8 Buying SaaS Businesses Insights I Learned from David Newell’s SaaS Business Valuation Guide

October 8, 2020 by Michael Frew

David Newell from Quiet Light Brokerage is one of the most seasoned SaaS-oriented brokers in the online buying and selling community. He recently dropped a 13,000(!) word knowledge-bomb on the topic of How To Build, Value, and Sell A SaaS Business for 6, 7 or 8 Figures.

I’m fortunate enough to have bought a SaaS business from him in the past and he is truly one of the marquee brokers professionalizing our industry. His 60-page article is a must-read for anyone that is building, operating, or transacting in the sub $5M SaaS world.

Much of the article provides a solid background on buying SaaS businesses, but it does also have some intriguing nuggets even for more experienced SaaS operators and buyers that go beyond the beginner basics.

In this essay, I pull out what I thought were the eight most interesting takeaways that I learned from his article and sprinkle in some of my own opinions about our acquisition space.

1) Developers Can Unlock Tons of Additional Income

Let’s look at how brokers set up a business for sale:

“The key-man risk associated with the business is very high, presenting buyers with a major transferability issue (a key valuation pillar). This translates into a discounted multiple, an earnout offer structure (to de-risk the deal), or a very extended transition and training period. None of which is particularly ideal for the owner.”

“A smart, de-risked way to bring in a third-party developer (contractor or employee) is to have them learn the codebase and document it at the same time (code architecture map, annotations, etc).”

“In a best-case scenario, you want to demonstrate to a buyer that the developer has worked for you for a long period of time and had experience shipping major developments with the software.”

What does this all mean to developers and technically experienced professionals on the buy-side?

Brokers require sellers to set up their SaaS businesses to be sold to passive investors, not technically oriented operators like developers, engineers, and IT professionals.

Passive Investors vs. Developers / IT Investors

For a SaaS business seller that was founder run, brokers usually will want the selling founder to set up either a team before selling or have one ready to step in on day one.

This lowers the purchase price because that developer cost lowers the eventual SDE and sale price.

This can be a huge opportunity for developers, or people who have technical experience, or anyone who has managed technical teams before.

As a developer or technical oriented operator, you can purchase the business and either replace the team yourself or bring in a more competent, focused, and less expensive team that you already work with on other businesses.

Since technical help often is the most expensive part of your P&L (after the cost of taxes), this can immediately juice the returns of your business.

Unlocking Value with a SaaS Business Buying Example

When I bought the founder-run business Appointment Reminder, the broker made the seller spend six months training up a team of remote developers to be ready to go to assist me with the business.

Once I had bought the business, I dropped that contract and had my own team just absorb those tasks as another responsibility in their daily functions. (It really helps to always buy businesses in the same tech stack. I’m going to write an article on this concept soon.)

I earned back the equivalent of one year of expenses immediately from that move alone. Instead of taking four years to earn my money back, it would theoretically only take three.

2) The Differences Between Value and What You Get

“Your business’s worth is based on who is out there to buy it in the first place.”

“How much is my SaaS business worth?” is best answered as, “It depends on who you sell it to.”

The difference between value and what you get is:

Value is how much the business is worth using common valuation methods.
What You Get is what it can be sold for in the market.

And rarely the two shall meet.

Your business’ worth is based on who is out there to buy it in the first place and what they say it’s worth.

I run some esoteric businesses where there aren’t a lot of buyers that would pay what I believe is the true value for the business. My value and what I would earn on a sale may not match up.

I can live with that, but only because I don’t go to market assuming I can achieve a sale price that will match what I believe the business is truly worth.

3) Sellers: Understanding the Buying SaaS Business Landscape

Sub $3M Threshold

“…you can see that in the $100K to $3M exit landscape, the vast majority of exits (by volume and value) are made to individual, portfolio, or syndicated buyer types.”

Microfunds/Syndicates: They differ from private equity in that they do not have institutional financing and acquire 100% of the company at closing.

Under $3M, you’re likely only interested in a few types of buyers, and very likely not private equity and strategic parties.

“Private equity investors aim to incentivize the owner to stay on for at least 18 to 24 months post-sale to work towards pre-agreed revenue and/or development targets.”

At a certain revenue point and complexity of the business, it’s almost unavoidable that there’s going to be some post-sale work unless you’re willing to give up a lot of cash at closing.

