Acquiring Minds

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

George Goates bought a small shuttle business that he's grown 4x in 8 years, partly by running buses for municipalities. Topics in George’s interview:Buying a transport/bussing companyPivoting into operating city busesImportance of relationships in securing contractsImpact of CovidGovernment corruption in urban transitPromotion opportunities for his employees Nasty cost of doing business in bussing: frivolous lawsuitsPotential for inorganic growth through acquisitionsDifferent niches within transportRelevance of a finance background in his businessReferences and how to contact George:LinkedInRTW ManagementLearn 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

Sajama Mitta wanted to make strategic decisions at the head of an organization. Buying her own business was the answer. Topics in Sajama’s interview:Using her investing background to evaluate businessesBuying an environmental health and safety consulting companyHow the founders made themselves replaceable How they keep their clients in compliance with regulationsThe fragmented nature of the industry and opportunities for growthHow California compares to other states on regulationsThe problems she enjoys solvingThe importance of team empowerment and employee satisfactionShifting the quality of revenue and focusing on recurring projectsThe technical knowledge she has gained since buying CDMSReferences and how to contact Sajama:[email protected] Data Management SystemsWomen in Small Business Statistics in the U.S.Get 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

Manny Saxena quickly bought 3 street-sweeping businesses to become the largest player in NorCal. A big PE fund noticed. Topics in Manny’s interview:The importance of maintaining a strong pipeline during searchWhy he chose a street-sweeping business during COVIDThe transition into running a blue-collar business and motivating the teamWhy he recommends in-person conversations with sellersAdvice for other immigrants in businessThe importance of attitude and soft skills in hiringManaging long-term contracts in an inflationary environmentThe decision to sell the business to a private equity firmThe pros and cons of having a union presenceHis ongoing roll-up strategy in the solar industryReferences and how to contact Manny:LinkedInHBR Case Study: Swept Up in Uncertainty at PowerSweepingMars Equity PartnersConnect 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

Karl Hughes recently bought a podcast production agency & explains why "productized service" businesses are attractive. Topics in Karl’s interview:Starting a super-niche content marketing businessThe benefits of productizing a serviceSaying no to the wrong revenueWhat he learned about using cold outreach to find sellersAcquiring a podcast production company with his partnerWhat he likes about digital businessesHis vision to build a holdcoThe small changes he made immediatelyWhy buying small was the right move for himCashflow management in digital businessesReferences and how to contact Karl:TwitterLinkedInKarl’s article Buying a Business: Acquiring the Podcast ConsultantThe First 90 Days by Michael D. WatkinsDraft.devThe Podcast ConsultantLearn 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

Mitchell Sorkin started by buying 3 ATMs in 2021. Today he has over 140 machines and is targeting $5m EBITDA in 3 years. Topics in Mitchell’s interview:The difference between arbitrage and building a businessMitchell's journey to acquiring 140 ATM machinesHow to evaluate an ATM routeRevenue and margins in the ATM businessChallenges with SBA financingHis most controversial Twitter threadFuture plans to raise a fund3 ways to profit in the ATM businessDealing with theftHow people underestimate ATMsReferences and how to contact Mitchell:Stack InfluenceATM BrokerageMitchell’s Twitter thread about the Korean [email protected] & SterlingGet 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

Chris Munn, Bakari Akil, and Bruce Vann reflect on being Black men who bought businesses & why this path is so powerful. Topics in this interview:What inspires and motivates them as business ownersThe three necessary factors for capitalism to workUnclaimed opportunities for minority businessesThe impact of entrepreneurship on family and future generationsChanging your mentality to lead a company effectivelyBeing “buttoned up” vs. being authenticDealing with sellers who want to talk U.S. politicsOvercoming challenges and persisting in the face of adversityThe limitations of “climbing the ladder” in a W2Why now is the best time for Black people to buy businessesReferences and how to contact:Bakari Akil LinkedIn - Twitter - Graves Hall CapitalElliot Holland LinkedIn - Twitter - Guardian Due DiligenceBruce Vann LinkedIn - LuXout Products Inc - Blinds & MoreChris Munn LinkedIn - The Fairfield CompanyDame Dash Full Interview at The Breakfast Club Power 105.1Early Career LBOs Using the Search Fund ModelHBR Guide to Buying a Small BusinessWhy Should White Guys Have All the Fun? by Reginald F. Lewis and Blair S. WalkerLearn 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

