Acquiring Minds

Multiple perspectives today as Chelsea Wood of the Acquisition Lab moderates a panel with 3 women who bought businesses. Topics from the panel:Cassie Niekamp bought the first company she looked at: a 40-year old fencing companyHow she dealt with a $200k valuation gapWhat went well with the transition and what didn’t go wellAnne Ristic left a 30-year career in law to buy a businessHow her collaborative leadership style has served herWhy it’s okay if you don’t have all the skills you needMorli Desai purchased an e-commerce skincare businessHer difficulty getting sellers to talk to herHow joining Acquisition Lab made all the difference in her searchAdvice from all the guests about successful acquisitionReferences and how to contact the panelists:Cassi Niekamp - LinkedInCassi's business, Bowden Fence CompanyMorli Desai - LinkedInMorli's business, Amaira Natural SkincareAnne Ristic - LinkedInAnne's business, AESChelsea Wood - LinkedInAcquisition Lab4000 Weeks by Oliver BurkemanBuy Then Build by Walker DeibelRegister for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:SMBashOverhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:EversiteConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Jacob Lee signed up for 10 locations in the Scenthound franchise after deciding it was a better opportunity than search. Topics in Jacob's interview:Why starting franchise locations makes more sense than buying a businessReturn on equity in franchising vs. searchGetting over pride when choosing to franchiseHow Jacob selected Scenthound from 4,000 franchise optionsOther franchises Jacob consideredHow to analyze a franchise opportunity (especially a young one)All about Scenthound - concept, numbers, feesFranchising compoundsHow to build 10 units over 4 years (plus the 2 key hires that make it possible)Using SBA loans in franchisingReferences & how to reach Jacob:Jacob's Twitter thread cited in the interviewScenthoundBrent BeshoreTommy's Express Car WashThe Joint ChiropracticLinkedIn@jacoblee295j lee AT scenthound dot comGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamRegister for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:SMBashConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Jules Brenner searched for 2.5 years before buying a manufacturer with great tailwinds and a path to $100m in revenue. Topics in Jules' interview:Jules's background in mechanical engineering & California startupsStarting out with Searchfunder.comThe difficulty of searching during COVIDThe 4 tiers of manufacturing companiesWhat type of manufacturing business to buyHis deal with an architectural lighting manufacturer that fell throughSam Rosati's role as an advisorWhat Jules was doing wrong in his searchThe real purpose of a brokerHow sellers always gets what they wantAcquiring and growing American Sheet MetalResources and how to reach Jules:LinkedInEmail: [email protected] SuccessionAmerican Sheet MetalLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabOverhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:EversiteConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Sarah Romer bought a large but tired hair salon in Austin for $80k. Her first year as owner was the hardest of her life. (This is a rebroadcast from November 2021.)Themes from Sarah's interview:The formula for estimating the value of a salon or beauty businessWhat to do when sellers overestimate the worth of their companyWhere to cut costs after you’ve made an acquisition Underestimating the importance of company cultureThe stress of owning and managing a retail businessThe process of exiting a business you’ve acquiredReach Sarah at:Sarah dot Romer at gmail dot comRegister for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:SMBashOverhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:EversiteOriginal episode page & show notes at AcquiringMinds.co:How to Buy a Salon as an Industry Outsider (and Survive)Connect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Twitter-famous Wolf of Franchises on why & how you should buy existing franchise businesses, including lots of examples. Themes from the conversation with Wolf:Pros/cons of acquiring an existing franchise businessWhy buy 1 franchise business (even if SDE is just $100k)Opportunity & perils of rolling up franchisesIf you can grow from 1 to 2 locations, magicHow to assess health of a franchise brandBreaking into mature franchises as an acquisition entrepreneur4 mature franchise brands Wolf likes (plus 1 he hates)Why to avoid food franchisesHow to gauge risk of new franchise brandsAvoid these 2 common mistakes made by franchiseesLinks & how to reach the Wolf:How a $40k Acquisition Led to a Franchise Empire - interview with James Temple, multi-unit Mathnasium ownerMichael Horowitz (Wingstop multi-unit owner)Brian Beers (Midas multi-unit owner)Lucas Mitchell (Five Guys multi-unit owner)Wisconsin's franchise disclosure document (FDD) [email protected] complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Online course businesses have dazzling margins but a key weakness. Dom Wells explains how to acquire one & make it work. Topics from the interview with Dom:Opportunity for acquisition entrepreneurs to buy a course businessWhat to look for when acquiring a courseThe role a course founder's personal story playsHow to ease the founder's face out of the brandWhy faces of successful students of the course are actually more valuableHow courses can charge so much ($500 and more)Buying underperforming Udemy coursesImportance of marketing funnels to a course businessOngoing development costs of a course (vs. SaaS)Links & how to contact Dom:Proofread AnywhereMore backstory on Proofread Anywhere: How I Built A $200K/Month Business Selling Proofreading CoursesUdemy@DomWellsOnfolioLinkedInOnfolioRegister for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:SMBashLearn 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

