Acquisitions Anonymous - #1 for business buying, selling and operating - Would You Bet $1.6M of Equity on This California Courier?

Episode Date: March 31, 2026

In this episode the hosts talk about buying a 49-year-old California courier business generating $770K in cash flow—but debate whether the 5x multiple is justified given growth limits, customer concentration risk, and potential regulatory threats to its 1099 driver model.Business Listing – https://www.bizquest.com/business-for-sale/profitable-courier-business-for-sale-in-california/BW2474620/Welcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.💰 Sponsored by:Acquisition Lab – Your fast-track to business ownership. Get hands-on support, world-class resources, and join a top-tier community of acquisition entrepreneurs. Schedule your free consultation at https://www.acquisitionlab.com and mention Acquisitions Anonymous!Capital Pad – A platform connecting accredited investors with vetted small business acquisition deals. Discover exclusive opportunities at https://capitalpad.comThis episode dives into a long-standing courier company located on California’s Central Coast serving Ventura, Santa Barbara, and San Luis Obispo counties. The business generates approximately $2.6M in revenue and $770K in seller’s discretionary earnings, with an asking price of $3.85M (5x SDE). Its asset-light model relies on independent contractor drivers using their own vehicles, resulting in strong margins near 30% and minimal capital expenditure requirements.Key Highlights:- $2.6M revenue, $770K SDE, asking $3.85M (5x multiple)- 49-year operating history with 16 years under current ownership- Asset-light model using 1099 drivers and zero vehicle ownership- Major risks: customer concentration, working capital timing, regulatory changes- Likely requires ~$1.6M equity and strong seller transition supportSubscribe to  weekly our Newsletter and get curated deals in your inboxAdvertise with us by clicking hereDo 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.For inquiries or suggestions, email us at [e-mail]

Hello everyone and welcome back to another episode of Acquisitions Anonymous. This is the internet's number one podcast on buying, selling, and operating small businesses. I am one of your hosts, Bill Dallessandro, and on this episode, I am with Heather Anderson, and we review a courier company in California, north of L.A., serving San Luis Obispo in the surrounding areas, beautiful area of the country. So if you want to move to California and run a courier business, this is the one for you. It's got $770,000 of SDE, so it's chunky enough. They're asking 5X, so it's a little pricey, but there is actually a ton to like about this business.

Sometimes we have to be nitpicky, but this business we really liked kind of top to bottom. So this is a fun episode, breaking down a career business in California. Without further ado, I hope you enjoyed this episode of Acquisitions Anonymous. We'll say, Acquisitions Anonymous. Hello, another episode of Acquisitions Anonymous. We don't have 100% years anymore. And thumbs downing on just the plus inventory line. Are you ready to take a leap into business ownership but you don't know where to start?

Well, look no further than Acquisition Lab, the premier resource for entrepreneurs seeking to buy their dream business. Founded by Harvard MBA and acquisition expert Walker Dibble, the lab is your fast-tracked success in the search diligence and acquisition process. With hands-on support, world-class resources and a community of like-minded entrepreneurs, Acquisition Lab gives you the tools and confidence. to navigate every step of the journey. And we're proud to call Walker and Chelsea, the Labs Director, long-time friends of the podcast. They're passionate about helping entrepreneurs like you take the next big step.

So don't wait to make your business ownership dream of reality. Visit AcquisitionLab.com today to learn more and schedule your free consultation. And when you do, be sure to tell them the Acquisitions Anonymous podcast sent you. Hello, everyone. Welcome back to Acquisitions Anonymous. Today you've got me and Heather,

and Heather is looking tan and happy Because where did you just come back from, Heather? I just came back from Maui, and it was wonderful. And it's whale season there, which is really fun. So I am very relaxed. That is awesome. Every time somebody says whale season, I think of that business that we did on the show in the Pacific Northwest, the whale tours business that got so mad at us. Yeah.

