Hey all,

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Happy New Year, let's all have a BIG 2024 - here's what's interesting...

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→ The most important question to ask a seller.

→ They said markets would tank in 2023, but they didn't - what do they think is in store this year?

→ Raising a fund sucks right now.

→ BTC halving, nervous?

→ Deals Corner.

→ Uber for short-haul private flights & more.

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Let's go.

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Acquiring a business?

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Typically, if you are looking to buy a small business, one of the very first questions asked is - why are you selling?

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In many cases, that's where this particular line of questioning ends, but it really shouldn't end there.

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They're prepared for the question, and you will undoubtedly receive a prepared answer.

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Assuming retirement is not the reason, why would a founder want to sell a profitable, growing small business?

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1. Fear and uncertainty.
2. Burnout - meaning the business is a time suck or they have no idea what they're doing which means due diligence will be more of a pain.
3. They screwed up somewhere in planning and forecasting and they want to pass it off before they have to pay for it.
4. They foresee regulatory issues, stiffer competition, or trend shifts.
5. They're broke - why?

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There's plenty more underlying reasons, but most of the time you'll hear something like how they're "pursuing other opportunities." They need the capital to "fund another project."

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Go deeper and really explore this.

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It costs time and money to review acquisition deals.

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Ask this question first, and keep digging until you are satisfied.

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In the SMB market, valuations aren't really blowing anyone's mind so if they have a business kicking off cash every month - why sell?

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QUALITY READS

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🤑 Remember all the expert predictions that stocks would tank last year? Oops. A harsh reminder of all the things they got wrong in 2023 to those who follow expert advice closely. (non-paywall version)

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🤑 On that note, what's in store for the U.S. economy in 2024? From pondering potential economic growth and job market trends to forecasting the future of house prices and inflation.

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🤑 Amazon has chaaaanged. It used to be a somewhat reliable marketplace, now a global flea market which kinda sucks. Some say it could be its total destruction. Consumers are navigating a labyrinth of unpredictable quality and hidden international connections - and they don't like it. (non-paywall version)

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🤑 In the PE world, fundraising is at its most challenging level since 07-09. Firms are sticking to a more cautious investment strategy. A weird shift that brings in a future of careful financial planning and alternative funding sources. (non-paywall version)

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🤑 Working with an influencer is a complex blend of trust, authenticity, and operational excellence. The true magic of influencer success lies in their deep-rooted connection with their audience, commitment to product quality, and smart business operations, not simply follower numbers - look deeper.

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🤑 The Bitcoin halving, set for April 2024, might just F-up the crypto world. Get the lowdown on potential impact on your investments and get ready - could be a game-changer.

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🤑 +$70 billion of ad money spent on invalid traffic projected for 2024, up 33% from 2022. It's not even just the financial loss but also the impact on marketing strategies and budgeting. Understand the trends, refine your ad strategies, and spend smarter on more accurate metrics.

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🤑 Inflation's slowing and interest rates are rising. This means opportunity. Those 2022 bonds you bought now offer lower yields, so better returns are had in the evolving financial landscape of the now.

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🤑 Be a tax efficient investor. Understanding how taxes affect your returns is suuper important. This is helpful to get an understanding capital gains taxes, investment types, and strategic saving options like 401(k)s and IRAs, so you can keep more dollars at work.

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🤑 The allure of the penthouse. It isn't just about luxury, it reflects a deep-seated relationship between wealth, lifestyle choices, and well-being. Our financial decisions impact everything from where we live to our life expectancy, challenging us to rethink the true cost of our choices.

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🤑 The messy reality of our beliefs are shaped by personal experiences and emotions. Morgan Housel's reminder to approach others' views with empathy and a sense of humor, recognizing that our own views might not be as spot-on as we think is a refreshing read.

​SPONSOR

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​Build Your Snowball. Compound what matters.​

Snowball is a private community of experienced entrepreneurial investors creating meaningful wealth.​
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How?

1. By building companies for the long term.
2. By investing directly in the SMB ecosystem.
3. By creating a life where personal growth, health, and strong relationships compound over the decades.

If you’re looking for a like-minded community of accomplished doers, a place for deal flow and growth talk, and a place for long-term thinkers... you’ve found it.

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👋 Apply for membership at SnowballClub.com​

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The Extras

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→ If you can figure out when and how to effectively use slow motion in your campaigns, you can boost engagement and positive ratings, especially with complex scenes. Research says so.

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→ 2024 is the year to make connections count. The real magic lies in authentic engagement and personal connections. Digital or at conferences, the key is in how you present and engage, not just where.

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→ KinectAir is the Uber of private jets. Short haul travel could get way cooler.

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DEALS

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Where do you find a community for visionary entrepreneurs and investors? ​ Right here. ​ Come join us: Apply here.​

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🔴 MEMBERS ONLY 🔴

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Great chats and threads from the community you may have missed…

• Anyone here go through with getting a prenup and have any advice? Either dealing with their lawyer, the prenup itself, or anything else?
• Andrew is looking to set terms of a loan and needs feedback on expected rate.​
• Matthew looking for advice after exiting a business and needs to add productive, income-generating assets.
• Travis wants to know the best way to get access to US treasury bills without being a US citizen.
• Mark is looking for some guidance on whether to DCA or lump sum, pros and cons of each.​
• What percentage of your net worth is cash?
• Friendly Reminder: Do your tax-loss harvesting! ​
• ​Journaling - what works for you?
• Tax Question: I've been living under a rock and just learned about the Peter Thiel's massive Roth IRA. TL,DR: Peter Thiel put shares of PayPal into his Roth IRA at a stupidly low amount ($1700), and thus is able to have $5B in it TAX FREE. Question for the group: Has anyone done this with a private company of theirs?
• ​Restaking is going to be the dominant narrative in 2024 and the largest protocol launch we’ve seen in years.
• Currently disclosed spot bitcoin ETF fees.
• Shlomo is contemplating adding more money into NEXO platform. Are there better options?
• As we appear to be in another crypto bull market, the lucrative opportunities are popping up again. What good funds are available to invest in crypto?

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In Snowball...

• Recent group call with Damien Forsythe (recording here) on Digital Marketing, Ads, Agencies & Ecommerce.
• The Resources section is full of awesome stuff and constantly updated.
• Just added: A MONSTER reading list, and recommended Youtube channels.
• Every week you'll find new curated online business acquisition deals - Saas, Websites, Apps, Agencies, & Ecom businesses. As well as...
  • ​Real Estate deals
  • ​Start Ups​
  • ​General investment opportunities
• Periodically Travis will host a guest in a 'Fireside' chat - Members can access recordings of all our Fireside Chats anytime here.​
• You'll also find group deals for software and other membership and subscriptions.

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Disclaimer: Not financial, investing or tax advice. This newsletter is strictly for information, entertainment and education purposes. Nothing in here is investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your professional advisors. Do your own research. There will also be affiliate links in here from time to time because we like free money.