David Page bought a Bay Area wine business in 2010, against the advice of colleagues. 12 years later, it's 5x larger. Topics in David's interview:Don't avoid "buying a job"... because you ARE buying a jobBuying a business before "search" was well knownBuying a circus business (almost)Humble, scrappy beginnings after acquiringBuying in cash, no loanInevitable surprises you find post-acquisitionBrutal first 6 monthsThe niche of private wine grape growingGrowing 5x since acquisitionHow to keep employees happyReferences & how to reach David:FarmersOnly.comPost & TrellisLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamOverhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:EversiteConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Chris Williams was a guest in 2021, just after his acquisition. He returns to share how it's going now, 14 months later. Topics from Chris's interview:System Six's growth in the first 14 monthsWhat Chris wishes he had done differently during transitionHiring challenges and how to hire from withinHow he has learned salesWhy he likes to serve searcher-acquired businessesThe first step in being a great workplaceTraditional vs. self-funded searchWhy revenue growth does not always equal EBITDA growthPricing challenges in the bookkeeping industryDoes more investors mean more help & guidance?References & how to reach Chris:His first episode on Acquiring Minds: ‍Stay Open to the Many Flavors of SearchSystem SixLinkedIn, Twitter, [email protected] more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabRegister for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:SMBashConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Key findings from SIG's new study on self-funded search: financial outcomes, deal costs & terms, search lengths & more. Topics from the interview with SIG:What is the self-funded search study & why it mattersEffect of self-funded search on entrepreneurs' net worthsSearch performance: how many acquisitions saw EBITDA shrink, maintain, or grow How much is too much to pay for legal fees & due diligenceThe pros and cons of a seller noteWhy you don’t need an MBA to acquire a businessValue of a good relationship with a sellerHow long search takes, on averageWhy acquisition will only get more competitive in the futureDrawback of a private equity backgroundWhat critics get wrong about self-funded searchMethodology & shortcomings of the studyDownload the study:2023 Self-Funded Search StudyLinks, References, and Contacts:Self-Funded vs. Traditional Search Fund debate between Robert Graham & Greg GeronemusRobert Graham - LinkedIn and TwitterJordan Carter - LinkedIn and TwitterSearch Investment Group (SIG)Stanford Search Fund Study 2022Overhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:EversiteGet 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

How Bradley Roofner & Logan Brown transformed a tough, project-based landscaping biz into a recurring revenue machine. (This is the second part of a 2-part interview.) Themes from the interview with Bradley & Logan:Buying, growing, and selling a local service business for $20m+Why landscaping still has lots of opportunityHow to transform a project-based business into a recurring-revenue businessHow to build a sales function in a local service businessWhy building a sales function is better for growth than acquiring tuck-insHow to convert 25% of sales opportunitiesWorking capital as oxygenWhite-glove service in a blue-collar industryWhy you should build a credit departmentWhat it's like to sell to a publicly-traded corporationLinks & how to reach Bradley & LoganLinkedIn: Bradley Roofner, Logan BrownBrightViewBuilt To Sell, the book that informed their productization strategyBrent BeshoreArticle 1 referenced in valuation estimate: BrightView and the need for growthArticle 2 referenced in valuation estimate: LM150: 2020 rankingsOverhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:EversiteRegister for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:SMBashConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

How Bradley Roofner & Logan Brown transformed a tough, project-based landscaping biz into a recurring revenue machine. Themes from the interview with Bradley & Logan:Buying, growing, and selling a local service business for $20m+Why landscaping still has lots of opportunityHow to transform a project-based business into a recurring-revenue businessHow to build a sales function in a local service businessWhy building a sales function is better for growth than acquiring tuck-insHow to convert 25% of sales opportunitiesWorking capital as oxygenWhite-glove service in a blue-collar industryWhy you should build a credit departmentWhat it's like to sell to a publicly-traded corporationLinks & how to reach Bradley & LoganLinkedIn: Bradley Roofner, Logan BrownBrightViewBuilt To Sell, the book that informed their productization strategyBrent BeshoreArticle 1 referenced in valuation estimate: BrightView and the need for growthArticle 2 referenced in valuation estimate: LM150: 2020 rankingsGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

