Sam Penny (00:31)
Welcome back to another Built to Buy webinar. I'm Sam Penny, I'm a coach for the brave. And today we're going deep, like really deep. This is webinar three. And as the title says, due diligence deep dive, reading between the lines.
So look, if you're an investor or a buyer, you're looking to buy a business and you've probably realized already what's on the books is really only half the story, the real magic, or even sometimes the real mess. It usually lives in the stuff that's just outside the numbers. It's in the notes, it's in the behavior, it's in the resistance you get when you start asking the right questions. Now this session,
isn't about how to read a PNL, because you've probably already done that. This is about how to spot the gaps, how to test what's being said, and most importantly, how to interpret what's not being said.
Whether you buy in a business for the first time, or this is a fifth, I don't care how many times this is how smart investors protect their capital because remember, this is your money. This is your money to protect. And it's not just with data, but with insight. So, buckle in, we've got a lot to cover. We're going to cover the red flags. We're going to uncover some clever tricks that sellers use. And also the key reports that most buyers forget to ask for.
And we'll also go through a real case study of where good due due diligence either saved or killed the deal. So let's dive
Now, if this is your first time tuning in either live or on the podcast, let me take a quick 30 seconds to introduce myself. name's Sam Penny. I wear a few hats. I've been a founder and operator, investor, and once also an endurance athlete. Crazy enough to swim the English channel with just 90 days preparation. But most importantly, I've spent over 25 years building, scaling, buying and selling businesses.
I've made money, I've lost money, I've bought well, I've almost bought badly, once or twice I have bought badly and every one of those lessons now fuels the work I do. Helping business owners and investors like you make sharper decisions, grow real value and avoid expensive mistakes. My brand, it's pretty simple, Coach for the Brave because
building or buying a business that creates freedom that creates wealth and legacy. It's not for the faint hearted. It's for people really willing to dig deeper to ask hard questions and also to back themselves. And that's what today is all about. Whether you're going to buy a business to grow to flip it, or even to secure your future, you need to know how to assess not just what's presented, but what's true. So let's go deeper. Now,
If you're finding this session valuable, or if you're the kind of person who also wants to keep sharpening your edge, I want to point you to something that really helps you go even deeper. It's the built to sell, built to buy podcast. Every week I sit down with founders, with brokers, investors, and operators who have been in the trenches. People who've bought great businesses, they've sold at a premium, or they've navigated a deal that went sideways.
And these are real world conversations with people who they're not here to impress you. They're here to share what actually happened. Numbers and all, and we break down lessons, break down mistakes, the wins, the mindset from how to run due diligence to structuring earn outs, to identifying the one number that tells the truth about a company. And here's my promise. It's not theory. It's not sugar-coated. And it's definitely not.
surface level. So if you want to keep learning between webinars, make sure you hit subscribe. It's on Apple podcasts, it's on Spotify, or just simply head to sampenny.com you can join me there. So let's keep this momentum going. Now, let's frame what we're really going to be doing here today because due diligence. It's not just about checking boxes and asking for financials. It's about protecting your capital. It's about buying a business.
with your eyes wide open, not just your fingers crossed. And in this session, I'm going to show you five key areas. First up is how to spot red flags. The kind that don't jump out in the numbers, but allowed and clear if you know what to look for. What reports to request? Because if all you've got is a high level PNL and a handshake, you're really setting yourself up to miss something big.
And also go into the seller tricks to watch for from things like normalization games to revenue timing tactics. And I'm going to show you how people polish a business to make it look shinier than it actually really is. And then how to interpret what the numbers are really saying, or, you know, sometimes what they're hiding. We'll also talk about ratios. We'll talk about trends and context.
And not just the totals. And finally, we'll walk through a real world case study where a buyer almost got burned and what we uncovered that changed the valuation completely. So.
At the end, we'll also have a live Q &A. If you've got any questions and you're watching this webinar live, pop it into the chat. If you're listening on to the podcast, please ask the questions on any of the socials or hit me up on LinkedIn or jump onto my website, sampenny.com. And if you're serious about buying right, about building confidence and avoiding regret, you're in the right place. So let's get into it.