Yeah. It's not, we didn't, I didn't go there. I went to a nice, warm whale weather or whale season location in Maui. It was beautiful. That sounds great. I'm super jealous. If you are not a long-time listener of the pod, the most controversial deal we've ever done in the pod was a whale touring company in the Pacific Northwest by Olympic National Park. And it was a public teaser. We don't sign NDAs on this pod. And we got the biggest angrogram from the CFO. We are not for sale. Where did you get all this information? He was so mad. And then I got a call from the Pacific Maritime News or something like the local trade rag wanting me to comment. on the deal. And I was like, no comment. Like, I'm so sorry.

This guy was big mad. But we, it was, I said, take it out with your broker. It's on his website, you know, because we didn't know the name of the company, but apparently there are only like five of them. So within the little bubble, it was obvious based on how many boats they had and all that stuff. So he had put out of pressure,

they company put out a press release that they weren't for sale. They had hired a broker, I mean, it was, it was crazy. It was. So that was, we always worry a little bit that we're putting people on blast. But in general, if you're selling your business, we hope this helps you. Yeah, exactly. If you're not selling your business, why is your company listed on a broker's page? Exactly.

So this one, we don't know the name of this one, but this one is really cool. Heather, you found this one. Do you want to read it? I can put it on the screen or I can read it whatever you want. Okay, so it is in California, profitable courier business for sale in California, Ventura County. California, which is just north of L.A. County, if you don't know where that is. Asking price, $3,850,000,000, established in 1977,000, gross revenue, $2,600,000. Serving Ventura, Santa Barbara, and San Luis Obispo counties for 49 years, profitable, well-established courier business for sale.

The premium same-day, or this premium same-day courier company represents a rare opportunity to acquire the oldest and most established career business in on California's Central Coast. Operating successfully for 49 years, this profitable business has built an exceptional reputation through word-of-mouth referrals and consistently reliable delivery service. Financial performance, annual revenue, $2,600,000, cash flow $770,000, strong 29.6% cash flow margin demonstrates operational efficiency, 80% required. recurring monthly revenue, ooh, that sounds good,

provides predictable income stream, profitable operations with a proven track record, model advantages, business model advantages, asset light operations with zero vehicle ownership requirements, drivers utilize personal vehicles, minimizing capital investment and maintenance costs, established scheduled route network on the central coast of California, 1,200 square foot leased head office facility supports

operations efficiently, management team in place for seamless transition, market position, dominant market presence as the longest operating career service in the region, strong brand recognition built entirely through referrals and repeat business. No formal advertising required due to established customer relationships, premium service positioning in growing Central Coast market, growth potential, scalable business model with room for expansion, in medical, aerospace, and defense business. Opportunity to implement modern dispatch and marketing strategies,

potential for geographic expansion or service line additions, turnkey operations ready for new ownership to elevate performance. This established career business offers an exceptional combination of stability, profitability, and growth potential. It represents an excellent opportunity for a strategic buyer or an individual buyer seeking to grow the business to create greater value. Qualified buyers must sign an MDA and present proof of funds. There is support and training.

The reason for selling is retirement after owning the business for 16 years. So interesting, the business is older than that, but this owner's had it for 16 years. And it doesn't say much about the business location or really much else. What do you think? So interesting. So this is a courier business. So what this is is, hey, I need this kidney or this bottle of medicine or this aerospace part to be, to go from A to B right now, today, like within the next couple hours, because my machine is down. The patient is dying. You know, we're out of paper and can't keep printing at our magazine shop, you know, whatever it might be. So this is,

I need to go to A to B right now. I am fascinated Heather that's been around for 49 years. But the current owner has only owned it for 16. Yeah. So it's already been through a leadership transition, which is great. It says management team is in place, which is also positive. Nice. So it is possible this is a nice transferable business. Mm-hmm.

Yeah, it is. I mean, they're asking five times cash flow, which is definitely on the high end of deals that we look at. You know, and yet it's got some size. It's 770K. It's not, you know, I'd always love to, we're bigger. You know, it seems like it's professionalized. It's been around for a while. I mean, I don't think it's egregious. Like, there's a lot to like about this business. Yeah. Now, one of the things they really want you to like, I think, is the reason they said it, is 80% recurring monthly revenue. Now, what kind of recurring monthly revenue does a courier service have. This is what I kind of puzzled me as I read it. Like, I usually think we use that word recurring revenue. If we've got a contract contractually recurring revenues. I wonder if this is more reoccurring revenue where the same customers are using them and about 80% of revenue represents the same customers