A husband & wife bought a therapy practice for $120k, almost dumped it, then grew it for 8 years when PE came knocking. (This is a rebroadcast from November 2021.) Themes from Neil's interview:Growing a mental health practice from $615k/year to $2M. How working in your acquired business (not on it) can save youOwning a business with your spouseEquipment leasing as a solution to keeping overhead costs low To sue or not to sue (the seller, post-acquisition)Preferring businesses for sale rather than cold outreach to ownersWhen to sell a fast-growing businessReach Neil at:@neilsaidwhatLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

JD Klein bought a print shop for $100k, thinking such a small acquisition carried little risk. The opposite was true. (This is a rebroadcast from December 2021.) Themes from JD's interview:Running a strong-growth, low-margin businessSelling your house to make ends meetWhy very small businesses come with higher riskAcquirers should hire a financial plannerPivoting your strategy when uncontrollable roadblocks emergePros & cons of the printing industry for acquirersPersonal victories vs. financial victoriesReach JD at:@jdklein33LinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Acquiring Minds will start publishing twice per week. Host Will Smith explains the rationale for this decision. Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

When Fraser Voll first learned about buying businesses, he couldn't stop reading about it. That passion paid dividends. Topics in Fraser's interview:What working for a boutique M&A advisory taught him about buying businessesAnatomy of a self-funded search deal WITHOUT an SBA loanHow to get a good multiple (3x) on a $600-800k EBITDA businessWhat Fraser bought: revenue, margins, price, terms, etc.Getting comfortable with high customer concentrationHow to de-risk buying a business whose revenue doubled in prior 2 yearsHow to structure an earnoutJanitorial industry: how to achieve high margins, retain labor, and moreSearch in CanadaWhy small business became more attractive than softwareLinks & how to reach Fraser:Fraser's LinkedInPortage M&A AdvisoryConstellation SoftwareMario Nigro, searcher connector in CanadaGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Chris Koerner acquired a bitcoin mining facility he found on BizBuySell for $750k and now employees 11 people. Topics in Chris's interview:Bitcoin mining 101Challenge of finding real estate to host bitcoin minersEconomics & ROI of bitcoin miningUsing BizBuySell to find bitcoin mining facilitiesPrice & deal terms to acquire a bitcoin mining facility in TexasThe business of hosting bitcoin minersWhy it's difficult to buy minersThe business of reselling bitcoin minersHow the crypto winter has affected profitabilityCrazy story of partnering with the late John McAfeeLinks & how to reach Chris:Mining Syndicate (Chris's bitcoin mining facility)Video tour of Mining SyndicateBizyJohn McAfee's tweet of Chris's project No BSJohn McAfee interview by the Australian film crew (filmed the day Chris visited)LinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Trevor Boehm shares how Saturn Five started as a venture studio but found buying small businesses a better model. Topics in Trevor's interview:First rule of holdcos: Do No HarmBenefits of buying businesses in a single geographyWhat makes for a good owner-operator?How Saturn Five finds operatorsLoneliness as owner-operator of a small businessGreat hack for new owner-operatorsWhy "boring" businesses aren't boringAdvice to someone considering buying a small businessAdvice to entrepreneurs wanting to build a holdcoWho is Saturn Five (and why you haven't heard of them)Links & how to contact Trevor:Saturn FiveAcquiring Minds episode with Andrew Harbin discussing loneliness as a new SMB owner [at 1:02:10]Acquiring Minds episode with Cassi Neikamp discussing building an industry mastermind to combat loneliness & speed learning [at 58:19]LinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Shane Ehrsam went full-time in his search & used systematic broker outreach to buy a great business in his local market. Topics in Shane's interview:Why he didn't acquire a franchise resaleShane's experience in the Acquisition Lab, Walker Deibel's program to buy a businessWhy talking to other searchers is so important before beginning your own searchMechanics of his broker outreachImportance of cold calling brokersBuying a business in stock (vs. the more traditional asset purchase)All about the dealership businessFull standby note — what is it?Day 1 experienceHow being an SMB owner feels different than life in corporateLinks & how to reach Shane:Acquisition LabEpisode with Jordan Carter about full-time vs. part-time searching: A Brutal Search Rewarded with Success After 3 YearsEpisode with Jesse Sunquist on: Reflections After 1 Year of Searching Full TimeEpisode with Doug Johns about building rapport with sellers & brokers: Opening Up to Franchises to Buy a Great BusinessSurface area of luckNorth Texas TrailersLinkedInshane AT ntxtrailers DOT comGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Jordan Novgrod sold his house, tapped his 401k, and went all-in to buy an $800k SDE business he found on BizBuySell. Topics in Jordan's interview:Finding a great business on BizBuySellBlogging the search processKey rule of thumb on SDEImportance of buyer-seller chemistryMachine shop businesses - pros & consTransferring key relationships post-saleDay 1 speechHow Jordan built rapport with his new employeesLinks & how to reach Jordan:Rich Dad Poor DadSweaty StartupSearch Investment Group (SIG)Jordan's substack: Small Business Acquisition@JordanNovgrodLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Burk Adams tapped his 401k to buy a business that reinvented his career, gave him back time, and catapulted his wealth. Topics in Burk's interview:Using your 401k to buy a business with ROBSBuying a business being the most impactful thing he's done in his lifeRealities of a C corp vs. LLCTeaching his kids acquisition entrepreneurshipHow it seems easier to have bought a business in 2015 than nowThe feeling of giant SBA loan repayments every monthHis business acquisition being a full sendHow he thought about the failure riskWhy he liked PC EnclosuresAcquisition price & numbersBuying a $2.6m business while only having $100k in cashRevenue numbersHandling the brutal first 6 months (and how it was healthy for the future)What's worse: depression or panic?Strong growth in the last few yearsHow to think about one-off purchase vs. recurring revenue businessesHow to think about buying a manufacturing businessSmall business ownership vs. being a consultant2 new businesses that have come out of his acquisitionLinks & how to reach Burk:PC EnclosuresStorm Shell, Burk's outdoor TV enclosure business targeting consumersBackyard Snowstorm, the snowmaking business Burk started with his sonGuidant FinancialLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

