Episodes
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Josh Key partnered with a master plumber from his church to acquire a plumbing business doing $1.25m. It ended badly.
Topics in Josh’s interview:
Buying a plumbing business with a partnerQuitting his job to go all-inInadequate due diligence on his partnerHis partner’s wife getting involved in the businessEmotional outbursts and threats from his partnerEmployees and clients leaving due to the partnerClosing the business and filing for bankruptcyWhat he learned about due diligenceHow his mindset is guided by his faithWhat he wants to do nextReferences and how to contact Josh:
[email protected]Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:
Matthias Smith of Pioneer Capital AdvisoryGet complimentary due diligence on your acquisition's insurance & benefits program:
Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:
The Acquisition LabConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Tom & Dawson Matter bought a vent cleaning business operating out of a parking lot. The transition has been interesting.
Topics in Tom and Dawson’s interview:
Teaming up to acquire Pro Duct CleaningThe nocturnal, detailed, messy nature of the workTom keeping his W-2 while Dawson runs operationsMaintaining a 42% marginLearning to deal with angry customersUpgrading the equipment and facilitiesHiring Dawson’s wife to help with operationsSwitching from Google Calendar to a real CRMTrouble communicating with employeesChasing down payment from clientsReferences and how to contact Tom and Dawson:
Pro Duct [email protected] Tagliatela on Acquiring Minds: Reward for a Brutal Transition: $760k EBITDA on 3 Hours/WeekGeorge Vallone on Acquiring Minds: When Buying Small Goes Right (3x Growth)Get a complimentary IT audit of your target business:
Email Nick Akers at [email protected], and tell him you’re a searcherGet a free review of your books & financial ops from System Six (a $500 value):
Book a call with Tim or email [email protected] and mention Acquiring MindsGet a complementary pre-acquisition HR & PEO review for your target business:
Contact [email protected] or visit Aspen HRConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Episodes manquant?
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Where Searchers Go Wrong, Part 2 - Thu Dec 12 - https://bit.ly/3VtCvC1Fred McGill liked the trades and zeroed in on electrical. The $3.2m business he bought is likely to grow 25% in year 1.
Topics in Fred’s interview:
Founding a real estate start-upComparing rental income to small businessAcquiring an electrical companyReassuring employees during transitionLearning how to hire electriciansCompensation in the electrical industryGrowth through digital marketingMiscalculating working capitalImportance of making the phone ringHelping searchers through Blue Collar AdvisoryReferences and how to contact Fred:
LinkedInTwitterBray Electrical [email protected]Learn more about Walker Deibel's done-with-you buy-side advisory:
The Acquisition LabWork with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:
Matthias Smith of Pioneer Capital AdvisoryGet a free review of your books & financial ops from System Six (a $500 value):
Book a call with Tim or email [email protected] and mention Acquiring MindsConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinar:
Where Searchers Go Wrong, Part 2 - Thu Dec 12 - https://bit.ly/4igqBVQJordan Dubin and his partners are rolling up a home services industry. They blew by their 5-year goal in the first year.
Topics in Jordan’s interview:
Partnering with his 2 friendsHand writing 200 letters to potential sellersBuilding a platform of garage door businessesMaintaining local brandsWhy private equity hasn’t picked over the industry yetHow they chose the garage door marketBuilding trust through honestyHitting $20 million EBITDA in the first yearBeachhead and tuck-in strategiesThe role of timing in acquisition successReferences and how to contact Jordan:
LinkedInGuild Garage GroupGet a complementary pre-acquisition HR & PEO review for your target business:
Contact [email protected] or visit Aspen HRGet complimentary due diligence on your acquisition's insurance & benefits program:
Oberle Risk Strategies - Search Fund TeamGet a complimentary IT audit of your target business:
Email Nick Akers at [email protected], and tell him you’re a searcherConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinar:
Where Searchers Go Wrong, Part 2 - Thu Dec 12 - https://bit.ly/41ivxUlFragmentation & an enormous TAM drew Jonathon Tupper to buy a 30-year-old business in the asset-based lending industry.
