Rob Lichfield on Acquiring Businesses and the FedEx Independent Service Provider Model

Jared W. Johnson Podcast

In this podcast episode, host Jared Johnson interviews business acquisition expert, Rob Lichfield, where they share insights and tips about what to consider when acquiring a business. The conversation primarily centers around their experiences in the FedEx industry, but they also cover other topics such as due diligence, managing employees, and the SBA loan process. So, whether you’re a first-time buyer or an experienced business owner, this blog will provide valuable information that can help you navigate the world of acquiring businesses.

Rob Lichfield’s Background

Rob Lichfield grew up in southern Utah. He’s been on a Mormon mission to Massachusetts, and worked in a commercial bank with his dad. Lichfield also talks about living on the beach in Puerto Penasco, Mexico, which he describes as a cool and inexpensive place for American expats to live. 

The Challenges of Owning a FedEx

Rob Lichfield discusses his attraction to the FedEx independent service provider model, which is highly competitive and has undergone many changes over the years. But Rob shares his insight on the challenges of owning a FedEx route and how the company has made it difficult for owners to make a profit. Jared and Rob also touch on the SBA’s approval of FedEx as a licensing agreement rather than a franchise, which opened doors for SBA loans. Overall, Rob advises that someone looking to invest in a FedEx business should consider being an owner-operator rather than a semi-absentee owner.

Acquiring a Winning Business

The conversation continues with Rob Lichfield discussing the importance of buying a winning business and not making too many changes. He compares it to a relay race where one must not drop the baton. Rob talks about the risks of making changes when buying a business, as it can lead to a loss of culture and status quo, resulting in the business going out of business. Having acquired multiple businesses, Rob emphasizes the importance of learning the business before buying and mentions how his brother learned through delivering with his crew for six weeks.


Finally, Jared and Rob briefly discuss a restaurant acquisition that Rob found through when he was looking to get out of the FedEx space. The business Rob acquired, Protein Source, is a healthy, fast casual restaurant that serves protein shakes and healthy protein-based meals, mostly meat-based, with vegetarian and vegan options. They have repeat customers who are into fitness and healthy lifestyle. The business averages about $7,000 in sales a day and $50,000 a week between its two locations.

Rob enjoys acquiring businesses and being a good employer. That’s what drives him to keep going.


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DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.

Market Price Analysis with Business Broker Lyndsey Davino

Jared W. Johnson Podcast

In this podcast episode of Before You Buy or Sell a Business, host Jared Johnson talks market price analysis with Lyndsey Davino, a business broker based in Las Vegas. Davino shares how she got into business brokerage, starting with her background in commercial real estate and property management. For Lyndsey, the industry is challenging, exciting and never gets boring. 

Breaking Down Market Price Analysis

Johnson and Davino discuss the recent transaction of a pest control business as an example of market price analysis and how a lender evaluates it for financing. Lyndsey explains the concept of a market price analysis (MPA). It helps determine the value of the business based on financial performance, operations, and comps. Jared goes through the numbers of a closed loan for a pest control business in southern Nevada and explains the difference between accrual and cash basis accounting.

They go over the top-line revenue and net income for 2020 and 2021 and discuss the bankers’ add-backs, including depreciation, amortization, and officers’ salary. Johnson mentions auto expenses as an example of a typical add-back. Davino talks about the difficulty of proving some add-backs and the need to be more conservative in some cases. They also mention some unusual add-backs, such as family members’ salaries and household food from restaurant suppliers. Johnson emphasizes the importance of looking at the cash flow to determine whether the numbers work for a loan.

A Broker’s Advice to Small Businesses Looking to Sell

The conversation continues with Lyndsey Davino emphasizing the importance of pricing a business competitively and realistically, based on the analysis of the provided numbers and details about the business. She advises against relying on internet rules of thumb and emphasizes the need to work with a professional broker. Pricing the business right the first time is key. Ultimately, the goal is to find a buyer who is reasonable and willing to pay a fair price for the business.

Lastly, Lyndsey Davino advises business owners to plan their exit strategy as soon as possible to prepare for any unforeseen circumstances that may arise. She also mentions that not every business is sellable. So, business owners must educate themselves and talk to a business broker to make their business sellable. Lyndsey’s advice to potential buyers: assess their financial situation. They should get pre-qualified for an SBA loan before approaching a business broker. 


To contact Lyndsey, email her at: or call her at (702) 772-7542

If you have questions for Jared, visit

DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.


This conversation covers:

  • Property Management
  • Listing a Business for Sale
  • Market Price Analysis for Small Businesses
  • Add Backs and Cash Flow Analysis for Business Valuation
  • Valuation of a Pest Control Business: Using Comparable Sales and Multiple Adjustments
  • Analysis of Tax Returns and Seller’s Discretionary Earnings for Business Loan Approval
  • Lease Agreements
  • Being a Woman in the Brokerage Industry
  • Dealing with Landlords in Commercial Real Estate Transactions

Expert In Multi-Skilled Maintenance Management Acquires Diverse Business

Jared W. Johnson Podcast

In this episode of the “Before You Buy or Sell a Business” podcast, host Jared Johnson talks with small business owner Michael Johnson; the two have no immediate family relation.

Michael Johnson was a multi-skilled maintenance and integrated facility services worker for fifteen years. During that time, he worked his way up to a management position, helping to design and construct vinyl windows for a window extrusion company. Michael then decided to pursue a college education and earned an engineering degree. A conversation with Michael’s boss during an annual review eventually led him to make the decision to buy a business in the same industry.