It looked like a dream: $2m EBITDA, recurring, large market. Only after Judd Lorson bought it did he learn the truth. Topics in Judd's interview:Searchfund accelerator pros & consUnderstanding investors' role in your acquisitionImportance of 100% transparency with employees (even pre-acquisition)Debt collection business pros & consDiscovery that he's acquired a bad businessManaging hostility with sellersWhat is the proper attitude for buying a business?How to resign as CEO the right wayLinks & how to reach Judd:Original case note from Yale about Judd's storyThe Acquiring Minds debate about Self-Funded Search vs. Traditional Search Fundsjudd DOT lorson AT gmailLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Taylor Wallace was over tech. He acquired a small business and with it a renewed sense of impact (and opportunity). Topics in Taylor's interview:Tech burnoutWorking in tech vs. running a small businessBuying indy vs. franchiseInjecting tech-industry best practices & ambition into small businessHow do friends in tech respond to his foray into doggy daycares?Going from digital nomad to brick-and-mortar business owner in TampaIncreasing doggy daycare capacity 2xWill more than 2x revenue by next yearWhat he paid (roughly) for 1st and 2nd acquisitionsGrowth strategyBuying small vs. buying bigDoggy daycare business - should you do it?Links & how to reach Taylor:Paws 'n' RecBaton@taywallLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Episode 100! To celebrate, 5 early guests come back to share how things are going at their acquisitions, 1 year later. 2:48 - Chris Edwards acquired a flooring business18:15 - Philippe Vanderhoydonck, a B2B media business in the pets industry35:49 - Cassi Niekamp, a fencing business1:02:12 - Andrew Pierno is buying multiple small SaaS businesses1:25:54 - Mike Botkin bought a small landscaping business and has quickly parlayed that into becoming a player in the landscaping industryLinks to guests' previous episodes:Chris Edwards - How to Survive Acquiring a $3.5m Flooring Business.Philippe Vanderhoydonck - How to Acquire Your First Business in 3 MonthsCassi Niekamp - Buying a $1.2m Fencing Business & Earning Trust QuicklyAndrew Pierno - How to Build a Portfolio of Micro SaaS BusinessesMike Botkin, first ep - How to Buy a Landscaping Biz & Boost Profits QuickMike Botkin, second ep - How to Buy Landscaping BusinessesGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:YouTube channel (easy access to all interviews)Connect with host Will Smith on LinkedInFollow Will on Twitter

