Michael Girdley (@Girdley), and Bill D’Alessandro (@BillDA) review a business that liquidates old voice-over IP telephones. They have 32% margins and only 11 employees while doing $4M in revenue. Impressive.We also steered away from the deal to talk about how to convince a broker that you’re not a tire kicker, how to make deals with celebrities, pricing a business with upcoming unforeseeable risks, different structures to share risk with the seller in a deal, and much more!Company:                 Highly Profitable Supplier of Used & Refurbished Telecom EquipmentLocation:                   United StatesStated Financials:     Revenue ‘22  $ 4,000,000   |   ‘22 Adjusted EBITDA   $ 1,300,000Asking Price:             Contact the broker-----Thanks to our sponsors!CloudBookkeeping offers adaptable solutions to businesses that want to focus on growth with a “client service first” approach. They offer a full suite of accounting services, including sophisticated reporting, QuickBooks software solutions, and full-service payroll options.-----Show Notes:(0:00) - Introduction(0:57) - Our Sponsor is Cloudbookkeeping.com(2:25) - Update on Michael’s Spanish lessons (4:52) - Deal & financials: Highly Profitable Supplier of Used & Refurbished Telecom Equipment(6:05) - What do these guys do?(7:00) - How might Covid have affected this?(8:48) - What do we think about the customers and the operational structure?(15:56) - How to convince a Broker that you’re not a tire kicker?(18:58) - What happens when you try to make a deal with a celebrity?(20:44) - What is the elephant in the room for this deal?(21:18) - Are there headwinds for this? Should you be scared about it?(24:05) - How would we price this business, and why?(25:30) - What is the most important thing of Due Diligence for this business?(27:05) - Audience request: How would we structure this? What are the depreciation benefits? (30:52) - What are the challenges to estimating the risk here? How would we split the risk with the seller?(33:26) - Why are entrepreneurs in liquidations so rich?-----Additional episodes you might enjoy:#166 - A legal tech business doing $7mm a year #165 - Should we buy this airplane ad business?#164 - Annual Report Filing Software#163 - Make $2.3M/yr owning a Flight School#162 - Cleaning up crime scenes for big money!#161 - How to spot red flags in eCommerce listings? Do you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel. Do you enjoy our content? Rate our show! Follow us on Twitter @acquanon Learnings about small business acquisitions and operations.