- BUSINESS AGENCY
The Fugleman Group...
a private equity holding company
Empowering Investors and Entrepreneurs to Create Wealth in the $1M-$10M Revenue Space
- COMPANU INTRO
We specialize in business, talent and client acquisitions.
The Fugleman Group specializes in Mergers & Acquisitions, Digital Transformation, and Business Expansion for SMBs in IT, Manufacturing, and Home Services industries. Whether you’re an investor seeking opportunities, or a business owner looking to expand or exit, we have the expertise to guide you through every step of the process.
Services
Mergers & Acquisitions
Deal Flow for Investors
Funding Sources
Buy-Side and Sell-Side Advisory
Digital Transformation
Technology Infrastructure (CRM/ERP)
Operations Optimization
Fractional PMO (Project Management Office)
Business Expansion
Growth Strategy Development
International Market Analysis
Operational Scaling
- ABOUT US
We don’t just manage deal flow—we see every opportunity through to a successful close
The Fugleman Group is a boutique M&A advisory firm bridging the gap between Wall Street expertise and Main Street businesses. Led by Afam Elue, our team of experienced professionals is dedicated to helping SMBs in the $1M-$10M revenue range achieve their growth and exit goals.
Our unique approach combines financial acumen with hands-on operational experience, ensuring that every transaction we facilitate creates value for all parties involved
- Case Studies
Testimonials
FAQ: Your Complete Guide to Buying and Selling Businesses
How can I afford to acquire a business?
Here’s the reality – most successful acquisitions don’t require you to write a big check upfront. We use what’s called “creative structuring”:
- Seller financing: The owner acts as your bank, letting you pay over 3-7 years from the business’s cash flow
- Asset-based lending: Use the business’s equipment, inventory, and receivables as collateral
- SBA loans: Government-backed loans covering up to 90% of the purchase price
- Earn-outs: Pay based on future performance – if the business doesn’t perform, you don’t pay
- Partner capital: Bring in investors who want passive returns
The key is finding a business that generates enough cash flow to service the debt and pay you. That’s why we focus on businesses doing at least $1M in revenue with solid margins.
What business should I buy?
Forget the sexy stuff you read about in magazines. Here’s what actually works:
Look for businesses that are:
- Boring but profitable (think HVAC, plumbing, waste management, manufacturing)
- Doing $1-10M in annual revenue (sweet spot for deals that aren’t overpriced)
- Owner-dependent (creates opportunity to add value by systematizing)
- In industries you understand or can learn quickly
- With recurring revenue or repeat customers
Avoid:
- Restaurants and retail (too much competition, thin margins)
- Anything trendy or “disruptive” (you’ll pay a premium for hype)
- Businesses losing money (unless you’re an expert turnaround artist)
Industries in permanent decline
Can I do this myself?
You can change your own oil too, but there’s a reason most people don’t. Here’s what you’re taking on if you go solo:
You’ll need to handle:
- Financial analysis and due diligence (miss something here, it’ll cost you)
- Legal documentation (one bad clause can sink you)
- Negotiation (sellers will eat you alive if you don’t know what you’re doing)
- Deal structuring (this is where the real money is made or lost)
- Managing multiple professionals (lawyers, accountants, lenders)
Bottom line: Small deals under $500K? Maybe you can DIY it. Anything bigger? The cost of professional help is insurance against making expensive mistakes. I’ve seen too many people lose their shirts trying to save a few thousand in fees.
What do I need to be doing if I'm considering selling my business sometime soon?
Start preparing at least 2-3 years before you want to sell. Here’s your checklist:
Financial house cleaning:
- Get your books professionally done (no shoeboxes full of receipts)
- Separate personal and business expenses completely
- Document all revenue streams and recurring contracts
- Build 3-5 years of clean financial statements
Operations:
- Reduce your day-to-day involvement (owner-dependent businesses sell for less)
- Document all processes and procedures
- Build a strong management team
- Lock in key employees with retention agreements
Legal stuff:
- Clean up corporate structure and ownership
- Ensure all contracts, leases, and licenses are transferable
- Resolve any outstanding legal issues
- Get your intellectual property protected
The earlier you start, the more your business will be worth.
How do I determine what my business is worth?
Forget the online calculators – they’re garbage. Here’s how it really works:
Most businesses sell for 2-6x their “Seller’s Discretionary Earnings” (that’s your profit plus your salary, benefits, and personal expenses run through the business).
What affects your multiple:
- Higher multiples (4-6x): Recurring revenue, growing markets, systemized operations, strong management team
- Lower multiples (2-3x): Owner-dependent, declining industry, lumpy revenue, customer concentration
Example: Your business nets $500K in SDE. In a good market with solid fundamentals, you might get 4x = $2M. If it’s all dependent on you and customers are concentrated, maybe 2.5x = $1.25M.