Andrew Harbin first bought an awning business, then bought a fencing franchise to keep his crew working through summer. Topics in Andrew's interview:Should you buy a seasonal business?Buying a second business to offset seasonality of first businessTwitter thread that opened his eyes to building wealth by buying a businessBuying a business that is for sale by ownerRevenue + SDE of the awning business he acquiredGrowth he's achieved in first years of ownershipHow the awning business works (revenue sources, staffing, org chart)Buying a $300-400k SDE businessWhy hiring temps for seasonal businesses is unappealingFencing business: buying vs. starting from scratch vs. starting a franchisePros/cons of franchisesBig Jerry's fencing franchiseTips for entrepreneurs considering buying a fencing businessNature of stress in SMB vs. corporateLoneliness of being a small business ownerLinks & how to reach Andrew:Twitter thread that turned Andrew on to buying a businessVenango AwningBig Jerry's Fencing@ADHarbinGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:YouTube channel (easy access to all past + future interviews)Connect with host Will Smith on LinkedInFollow Will on Twitter

James Temple & his mother acquired a struggling Mathnasium franchise in 2009. Today, they do $7m across 19 locations. Topics in James' interview:Buying vs. starting a franchise locationIs rolling up easier in a franchise system?Turning around underperforming franchise locationsHow to assess the risk of a franchise system3 criticisms of franchises that MBA student always haveNumbers behind his first acquisitionGrowing to 19 franchise locations in 13 yearsHow a 19-unit franchise business is structured & operatedEvaluating franchise opportunities from a risk-adjusted perspectiveRevenue range of Mathnasium franchisesMathnasium feesWhat exactly do you get from a franchisor for the franchise fee?Passion and purpose — is it necessary?Franchise consultants (and how they are incentivized)How to start investigating opportunities if you're interested in a particular franchiseLinks & how to reach James:MathnasiumFDD ExchangeLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:YouTube channel (easy access to all past + future interviews)Connect with host Will Smith on LinkedInFollow Will on Twitter

Sumana Sanjeeva got into ecommerce by chance. 3 years later, she's acquired 4 ecom businesses & sold one for over $5m. Topics from Sumana's interview:Brick & mortar vs ecommerce businessesBest type of ecommerce to buy for a first-timerBuying an ecommerce business knowing very little about itLearning quickly how to sell on AmazonFinding an ecommerce business on BizBuySellTerms of her dealOne decision that made the business thrive during COVIDSelling to aggregatorsTalking to 14 of themTerms of her saleCash flow issues with a growing ecommerce businessHer 3 new ecommerce acquisitionsFocusing exclusively on FBARunning in-person learning center franchisesHow to reach Sumana:LinkedInsanjeevasumana AT gmailGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:YouTube channel (easy access to all past + future interviews)Connect with host Will Smith on LinkedInFollow Will on Twitter

Toni Kononova bought a ghostwriting business for $500k to experiment with buy-then-build while limiting her downside. Topics in Toni's interview:What to love about a ghostwriting & editing businessThe business of self-publishingWhat is "vanity press"?Why a terrible website can be OKGetting close on a small B2B SaaS businessLowering her SDE criteriaNumbers & terms of her acquisitionDe-risking an acquisitionBuying a business while having a full-time jobWhy keeping her full-time job helped get the loanRunning the acquisition as a side hustleEmployee turnover & sales decline during transitionThe popularity of search among Silicon Valley workersSearch in RussiaLinks & how to get in touch with Toni:Write My Wrongstoni AT writemywrongs DOT coGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Frustrated searchers: this episode is for you. Jesse Sunquist shares 4 lessons from a year of hunting for a business. Topics in Jesse's interview:What he learned going from part-time to full-time searchingWhy brokers prefer working with full-time searchers"Spouse-funded" searcherHow TRULY difficult it is to get your first deal doneEmbrace change when it comes to your search criteriaHow personal each searcher's journey isThe perils of comparing your search to others'The temptation to buy (very) smallOpening your mind to acquiring a franchiseIsolation & loneliness during search and how to counteract itThe importance of just getting startedOver-investing in your tech stack, website, LLC formation, etc. is procrastinationHow to reach Jesse and other links:Original post on Searchfunder: Reflections after 1 year of searching full time@jsunquist on TwitterLinkedInjesse AT mtsophia DOT capitalJesse's search website, Mt Sophia CapitalGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

When most people would be considering retirement, Anne Ristic started a new chapter of her career by buying a business. Topics in Anne's interview:Deciding to buy a business at age 60How Ruth Bader Ginsburg inspired her to buy a businessHow she budgeted her target acquisition sizeRaising money from banks for an acquisition in CanadaCanadian banks' familiarity with searchAbout AES, the business she boughtGrowth potential for PEO in CanadaHow much industry research she didHow she envisions growing AESMeeting the managers during the transaction processNuances to search in CanadacommunEtA, the student-run investment group Being a woman when buying a businessReach Anne at:anne AT agencyemployment DOT caLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks:Agency Employment Services (AES)communEtA

