Acquiring Minds

Register here for the webinar, The Anatomy of an LOI:https://bit.ly/3U52srPAt his job, Morgan McCauley saw a ceiling on his impact & earning potential. Buying a home care business uncapped both.Topics in Morgan’s interview:His experience working in a family officeInvesting 2 months in a deal that diedTrade-off between equity and salary in traditional searchGeographical search in South FloridaChallenges with healthcare regulationsWhy Robert Graham didn’t like the dealThe decision to invest in business growthLearning curve in the highly regulated home care industryInvesting in business growth vs aggressively paying down debtEvaluating the lifetime value of clientsReferences and how to contact Morgan:LinkedInHow to Buy & Double a Home Care Agency | Jérôme Bouillon InterviewGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamBook your free tax strategy session for business buyers today:Steed - book your free sessionConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Register here for the webinar, The Anatomy of an LOI:https://bit.ly/3SsxKrtRyan Doyle was 2 long years into searching when he walked away from a deal, but he was rewarded for the self discipline. Topics in Ryan’s interview:Lessons learned from a failed dealValue of a thorough quality of earnings investigationWhy “stupid good margins” are a bad signBuying a residential pool business in the Golden Isles of GeorgiaBeing ghosted by his bookkeeper after transitionHis intern who stepped in after the bookkeeper disappearedWhy Ryan’s business doesn’t do pool constructionWhat he likes about seasonalityHis plan to own the Georgia coastHis WhatsApp search support “pod”References and how to contact Ryan:TwitterTurner Point CapitalGet 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

Register here for the webinar, The Anatomy of an LOI:https://bit.ly/492E8ehBuying a property management business (which he's doubled) helped Brandon Laughridge balloon his real estate portfolio. Topics in Brandon’s interview:Why he changed his mind about service businessesModernizing and professionalizing a property management businessGrowing from 12 to 25 employeesThe pain of owning a business with no pricing powerSetting boundaries with clients around service offeringsPros and cons of property managementHow SMB owners can incentivize Google reviewsThe myth of “passive income” in real estateManaging tenant relationshipsWho should buy a property management business (and who shouldn’t)References and how to contact Brandon:My First Million podcastBrian Shields' recent episode on Acquiring Minds: 2.5 Years from Buying to ExitingTwitterNorth Terrace Property [email protected]’s popular Twitter thread from 2020Book your free tax strategy session for business buyers today:Steed - book your free sessionLearn 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

Holdco entrepreneur Sam Turner shares his vision to build the leading platform for independent M&E businesses in the UK. Topics in Sam’s interview:Importance of patience and flexible timelinesGetting through fetal position momentsBalancing diversification and integrationGurus in the business buying spaceLessons from his first acquisitionChange management in blue collar businessesIncreasing holdco revenue target from £60m to £150mExtending his 5-year plan to 10 yearsHis vision to improve the lives of 30,000 peopleShared services among his four businessesReferences and how to contact Sam:[email protected] Builder: The Road to a Billion by Adam CoffeySam’s first interview with Acquiring Minds: Building an HVAC Holdco to £60m in RevenueGet 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

Luis Aguilar found a $1.5m SDE commercial laundry business on BizBuySell, then a second acquisition followed quickly. Topics in Luis’s interview:Geographical search in FloridaWorking with SIG (Search Investment Group) to raise capitalPitching investors and overcoming rejectionNegotiating a dead deal back to lifeAcquiring a linen rental businessSecond order effects of raising employee wagesLearning all the jobs in the businessMental weight of being the chief decision makerDoing a second big acquisition in the first yearIncreasing profit in both businessesReferences and how to contact Luis:LinkedInBook your free tax strategy session for business buyers today:Steed - book your free sessionLearn 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

Watch the recording of our webinar on Financial Modeling a Self-Funded SBA Acquisition:https://acquiringminds.co/webinars/how-to-model-a-self-funded-sba-acquisitionThe cemetery services biz Philip Blackett bought in 2019 was finally squeezed to insolvency & shuttered 2 months ago.Topics in Philip's interview:Searching locally due to having twinsBuying a cemetery management businessThe downside of flat monthly billingIncreasing expenses straining his bottom lineCovid deaths affecting his customersWorking a second job for a yearUnforeseen weather challengesTaking high-interest loans to keep the business goingImportance of a support systemHis decision to close the businessReferences and how to contact Philip:LinkedInTwitterBusiness Wealth Without RiskBook your free tax strategy session for business buyers today:Steed - book your free sessionLearn 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

