Hi all! Just want to share some good news. My wife and I finally closed on our first business last week. It's a psychotherapy business (Puget sound psychotherapy). I want to thank this group for help with my 12.00am questions and being just a text away! Glad to be part of such an awesome group!

anyone here has a service based business and has employees on 1099 contract? I am currently working on a deal in which the employees are on 1099 contract. However, when the employment lawyer reviewed the details, he mentioned that these employees should be on W2 because of the level of control the business has on the employers. Looking for some guidance on how people navigate employment for 1099 workers.

Has anyone in the community dual-tracked 2 lenders until closing? meaning you signed the commitment letter with 2 lenders and selected one before closing. If so, how did it go? Were there any issues you faced?

Hi all, need some ideas on reaching out to a potential seller. My wife is a primary care physician and is interested in acquiring a clinic 3-4 years from now. She identified a physician who might be retiring soon, however we are not sure about that. We also don't know what his succession plan is. Any advice on how to initiate conversation with him?

Hi All, I need help understanding the process post LOI. The general term that I understand is that we would do due diligence. From what I understand we would definitely need a M&A attorney who will help us review the contracts, negotiate terms with the seller, structuring the business, and draft the PSA. A friend also told me that I would need to do QoE which costs about $20k. However, I was speaking with a lender today and he said there's another kind of due diligence performed by the CPA which is not QoE and that costs $3k. I want to understand the difference between these 2. Moreover, I had spoken with a broker in the past. He had recommended that I skip QoE for smaller deals (<$2.5M) and do basic CPA due diligence as these businesses are not as complex and don't require QoE which typically not only costs more but takes a lot of time. Any help in understanding the difference and guidance/recommendation on whether I should do a QoE on a deal ($2.6M purchase price) that I am working on would be helpful.