Acquiring Minds

Ex-cop John Hubbard bought a $5m trailer manufacturing biz from an absentee owner & expects to grow to $12m by 2024. Themes from John’s interview:Learning how to run a business, hands-on, before acquiring oneTransferring military skills to business acquisitionRaising money on Searchfunder.comAsking “dumb questions” to learn quicklyChoosing self-funded over a traditional search fund to achieve the lifestyle he wantedFiring half his customers in the first month of ownershipWhy your search shouldn’t ignore manufacturing businessesReach John at:By email: john at blue cord capital dot comOn LinkedIn: John HubbardConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Express Custom TrailersBlue Cord CapitalSam Rosati on TwitterSearchfunder

Digital business buyer Dom Wells shares where he looks for opportunities today in the shifting sands of online business. Themes from Dom's interview:Affiliate, e-commerce, and SaaS businesses and each one's pros/consOnline course and content businessesWhere Dom sees opportunities in digital acquisitionHow to source dealsLeading brokerages of digital businessesFlippa & MicroAcquireHow to approach the digital space as an outsiderConnect with Dom:Twitter: @DomWellsOnfolioLinkedIn: Dominic WellsConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Empire FlippersFE InternationalQuietLightMicroAquireFlippaOnfolio's S-1

Mike Loftus started his landscaping business from scratch, then began buying others to accelerate growth to $4m/yr. Themes from Mike’s interview:Growing a landscaping business organically from the ground upAcknowledging your weaknesses and handing them off as soon as you canThe advantages familiarity with technology bring despite a lack of experienceFinding acquisition opportunities through unconventional methodsThe importance of recurring revenue in landscapingThe potential exit opportunities for landscaping ownersConnect with Mike:Twitter: @signthefrontsLinkedIn: Michael LoftusConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Connor's LandscapeBuilding a Blue Collar Empire: Adrian Pinto on Acquiring Minds7 Years Later: Leaving Wall Street to Buy Small Businesses with Chenmark founders James & Palmer Higgins, on Acquiring MindsHow to Buy Landscaping Businesses: Mike Botkin's second appearance on Acquiring MindsHow to Buy a Landscaping Biz & Boost Profits Quick: Mike Botkin's first appearance on Acquiring MindsJohn Wilson on TwitterMills Snell on Twitter

Lively debate between Greg Geronemus & Robert Graham about the 2 most common models searchers use to acquire a business. Covered in the debate:Quick definitions of each modelHow the economics differWhy are traditional search fund terms so fixed?CEO vs. OwnerAccountability, governance, boards, mentoringFlexibility & optionalityRelative risk of both modelsProbability of closeProbability of successAssembling the board as a self-funded searcherIs either model preferable for particular industry targets?Who is your model not for?Connect with the debaters on LinkedIn:Robert GrahamGreg GeronemusConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Stanford's 2020 Search Fund StudyRobert's investment firm SIGGreg's investment firm Footbridge Partners

How Keith Leimbach paid 6 figures for a business he saw on QuietLight, then exited for 8 figures two years later. *** Register for live episode here: https://bit.ly/3r6P1bD *** Themes from Keith’s interview:The difference between buying and starting a businessIt’s never “just add marketing,” even when it seems like it isGrowth by creating new products that customers are telling you they wantNot being afraid to outsource or delegateWhy Amazon FBA businesses aren’t for everyoneThe Smash My Trash franchiseBuilding laundromats from scratchKeith’s near-death plane crashConnect with Keith:On LinkedIn: Keith LeimbachConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:QuietLightEmpire FlippersWebsite ClosersTransworld Business AdvisorsSmash My Trash

Due diligence expert Elliott Holland looks at industry & owner/seller risk, and exactly what you can do to address them. *** Register for live episode here: https://bit.ly/3NGoSKa *** How to reach Elliott:Guardian Due DiligenceLinkedIn

