by Andy Cagnetta & Jessica Fialkovich
The Deal Board podcast is a place for small business owners and entrepreneurs to learn the best way sell a business or buy a business. Business Exit Experts, Andy Cagnetta and Jessica Fialkovich, lead discussions with expert business brokers, M&A professionals, and entrepreneurs that have sold a business or bought a business. Whether you are looking to learn how to sell a business, information on business valuation, or how to buy a business – The Deal Board gives you the behind the scenes of the entire mergers and acquisitions world.
Language
🇺🇲
Publishing Since
11/13/2018
Email Addresses
1 available
Phone Numbers
0 available
April 9, 2025
<p class="Default" style="line-height: 120%;">Andy and JT Tatem, President of Transworld Business Advisors, welcome you to another episode of The Deal Board Podcast. This week, they’re joined by industry experts to discuss the evolving landscape of buying a business in today's market. They explore the challenges and opportunities buyers face, from increased competition to changing financing options. The conversation covers key strategies for leveraging SBA loans, how economic downturns can create ideal buying conditions, the benefits of franchising as a business acquisition strategy, and the importance of choosing the right business advisor. With insights from experienced business brokers like <span lang="DE" style="mso-ansi-language: DE;" xml:lang= "DE">Taylor Bombardiere</span>, Marty Fishman, and Tatiana DeMoraes, this episode breaks down what buyers need to know to navigate the modern marketplace successfully. Whether you<span dir= "rtl" lang="AR-SA" style= "font-family: 'Arial Unicode MS',serif; mso-ascii-font-family: Helvetica; mso-hansi-font-family: Helvetica;" xml:lang="AR-SA">’</span>re a first-time buyer or a seasoned investor, you<span dir="rtl" lang="AR-SA" style= "font-family: 'Arial Unicode MS',serif; mso-ascii-font-family: Helvetica; mso-hansi-font-family: Helvetica;" xml:lang="AR-SA">’</span>ll gain actionable strategies, expert insights, and real-world success stories to help you make informed decisions and discover new opportunities in the business buying market!</p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><strong>Listing of the Week:</strong></p> <p class="Default" style="line-height: 120%;"> <strong> </strong></p> <p class="Default" style="line-height: 120%;"><span class= "Hyperlink0"><a href= "https://www.tworld.com/agents/bondchaiprasit"><span lang="FR" style="color: black; mso-ansi-language: FR;" xml:lang="FR">Bond Chaiprasit</span></a></span> is offering the right buyer a rare opportunity to acquire a world-renowned beauty school established in 2006. This well-established institution has a strong reputation and a proven track record of success in the beauty education industry. With a skilled team in place and a steady stream of students, no prior experience is required to take over this thriving business. Priced at $4.5 million, the deal has already been pre-approved by multiple banks, making financing more accessible. For more information, call Bond Chaiprasit at <span class="Hyperlink0"><a href= "tel:%28925%29%20914%2D0546"><span style="color: black;">(925) 914-0546</span></a></span> or email <span class= "Hyperlink0"><a href="mailto:[email protected]"><span lang= "IT" style="color: black; mso-ansi-language: IT;" xml:lang= "IT">[email protected]</span></a></span>.</p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><strong>Deal of the Week:</strong></p> <p class="Default" style="line-height: 120%;"> <strong> </strong></p> <p class="Default" style="line-height: 120%;"><span class= "Hyperlink0"><a href= "https://www.tworld.com/agents/holliechoe"><span lang="NL" style= "color: black; mso-ansi-language: NL;" xml:lang="NL">Hollie Choe</span></a></span> recently sold an established and profitable preschool in Washington County, Oregon, for $150,000! With strong community roots, a previous owner with 20 years of experience, and seller discretionary earnings of $79,000, this was a fantastic opportunity for a qualified new owner with several local preschools in the area to step into a well-run business. Thinking of buying or selling a business? Contact Hollie Choe at <span class= "Hyperlink0"><a href="tel:%28541%29%20920%2D9026"><span style= "color: black;">(541) 920-9026</span></a></span> or <a href= "mailto:[email protected]"><span class="Hyperlink0"><span style= "color: black;">[email protected]</span></span></a>.</p> <p class="Default" style="line-height: 120%;"> </p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong>Key Points From This Episode:</strong></span></p> <p class="BodyA" style="line-height: 120%;"> </p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[01:08] Today’s topic: buying a business in today’s market.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[03:59] Reasons that right now is a prime time to buy a business.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[07:58] How to leverage the low down payments and fast approvals of SBA loans.