Watch the recording of our webinar on Financial Modeling a Self-Funded SBA Acquisition:https://acquiringminds.co/webinars/how-to-model-a-self-funded-sba-acquisitionIn a world of tight labor supply, Tyrel Sulzer & Bob Boniface saw the benefits of buying a school that trains truckers.Topics in Tyrel and Bob’s interview:Choosing to do a partnered searchWhy they chose a traditional search fundInterviewing prospective investorsPotential in blue collar businessesThe future of trade schoolsBuying a CDL schoolThe demand for CDL trainingJob opportunities for graduates of their CDL schoolHigh turnover in long-haul truckingCompetition in the CDL training industryReferences and how to contact Tyrel and Bob:TransTechBob Boniface LinkedInTyrel Sulzer LinkedInConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HR

When he bought an HVAC business in east Tennessee, John Mahony moved in next door & became a member of the community.Topics in John’s interview:Moving from Nashville to rural AppalachiaHis vision to build a holding companyBuying an HVAC business in a small townTransferring skills he learned in the MarinesHiring veterans for their leadership capabilitiesLearning about HVAC through ride-alongsChanges he made after transitionRevenue growth and increasing headcountCyclicality of HVAC revenuePreserving traditions from the previous ownersReferences and how to contact John:LinkedInTwitterGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HR Get 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

Pat Lazure explains why Flavor-Crisp, a food product business that uses co-packers, was such a great business to buy. Topics in Pat’s interview:Doing a “spouse-funded” searchStarting a shear-sharpening business while searchingGrowth, churn, & margins in his shear-sharpening businessWhy he wanted to buy a breading and batter mix company so badlySimilarities between food businesses & dropshipping businessesThe role of co-packers in the food industryChallenges & risks in his food businessPsychology of having an SBA loanReflections on owning 2 small businessesThe value of BizBuySell’s Insight ReportReferences and how to contact Pat:LinkedInRock Paper ShearsFlavor-CrispLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Sam Turner is 3 acquisitions into a 5-year plan to buy HVAC businesses across the UK that together cash flow £6m/yr. (Rebroadcast from August 2022.) Topics in Sam's interview:How the businesses he buys are run and by whomBuying without the benefit of an SBA loanWhy HVAC?Why buying small business is more appealing than real estateHarbour Club with Jeremy HarbourThe value in acquiring businesses in a highly-fragmented industryDeal structure for his first acquisitionSam's goal for revenue/EBITDA/multiple and his own wealthBuying small vs. buying bigBuying an HVAC with mostly new construction vs. maintenance revenueWhite collar people buying blue collar businessesReach Sam at:sam DOT turner AT advantos DOT comLinkedInGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HRLearn 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

How Doug Johns overcame his reservations about being a franchisee to acquire a dream business with $1.8m EBITDA. (Rebroadcast from September 2022.) Topics in Doug's interview:Buying a franchise vs. independent businessOpening your mind to a franchiseThe many (overlooked) benefits to being a franchiseeCalling yourself "independent investor" instead of "searcher"Running a search like a B2B sales processThe appeal of a deal with few addbacksWhy home service businesses are so appealing as acquisitionsLoving, rather than running from, managing peopleWhy the top home service businesses have more sophisticated funnels than the Fortune 500ServiceTitanWhere the opportunity is when the business you buy is already well-run and matureOwning a plumbing company without knowing anything about plumbingThe numbers of Doug's dealThe exact multiple is way less important than you thinkUsing ROBS to buy the businessWhy high growth can make a business harder to financeUnderstanding debt service coverage ratio (DSCR) thresholdsDoug's tip for choosing an SBA lenderThe $500k value of Doug's appeal to the sellerGoing to meet a seller face to faceReach Doug at:doug DOT johns AT couffley DOT comLinkedInConnect with A-players who can run your business remotely:More Staffing Get 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

Jack McCarthy has acquired 27 pistachio & almond farms from retiring owners, with a plan to build & hold for decades. Topics in Jack’s interview:Jack’s fascination with overlooked businessesGold Leaf’s unique business modelAppeal of farmland as a safe and attractive assetHow farms are valuedHow specialty crops compare to row cropsWhat makes a farm high qualityUsing technology to farm efficientlyIncentivizing farm managersConverting conventional farms to organicLong-term nature of agricultureReferences and how to contact Jack:[email protected] LeafGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HR Get 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