After big success with affiliate marketing online, @Gundwolf sought to acquire & build a more durable business. *** Register for live episode here: https://bit.ly/3tXHIEH *** Themes from @Gundwolf’s interview:Appeal of durable offline businesses vs. online marketing businessesGetting up at 4am to work 4 hours before going to day jobAchieving success in the affiliate marketing world@Gundwolf’s personal philosophy of goalsNot being taken seriously as a 24-year-oldProtracted acquisition processThe importance of the buyer-seller relationshipEarning credibility among blue-collar crewsChallenges when both buyer & seller are doing their first acquisitionReach @Gundwolf at:On Twitter: @gundwolfConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Nathan Lenahan acquired an HVAC company with ~$1.2m in revenue for $400k. He's aiming to double sales in 2022 to $2.72m. Themes from Nathan’s interview:The appeal of HVAC over other businesses in the tradesAll the numbers behind Nathan's acquisitionBenefits of “buying small” in the SMB acquisition worldHigh professional satisfaction for skilled trades Acquiring an HVAC business without industry knowledgeThe importance of first-rate customer careLeveraging multiple acquisitions to create a platform for easier home ownershipReach Nathan Lenahan at:On Twitter: @n8lenahanLinkedInBart's Heating & AirConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

This is the rebroadcast of a panel that Acquiring Minds recently moderated at the annual ETA Summit at MIT. MIT's panel description:"First do no harm, then pull on the growth levers." Should you wait to make changes? Or take every opportunity you see? How and when should you make changes to your team or to your organizations that will help you get the most out of your organization?Speakers:Trish Higgins - Partner, Chenmark Holdings; CEO, Cap’n Fish Holdings. Trish Higgins is a founding partner at Chenmark Holdings, a Portland, Maine based firm focused on the acquisition and long-term ownership of small businesses throughout North America. Outside of work, Trish can be found spending quality time with her husband and business partner, James, and their two kids.Markus Scott - CEO, EyeQ Monitoring. Markus Scott is currently the CEO of EyeQ Monitoring, an AI-enabled surveillance and business intelligence technology company located in Atlanta, GA. He acquired the business in 2015 after raising a search fund at Kellogg in 2013. Prior to Kellogg, he worked in middle market private equity and played football at the University of Florida. He is married with two small kids, Ava (8) and AJ (7), and enjoys coaching, spearfishing and bourbon in his downtime.Kush Das - CEO, Ennoble Care. Former healthcare consultant, healthcare lawyer, and EMS provider with value-based and community-based care experience. Kush acquired Ennoble Care in 2021.

Having witnessed the power of clean books, Patrick Dichter was driven to buy a $1.2m bookkeeping & accounting business. Themes from Patrick’s interview:The appeal of bookkeeping for acquisition entrepreneursSeeing the power of clean books to transform a small businessMessaging used to reach out to owners of accounting & bookkeeping firmsDefinition of bookkeeping vs. accountingWhat it’s like to acquire a bookkeeping business when you’re not a CPAIndustry- and geography-specific searchBuilding a proprietary search funnelReach Patrick Dichter at:On Twitter: @patrickdichterAppletree Business ServicesConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Cassi Niekamp on Acquiring Minds: Buying a $1.2m Fencing Business & Earning Trust QuicklyCasey Clark on Acquiring Minds: What to Acquire: 3 Hot Sectors for Business BuyersRevLocalCultivate AdvisorsProfessional Association of Small Business Accountants (PASBA)Chris Williams on Acquiring Minds: Stay Open to the Many Flavors of Search

George Vallone unpacks how he used cold outreach to find an off-market cleaning biz doing $1m and buy it for 2x EBITDA. Themes from George’s interview:Prioritizing recurring revenue in the search criteriaThe importance of messaging when approaching business ownersUsing a funnel approach in the searchThe differences between residential cleaning and commercial cleaningThe economics of apartment turnoverUsing customer service as a marketing toolGetting a good deal by betting bigHow to avoid cash flow crunch during transitionReach George at:george at george vallone dot comNuveldy’s Apartment Turnover Services

