re solving for a good (or even great) exit price and good terms. Many business owners do it backward. They sell when: •

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@petelehrman

Peter Lehrman

1 year

SMB Acquirers - do you run for the hills from deals where the top customer generates more than ~90% of overall revenue?

Yes I run like hell.

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No, I dive in further.

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Depends on the customer.

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@petelehrman

Peter Lehrman

3 years

SMB / LMM buyers -- If Axial created an option so that only sellers using e-NDAs could share a deal with you, would you turn that feature on to eliminate all deal flow that requires an offline NDA process?

Yes, I hate offline NDAs

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No, the deal matters more

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@petelehrman

Peter Lehrman

11 months

If your plan is to sell your SMB portco to an up-market PE fund, think again and start cooking up your plan B. Three charts unpack some of what's going on "upmarket": 1 / MM PE funds are stuffed to the gills with their own portCos and need to sell before they can buy ↓ :

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@petelehrman

Peter Lehrman

11 months

Just dove into the holding company data that @HoldCoConf recently put together. Three most surprising things to me so far: 1 / HoldCos have huge divergence in approaches. More like family offices than PE. HoldCos are all over place in terms of strategy ↓, especially early on:

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@petelehrman

Peter Lehrman

12 days

@ClintFiore Presuming you really like the operator and you really like the business, then: + 10% preferred return, annually on the $2.5M + participation pari passu with his common in any sale + since he is putting no cash in, his ownership should vest similar to a traditional search fund

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@petelehrman

Peter Lehrman

1 year

@ElijahSchaffer @WallStreetSilv Those who hold US government debt. China a major holder (which is a problem), Japan, big corporations, insurance companies...

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@petelehrman

Peter Lehrman

1 year

@bradsvrluga Unfair in my view. SVB was in the outer tails of the distribution in terms of asset duration risk and mismatch. Management must own that. Fear mongerers are always waiting for their moment. Banks must never give them their moment.

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@petelehrman

Peter Lehrman

3 years

@McConaughey Pretty sure you're safe to take your mask off bud 🤙

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@petelehrman

Peter Lehrman

8 months

The PE spam machine is intense. Business owners are constantly getting solicited to sell. Fortunately, FinQuest has released a paper that quantifies the extent of this phenomenon. The numbers are staggering. here are some key charts. If you enjoy this 🧵, please share it!

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@petelehrman

Peter Lehrman

1 year

Product development question for the private equity / corp dev buyside: Some sell-side banks / brokers like to "vet" you before sending you the CIM. For those that do, would you prefer that they "vet" you before or after you've signed the deal's NDA?

Before I've signed NDA

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After I've signed NDA

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I don't care.

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@petelehrman

Peter Lehrman

1 year

SMB and LMM Acquirers -- What kind of data / info on an M&A Advisor do you wish you had as you evaluate a deal they've sent you? Asking for a friend 😎.

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@petelehrman

Peter Lehrman

1 year

@SievaKozinsky What's so unusual about America is that there are literally hundreds of thousands of these stories. More every year. Not an exaggeration. Hopefully our politics and policies don’t ever kill the golden goose…

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@petelehrman

Peter Lehrman

3 months

We just finished a review of 60 deals that broke under LOI. These 60 deals: + were all lower middle market U.S. businesses + between $500K and $9M of EBITDA + already had a signed LOI + fell apart in diligence 8 preventable mistakes killed these deals. Nothing new in these 8,

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@petelehrman

Peter Lehrman

2 years

Other than the all-in pod and Invest like the Best, what are your favorite business oriented podcasts these days? Yes I have a long flight ahead with the 4 kids 🙃

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@petelehrman

Peter Lehrman

5 months

12 DONT's for Exit-Curious Owners thinking that 2024 or 2025 might be your year ....

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@petelehrman

Peter Lehrman

6 months

If you think paying the highest price is the only way to win a competitive M&A deal, you’re doing it wrong. Your plans for the team matter. Your plans for the business matter. Your reputation matters. Your references and what they say about you matter. Perhaps most

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@petelehrman

Peter Lehrman

8 months

50% of small business exits fail during the due diligence period. It’s when the rubber hits the road. This week, I’m speaking at @MainStSummit about 3 major reasons why deals break during due diligence: 1 - Business Underperformance during the Sale Process If you’re

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@petelehrman

Peter Lehrman

1 year

@flynniest @JuddLegum @DavidSacks 🙈. Sad that it's "awesome" when people get applause for doing the basics.