Ben Jasper made a change at age 40, acquiring a plastic bag manufacturer with 10 people & a daily start time of 4:30am. Topics in Ben’s interview:Managing a portfolio of $500 million on Wall StreetLeaving finance to prioritize familyBuying a plastic bag manufacturerStarting his work day at 3:30 AMHis intense 2-month initiationCreating a manual and financial model to manage the businessChallenges of maintaining old machineryUnderstanding his employees' personal valuesLong-term vision to hire an operatorNegative revenue growth in the manufacturing industryReferences and how to contact Ben:LinkedInBenjamin Ross GroupLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Eddy Zakes has 2x'd revenue and 4x'd headcount at the snow removal brokerage he bought with a traditional search fund. Notes from the conversation with Eddy:His highly-personal outreach approachEarth Development’s unusual business modelNegotiating with an anxious sellerAcquiring during CovidHow being close to a target business changes rapport buildingBuying a highly seasonal businessOperating across multiple statesConvincing a key employee to stayRisk of customers taking relationships off the platformQuadrupling staff to add management and redundancyReferences and how to contact Eddy:LinkedInTwitterEarth Development Inc.Get a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HR Get 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

Brian Lee Shields bought a barely-profitable property management business intending to improve, grow, & hold it forever. Topics in Brian’s interview:Importance of energy vs talent Brian's partner and their complementary rolesBuying property management companiesImproving their net promoter score (NPS)Building a culture of completion rate measurementRelocating positions and outsourcingImportance of trust in property managementSuccessfully transitioning to a remote-first businessDeciding to sell the businessHis burnout and recoveryReferences and how to contact Brian:TwitterLinkedInTraction by Gino WickmanHigh Output Management by Andy GroveOn the Nature of Long-term Holds: Why Entrepreneurs Should Embrace this StrategyLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Darryl Lindie did a geo-constrained search in Rhode Island to acquire a sign business with $650k of SDE & 25 employees. Topics in Darryl’s interview:His background in the NavyHow getting an MBA might slow you downSearching in a small geographic radiusBuying a signage companyValuing a business with a lot of cash transactionsGetting comfortable with project-based revenueMistakes in due diligenceImproving the culture in 100 daysHiring a supplier to be his GMRaising a fund for New Majority CapitalReferences and how to contact Darryl:[email protected] Majority CapitalWhy Should White Guys Have All the Fun?: How Reginald Lewis Created a Billion-Dollar Business EmpireThe Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for SuccessGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HR Get 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

Matt Barnes bought a $400k SDE linen laundry business, channeling his conviction at big decision points along the way. Topics in Matt’s interview:Doing a narrow geographic searchPros and cons of door-to-door proprietary outreach to sellersImportance of having his wife on boardGetting emotionally invested in dealsHis values-based reason for acquiring a businessThe business sustaining fire damage before purchaseBuying a commercial laundry businessNiches within the laundry industryRealities of being an owner-operatorHow hard work builds characterReferences and how to contact Matt:LinkedInProfessional Touch Laundry ServiceZen and the Art of Motorcycle MaintenanceHow to Shorten Your Search to Buy a Business | Sam Rosati InterviewGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HRLearn 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

Recording of a live panel hosted by EO Silicon Valley with Acquiring Minds host Will Smith moderating. Topics discussed:3 stories of buying businessesWhat the search, due diligence, transition was like for each of the 3 entrepreneursSilicon Valley-style entrepreneurship vs. entrepreneurship through acquisition (ETA)The napkin math of a business acquisition with an SBA loanMoving from white collar to blue collar environmentsIs there a "type" who buys a business?Graduating from buying your 1st business to your 2nd, 3rd, and beyondHow buying a first business can quickly lead to more acquisition opportunitiesInorganic growth vs. organic growthWhat being an investor in search deals looks likeScariest moment from each entrepreneur's journeyQuestion: How do you think about due diligence?Question: Does the softness in the macro M&A market affect activity in search?Question: Thoughts on roll-ups.References and how to contact George, Corey, or Nick:LinkedIn for the panelists: George Goates, Corey Veverka, Nick HaschkaGeorge Goates’ previous interview on Acquiring Minds: The Joys & Pain of Owning a $10m City Bus BusinessCorey Veverka’s previous interview on Acquiring Minds: How to Buy the Business Where You WorkNick Haschka’s previous 2 interviews on Acquiring Minds:How One Small Acquisition Led to 9 More in 5 Years6 Ways Buying a Business Has Changed Since 2016EO Silicon ValleyClub Sportiva in San Jose, site of the panelGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HRLearn 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