Before embarking on his search, Alex Glasner interviewed 50 searchers & uncovered 2 key attitudes necessary for success. Themes from Alex’s interview:Wanting to run a business, but not knowing where to startLearning from people whose searches failedThe importance of moving quickly with sellersBuying a mission and not just a jobThe value of being decisive in a searchMerging proprietary and brokered search stylesPausing to understand the business before making another acquisitionReach Alex at:alex at workpays dot co dot uk

Looking to buy a part-time online biz as he neared retirement, Dave Bramlett found it in a resume service doing $1.5m. Themes from Dave's interview:Making a career of buying small businessesBuying a functioning business allows for immediate cash flowFinding businesses on BizBuySellBring in the experts for due diligenceMaintaining a positive relationship with the sellerKnow your strengths as a buyerAlways be open to new businesses for saleReach Dave at:dave at resume writing group dot com

Brandon Adams bought a $850k EBITDA ice delivery company only to discover he'd be doing deliveries himself for 6 months. Themes from Brandon's interview:Doing a local proprietary searchIdentifying brokers you can trustManaging purchase price after an anomalous yearThe silver lining of a due diligence oversightBeing a great leader as a new ownerThe appeal of owning businesses in various industriesReach Brandon at:brandon at k4inv dot com

Damon Chlarson had 3 key criteria, and he found them in an insulation supplier doing $380k EBITDA and selling for $1.1m. Themes from Damon’s interview:Defining your acquisition criteria Finding your niche in the marketImagining yourself doing the job before buying the businessTapping into people’s talentsMental health and business successFinding opportunities in times of crisisLooking back and growing ambitionReach Damon at:@LumberyardDamon

Frustrated after losing 3 jobs, Bruce Vann used savings to acquire a 25-employee, 7-figure curtain manufacturer for 2x. Themes from Bruce’s interview:Paying 2x for a growing 70-year-old businessBuying a business to pull out of a career rutWhy finding a business is like a full court shotThe need for persistenceAbandoning a proprietary search because of seller overvaluationsChasing down leads and not becoming complacentThe importance of documenting business processes in case of sudden staff departuresDealing with uneasy staff during the transition periodThe experience of acquiring a business as a Black man in the U.S.Reach Bruce at:bvann at luxout dot com

After seeing 9-figure businesses built through acquisition, Adrian Pinto bought a landscaping biz to build one himself. Themes from Adrian’s interview:Buying a $3-5M landscaping business with 15-20% marginsPaying 3x, but rapid growth making it more like 2xWhat a buy-side advisor is and when it might make sense to work with oneHow COVID helped his search processWhy doing his own search was less stressful than a traditional search would have beenThe excitement versus the reality of acquiring bolt-ons to your platform businessBeginning with the idea of building a strong base for future growth (chassis concept)Waiting & observing for months before introducing changes to company processesReach Adrian at:adrian at georgia scapes dot com@Adrian_Pinto2LinkedIn

The 3 founders of Chenmark left promising corporate careers to pursue a multi-decade path of acquiring small businesses. Themes from the interview with James & Palmer Higgins:Why the Chenmark founders decided to do thisLessons learned from 30+ acquisitionsHow the founding thesis is performing 7 years inThe value of an "extreme delayed gratification muscle"Intellectual stimulation in corporate life vs. small businessBuying big vs. buying smallHow has competition in search evolved over the last 5 yearsChenmark’s diversification strategyOther recommend podcasts where Chenmark has appeared:Invest Like the Best: Trish and James Higgins of Chenmark Capital - Permanent EquityThink Like An Owner: Trish Higgins, Chenmark CapitalThink Like An Owner: Trish Higgins – Chenmark Five Years LaterThink Like An Owner: Palmer Higgins – Moving to the Operating Side – Ep. 43Think Like An Owner: Palmer Higgins – Removing Sales Roles at Mainely Grass – Ep. 61The Commercial Landscaper: James Higgins - Reinforcing Areas to Create a More Scalable PlatformThe ThriveTime Show: What’s Your Business Worth? Buying Small and Mid-sized Businesses with Chenmark CapitalSubscribe to: Chenmark’s Weekly Thoughts.