How Doug Johns overcame his reservations about being a franchisee to acquire a dream business with $1.8m EBITDA. 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 comLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

A primer on lead gen businesses from Jaime Arias, who bought a 14-year-old biz that generates online leads for dentists. Topics in Jaime's interview:Choosing self-funded over a traditional search fundBuying tiny sites on FlippaThe opportunity with "old" internet businesses3 types of sellers on FlippaUsing BuiltWith to generate proprietary outreach listAbout Patients4youLowering acquisition targets from $750k - $1m cash flow to $200k - $400k"Rank & Rent" model for local lead genWhat are you really buying with a lead gen business?Lead brokersSEO vs. PPC for lead genIsn't Google Ads too competitive already for local lead gen?Getting comfortable with Google algorithm riskWhy Patients4you is an agency more than a lead gen websiteDeal termsUsing BizBuySell for digital businessesCenturicaHow he's growing Patients4youSlow feedback loop of local lead gen businessesReach Jaime at:jaimearias.comLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect 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. 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 complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Kevin Swenson shares his story of buying a $3m real estate appraisal firm as a platform to roll up the fragmented space. Topics from Kevin's interview:Why the real estate appraisal industry?How to add value as the entrepreneur doing a roll-upRoll-up dynamicsAppraisal businesses vs. appraisal management companiesStory of his acquisition, the platform businessThe "Your Sure Thing" philosophyBuying in an industry where you DON'T have experienceThe nature of real estate service businessesHow to mitigate risk when buying a real estate service businessAcquisition opportunities in real estate services beyond appraisalHow it's going since the real estate market slowedPivoting a roll-up strategy to react to the marketReach Kevin at:@KevinWSwensonJrLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Ramon Van Meer bought an ecommerce business doing $30k/mo. A few tweaks & months later, it was up to $400k per month. Topics in Ramon's interview:What to look for in an underperforming ecommerce businessHow to quickly improve an ecommerce businessThe effect of turning on paid advertisingThe true nature of running an ecommerce businessThe power of nichesUser experience buying a digital business versus an offline businessWho should buy versus buildHow to make money in contentGrowing a content site from scratch to a $9m sale in 2.5 yearsThe dangerous temptation of buying too many businessesBuying a YouTube channelDecline of a YouTube channel business immediately after acquiring itSBA loan for a YouTube channel acquisitionBuying a SaaS businessReach Roman at:@ramonvanmeerGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Alpha PawRamon's viral Twitter thread: selling $35m of dog ramps

Jason Cline left corporate at age 50 to buy a flower distribution business (in cash). SDE is up 3x after just one year. Topics in Jason's interview:Pivoting from 20+ years in corporate to SMB ownership3 criteria for what business to buyBuying a business in cash (no SBA loan)The business of flower distributionSelling to big retailers like 7-Eleven & Circle KHow to detect growth potential in a distribution business2 ways to retain drivers in distribution/route businessesDistribution businesses are really car businessesScan-based trading2 key techniques Jason used to transition successfully into the businessWorking "in" the business for the first 6 monthsTesting changesThe numbers behind flower distributionIdeal size of SDE for target businessWhat's more important than SDEJason's growth since acquisition and plans for expansionReach Jason at:LinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Jordan Carter started as a part-time, generalist searcher. 3+ years later, he bought a biz doing $2.4m with 40% margins. Topics in Jordan's interview:Part-time vs. full-time searchingConsulting in order to generate income while searchingMisconceptions about how easy it is to find a business to buyHow much cash Jordan saved for his self-funded searchGeneralist vs. industry-specific searchUsing interns for searchValue of speaking with owners (even if they don't want to sell)Optimal percentage of time to devote to deal sourcingAccessing equity capitalAdding value to a super niche business you're completely new toGrowing a business 40% in 2 years after acquisitionBuying a grant-writing businessThe pain of losing an LOIReach Jordan at:@jordanpcarterLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:B&A Grant Services & SoftwareSearch Investment GroupEpisode 41, featuring Jordan and partner Robert Graham at SIG: The Argument for Self-Funded Search

A deep-dive into the market for SaaS businesses with Thomas Smale, founder of leading SaaS brokerage FE International. Topics in Thomas's interview:Pros & cons of SaaSSaaS valuationsSaaS vs. ecommerceCompeting with private equity for SaaS dealsUsing an SBA loan to buy a SaaS businessMicro-SaaSFirst-time buyers doing a career pivot by acquiring a businessMost common mistake among first-time buyersPassive nature of online businessesSaaS products unlikely to go zero?Acquisition strategy: converting on-premise software to cloudProprietary outreach to find SaaS sellersHow economic climate is affecting SaaS valuations & multiplesEcommerce valuations & multiplesYoung ecommerce businesses - dangerous?Advice for first-timer buyersReach Thomas at:@ThomasSmaleLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:FE International