So let's just first set the tone because one of the biggest mistakes I see buyers make is this. They treat due diligence like a checklist. So they ask for the P &L, the tax returns, maybe a lease agreement. And they think if those boxes are ticked and nothing looks outrageous, the deal must be fine. But honestly, due diligence isn't just about verification. It's about interpretation. It's not about confirming
the seller's story, it's about testing it. It's about finding the gap really between what's being said and what's actually happening. And here's the truth that most people learn too late. Most bad deals don't go bad after settlement. They go bad during due diligence. But the thing is no one was paying attention. And the financials might look fine on paper.
The seller might seem charming, they might seem helpful, but the risk, the real risks, they're hiding in how the data is presented and what's left out and how the story falls apart when you dig just that one layer deeper. And your job as a buyer isn't just to collect documents. Your job is to ask, what does this really mean? And if something doesn't feel right, that's not paranoia.
That's your investment instinct doing its job. So from here on, I want you to thinking like an interpreter, not an auditor. So let's get into the five core questions that you should ask in every single deal. So whenever I help an investor assess a deal, whether it's just a $200,000 bolt on or a $5 million acquisition,
I always come back to these five core questions and these are the filters that are the guiding framework that help you cut through the surface and see what really matters. So let's walk through them. So first up that I always love to ask, is the revenue real and sustainable? Not just in the top line number, is it correct? But is it repeatable? Is it diversified? Is their customer churn hitting behind some short term wins?
And is it is the revenue the buyer can actually hold on to? Can you actually hold on to that revenue? Or is it going to be tied to the seller's personal magic? Number two, are the expenses understated or manipulated? Have when you look at the PNL and all the costs, so have costs mysteriously just dropped before the sale?
Are they perhaps normalizing things like salaries, rent or even stock that you're going to have to pay for? This is where you catch the profit polishing games. Number three is their hidden debt or deferred liability. Things like say unpaid super tax debts, employee entitlements. They don't always show up in a P and L, but they absolutely show up after you've taken over and by then
They're going to be your problem. And number four question, what role does the owner play in value creation? So are they the rainmaker? Are they the glue? Are they the institutional memory? If they leave, does the business limp or is it really going to collapse? This is one of the biggest drivers of post-sale regret. Buyers step in, I see it all the time and suddenly nothing works without the founder.
And the last question, the last guiding question, what's not being shown? And this here is the X factor. This is really the intuition layer. If you're not being given access to documents, to key documents, if answers feel kind of vague or if something feels perhaps overly rehearsed, you got to ask yourself, why is that? What's missing from this picture?
And why would someone want to hide it?
And if you honestly, if you only remember these five questions and use them like a compass throughout the deal, you're gonna dramatically reduce your risk. All right, coming up, we're gonna look at what red flags you should be watching for. And when the numbers look perhaps a little too smooth. So let's talk about what.
Sam Penny (11:13)
doesn't smell right. Because while most buyers, they focus on the big problems, yeah, it could be like sudden loss or a massive liability. The real issues are usually buried in what looks too perfect. So here are some of the key financial red flags I want you to look for. The first one is a declining gross margins. Are they masked by revenue growth? And this one can be quite sneaky.
because a business might show top line growth, might show great revenue, the revenue might be going up, but gross margin is shrinking. That means that they're selling more, but making less on every sale. And that's not scale, that's slippage. And it usually means costs arising or pricing power perhaps is eroding. The second one is the adjusted EBITDA that's hiding recurring costs. So EBITDA,
You're better known as profit, easier to say profit than EBITDA. Sellers love the phrase adjusted EBITDA, but always ask, adjusted for what? If they're removing expenses that are clearly part of running the business like marketing, like software or contracted costs, you've really got a problem. Don't buy inflated profit, buy the real operating performance.
And the third one is sudden expense drops just before the sale. And this is a classic window dressing of any business sale. Sellers cut marketing, they pause hiring, or they might even delay maintenance to make the profit look better. It might boost EBITDA for a few months, but it's not sustainable. And you're going to honestly inherit a mess. Number four.
Is the owner salary missing or is it artificially low? So if the owner isn't drawing a wage or is underpaying themselves, you need to factor that in because you're not going to work for free and any replacement will need to be paid at market rates. number five, personal perks running through the business. Things like cars, travel meals, family phone plans, all the fun stuff.
If these are being added back into profit, you have to ask if they are legitimate, are they documented? And do they affect the real operating costs? So the simple takeaway here is simple. Smooth numbers are often styled numbers. So don't assume high profit means high performance. You need to dig deeper. You need to ask why, and you need to look for inconsistencies between what's shown
and what's real. So coming up next, we're going to step outside the spreadsheets. And we're going to look at the operational red flags and the numbers and things that the numbers won't reveal.