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[10:31] Why economic downturns present an ideal opportunity to acquire a business.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[17:53] Choosing the right broker or advisor and getting the right education.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[22:50] Benefits of franchising and how to locate the ideal venture.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[27:07] Buying vs. building a business: pros and cons with Taylor Bombardiere.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[34:40] Listing of the Week: Bond Chaiprasit (Transworld North San Gabriel Valley) is selling a world-renowned beauty and cosmetology franchise school that was featured in a Hollywood blockbuster movie!</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[36:44] Three questions that every business buyer asks Marty Fishman.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[38:34] Deal of the Week: Hollie Choe (Transworld Oregon Central) sold an established and profitable preschool with strong community roots in Washington County, Oregon.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[39:49] Five actionable tips for buying a business with Tatiana DeMoraes.</p> <p class="Default" style="line-height: 120%;"> </p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong>Links Mentioned in Today’s Episode:</strong></span></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong> </strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "Hyperlink1"><a href="http://thedealboardpodcast.com/"><span style= "color: black; background: white; text-decoration: none; text-underline: none;"> The Deal Board Podcast</span></a></span><u><span style= "background: white;"> </span></u></p> <p class="Default" style="line-height: 120%;"><span class= "None"><span style="background: white;">Subscribe to</span></span> <u><span style="background: white;"><a href= "https://www.youtube.com/c/TheDealBoardPodcast"><span style= "color: black;">The Deal Board Podcast YouTube Channel</span></a> </span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.linkedin.com/showcase/72167699/admin/"><span style= "color: black;">The Deal Board on LinkedIn</span></a></span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.facebook.com/TheDealBoardPodcast/"><span style= "color: black;">The Deal Board on Facebook</span></a></span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://unitedfranchisegroup.com/"><span style= "color: black;">United Franchise Group</span></a> </span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href="https://www.tworld.com/"><span style= "color: black;">Transworld Business Advisors</span></a> </span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.linkedin.com/company/transworld-business-advisors"><span style="color: black;"> Transworld on Linkedin</span></a> </span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.facebook.com/transworldbusinessadvisors/"><span style= "color: black;">Transworld on Facebook</span></a> </span></u></p> <p class="Default" style="line-height: 120%;"><span style= "background: white;">Call us on</span> <span class= "Hyperlink0"><a href="tel:%28888%29%20719%2D9098"><span style= "color: black; background: white;">(888) 719-9098</span></a></span><span style= "background: white;"> </span></p> <p class="Default" style="line-height: 120%;"><span class= "None"><span style="background: white;">Email us at</span></span> <u><span style="background: white;"><a href= "mailto:[email protected]"><span style= "color: black;">[email protected]</span></a> </span></u></p> <p class="Default" style="line-height: 120%;"><u><a href= "https://www.tworld.com/agents/andrewcagnetta"><span style= "color: black;">Andy Cagnetta</span></a></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.tworld.com/agents/jttatem"><span style= "color: black;">JT Tatem</span></a></span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.sba.gov/funding-programs/loans"><span style= "color: black;">Small Business Administration (SBA) Loans</span></a></span></u></p> <p class="Default" style="line-height: 120%;"><span style= "background: white;">Email</span> <span class="Hyperlink0"><a href= "https://www.tworld.com/agents/taylorbombardiere"><span lang="DE" style="color: black; background: white; mso-ansi-language: DE;" xml:lang="DE">Taylor Bombardiere</span></a></span> <span style= "background: white;">at</span> <span class="Hyperlink0"><a href= "mailto:[email protected]"><span style= "color: black; background: white;">[email protected]</span></a></span></p> <p class="Default" style="line-height: 120%;"><u><a href= "https://www.tworld.com/agents/bondchaiprasit"><span lang="FR" style="color: black; mso-ansi-language: FR;" xml:lang="FR">Bond Chaiprasit</span></a></u></p> <p class="Default" style="line-height: 120%;"><u><a href= "https://www.tworld.com/agents/martyfishman"><span style= "color: black;">Marty Fishman</span></a></u></p> <p class="Default" style="line-height: 