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@petelehrman

Peter Lehrman

6 months

If you’re a business owner and you’re mulling an exit in the coming 1–2 years, the temptation is to start cutting corners to grow your EBITDA. Do NOT do this. Keep doing the “right thing” for your business. Let me explain: When you’re not actively planning for an exit,

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@petelehrman

Peter Lehrman

4 years

The internet digitizes all transactions eventually. M&A over the next 10 years.

@Rich_Barton

Rich Barton

4 years

New @Zillow data shows 1 in 3 would buy a home sight-unseen with virtual tools. A structural change in home-shopping behavior is afoot. The virtual tools home shoppers need to use today for safety will become tomorrow's expectations for convenience.

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@petelehrman

Peter Lehrman

4 months

If you're considering selling your company, I have good news and bad news. Bad news first: It takes an average of 108 days for your signed LOI to fall apart. So from the time you agree on terms and price with a buyer to the time when the deal falls apart, it takes 108 days.

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@petelehrman

Peter Lehrman

2 years

Navy pilot to MIT, then 10 years as an operator at Dell. Then all in on LMM manufacturing PE. Enjoy my podcast conversation with Steve Cook, Executive Managing Director at LFM Capital.

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Steve Cook and the Making of an Operator-First Private Equity GP

Listen to this episode from Masters in Small Business M&A on Spotify. My guest today is Steve Cook, Executive Managing Director at LFM Capital. LFM is a Nashville-based private equity firm founded...

open.spotify.com

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@petelehrman

Peter Lehrman

1 year

@WallStreetSilv The Feds have a history of moving fast and being a-political, we should all be fine ... Everyone enjoy your Sundays...

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@petelehrman

Peter Lehrman

2 years

@NYCMayor Get tough on violent crime. That's a big part of why we voted for you Mayor Adams 👍🗽💙.

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@petelehrman

Peter Lehrman

3 years

Best. Finance. Conference. Ever. Thanks @BrentBeshore and the whole @CapitalCamp team. Am stumbling back to NYC after 3 great days here.

@WhiskeyRiff

Whiskey Riff

3 years

Dude just got up like “all good.” #Nashville

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@petelehrman

Peter Lehrman

2 months

@GallagherBilly $20B eh ? 🤣🤣🤣

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@petelehrman

Peter Lehrman

1 year

Who are the best CEOs and PE investors doing roll-ups in the lower middle market right now ?

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@petelehrman

Peter Lehrman

4 years

Amazing what we're doing with @zoom . We just kicked off our first ever virtual deal sourcing conference connecting investors buyers and sellers of American small businesses. 100% virtual, all via Zoom, all day long, and then zoom happy hour. Thanks @ericsyuan 😘.

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@petelehrman

Peter Lehrman

5 months

Friendly reminder to business owners that selling your company doesn’t mean you have to stop being the CEO. There are literally hundreds of private equity firms, family offices, and other flexible acquirers that can accommodate this preference. In fact, many of them prefer that

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@petelehrman

Peter Lehrman

1 year

@robertlufkinmd Big food and big pharma in near complete possession of our associated regulatory agencies. Shameful and dangerous.

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@petelehrman

Peter Lehrman

3 years

finally wrote up my 3 big takeaways from @CapitalCamp 2021 ! 😀✅ via @LinkedIn

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Capital Camp 2021: My Three Big Takeaways for Private Markets

Back in late August, I spent 3 days at Capital Camp, a down-home investment conference replete with live music, cold beer, great food, and all the vibes of the university town Columbia, Missouri. If...

www.linkedin.com

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@petelehrman

Peter Lehrman

4 years

@brazenskin @afdldsufhwef @nader_haidar @JackMa He gets to say whatever he wants because In America your free speech is protected and in China it isn’t. They muzzled their doctors on Coronavirus and now look at the destruction to humanity.

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@petelehrman

Peter Lehrman

3 months

@InvestLikeBest Entrepreneurs and the rational actor at work. Bureaucrats still not at work 🤣🤣🤣

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@petelehrman

Peter Lehrman

1 year

@BillAckman @SVB_Financial Bill - what explains why the FDIC would pursue this approach? Why would they just sit and let the world burn ?

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@petelehrman

Peter Lehrman

3 years

@nickfedele Decent piece here on nwc that I just read: .