Kinza Azmat arrived in the US at age 6, speaking little English. Today she's the new owner of a thriving RE brokerage. Topics from Kinza's interview:Becoming a business broker to learn acquisition & access deal flowThinking that finding a business to buy would be easyHow business brokerages generate deal flowFinancial & location criteria of her searchUnlocking deal flow by expanding geographic criteriaDealing with gender, racial, and other biases in sellersTying seller note to business performanceThe business of apartment locatorsCompetitive moats for apartment locatorsRebrandingSmall business owner life vs. corporate cog lifeGetting your spouse on boardPregnant as a new ownerType D and Type F reorganizationFollowing (and breaking) the Asian-American patternAmerica as land of opportunityReach Kinza at:LinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:WTA Realty

Lisa Forrest shares key findings from a survey of 49 entrepreneurs who bought a business after a self-funded search. The findings discussed were based on these questions:How did you find your deal?Did you conduct a full-time search?How long did you search before you found the deal you closed on?Do you think your acquisition price valuation was fair?How long did it take you to discuss valuation with the seller?Did you have a competitive deal process where multiple buyers were vying for the LOI?What do you think the critical success factors were in sourcing and closing your deal?Did you go up or down market compared to your original expectations?Reach Lisa at:lisa DOT forrest AT liveoak DOT bankLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:The report will be published at Live Oak Bank's search fund resources page... but not for 2 weeks.If you can't wait, email Lisa at the address above👆 and she'll get you the raw data now.

Seasonal. Nonrecurring. Key person risk. Trish Higgins recounts how Chenmark got excited about an unlikely acquisition. Topics in Trish's interview:Building a holdco versus taking a job in private equityWhat Chenmark does, why it's specialChenmark's founders' goals: impact, interestingness, financialWhy isn't the holdco model taught in business schools?The story of Cap'n Fish CruisesUnit economics of a boat tour businessIs seasonality really so bad?Managing seasonalityAre boat tour businesses attractive generally?Finding differentiation in a crowded industryBait & tackle shop frameworkChenmark's second boat tour acquisitionHow Chenmark approaches learning an industry where they've acquired a businessReach Trish at:trish AT chenmark DOT comLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Cap'n Fish's CruisesSubscribe to Chenmark's Weekly ThoughtsEpisode 55, featuring the other Chenmark co-founders: 7 Years Later: Leaving Wall Street to Buy Small BusinessesEpisode 64, featuring Trish: How & When to Make Changes at Your Acquisition

Ujwal Velagapudi acquired a multimillion dollar vending empire with thousands of machines & 7 figures of cash flow. Themes from Ujwal's interview:Big vending businesses vs. smallBuilding a big vending business by acquiring small routesEconomics of vendingLogistics of vendingTiny acquisitions to build confidence & experienceDifferentiating yourself as a buyer on MicroAcquireUsing phantom equity to hire general managerBenefiting from OnlyFans growthWorking with a dishonest sellerBuying an online businessBuying an FBA businessBuying a small gymBuying a historic neighborhood sports barBuying downmarket commercial real estateUsing Craigslist for acquisition of businesses & real estateReach Ujwal at:@UjwalVelagapudiLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Byron

A lender and a searcher explain how to quickly identify a business you should NOT buy, saving you months of wasted time. Themes from Ryan & Heather's interview:Killer #1: ValuationKiller #2: Stupid MarginsKiller #3: Going Too SmallKiller #4: Bolt-on vs. PlatformKiller #5: Competing with Private EquityKiller #6: GeographyKiller #7: Red FlagsKiller #8: Needs to Support LeverageLinks & mentions:15 Time Killers in SMB Search - full document from Live OakAll of Live Oak Bank's search fund resourcesReach Ryan at:@smbquestLinkedInReach Heather at:@EndresenHeatherLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Alex Michael bought a wallet brand doing $650k on Amazon. Alex delves into how FBA works & what the growth levers are. Themes from Alex's interview:Why ecommerce?Difficulty competing to buy an ecommerce businessProcess of a ecommerce acquisition with a Quiet Light listingAnatomy of the first call with a sellerHow to be a good buyerWhat to say to a seller in a competitive environmentDiligencing an ecommerce businessCost breakdown of an FBA businessSupply chain risk in ecommercePromoting an FBA business on AmazonAmazon's PPC flywheelACoS and TACoSDaily ad spend, net margins, revenue, SDEPlatform risk with FBA businessesAdding a Shopify store to diversify distributionReach Alex at:LinkedIn**** Register here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Wallaroo WalletsCenturicaQuiet LightStephen Speer and eCommerce Lending