coming back again and again. What do you think? Yeah, I think you're right about that. I mean, it could be, you know, I don't know, imagine you've got a pharmacy, so the picture on the listings is a box on it. This is pharmacy. You know, pharmacies can be prescribing things that are needed right now. So maybe the pharmacy every day fills their prescriptions for the nursing home or for the hospital or whatever and couriers them over every day. So that's darn close to recurring revenue. You know, if the pharmacy has recurring revenue, you, the courier, curering that revenue is almost recurring, right? So I would certainly, you're exactly right, Heather. I would want to kind of diligence the contracts, the customer relationships. I don't know if there are contracts or

not or if it's just, hey, we're on speed dial, you know, our number is printed on the whiteboard next to the phone at all these pharmacies. And, you know, people just call us. And as long as we don't screw it up, you know, we're never going to lose the business. We're the go to. Yeah, it's kind of like we're the go to. The thing that worries me a little bit about that, it's great to have, you know, be the consistent provider to, you know, maybe several pharmacies, if that's what it is. But at $2.6 million of revenue, I am guessing there's some concentrations. Because if you're working hard for a couple of, might only be a couple of pharmacies. You know, that would be my concern. And, you know, the Central Coast area of California is, first of all, it's a beautiful area,

absolutely gorgeous. But it's not really as dense as you think of like L.A. or San Francisco or even where I am at is in Orange County. It's a lot more spread out. So I think that also means could have more concentrations at only 2.6 million. How many customers maybe are there really covering a large? or service area. Right. I also am really interested in their business model.

It says they are running asset light operations with zero vehicle ownership requirements and all of their drivers are 1099. Think of Uber, right? So their drivers are getting a ping, a text, an email, something like that.

It's probably very lo-fi. I don't think there's an app because it does say there's an opportunity to implement modern dispatch strategies. So they're probably just calling these drivers or texting them and say, I need you to pick up

package at A and drive it to B. This is really great because we have no assets of the balance sheet. We have no depreciation of all these cars. We probably don't have nearly so much liability. We don't have our drivers on the road. They're 1099s. So there's a lot of reasons to love this business model. Yes. It gives me, I would really want to understand the structure of the P&L, though, because if we're charging a pharmacy, say, you know, 100 bucks to courier, this thing and we pay our guy 50 bucks. You know, are we recognizing the hundred bucks and then we've got 50 bucks paid out to the courier? Are we, is our revenue just our fees? You know, and then it's our costs are only our overhead. You know, I'd really want to understand how the dollars

flow through the P&L on this business. Yeah. Yeah. And I mean, at a 30% margin, I'm guessing it, they're recording the whole, like in your example, $100 sale. And then $50 is the cost of goods sold or whatever that gets paid to the driver. And maybe the rest is administrative and marketing. I mean, it is a nice model to have all 1099s and all their own cars. I do think there's probably some challenge, though, in managing that because you have people that may not always be available, may kind of cycle in and out of your sort of go-to list of people. So it could be kind of stressful to manage this team of 1099s and their own cars and whether they're available when you need them.

Because like you said, this is the kind of service where it's all about did you show up on time with the product or whatever the thing is that they're moving around. Yeah. I mean, you've got to have a deep enough network of 1099s such that when something's got to go today, someone's going to answer the phone and take it. Right. Yeah. And they've also got to be reliable because your business's reputation. rests on your 1099 contractor. And for courier, like, it's got to be there today. Your guy doesn't show up enough times, and suddenly they erase your phone number off the whiteboard and they put

some other courier service, and then you're really screwed, and it's tough to win that business back. You know, this is like, don't screw it up, and it's very stable. Screw it up, and you have problems really quickly, and it's really tough. You could vaporize the 49 years of goodwill very, very quickly. Yeah. Now that said somebody bought it 16 years ago and to hold on to it for 16 years until they are retiring, which is what they're telling us here, you know, they found a way and they've got a team and maybe it's not as, maybe it's not as difficult as I'm making it sound, or at least they found, you know, put some systems in place that made it a little bit easier. So there's a lot to like on this business. So I would, there is a lot to like. I agree. I would really want to structure a lengthy

