🏢 Founder @Due_Dilio: Powering SMB M&A Deals 📬 Publisher @TheBusinessInq: M&A Insights & Opportunities 🌍 Making friends & connections | 💬 DM's open

Miami, FL
Joined April 2012
Just hit publish on the most comprehensive directory of where to source your next acquisition...
Just published the latest and most comprehensive guide on where to source your next acquisition. I present to you the Deal Sourcing Guide by TBI thebusinessinquirer.substack…
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Roman Beylin retweeted
I spent 48 hours in SF hanging out with billionaires, data labs and AI founders and execs running $1B to $100B companies. My observations: 1. Sooo MANY stories of data brokers making like $2M a WEEK selling company data to labs. I can't tell if it's the beginning or a bubble, and I kept wondering which niches are left. Digging into it actively. 2. At dinner, someone asked the table, "If a new model drops next month, does your company get better or worse?" HALF the table went quiet! I think that's the best question to ask about any AI startup right now. 3. The bar people talk about now is hitting $1B in revenue in 12 months (I guess that's the new unicorn?). What I didn't hear much about is retention. AI revenue can come in fast and leave fast, and I think we're going to see a lot of stories of AI companies with huge revenue and terrible retention. 4. It's pretty clear we're living through the reinvention of the computer. The model is the CPU, the harness is the operating system, and skills and plugins are the apps. Thinking about it that way makes it easier to see where the whitespace is. 5. We're maybe 12 months from an agent that can watch you work for a week and then do your job without any instructions. The screen recording plus agent memory plus local model combination makes this possible right now. 6. Agent harnesses feel like the new GPT wrappers, in a good way, especially vertical ones. The best teams I talked to treat the model as swappable. One founder walked me through routing different models to different jobs: one for taste and visuals, a cheaper one for the everyday stuff, another for text. They use prompts they can move across models over fine-tuning, and A/B test the output on what users actually do with it: do they edit it, export it, share it? A vertical harness is basically four things: the connectors for that industry's data, evals written by people who know the work, rules for what the agent can and can't touch, and a clean screen for a human to review. The model is maybe 20% of it. 7. There's a lot of reverse engineering going on/cloning going on more than I've ever seen. People are decompiling software and rebuilding it with agents, and someone showed a suite of like 10 apps that are worth $5B+ each all that he cloned open source. Me and everyone are still thinking through what it means when software gets this easy to copy. 8. My guess is the value moves to data. If the software can be rebuilt quickly, what's worth paying for in a legacy SaaS company is the years of customer data and workflows inside it. Some SaaS companies are secretly data companies. Gets me thinking about how do you truly value data for this saas companies? Like if we were buying these dying saas companies at 2x ARR before (as example), maybe there is a better metric. Idk, just thinking out loud here. 9. It feels like a good chunk of legacy software won't make it to the agentic era, especially anything built around people clicking through a lot of screens. 10. Every company I talked to wants to pipe its internal data into one place and expose it to agents through MCP. Then they look at the data and realize it's a mess: five versions of the same customer, old Slack channels, PDFs nobody can search. Cleaning that up feels like a big consulting opportunity! 11. A lot of founders are building the basic building blocks for agents: APIs, data layers and tools. Some of the companies I saw barely have a UI because the main user is an agent. I really believe the startups that build primitives to this agentic era will do extremely well. Building blocks is the best way to think about it. 12. Labs can get plenty of training data, but it's harder to get real examples of agents failing inside companies. Whoever has those logs has something valuable. 13. Someone running a big consumer company told me the next fight is over memory. The model that remembers the most about you wins, and the smartest model matters less than people think. 14. Physical AI came up a lot. Astra I think was the first model that got people into AI can actually do CAD, and I think a lot of people are thinking what does vibe manufacturing really look like. The line I keep thinking about came from a robotics founder: the hardest problems in AI are deployment problems now, not research problems. Their robots work on their own, call a human when they get stuck, and every one of those calls becomes training data. 15. Cybersecurity companies are having a moment and are actually cool companies to build now, especially the ones that clean up after a breach. Every agent with access to your systems is a new door into your company, and a lot of those doors were left open. 16. Some startups are worth more dead than alive now. A shutdown company with 5 years of Slack, email and code can get paid for licensing all of it. I wouldn't be surprised if founders start factoring that into when they shut down. 17. People are starting to talk about monetizing the agent web. It feels really early, but when the most popular user of the internet is an agent, what startups should you be building? 18. I think agent insurance is coming. Once an agent makes an expensive mistake, insurers will want audits before they cover anyone. 19. Several people said the hire they want most is someone with taste who can write evals. The models are getting good at generating ideas, so the hard part is judging which ones are good. 20. New trend I observed: startup raises VC, uses venture dollars to become a creator, startup fails, founder falls back on being a full-time creator and incubates other products bootstrapped. 21. Getting SIGNIFICANT distribution is HARD right now. Founders are sponsoring buses, buying billboards like crazy and throwing parties with famous DJs to get noticed. Kinda feels dotcom era in that sense. Attention is what's scarce! The growth guy going viral sharing his UGC strategy from Wispr Flow is a good example. It's the sauce everyone wants, and I truly believe there are probably only 50 people on the planet who know how to scale these types of businesses efficiently in this era. Always good to get that dose of SF. I felt sooo lucky to have such an incredible trip during such an incredible time in building businesses. Surreal in so many ways. Happy to be home and locked in. Until next time!