While not a CPA herself, a clear list of buying criteria led Gretchen Roberts to acquire a 16-person accounting firm. Topics in Gretchen’s interview:Overcoming mental blocks about leaving a good jobUsing her marketing skills for proprietary searchAcquiring an accounting firm without accounting experienceBuilding rapport and trust with the teamChanging the business’s nameBeing comfortable managing a remote teamBalancing business ownership and familyHer plan to recruit accountants through part-time rolesWhat makes her accounting firm stand outBuying based on revenue instead of SDEReferences and how to contact Gretchen:LinkedInRed Bike AdvisorsRobert Kiyosaki's Cashflow QuadrantThe Epic Challenge by Roland FrazierChris Williams on Acquiring Minds: System Six: One Year Update | Chris Williams InterviewPatrick Dichter on Acquiring Minds: Shut Out by Industry Brokers, an Entrepreneur Finds a WayPatrick Dichter on Acquiring Minds: How I Achieved 60% Growth in My Bookkeeping Business |Patrick DichterConnect with A-players who can run your business remotely:More Staffing Get 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

Acquiring Minds host Will Smith reflects on 200 episodes, tells the podcast backstory, and teases what's coming in 2024. Topics in today’s episode with Will:Essential lessons from 200 interviews with acquisition entrepreneursHow Acquiring Minds got startedIs Will going to search for a business to buy?Plans for Acquiring Minds in 2024References and how to contact Will:Episode 183 with Brandon Adams: Hiring a General Manager & Buying Business #2Connect with Will on LinkedInFollow Will on TwitterConnect with A-players who can run your business remotely:More StaffingGet 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 channel

Sensing untapped potential, Mark Olivito paid cash for a project-based construction business with less than $100k SDE. Topics in Mark’s interview:Buying a business that checked all the wrong boxesWhy he “overpaid” to acquire PAVERARTWhat attracted him to the businessHis passion for building a successful blue-collar businessGlamorization of entrepreneurshipThe importance of showing up and “eating last”The trades as a lucrative alternative to collegeMental health challenges in small business ownershipBuilding resiliency before trying to growHis advice for those interested in buying a businessReferences and how to contact Mark:[email protected] or BustGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HRLearn 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

Ben Bryer worked with a financial backer to find & buy a 65-year-old niche manufacturing business without an SBA loan. Topics in Ben’s interview:Spending $150K and 18 months on dead dealThe emotional toll of a failed dealFreelancing to partially fund his searchBuying a pin gage manufacturerWhat attracted Ben to the businessChoosing a conventional loan over SBA loanBuilding relationships with lending partnersTech debt as a liabilityThe benefits of having long-term employeesImportance of time allocationReferences and how to contact Ben:[email protected] GageGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HRConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Mike Okhravi left a cushy tech career to buy a towing business & a flooring business — and within 30 days of each other. Topics in Mike’s interview:Why he passed on the Search Fund AcceleratorHis philosophy on taking more risk by moving fastSigns of a motivated sellerBuying a 4-person garage flooring businessSurprises after acquiring the businessWhy profit dips post-acquisitionDiscarding the “searcher rules”What he loves about the towing businessOperating 2 businesses at once (including one 3 hours away)Getting back up after business failuresReferences and how to contact Mike:[email protected] SanchezLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabGet 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

A fireside chat with veteran searcher & investor Kent Weaver recorded at the Self-Funded Search Conference in Dallas. Topics in Kent's interview:Kent's history: his search & how he evolved into an investor in searchersHow the first 2 or 3 years post-acquisition are different in a self-funded search vs. a traditional search fundHow traditional search feels different today vs. its early daysWhat is a "3am business"?The power of choosing a quality industry to buy a business inThe power of high quality revenueThe power of strong unit economicsThe power of you as CEOIngredients of a good search CEOHow to handle it if the business you buy fails?2 stories of search failuresStaying too long in a bad businessWhen buying a business, dream bigger. No artificial ceiling.Thinking beyond your first deal: what doing a search does for your careerReferences and how to contact Kent:The event where the fireside occurred: Self-Funded Search Conference (submit this contact form for next year's event)Iron MountainLinkedInKent’s investing vehicle, Granite Point PartnersGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HR Get 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

Sean Moore looked at a handful of businesses, but a fine art gallery with over $1m SDE won the art collector's heart. Topics in Sean’s interview:Pulling $1M out of his 401k to buy an art galleryHow his gallery brings in $1M in SDEThe ecommerce aspect of the galleryThe additional revenue stream of a frame shopOpportunities to improve the gallery websiteHis peer group that supported his searchChoosing a passion business over a “boring” oneForming a connection with the sellerUsing ROBS for acquisitionsNegotiating earnest money with the sellerReferences and how to contact Sean:[email protected] LevellFascination St. Fine ArtJeff BaughmanGuesswork InvestingConnect with A-players who can run your business remotely:More StaffingGet 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