120%;"><span class= "Hyperlink0"><a href= "https://www.tworld.com/agents/holliechoe"><span lang="NL" style= "color: black; mso-ansi-language: NL;" xml:lang="NL">Hollie Choe</span></a></span></p> <p class="Default" style="line-height: 120%;"><u><a href= "https://www.tworld.com/agents/tatianademoraes"><span style= "color: black;">Tatiana DeMoraes</span></a></u></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong> </strong></span></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong>#thedealboard #transworldbusinessadvisors #businesssales #businessexit</strong></span></p> <p class="BodyA" style="line-height: 120%;"> <strong> </strong></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong>Quotes:</strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "None"><strong> </strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "None">“Times of economic uncertainty [are] a great time to buy a business.” — Andy Cagnetta <strong>[0:12:28]</strong></span></p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><span class= "None">“The advantage of working with an intermediary [or] advisor is they may have an inventory of – businesses they can show you. Rather than go search for all of those on your own, align yourself with someone who has inventory they can show you.” — JT Tatem <strong>[0:21:57]</strong></span></p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><span class= "None">“What are some of the pros when it comes to buying a business versus building it? One of the main things you get immediately when you buy a business is cashflow. Cashflow is king.” — Taylor Bombardiere <strong>[0:27:54]</strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "None"><strong> </strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "None">“In pricing a business, there’s science and there’s art.” — Marty Fishman <strong>[0:37:44]</strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "None"><strong> </strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "None">“Your broker knows who is in the industry that are deal-makers and not deal-killers. You want [to hire] people that are knowledgeable.” — Tatiana DeMoraes <strong>[0:42:46]</strong></span></p>
March 27, 2025
<p class="Default" style="line-height: 120%;">Andy and Jessica welcome you to another episode of The Deal Board Podcast. This week, they are joined by Marty Fishman and Tom Milana from Transworld Fort Lauderdale and David Moore from Acclivity Financial to explore how to get deals done. It’s a competitive market for buyers right now, and if you have the finances for an all-cash deal, it might just give you the edge; it could even help you get a discount on your purchase! Tuning in, you’ll hear about two successful cash deals, one for a FedEx route in Miami and another for a garbage shoot repair and maintenance business. Discover the benefits of a cash deal, like faster closing times and fewer complications, and what you can expect as a buyer or seller. To end, David Moore provides an update on the SBA loan process and the current state of financing. Tune in to learn how to find the best financing option for your business and get the deal done!<br style= "mso-special-character: line-break;" /> <!-- [if !supportLineBreakNewLine]--><br style= "mso-special-character: line-break;" /> <!--[endif]--></p> <p class="Default" style="line-height: 120%;"><strong>Listing of the Week:</strong></p> <p class="Default" style="line-height: 120%;"> <strong> </strong></p> <p class="Default" style="line-height: 120%;">An incredible opportunity to acquire two well-established home improvement businesses in eastern Pennsylvania, including real estate, is now available. No prior industry experience is needed, as both businesses have a strong, experienced team in place and outstanding local reputations. With seller discretionary earnings exceeding $850,000 on $3.2 million in sales for 2024 (and 2025 sales already up 10%), this is a profitable and growing operation. Priced at $2.5 million, the deal has already been pre-approved by multiple banks, making financing more accessible. For more information, call <span class="Hyperlink0"><a href= "https://www.tworld.com/agents/ginachapman"><span style= "color: black;">Gina Chapman</span></a></span> <span lang="DA" style="mso-ansi-language: DA;" xml:lang="DA">at</span> <span class= "Hyperlink0"><a href="tel:01234%20567%20890"><span style= "color: black;">(804) 446-0345</span></a></span> or email <span class="Hyperlink0"><a href= "mailto:[email protected]"><span style= "color: black;">[email protected]</span></a></span>.