Multiples for ecom businesses jumped 50% since 2018, but Quiet Light's Joe Valley says that trend is about to reverse. Themes from Joe's interview:The ecommerce buying mania of 20212 pieces of advice for acquisition entrepreneurs looking at ecommerceHow ecommerce multiples will changeHow ecommerce deal terms will changeSeller financing in ecommerceFuture of the ecommerce aggregatorsHistory of the ecommerce aggregatorsReach Joe at:LinkedInjoe at quiet light dot com**** Register here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Download Joe's book The Exitpreneur's PlaybookSubscribe to Quiet Light listingsSubscribe to new listing alerts from CenturicaThrasioCarlos Cashman of ThrasioProfound CommerceSyed BalkhiRamon Van MeerWalker Deibel

How James Maxwell & his partner found a 22-year-old janitorial biz & successfully installed a GM in a city of 100,000. Themes from James' interview:Searching in a small marketChoosing NOT to outsource due diligenceJanitorial business pros & consPartnered searchWhat deal flow looks like in a 100k cityHiring a general managerDoes an MBA help with buying a business?Why self-funded over traditional?Reach James at:LinkedInTwitterjmaxwell 814 @ gmail dot comGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamRegister here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Connect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Business broker Clint Fiore explains how to most effectively work with brokers to find good businesses to buy. Themes from Clint's interview:Brokers' pet peeves about acquisition entrepreneurs......and how to avoid themMost important thing you communicate to a brokerLife cycle of a business for saleSearcher brandingThe reality of the "silver tsunami"Seller psychologyThe master skill right now for buying businessesReach Clint at:TwitterLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamRegister here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Connect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Clint's newsletter, Probably a Good DealTexas Business Buyers

Alex Mears draws on years of experience at Carlyle & Blackstone to support and invest in searchers (70 & counting). Themes from Alex's interview:The most valuable businesses of allAttractiveness (or not) of home service businessesSeller integrityWhen to require speaking with key employeesThesis-driven searchSearch acceleratorsNew accelerator The Brydon GroupAlex's pivot to entrepreneurship: why now?Reach Alex at:alexander dot mears @ brydon dot comLinkedInTwitterThe Brydon GroupApply to the first cohort here (deadline: June 15th)Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamRegister here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Connect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Steve ResslerGeorge DutileAlex's session on Searchfunder: Tutorial: Live Modeling an Example Self-Funded Deal & Key Factors InvolvedAlex's session on Searchfunder: Modeling for Traditional Search Deals - Intro to Building Financial Models

Jason Andrews paid $250k to a buy-side advisor to help find & acquire his first business — and would 100% do it again. Themes from Jason's interview:Paying a premium for a good businessWorking with a buy-side advisor: price, value, what they doSpeaking to 30 sellersBuying a business in your 40sTaking a big swingWhere he invested his time during due diligenceWhether he was "buying a job"The consulting agreement he structured with the previous ownersBuying big or buying smallGoing from corporate to small businessPros & cons of group purchasing organizations (GPOs)Reach Jason at:@Jandrews707LinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamRegister here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Connect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:The DVS Group

Chelsea Wood has worked with 250+ business buyers & identifies 7 challenges that commonly interfere with their success. Themes from Chelsea's interview:The irrational need to be an expert on every part of your acquisition‍Incessant need for more, more, MORE information‍Good ol' imposter syndrome‍You don't brand yourself‍You're too rigid‍You're too loose, get desperateYou don't put in the effort for deal flowReach Chelsea at:chelsea at buythenbuild dot comLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Apply to the Acquisition LabBuy Then Build Facebook group

How Chris Munn runs his first acquisition, a $800k cleaning business in Tampa, while being based in LA. Themes from Chris’s interview:Real estate vs. small business acquisitionThe importance of getting reps — modeling deals as practice for the real thingRunning an acquired business remotelyBuying a business that’s too smallBeing an African-American man and dealing with “pattern matching” from banksHow Chris gained 30k followers in six monthsReach Chris at:On LinkedIn: Chris MunnOn Twitter: Chris MunnConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Buy Then BuildHBR Guide to Buying a Small Business