John Hubbard returns to share how "chasing EBITDA over revenue" has benefited the trailer fabricator he bought in 2021. Topics in John’s interview:Losing largest customer (25% of revenue)Earning $2m EBITDA on $6m revenue vs. $25m revenueDon't chase revenue, chase EBITDAMentally transitioning from buyer of a business to the seller of itWhy he's thinking about sellingSelling vs. hiring an operator & holdingHow difficult finding a good operator isAppreciating how precious it is when you have a business doing wellThe appeal of investing in other search deals3 points about leadership in SMBReferences and how to contact John:Sam RosatiExpress Custom TrailersJohn’s first appearance on Acquiring Minds: Why Buy a Small Manufacturing BusinessRecent interview with Shane Ehrsam, who bought a trailer dealership business: Hiring a General Manager & Buying Business #2Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamGet 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

It CAN be done. Andrew Swiler acquired a SaaS business with $650k SDE using an SBA loan (and while living in Spain). Topics in Andrew’s interview:Why he preferred buying a SaaS business to an ecommerce oneKey trait to being a successful acquisition entrepreneurDownside protection in a SaaS businessThe appeal of the Microsoft ecosystemDeferred revenue (and explaining it to a seller)Buying a SaaS business as a non-technical personHow a SaaS business is valuedHistory of Lanteria, the business Andrew boughtTerms of the dealStrategy of building a portfolio of B2B SaaS businessesPros & cons of holding company structurePros & cons of fund structureReferences and how to contact Andrew:Tweet about how declining MRR affects SaaS enterprise valueXavier HelgesenAcquire.com@swilera on TwitterLinkedInLanteriaLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Chandler Reed reflects on buying a project-based business in 2021, seeing sales soar, then crash, then surge again. Topics in Chandler’s interview:His unconventional entrance into the search spaceBuying a commercial lighting contractorIncentivizing the sole employee to stay onThe challenges of managing peopleThe ups and downs of project-based revenueHow interest rates affected his deal flowInvolvement with Sam Rosati’s boot campChoosing a business based on desired lifestylePros and cons of subcontractingHis preference for digital over physical businessesReferences and how to contact Chandler:LinkedInTwitterSMBootcampPursuant Capital BootcampSMBashGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HR Get 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

Landon Mance bought a $1.7m tree business alongside a minority partner who's operated the business full-time from Day 1. Topics in Landon’s interview:Crossing paths with a financial criminalBuying a tree service business with his friend as operatorWhere “follow your passion” falls shortWhy the business had high margins at acquisitionNegotiating with the sellers over ZoomBurning through the capex budget in 90 daysThe importance of putting everything in the contractHis operator’s equity stake in the companyContinuing to run his financial planning businessHis 5-8 year vision for the companyReferences and how to contact Landon:[email protected] Planning PartnersTrent LeeNevada Tree ServiceTrevor MiltonRyan TansomElizabeth HolmesMicro Business AcademyLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds: See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Neil Finneran had worked in hedge funds & as a CFO when the opportunity to buy a pest control business presented itself. Topics in Neil’s interview:His career pivot from finance to mosquito sprayingBuying a business in mid-lifeThe value of a supportive spouseHiring, firing and incentivizing blue collar employeesImportance of retaining customers in a recurring revenue businessWhat he likes about being part of a franchiseThe view from 6 months of ownershipThe advantage of knowing how to do the work himselfCompetitors in the pest control spaceDeciding how much to spend on marketingReferences and how to contact Neil:LinkedInTwitterMosquito JoeLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabGet 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

A year into his search Jesse Sunquist realized he needed to lower his SDE floor to find a business to buy in his market. Topics in Jesse’s interview:Being motivated by achieving job flexibilityWhy he initially resisted franchisesBuying 2 Mosquito Joe territories What he loves about his franchisorDealing with customer complaintsManaging tricky situations with employeesCalculating potential earnings in a territoryChange management in a seasonal businessOperational improvements he madeBuying at the $300k SDE levelReferences and how to contact Jesse:[email protected] after 1 year of searching full timeJesse’s first appearance on Acquiring MindsBuy a Franchise Portfolio: How to Choose the BrandGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HRConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds: See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