</p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><strong>Deal of the Week:</strong></p> <p class="Default" style="line-height: 120%;"> <strong> </strong></p> <p class="Default" style="line-height: 120%;">A niche trash and linen chute maintenance business has officially sold for $3.3 million! Listed in September, the deal faced an initial setback when the first buyer fell through, but persistence paid off. A strategic buyer stepped in, financing the real estate in cash and securing a business with strong financials, $665,000 in seller discretionary earnings on $3 million in revenue. With 6,000 active clients and over 300 service contracts, this business stood out as one of the only providers of its kind in the state. Thanks to solid financials and a smooth due diligence process, the final sale price held firm. To learn more, contact <span class="Hyperlink0"><a href= "https://www.tworld.com/agents/jaketobin"><span lang="DA" style= "color: black; mso-ansi-language: DA;" xml:lang="DA">Jake Tobin</span></a></span> <span lang="DA" style= "mso-ansi-language: DA;" xml:lang="DA">at</span> <span class= "Hyperlink0"><a href="tel:%28954%29%20999%2D2233"><span style= "color: black;">(954) 999-2233</span></a></span> or <span class= "Hyperlink0"><a href="mailto:[email protected]"><span style= "color: black;">[email protected]</span></a></span>.<br /> <br /> <span class="None"><strong>Key Points From This Episode:</strong></span></p> <p class="BodyA" style="line-height: 120%;"> </p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[02:28] Marty Fishman shares the details of an all-cash deal for a FedEx route in Miami.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[04:01] The benefits of all-cash deals, including faster closing times and fewer complications.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[07:43] Listing of the Week: Gina Chapman (Richmond Virginia) is selling two home improvement companies in eastern Pennsylvania.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[08:57] Tom Milana on an all-cash deal for a garbage shoot repair and maintenance business.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[12:02] How cash deals can save the buyer money.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[14:12] Deal of the Week: Jake Tobin (Fort Lauderdale) successfully closed the sale of a niche trash and linen chute maintenance business for $3.3 million.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[17:32] Some background on David Moore and Acclivity Financial.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[20:40] The current state of deal flow and financing.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[23:38] A breakdown of Acclitivity Financial’s offerings as an SBA lender.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[25:34] Predictions for market growth, younger buyers, SBA loans and more.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[31:27] What to expect from Acclivity’s USDA lending and SBA programs.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[34:06] Parting advice for entrepreneurs in the current economy.</p> <p class="Default" style="line-height: 120%;"> <strong> </strong></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong>Links Mentioned in Today’s Episode:</strong></span></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong> </strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "Hyperlink1"><a href="http://thedealboardpodcast.com/"><span style= "color: black; background: white; text-decoration: none; text-underline: none;"> The Deal Board Podcast</span></a></span><u><span style= "background: white;"> </span></u></p> <p class="Default" style="line-height: 120%;"><span class= "None"><span style="background: white;">Subscribe to</span></span> <u><span style="background: white;"><a href= "https://www.youtube.com/c/TheDealBoardPodcast"><span style= "color: black;">The Deal Board Podcast YouTube Channel</span></a> </span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.linkedin.com/showcase/72167699/admin/"><span style= "color: black;">The Deal Board on LinkedIn</span></a></span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.facebook.com/TheDealBoardPodcast/"><span style= "color: black;">The Deal Board on Facebook</span></a></span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://unitedfranchisegroup.com/"><span style= "color: black;">United Franchise Group</span></a> </span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href="https://www.tworld.com/"><span style= "color: black;">Transworld Business Advisors</span></a> </span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.linkedin.com/company/transworld-business-advisors"><span style="color: black;"> Transworld on Linkedin</span></a> </span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.facebook.com/transworldbusinessadvisors/"><span style= "color: black;">Transworld on Facebook</span></a> </span></u></p> <p class="Default" style="line-height: 120%;"><span style= "background: white;">Call us on</span> <span class= "Hyperlink0"><a href="tel:%28888%29%20719%2D9098"><span style= "color: black; background: white;">(888) 719-9098</span></a></span><span style= "background: white;"> </span></p> <p class="Default" style="line-height: 120%;"><span class= "None"><span style="background: white;">Email us at</span></span> <u><span style="background: white;"><a href= "mailto:[email protected]"><span style= "color: black;">[email protected]</span></a> <br /> <a href="https://www.tworld.com/agents/martyfishman"><span style= "color: black;">Marty Fishman</span></a></span></u></p> <p class="Default" style="line-height: 120%;"><u><a href= "https://www.tworld.com/agents/ginachapman"><span style= "color: black;">Gina Chapman</span></a></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.tworld.com/agents/thomasmilana"><span style= "color: black;">Tom Milana</span></a></span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.tworld.com/agents/jaketobin"><span style= "color: black;">Jake Tobin</span></a></span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://www.linkedin.com/in/david-moore-b487b3a/"><span lang="NL" style="color: black; mso-ansi-language: NL;" xml:lang="NL">David Moore</span></a></span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><a href= "https://acclivityfinancial.com/"><span style= "color: black;">Acclivity Financial</span></a></span></u></p> <p class="Default" style="line-height: 120%;"><u><span style= "background: white;"><span style= "text-decoration: none;"> </span></span></u></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong>#thedealboard #transworldbusinessadvisors #businesssales #businessexit</strong></span></p> <p class="BodyA" style="line-height: 120%;"> <strong> </strong></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong>Quotes:</strong></span></p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><span class= "None">“Typically we see sellers having to take 20% of a discount on an all-cash deal, and once again, it just takes one of the processes out of the deal, and you can move up the timeline all the more.” — Marty Fishman <strong>[0:05:01]</strong></span></p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><span class= "None">“These buyers are paying 10 to 12% interest rates. A deal this size would have been a $50,000 plus closing fee to the lender. They're saving a fortune by paying cash.” — Tom Milana <strong>[0:12:28]</strong></span></p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><span class= "None">“I'm surprised by – the money that these younger [people] are making. – And they don't want to give it up, but they want to start their own business. – They just don't want to have one location. They want to have several.” — David Moore <strong>[0:26:38]</strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "None"><strong> </strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "None">“The nice thing is, the SBA sets all the rules, and it's supposed to be a level playing field, so it comes down to execution, and we're comfortable with where we are in our space and what we're doing.” — David Moore <strong>[0:33:24]</strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "None"><strong> </strong></span></p> <p class="Default" style="line-height: 120%;"><span class= "None">“From an entrepreneur standpoint, I think that people just need to decide what they really want to do. What are they passionate about? You don't necessarily have to buy a business. You could start one up. There's franchises, there's a variety of avenues.” — David Moore <strong>[0:31:20]</strong></span></p>
March 12, 2025
<p class="Default" style="line-height: 120%;">Andy welcomes you to another episode of The Deal Board Podcast. This week, they are joined by Ryan Mortenson to interview prolific Broker Linda Boswell. Next, Sam Curcio from Transworld New York interviews the legendary Business Broker and entrepreneur Eric Straus. Join these industry leaders as they discuss two epic business stories and share a wealth of essential advice for people who are just getting started on their entrepreneurial journeys. From Linda’s love of drop letters and the essential quality she attributes her success to, to Eric’s early experiences of entrepreneurship and the principles that have led his way, this conversation is packed with wisdom you can apply today. Thanks for listening!</p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><strong>Listing of the Week:</strong></p> <p class="Default" style="line-height: 120%;"> <strong> </strong></p> <p class="Default" style="line-height: 120%;"><a href= "https://www.tworld.com/agents/addisongoldin"><span class= "Hyperlink0"><span style="color: black;">Addison Goldin</span></span></a> is selling a beauty salon in North Broward County that offers every service from nails to tattoos, hair, and more. This could be a quick deal for someone looking for an easy way to start their portfolio. For more information, call Addison <span lang="DA" style="mso-ansi-language: DA;" xml:lang= "DA">at</span> (954) 289 2115 or email him at <a href= "mailto:[email protected]"><span class="Hyperlink0"><span style= "color: black;">[email protected]</span></span></a>.