Now.
Let's look at the things, the signs that things might fall apart after the deal is done. Because here's the truth. Numbers only tell part of the story, but operations tell you how the business actually runs day to day. And buyers get burned, not just by inflated EBITDA, but by broken systems, silent staff turnover, and a business that runs on duct tape and hope.
Here's what I want you to be looking for. So the first one here, there's no written SOPs or documented processes. If the business is built on verbal instructions, things like tribal knowledge or tell we've always done it. You're walking into chaos. You want documented systems, especially for onboarding for things like sales, fulfillment, customer service. If they don't exist, you're not buying a business. You're buying a job.
Now, number two, the owner is still doing the sales, the ops or the approvals. And this really is a huge one. If the owner is still the key person in every critical function, the closer of the deal, the fixer of the problems, the one who signs off on everything, the one who's in every meeting, then their exit becomes really a headache. You'll either have to replace them fast, or you're to have to step in yourself.
And honestly, neither is ideal. The third part is key staff planning to leave or are they under contracts? Staff retention is rarely discussed in due diligence, but it's a real big risk. And you need to ask this one directly, who's staying? Who's on notice? Who's crucial to the operation and get contracts in writing. Loyalty is not a business model. Now, number four.
inflated customer database or unreliable CRM, if they're going to show you 10,000 contacts, but they can't tell you how many are active, how many are engaged or paying, you need to be careful. Always ask for active customers in the last six months. If they can't break it down, their data is either messy or it's intentionally padded. And the last one here of the operational red flags is
the dependency on relationships, not just systems. Because if a customer, if customers stay, because maybe they love Dave in sales or Dave is leaving, then what are you actually buying? A business should run on systems, it should run on the brand and delivery, not the personality and not the handshakes.
And the bottom line is this, if you can't step into the business and run it confidently with the right team and tools, then the numbers don't matter. Okay, next, we're going to look at one of the oldest tricks in the book, the normalization games. This is where sellers play, ⁓ play to make their business look stronger than what they really are. All right, now we're getting into some really important stuff, but also dangerous parts of the process. It's normalization.
This is where the sellers try to explain that their profit is actually higher than what the P &L shows. And sometimes they're right. They are legitimate add backs and adjustments that make sense.
But sometimes they're trying to sell your fantasy. So let's look at some of the most common tricks you're going to come across and what to do when you spot them. So the first one is repeating one off expenses. And you're going to hear this a lot. Oh, that marketing spend that was for a one off can campaign. But then you check the year before. And there's another one, another one off, and another and if something keeps happening every year, and we'll guess what
It's not a one off, it's business as usual. Now, number two, are add backs for items still essential to operations. And sellers love to add back costs like admin support, like tech tools, or even part time staff. And why is that? Well, because they're optional or non core. But if you remove them, the business just doesn't run.
If you need to spend money,
to keep the business functional. It's not an ad back. It's a real cost. Now the third one here is revenue recognition and timing games. And this one's a real sneaky one because pushing a big order into this month, delaying expenses into next month, pulling forward deposits, it creates artificial profit bumps that really disappear the moment you take over.
And you need to look at revenue trends monthly, not just annually and ask, is this performance or is it timing? And the fourth part is unpaid super taxes, staff entitlements, those kinds of things. Cause these don't always show up clearly in a P and L and you need to ask for the ATO portal access, super clearing house confirmations and the liability schedule. You see deferred tax bills can wreck cashflow.
and unpaid entitlements become your responsibility, the business, the day the business changes hands. And the last one here of normalization tricks, lease or loan obligations that are off the books. Sometimes you're to find things like equipment or vehicles that are owned by a related party or there's liabilities buried in other entities. And you need to ask this directly.
Are there any leases, loans or obligations not showing here that the business relies on?
Because if you don't ask, you're going to find out the hard way.
And so what's the bottom line here? If the seller is aggressively adding things back, if they're normalizing half the P &L, or if they're really using term, vague terms like non-essential, you need to dig deeper. The more massaging they've done to make the numbers look good, the more pressure you should apply. Now, up next, I'm going to show you exactly what to ask for in due diligence. And so that you can see the full picture.