But under that purchase price level, my recommendation is to get as much cash upfront as possible, with as little post-sale work as possible, and don’t settle for ‘holdbacks’. Holdbacks, which I cover below, are dependent on hitting revenue or development targets where the acquirer determines your “success” in the future. You never know when a pandemic of global proportions might show up and evaporate that hold back payoff.

Above $3M threshold

“Above the $3M threshold, the landscape shifts towards PE and strategic buyers. They focus on revenue-multiple and are willing to pay more, but often want the owner as a part of the deal, working for 18 to 24 months post-sale.”

Above $3M, your choices about selling, taking the cash and walking away get more limited.

There are many cases where getting money off the table is a good idea, even if you end up with a job from the old business you just sold for a year or two. Just be aware that if you’re a serial entrepreneur, you may want to conder selling before you reach that level and move on to buy your next business.

**4) Holdbacks (Sub $3M Range)**

If there is a substantial performance component to the deal, then there should be an emphasis on the skill and experience of the acquirer to ensure they can achieve those goals and future payments.

My opinion on holdbacks?

Pandemics…enough said.

Try and stay away from holdbacks as much as possible.

Remember, the acquirer is the entity that determines if the goals are reached in the future.

And let’s face it, business accounting can reclassify a lot of expenses, assets, revenues, and marketing efforts into other categories that can change key metrics in any direction an accountant would desire.

Holdbacks are standard for larger deals, but don’t let smaller sellers try and “pull-down” holdback standards from the upper echelons of PE firms and act like that’s acceptable under $3M.

5) SBA Eligibility for Buyers

“SBA eligibility significantly increases buyer demand. That’s because they only need a 10% to 20% down payment on an SBA loan to buy a business. If you’re selling for $3M, for example, there are a lot more buyers with $300K in cash than there are with $3M in cash. Because there’s more demand, you can qualify for a higher multiple.”

“SBA loan deals do not come with any earnouts or holdbacks either. As the seller, that means you’ll receive between 90% to 100% of the deal value in cash at closing. That’s definitely a strong incentive!”

As a SaaS business buyer, get pre-qualified before you start looking for deals. If you need help with this SBA qualification process, write to me.

As a SaaS business seller, go through the seller SBA process, it’s painful and annoying, but do it. You can get really qualified buyers that have less cash, but more experience, that can really take your business and run with it.

6) SBA and SDE Add-Backs

“The banks and SBA don’t participate in the adding back of expenses that we discussed in the SDE valuation section of this guide. Instead, they rely largely on the bottom-line net profit.”

This oddity of SBA sales changes how I look at my business in the 12-18 months prior to a potential sale.

If expenses like salary, health insurance, training, R&D, etc. aren’t added back in, then I’m not going to run those necessary expenses in the years prior to a sale. (This is why it’s helpful to have multiple businesses where one that you don’t care about selling can be your “overhead business”. Another article I have coming out soon, stay tuned.)

As a buyer, realize an SBA-backed business likely has some costs and expenses neglected that should have been in the business previously. Tasks that good businesses should be doing, like R&D, new customer acquisition, advertising, etc. may have been ignored for 12-18 months. This SBA rule encourages sellers to leave a well-running business on auto-pilot for a year or so and not invest in the business because it would lower the price of the eventual sale.

Just something to keep in mind when looking at SBA-approved businesses.

7) Buyer Beware of Broker Choice on What Is Really SDE

There are not many direct quotes from the article on this tactic…but between the lines there are hints of how brokers use a “massaging” of valuation periods to improve their asking price.

Here are a few things I always look out for:

Non-Standardized SDE Time Periods

Certain brokers use no standardization of SDE models, they just choose “Whatever trailing model looks best in the last 36 months“.

Sometimes it’s the last 3 months, sometimes it’s the last 18 months excepting the last 3 months.

Make sure you are comparing apples to apples when looking at buying SaaS businesses and using the previous performances of similar businesses for comparisons. Some brokers are more notorious for this practice, others don’t do it at all.

Annualizing Current MRR (“Run-Rate”):

However, in some cases, it makes more sense to use either the last six months (L6M), the last three months (L3M), or even the last month (L1M) and annualize that number instead. If you’re in a scenario where your SaaS is growing very quickly, it’s not appropriate to use the last 12 months. Growth over the last 12 months justifies the re-rating. Customer metrics (like churn and LTV) are stable or improving.