Matt Huggins bought a small water & cable utility doing $200k/year. 15 years later, his holdco is on track for $20m/yr. Topics in this interview:Matt's decision to step off the academic trackMatt's career as a professional online poker playerTransitioning from poker to small businessAcquiring a utilities company for a group of condosThe surprising complexity of running a utilities companyStarting a manhole lining business The stability and diversity of the water industryAcquiring businesses from retiring owners without needing capitalThe value of a fractional CFOThe reward of helping employeesReferences and how to contact Matt:TwitterLinkedInPeak Group CompaniesAdvanced LiningPeak Water ServicesAdvanced Pump & EquipmentGordo 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

Holdco entrepreneur Chase Murdock buys very small businesses with potential for rapid growth & decades of staying power. Topics in Chase’s interview:Starting a custom suit company with $750Decata Group's “car wash integration process” for acquisitionsWorkshop SLC’s 5x growth in the first year of acquisitionGetting out of the “small business death zone” ASAPThe knife fight of acquiring and growing small businesses The #1 ingredient in company buildingMaslow’s hierarchy of business needsWhat surprised him about the trades industryConviction in the ability to 5x a business in 5 yearsThe intellectual challenge of building a holdcoLinks and how to contact Chase:TwitterLinkedInDecada GroupTailor CooperativeWorkshop SLCBuilt by Design ConstructionNorthern Electric CompanyTatton BairdLearn 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

Amir Haboosheh was drawn to the double-opportunity in acquiring home services businesses: the financial, and the impact. Topics in Amir’s interview:Why Amir wasn’t interested in a digital businessOffering blue collar employees shares in the companySnowball’s plan for going publicSnowball’s playbook for operating businessesHow to hire a good GM for your businessHow to incentivize operatorsAcquiring a marketing companyWhy SDE isn’t everythingHow Anderson Air doubled revenue in 3 yearsRetaining the brands post-acquisitionLinks and how to contact Amir:LinkedInTwitterSnowballAcquiraEnduring VenturesThe Snowball: Warren Buffett and the Business of Life by Alice SchroederAnderson AirDigitally SavvyTraction: Get a Grip on Your Business by Gino WickmanGet A Grip: How to Get Everything You Want from Your Entrepreneurial Business by Gino WickmanGet 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

Mark Sinatra returns to explain what to diligence from an HR perspective when buying your business. Topics in Mark’s interview:Top 3 things to diligence in your acquisition when it comes to HRHow industry associations can be a source of deal flow (once you're already acquired)"Book of business" acquisitionsBest type to execute add-on acquisitionsHow to prioritize what to integrate in an add-on acquisitionHow to recover from losing a big customerValue of personality profiling tools in hiringLinks and how to contact Mark:[email protected] with A-players who can run your business remotely:More StaffingLearn 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

Sam Rosati shares a framework to clarify your search criteria & reduce the months it takes to find a business to buy. Topics in Sam’s interview:The reason search takes so long How to speed up your search processUnderwriting criteria of SBA lendersKnowing how to kill a dealConsidering the fit of the searcher as CEOUnderstanding SBA loan frameworkImportance of recurring or repeating revenueOpportunities and risks in buying smallManaging criteria to get enough deals in the pipelineCommon mistakes searchers makeLinks and how to contact Sam:TwitterLinks to all Sam’s projectsPursuant CapitalNick HaschkaSam Rosati’s investor listRaise $800k to Buy an $8m Business | Kevin Bibelhausen InterviewGet 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

James Bloom has 8x'd a small mechanical contractor he bought only 4 years ago, despite it being a competitive industry. Topics in James’s interview:How his background in M&A informed his due diligence processHow he ensured a smooth transitionCommercial HVAC vs. residential HVACWhy he funded growth out of his own pocketReducing his weekly work hours from 100 to 60How his business differentiates itself in the construction industryGrowing his staff from 8 to 80Growing revenue from $3M to $25MWorking with unionsBringing in outside capital to growLinks and how to contact James:[email protected] Mechanical ContractorsBuy your ticket to the ETA conference devoted to self-funded search:The Self-Funded Search Conference (Sep 30 & Oct 1 in Dallas)Learn 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

3 days into Monte Marcum's acquisition of an established franchise, key equipment breaks. Then the crises kept coming. Topics in Monte’s interview:Buying 2 existing & adjacent franchise businesses at onceHow Filta’s customer pricing is structuredWhy commercial kitchens love his businessCombining two businessesEquipment starts breaking on day threeMonte’s series of fetal position momentsWhat exactly is hard about running a businessHow one rockstar employee guided him through a season of crisisThe biggest risk of buying smallThe importance of a support systemLinks and how to contact Monte:[email protected] Sanchez: These “Boring Businesses” Will Make You RichFilta Environmental Kitchen SolutionsJohn Schooler update episode on Acquiring MindsGet 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