With 4 acquisitions since starting in 2018, Justin Turner explains how his team is building a permanent equity holdco. Themes from Justin’s interview:The appeal of holding on to companies for a longer periodWhy buying a $4-5M business might be easier than buying a $1M oneLetting the seller relationship develop naturallyWhy paving companies make great acquisitionsWaiting to finalize the equity until after the deal is in handSetting acquisitions up in a holdco structureReach Justin at:j turner at traction cp dot com

@Fundof1 was searching for a business in a tight geography, and found a great fit in a $760k appliance repair company. Themes from John’s interview:Buying a $760k appliance repair companyHow to balance very specific search criteriaChoosing a steady industryWalking into a business with an established sense of communityDeciding between using investors or notFocusing on improving the business rather than day-to-day operationsRemembering to have funBuilding trust with employees who don’t work in the officeReach John at:@Fundof1

Knowing zero about manufacturing, Josh Paulson found purpose when he bought a small & struggling producer of pet cages. Themes from Josh's interview:Owning the business saved his lifeWhat manufacturing is likeFiring all but 1 employee (who spoke little English)Reducing the product line from 2000 SKUsRebuilding a business with limited resourcesReach Josh at:Quality Cage

Devin Wanzor went from a corporate gig with 50 employees to buying a $3M liquor store and playing golf 3 times a week. Themes from Devin's interview:What makes Devin's liquor store so profitableThe major risk involved in acquiring a liquor storeThe self-image shift from corporate manager to liquor store ownerBoosting revenue with an easy price cleanupMaintaining a 15-hour workweekReach Devin at:@DevinWanzor

Mike Curry bought a business only to struggle for years as its new CEO. He shares the lessons that unlocked 2x growth. Themes from Mike’s interview:Entrepreneurship through acquisition (ETA) isn’t just for MBAsBuying a business is art and scienceThe perks of the traditional search fund modelBuilding a strong community of fellow entrepreneursBecoming CEO of an established companyEarning your employees’ trustThe need for diverse business leadersReach Mike at:mcurry at apex physics dot comOfficial episode page & full show notes at AcquiringMinds.co:It's All Your Fault: How to Become CEO of Your Acquisition

JD Klein bought a print shop for $100k, thinking such a small acquisition carried little risk. The opposite was true. 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:@jdklein33

Geoff Oliver bought 2 laundromats in rural Texas. He shares his numbers & what to consider when acquiring a laundromat. Themes from Geoff's interview:How working as an SBA lender lit a fire for acquisitionsLooking for a real estate investment and finding a great business insteadWhat makes laundromats competitiveSelf service vs. full serveWhy quality of laundromat equipment can matter more than earningsUnderstanding your customers’ preferences before making changesThe growth potential of asset-heavy businessesThe appeal of “zombiemats”How to hire a manager for your laundromatReach Geoff at:@GeoffOliverATX on Twitter

Harvard's acquisition entrepreneurship conference took place last week. Organizer Michael Ledecky shares 5 takeaways. Themes from Michael's interview:Buy a good business in a great industry4+1 Model for searching3 industries for acquisition entrepreneurs to considerMental health in searchWomen in searchThai Lee, acquisition entrepreneur who became a billionaireDiversifying paths of searchPredictions for search in 2022 & 2023Tons of names & resources cited in this episode. Here they all are:Michael Ledecky2021 ETA ConferenceEntrepreneurship Through Acquisition Club at HBSThe book that inspired Michael, HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own CompanyThe authors and HBS professors: Royce G. Yudkoff & Richard S. RubackPacific Lake, and partners Coley Andrews & Jim SouthernThe 4 + 1 Industry Search Framework by Pacific LakeSteve Divitkos' episode on Acquiring Minds, From Search Misery to Successful CEOPaul Thompson's Search Fund ManifestoAndrew MondiThai LeeJim Sharpe's blogTrish Higgins of ChenmarkAndrew SaltounSearch Fund Accelerator (SFA)Broadtree PartnersIrv Grousbeck, developer of the traditional search model