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Net Working Capital in M&A | Capstone Partners

What is the Role of Net Working Capital in the M&A Process? Working capital (or a company’s current assets minus its liabilities) is one of the most

www.capstonepartners.com

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@petelehrman

Peter Lehrman

1 year

@SMB_Attorney Unsure about self funded EtA but Funded searchers take these deal sizes down all the time. So do portcos making add-ons. There are no "gaps" folks!

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@petelehrman

Peter Lehrman

5 months

Bain recently published a report on the adoption of AI in M&A processes. Here are a few takeaways I got from the report: 𝟭. 𝗔𝗜 𝗶𝘀 𝘀𝘁𝗶𝗹𝗹 𝗶𝗻 𝘁𝗵𝗲 𝗲𝘅𝗽𝗹𝗼𝗿𝗮𝘁𝗼𝗿𝘆 𝗽𝗵𝗮𝘀𝗲 𝗮𝘀 𝗶𝘁 𝗽𝗲𝗿𝘁𝗮𝗶𝗻𝘀 𝘁𝗼 𝗠&𝗔 16% of the 300 (presumably large cap) M&A

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@petelehrman

Peter Lehrman

4 months

I have an awesome SMB target idea for a passionate NY’er who wants to stay in NYC — Local Law 11 facade remediation. Let me explain: The buildings of nyc are subject to something called Local Law 11, a rigorously enforced code that seeks to ensure building facade brick and

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@petelehrman

Peter Lehrman

8 months

Marks' Sea Change Memo is as important a read and reminder for SMB owners and acquirers as anyone. You can get a liquid 5% risk free return today. 8-12% with some amount of credit risk. That's a completely different backdrop from the 2010-2020 decade of SMB and PE. If you're

@Oaktree

Oaktree

9 months

Read the latest memo from @HowardMarksBook to find out more about the sea change altering financial markets. This memo was originally shared with Oaktree clients in May 2023. Read/subscribe: #OaktreeInsights

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@petelehrman

Peter Lehrman

3 months

For those of you already underway on your EtA journey (pre or post acquisition), what would you tell your former selves? Am presenting today at Columbia Biz School EtA / Search Fund class and would love to compile some good answers for the students... Thank you in advance 🙏.

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@petelehrman

Peter Lehrman

2 years

here come the HoldCos! There used to be a couple handfuls of big industrial HoldCos and that was it (Tyco, Berkshire, Dresser, ABB). The LMM HoldCo phenomenon is exciting ....

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Holding Companies Emerging as Driver of LMM Consolidation

Macroeconomic headwinds have hit M&A activity hard this year. Geopolitical tensions, inflation, and pandemic-related supply chain challenges continue to stymie…

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@petelehrman

Peter Lehrman

3 months

Q1 SMB M&A deal data takeaways: + industrials M&A grew year on year, everything else was flat to down + competition for deals increases 50% when you compare sub $1M ebitda to $1M to $3M ebitda + competition for deals doubles when north of $3M of EBITDA. + Despite the

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@petelehrman

Peter Lehrman

11 months

@girdley Paying them really well and focusing a huge amount of executive time training the people managers in the org. When you’re well paid and you both love and feel you are being developed and challenge by your manager, life is pretty good —-

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@petelehrman

Peter Lehrman

2 years

@RandBusiness @RegZeller Hey Rand - the @AxialCo Standard NDA is 2 pages and was signed over 10,000 times last year alone. It's pretty battle tested. Download for free anytime for your own 3rd party use 👍.

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@petelehrman

Peter Lehrman

2 years

We spilled some ink over on the blog about our time at @SMB_ash . It was a great couple days. Excited for the next. Thanks @Sam_Rosati and @MatthewGHinson for the invite.

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Recapping SMBash: Twitter, M&A and the SBA

Last week, my colleague, Alfredo Garcia and I, attended the inaugural SMBash Conference in Orlando, Florida. The event brought together…

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@petelehrman

Peter Lehrman

1 year

ChatGPT3 dropping the truth on LMM deal sourcing.🙃

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@petelehrman

Peter Lehrman

2 years

SMB M&A and HoldCo Operators: Put aside the Berkshire model for a second and study IAC for a bit. Great podcast with IAC CEO Joey Levin, thx to @patrick_oshag and @joincolossus :👇

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‎Invest Like the Best with Patrick O'Shaughnessy: Joey Levin - Building an Anti-Conglomerate on...