transition process with this seller because, you know, other businesses you come in, you get two weeks of training and, you know, but you get an order, you have a couple weeks to deliver it. You know, this business is very, very time sensitive. I get an order, I have to deliver that order today. Right? And having, you know, all the edge cases, the corner cases, the things that go wrong, what happens, you know, in this certain scenario, having that guy around, you know, at your hip for a while will be really important because you cannot drop the ball on this handle, right? This guy made the handoff from the prior owner 16 years ago. he clearly didn't drop the ball, it went great. But there is a six-month real risk period

while you're doing this handoff. And this is true for every business acquisition, but especially this one, because it's such short order cycles, such time-dependent order cycles, and it's such a trust-based business. And that if you fumble this ball, like the riskiest two periods in this business is history were the last time it got sold and this time. I would require some real handholding from this game. Real handhold. Yeah, I agree. And let's go to the price a little bit in the cash flow. I mean, as a lender, I don't work with SDE. I always have to lop off a salary for that. And let's just call it $100,000. However, I will say in the central coast of California, $100,000 may not be enough, you know, just to kind of live bare bones. So, but let's for the sake of argument say that $170,000. And now you have to be on a $170. So let's just say it's really $600. EBITDA, right? You can afford to borrow, this is the rule of thumb, about 3.75 times the adjusted EBITDA with an SBA loan at today's rates. That's about, that'll get you to a decent debt

service coverage ratio that banks will want to see. Well, 600,000 times 3.75 is 2.2.2. Yeah. Yep, and they want 3,850. So do you want to, do you want to put that kind of equity? into a deal that I think is probably hard to grow. And that's kind of the crux of why I have a problem with the multiple here. Yep. So this is going to take $1.6 million of equity to get done at about $2.2 million of debt at this price. Which you're right, Heather.

I mean, if it's a sparser area up there, I would have, during diligence, a ton of questions, how do I grow this business? and is it, you know, there are more pharmacies and I'm just not serving? Can I win this business? Yeah. Well, the flip side of your business being sticky is that your competitive business is also sticky. So how do you get their number erased off the whiteboard and your number put up there? That's also tough because that's a zero-sum game, right? You got to knock another courier off. You know, I'd be much more bullish on this, and I don't know the area, Heather, you can inform us. But if the population of this area were growing and new pharmacies were open, you. opening all the time or whatever their end market is. And I could sell into those new ones without having to knock somebody off. That would make me feel like it was easier to grow. Hey, everyone, it's Bill. And I want to tell you about maybe the most exciting sponsor we've had in a long time on the pod. It's called CapitalPad. And it is the thing that I wish existed

when I started my journey of operating and investing in small businesses. So CapitalPad is a marketplace for acquisition entrepreneurs that is people who want to buy a business. And and need capital to list their deals and solicit capital from other people who want to invest in acquisition deals. So if you want to back somebody buying a small business, CapitalPad is a place to do it. And if you want to buy a business and need capital, you can go on CapitalPad to be introduced to investors. So the really great thing, too, from the investor side is that Capital PAD takes care of all of the details that can get hairy with small business acquisitions. They handle standardized terms, standardized governance, standardized distributions all up front in black and

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And that could be the case. I mean, it is a retirement hub. You know, there's a lot of retirees that live up in these areas, so it could be that. But again, I certainly wouldn't pay this multiple if there's a customer concentration and I have a feeling there is just based on the size of the revenue. And then I would really just sort of decide. how much equity I'm willing to put in is really based on how hard or easy I think it is to grow. And I think this is at least medium to grow. You know, it's not easy. Maybe it's hard, but, you know, it's not the easiest thing.

Like you said, you have to knock somebody else out. You're not just going to get a brand new pharmacy popping up and you become the courier to it. I also noticed, I don't think there's a broker on this listing, is there? Well, it's a business listed by KSM investments. I don't know if that is. I don't know if that's the seller, but this KSM Investments does not have any other listings on biz by-s. All right. Yeah, I'm looking.

Well, there's KSM investment banking, I guess, but now I don't see anything interesting. Okay. Well, it could be for sale by owner, but the broker's not listing other businesses. So I do feel like maybe there's an opportunity here to bid a little bit lower than what they're asking. And I think that's something that is interesting.