Having searched, acquired, and exited a business himself starting back in 2007, today Mark Sinatra invests in searchers. Themes from Mark's interview:Running a traditional search fundHow search has changed over the last 15 yearsThe challenge of staying optimistic during a traditional searchThe capacity of small and mid-sized companies to absorb changeClient management during a recessionDealing with clients’ attachment to familiar processesWhat a search investor looks for in searchersImportance of bringing a deal to investors sooner than laterReach Mark at:mark [at] etaequity dot comLinkedIn

Casey Clark talks hot industries, identifying growth potential in a business for sale, and avoiding common SMB pitfalls. Themes from Casey's interview:Choosing the right industry for you3 hot industries for acquisition Acquisition opportunity checklistHow to convince a seller to let you speak with managementThe “propeller” methodology3 common traps for small business ownersReach Casey at:LinkedIn

Resisting at first, Mark Litton eventually realized that buying the family biz was the perfect path to entrepreneurship. Themes from Mark's interview:Buying a business from a family memberRedefining “real” entrepreneurshipStructuring a deal with 100% financingUnderstanding the business’s numbers before you buyGetting through struggles in your first yearRecession-proofing your businessFree resources for aspiring acquisition entrepreneursReach Mark at:mark at howard medical dot comHoward Medical Company

Learn how to find a lawyer for your deal, how much you'll spend, what to look for, and how to avoid suing the seller. Themes from the interview with @SMB_Attorney:Absolutely necessary: a good lawyerWhat to look forReferences? Reviews? Hmm, difficultWhat you'll payDon’t be afraid to negotiate priceDo they need to be in the same location as your deal?You don’t want to sueIndemnification: Get familiar with itOfficial episode page & full show notes at AcquiringMinds.co:How to Hire an Attorney for Your Acquisition

A husband & wife bought a therapy practice for $120k, almost dumped it, then grew it for 8 years when PE came knocking. 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:@neilsaidwhatOfficial episode page & full show notes at AcquiringMinds.co:Buying a Therapy Practice & Selling for Millions

Jordan Carter & Robert Graham argue for self-funded search over traditional search funds or the "buy small" approach.Themes from the interview with Jordan & Robert:Self-Funded Over TraditionalBuy BiggerTurning $200k into $4M+How Much Money You'll NeedBe Prepared to MoveNo Deal Experience? No ProblemWhat Makes a Good SearcherReach Jordan & Robert on LinkedIn:Jordan CarterRobert GrahamOfficial episode page & full show notes at AcquiringMinds.co:The Argument for Self-Funded Search

Sarah Romer bought a large but tired hair salon in Austin for $80k. Her first year as owner was the hardest of her life.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 comOfficial episode page & full show notes at AcquiringMinds.co:How to Buy a Salon as an Industry Outsider (and Survive)

Neil Granberry bought a bubble ball business to prove himself as an entrepreneur while pursuing an MBA at the same time.Themes from Neil’s interview:The advantages of a small starter business as a first acquisitionLooking past media hype that paints billionaire startup founders as the only entrepreneursThe value of a customer listThe beauty of acquiring a small business that is already profitableTaking a hard look at a company’s books to negotiate a better sale priceDelegating operations to trusted employees to better position yourself for a sale later onReach Neil at:@NeilGranberryNashville Bubble BallOfficial episode page & full show notes at AcquiringMinds.co:Starter Acquisition: Buying a $25k Business

Thanks to changing his search from traditional to self-funded, Chris Williams bought a $1m EBITDA bookkeeping business.Themes from Chris's interview:Traditional versus alternative search fund modelsThe advantages of self-funded search (if you can afford it)The appeal of bookkeeping businessesHow to stand out to potential sellers who have heard it all beforeThe first six months after acquisitionReach Chris at:Chris [at] systemsix [dot] comSystem SixOfficial episode page & full show notes at AcquiringMinds.co:Stay Open to the Many Flavors of Search

Steve Divitkos shares tips from his acquisition, from the solitude of search to the delicate balance of being a new CEO.Themes from Steve's interview:The full lifecycle of a traditional searchThe biggest myth about entrepreneurshipSurviving the search processWhy he bought MicrodeaManaging relationships with the sellers (the price of peace)What to do in your first two weeks as CEO Why you should diagnose before you prescribeReach Steve at:His blog & podcast In the TrenchesOfficial episode page & full show notes at AcquiringMinds.co:From Search Misery to Successful CEO