Topics in Jonathon’s interview:
Moving from politics to investment managementImportance of liquidityFactoring: a form of asset-based lendingWhat kinds of businesses benefit from factoringBuying a factoring businessAcquiring without an SBA loanPaying 2x EBITDACompeting with banks and other lendersRunning a Houston business from Southern CaliforniaChallenge of hiring good employeesReferences and how to contact Jonathon:
LinkedInJobe Services [email protected]Get a free review of your books & financial ops from System Six (a $500 value):
Book a call with Tim or email [email protected] and mention Acquiring MindsGet a complementary pre-acquisition HR & PEO review for your target business:
Contact [email protected] or visit Aspen HRGet a complimentary IT audit of your target business:
Email Nick Akers at [email protected], and tell him you’re a searcherConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinar:
• Where Searchers Go Wrong, Part 2 - Thu Dec 12 - https://bit.ly/4f0320C
Michael Johnson started searching in April. Today he's having the time of his life as owner of a $1.2m printing business.Topics in Michael’s interview:
Marine Corps experience in IraqAcquiring a vending machineFrustration with his W-2 jobAcquiring a SpeedPro locationUps and downs of negotiation and fundingFrustrating first day as ownerHigh demand for printing car wrapsEmpowering employees to be autonomousHiring his wife to work in the businessWhat he loves about the franchise modelReferences and how to contact Michael:
LinkedInThe one-pager Michael used during outreachSpeedPro NW RaleighDominick Blue on Acquiring Minds: Buying & Growing a Business While Keeping a Day JobJesse Safir on Acquiring Minds: Surviving the Nightmare: Sales Plunge 95%Dan Verboski on Acquiring Minds: Candid Reflections on 7 Years of SMB OwnershipJarett Berke on Acquiring Minds: When a Restaurant is a Great Business to BuyAdam Markley on Acquiring Minds: Getting Reps: Helping Others Look at Deals Led to a HoldcoGet complimentary due diligence on your acquisition's insurance & benefits program:
Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:
The Acquisition LabWork with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:
Matthias Smith of Pioneer Capital AdvisoryConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Link Moser built a nearly-passive business portfolio by acquiring tiny web design & hosting shops on favorable terms.
Topics in Link’s interview:
Learning to build websites in the 90’sStarting a web design/hosting businessSending out letters to target businessesAcquiring other digital marketing agencies nearbyIntegrating the businesses he boughtCustomer attrition rates during transitionGetting bored with passive incomeConsidering buying a traditional, non-digital business Willingness to sell his own businessPros and cons of remote workReferences and how to contact Link:
LinkedInWindhill DesignGet a complementary pre-acquisition HR & PEO review for your target business:
Contact [email protected] or visit Aspen HRGet a free review of your books & financial ops from System Six (a $500 value):
Book a call with Tim or email [email protected] and mention Acquiring MindsGet complimentary due diligence on your acquisition's insurance & benefits program:
Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Derek Croft bought a $1m SDE business with a national footprint in an unusual niche. Just don't call him The Lice King.
