In this episode of Permanent Equity, host Michael Crow speaks with Thomas Manglaviti about his transition from commercial real estate into the small business M&A world. Thomas reflects on his career path, from working on non-traded REITs to building a $500M real estate portfolio and then shifting focus to advising and acquiring small businesses. The conversation covers the parallels between real estate and business acquisitions, valuation methods, SBA lending changes, and the role of AI in streamlining transactions. Thomas shares insights on what makes businesses attractive to buyers, the importance of clean financials, and how business owners can prepare for sale. The discussion highlights both opportunities and challenges in a rapidly evolving marketplace.________________________________________________________________________________________________________(00:00:00) Introduction of guest Thomas Manglaviti and his career background.(00:02:21) Early roles in financial sales and transition into analysis and acquisitions.(00:03:40) Building a real estate portfolio and lessons learned during growth.(00:04:54) Comparing commercial real estate modeling to small business valuations.(00:08:15) Why businesses often provide higher returns and stability than real estate.(00:10:23) Rewards of working directly with small business owners.(00:12:15) Market opportunity driven by retiring business owners ("silver tsunami").(00:13:32) Valuation approaches for different industries, from laundromats to tech firms.(00:15:27) The myth of passive income in small businesses.(00:16:27) Key advice for preparing a business for sale: SOPs and clean financials.(00:19:01) Importance of scaleability factors like reputation and systems.(00:19:55) Essential services and laundromats as highly sought-after businesses.(00:20:49) How AI is changing business brokerage and deal flow.(00:23:10) SBA lending changes and their effect on pricing and buyers.(00:27:42) Why realistic expectations matter when selling a business.(00:29:01) Restaurants and food delivery as enduring business models.(00:30:17) How sellers find advisors and the role of discovery calls.(00:32:05) Pitfalls of selling without an advisor and relying on single offers.(00:34:16) Advice for aspiring buyers: start with industries you know.(00:36:08) Where to connect with Thomas and his firm.(00:36:59) Closing reflections and a fun fact about Thomas's track background._____________________________________________________________________________________________Thomas Manglaviti on LinkedIn: https://www.linkedin.com/in/thomas-manglaviti-7a5910105Learn more about Crow Companies: https://crowcompanies.com/

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