I come across a lot in my business is talking to buyers who are first-time buyers and they see these listing prices and think it's like real estate, that's the list price. We have to offer close to that. And I have to educate, no, you don't. Most of the list prices are way too high and they may entertain something quite a bit lower if you walk them through why that's your bid and why you're still a good buyer. So I think this is one where I like it, but I certainly will. would not be thinking that $3,850 makes any sense. Asking prices are just that. Asking.

It's not like you walk into a store and there's a sticker price on a thing and that's the price and you can't walk out without paying that. So I don't think I'm bidding five times for this. Now, of course, someone might, you might lose. But probably not bidding five times for this. But this is a good business. I mean, right? Been around for a long time.

Reoccurring or recurring revenue, whichever one it happens to be. It seems like they're focused in an end market, which I like. They're kind of specialized. They can build credibility in those end markets. They're not just waiting for revenue to kind of fly in the front door.

Also kind of makes it easier if you're going to try to grow it to think about your marketing strategy, focus it just on those end markets. So, I mean, I like it. Heather, question for you, though, as a Californian who follows Californian politics a little bit more.

I know that DoorDash and Uber and all of these, they all run the same asset-light business model, right, with 1099. drivers. I also occasionally read a whole bunch of headlines about how California is trying to reclassify those people as W2 or coming after the gig economy people. And this strikes me as a business that while not in the crosshairs would absolutely be collateral damage of any regulation past targeting DoorDash and Uber. What is the status right now of that in California?

You know, I don't know, actually. I should follow that more closely than I do, but I don't believe it's happened yet. And you're right, though, if it did happen, this would be very disruptive to this business. They would have to treat them as employees, pay them completely differently. All the logistics would change. Could you even still have them using their own cars? I don't know. I think legally and financially, it would change the business model tremendously. So that's a good point. You'd have to kind of put that down as political risk, so to speak, of owning this business and buying it. There was one other thing I was trying to think through, and that's working capital. I always think of business valuations and I think, but what is the cash conversion cycle of this business?

I would think the pharmacies would pay pretty fast for this kind of service, but they may not. You know, it's possible that this company carries receivables. Have you ever run across career service? I hope that's not true. Yeah, I hope that's not true. But a pharmacy, you know, being health care and a little more archaic, everything in health care feels so archaic in terms of the payment systems. I would worry a little bit about that. I'd want to know, I'd want to diligence and ask questions about that right away.

How do they get paid? How do they pay their drivers? Because I'm sure they have to pay their drivers quickly. If you're doing this kind of work 1099, you need to pay it immediately. So what's the mismatch between them paying the drivers and when they get paid from the pharmacy? If it's a big number of days, then you would be stuck with a big amount of permanent working capital. And if you do have that, you better include that in your offer and it better be in the price. Like the seller is selling you the working capital.

You have to pay this multiple plus bring in that working capital as not going to work at all. And that's tough too. And I think this is something that people really underappreciate in small business. If you are giving your customers terms, you are lending them money. which means that you need to underwrite them. And, you know, in our business, we sold stuff to, you know, bed, bath and beyond, big lots, like those types of places. And those retailers went bankrupt and we got stiffed for five figures, you know?

Oh, ouch. You're an unsecured creditor, right? Yeah. Like, in bankruptcy, you are not going to see a penny. Yeah. So if you've got, you know, AP or AR rather, out to all of these pharmacies, it's only a matter of time until a couple of them go out of business, right? And what do they do when they go out of business? Usually, they stop paying for a little while and their balanced balloons even more. So if you are,

if you have a business and you are in the business of giving your customers terms, you need to be constantly underwriting them, right? You know, what is the balance that they typically have? Is their balance up? Are they paying late? You better stop curaring more stuff because you suddenly have a credit risk on your hand. Right. A good communication. Yeah. Right. Right. The person that's doing your billing better be speaking to the person that's dispatching drivers and saying, hey, they're not current. But that happens a lot in small businesses where that communication does not take place and you keep extending more credit to this company that is showing signs of weakness. I always tell folks when they're looking at business P&Ls, if you see bad debt expense in more than one period, if you see it at all, frankly, there's a sign they had to write off something. You know, they extended credit to somebody. They had to write it off. If you see it in more than one period, you really need to diligence their whole billing and collection practices. They may be worse than it appears even. Same thing if you see receivables that are aged 90 days and over pretty regularly.