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Roman Beylin retweeted
The worst thing social media did to this generation was make hardworking people feel secretly ashamed of having a corporate job. Every day, millions of capable professionals do high-impact work creating products and services all of you use every day. Then they log off, and scroll online... only to be shamed into thinking they are "wage slaves" because they are not running a solo startup or pitching a digital course. Soooo much BS. It is actually creating a silent mental health crisis, making people feel like failures for choosing stability and order and steady growth over isolated hustle. I think it is a dangerous narrative that is setting many up for burnout and financial disaster, except they will only find that out in a few years... Young people are being sold a total lie that 1-person startups are easy money. The reality is of course that solopreneurship is marketed as ultimate freedom, but for most, it is total isolation. You trade 1 corporate boss for 20 demanding clients, 0 benefits, no safety net, a constant background hum of financial anxiety, it's a 9-5 vs 24/7. I have been working in enterprise for two decades now, and actually just marked 10 years at my current firm. Let me tell you, it's great. While gurus sell fake $99 dreams online, I have spent 20 years getting paid to learn. I have built real compound wealth and operated at a scale a solo founder running on AI wrappers will likely never touch. Corporate is a paid masterclass. It is a protective moat and a foundation for a great life. "Oh but now with AI, everything will change!!!!" No it won't. It never does. It's never different. Or, better, it's always different and it always changes, and it is entirely up to you what you're going to make out of it. It is possible one day I will start my own thing. Sure. I think I'll be really good at it. But if/when I do, it'll be because the opportunity demands it, not because I let an online guru make me feel like a coward for having a steady income. The internet these days glorifies loud hustle over longevity. But if you are really successful, why would you need to post about your freedom every 5 hours?!! Instead... Consider doing it differently. Build your skills, compound your money, and call your own shots when you are ready. All the best.
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Roman Beylin retweeted
IT'S HAPPENING REAL LIFE NYC SMB MEETUP WHEN: Saturday, September 12, 10 AM WHERE: Bryant Park (Memorial Fountain) HOSTED BY: Yours Truly Bring your own coffee and lox bagle Rain or shine Let's talk M&A, bootstrapping, operating, and / or life I don't really care if 5 people or 100 people show up IRL connections are hugely valuable, so let's do this @blueprintsmb22 @RobTerrin @johnnydoesdeals @Goulderbilt @SMBfugazzi @adept_smb @alt_w_v_g @FunlessSponsor @SMBQuest @dsrose @KirkNewcombe @RandBusiness @AgeofHoffman @sourcesandmuses @wraithbrokerage @RhinoVesting @sethmosk @rev_cap @JD_DeYonker @writeclimbrun @IamScottlarson @JoshKozel @fullyork12 @SMBDistribution @leveredvlad @Clearingfog_ @vrexec Sorry if I missed anyone. Bring friends. And retweet.
🤖 Made with AI
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Pretty good development for SBA buyers. The biggest takeaway for me: waiting until late in the process to order a QoE may not make much sense anymore. If a buyer-ordered QoE can be accepted after lender review, that gives buyers more flexibility. But it also makes it even more important to hire the right firm and get the scope right upfront. A QoE can uncover issues with add-backs, margins, customer concentration, working capital, and the quality of the earnings you're actually buying. Now there’s another question buyers need to ask early: Will my lender accept the provider and the work? At DueDilio, we help buyers compare vetted QoE and financial diligence providers, so this is something I’m watching closely. Early coordination between the buyer, lender, and QoE firm is becoming a lot more important.