A podcast exposed Jason Budd to buying businesses. After 10 years in corporate, he'd found his path to entrepreneurship.Themes from Jason's interview:How Jason found the right business with the help of a mentor and a podcastDue diligence when it comes to finances and staffKeeping your options open in case a sale falls throughTechnical understanding of your acquired businessWhat the history of an established business can tell youGetting to know the stories of the people who will work for youBeing the project manager of your own dealReach Jason at:MetasystemsLinkedInOfficial episode page & full show notes at AcquiringMinds.co:Buying a 45 Year Old Software Business

Closing on his 2nd acquisition in 10 months, Mike Botkin just became Central Florida's largest landscaping business.Themes from Mike's interview:Acquiring a second landscaping businessDropping customers to grow Developing a playbook for operating a landscaping businessTreating your employees rightDownsides of SBA loans and traditional search fundsThe invaluable resource of keeping the previous owner in the bizViewing landscaping from a logistics perspectiveWhy landscaping businesses are great acquisitionsReach Mike at:LinkedInOfficial episode page & full show notes at AcquiringMinds.co:How to Buy Landscaping Businesses

Jessica Markowitz used a traditional search fund to search for & ultimately buy a great business. But the road was long.Themes from Jessica's interview:Acquiring a business through a traditional search fundLeveraging an army of interns to power the searchSearch fund partnership with a close friend Maintaining a good relationship with a business owner even after they decline youRunning a legal services company without a law degreeReach Jessica at:LinkedInOfficial episode page & full show notes at AcquiringMinds.co:Anatomy of a Search: 40 Interns, 25 Months, 20 Offers

There are many lenders out there eager to finance your acquisition. SBA loan expert Lisa Forrest explains how to choose.Themes from Lisa's interview:Working with lenders to secure an SBA loanChoosing the right lender for youHow to prepare for your SBA loan conversationGetting an SBA loan for SaaS and eCommerce businessesHow business owners can plan ahead for a cash crunchWhy now is a great time for buyersReach Lisa at:lisa [dot] forrest [at] liveoak [dot] bankLive Oak BankOfficial episode page & full show notes at AcquiringMinds.co:How to Choose Your Lender When Buying a Business

Shannon Jones explains how acquisition entrepreneurs should navigate the realities of buying a blue collar business.Themes from Shannon's interview:Killing relations with a blue collar seller by being too "quant"Importance of vulnerability when negotiatingHow to know if a blue collar business is in an industry that’s right for youManaging blue collar employees and common pitfallsTransitioning as a new owner of a blue collar businessWhen is the right time to make changes as a new owner?Reach Shannon at:s jones [at] halstattLinkedInHalstatt Legacy PartnersOfficial episode page & full show notes at AcquiringMinds.co:The Poetry of Buying a Blue Collar Business

Due diligence expert Elliott Holland shares the top things he wishes he’d known when he first started buying businesses.Themes from Elliott's interview:Started the due diligence firm he wished he’d had himselfFor LOIs, don’t let perfect be the enemy of the goodEarly information on an acquisition is +/- 40% correct (and that might be OK)The information you get post-LOI is what mattersDon’t be surprised if the seller doesn’t trust you right awayReach Elliott at:LinkedInGuardian Due DiligenceOfficial episode page & full show notes at AcquiringMinds.co:What You Don’t Understand About Buying a Small Business

Nick Haschka shares what's changed in the market since acquiring his first small business in 2016. (Hint: it’s harder.)Themes from Nick's interview:The rise and fall of the “silver tsunami”Private equity’s pivot from hands-off to getting dirtyMBAs jump into the acquisition arenaThe labors of labor shortagesWhy B2C is beating B2B Saying yes to no-codeReach Nick at:LinkedInCub InvestmentsThe Wright GardnerOfficial episode page & full show notes at AcquiringMinds.co:6 Ways Buying a Business Has Changed Since 2016