George Vallone returns to share how he has grown revenue 3x in 2.5 years and laid a foundation for multi-city expansion. Topics in George’s interview:His incentive program to ensure quality from contractorsHow quality gives him pricing powerSales process for apartment turnover servicesHow geographic expansion could track his existing client relationshipsHeadcount & revenue growth at Nuveldy’sHiring a VP of operationsThe power of being in a growing marketBuilding custom techExpanding to new geographies organically rather than acquiring a business thereHow difficult it is to work in property managementReferences and how to contact George:[email protected]'s Apartment Turnover ServicesGeorge’s first appearance on Acquiring Minds: How to Buy a Business Using Tactics from B2B Tech SalesGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HRConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Chad Hildebrant knew the best deals have hair on them. The trick is finding the right hair, turning red flags green. Topics in Chad’s interview:Buying a business that was not financeableGetting a 60% seller noteReconstructing 3 years of financial recordsDeal fatigue during negotiationsBurning himself out in the first quarter post-transition3 explanations for chaos in a businessComparing management to parentingThe 3 types of candle makersHow he generates new salesThe importance of having friends who are operatorsReferences and how to contact Chad:LinkedInTwitterA candle co.Learn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition Lab Get 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

Shawn Allard didn't want a food business, but an ice cream shop with good margins & a local following changed his mind. Topics in Shawn’s interview:Realizing he’s not a zero-to-one guyMore reps = more rewardGetting brokers to take him seriously at age 26Why he was comfortable “buying small”Buying a local ice cream businessHorror stories of food and beverageKeeping his W-2 after buying the businessHis vision to open more locationsThe value of brand and reputationLearning the business before making changesReferences and how to contact Shawn:[email protected] Ice CreamBuy a Franchise Portfolio: How to Choose the BrandLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds:See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

In 2021, Johannes Hock bought an artificial turf installer business doing $5m. It's on track to exceed $15m in 2023. Topics in Johannes’s interview:Comparing opportunities in private equity vs searchSources of deal flow beyond BizBuySellMapping multiples to months for better perspectiveAcquiring an artificial turf companyThe luxury of finding a business with a GMHow to value and finance a fast-growing businessTracking data from day one of ownershipHow weather affects his cash flowUnexpected costs of sales commissionsBenefits of having a partner in searchReferences and how to contact Johannes:LinkedInTwitterDFW Turf SolutionsBuy Small Sell HighGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HR Get 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 channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

Corey Veverka acquired the business where he had worked for years, mitigating his risk & removing the need for a search. Topics in Corey’s interview:Corey bought a business without doing a searchAccepting that buying a $5m business can be "normal"How Corey felt about buying a business for millions of dollarsEducating the owner about SBA loansConvincing his wife & partner to do the dealLearning to think like an owner (increasing his financial goals)How Corey's risk was mitigated by buying the business where he workedHow much they've grown the businessTakeaways for people who want to buy the business where they workWhy being a business owner is "life amplified"References and how to contact Corey:TVSEntrepreneurs' OrganizationLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamGet 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

Sandy Paige struggled to raise a search fund as a mid-career executive, then grew EBITDA by 7x and exited for 9 figures. Topics in Sandy’s interview:Delaying search due to timingHurdles he overcame to raise fundsWhy he chose traditional searchHow he got a good deal on purchase priceRenting space to animal research labsImportance of hiring the right senior teamSimilarities between his company and WeWorkTerrifying risks with the real estate dynamicsAdvice for searchers over 40Selling to competitor Charles River LaboratoriesReferences and how to contact Sandy:LinkedInExplora BiolabsLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds:See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

Shane Ehrsam & Brandon Adams return to discuss hiring a GM, buying business #2, the rewards of SMB life & managing envy. Topics in Shane’s interview:Most professionally rewarding year of his lifeGratification of making a positive impact on your employeesIntroducing new benefits for employees: 401k, health insurance, bonusesGrowing revenue even after COVID demand recedesNot a “searcher-friendly” businessReality of bumpy revenue in retailOwning a business bought as a stock sale rather than asset saleDealing with envy in searchIdentifying what is important to you in your journey to buy a businessReferences and how to contact Shane:[email protected] Texas TrailersShane’s first appearance on Acquiring Minds: 6 Months to Buy a Business with $1m+ in EBITDATopics in Brandon’s interview:Magic of hiring a GM (when it works)How to decide when it’s time to hire a GMImproving the lives of employeesHow they’ve improved their hiring for blue-collar rolesWhen to buy a second businessProfessionalizing a business “being run like a South Philly pizza shop”Get in the arena and doors will openReferences and how to contact Brandon:[email protected] Dry Ice & Jim's IceBrandon’s first appearance on Acquiring Minds: 6 Months in the Truck: Buying an Ice Delivery BizGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamGet 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