</p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><strong>Deal of the Week:</strong></p> <p class="Default" style="line-height: 120%;"> <strong> </strong></p> <p class="Default" style="line-height: 120%;"><a href= "https://www.tworld.com/agents/michaelshea"><span class= "Hyperlink0"><span style="color: black;">Michael Shae</span></span></a> sold a retail store and interior design practice on the Gold Coast of Florida for $1.6 million dollars. The seller was a near-retiree who had built an exceptional business, and it has been sold to a buyer who had bought multiple other businesses from Transworld. For more information, call Mike on (813) 331 5414 or email him at <a href= "mailto:[email protected]"><span class="Hyperlink0"><span style= "color: black;">[email protected]</span></span></a>.</p> <p class="Default" style="line-height: 120%;"> </p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong>Key Points From This Episode:</strong></span></p> <p class="BodyA" style="line-height: 120%;"> </p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[02:13] Ryan Mortenson welcomes Linda Boswell and she shares her origin story in business brokerage.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[06:35] The story of the first business she brought to close using a drop letter.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[07:15] Her most recent memorable sale of a water survey business.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[08:15] Linda’s view on what sets a successful business broker apart: follow-up.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[10:11] Why Linda believes that more drop letters and more direct mail are key to success.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[11:50] Her goal to help other business brokers grow in the future and the one quality she attributes her success to.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[15:08] The story of the cosmetic distribution business Linda sold using a translator.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[16:18] Sam Curcio introduces Eric Straus and his prolific background as an entrepreneur and broker.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[17:47] His background and early experiences of entrepreneurship before starting a business.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[23:11] The story of his exponential growth and what he learned along the way.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[26:55] Key principles and strategies he has applied at every juncture.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[29:27] Advice Eric would give to young entrepreneurs who are just getting started.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[33:17] Deal of the Week: Michael Shea sold a retail store and interior design practice on the Gold Coast of Florida.</p> <p class="BodyA" style= "margin-left: 12.0pt; text-indent: -12.0pt; line-height: 120%; mso-list: l0 level1 lfo2;"> <!-- [if !supportLists]--><span style= "font-size: 13.0pt; line-height: 120%; mso-fareast-font-family: Helvetica; mso-bidi-font-family: Helvetica;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->[34:41] Listing of the Week: Addison Goldin.</p> <p class="Default" style="line-height: 120%;"> <strong> </strong></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong>Links Mentioned in Today’s Episode:</strong></span></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong> </strong></span></p> <p class="Default" style="line-height: 120%;"><a href= "http://thedealboardpodcast.com/"><span class= "Hyperlink1"><span style= "color: black; background: white; text-decoration: none; text-underline: none;"> The Deal Board Podcast</span></span></a><u><span style= "background: white;"> </span></u></p> <p class="Default" style="line-height: 120%;"><span class= "None"><span style="background: white;">Subscribe to</span></span> <a href= "https://www.youtube.com/c/TheDealBoardPodcast"><span style="color: black; background: white;"> The Deal Board Podcast YouTube Channel</span></a><u><span style= "background: white;"> </span></u></p> <p class="Default" style="line-height: 120%;"><a href= "https://www.linkedin.com/showcase/72167699/admin/"><span style= "color: black; background: white;">The Deal Board on LinkedIn</span></a></p> <p class="Default" style="line-height: 120%;"><a href= "https://www.facebook.com/TheDealBoardPodcast/"><span style= "color: black; background: white;">The Deal Board on Facebook</span></a></p> <p class="Default" style="line-height: 120%;"><a href= "https://unitedfranchisegroup.com/"><span style= "color: black; background: white;">United Franchise Group</span></a><u><span style= "background: white;"> </span></u></p> <p class="Default" style="line-height: 120%;"><a href= "https://www.tworld.com/"><span style= "color: black; background: white;">Transworld Business Advisors</span></a><u><span style= "background: white;"> </span></u></p> <p class="Default" style="line-height: 120%;"><a href= "https://www.linkedin.com/company/transworld-business-advisors"><span style="color: black; background: white;"> Transworld on Linkedin</span></a><u><span style= "background: white;"> </span></u></p> <p class="Default" style="line-height: 120%;"><a href= "https://www.facebook.com/transworldbusinessadvisors/"><span