Reality check: Most small businesses sell for less than owners think they’re worth. That’s why preparation matters.
Should I list my business for sale on a marketplace?
Only if you want to waste months dealing with tire-kickers and competitors fishing for information. Here’s why marketplaces usually don’t work:
The problems:
- Your listing screams “I’m desperate to sell”
- Every competitor in town will see your financials
- 95% of inquiries are from people who can’t actually buy
- No confidentiality protection
- You’re competing with hundreds of other listings
When it might work:
- Very small businesses (under $500K)
- You have tons of time to screen buyers
- The business is so unique that buyers will find you anyway
Better approach: Work with someone who has a network of pre-qualified buyers and can maintain confidentiality while you stay focused on running your business.
Should I use a broker? Why or why not?
Depends on the size of your deal and how much your time is worth.
Use a broker when:
- Business is worth more than $1M (the good brokers won’t touch smaller deals)
- You don’t have time to manage the sale process
- You want maximum price and competitive bidding
- You need help with complex deal structuring
- You want someone to handle all the difficult conversations
Skip the broker when:
- Business is worth less than $500K (fees will eat up too much of your proceeds)
- You have a qualified buyer already lined up
- It’s a simple asset sale with no complicated terms
- You’re selling to employees or family members
What to expect: Good brokers charge 8-12% but often increase your sale price by more than their fee through better marketing, negotiation, and deal structure.
How long does an M&A transaction take?
Plan on 4-6 months from start to finish, but it varies wildly:
Timeline breakdown:
- Preparation/Marketing: 1-2 months
- Finding and qualifying buyers: 1-2 months
- Negotiation and LOI: 2-4 weeks
- Due diligence: 4-8 weeks
- Closing: 2-4 weeks
What slows things down:
- Messy financials (adds 4-8 weeks)
- Complex deal structures (adds 2-4 weeks)
- Regulatory approvals (adds 2-12 weeks depending on industry)
- Financing issues (can kill deals entirely)
- Legal complications (varies widely)
Pro tip: The cleaner your business and the more prepared you are, the faster it goes.
Who do I need to be talking to that can help me with this?
You’ll need a team, but don’t hire everyone at once:
Essential team members:
- M&A Advisor/Broker: Manages the entire process, finds buyers/sellers
- M&A Attorney: Handles legal documentation (not your family lawyer)
- CPA: Tax planning and financial due diligence
- Banker/Lender: If financing is involved
Sometimes needed:
- Valuation expert: For complex businesses or disputed values
- Industry consultant: For technical due diligence
- Wealth advisor: For post-transaction planning
Start with an M&A advisor first – they’ll help you build the right team and coordinate everyone. Trying to manage all these professionals yourself is a recipe for disaster.
What are the hidden costs of doing a deal?
Budget 3-5% of the deal value for transaction costs, but here’s where it really adds up:
Buyer costs:
- Due diligence ($10-50K depending on complexity)
- Legal fees ($15-40K)
- Financing costs (1-3% of loan amount)
- Environmental and technical inspections ($5-25K)
- Working capital adjustments (often $50-200K surprise)
Seller costs:
- Broker fees (8-12% of sale price)
- Legal and accounting ($20-50K)
- Tax planning and preparation ($5-15K)
- Warranty and indemnification escrows (5-15% of sale price held back)
The real hidden cost: Your time. Plan on spending 20-40 hours per week on the transaction for 3-4 months. Factor in what that’s worth to you.
Pro tip: The biggest hidden cost is deals that fall apart after months of work. That’s why working with experienced professionals isn’t optional – it’s insurance.
Ready to take the next step?
If you’re thinking about acquiring a business in the next 3-12 months or exiting your company in the next 3-5 years and need some clarity around the who, what, when, and how – here’s what I’m going to do for you.
Take advantage of a no-obligation 45-minute consultation (typically worth $200, but you get it completely free).
Here’s what we’ll cover in those 45 minutes:
- Where you are now and where you want to be
- The 3-5 critical steps you need to take to get there
- What timeline makes sense for your situation
- Who you’ll need on your team and when to bring them in
- The biggest pitfalls to avoid (based on 200+ transactions)
- A clear roadmap so you know exactly what comes next
You’ll leave with complete clarity on your path forward – without losing your hair or your shirt.
No sales pitch. No pressure. Just straight talk from people who’ve been where you are and helped dozens of business owners successfully navigate this process.
Click here to schedule your free consultation →
Fair warning: I only do a handful of these each month, and my calendar fills up fast. If you’re serious about making a move, don’t wait.
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