This is the most common method of inflating sales prices. It involves annualizing the most recent months of revenue instead of calculating the last 12-24 months. Those months are guaranteed to be juiced for maximum gains. The business likely had a drop in expenses and a mysterious increase in revenue.

Remember, to bring a business to market, a broker will spend months getting it prepared and looking good to potential buyers. They are basically “staging” the business, just like you stage a house for sale.

Then suddenly at the end of this process, the business has an incredible month or two and they decide to base the price on that purely happenstance great time period? Hmmmm….

High Paying Customers That Aren’t Real Customers

Possibly in conjunction with #2, verify in your due diligence that all high paying customers have been with the business a long time, are legitimate businesses, and not just the seller’s friends juicing up the bottom line that will slowly disappear after the sale.

Every single one of my businesses could easily add one or two fake accounts a month for half a year that would really increase my sale price.

Does that high-value subscription have usage? Is it a real business that’s verifiable? Those types of metrics are harder to fake. Could there exist a seller PBN-style of business that’s not spoken about that provides this type of service?

OK, now I’m getting a bit too paranoid…

One Time Gains Added into Sale Price Calculation

A fairly common way a sale price is inflated is a company that has a one-time product offering (software upgrade, etc.) that is factored into the sale price as if it’s a repeatable, normal revenue driver of the business.

One-time product offerings that required 12 months of work for that one month launch are not repeatable for a new buyer. A new buyer would have to spend all of that R&D money again on the next version but would never get the benefit of the one quoted in the prospectus.

Let’s take an example, a business that makes a net profit of $3k per month has a new product upgrade version come out in July that nets $30k that month. The valuation will take into account that $30k month, even though the buyer gets zero of that income, it is not repeatable, and does nothing but increase the sale price.

The seller gets the $30k and gets to bump up the sale price for what is really a one-time product sale.

Just pretend that this bump in revenue was actually a one-time expense? A broker would call that an “add-back” and subtract that one-time event from the expenses line. But since its profit, it’s left in there to boost the sale price.

Keep an eye out for those…

8) Brokers Protections

Enough bashing brokers! I actually do love brokers and they do a tremendous amount of great work under the hood so you don’t even have to realize how complex this business really is on a day to day basis.

Hiring an advisor means you get access to their list of vetted, pre-qualified buyers. These buyers trust that broker to bring good deals.

There is a discount on the sale price if I have to teach you how to sell your business.

Don’t bother looking for that last quote in the article, that one is mine. Brokers provide a ton of value for their cut of the sale.

If a seller doesn’t want to use a broker to sell the business, then I want a discount (roughly equal to what they would have paid the broker) because now I have to do all that work and it’s a real pain.

Many buyers will gladly do that grunt work for a possible sale, but that’s something I believe should be done by an expert and experts should always be paid well for their services.

Bonus, there are nine items!

9) Why Annual Plans Stink for Buying SaaS Businesses

Monthly to Annual Plan Ratio: As a rule of thumb, monthly recurring revenue is more valuable than annual recurring revenue (i.e., monthly plans vs. annual plans) because MRR is more predictable.

Thank you David for someone finally saying this about annual plans!

I’ve always believed annual plans were a terrible idea for many businesses. If I buy a business that has annual plans, I halt the sale of any new annual subscriptions moving forward.

Why are Annual Plans a Bad Idea?

Annual plans are a pain for accounting, a pain for getting the credit card to work the next year, and why do I need to give a 10-20% discount just because a customer wants to pay upfront now? If you want to pay upfront, that’s great, but it’s still going to be full price.

In many cases, businesses want the cash upfront at a 20% discount because they want to invest that cash immediately in finding new customers. Ok…that’s great if you’re running a business with no cash in the bank, but if that’s the case in our sub $5M world, you have other issues. You’re basically paying 20% interest on a one-year loan. That’s predatory loan interest levels.

Would you take out a one-year loan at 20% interest to buy Google Ads for your business? I sure hope not.

Enough of my opinion about the worthlessness of Google Ads and my opinions on selling annual plans, let’s dig into this a bit.

Free Labor for the Seller, Liability for the Buyer

For any business sale, each annual plan is a liability to the buyer. Each annual plan your buyer has to serve…but was never was paid to do the work. It’s free work for the SaaS business seller and a liability for the SaaS business buyer.