Niklas James started off as a self-funded searcher, but evolved into being an independent sponsor of 7 acquisitions. Topics in Niklas’s interview:Why he returned the funds raised for his traditional search fundHow the painful challenges of his first acquisition set him up for success on later dealsWhy SaaS isn’t as sexy as it seemsEvolution from self-funded searcher to independent sponsorDefinition of an independent sponsorWhy HVAC is so attractiveGrowing his home services businessWhat type of person should consider independent sponsorshipThe difference between searchers and independent sponsorsThe difference between a holdco and independent sponsorshipLinks and how to contact Niklas:[email protected] Independent Sponsor ConferenceBuy your ticket to the ETA conference devoted to self-funded search:The Self-Funded Search Conference (Sep 30 & Oct 1 in Dallas)Learn 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

Martin Bispels updates us on the DTC ecommerce business he bought in 2020 and had grown to almost $2m/yr one year later. Topics in Martin’s interview:Using the Entrepreneurial Operating System (EOS)Building and managing a great remote teamWhy he doesn’t sell on AmazonThe difference between buying and shoppingOpportunities for bolt-on productsMarks of a good ecommerce businessThe power of story to differentiate your productMoving his supplier from China to VietnamFinding a good 3PLKeeping the founder in the businessLinks and how to contact Martin:[email protected] Park Disc GolfCarro appFrangiosa FarmsKeith Linebach: 8 Figure Exit, 2 Years After Buying the BusinessGet 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

Derek Turner has done both a traditional search fund and self-funded. We hear both stories & explore the differences. Topics in Derek’s interview:The advantages of a geographically-focused searchHis method for pitching business owners doing cold outreachChallenges within the laser van businessBeing a good soldier vs being a suckerThe downside of growthThe perils of buying from unpleasant ownersHow the company grew with no marketingHiring a GM to run the businessWhy have a board with a self-funded acquisitionWhy self-funded search feels different than traditional search fundsLinks and how to contact Derek:TwitterLinkedInRoll-a-ShieldDerek’s Twitter thread “When does a ‘good soldier’ become a ‘sucker’?”Derek’s thread on traditional search (being a CEO) vs. self-funded search (being an owner)With SIG, you can buy your own business and retain majority ownership:Search Investment GroupGet 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

2 previous guests, Mike Botkin & Adrian Pinto, are joining forces to grow a landscaping empire throughout the Southeast. Topics in Adrian and Mike’s interview:Adrian and Mike meeting through Acquiring MindsWhy it was difficult for Adrian to get a line of credit for his businessMike’s holding company acquired Adrian’s landscaping companyThe pros and cons of buying assets vs. stockHow an SBA loan can hamper growth in some situationsWhy Mike says acquisition is a talent gameHow they structured their acquisitionAdrian’s role as CEO post-acquisitionHow rolling equity can benefit the sellerMike’s holdco origin storyLinks and how to contact Adrian and Mike:Mike’s LinkedIn & TwitterAdrian’s LinkedIn & TwitterAdrian's recent episode: How to 2x Sales in a Service Business You BuyOneOutdoorGeorgia ScapesWith SIG, you can buy your own business and retain majority ownership:Search Investment GroupGet 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

With no finance background, Kevin Bibelhausen learned to raise money from investors & buy a 20-year-old fabric business. Topics in Kevin’s interview:His health crisis that led to a career changeLosing funding at the last minuteRaising $800k in 5 weeksAutomating his money-raise process with investorsThe value of being active on TwitterAcquiring a $8m business using very little of his own moneyThe ideal number of investorsWhat attracted Kevin to Heritage FabricsManaging working capital with a long sales cycleHis investment fund, Fruition CapitalLinks and how to contact Kevin:LinkedInTwitterFruition CapitalSam Rosati’s Investor ListNick Haschka’s episodes on Acquiring Minds:How One Small Acquisition Led to 9 More in 5 Years6 Ways Buying a Business Has Changed Since 2016HBR Guide to Buying a Small BusinessLearn 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

Alex Michael was seeking to acquire not just a business, but freedom. One year later, he reports back on how it's going. Topics in Alex’s interview:Top line growth in the last yearHow he diligenced Wallaroo WalletsHow he uses Amazon PPC adsThe limitations of an Amazon FBA businessAn expensive lesson about traffic diversificationLaunching new productsHaving his family involved in his businessLiving life on his own termsHis unconventional thoughts on productivityThe topics he writes onLinks and how to contact Alex:LinkedInQuietLightAlex’s SubstackWallaroo WalletsLearn 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

