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3X Your Revenue, $0 Down: The Secret Acquisition Playbook with Tom Shipley Part 2 | PT EP 608
19 ideas de marketing sacadas de «3X Your Revenue, $0 Down: The Secret Acquisition Playbook with Tom Shipley Part 2 | PT EP 608», de Perpetual Traffic…
- 19 ideas despiezadas
- Fuente Perpetual Traffic
- Dura 31 min
- Publicada en 2024
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Vincular las cuotas de pago de una adquisición al rendimiento y flujo de caja del negocio
Estrategia y decisiones de negocioAl financiar la compra de un negocio mediante pagos aplazados al vendedor, se deben incluir cláusulas de ajuste proporcional: si la facturación o los beneficios caen (por ejemplo, por pérdida de clientes tras la transición), el monto de la cuota periódica se reduce automáticamente sin alterar el total garantizado del pagaré. Esto protege el flujo de caja del comprador y evita poner en peligro la continuidad…
Um, and typically whatever I buy, I like to have standard payment terms, but I also like to have levers onto that, that if the, if I have to pay, for example, on a business, let's just, it's not associated with this one. Unless you have to make a $20,000 payment a month, but I like to have it where they're guaranteed the overall amount of the note. But if the profit of this business or revenue drops, they lose a few clients, whatever, that I can actually reduce the payment proportionally. So it's a safeguarding from a cashflow. So it's not a massive drain on my business. And again, I'm…
Escúchalo en el minuto 12:30
Estrategia y decisiones de negocioPara adquirir agencias integrando solo el back-office y manteniendo su autonomía operativa, conviene estructurar el pago en una nueva LLC con 70% en efectivo (5% al cierre y el saldo financiado a 4 años con interés) más un 30% en acciones preferentes convertibles que se revalorizan a los 12 o 24 meses aplicando el múltiplo original al nuevo beneficio generado.
So the structure that I like to do because basically is, and again, it's the way we're structured. I like for the agencies that we acquired. I like to integrate the back ends, the accounting, HR, the IT pieces. We try to do that in a very non-destructive way to the agency and their clients and everything else. But let them operate as their own independent unit because let them keep on driving the quality of the work, how they do the work, their deliverables and getting in clients. And typically, and therefore what I'm doing is I'm protecting myself. So what I've done is I basically, every…
Escúchalo en el minuto 17:54
Estrategia y decisiones de negocioAnte cualquier duda o fricción en los términos legales de compraventa, el comprador y el vendedor deben comunicarse directamente por llamada para resolver malentendidos, limitando a los abogados a plasmar los acuerdos legales sin dejar que negocien las condiciones comerciales.
If anywhere in this process, you're giving any hesitation, you think that something isn't sitting right with you. I want you to text me. We're going to get on the phone and we're going to talk about it because the furthest from the truth, and it could be something my attorney put in there that was an, oh shit, they made a mistake. We use standard forms and everything to make sure they're always fair, but things come up where there's going to be misinterpretation. And most of the time it's miscommunication. So, and that's the way, Ralph, I get through a lot of issues is consistent calls. If…
Escúchalo en el minuto 15:09
Estrategia y decisiones de negocioEn la compraventa y negociación de empresas, el precio nominal es secundario frente a los términos de pago: se puede conceder una valoración elevada siempre que los plazos y cuotas de pago se financien holgadamente con el flujo de caja operativo del negocio adquirido.
What if I told you that what you have to pay, you're going to pay $100,000,000 for that. You're going to back it, the backing of the agency itself, LLC, that you create for this. That's going to guarantee it. And you're going to have to pay them $1,000 a month. Would you pay that? Would you buy it for $100,000,000 and only that's $1,000 a month? I think it's more important on terms. Well, you're generating $200,000 a year in profit and it's costing you $12,000 a year in payments. Okay. So the reason why I brought this crazy example is your price, my terms. My price, your terms. But then the…
Escúchalo en el minuto 7:37
Estrategia y decisiones de negocioPara calcular la rentabilidad real de un negocio antes de comprarlo, es necesario normalizar el EBITDA ajustando la compensación del dueño actual frente a lo que costaría contratar a un profesional en el mercado para cubrir sus tareas operativas.
So let's say that it's a $200,000 EBITDA consistent. Now, when I say $200,000 EBITDA, their earnings before interest, tax depreciation, amortization, but basically it's their cashflow, their consistent cashflow. So the next thing I just want to make sure is, that, is that the real picture of the business is where my accounting team comes in and we quickly determine is, the, um, is the owner salary $500,000. So to replace them, I can replace that person with a hundred thousand dollars. So the income in that business really isn't $200,000. It's really, it's really making, uh, three or $400,000.
