Roo and Lonnie,
I am wonder if you two have ever run a small business? If you have, you would understand that things do not get done overnight. I currently am a business owner (of a profitable and growing business, btw) and we have been looking into an acquisition for over 7 months now! Between finding the right company, to doing an initial check on them, to getting basic financial information, to getting sales/market information, to getting an idea of how/who their business runs, to drafting a letting of intent, to negotiating a letter of intent, to performing 60 days of due diligence, to getting pro forma data on all their clients/jobs, to getting all the information the attorneys and accountants want, to deciding what advise to listen to or not listen to from your strategic advisors, to renegotiating the agreement based on your DD, to finally agreeing to terms......you get my point. I haven't even started talking about financing the deal, which is a whole new ball game!
If you are in this for the short term and are not comfortable with your research, then get out now. If you are sure of your research then sit back and let things happen. Understand that things take time. Understand that you will not make $1 million dollars overnight. Patience.
Cheers,
Dave |