Topics in Derek’s interview:
Leaving Bain to search for a businessAcquiring LiceDoctorsWhy it’s good for a profitable business to be imperfect Personal satisfaction from helping customersPayroll emergency on day 2Competition in the lice removal industryHigh staff turnover despite good paySpeeding up their response timeRaising public awareness of their serviceHis goal to double in 5 yearsReferences and how to contact Derek:
LinkedInLiceDoctorsETA CircleWork with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:
Matthias Smith of Pioneer Capital AdvisoryGet a complimentary IT audit of your target business:
Email Nick Akers at [email protected], and tell him you’re a searcherLearn more about Walker Deibel's done-with-you buy-side advisory:
The Acquisition LabConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinars:
• Understanding the Waterfall - Thu Nov 21 - https://bit.ly/3AMj6Fk
Francisco Del Rio & Diego Silva are 5 acquisitions into a venture to consolidate veterinary practices in Chile & beyond.Topics in Francisco & Diego’s interview:
Vetting each other before partneringTeaming up to roll up vet clinics in ChilePitching themselves to clinic ownersSearching during strict Covid lockdownsEducating owners about business valuationUnderstanding the seller’s perspectiveMaking variable compensation workTeaching receptionists to use sales scriptsFinding investors and growing the businessVision to expand to neighboring countriesReferences and how to contact Francisco & Diego:
Diego Silva [email protected] del Rio LinkedIn [email protected] Latam VetGet a complimentary IT audit of your target business:
Email Nick Akers at [email protected], and tell him you’re a searcherLearn more about Walker Deibel's done-with-you buy-side advisory:
The Acquisition LabGet a free review of your books & financial ops from System Six (a $500 value):
Book a call with Tim or email [email protected] and mention Acquiring MindsConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinars:
Where Searchers Go Wrong - Thu Nov 14 - https://bit.ly/3O0im2aLegal Office Hours: Understanding the Waterfall - Thu Nov 21 - https://bit.ly/3O3zqo2Sam Rosati & partners built the Sunbelt's largest commercial fencing contractor in 3 years. But the origins were modest.
Topics in Sam’s interview:
His background in accounting and lawBeing inspired by Chenmark and Brent BeshoreAcquiring Alpha Dumpsters with his brotherBirth of SMBashOrigin story of SMB LawHow an independent sponsor differs from a self-funded searcherInvesting in a commercial fencing businessThe role of luck in successAcquiring and consolidating fence businesses Partnering with private equityReferences and how to contact Sam:
LinkedInTwitterSMBootcampChandler Reed on Acquiring Minds: Boom, Bust, Boom: Buying a Whiplash BusinessJohn Hubbard on Acquiring Minds: Why Buy a Small Manufacturing Business? and Time to Sell? Growing EBITDA from $750k to $2mGet a free review of your books & financial ops from System Six (a $500 value):
Book a call with Tim or email [email protected] and mention Acquiring MindsWork with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:
Matthias Smith of Pioneer Capital AdvisoryGet a complementary pre-acquisition HR & PEO review for your target business:
Contact [email protected] or visit Aspen HRConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinars:
Where Searchers Go Wrong - Thu Nov. 14 - https://bit.ly/40HZtZKLegal Office Hours: Understanding the Waterfall - Thu Nov 24 - https://bit.ly/4hEzVThThe story behind "Rick & Royce", who've probably done more to grow entrepreneurship through acquisition than anyone.
Topics in Rick and Royce’s interview:
How they met in academiaGrowth of their ETA class at HarvardUnexpected success of their bookSatisfaction of changing students’ livesThoughts on their sons searching for businessesPartner/family perspectives on searchValue of learning about failed acquisitionsHow attitudes about small business have transformedUsing their podcast to educate about small businessThoughts on pursuing wealthReferences and how to contact Rick and Royce:
The book: HBR Guide to Buying a Small BusinessThe podcast: Think Big, Buy SmallGet complimentary due diligence on your acquisition's insurance & benefits program:
Oberle Risk Strategies - Search Fund TeamGet a complimentary IT audit of your target business:
Email Nick Akers at [email protected], and tell him you’re a searcherLearn more about Walker Deibel's done-with-you buy-side advisory:
The Acquisition LabConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
When he realized he was willing to do the work himself, Matthew Railla bought a $500k SDE termite inspection business.
Topics in Matt’s interview:
His family’s culture of entrepreneurshipHis background running a wineryBecoming a business brokerBuying his own listingBuying a tough-to-sell business Getting an SBA loan using the new partial buyout rulesCrawling under houses himself to learn the tradeSeller agreeing to teach him for 2 yearsThe 3 branches of pest controlHis plan to expand the businessReferences and how to contact Matt:
[email protected]://www.toptermiteco.comLearn more about Walker Deibel's done-with-you buy-side advisory:
The Acquisition LabGet a complementary pre-acquisition HR & PEO review for your target business:
Contact [email protected] or visit Aspen HRGet complimentary due diligence on your acquisition's insurance & benefits program:
Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Iris Levine bought a 30-year-old construction firm just steps from the rough Nashville neighborhood where she grew up.