Escúchalo en el minuto 4:27
Priorizar la compra de activos sobre la compra de acciones al adquirir un negocio
Estrategia y decisiones de negocioAl adquirir una empresa, es preferible estructurar la transacción como una compra de activos (asset purchase) en lugar de una compra de acciones (stock purchase). Comprar las participaciones o acciones traslada la responsabilidad legal y financiera de litigios o pasivos ocultos del pasado, requiriendo auditorías (due diligence) exhaustivas y costosas, mientras que la compra de activos limita la adquisición…
But when you buy a business, you should typically always buy, do an asset purchase. I'm going to say that almost every single time there might be an exception of what's in between the asset purchase and, and a stock purchase. A stock purchase means that I'm buying the actual membership units in the LLC or the stock of the business, which means that any liability or lawsuits that are out there from the past that you don't know about that the owners didn't disclose or that they don't know about. You could be liable for because you bought this entity. In order to buy one, that's a stock…
Escúchalo en el minuto 11:00
El encaje cultural y la confianza mutua son filtros no negociables al adquirir una agencia
Estrategia y decisiones de negocioEn la adquisición de empresas de servicios, ningún contrato legal puede compensar la falta de confianza personal o un desalineamiento cultural. Dado que las agencias dependen enteramente de su talento humano para retener contratos de clientes, una incompatibilidad cultural suele derivar en la fuga de empleados y la pérdida del valor del negocio.
I'll start with this is from your first conversation to buying whatever agency you're buying, you're doing three things. One is you're building relationship or rapport that they can trust you. You, you're actually identifying, can I trust this person? And if you have a gut feel that I can't trust this person, then don't do the deal. Walk away because I don't care how perfect your agreements are. There's no such thing as that an agreement can be crafted perfectly enough to get past people you don't trust. And sometimes you feel like you don't trust one, someone will bring out the worst…
Escúchalo en el minuto 1:10
Estructurar adquisiciones mediante capital convertible en una subsidiaria aislada
Estrategia y decisiones de negocioPara adquirir un negocio mitigando riesgos para la empresa matriz, es recomendable comprar los activos a través de una LLC subsidiaria independiente y otorgar al vendedor participación en dicha entidad, con la opción de convertirla en capital de la matriz o recomprarla por efectivo tras un período de 24 a 36 meses.
It's convertible to the parent, but I keep it isolated. So if it basically is, I'm protecting in certain ways, I'm protecting the parent in case the falling knife falls off, they disappear, the owners, whatever. So I'm giving some protection in that, but they, then I'm giving them the incentive that they can have a more meaningful piece on it. You know, is that I, is that I, the option that period of time either to buy out a percent of that for cash. And again, if I think it's better for me to doing that, or I'm going to roll it up in the parent company is pure equity. So in this case…
Escúchalo en el minuto 20:22
Adquisición de productos validados frente a I+D interno para mitigar el ciclo de vida del producto
Oferta y precioPara empresas que dependen de compra de medios, adquirir marcas o productos complementarios que ya están validados en el mercado es menos riesgoso que crearlos internamente desde cero; esto evita acumular inventario no vendido por intentos fallidos de I+D y contrarresta el declive natural del producto principal aprovechando la infraestructura de distribución existente.
What I'm talking about is from a product perspective where you need to put media behind every product. And typically you launch a product. It sits in the warehouse with basement minimum you order and you're just growing and growing your inventory and then taking shots that you're going to find your next big home run and your next hit. And I've seen more businesses get into trouble with this as their lead product over time dies. If they would just go out and say, what are the same products that our customers are buying or that it's the same but different products so I can own this niche and…
Escúchalo en el minuto 25:33
Estrategia y decisiones de negocioEs preferible contratar abogados especializados en fusiones y adquisiciones que cierren decenas o cientos de transacciones al año en el sector objetivo, ya que su conocimiento de los estándares reales del mercado permite educar al vendedor y destrabar términos no convencionales de pago.
The other thing that I strongly recommend is your M&A attorney. Your best case when you're buying companies, not using an attorney who's done, does three to five year deals a year. Have an experienced one that is a deal maker and a deal breaker. The attorney that I finally found after all these years, she does a hundred transactions a year. A third of which are e-com, a third of SaaS, and a third are agency deals. So when we get on calls, typically with sellers, she's educating them. And she said, let me tell you what market is. I've done 30 deals this year in the agency world. And let me…
Escúchalo en el minuto 15:56
Expansión de múltiplo y valor corporativo mediante agregación de EBITDA (Roll-up)
Estrategia y decisiones de negocioLa consolidación de negocios bajo un holding (roll-up)—aplicable a agencias, SaaS, e-commerce o servicios locales—incrementa el valor corporativo total debido a que un EBITDA consolidado más grande accede a múltiplos de valoración significativamente mayores en el mercado.
Everything that you've said here can be done and can transfer over to any type of business. But the answer is it doesn't matter. It doesn't matter. Your SaaS e-com. If you have repair shops and repair shops are wonderful roll ups, it really doesn't matter. It's all the same economics. And as you increase the size of the EBITDA and you bring these organizations together, you get the the increased value with the whole enterprise is powerful.
Escúchalo en el minuto 24:07
Oferta y precioLa estructura financiera y contractual para adquirir un negocio debe adaptarse a la necesidad particular del fundador: si requiere liquidez inmediata aceptará un descuento significativo sobre el precio, mientras que si busca estabilidad para su equipo y preservar patrimonio, responderá mejor a pagos recurrentes o esquemas de flujo constante.
