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I love small and medium businesses.
It is a great time to buy either, especially recession-resistant ones.
What do I look for?
· [T]ired – I’m closing on the sale of a materials business where the seller still takes orders by hand, does no marketing, and does inventory once a year. It has 40% margins. Imagine what a little software could do?!
· [E]asy – There are plenty of in-demand and simple businesses that could use a financial management upgrade and a little bit of tech to increase cash flow.
I’m hoping to buy three laundromats in 2023. None of them do fluff and fold and only take quarters.
· [N]arrow Thinking – Is the business missing opportunities to expand into products and services clients would want?
I’m analyzing a healthcare business that sells one type of service and product. It has not leveraged the actual healthcare community to increase sales.
· [T]ime-tested – Has the business been around for at least five years under the same ownership? Even if the business isn’t growing by leaps and bounds, it has the momentum a good operator can use to find success.
What businesses can you look at and buy using a T.E.N.T.?