Topics in Iris’s interview:
Working 3 jobs to pay for collegeBackground in high-growth startupsForming her own acquisition mastermind groupFinding an unlisted business through a brokerBuying a porch construction companyPutting 5% down without outside investorsChoosing to forego a quality of earningsAdding technology for project managementMotivation to find work-life flexibilityPossibility of expanding their offeringsReferences and how to contact Iris:
LinkedInEpisode #233 with Alan LochridgeWork with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:
Matthias Smith of Pioneer Capital AdvisoryGet a free review of your books & financial ops from System Six (a $500 value):
Book a call with Tim or email [email protected] and mention Acquiring MindsGet a complimentary IT audit of your target business:
Email Nick Akers at [email protected], and tell him you’re a searcherConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinar:
How to Run a 2-Year Search in 2 Months - Nov 1 - https://bit.ly/48sjkh9
Seattle-based Dan Drake & his wife wanted to raise their kids in Bend, Oregon. Buying a business allowed them to do it.Topics in Dan’s interview:
His search in Bend, OregonUnderstanding negotiation tacticsBundling the real estate with the businessHis seller-financed dealRenegotiating after sales dipped 20%Pros and cons of having experienced staffExplaining balloon paymentsGiving back to Central OregonMeeting with top customers to understand their needsImproving inventory management and websiteReferences and how to contact Dan:
LinkedInIndustrial Applied ElectricNegotiate Without Fear by Dr. Victoria MedvecGet complimentary due diligence on your acquisition's insurance & benefits program:
Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:
The Acquisition LabGet a complementary pre-acquisition HR & PEO review for your target business:
Contact [email protected] or visit Aspen HRConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinar:
How to Run a 2-Year Search in 2 Months - Friday, Nov 1 - https://bit.ly/3YEN9YE
When, at age 29, Gat Caperton bought a furniture maker in his native West Virginia, he was also buying himself a career.Topics in Gat’s interview:
Working for the legendary Sam ZellAcquiring a furniture manufacturer in 1996You’re better off with smart competitors than dumb competitorsCutting his lead time in half the first yearImplementing lean manufacturingOwning the business with his dadChina devastated US furniture manufacturingJoining John Bassett to sue China for breaking trade lawsThe evolution of “Made in America”How to evaluate a furniture manufacturerReferences and how to contact Gat:
LinkedInGat CreekFactory Man by Beth MacyThe Goal by Eliyahu Goldratt and Jeff CoxWork with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:
Matthias Smith of Pioneer Capital AdvisoryGet a complimentary IT audit of your target business:
Email Nick Akers at [email protected], and tell him you’re a searcherGet a free review of your books & financial ops from System Six (a $500 value):
Book a call with Tim or email [email protected] and mention Acquiring MindsConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinars:
Cap Tables 101: How Capital Structure Works When Buying a Business - Thu Oct 24 - https://bit.ly/3UihUQGHow to Run a 2-Year Search in 2 Months - Friday Nov 1 - https://bit.ly/3UfYJqzNik Hulewsky bought a $3.2m medical billing company during peak Covid, anticipating a surge in demand. He was right.
Topics in Nik’s interview:
Tragedy that ignited his passion for hospiceLosing his job while his wife was in laborSearching for a business to fit his skillsetIndustry is more important than businessMargins in home healthCalculating return on brain damageLearning firsthand about the J curveImportance of relationship with the sellerBeing in business with his brother-in-lawAdvice for young entrepreneursReferences and how to contact Nik:
TwitterCofounders.comNikonomicsGet a free review of your books & financial ops from System Six (a $500 value):
Book a call with Tim or email [email protected] and mention Acquiring MindsGet a complimentary IT audit of your target business:
Email Nick Akers at [email protected] (and tell him you’re a searcher)Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:
Matthias Smith of Pioneer Capital AdvisoryConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinars:
Cap Tables 101: How Capital Structure Works When Buying a Business - Thu Oct 24 - https://bit.ly/4dR5CWqHow to Run a 2-Year Search in 2 Months - Friday Nov 1 - https://bit.ly/4dQifknKristiana Laugen left tech to buy a 40-year-old pool business with $300k SDE. Fast growth from a small base is the plan.