That's a pretty bad sign too. But I'm curious. I mean, you'd really want a system where the pharmacy is paying immediately, but I don't see how pharmacies, I don't know if they would do that. Oh, I'd want to charge their credit card. I mean, there's, they want you to deliver the same day. I'm not. I would tell them I got to pay my drivers. I want this on credit card.

There is absolutely no way. If I come into this business and it is extending terms, I would be thinking hard about converting it to credit card pay and eating the interchange or raising prices to offset the fee. And this kills me, these small businesses all the time, that don't take credit cards. And they lose the sale. over not taking credit cards.

And now they lose a sale. They lose a sale and they go, oh, I would rather chase AP? Like, no, the cost, the default rates on your AP need to be 3% or less over time to break even on the credit card fee. I guarantee, and not just your default rate, also your, oh, I forgot to collect 100 bucks

from Heather's pharmacy because, you know, I don't have good records, right? If your loss rate on that is less than 3%, you're making money. If your loss rate is more than 3%, and I'm sure it is if you're extending credit, small businesses, just switch to credit card. And you get paid factor. I'm not even talking about the time value of money and unlock all your working capital and all that stuff. It's crazy to me how business owners get so hung up on the interchange fee of accepting credit cards.

I mean, working capital is one of the trickiest things of small business buying and ownership, both. It is, and it's probably of all the things that people learn about when they're going through this process, I feel like in general it's the least understood topic. Working capital, the cash conversion cycle, the system that the company is using today and whether or not you can change some of it. And then what are the best platforms and systems to go on once you own the business? I think, you know, I've heard a lot of, you know, stories on the internet of, you know, people who had it. bought up business and it went bad. I listened very carefully to all the details when people are willing to share about those. And most of the time, I think it comes down to badly managed working

capital. If they have a problem in the first two years, it's usually that in some way, shape, or form. So it's super important. If I had to guess, this business is accepting credit cards. But if it's not, I would be thinking about converting into credit cards and unlocking all that cash out of receivable, which could help create working capital for your deal. you know, that the type of thing you could get paid for, you know, you could have that seller finance that working capital. And then as you receive, it will bleed down and convert to cash. That could drop a lot of cash to the balance sheet. So, Heather, have you ever financed a courier business? No, I haven't. I mean, honestly, I had to think about it for a second. I remember the financial

industry used to use a lot of couriers, but we stopped that a long time ago, and I sort of forgot they existed, but of course, they exist mainly for medical and a little bit for manufacturing. You know, they're out there. I did look at one, I shouldn't say that. I looked at one a few years ago, that was very specific temperature-controlled career-type services for medical. So, like, you know, very, very specific. They had to keep everything at a certain temperature, usually frozen, you know, to transport it. And it was very niche. And it was a good company.

So, you know, depends on who these customers are. But I like it so far at the right price. Yeah. I like this one, too, at the right price. Can a searcher buy this, Heather? I mean, is this a good business for a searcher? What do you like? Yes, it is a good business for a searcher because you can imagine a scenario where it is very transferable. And your resume, a lot of different resumes can, a banker can see, yeah, you could run this business. You know, you don't have to have direct career experience. You could have experience managing a team or managing a little bit of logistics. And I think a lot of banks would go for that. The key here is just how much you can borrow. It's probably about $2,250. And so you have to kind of anchor yourself to that number and then figure out how to get

there on the rest of it. Seller financing, purchase price reduction, you know, there's, there are levers here. Yes, there are. Yeah. All right. So I like this one. Now that being said, I would never own a business in California because of all the compliance nightmares. But if I lived in California and was, you know, that was, I was something I was used to. I'd be interested in this one. I like it. Yeah. Yeah. And some people want to live in California in these kinds of areas. So this would be a good one for somebody like that who wants to move here and live some more beautiful. Absolutely. That's true. All right.

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