style= "color: black; background: white;">Transworld on Facebook</span></a><u><span style= "background: white;"> </span></u></p> <p class="Default" style="line-height: 120%;"><span style= "background: white;">Call us on</span> <a href= "tel:%28888%29%20719%2D9098"><span class="Hyperlink0"><span style= "color: black; background: white;">(888) 719-9098</span></span></a><span style= "background: white;"> </span></p> <p class="Default" style="line-height: 120%;"><span class= "None"><span style="background: white;">Email us at</span></span> <a href="mailto:[email protected]"><span style= "color: black; background: white;">[email protected]</span></a><u><span style="background: white;"> <br /> </span></u><a href= "https://www.tworld.com/agents/ryanmortensen"><span style= "color: black; background: white;">Ryan Mortensen</span></a><span class="None"><span style= "color: black; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 84.706%; background: white;"><br /> </span></span><a href= "https://www.tworld.com/agents/lindaboswell"><span style= "color: black; background: white;">Linda Boswell</span></a><span class="None"><span style= "color: black; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 84.706%; background: white;"><br /> </span></span><a href= "https://www.tworld.com/agents/ericstraus"><span style= "color: black; background: white;">Eric Straus</span></a></p> <p class="Default" style="line-height: 120%;"><a href= "https://www.tworld.com/agents/samuelcurcio"><span style= "color: black; background: white;">Sam Curcio</span></a><span class="None"><span style= "color: black; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 84.706%; background: white;"><br /> </span></span><a href= "https://www.tworld.com/agents/michaelshea"><span style= "color: black; background: white;">Michael Shea</span></a></p> <p class="Default" style="line-height: 120%;"><a href= "https://www.tworld.com/agents/addisongoldin"><span style= "color: black; background: white;">Addison Goldin</span></a></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong> </strong></span></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong>#thedealboard #transworldbusinessadvisors #realestate #commercial</strong></span></p> <p class="BodyA" style="line-height: 120%;"> <strong> </strong></p> <p class="BodyA" style="line-height: 120%;"><span class= "None"><strong>Quotes:</strong></span></p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><span class= "None">“[To be a broker], I think you need to have a very even temperament, — [because] it can be an emotional rollercoaster.” — Linda Boswell <strong>[0:13:07]</strong></span></p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><span class= "None">“My dad taught me a great lesson — If you don’t have a collections problem, you’re not selling hard enough.” — Eric Straus <strong>[0:22:43]</strong></span></p> <p class="Default" style="line-height: 120%;"> </p> <p class="Default" style="line-height: 120%;"><span class= "None">“Whether you’re buying a business or starting a business, you have to assume the revenue isn’t going to be there early on.” — Eric Straus <strong>[0:25:17]</strong></span></p>
Will Smith
IBBA - International Business Broker Assoication
Bill D'Alessandro, Mills Snell, Heather Endresen, and Michael Girdley
NOVA Media
David Senra
All-In Podcast, LLC
Seeking Alpha
John Warrillow
Guy Raz | Wondery
Vox Media Podcast Network
The Wall Street Journal
New York Magazine
The Wall Street Journal & Gimlet
Ramsey Network
Pod Engine is not affiliated with, endorsed by, or officially connected with any of the podcasts displayed on this platform. We operate independently as a podcast discovery and analytics service.
All podcast artwork, thumbnails, and content displayed on this page are the property of their respective owners and are protected by applicable copyright laws. This includes, but is not limited to, podcast cover art, episode artwork, show descriptions, episode titles, transcripts, audio snippets, and any other content originating from the podcast creators or their licensors.
We display this content under fair use principles and/or implied license for the purpose of podcast discovery, information, and commentary. We make no claim of ownership over any podcast content, artwork, or related materials shown on this platform. All trademarks, service marks, and trade names are the property of their respective owners.
While we strive to ensure all content usage is properly authorized, if you are a rights holder and believe your content is being used inappropriately or without proper authorization, please contact us immediately at [email protected] for prompt review and appropriate action, which may include content removal or proper attribution.
By accessing and using this platform, you acknowledge and agree to respect all applicable copyright laws and intellectual property rights of content owners. Any unauthorized reproduction, distribution, or commercial use of the content displayed on this platform is strictly prohibited.