🎙️$50k → $5M buying declining healthcare businesses (here's how) | Devin Fitzgerald

Hello SMB Deal Hunters!

📣 Big Announcement: We now have an audio-only feed - this might be the MOST requested feature we have had from our podcast listeners. So, you can now listen to this episode in your podcast app of choice here.

Now, on to this week’s fantastic buyer story.

Devin Fitzgerald acquired 2 declining home healthcare businesses in the Boston area over the last few years and successfully turned them around.

He did it with some of the most creative financing we’ve seen on the show. And he’s already working on acquisition #3 (which is 4x bigger than all of his current businesses combined).

At some points his story is nearly unbelievable. Here are just a few snippets from his interview...

🔥 He bought his first two healthcare businesses making ~$5M in Revenue with only $50k down (and says he shouldn't have put down anything at all)

🔥 He was negotiating six-figure deals while delivering pizzas—literally putting bankers on hold to hand off a pepperoni pizza for a $3 tip

🔥 He bought a business declining 21.5% per year with zero healthcare experience (and turned it around in year one). Then did it again with business #2 (declining ~6% a year).

Here's his must-watch story...

And some of his insightful lessons:

❓ Why he bought declining businesses (one falling 21.5% annually) when most buyers would run away

❓ The book that completely changed his integration strategy (hint: it's about Warren Buffett and John Malone)

❓ How he's differentiating in healthcare where rates are often capped and everyone competes on the same playing field

And unforgettable moments like...

👉️ Dive into the story with Devin

COMMUNITY WINS

For those who missed it, we also did an SMB Deal Hunter Pro alumni interview with Irving last week!

Like a lot of people who decide to buy a small business, Irving had spent the last 20 years in corporate

He literally made it to 19 years and 11 months—20 days before his 20-year anniversary—before he walked away.

After about a year of searching, Irving and his wife closed on a ~$5.56M physical therapy practice in Texas.

Here are some quick fire deal highlights...

💡Cash-flowing $1.3M / year

💡10 employees

💡$400k seller note, 2 year standby at a 6.5% interest rate

His story tackles how he…

✅ Saved nearly $1M over the next 10 years (due to a little-known tax rule)

✅ Handled a tough negotiation all the way to the end of the deal (leading to Irving getting a $400k seller note and keeping the seller on for his PT license)

✅ Brought down the price of the deal by $135k during due diligence.

And these were his words for the community after he closed…

So, if you want me and my team to work with you to find, finance, and acquire a million-dollar cash-flowing business in the next 6-12 months, you might be interested in the Pro program.

👉️ Learn more and book a call

COMMUNITY PERKS

• Ready to buy and operate a $1M+ business? Get expert help at every step.

• Want to invest passively in SMB acquisitions? Get access to investment opportunities.

• Get a personal introduction to my preferred SBA 7(a) lender, non-SBA lenders, Quality of Earnings providers, or legal counsel

• Raising capital for your deal? I’ll connect you with investors from the SMB Deal Hunter Community.

• Interested in selling your business? I’ll help you connect with buyers from the SMB Deal Hunter Community.

THAT’S A WRAP

Want me to interview you for my podcast? Hit reply.

See you next week with some new deals!

-Helen Guo
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Disclaimer

This publication is a newsletter only and the information provided herein is the opinion of our editors and writers only. Any transaction or opportunity of any kind is provided for information only; SMB Deal Hunter does not verify nor confirm information. SMB Deal Hunter is not making any offer to readers to participate in any transaction or opportunity described herein.