When it comes to management, Michael has a philosophy of: seek first to understand, then to be understood. With Michael’s previous experience, he looked for a business to acquire that was connected to his management skills. Ultimately, Michael’s wealth of experience and knowledge helped him navigate the process of taking over a new business.

If you have questions for Jared, visit

DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.

SD Business Advisor’s Mitch McGinley Transforms Boutique Hotels And Fitness Studios For Profit

Jared W. Johnson Podcast

In this episode, host Jared Johnson welcomes Mitch McGinley from SD Business Advisors. The two discuss how Mitch got into a niche market of the business brokerage field: fitness studios.

Mitch McGinley started his career in the hotel industry but got tired of being yelled at. While still managing hotels, Mitch started night school to get his MBA in accounting. This opened his eyes to a realization: managers don’t make money, owners do. 

So, Mitch talked with his General Manager about how he wished to become a hotel owner. His GM, who had become a mentor at this point, connected him with John Pani. John Pani had gone out on his own and was buying and selling boutique hotels. Mitch found this to be an exciting opportunity and began working with John as his only employee. They operated two hotels; and Mitch elevated one to become the number one ranked hotel in San Diego on

But being the only employee got tiresome; the hours were long and Mitch’s cell phone number was taped to the front door. Mitch and his wife had a dream to own a yoga studio and they finally had the confidence to pursue it when they were approached by the owner of their favorite studio. Mitch took advantage of the offer and was able to make a six-figure profit from the sale in their third year. This experience would lead him down the path of business brokerage in a niche market.

Not long after the sale, Mitch was then offered a job with two young, professional, and humble leaders. Having gone through the buying and selling process himself, Mitch is able to have a deep understanding of his clients, helping him build a reputation in the yoga and fitness studio market.

DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.

Owner of Multiple Businesses Acquires a Business During COVID

Jared W. Johnson Podcast

This week, Jared sits down with Isaac Saucedo, owner of Quick-Dry Flood Services. The previous owner was retiring and offered the business to Isaac and his business partner. Isaac took the offer seriously, saving money to make it happen.

Isaac Saucedo grew up in San Diego and got into the construction industry through his father, who was a building inspector and eventually became a general contractor. 

In 2009, Saucedo started a construction and building company, right when the real estate market was collapsing. They had zero work going around, so people might have thought they were crazy. But word of mouth advertising led to jobs and success for the company. 

Overall, Saucedo has had a successful experience in owning businesses and has advice to offer other buyers and sellers.

If you have questions for Jared, visit

DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.

Lessons from the IBBA Top Individual Deal Maker 3 Years Running

Jared W. Johnson Podcast

This week Jared interviews Trent Lee, and they discuss much more than buying and selling businesses.

Trent was the International Business Brokers Association (IBBA) Top Individual Deal Maker in 2019, 2020, and 2021, and in 2019 was also awarded the Outstanding Producer award. He should also win in 2022. He also holds his business appraiser license. Trent provides great insight into his background and how he sold multiple businesses before getting into the business and brings a great perspective to the selling process. They touch on many topics, from the current industry climate to what he looks for in a listing to what buyers should do to be ready for the purchase.

Trent provided outstanding advice for both buyers and sellers and walked us through the listing process. Jared, of course, asks about his motivation and mentorship, and his answers may surprise you.

Trent can be reached at

The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.

Are There Really 42 Steps To Buying a Business?!

Jared W. Johnson Podcast

There are 42 steps to buying a business, let’s talk about it

While attending the Texas Association of Business Brokers conference Jared sits down with Josh Levine who is the Co-Founder and CEO of Private Market Labs. Jared and Josh discuss a lot of different subjects surrounding business acquisitions and the process. Josh shares what Private Market Labs is all about

and what he’s been working on. Together, they identify the challenges that come with buying a business and what they feel needs to be changed. The topic of search funds comes up many times and

Josh covers how Private Market Labs is helping them.

Josh provides some great information about the full industry and goes into detail about his own challenges with building his business.

Josh Levine can be reached at and is very active on Twitter: @levinejm

The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.

Learn From a 2-Time Buyer and 1-Time Seller

Jared W. Johnson Podcast

This week Jared interviews Keith Kahn who has acquired 2 different restaurants and sold one. Keith and Jared talk about the process of buying 2 different businesses and provide a lot of valuable information.

Each acquisition was very different and had its own challenges. They discuss the need for a good non-compete agreement. Keith discusses the transition period for each purchase and what he would’ve done differently. Jared and Keith also talk about the business that Keith sold and what took place from the listing to after the sale.

Keith covers what it takes to be a great restaurant owner and his future plans all while providing some great motivation to future and existing entrepreneurs.

The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.

Business Transactions Over $10,000,000

Jared W. Johnson Podcast

Are you looking to buy or sell a business with a price tag over $10,000,000?

On this episode Jared speaks with two very successful business brokers; Sean Seaman and Dustin Sigall who are the founders and owners of SD Business Advisors. They discuss the topic of larger transactions and how these deals are different. Sean and Dustin answer the questions you’ve likely been asking

while providing some exceptional advice. Jared, Sean, and Dustin talk about Private Equity Group and what exactly that means and what a seller should be looking out for when they could have a PEG buyer.

The conversation has some excellent insight into the economy, the current M&A environment, and we learn what makes these highly sought-after brokers different.

To find out more about SD Business Advisors, visit:

If you have questions for Jared, visit