Colin Keeley – How to Buy a Small Business

How to Buy a Small Business By Colin Keeley

Learn How to Buy Your First Small Business
Join 500+ students outsmarting startup hustle culture. Get the tools & network you need to find and close a small business acquisition.

•  Source, evaluate, & negotiate acquisitions
•  Secrets to finance & put little money down
•  All the templates we use to close deals

500+ happy alumni are now their own boss
In the age of rising prices, Colin’s Micro-PE course is the highest ROI you’re going to find in your search for a business to acquire.

It’s full of real ‘meat and potatoes’ content, actionable, real world advice and is a blueprint for searching for and closing on a micro SaaS or other digital business.

Never mind the added bonus of plugging in to a community of people with the same goal!

Acquired Apex Motorsport (online retailer)

 Link Moser

I found Colin’s Indie PE course to be very valuable, and most importantly, very actionable. He hits on all the key topics in a thoughtful sequence with excellent frameworks and templates to work from. No brainer ROI. Highly recommend.

Acquired business management SaaS for creatives

 Kjael Skaalerud

This is a really good course to learn about small business acquisitions.

Tons of great intro content, templates and tips for both beginners and those already searching for something to buy.

‍Acquired StandupBot & Launched Sidenote (SaaS holding company)

 Daniel Zacarias

Starting companies is hard.

If you are here, you probably already know that.

Startups fail 90% of the time.

And if they survive they rarely reach $1 million in sales and even more rarely $100k+ in profit for the entrepreneur.

I know because I’ve been there. Dozens of times.
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Wandering in the wilderness with a new startup. Trying to find the elusive product-market fit.

You work really hard just to find a few customers. Way harder than anyone ever should.

And in the end, you rarely have anything to show for it.

What if you could skip the broke wandering in the wilderness phase?

And instead, make real money on day one.
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This is what I am here to teach you. How to be an entrepreneur through acquisition.
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Buying a small business may seem scary, but it doesn’t have to be.
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I’ll share all I’ve learned during these last 10+ years buying and building businesses.

This comprehensive step-by-step course will teach you how to buy your first small business and save you from some of that time and frustration.
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I have an MBA from the University of Chicago, but realistically I figured most of this out by trial and error.

​​I wasn’t handed anything and you won’t need to be either.
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This is the path that no one ever tells you about. Not your boss. Not your teachers. Not your parents.

It took many years of observing how others approach buying businesses, doing my own deals, making a thousand mistakes, and finally finding solutions that work.
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Eventually, I got it down pat.

Cash flow delivered while you sleep.

Although I’m constantly learning something new, I have discovered many things that work for me every single time.

I will walk you through my entire process. From the way I find businesses to buy, my thoughts on what to look for when evaluating a business, how to negotiate a price and creatively structure a deal, and finally how to close and ensure a successful transition.
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I’ll share my templates for everything and walk you through deals we’ve done. You will see my thinking each step of the way so you won’t have to guess what to do next.

This is not a course for entertainment.

I am here to help you buy a small business yourself. Not waste your time with high-level stories.
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I want to change your life and make you an owner.
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We will outsmart the startup hustle culture while still achieving the business owner’s lifestyle.

This isn’t a get-rich-quick scheme. It takes work.

But together we will put you on a path that all private equity people know to consistently generate wealth and freedom.
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You can replay these videos and return to these templates as many times as you wish. No rush.

At the end of this course, you will have the confidence and tools to buy your own small business without fear.

What you’ll leave with

1 A Concrete Plan

Understand your skills, decide on what your target deal looks like, and set up your legal entity to be ready for your acquisition.

2 Streamlined Search Process

Finding the perfect business to buy is hard. We will start to build top-quality deal flow together. You don’t have to settle. By the end, you will have contacted brokers, owners, and marketplaces in your space.

3 First Deal Analyzed

How do you know if you’ve found a great deal? We go through how to diligence your deal qualitatively and quantitatively with financial modeling templates and diligence checklists.

5 Creative Finance Options

We go through creative ways to fund and structure your deals for maximum returns and minimum money upfront. You don’t need as much money as you think you do.

6 Confidence to Close

When you find the right business to buy, you will have the resources, tools, service providers, and network needed to close quickly.

All the Templates & Resources to Complete an Acquisition

 Letter of Intent Template
Show that you are serious about continuing towards a purchase.

  Non-Disclosure Agreement Template
Enforce the confidentiality between the buyer and seller.

  Purchase Agreement Template
Put the terms of your acquisition into writing with this contract.

  Deal Structure Examples
Be inspired by how others are structuring deals with these real-life examples of low upfront investment.

  Outbound Email Scripts
Use these templates to find new businesses to buy without competition.

  List of Deal Sources
An ever-growing list of marketplaces, brokers, and other sources to find opportunities.

  Diligence Checklist
(Asset & Equity Purchase)
Make sure you dot all the I’s and cross all the T’s before closing a deal with our checklist.

  General Transition Guide
After you close an acquisition, make sure it is smooth transition and nothing is lost.

  Financial Modeling Template
Model out your acquisition financials in this simple to understand sheet. No MBA required.

  Building Own Dealflow Live Example
We walk through building out a list of prospects that fit your ideal business to buy and how to find their contact info.

  Negotiation Walkthrough Live
Be ready with responses for all the different possible situations that come up in a negotiation.