‎Show Invest Like the Best with Patrick O'Shaughnessy, Ep Joey Levin - Building an Anti-Conglomerate - 15 Feb 2022

podcasts.apple.com

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@petelehrman

Peter Lehrman

1 year

@elonmusk @Jason Even New York is reasonable compared to SF !

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@petelehrman

Peter Lehrman

1 year

@patrick_oshag Bond ratings agencies. Legitimately Government issued monopoly.

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@petelehrman

Peter Lehrman

1 year

@presjimryan Badly fooled me ... Was about to go on a major rant !

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@petelehrman

Peter Lehrman

7 months

I'm starting the search for a head of finance here at Axial. Open to fractional or full-time. FP&A and core finance leadership. Drop me a DM if you are interested or have an idea or two. Repost if you're feeling karmic. 🙏

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@petelehrman

Peter Lehrman

10 months

14/ I truly hope a great SMB EtA Operator takes on this opportunity. It's an incredible customer market, plenty of fragmentation, and many of the services businesses remain owned by the prior generation. I'd love to help back someone who wants to go after it.

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@petelehrman

Peter Lehrman

2 years

Lower middle market PE had a really brisk 1st half of 2022 despite all the macro chatter...

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Lower Middle Market Pursuits: Record Breaking First Half Underscores LMM Resiliency

There’s no shortage of headwinds facing buyers and sellers in 2022. Inflation, an increasingly hawkish Fed, recessionary worries, and public…

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@petelehrman

Peter Lehrman

1 year

@SMB_Attorney Privacy model for M&A very different than real estate, @ClintFiore nailed that point already. Real estate fungibility also very different than an Operating Company with employees and a Managment team. Zillow is a challenged comp.

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@petelehrman

Peter Lehrman

3 years

@tsludwig @BrentBeshore Intense category specialization + time + hard work = inbound first calls. Maybe that's just reputation ? 🤔

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@petelehrman

Peter Lehrman

2 years

Another good home services business spotted from my indoor bike view: Asbestos removal business: - Regulatory demand drivers - High downside to not treat well creates price insensitivity - limited labor supply creates natural barriers Lots of good HoldCo and EtA targets!

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@petelehrman

Peter Lehrman

1 year

@SMB_Attorney Calling BS on 50% margins.

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@petelehrman

Peter Lehrman

2 years

@Fabien_Levy @NYCMayor We Pray for the NYC blue.

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@petelehrman

Peter Lehrman

23 days

@WilsonCompanies Overvalued over-funded SaaS ... It takes a really long time for boards to throw in the towel and take the write-downs from 2021 high water mark.

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@petelehrman

Peter Lehrman

1 year

Stupidest parent I've seen yet ... And there's plenty in this town

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@petelehrman

Peter Lehrman

2 years

With @HoldCoConf right around the bend, excited to share one of my first podcast episodes with the one and only @kelceylehrich . Thanks for the chat Kelcey... 👍

Building an eCommerce Holding Company from Scratch, with Kelcey Lehrich

Listen to this episode from Masters in Small Business M&A on Spotify. In this episode, my guest is Kelcey Lehrich, Co-Founder and CEO of 365 Holdings, a vertically integrated holding company of...

open.spotify.com

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@petelehrman

Peter Lehrman

3 months

Local monopoly / duopoly here in Jackson Hole. Post-Covid growth tailwinds are strong 📈 ... Typically only the most patient of buyers can hope to acquire these beautiful local businesses ...

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@petelehrman

Peter Lehrman

2 years

So dag-gone (sp?) exciting to see more great people organizing around the SMB buy & build opportunity in America. @tsludwig and @JustinEBurris -- time to get cracking on that final check box! Excited to see you all getting out of the blocks!

@tsludwig

Tim Ludwig

2 years

Required for launching a new fund: ☑️ The right partner ( @JustinEBurris ) ☑️ Funding - Millions of $ from leading business families ☑️ Compelling strategy - Search fund-like model w/ no PG, full $ support, long-term holds 🔲 8-10 top operators who want to buy & grow a SMB

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@petelehrman

Peter Lehrman

4 months

What is the most important thing a business owner should do to prepare for an exit? We asked this question to a subset of @AxialCo 's most active small business M&A advisors who sell $5M to $100M businesses for a living. The TLDR is: ✅ Have as much of the business running well

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@petelehrman

Peter Lehrman

10 years

Outstanding practical writeup on cohort analysis to elevate your content marketing game: via @CBinsights

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@petelehrman

Peter Lehrman

1 year

In the beginning, there was @CapitalCamp . Then the heavens gave us @HoldCoConf and @SMB_ash ... now we've got @MainStSummit . Not so boring times in the "boring businesses" section of the American economy ! 💙🇺🇸. #notboring cc. @BrentBeshore 😉

@BrentBeshore

Brent Beshore

1 year

Announcing @MainStSummit , an immersive two-day, international festival for small and medium-sized business owners, operators, and investors November 8-9, 2023 in Columbia, Missouri. Join the list at . Passes will be $500 and go on sale in June.