Bad Customers Might Only Be On Annual Plans

Many times I have seen customers are on annual plans because they are bad customers, not because they are good customers.

I primarily do annual plans for customers that I decide either need to be fired or can stay if they agree to pay in full a year in advance.

These are the type of customers that are such problems that only earning one or two months of revenue is not enough to keep them around, they must pay one year upfront for me to let them stay as a customer. I’m sure I’ll do an article about firing bad customers soon.

You may find that the annual plans you are counting on as revenue in eight months never pay again because they were all bad customers in the first place.

Factored into the Sale Price?

I know brokers say they factor annual plans into the sale price, but I’ve never seen any broker break it down and say “This business is worth $1,230,000 at 4x but we’ve lowered the price to $967,500 because of the annual plans.”

They list it at $1,230,000 and claim it was lowered to compensate for annual plans.

Sure…sure it was.

Summary

Hopefully, my thoughts above highlighted some of the things I’ve learned from David about buying SaaS businesses in the past.

Dave did an awesome job of really pulling out the details of many complex moving pieces both for sellers, operators, and buyers alike. Many thanks to him and I’m sure I’ll be coming back to his essay many times over the next few months.

Software Engineers Need a Backup Plan

September 22, 2020 by Michael Frew

My first job was as an Associate Engineer in an Artificial Intelligence lab at a large company. Still, I was dabbling around in software development back then, doing just enough not to get fired.

Following that humble start, I ventured out to try my hand in Silicon Valley with my first start-up developer role.

For that first decade of my career, I designed, architected, developed, and deployed software solutions for large and small companies alike.

As I reached my second decade, I transitioned into a cybersecurity consulting role for companies worldwide—less technical hands-on work, more reports, and talking with other industry players.

After 20 years of working in IT companies (or the IT role in a regular company), I decided it was time to figure out how I was going to survive in IT now that I was approaching 40 years old and becoming a bit old, at least, according to Silicon Valley norms.

No Man’s Land

The IT industry is trench warfare in WWI. When you’re the new conscript in the trench, getting your soldier shit done, it’s not too bad.

But, at some point, you’re going to be the senior soldier, and you’re the next one called out to go over the top into no man’s land.

And nobody comes back from no man’s land.

Colleagues could not move to new companies as they once had, not because they didn’t have the experience, but because they had experience and Silicon Valley is bombastically proud of its history of discrimination against older workers.

Most of us had “achieved” ourselves out of our own jobs because companies can hire any recent college grad who will take anything to have that first job.

Like the next soldier over the wall, death was all that was in front of us.

The Two Rules of this Website

How to get around this problem so I could survive once I hit 40 years old? It was a tough question, but one I knew I had to figure out eventually.

I don’t remember the first thing I realized regarding my future career, but I remember the last thing I realized.

I finally realized that if I was trying to own a successful business where I was in charge, I was doing everything wrong.

Rule 1) If I wanted to be successful, I needed to stop ever again trying to start my own business.

Overwhelming evidence proves that we will all fail if we keep doing it repeatedly (just like I failed too).

Rule 2) If I wanted to be successful, I needed to be buying my own businesses, not starting them.

It doesn’t matter how large or small the purchase is at first, but learning the buying, operating, and selling lifecycle of business provides a much greater chance of success than trying to start a business on your own.

Once I figured those two facts out, I had a game plan for my future success.

I’m in my mid-40’s and manage a portfolio of online assets, mainly software businesses, that I purchased over the last few years.

I keep my businesses simple, lean, and narrowly focused. I am the only boss (just kidding, honey) and only hire specific tasks that I am either not very good at or don’t desire to learn.

I’m protected from employer discrimination, firings, furloughs, downsizing, rightsizing, layoffs, government shutdowns, and even pandemics.

I control my own destiny, for better or worse.

This website will capture how I have reached that point today and what I’ve learned along the way.

Hopefully, it can help anyone else out that might be interested in doing the same thing in the future as they transition from early career to mid-career in the IT industry, or any industry, for that matter.

If you believe I can be of any help, I suggest you Start Here.

What is the question that people ask you most often?

July 29, 2020 by Michael Frew

The Problem with Limited Self-Promotion

If there is one question I hear from every friend of mine, it’s a variation of the question, “I’m sorry I don’t already know this, but what is it you do again?”