Topics in Kristiana’s interview:
Her career working for start-upsHer desire to “eat what she kills”Finding a business sooner than expectedAcquiring a commercial pool maintenance/repair businessHow commercial pool maintenance differs from residentialQuickly firing all but one technicianMaking changes in the first 90 daysSeller retained 5% equityUsing an app for routing efficiencyThe numbers game of hiringReferences and how to contact Kristiana:
[email protected] Pools, Spas & FountainsGet a complementary pre-acquisition HR & PEO review for your target business:
Contact [email protected] or visit Aspen HRGet complimentary due diligence on your acquisition's insurance & benefits program:
Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:
The Acquisition LabConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinar:
Cap Tables 101: How Capital Structure Works When Buying a Business - Thu Oct 24 - https://bit.ly/3zTykbcTech industry vet Eric Bauer wanted to build something for himself. Buying a hat brand across the country was the path.
Topics in Eric’s interview:
Skills he acquired during 10 years at AmazonMoving from Seattle to Alabama to buy a businessRed flags in business listingsComparing BizBuySell and Axial for business searchAcquiring a hat distributorSolving problems with hat sizingLearning how to motivate his staffHiring difficultiesInventory management complexitiesSelf-confidence as a business ownerReferences and how to contact Eric:
[email protected]Get a complementary pre-acquisition HR & PEO review for your target business:
Contact [email protected] or visit Aspen HRGet complimentary due diligence on your acquisition's insurance & benefits program:
Oberle Risk Strategies - Search Fund TeamGet a free review of your books & financial ops from System Six (a $500 value):
Book a call with Tim or email [email protected] and mention Acquiring MindsConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinars:
Due Diligence Office Hours - Wed Oct 16 - https://bit.ly/4h3R74oCap Tables 101: How Capital Structure Works When Buying a Business - Thu Oct 24 - https://bit.ly/3zT8sMAJustin Willess liquidated his 401k to buy a $8.5m construction business. He lost the business and may lose his house.
Topics in Justin’s interview:
Frustration with his consulting careerBuying a construction companyConstruction landscape in Northern VirginiaDiscovering cooked books after transitionSeller refused to release promised fundsEmptying his 401k to make payrollCalm is contagiousClosing the businessWhat he learned from the failed acquisitionWhy he wants to acquire againReferences and how to contact Justin:
[email protected]Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:
Matthias Smith of Pioneer Capital AdvisoryGet $200 off your ticket to the M&A Launchpad Conference in Chicago on October 26th:
https://www.malaunchpad.com & enter code ACQUIRINGMINDSLearn more about Walker Deibel's done-with-you buy-side advisory:
The Acquisition LabConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter -
Register for the webinars:
Which Business Should You Buy? - Thu Oct 10 - https://bit.ly/3TYdVZ8Due Diligence Office Hours - Wed Oct 16 - https://bit.ly/3BznZl0
As a banker Greg Bruns dealt with business owners, wanting what they had. When a friend bought a business, he saw a way.Topics in Greg’s interview:
Leaving his banking career to buy a businessBig risks of doing an asset saleHow ownership is different than expectedRisks and benefits to buying smallWhy erosion control matters to infrastructureBeing tied to the construction industryManaging cashflow in a project-based businessHow weather affects his bottom lineInvolving his employees in business decisionsThe good/bad of keeping the seller in the businessReferences and how to contact Greg:
[email protected] HydromulchLearn more about Walker Deibel's done-with-you buy-side advisory:
The Acquisition LabGet $200 off your ticket to the M&A Launchpad Conference in Chicago on October 26th:
https://www.malaunchpad.com & enter code ACQUIRINGMINDSWork with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:
Matthias Smith of Pioneer Capital AdvisoryConnect with Acquiring Minds:
See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter - Montre plus
