🤓🚀 SBA, IRS, LOI, oh my...

Good morning! What do you call an entrepreneur who works out of a garage?

A “start-up.”

Ouch. Anyways, let's take a look at this week's trending content.

TRIVIA

Which recent year saw the most businesses started in US history?

• 2023
• 2022
• 2021
• 2020

(answer at bottom)

NEWS

Headlines

• The SBA is unveiling new credit lines of up to $5 million to fund small businesses
• IRS to reject billions of dollars in ‘improper’ pandemic-era small business tax credit claims
• Miami-based company launches AI platform to help small and medium-sized enterprises with their business challenges
• Wyoming, Delaware, and Montana are the most entrepreneurial states of 2024 so far. It might be due to business-friendly taxes.

FEATURED

Business Buying Masterclass Session #10: You're under LOI, Now What?

Congratulations on making it through the toughest part: getting the seller and broker on board and finalizing your Letter of Intent (LOI).

Now, where do you go from here?

In today's session, our goal is to help you navigate the post-LOI deal roadmap.

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IN PARTNERSHIP WITH SMBASH

If you can only go to one…

The original self-funded search conference and networking event uniting small business buyers, operators, and investors. Join us as we learn together, inspire with innovative ideas, and build powerful networks to revolutionize the small business ecosystem. Hear it straight from attendees 👇🏼

“I hope all my SMB friends have a great time at @SMB_ash! That conference was an inflection point in my life.”

“Glad I found this community. It’s amazing to watch people just flooring it towards massive goals. Excited to meet a bunch of talented, cool people!”

“So, SMBash? Yeah, it was more than just panels and handshakes. It was the spark that's got us all charged up for the next big leap in our ETA adventures. And we're just getting warmed up.”

Start your journey

ACQUISITIONS

Why You Need a CRM When Searching for a Business to Buy

If you’re planning to buy a small business, you’ll face some tricky challenges. There’s a lot to keep track of, from finding good opportunities to talking with people who can help you close the deal. That's where a Customer Relationship Management (CRM) system comes in handy. This blog post explains why a CRM, especially one designed for business searchers like you, is essential.

What is a CRM and Why It’s Important for Business Buying…

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OPERATIONS

Unlocking the Power of KPIs: A Guide for Small Businesses

As a small business owner or operator, it’s important to always be on the lookout for tools and strategies that can give your business a competitive advantage. Key Performance Indicators (KPIs) are one such tool that can help you gauge your business's health and guide strategic decision-making. But what exactly are KPIs, and how can you use forward-looking KPIs to not just measure results but also anticipate them? This guide will walk you through everything you need to know about implementing KPIs in your small business.

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• “PacSun has become the #1 store on TikTok Shop in the last week. It's from leveraging "Under Retail" pricing. Here's how they did it:”
• “WSS: Here's how to turn $30,000 to over $3,250,000 in 10 years. This is from a deal we recently closed.”
• “I’ve spent HUNDREDS OF HOURS finding tech tools for my businesses. Save yourself the hassle and just use these:”
• “Here’s the 13 step guide of how you SHOULD manage your cash flow:”

See More Great Tweets

TOOLS

Leveraged Buyout (LBO) Model

A Leveraged Buyout (LBO) Model is a powerful financial tool that enables small and medium-sized businesses (SMBs) and searchers to acquire other companies with minimal upfront investment. At The SMB Center, our LBO Model is designed to be straightforward and user-friendly, making it accessible even to those without extensive financial backgrounds. The model even includes levers and terms that are specific to search.

Check it Out

FUN STUFF

Photo Credit: Disney

• She grew up helping her grandparents run a shoemaking shop. In college, she came up with a plan to save it.
• 'Inside Out 2' blasts past 'Dune 2' as 2024's biggest movie
• Stories from last week’s Seattle SMB Meetup
• Caitlin Clark-Angel Reese Part III is the most expensive ticket in WNBA history

SHOP

Finance Bro Bundle 🚀💰

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TRIVIA ANSWER

2023 saw the most new businesses started in US history with 5.5 million businesses.

The top 4 years in history are, in fact, the last 4 years in this order:

• 2023: Approx. 5.5 million new businesses
• 2021: Approx. 5.4 million new businesses
• 2022: Approx. 5.08 million new businesses
• 2020: Approx. 4.38 million new businesses