“Find a good mentor and just stick with it”

Happy Friday friends!

On Monday, I shared how Garrett closed on a $1.7M accounting firm in Asheville, North Carolina, while keeping his day job…

With no accounting background, and a projected 180% return in year one.

Today, you’ll get his most impactful lessons from that acquisition, and get access to our full conversation about the deal. 👇

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It also includes built-in earnings and financing calculators to help you quickly figure out if a deal is worth pursuing, plus weekly live coaching calls on buying and running a business.

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“Find a good mentor and just stick with it. It seems so crazy and far-fetched, but being a business owner while keeping your regular job is certainly attainable if you put in the work.”

That’s what Garrett told me after closing on his first deal six months after starting his search.

Let’s get into how he made it work, what he learned from this experience, and how you can apply that intel to your own acquisitions.

(Garrett worked through multiple deals that fell apart before finding the right one. Inside Acquisition Ace, members get support through every stage of the acquisition process, including the setbacks. To see if you’d be a good fit for our community, book a call with our team here.)

3 key takeaways from our conversation

1. The seller matters as much as the numbers

Garrett chose this deal largely because of who was staying on.

The remaining CPA had built the firm over 20 years, had her son working there, and owned the building.

Her incentives were completely aligned with making the transition work, and that made all the difference.

2. Deals falling through is part of the process

Garrett had multiple deals collapse before this one closed.

The hardest part didn’t end up being the paperwork or the financing.

For him, the most challenging piece was managing the emotional highs and lows.

Ultimately, buyers who close are the ones who just keep going.

3. Passive from day one is possible

Garrett never quit his job, and the firm runs almost entirely without him, with the remaining CPA handling day-to-day operations.

He checks in when needed and collects distributions - exactly the structure he set out to find.

This week’s action item

When evaluating your next deal, don’t just look at the financials.

Look at the people.

Ask yourself:

• Who’s staying on after the sale?

• What are their incentives?

• And would this business run smoothly without the current owner?

Those answers will tell you more than any spreadsheet.

For the full story of how Garrett structured this deal…

Watch the full interview with him here.

P.S. Garrett went through several deals that fell apart before finally closing.

What kept him going was having a community and a mentor to lean on through the process.

To get access to that same kind of support behind your search…

👉 Book a call with our team here to see how the Acquisition Ace community can help you secure your first business acquisition.