SBA SOP update: Buyer-ordered Quality of Earnings reports will be accepted, provided the lender has its vendor management company review the QoE and determine that the scope, testing, and results meet both SBA and lender requirements. This is important. Under the new SOP, ordering the QoE early will be crucial, especially for transactions with tight closing timelines. Waiting for loan approval before starting the QoE could create significant delays. Many lenders may even require the QoE to be performed concurrently with underwriting, particularly when a deal relies heavily on add-backs. I have always recommended ordering third-party reports early, including business valuations, real estate appraisals, and environmental reports. Buyers sometimes push back because they do not want to spend the money before the loan is fully approved. I understand the concern, but serious buyers do not want surprises five days before a scheduled closing. If you are serious about a transaction, you invest the money necessary to cross your t’s and dot your i’s. If you are hesitant to order required reports because you do not trust that the loan will be approved, you may be working with the wrong lender. The value of certainty of execution is becoming more apparent with every SOP update. If you do not see the value in working with someone like me, or another broker who is in the SBA trenches every day, you may be approaching this process the wrong way. Also, be mindful of where your SBA lender referrals are coming from. A service provider, including a QoE firm, gets paid for completing its work regardless of whether your transaction ultimately closes. An SBA loan broker gets paid only if the deal closes. If the deal dies, we get nothing. The incentives and level of accountability are simply not the same. But hey, what do I know?
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Please repost! We are considering selling our CPA firm for the right price. Please contact me by email at [email protected] if you have interest. Those with interest I will send more information. 2 Million in annual revenue. Over 40% of the work is bookkeeping and payroll. 3 owners. 2 considering stepping away after transition period and 3rd willing to stay for many years. Over the last 15 years the owners have taken on average 57% of the total revenue home.
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Big change for SBA buyers. If you’re acquiring a $3M business and need an independent QoE, DueDilio can match you with vetted financial diligence providers that work specifically on SMB transactions. Happy to help anyone navigating the new requirement.
The SBA just mandated $20k QoEs on ALL deals above $3M Other pretty big updates: - No investor distributions for 10 years (or until AFTER SBA loan is paid back) 😲 - Huge LOCs changes (good) - Big change in DSCR minimums Unrelated: call me with all your QoE needs!😉
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Please repost! We are considering selling our CPA firm for the right price. Please contact me by email at [email protected] if you have strong interest. 2 Million in annual revenue. Over 40% of the work is bookkeeping and payroll. 3 owners. 2 considering stepping away after transition period and 3rd willing to stay for many years. Over the last 15 years the owners have taken on average 57% of the total revenue home. Thanks!
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Roman Beylin retweeted
Florida…here’s something I’ve noticed. Folks from the outside need to update their mental model about us. You’re still picturing beaches, retirees, and Florida Man headlines. Here’s the actual scoreboard: → $1.8 trillion economy. Just passed Australia. Then Mexico. 14th largest on the planet. South Korea is 2% of growth away. → Three combatant commands. CENTCOM. SOCOM. SOUTHCOM. No other state/region commands more of the world from its own soil. → The Space Coast launches more rockets than most countries have ever launched, period. → The #1 ranked higher ed system in America — and it’s quietly running the largest adult reskilling machine in the country. → A region that could lead responsibly around the convergence of energy/compute/opportunity. Now the honest part: affordability is an existential threat. Insurance, housing, the cost of staying. If Florida wins the world and loses our people, none of the above matters. This is not an Or proposition — it is an And decision. We can build/attract and steward. We aren’t a place with merely a state level economy anymore. We are a nation-state level actor that must define what America will look like in the second half of the 21st century.
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On shoes: 2/10 durability. On's warranty team: 11/10. I've only purchased 2 pairs of On shoes. I currently own 6.
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SMB Twitter hearing that @nikitabier modified the algo
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Roman Beylin retweeted
SECRETARY RUBIO: This is a distinctive and unique evil. It has always been driven by a hatred, above all else, for civilization itself. It is a revolt of the worst against the best; of the weak and the cowardly against the strong and the good. It is perpetrated by those who cannot build, cannot create, cannot achieve great things - and take their revenge upon the world for their own inadequacy by seeking to destroy those who can. This is what radical leftism is. It may wear various different slogans and ideologies across place and time - anti-capitalist, anti-imperialist, communist, anarchist, Marxist - but the fundamental character is always the same. It is a poisonous resentment cloaked in the language of equality, justice, liberation; an overwhelming need to tear down what greater men have built, to wreck what is beautiful and right, on behalf of people who are only filled with ugliness, and have nothing else to offer the world. Through violence and terror, they once again seek to impose their ugliness on all of us. The old dogma was wrong. None of this is driven by "idealism." It is not "utopian" - quite the opposite, in fact. One of the criticisms you sometimes hear of communism is: "It sounds good in theory, but it never works in practice." But that's not true. It doesn't sound good in theory. The world it envisions for all of us is small, flat and gray - leveled of all exception, drained of all that is good and noble in the human soul. It is a world without courage, creativity, or ambition; without heroes or glory or great causes to strive towards. Without miracles. Without myths. Without men who rise above the rest to do incredible and extraordinary things. Without God. For these architects of revolutionary violence, the towering achievements of our civilization are an unbearable humiliation - a reminder of what they cannot do or be. So they choose to destroy. They attack pipelines, railroads, laboratories, power grids: the physical, embodied symbols of power, invention and achievement.