Right, we're going to get tactical now. If you're serious about buying a business, you need more than just the P &L statements, you need a lot more than just a few vague answers. You need the right documents. And you need them in the right format, you need them clean, complete and recent. And here's what I recommend for every buyer to ask for and why. So the first one is three years of monthly P &Ls and balance sheet.
not just annual summaries, you need monthly detail. And this lets you see the trends, it lets you see the seasonality, the sudden shifts and any manipulation attempts. Because if you only look at the yearly numbers, you're gonna miss spikes in the slumps that tell you the real story. Number two are the aged receivables and payables. So how much is owed to the business and how much money does the business owe?
Is the business slow in collecting or is it sitting on unpaid bills? And if cashflow doesn't match the profit, this is usually where the issue lies. All right, number three, a detailed list of ad backs and explanations. So if they're presenting adjusted EBITDA, you really want a full breakdown of every single ad back. What is it? Why is it non-recurring?
What would you still incur that...
Yeah, would you still incur that cost as the new owner? And this is where value either holds or collapses. Now number four here is staff contracts and award rates. So who's employed? What are they paid? What's their role? And are they legally compliant terms? You need to make sure that there's no underpayments, that there's no missing entitlements, or even with casual roles doing permanent work. This is both compliance and also a cultural risk.
Number five, we need to look at the lease agreements, the IP register and insurance policy. So are there any landlord risks? Are there expiring leases? Does the business actually own its IP? And also, are all insurance levels appropriate for its operation?
Now number six, the top 10 customers and the percentage revenue per customer. Look, you really need to know if the business is dependent on just one or two big clients because that's a real big red flag. You need to ask for the past 12 months of customer revenue concentration. Also really useful customer churn and repeat purchase rates. And that's if they track them, if they do absolutely fantastic.
And the last thing you should ask for a bank statements for the last six to 12 months, because this is where you verify the story. So do cash deposits match, match claimed revenue? Are there any strange transactions? Are there any personal withdrawals or debt repayments that are just not disclosed anywhere? As a buyer, your job is to be respectfully relentless. It's not about
distrusting the seller. It's about protecting your future. And if they can't or won't provide these documents, that's really your answer. All right, up next, we're gonna talk about the tools and the metrics that help you interpret all of this and help you read between the lines. So now that you've got the right documents, what are you actually gonna do with them? And this is where, in my experience, most...
Most buyers get overwhelmed. They get a stack of spreadsheets and PDS, but no real way to make sense of what they're looking at. What you need are a few simple tools and rash ratios that help you spot the story that the numbers are telling, even if the sellers not saying it out loud. So let's break it down. The first part is the revenue per employee. And this is a great efficiency metric because
All you have to do is divide the total revenue by the number of full-time equivalent staff, and it gives you a baseline so that you can compare it against similar businesses. And as a business buyer, you should be looking at a whole range of different businesses. So if it's unusually high, you need to ask why. If it's unusually low, you need to ask what's missing. It can reveal over staffing. It can reveal founder dependency or
also operational inefficiencies. Now, the second one, a gross margin trends versus industry average. So is the business holding pricing power? Are the margins slipping while perhaps competitors are holding strong? This is really going to tell you about product strength, about cost control and how competitive the market really is. You see,
A declining margin is a red flag and it often gets buried behind growing revenue. The third one is the monthly EBITDA trend. So I want you to create a simple line graph of monthly EBITDA across the last 12 to 36 months and look for any sharp jumps, any drops or any seasonal patterns because this can expose window dressing and also missing costs or even just
unusual timing adjustments. Number four is the customer retention rates or the monthly or the cohort. If the business is subscription based, if it's a SaaS business or service driven, you should be asking for the cohort data. And when do customers drop off? Are they sticking around or are they churning quickly? Retention really is the bedrock of revenue and predictability.
and it's rarely volunteered. Now, the fifth part and the last part of the tools to read is the cashflow reconciliation. So I want you to compare the profit to the actual cash in the bank. Are they aligned or is the business profitable on paper but cash poor in reality? This is really going to uncover receivables issues. It's going to...
uncover tax deferrals or aggressive accrual accounting. The point here isn't to run a full forensic audit. It's to pressure test the story to look for trends to look for mismatches and numbers that say something different than what's being pitched.
If everything lines up, great. But if something's off, now you know where to dig. Now up next, I'm going to show you the specific questions to ask the seller directly, the real ones that open up the conversation, expose what's really happening behind the curtains.
