👋What’s New
Hey friends,
Quick life update: I almost burned down my kitchen this week. Turns out putting corn (with water still on it) into hot oil creates a fireball. Lesson learned.
On the RaffleLink front — we're in the late innings and can see the finish line to beta launch (hoping end of March)! These last few weeks we’ve been heads down building compliance flows that are UX friendly so nobody’s confused and everything’s above board. It's unsexy work but the kind of stuff that makes customers stick around and creates a long-lasting moat.
Anyway, let's get into it.
💼 3 Businesses For Sale
1. Patented Golf Putter Brand - USA ⭐
The Numbers: $187K revenue, $685K asking price (~3.7x cash flow), strong YoY growth
What It Is: 20+ year-old patented golf putter brand with 100% organic traffic. $350 AOV, established brand equity, defensible IP.
Why It's Interesting:
Patented product = barrier to entry
20+ year history = proven staying power
All organic traffic = no paid ad dependency
$350 AOV = premium positioning
This is the kind of boring, profitable niche brand that compounds quietly. Golf equipment buyers are loyal and price-insensitive.
2. Health & Beauty eCommerce - USA
What It Is: eCommerce store selling herbal supplements, natural remedies, and beauty products. Nearly a decade of operations with established supplier relationships.
Why It's Interesting:
Health/wellness = evergreen demand
9 years old = survived multiple market cycles
eCommerce infrastructure = scalable
Watch for: Margins (supplements can be 60%+ or 20% depending on sourcing), customer acquisition cost trends, and subscription/repeat purchase rates.
DTC Jewelry Brand - USA/EU
The Numbers: $70 AOV, 24% YoY profit growth, 16% net margin, multinational capabilities
What It Is: Direct-to-consumer jewelry eCommerce with US and EU website capabilities. Strong profit trajectory and healthy margins.
Why It's Interesting:
24% YoY profit growth = momentum
16% net margin = healthy for eCommerce
Multinational = diversified revenue streams
$70 AOV = solid ticket size for jewelry
The play: Already profitable and growing. EU presence adds optionality for expansion or could be spun off separately.
💡 2 Insights This Week
The LOI Is a Negotiation Tool, Not a Commitment
Most first-time buyers treat the Letter of Intent like a marriage proposal. It's not. It's an opening bid.
What the LOI actually does:
Establishes exclusivity (usually 30-60 days)
Sets price range (not final price)
Defines deal structure (asset vs stock, earnouts, seller financing)
Protects your time during diligence
The power move: Submit your LOI with a price 15-20% below your walk-away number. Sellers expect negotiation. If they counter at asking price, you have room. If they accept immediately, you probably overpaid.
Key LOI terms that matter more than price:
Working capital adjustment — Are you getting current assets at close?
Seller financing terms — 10-20% seller note at favorable rates?
Earnout structure — Is 30% of price contingent on performance?
Training period — 90 days of seller support included?
The final purchase price often moves 5-10% during diligence. Structure the LOI to give yourself leverage.
Why "Asking Price" Is Fiction (And How to Find the Real Number)
Every listing has an asking price. Almost no deal closes at asking price.
BizBuySell data: Average business sells for 85-95% of asking price. Distressed deals close at 60-70%.
How to find the real number:
Check days on market — Listed 6+ months? Seller is motivated. Price is soft.
Ask about prior offers — "Have you received other LOIs?" reveals market validation.
Calculate the math backwards:
What's the SDE/EBITDA?
What multiple is normal for this industry?
Is asking price above or below that multiple?
Look for motivated seller signals:
Health issues, divorce, retirement mentioned
"Relocating" or "other opportunities"
Business listed with multiple brokers
Price drops in listing history
The reframe: Don't ask "Is this worth $500K?" Ask "What would this business have to do for me to pay $500K?"
Then reverse-engineer the deal terms to make that work.
📖 1 Story
The Email List Nobody Valued
Last month I talked to a seller who was frustrated. His eCommerce brand had been listed for 4 months, no serious offers. Asking $400K for a business doing $120K profit.
The problem? The listing focused on revenue and margins. Boring.
What the listing didn't mention: he had a 45,000-person email list with 35% open rates. Built over 6 years of content marketing.
I did the math: 45K emails × 35% open rate × 2% conversion × $80 AOV = $25K per send. That list alone could generate $300K/year with proper monetization.
The seller had never sent more than 2 emails per month. He was sitting on a goldmine and selling it as a shovel.
The lesson: When evaluating a deal, look for underutilized assets:
Email lists with low send frequency
Social followings with no product offers
Customer databases with no upsell sequences
Content libraries with no monetization
These are the "hidden multiples" that don't show up in the P&L but dramatically change what a business is worth to you.
The seller and I are still talking. If it closes, that email list is getting a lot more love.
See y’all next week,
@eddieacquires