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@petelehrman

Peter Lehrman

1 year

@whentheresawill There are hundreds of them. There are some outstanding investors committed to this model. Whole conferences devoted to them. McGuireWoods and iCapital off the top of my head… 400+ are sourcing on Axial. Data / report is here:

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Axial's 2023 Independent Sponsor Report: Summary & Analysis

In recent years, Independent Sponsors have emerged as a formidable force in the M&A economy. Over the last three years,…

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@petelehrman

Peter Lehrman

3 months

$13M consumer goods acquisition, sourced via Axial last year, 100% equity financed despite a healthy EBITDA margin. Why do some acquirers not use debt? Let me count the ways: - maximum freedom of action to invest in growth - ability to survive through downturns - long-term

@AxialCo

Axial

3 months

In the latest issue of The Winning LOI, we review the LOI deal terms for a $13M+ consumer goods company. Deal snapshot 👇

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@petelehrman

Peter Lehrman

1 year

@SievaKozinsky Straight from the Netflix playbook.

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@petelehrman

Peter Lehrman

1 year

@XavierHelgesen Accurate. And it's only further compounded by the hyper networked nature of the tech founder community. Slack forums, founder email threads. Boom boom boom. Everyone knew in about 30 minutes this AM. Not your grandfather's paper-based banking world.

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@petelehrman

Peter Lehrman

2 years

Saw this business while on the indoor bike this morning. These elevator inspect, repair and maintain businesses are fantastic Stable regulatory demand, growing and ageing installed base, and recurring maintenance revenues. Perfect HoldCo business ...

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@petelehrman

Peter Lehrman

3 years

Axialite day. We take the day off and spend it altogether. Fly everyone in to NYC. Tug of war, kickball, and then arcade games in the afternoon.

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@petelehrman

Peter Lehrman

12 days

@DerrickPowell4 @ClintFiore Hear you. But the capital going in needs a governance model that will work for the operator and also work for the capital. If it's just a board of 2, it won't work unless the operator is willing to cede control. And he won't. So you need to add at least one independent.

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@petelehrman

Peter Lehrman

8 months

Great topics here for Owners, their Advisors, and all the acquirers out there. I am excited for these few days in Missouri...

@BrentBeshore

Brent Beshore

8 months

Spent some time going through the @MainStSummit session list this morning. What a group. Hard to imagine a more talented, successful, and caring group of people addressing more important topics for SMBs. Excited to welcome everyone to Columbia in a few short weeks.

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@petelehrman

Peter Lehrman

1 year

@WallStreetSilv Hopefully there are far fewer banks lending to and banking America's cash-burning startups than there were banks making subprime loans in mid 2000s.

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@petelehrman

Peter Lehrman

1 year

Leaving a big private equity fund to start an independent PE sponsor. Many ponder it, more and more are actually doing it. My conversation with Nathan Chandrasekaran at Columbia River Partners.

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‎Masters in Small Business M&A: Leaving mid-market PE to become an independent PE sponsor, with...

‎Show Masters in Small Business M&A, Ep Leaving mid-market PE to become an independent PE sponsor, with CRP's Nathan Chandrasekaran - Mar 14, 2023

podcasts.apple.com

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@petelehrman

Peter Lehrman

3 years

I did a Q&A with two fascinating @AxialCo and members, @SievaKozinsky and @XavierHelgesen . They run Enduring Ventures, a permanent capital holding company. Sieva and Xavier are proven tech founder / operators now doing M&A in the world of SMB. It's worth a listen....