  Business Valuation Cheatsheet
Not sure what a business is worth? We walk you through what different types of businesses are worth so you get a great deal.

TESTIMONIALS

Say goodbye to working on someone else’s business

Of the three ETA courses I’ve taken, IndiePE represents the best overall ROI by a long shot. I especially appreciate Colin’s philosophy of abundance, desire to build up the ETA community and unique insights into software focused ETA. Colin’s built something special, and I’m grateful for his generosity in sharing his experience with the ETA community. I just wanted to share a personal note of gratitude.

 Edward C.

Colin’s course was really instrumental in me getting out there, looking at deals, making offers, and now closing one!

He breaks it down step by step: how to search for deals, how to evaluate them, and how to close them.

But most importantly, Colin’s kind and direct demeanor shines through. It’s very apparent he treats sellers with respect while still insisting on a great return for him and his team’s time and money. And he’ll teach you how to do just that in this course!

Acquired Quickstaff (SaaS for event staff)

 Mingwei Gu

The Micro PE course clearly and concisely covered a wide range of topics at a depth that fast tracked my comfort level in jumping into the micro-PE world.

The Indie PE team’s ability to cover best practices as well as more complex ideas strikes a balance that I think both beginners & folks more well-versed in the field would find extremely beneficial.

 Sam Yazdanseta

COURSE SECTIONS
See what’s inside our step-by-step course

Getting started

Why Buy then Build(4:40)

Setting Up a Legal Entity (US)

Choosing Your Niche(4:42)

Q&A: Do I Search Solo or With a Partner?

Q&A: Do I Need a Technical Co-Founder?

=Q&A: Uneven Capital Contributions with a Partner

Sourcing

Sourcing Overview(5:32)

Dealflow Sources – List of Marketplaces, Brokers, etc.

=Proprietary Sourcing: List Building & Emailing Guide

Outbound Email Scripts

Paying Finder’s Fees

Building Outbound Target List Example Live(17:12)

Outbound Acquisition Targets Template

How to Find a Local Business to Buy

Live Sourcing Session + Q&A(41:51)

Diligence

Qualitative Diligence(3:01)

Qualitative Deal Analysis Template

Financial / Quantitative Diligence(4:06)

Financial Terms to Know

Financial Model Template (Quantitative Deal Analysis)

Due Diligence Questions

= Legal Templates – NDA, LOI, APA, etc.

Diligence Checklist (Asset Sale)

Diligence Checklist (Equity Sale)

Due Diligence Q&A(4:01)

Good Reasons for Selling

Green & Red Flags in a Deal(3:41)

Live Deal Analysis & Growth Planning(39:14)

=Q&A: How Do I Protect Myself Against Fraud?

Valuation & Negotiation

Negotiation Walkthrough(7:57)

Negotiation Flowchart

Valuing a Business(6:07)

How to Value a Software Business(11:42)

Revenue vs Profit Multiples(5:06)

Valuation by Company Size(3:35)

Managing Seller Expectations(3:13)

Negotiation & Deal Structure Q&A(5:39)

Deal Breakdown: Blinksale(14:32)

Deal Breakdown: Ottomatik(10:41)

Deal Breakdown: Scout(18:21)

Margin of Safety(2:14)

SaaS at a Low Price(1:56)

Q&A: Seller Wants a Crazy High Price. How to Talk Them Down?

=Q&A: Should I Renegotiate After Learning Something in Diligence?

Q&A: How Do You Value a Business With No Revenue?

Q&A: How Do You Factor Technical Debt Into Your Valuation?

=Q&A: How Do I Buy a Cash-Heavy Business?

Q&A: Should I Make a Deposit for the LOI?

=Q&A: Should I Personally Guarantee a Seller Note?

Financing & Closing

Structuring a Deal(4:29)

Structuring a Deal with Outside Investors

How to Find Investors

Building a Track Record(2:56)

= Real Sample PE Deal Structures

Transfer Worksheet Template Walkthrough(1:53)

Asset & Login Transfer Template

Closing Mechanics & Escrow

General Transition Guide

How to Get a SBA Loan(54:29)

How to Get Non-Dilutive Acquisition Financing (Guest Lecture)(35:04)

SBA Loan for SaaS(3:59)

Asset Purchase vs Equity Purchase(1:31)

Planning to Exit(1:52)

Financial Modeling for an Acquisition Deal (Guest Lecture)

Growth

Hiring & Managing Developers / Product Team(18:20)

Hiring SEO Writers

= SEO Writer Sample Job Description & Form

Constellation Software – Largest SaaS HoldCo(3:21)

Minimizing Taxes on Exit(2:26)

Structuring a Holding Company(6:41)

Finding Your Competitive Advantage(4:20)

=Q&A: Should All Companies Be Separate or Together?

Supercharge Your Growth

Thank You & Community

Thank You! Free $$$

ABOUT COLIN KEELEY
Hello! Colin here 👋
I wish I discovered acquisitions earlier. I wasted years on countless projects struggling to get off the ground.

Until I learned that you can just buy a working company. And creatively structure the acquisition so you don’t need much money to do it.

After my first acquisition I was hooked. No more elusive product-market fit. Instant customers and a business with real revenue to grow.

Now we get cashflow from every new acquisition on day one at our holding company. It has been life-changing for me and I know it will be the same for you.

I can’t wait to see you on the other side.