Wouldn’t this be the best time to have a smooth answer like “I’m sorry, I’m not authorized to tell you that”?

But alas, the truth is much less dramatic.

My teaser answer is, “I work in software.”

90% of people pull up, full stop, and move along to the next topic. Just saying “software” pulls many people into an area they know little about. It’s a field many aren’t excited to talk about at social events.

If there is a follow-up question, I’ve rehearsed my true answer, “I acquire and operate companies, primarily software businesses, in the B2B and cloud application space.”

What They’re Really Asking: “How Does This Guy Make a Living if I Never See Him Working?”

I do zero self-promotion and rarely talk about my career. I’m a proud introvert and a private person. I enjoyed the anonymity and privacy of this type of career choice afforded.

I am comfortable asking many questions about other people while volunteering almost nothing about my own background. When I seem more people-focused, it’s because I’m a well-rehearsed “professional extrovert.”

This fact has led many of my friends to be really close to me without really any understanding of what I love to do, what gets me up in the morning, or what I do all day.

They only know I don’t go to an office, don’t appear to have any job, am rarely out of flip flops, and seem to travel a lot.

With an entirely virtual set of business lines, traveling and working in a bathing suit is not that unique in our industry. The disconnect is that none of my friends knows anyone else that works entirely virtually and online. Since I do almost no self-promotion, almost nobody – including most of my close family – has any idea what I’m doing all day.

The Need For a Bit More Self Promotion

I want to start sharing my work product and lessons learned with my close friends and the world. Hopefully, these essays about my experiences as a software engineer turned online business owner will help.

I believe there is a strong future in the self-directed, small business online investment profession. I likely have a lot to share from what I’ve learned this past decade. If you’re interested in a similar career, hopefully, I can help.

Plus, now when someone asks me what I do all day, I can send them to my own website. Likely, they will find so much more about my career than they ever wanted to know!

Why Buy Instead of Build

June 21, 2020 by Michael Frew

I have undergraduate and graduate business degrees, yet I never had a single class covering marketing automation, contractor hiring, cash flow management, online advertising tactics, distributed product development, remote team culture, multi-channel customer support, or converting email leads into online customers.

What if everything you’ve been told about starting a successful business, FBA Amazon site, web application, SaaS, or lifestyle business is wrong?

Maybe not 100% wrong… but at least super risky and prone to failure, especially if you’re thinking that starting from scratch will lead to a profitable business?

What if you knew you had over a 99% chance of guaranteed failure? Would you still try?

I bet you know the above is true, or at least said “yes” in your head, because you’ve tried to start your own business, product, service, or email newsletter and failed. I bet you’ve failed many times over.

I know I have. I have failed many, many times.

My Dropbox is full of archived projects, abandoned code, and dormant websites that were great ideas that never went farther than a few customers.

At least I wasn’t alone. Every message board, every discussion thread, every forum that talks about starting a business is overwhelmed with questions about what business, idea, or app someone should pursue.

All of my failed projects were quiet failures; none of these business ideas even got off the ground far enough to make even the slightest ripple across the ocean of commerce.

They don’t count in any organization’s statistics, but for me, they represented a 100% rate of failure.

And let me tell you, it hurts to say that, because aren’t I admitting that I’m a failure too?

Build It and They Will Come

Like almost every individual dying to be independent, break free from the corporate world, and be their own boss, I’ve lost track of the number of business ideas I’ve had, the number of projects I’ve started, and the number of stale domain names I’ve purchased that are still sitting at GoDaddy unused.

We all want to create something and become financially free. Or at least, calling our own shots enough to work for ourselves.

This is where we start searching for advice about “how to start our own business.”

Imagine the challenge to be number one for that search term?

Almost every single result from that search will assume you want to start from scratch with your own idea, and they will help guide you to your first customer, first sale, and first profitable dollar.

These are not bad programs, bad ideas, or bad people. The techniques and strategies they discuss are the building blocks of success for almost every business you could start.

These programs help you generate ideas, flush out a market for your idea to grow, and get you started building and marketing your product or service to a future customer base.

This is really great, isn’t it? People helping people….

Except that 90% of businesses fail in the first year. 95% of all businesses fail within the first five years.

And that doesn’t count the millions (likely billions) of small business ideas that never even get to the point where the SBA would even count them as a “business” to include in their statistics.