Because you're going to get some important insights in the due diligence that aren't going to come from the documents because they come from direct human dialogue. But here's the problem. And this is what I see so many times. Most buyers just ask surface level questions. They staplight, they stick to the script and they walk away with rehearsed answers. If you want the truth, if you want to really understand the business,
You've got to go off script. You need to ask the uncomfortable questions, the real thoughtful ones, the ones that reveal character risk and reality. So here are my five favorites and I asked these in almost every deal. So the first one, what's the one thing that worries you most right now? Now this breaks really the seller out of pitch mode. You're going to hear things you wouldn't get from a spreadsheet.
Things like staff tension, cashflow timing, or an upcoming competitor. It's one of the most disarming and honest questions you can ask. Right, the second question.
Who are the three people keeping this running? So with this, you're trying to understand who are the linchpins and also really whether they're staying. If all roads lead back to one operations manager, one sales rep, you need to know if they're loyal or if they're leaving. Now, the third question I love to ask.
If I removed you for four weeks, what would break? And this is really a surgical way to test the owner dependence. You're instantly going to find out where the owner is still involved and also where the handover risk lies. And now the fourth question, what would you do differently if you stayed another year? So with this question, it really reveals if...
They still think that things need fixing. Even a proud owner will admit where the gaps are. Once, particularly once they're mentally detached from the business. All right, the fifth question. If you're buying this business today, what would you be worried about? And with this question, it really flips the frame. It asks them to put themselves in your seat.
And honestly, you'll be amazed when they'll share when they step into that role for 30 seconds. Look, these questions, they don't just give you information, they give you tone, they give you emotion.
And quite often, more honesty than you'll find in 100 rows of a spreadsheet. And remember how a seller responds matters just as much as what they say if they're vague, if they're defensive or evasive. That's a red flag. Okay, coming up, I'm going to walk you through a real case study. And we're great due diligence changed absolutely everything.
So I'm going to take you behind the scenes of a real deal because what I'm sharing today isn't theory. This stuff actually happens. And if you don't know, and if you don't do the work during due diligence, you're going to pay for it later. Remember, this is your money that you're putting on the line. And what we're trying to do is de-risk as much as we can through the due diligence process. So let me set the same for you here.
⁓ A buyer came ⁓ looking, they're looking at an e-commerce business, looked pretty promising. Now the seller claimed some pretty strong numbers. It was about 420,000 EBITDA. ⁓ They're also chasing a 3.2 times multiple. And on that, they're asking 1.34 million ⁓ for the price tag. So at first glance, everything looked pretty clean and it did look like an attractive deal.
We looked at everything. The revenue is stable. The reviews were good. The website looks solid, but
We don't take things at face value. So we really started to dig in and here's what we found. First up, we found some hidden staff costs. The owner's spouse and the daughter were working in the business, but they were working in their unpaid and their roles weren't listed anywhere in the organizational chart or even in the payroll file. But they were each clocking about 20 plus hours a week. And so replacing them.
would cost at least $80,000 each year. There was also revenue pulled forward. The previous quarter had a massive sale and that was marketed as a one-off event. But when we looked at the customer file, that campaign had been repeated the same month, years running and both times it was used to spike short-term profit.
right before tax season. Now, the third part was unrecorded debt. So in this particular case, there was a lease obligation on their warehouse that wasn't listed as any liability in the financials. It was signed by a related entity, but backed by the business's trading account. So after adjusting all of this out of the true EBITDA, it dropped down to $310,000 from $420,000.
And the buyer also then revised their offer to a two and a half time multiple. And so the final deal landed at $775,000. It's over half a million dollars less than the original asking price. So did due diligence kill the deal? No, it actually saved it. It stopped a buyer from dramatically overpaying and it gave them leverage to negotiate a deal that really reflected reality.
And the real win because the buyer knew the risks. They went in prepared with a transition plan, a hiring budget and a fair structure. And this is what smart buying looks like. Now let's bring it home. We're going to go into the golden rule of due diligence. I like this part. If you remember nothing else from this session today, I want you to remember this. Don't assume interrogate.
Most deals, they go wrong, not because the buyer got lied to, but really because things were assumed. Things, you know, they might've looked fine, but we didn't ask the right questions. And they didn't push on someone when something fell off. They didn't dig when a number didn't quite line up and they didn't follow, they didn't follow up when a document was in progress, you know, for too long.