Eric Hayes was an accomplished executive in the DC area with 5 kids when he decided to buy a business in Laramie, WY. Topics in Eric’s interview:Walking away from a C-level career to buy a small businessDifficulty raising equityHow “smiling and dialing” investors paid offWillingness to take “key man risk”Negotiating a premium for his operations experienceThe business of restoring native ecosystems Costs to serve customers across the Mountain WestLearning to communicate with his foremenUncertainty of project-based businessLife in a small town vs. life in a big cityReferences and how to contact Eric:LinkedInRocky Mountain ReclamationLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

Peter Wild fielded offers to buy his business for years but sold only after being introduced to the searcher community. Topics in Peter & Carlos’ interview:The psychology of a sellerRecognizing the business as “searcher friendly”Finding the right individual to buy the businessHistory of the organic tree health industryWhy this sale was a “reverse search fund”Upgrading to Salesforce from a 40-year-old custom databaseUpgrading to digital contracts from paperWhy he wouldn’t sell to a strategicOvercoming skepticism about selling to a “searcher”The owner’s life as a proxy for whether to buy a businessListen to Part 1 of this story:Buying a 45-Year-Old Industry PioneerReferences and how to contact Peter & Carlos:Peter WildCarlos LaconiBoston Tree PreservationDon Gourley, the buyer of the businessSearchfunder.com, where Carlos posted the business for saleGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HRConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

After a successful military career, Don Gourley saw buying a business as the best means to "lead a unit" as a civilian. Topics in Don’s interview:Having a “plan Z” as a searcherImportance of being crystal clear about what you want to buyHis rigorous approach to a geographic searchHow to recruit & manage 10+ internsCultivating brokersAbout Boston Tree PreservationDigital transformation — is it actually that valuable?How to take over from a founder-visionaryWhy buying a business is such a good fit for veteransHaving the seller pay for the Q of EReferences and how to contact Don:[email protected] Tree PreservationPeter Wild, the seller of the businessCarlos Laconi, the GM when the business soldLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabGet 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

AJ Wasserstein, Peter Mistretta & Mike Horowitz distill the selection of a franchise brand into 10 essential criteria. Topics in today’s interview with A.J., Michael, and Peter:Why you should (and should not) buy into a franchise systemLikelihood of becoming a billionaire, centi-millionaire, or deca-millionaire by acquiring franchise businessesThe importance of defining what success looks like to you“Blind” evaluation of a franchise systemHow to evaluate a brand & systemHow to evaluate a franchisorAssessing demographics of existing franchisee baseThe importance of store-level economicsCan you even break into the franchise system?“X factor” and unmasking a brand after your analysisReferences and how to contact A.J., Michael, and Peter:A.J.: [email protected] and all his case notes at YaleMichael HorowitzPeter MistrettaCase note this episode is based on: Ten Essential Questions to Consider When Selecting a Franchise Brand for a Search Fund JourneyRelated case note: Exploring Franchisees as a Post-MBA Entrepreneurial PathRoark CapitalWisconsin FDD SearchGregg Flynn of Flynn Restaurant GroupBarry Dubin of KPB Brands, operator of 1,000+ KFC, Taco Bell, and Arby's restaurants.Acquiring Minds episodes referred to:How to Build a Portfolio of 20 Franchise Locations (Michael Horowitz)How a $40k Acquisition Led to a Franchise Empire (James Temple)How to Roll Up Legacy Franchises (to $36m/yr) (Brian Beers)Opening Up to Franchises to Buy a Great Business (Doug Johns)Connect with A-players who can run your business remotely:More StaffingGet 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

Collapsing sales, unhelpful sellers, and a GM who quit. But 1 year later, Chris Jones is contemplating acquisition #2. Topics in Chris’s interview:Buying a foundation repair businessFinding discrepancies in QuickBooks His chaotic transition to CEOThe GM leaving to start a competing companyA dispute over money the seller owedBurning through cash the first winterRestructuring roles in the businessImprovements in sales numbersPossibly acquiring a second businessOptimism about the future of the companyReferences and how to contact Chris:[email protected] Crawl Space & Structural RepairGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HRLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

Connor Pera shares how taking incremental steps led to buying his first business much sooner than expected. Topics in Connor’s interview:Trade-offs of a part-time searchImportance of taking actionCompetition in the web-to-print industryPros and cons of an SBA loanThe appeal of managing peopleHis mistake of not accounting for working capital adjustmentsFeeling anxious before closingTransitioning to ownership and fatherhood at the same timeThe importance of knowing oneselfThe value of his business school educationReferences and how to contact Connor:[email protected] Print AuthorityConnor’s Twitter thread about his acquisitionGet 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 channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