@SievaKozinsky

Sieva Kozinsky

3 years

This week @XavierHelgesen and I have been on a few podcasts to share the story. We share: - why we formed a long term holding company - our secrets to buying great businesses - why private equity sucks 👎🏻 👇

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@petelehrman

Peter Lehrman

2 years

@whentheresawill @SMB_Attorney We publish the top 20 (out of about 850 active each quarter) lower middle market m&a bankers each quarter. We rank based on of their deal activity and deal outcomes on the Axial platform ... List, Data and methodology all here:

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Top 20 Lower Middle Market Investment Banks [Q3 2021]

We are excited to release Axial’s Q3 2021 Lower Middle Market Investment Banking League Tables. Our investment banking league tables…

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@petelehrman

Peter Lehrman

1 year

Excited to interview the founders of Associated Veterinary Partners for the podcast. They're rolling up veterinary clinics in the LMM. What would be your top questions to ask? Founders are an-ex Carlyle deal professional and a top notch veterinarian.

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@petelehrman

Peter Lehrman

1 year

@tsludwig @CTW_SMB @patrickdichter @girdley

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@petelehrman

Peter Lehrman

2 years

“Just be nice, be likable, be helpful, be inquisitive. All those things that your mother taught you? Just be that way and it will help you acquire. Just don’t be an a**hole.” Simple, wise words on @whentheresawill ’s SMB podcast “acquiring minds”

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Good News for Ecommerce Buyers

Listen to this episode from Acquiring Minds on Spotify. Multiples for ecom businesses jumped 50% since 2018, but Quiet Light's Joe Valley says that trend is about to reverse. Themes from Joe's...

open.spotify.com

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@petelehrman

Peter Lehrman

2 years

@fortworthchris no easy answers ...but all major currencies are weakening relative to the $, which tends to help tamp inflation by: - lowering the prices of imported goods, b/c the U.S. imports a LOT - reducing demand for American-made exports (which hurts growth)

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@petelehrman

Peter Lehrman

9 months

Greatly enjoyed the chance to dive deep into acquisition due diligence with @emilyleldridge . Given that the folks at @PermanentEquity seeks to hold their companies for decades, it's a pretty key topic for them :). Enjoy the conversation...

@emilyleldridge

Emily Holdman

@emilyleldridge

9 months

Sat down with @AxialCo ’s CEO @petelehrman to discuss @PermanentEquity ’s Do Diligence Confidently project and the broader M&A process. We walk through: - Project contents - Seller optionality and decision power - Diligence team - Timing/pace And more…

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@petelehrman

Peter Lehrman

6 months

@patrick_oshag S&P is up there! - singular monopoly monetizing the S&P index and related financial products - nearly perfect duopoly with Moody’s on bond ratings - via Platts, they control pricing data for the crude oil market at Brent and Henry Hub

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@petelehrman

Peter Lehrman

8 months

For practical tips to build your exit team, check out these resources: The CEO’s Guide to Building a Deal Team: The Complete Guide to Hiring an Advisor: Exit Planning Institute:

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@petelehrman

Peter Lehrman

3 years

Just got my 2nd dose of the Pfizer vax, doing my 15 mins in observation. What an astonishing demonstration of human genius, incentives, organized capital markets, and supportive gov’t policy to deliver a 90-95% effective vaccine in < 12 months. I’m proud to be a fellow human!

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@petelehrman

Peter Lehrman

2 years

Happy Father’s Day to all the dads in the SMB economy 👍! You’ve chosen a harder but likely far more fulfilling road than the steady paycheck. Don’t forget to thank and hug your families and spouses for the sacrifices they make to support the entrepreneur 💙.

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@petelehrman

Peter Lehrman

2 years

@c_gro Happy birthday. Start your day before 6am with a workout. Ritualize it. I'd be much further along in health and wealth had I done this in my 20s and early 30s.

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@petelehrman

Peter Lehrman

4 years

@vvk_ @laughridge We help. . We offer subscription or contingent pricing.

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@petelehrman

Peter Lehrman

3 years

@Sam_Rosati Most of the lower middle market is plagued by this. Average days from signed LOI to close is about 130 days. Most of that time dedicated to getting financials into an authoritative condition. In the MM it's less than half that!

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@petelehrman

Peter Lehrman

6 months

Buying / rolling up home or commercial services businesses? This net migration chart an important chart to appreciate ... Getting this chart on a more granular county to county basis would be ideal.

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@petelehrman

Peter Lehrman

8 years

With Bernie and Trump in the lead, the opening is emerging. @MikeBloomberg

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@petelehrman

Peter Lehrman

1 year

In 2021, “EBITDAC” arrived as a nod to COVID’s negative impact on profitability. In 2023, we have moved on. Now it’s the 4 Rs: Recession Resistant Recurring Revenue 🤔🤔🤔…

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