None of my dozens of failed ideas count in those numbers above because those projects never had a client, customer, product, or a dollar in revenue.

It would be safe to say that 99% or more businesses never make it to year five.

You can build it, but they likely won’t come.

Why Do People Keep Telling You To Start Your Own Business?

How many results do you get if you Google “start your own business” today?

Google Results for "How to start a business"

Okay, I did not expect 7 BILLION results when I rhetorically asked that question in my head.

Yet, that goes to show how many people are possibly asking the wrong question, getting potentially the wrong answer, and not setting themselves up for long term success.

It’s no secret that many of the people selling you “how to start your own business” products are creating their own business from selling products teaching you how to “start your own business.”

Look at Ramit Sethi – a guy I very much respect and learned a ton from over the years – and what he is doing today. When I first started following him a very long time ago, his business was sharing financial advice for new college graduates.

One of his largest product offerings is teaching other people how to…wait for it…start their own business. (He still does financial advice, mainly because Ramit is an all-around good guy who shares his knowledge with customers to help them succeed.)

The reason these gurus changed their focus from their first successful business to selling information about You starting a business is that it’s a hell of a lot easier to make money selling the dream than realistically, predictably, and consistently succeeding in starting and building multiple different small business ideas in a row.

Once they realize that, they start packing up what they learned from one or two of their successful ideas and teaching what they believe are the principles that made those prior ideas successful.

That’s why you see so much information about “starting your own business” instead of information on why you should buy instead of build. It has nothing to do with the real reason you should be trying to build your business portfolio around cash-flow generating assets. If you want to be managing a profitable business, starting it on your own is easily the worst way to go about it.

Skip the Line In Good Company

The older I’ve become, the more I’ve realized that younger people are mostly focused on building a company. In contrast, older, more experienced, and successful people are more focused on buying companies. This is odd, as most successful startups are started by people in their 40’s and 50’s, but there you have it.

James Altucher, one of those old guys who’s been up and down enough times to ignore at your own detriment, always talks about skipping the line as a strategy for success. “The line exists for those afraid to skip it.”

Did Howard Schultz open Starbucks in his garage, or did he skip the line? You guessed it, he skipped it, bought Starbucks from their management team who wanted to concentrate on Peet’s Coffee and Tea, and made it a multi-billion dollar company.

Did Sam Walton set up his first Wal-Mart from scratch? No, he bought five-and-dime stores and skipped the line.

Warren Buffett was way too smart to build any business from the ground up. After Hathaway Manufacturing and Berkshire Fine Spinning Associates merged into Berkshire Hathaway in 1955, Warren bought stock in the company until he controlled a majority and moved the company away from the failing textile industry into the insurance and investment industries. The rest is history.

Don’t let the bombastic self-congratulatory rhetoric from Silicon Valley pull the wool over your eyes; young people aren’t very successful at starting new companies. Many younger career-oriented entrepreneurs would experience better long term success by saving money to make their first acquisition with the same focus many families use to save money for a down payment on their first house.

When you’re older with more experience and wisdom, you are in a prime position to choose between either acquiring an asset to manage or building one from the ground up.

So how should you choose?

Which Would You Choose?

This brings me to my final question, based on what I’ve described above, how should you approach your next business venture?

Let me propose a scenario…

Which would you rather have :

Business A) A great idea, no product, no revenue, no market analysis showing anyone would pay for your idea, no website, no customers, and no prospects. A lot of startup costs offset by zero income.
Business B) A tangible product or service, cash flow positive earnings, multiple engaged customers, functional website, profitable marketing funnel, growing email list, tax benefits, and SEO juice in Google.

If Business A is your preferred method for creating success, then there are many places where you can find more information on making that dream come true. Unfortunately, this is not one of them. This is a practical place, not one of fantasy.

If Business B sounds like a better idea, then you’re in the right place.

Buy Instead of Build

I am not going to spend much time on ideas or techniques for starting a business on this website.

This website will only be about acquiring appropriately sized businesses for your asset portfolio, keeping them manageable, scalable, growing, and positioning each entity for a potential acquisition just in case you decide to sell.

No slow ramp up like when you start from the back of the line; we’re skipping the line and investing, growing, and earning from day one.

If that might be of interest, I encourage you to look around at some articles and sign up for my newsletter.