How Austin Smoak raised money from investors to buy a very profitable roofing business that he found on BizBuySell. Topics in Austin's interview:How Goldman Sachs prepared him for business ownershipPassively owning franchisesWhy he recommends local brokers over proprietary searchFinding “business-buyer fit”His plan to scale via roll-upHis philosophy on change managementPros and cons of being funded by a family officeThe scope of his residential roofing businessThe roofing industry in FloridaHow he uses digital marketingLinks and how to contact Austin:LinkedInGrove Oaks CapitalAxialWhy Should White Guys Have All the Fun?: How Reginald Lewis Created a Billion-Dollar Business Empire by Reginald Lewis and Blair S. WalkerGet 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

Jérôme Bouillon bought a home care agency doing $500k/yr in 2018. Today it exceeds $1m and he's added a second location. Topics in Jerome’s interview:His cold calling strategyBuying a Visiting Angels franchiseSeeing his employees as his customersThe changes he made immediately to employee benefitsWhy he stopped penny-pinching in the businessWhy it’s important to know how to work in the businessMargins in home careHome care vs. home healthcareHow to scale up in this industryThe benefits of a franchiseLinks and how to contact Jérôme:LinkedInTwitterTraction by Gino WickmanVisiting AngelsGet 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

Heather Shattuck-Heidorn was a tenure-tracked professor, but wanted out. Buying a business offered freedom & security. Topics in Heather’s interview:What she loved about academiaWhy she initially resisted franchisesHow she found a custom closet franchiseBeing her husband’s employerHer thoughts on capitalismHow small business ownership differs from academiaWhat she likes about owning a franchiseHow she grows her business organicallyLearning to communicate with her employeesHer fetal position momentLinks and how to contact Heather:[email protected] Guide to Buying a Small Business by Richard S. RubackThe Power of Flexing by Susan AshfordBuy Then Build by Walker DeibelHome Franchise ConceptsLearn 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

Having only ever managed a few people when he bought his business, Alex Glasner shares how the trial by fire is going. Topics in Alex's interview:The difference between searching and operatingThe challenge of improving processesHow rapid growth affected the companyRunning the business with a partnerHow the economy impacts his industryHaving the British government as his sole customerIdealism and disillusionment in helping professionsWhy he hasn’t acquired a second businessWhy the first 2 years are hardHow he has improved as a managerLinks and how to contact Alex:[email protected]’s first appearance on Acquiring MindsConnect 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

Ben Bortner couch-surfed, drove Uber, and racked up credit card debt while finding a pool business to buy. It went well. Topics in Ben’s interview:Buying a pool service business, putting in only $100 of his own money for equityChanges he made to employee compensation (and why)Acquiring a second pool businessWhy Ben became certified to do pool maintenance himselfHow Ben improved company cultureWhy he didn’t want to hire a GMSelling his company to Pool TroopersLaunching a fund for self-funded searchersThe type of searcher he wants to fundWhat a self-funded deal looks likeLinks and how to contact Ben:[email protected] Water CapitalGet 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

9 months after Jesse Safir bought a printing biz, Covid cratered it. 3 years later, sales are nearing pre-Covid levels. Topics in Jesse’s interview:Finding ABG Printing by sending direct mailThe value of having a “forgettable” businessRenegotiating his deal before acquisitionThe changes he made in the first 9 monthsCutting 80% of his staff during COVIDManaging cash flow after revenue plunged 95%Staffing post-COVIDHow their printing projects have diversifiedThe landscape of the printing industryJesse’s vision for a holdcoLinks and how to contact Jesse:[email protected] Dip by Seth GodinJesse on Let’s Buy a BusinessGet 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

2 searchers, Kaustubh Deo & Kevin Bibelhausen, share how they found investors to provide money to buy their businesses. Topics in Kevin and Kaustubh’s interview:How Twitter helps searchers learn and networkHow Kevin found investors after his funding fell throughHow they selected investorsWhat a good pitch meeting looks likeHow they communicate with investors post-acquisitionThe power of superconnectors when raising fundsThe size of their cap tablesHow they organized their contacts while pitching investorsHow to get the most equity in your businessThe most gratifying and stressful parts of running their businessesLinks and how to contact Kevin and Kaustubh:Kaustubh’s LinkedInKevin’s LinkedInKevin’s TwitterInvestor ListHBR Guide to Buying a Small BusinessSam RosatiTony CappaertLisa ForrestMike BotkinLearn 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