Less than a year after acquiring a $1m medical billing business, Curt Neider is already looking for his second deal.Themes from Curt's interview:Buying a medical billing company doing ~$1 million/yearThe appeal of medical billing businessesBecoming a certified professional biller to understand the businessHow Curt immediately improved operationsSeparate line of credit for working capital (not rolled into SBA loan)Acquiring with a partner"Altruistic kicker" of buying a business that helps peopleSecond acquisition less than a year after the firstReach Curt at:LinkedInIlluminate Billing AdvocatesOfficial episode page & full show notes at AcquiringMinds.co:How to Buy a Medical Billing Business

Key lessons for acquisition entrepreneurs from Andrew Finn, who has grown a service business & acquired SaaS businesses.Themes from Andrew's interview:Opportunity in sub $1m EBITDA businessesSaaS vs. services businessGrooming an operator to extract yourself from the businessWhat makes a good SaaS acquisitionYour acquisition journey — just startJumping from labor to capitalCapital CampReach Andrew at:andrew at g64 ventures dot comG64 VenturesOfficial episode page & full show notes at AcquiringMinds.co:Investing Like an 1880s Businessman

Don't have the 10-20% cash to buy a business with SBA? Search investor Steve Ressler explains how to attract investors & structure the deal.Themes from Steve's interview:The 4 flavors of searchChoosing the right investorsSBA loan mathRaising the 10%Buying a business in an industry you don't knowSetting investor expectationsCommon mistakes to avoidReach Steve at:sressler @ gmail@steveresslerLinkedInHis newsletter, ETA MusingsOfficial episode page & full show notes at AcquiringMinds.co:Using Investors to Buy a Business with SBA

Sales had dropped to zero when Martin Bispels acquired Upper Park Disc Golf. A year later, they are nearing $2 million.Themes from Martin's interview:Buying a business on FlippaWhat Martin asks himself every day to be a good CEOCriteria used to identify a business to buyHiring the seller of the businessTrue cost of buying a businessMaking a detailed plan before acquiring the businessBuilding a team before acquiring the businessReach Martin at:martin at upper park disc golfUpper Park Disc GolfOfficial episode page & full show notes at AcquiringMinds.co:Growing a Flippa Business to $2 Million

Hard-won lessons about buying micro SaaS businesses from Andrew Pierno, who has acquired 3 and plans to buy many more.Themes from Andrew's interview:Breakdown of the XO Capital portfolioHow to source micro SaaS acquisitionsMicro SaaS due diligencePaying for operatorsThe appealing product roadmap of tiny software vs. largeBottlenecks of the tiny modelWhether moving upmarket make senseWins so farMicroAcquire & FlippaReach Andrew at:@AndrewPiernoHis blog at XO CapitalOfficial episode page & full show notes at AcquiringMinds.co:How to Build a Portfolio of Micro SaaS Businesses

Pete Seligman stepped off a comfortable corporate path to buy a small business in 2013. He's since acquired 4 more.Themes from Pete's interview:Why Pete exited the corporate track to acquire a companyHow risky is acquiring a business?Role of passion when deciding which business to buyRole of industry experience when deciding which business to buyHow long it takes to succeed in acquisition entrepreneurshipThe type of person who should buy a companyReach Pete at:LinkedInHis websiteOfficial episode page & full show notes at AcquiringMinds.co:Making a Career of Buying Businesses

After years of struggling to launch products from scratch, Casey Allen pivoted to buy a $1.7m coffee supplies business.Themes from Casey's interview:Struggling for years to launch products from scratchThe benefits of acquiring a company insteadBuying an e-commerce business as COVID sales take offBuying a 24-year-old content site with 12 million annual visitorsContent vs. e-commerceAdvice for acquirers who have $10k, $50k, or $250k in cash to buy a businessReach Casey at:LinkedInHis first acquisition, Barista WarriorHis second acquisition, Interactive MathematicsOfficial episode page & full show notes at AcquiringMinds.co:Buying a $1m Coffee Biz After Years of Starting from Scratch