Bobby Domofsky, founder of ForMJ Social, describes the final-hour financing collapse during the sale of his agency on Acquire.com.
0:00 / 0:12exact quote · 12.8s
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“The biggest issue that popped up was in the 23rd hour the financial company that was going to be fronting the loan for the buyer backed out of the deal.”
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More from Bobby Domofsky
Insight
Domofsky: Healthcare Is Typically Five to 10 Years Behind on Business Tactics
“For healthcare, they're typically five to 10 years behind on business tactics versus other businesses.”
Bobby DomofskyJan 3, 2025▶ 6:12Want to Build an Agency Worth Buying? Spend a Decade Saying Yes
Disclosure
Domofsky Expanded by Saying Yes and Learning on the Fly
“I had very much a yes mentality for anything that came up. So some doctors would ask, you know, do you do websites? Do you do SEO? And the short answer was always yes. And then I'd go home and Google for a couple hours and learn and research and try and figure…”
Bobby DomofskyJan 3, 2025▶ 3:34Want to Build an Agency Worth Buying? Spend a Decade Saying Yes
Disclosure
ForMJ Social Lost 25% of Revenue in a Single Phone Call
“Private equity had their own internal teams. So they reluctantly had to had to essentially fire us as the digital agency through Through too much success, we got fired, basically. And it was a real harsh reality of the landscape of the world, the landscape of …”
Bobby DomofskyJan 3, 2025▶ 9:56Want to Build an Agency Worth Buying? Spend a Decade Saying Yes
AssertionNot checkable as stated
Domofsky: ForMJ Social's Pre-Sale Revenue Surge Was Project-Based, Not Recurring
“When I first signed up with Acquire and started having meetings, I had a three-month period where revenue had a pretty big bump and the way the business was structured, it looked like it was going to continue to bump like that, but it was all project-based wor…”
Bobby DomofskyJan 3, 2025▶ 22:39Want to Build an Agency Worth Buying? Spend a Decade Saying Yes
What-if
Domofsky: Founders should define upfront cash minimums and financing limits early
“I wish I would have put some parameters on it For myself, you know, I, a minimum of X amounts up front. Here's my maximum length term on seller financing. You know, I wish I would have been a little clearer with what I actually wanted because I wasn't 100% sur…”
Bobby DomofskyJan 3, 2025▶ 25:12Want to Build an Agency Worth Buying? Spend a Decade Saying Yes
Insight
Domofsky: Medical Decision-Makers Are Much Harder to Reach Due to Gatekeepers
“Particularly in medical versus just small, medium-sized business, you know, finding decision makers is much tougher. You know, office managers and front desk staff, people at these medical practices are trained To keep sales reps and people away.”
Bobby DomofskyJan 3, 2025▶ 4:36Want to Build an Agency Worth Buying? Spend a Decade Saying Yes
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