Buying great businesses with @JustinNicholasT | Strong ⛳️ & 🎿 dependence | Go Loggers
Seattle, WA
Joined January 2012
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Traction's group of companies crossed the $100 million revenue mark this April.
@JustinNicholasT and I are proud of this milestone, but as the saying goes, "Revenue is vanity, profit is sanity, cash is king"
We've got the vanity covered; sanity has been fleeting
Peter Bell retweeted
We're hosting a meetup in Seattle on June 20th.
Cc: @JustinNicholasT, @RandBusiness
Core Operating Growth Profile.
Essentially how much free cash flow is generated for every $1 of increased revenue. We’ve learned the hard way and been lucky with a few of our companies. Wish I would’ve read this article earlier
macro-ops.com/cash-flow-its-….
The golden rules of ERP rollout by @SecretCFO couldn't be more true. I went through my first ERP migration about 4 years ago. It was a train wreck for the first 4-5 months. Made every mistake in the book. But has since served as the backbone of the business growing from $15 million to $40 million in revenue. I wrote my lesson's learned post-implementation:
1. Align software to previous business practices. At the end of the day, it is the employees who are carrying out the transactions to keep the business running.
2. Data - Clean-up and understand your data before even considering an ERP migration. If your current system doesn't provide reliable data, you’ve got a bigger issue to take care of prior to an ERP migration.
3. Testing - There is no such thing as too much testing. Prior to going ‘’live’’, spend months with employees in the system replicating issues the business deals with on a daily basis
4. Culture - Clearly communicate to the entire company WHY the business is making the transition. If the saying is, “people don’t like change”, people REALLY don’t like change in their day-to-day duties, especially if they didn’t come up with the changes themselves.
5. Customize - Go with the standard features vs. trying to create customized solutions. We wasted a lot of time working with Netsuite to create customized solutions that we never ended up using. Take what the system gives you, use it for a period of time and then revisit if you need a customized solution.
The first @MainStSummit was top-notch. Hospitality off the charts, genuine people, great lineup of speakers.
Highly recommend attending if you own or operate a small business.
Looking forward to going back to Columbia this year
Excited to announce the second annual @MainStSummit on October 9-10, a festival for business owners, operators, and investors.
Last year welcomed ~1000 people from 8 countries for two days of chatting, learning, and fun.
Tickets: mainstreetsummit.com/
Initial lineup 👇
Water Damage Remediation Investment Highlights:
- non-discretionary spend
- favorable margin profile
- highly fragmented market
- guys will be dudes and set up above ground pools to jet ski in their house
Peter Bell retweeted
@Peterbelll and I are excited to share some of the highs and the lows of growing Traction over the last 5 years!
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.
Peter Bell retweeted
Amazing line up of folks who care about growing the small business investing space. @Peterbelll and I are grateful to be included and excited to be apart of what we know will be an incredible event. Thank you @BrentBeshore, @MainStSummit, and @PermanentEquity for hosting!
We always wanted a gathering place for the SMB community -- owners, operators, investors and service providers -- to meet, learn, and build together.
@MainStSummit was born. Lineup and tickets (starting at $500) are now available.
Grateful for the opportunity to host and serve.
Fresh off @JacklachlanB bachelor party at Silvies Ranch. Having some major Monday withdrawals
Credit to @NoLayingUp video a couple years back for the inspiration. One of the most unique golf experiences out there. Reversible 18 with both being in the top 60 US public courses
Still a developing situation but going through a bit of an existential crisis.
If someone enjoys listening to Tyler Childers, does this make them a country music fan?
Niche accounting question:
Anyone have experience with handling Late Fees in QBO?
There doesn’t seem to be an obvious workaround to Late Fees being applied to “closed” periods based on invoice date. Need Late Fees to apply in the period they are added, not invoice date
I fear the worst that this will be month end JEs to true everything up but hoping to come up with a better system
@CTW_SMB @patrickdichter @guessworkinvest
Peter Bell retweeted
We aren't going to make a habit out of multiple closings in the same week, but @Peterbelll and our team at Traction just closed on our 6th acquisition. I want to thank @SMB_Attorney and @KHendersonCo for helping shepherd 2 concurrent deals with us.
Peter Bell retweeted
We (@Peterbelll) and our team closed on our 5th acquisition this week and we couldn't have done it without the help of @KHendersonCo and @SMB_Attorney This was our first deal that involved a franchisor and @adamwasch was kind enough to put up with ....(1/x)