You see that quite often. Buyers not ready. Can I have that document? yeah, it's just in progress, but it takes weeks for them to provide it. So here's my golden rule of due diligence. If it's not in writing, it doesn't exist. Verbal promises mean absolutely nothing once you own the keys. And if the seller says, we're finalizing that agreement or we've always done it that way.
You need to pause the process until it's on paper. And if it sounds off, it probably is. Your instincts are smarter than you think. something in the numbers, in the language, or even in the energy feels odd, I want you to follow that thread. One strange answer usually leads to five more questions worth asking. And if the seller resists,
That's your answer. Good sellers, they don't hide. They welcome questions. If they get cagey or defensive, or they go quiet when you ask for details, that tells you everything. Because due diligence is your filter. It's what protects your money. It protects your time and also your future. And the moment you start assuming instead of interrogating, that's the moment risk creeps in. So
You need to stay curious, you need to stay calm and you need to stay thorough and never forget. If the seller's story is solid. They'll want you to verify all of it. OK, next up we're going to talk about how you can take this work further. You can buy with even more clarity and confidence
If you're listening to this on the podcast, hit me up on LinkedIn, on my website or any of my socials. And if this has lit a fire under you this session, if you're thinking, I do want to go deeper, I want to make smarter moves and I don't want to miss anything. Here's what to do next. Because this is where I help buyers take what I've covered today. And we apply it directly to their deal.
into their context, and also their strategy. So here's what I'm offering. Number one is to avoid overpaying. So let's gut check your deal before you sign. Most buyers leave money on the table, or they pay too much because they didn't have someone experienced helping them interpret the story behind the numbers. The second thing is to reduce risk of post deal regret.
And you've heard me saying this, most problems show up in due diligence if you're looking. So let's make sure you're looking in the right place. And third, you can download my due diligence checklist. It's on my website, sampenny.com. ⁓ This is the exact checklist I tend to use with my private clients. And it includes every document request, includes ratios to calculate and
every question to ask the seller all in one clear actionable format. You can grab it right now. So it's really easy. Don't do it right now. After you listen to this. And also encourage you to book a one-on-one investor strategy call with me. And this is where we get specific 30 minutes with me, bring your deal, your concerns, your data, and I'll help you pressure test it, interpret it and decide.
If it's something to lean into or walk away from because remember due diligence is about being suspicious. It's about being disciplined and Discipline buyers make better decisions. You need to get better deals and sleep better at night. So if you're ready to take that next step, I'm here.
we've really covered a lot today. So there's the red flags in the numbers, the questions most buyers never ask. Number three was how to read between the lines. And then lastly, what to request, what to look for.
and what to walk away from. But now I want to hear from you. So what surprised you in past deals or maybe more importantly, what almost surprised you, but you caught it just in time. Maybe you found say, maybe a hidden liability. Maybe the seller glossed over a staff problem. Maybe a recurring customer turned out to be someone who'd only bought once and maybe 18 months ago. These are the kinds of stories that help us
all get sharper. And if you're listening to this on the podcast, I'd love to hear from you. So send me a message on LinkedIn, or reach out via sampenny.com. Tell me your due diligence war stories. I love them all your wins, because the more you share the smarter we all get. Coming up next, I'm going to give you a quick
preview of what we're going to cover in our next session. Cause trust me, you don't want to miss this one. All right.
Now let me show you what we're going to cover in our next built to buy session. So this one's called identifying and pricing risk in a business purchase. It's on the 3rd of July. It's at 1230 PM. And if today was all about spotting problems,
before they cost you next time, really, we're going to take it one step foot one step further. So how do you price that risk into a deal? Because every business has imperfections. It's really about finding a perfect deal. It's about knowing it's about what the risks actually are, whether you're willing to take them, and how to reflect them in the terms in the structure and in the final number.
And in this session, what you're going to learn is how to discount evaluation without offending the seller, when to structure deals to protect your downside, and how to confidently walk away when the risks simply isn't worth the return. This is where smart buyers separate from emotional ones. So make sure you mark it in your calendar, set your reminder, bring a mate.
Always love a party and particularly someone who's looking to
And if you've got a deal in play right now, this next session could save you thousands. And don't forget, hit me up for that 30 minute strategy call. It's free. ⁓ and let's just chat about it until next time. Thanks for showing up. Thanks for being the kind of buyer who digs deeper and remember, don't just buy a business.
Buy it right. I'm Sam Penny. I'll see you next time. Thanks.