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Hosting an informal ETA & SMB happy hour in Chicago next month. Searchers, operators, investors, lenders, brokers and advisors are all welcome. 📅 August 13 ⏰ 4:30–7:00 p.m. 📍 Fulton Market Drinks and light bites provided by @Due_Dilio. Space is limited and registration is subject to approval: luma.com/4xdseifg
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Chamath Palihapitiya @chamath "Bro, there is no failure." "That is what other people think of you to keep you down. There's no failure. If you were left on an island and it happened, you would just brush it off and move on. It's everybody else that you think is judging you. But then, here's the secret. They don't give a fuck about you. They are living their own lives. So it's your perception of what they think of you." "There is no failure. There's do and learn. Do and learn. Do and learn. Do and learn." @StanfordAILab
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Roman Beylin retweeted
America is running out of places to gather: Bars and clubs per capita have fallen over 60% since the late 1970s, and since 2001 a fifth of movie theaters have shut their doors. Over the past two decades, the country has lost roughly 2,000 golf courses and 7,000 bars and nightclubs. Catching live music now costs a pretty penny: top-tour concert tickets averaged $134 last year, up +42% from 2019. So Americans stay in. Nearly 80% see friends and family less than three times a week. Read that again. America has traded their community for their couch.
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Roman Beylin retweeted
Who in their right mind would build a startup company in Miami?
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Roman Beylin retweeted
A dear friend of mine, and someone many of you know, was recently diagnosed stage 4 lung cancer. He is being seen at Sloan, which is great. I've been reading about new treatments, particularly with AI. I know nothing about this stuff. But I desperately want to help a buddy and know I have a bunch of smart, powerful people in my audience. If there's anyone out there that thinks they can point him into a helpful directly, please email me: [email protected].
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Roman Beylin retweeted
Florida's population losses are compounding. Miami had the 4th-largest population loss among U.S. metros in Q1 2026. Orlando had the 6th biggest. And Tampa lost more people than Chicago. This data comes from Bank of America's internal account data and is a shocking revelation for anyone who thinks Florida's housing market is recovering. People continue to leave Florida due to still high prices, soaring property taxes, and expensive insurance. So much so that a state that was built on massive levels of in-migration of Americans is now losing people in its three biggest metro areas. As a result, don't be surprised if Florida's housing market continues to correct until things become cheap enough to keep people from leaving. Track migration by county at reventure.app/mobile.
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Roman Beylin retweeted
Big shift in narrative. Good for the complex. We’ve been doing same at Third Point from operations, deal process in credit and equity research. Total game changer.
A big pivot from Ken Griffin on AI: “Number one is, in the last few months, there has been a step change in the productivity of the AI toolkit. It is profoundly more powerful than it was just nine months ago. And for us at Citadel, that has allowed us to unleash a much broader array of use cases for AI. And it has been really interesting to watch, to be blunt, work that we would usually do with people with masters and PhDs in finance over the course of weeks or months being done by AI agents over the course of hours or days. These are not these are not mid-tier white collar jobs. These are like extraordinarily high skilled jobs being, I'm going to pick a word, automated by agentic AI. And I gotta tell you, I went home one Friday actually fairly depressed by this because you could just see how this was going to have such a dramatic impact on society. When you witness it in your own four walls, when you see work that used to be man years of work being done in days or weeks, it's like, wow, like that's the first time I've seen real impact in our four walls.” This echoes my own experience with agents and the conversations I am having with students, friends & clients. The toolkit has dramatically transformed and it feels like in finance, for the first time, AI is real.
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Will the AI boom turn into a bubble? No one knows of course, but the analog below shows that we are still on track with the late 1990’s blow-off. The AI vs. Internet chart shows the IIX index back then to the GS datacenters basket now. Both series are indexed to the “birth” of those booms: the Netscape IPO in 1995 and the ChatGPT launch in 2022. For the S&P 500 index, the 1990’s analog also remains on track. We will see how it all ends, or doesn’t. History doesn’t repeat of course, but at the same we also know that those who don’t study history are doomed to repeat it. It should make for an interesting ride, especially as we keep an eye on that left tail.
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