So when you finally get in, then your also goal is to understand their motivation. That should be driving your deal structure. You understand, do they have a medical emergency and they need cash, but therefore for a little bit of cash, they're willing to take a massive discount because they need it right, right away. Again, I'm throwing extremes. You don't know what someone's narrative is, is they've done very well financially. They're sitting on tons of cash. They want a great home for their, their people and they want consistent cashflow coming in. Great. Create a deal structure based on…
Escúchalo en el minuto 3:05
Oferta y precioLa estructura financiera y contractual para adquirir un negocio debe adaptarse a la necesidad particular del fundador: si requiere liquidez inmediata aceptará un descuento significativo sobre el precio, mientras que si busca estabilidad para su equipo y preservar patrimonio, responderá mejor a pagos recurrentes o esquemas de flujo constante.
So when you finally get in, then your also goal is to understand their motivation. That should be driving your deal structure. You understand, do they have a medical emergency and they need cash, but therefore for a little bit of cash, they're willing to take a massive discount because they need it right, right away. Again, I'm throwing extremes. You don't know what someone's narrative is, is they've done very well financially. They're sitting on tons of cash. They want a great home for their, their people and they want consistent cashflow coming in. Great. Create a deal structure based on…
Escúchalo en el minuto 3:05
Estrategia y decisiones de negocioPara negocios o agencias pequeñas con aproximadamente 200.000 $ de beneficio (EBITDA), el múltiplo de valoración estándar en el mercado se sitúa habitualmente entre 1,5x y 2x, con un máximo de 2,5x.
And again, for $200,000 businesses between one and a half max, two and a half times max. Typically it's one and a half to two for $200,000 from that perspective.
Escúchalo en el minuto 8:42
Estrategia y decisiones de negocioPara negocios o agencias pequeñas con aproximadamente 200.000 $ de beneficio (EBITDA), el múltiplo de valoración estándar en el mercado se sitúa habitualmente entre 1,5x y 2x, con un máximo de 2,5x.
And again, for $200,000 businesses between one and a half max, two and a half times max. Typically it's one and a half to two for $200,000 from that perspective.
Escúchalo en el minuto 8:42
Estrategia y decisiones de negocioLimitar el crecimiento exclusivamente al desarrollo orgánico reduce el potencial de escala de una empresa; el rol estratégico del líder directivo es buscar apalancamiento y retornos asimétricos mediante adquisiciones de negocios probados a los que su infraestructura operativa y de marketing pueda inyectarles aceleración.
The highest best use of any CEO's time is acquisitions. Our responsibility as CEO is to use leverage, however we can find it, and reduce the risk and create an asymmetrical opportunity in return for the future. It is our responsibility as entrepreneurs and founders to do that. It's a different way of thinking about how to grow. And I think once you – for me personally, it was like breaking out of the mindset, oh, the only way I grow is I just grow organically. You can certainly get to a level to that. But then at a certain point, like the reason why we're doing this show here today is to just…
Escúchalo en el minuto 27:30
Requerimiento de capital de trabajo en el escalado de marcas de producto físico
Estrategia y decisiones de negocioEscalar una marca de producto físico hasta 35 millones de dólares en facturación requirió 7 millones de dólares invertidos en capital de trabajo (principalmente inventario y crecimiento), a pesar de que el negocio era rentable en todos sus canales.
Can I tell you how many one of our brands that we launched along the way is it was financially great in every channel we launched. But because of the size and the scale and the economics of the model, we were seven to build this thirty five million dollar brand. We were cash invested seven million between inventory and everything else we had to grow. And it was profitable. But we were cash invested at seven million dollars.
Escúchalo en el minuto 24:44
Benchmark de facturación por empleado (FTE) en agencias de servicios
Medición y experimentosUn punto de referencia operativo común en agencias de servicios es generar aproximadamente 100.000 $ de facturación anual por cada empleado equivalente a tiempo completo (FTE o contratistas regulares).
I mean, with that type of business, it would probably be, I would say easily $100,000 of revenue per FTE, which probably isn't a W-2. It's probably a 1099. So it's a million dollar agency. It's probably a, it could be a five to 10 person agency.
Escúchalo en el minuto 9:11
Estrategia y decisiones de negocioAproximadamente el 80% de las negociaciones de compraventa de empresas no llegan a completarse, incluso después de haber firmado una carta de intención (LOI), y típicamente un acuerdo entra en riesgo crítico de cancelarse entre 3 y 5 veces durante el proceso debido a la fricción generada por abogados y contables.
It's just, it's bound to like every, every, uh, not only that, but during the negotiation process from start to finish from initial talks to actual closing date, the deal is going to die at least three to five times. I said, understand that the challenge we have in this process is that your, uh, your attorneys and your accounts are there to protect you. The way they protect you is to show you how evil and how there's something nefarious in everything that we're doing. They're going to try to create this adversary and they're going to also show you how the business deal, whatever you…
Escúchalo en el minuto 14:00
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