Josh Medow brought a mindset to his search that he would reshape whatever business he bought into a high-growth company. Topics in Josh’s interview:Calling over 1,000 business owners during searchBuying a business with no money downHow EOS transformed his businessHis 10-20 year outlookComparing his military experience with business leadershipLaser focusing on one target marketBuilding their own SaaS tool for their customersHis most transformational leadership hireWhat matters to him more than moneyHis plan to IPOReferences and how to contact Josh:LinkedInMercuryPersist IQTraction by Gino WickmanLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

Tim Ericson brings lessons from 13 years as a startup founder to the $4m printer rental company he recently bought.Topics in Tim’s interview:His experience in a VC-backed startupSearching for a remote-friendly businessUsing his sales skills to find a businessBuying Short-Term Copier The types of customers they serveComfort running a remotely-managed, multi-city businessHis vision to double the business Installing an operations managerBoring is the new sexyInvesting in other searchers’ dealsReferences and how to contact Tim:Setting up Hubspot CRM for an Acquisition Search for [email protected]@committed.venturesLinkedInTwitterShort Term CopierGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HR Get 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 channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

August Felker did a search fund, then later a self-funded search so he could own & build his business for years to come.Topics in August’s interview:Buying a business without an MBAHow cold calling led to his first dealBuying an “elevator asset business”Early lessons in leadershipWhat he loved about traditional searchThe resiliency of the insurance industryThe normalcy of 3-year earnouts Self-funding his second dealHis vision for building a brandThe niche of working with searchersReferences and how to contact August:LinkedInTwitterOberle Risk StrategiesLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

HoldCoConf co-founder Kelcey Lehrich shares key findings from a survey of 100+ holdco operators about their businesses. Topics in Kelcey’s interview:How HoldCoConf startedWhy holdcos are so popularArguments against holdcosThe “everything tastes like chicken” layer of businessSurprising survey resultsWhat becomes possible at $50M in revenueHiring leadership in holdcosDebating centralized vs decentralized modelsUse of global hiringConcerns about a recessionReferences and how to contact Kelcey:LinkedInTwitter365 HoldingsHoldCoConfHoldco Survey12 previous Acquiring Minds interviews with holdco entrepreneurs:From Determined Searcher to $75m Accidental HoldcoOne Year Later: Holdco Grows to $75m in Total RevenueBuilding an HVAC Holdco to £60m in RevenueFetal Position to Foundry Holdco ($30m & Counting)Snowball Effect: Getting to $45m in 3 YearsBirth of a Holdco (with 15 Acquisitions to Date)How to Build a Holdco (4 Acquisitions So Far)7 Years Later: Leaving Wall Street to Buy Small Businesses5x in 5 Years: Buying Small to Grow QuicklyHow One Tiny Acquisition Grew Into a HoldcoGrowing a Small 1st Acquisition into a Holdco PlatformHow to Build a Holdco Around Company CultureLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

Nick Akers had a vision for supportive, employee-first leadership. Buying a business enables him to realize this vision.Topics in Nick’s interview:His background as an inventorHow the TV show Succession mirrors real lifeWhy he chose Swiss search accelerator NovastoneWhat motivates him more than moneyHis focus on building a positive company cultureThe MSP industry and its appeal for searchersHis plan for bolt-ons in the MSP industryThe importance of cash flow and working capitalHis first 2 months as CEOWhy he likes having investorsReferences and how to contact Nick:LinkedInSTL CommunicationsNovastone Capital AdvisorsEverybody Matters: The Extraordinary Power of Caring for Your People Like Family by Bob Chapman and Raj SisodiaStart with Why: How Great Leaders Inspire Everyone to Take Action by Simon SinekGet 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

Nick Wheeler reflects on investing countless hours to buy a beautiful business, only to have the seller kill the deal.Topics in Nick’s interview:Finding a commercial landscaping businessWinning the sellers’ trustHow he interpreted early red flags Lessons learned about due diligenceConflict with sellers over working capitalWhy the deal fell apartThe financial cost of the broken deal The emotional cost of the broken dealHow brokers can help (or hurt) your dealWhat Nick is most grateful forReferences and how to contact Nick:[email protected] & StrongGet a complementary pre-acquisition HR & PEO review for your target business:Contact [email protected] or visit Aspen HRConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter