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    Business

    Acquiring Minds

    Buying a business is an amazing path for many successful entrepreneurs. Learn how to buy a business from the entrepreneurs who have already done it. 2x per week: stories, insights, & valuable advice about acquisition entrepreneurship. Hosted by Will Smith, who is on his own path to acquire a business.

    Also on YouTube:
    https://www.youtube.com/@AcquiringMinds

    Sign up for episode summaries at:
    https://acquiringminds.co

    Advertise

    Copyright: © 2021 - 2023, Acquiring Minds

    • Apple Podcasts
    • Google Play
    • Spotify

    Latest Episodes:
    The $150k Hiding in the Business He Bought Oct 01, 2026
    Show notes

    Patrick Dunphy acquired a low-seven-figure interpreter agency, then halved its collection times in year one.

    Topics in Patrick’s interview:

    • From Army aviation to business ownership
    • Why Patrick chose ownership over corporate success
    • Three years searching while working full-time
    • Turning red flags into acquisition opportunities
    • Why intrinsic value matters beyond financial returns
    • Building a scalable, contractor-driven service business
    • Structuring an SBA acquisition without seller financing
    • Cutting payment times in half through better invoicing
    • Preserving trust through a quiet ownership transition
    • Growing through new markets and government contracts

    References and how to contact Patrick:

    • LinkedIn
    • JS Languages

    Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

    • Pioneer Capital Advisory

    Get a complimentary IT audit for acquisition diligence or post-close transition.

    • Visit inzotechnologies.com/eta.

    Contact Jenny to learn how Engage can run people operations in your acquisition:

    • Jenny Thear: jthear@engagepeo.com

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Edited by Anton Rohozov and produced by Pam Cameron


    How to Buy a $2.1m Business Without the SBA Sep 28, 2026
    Show notes

    Jack Rauch left politics for a niche Florida business no bank would finance. He's doubled revenue twice since.

    Register for the webinar:

    • Sizing an SBA Loan to the Cash Flow - TOMORROW!! - https://bit.ly/4hrFwge

    Topics in Jack’s interview:

    • From the White House to entrepreneurship
    • Discovering an overlooked private provider niche
    • Customers helped save the business
    • How private inspections accelerate construction projects
    • Expanding beyond the seller's tiny territory
    • Navigating licensing requirements without industry experience
    • Financing the deal without SBA backing
    • Raising prices and finding unexpected growth
    • Doubling revenue during each ownership year
    • Joining industry leadership to reduce regulatory risk

    References and how to contact Jack:

    • LinkedIn
    • Tew & Taylor

    The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

    • The Acquisition Lab

    Get complimentary due diligence on your acquisition's insurance & benefits program:

    • Oberle Risk Strategies - Search Fund Team

    Get a free review of your books & financial ops from System Six (a $500 value):

    • Book a call with Tim or hello@systemsix.com and mention Acquiring Minds

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Edited by Anton Rohozov and produced by Pam Cameron


    Buying a $7.3m Golf Course with No Money Down Sep 24, 2026
    Show notes

    Kyle Holmes spent 8 years running Quail Ridge for its investor owners. Then they asked if he wanted to buy it.

    Register for the webinars:

    • Protect the Business: How to Diligence Insurance Pre-Close - TODAY!! - https://bit.ly/4xvNj2E
    • Sizing an SBA Loan to the Cash Flow - Tue, Sep 29 - https://bit.ly/4y1Xr4a

    Topics in Kyle’s interview:

    • Growing up in a golf family
    • Running Quail Ridge before becoming an owner
    • Being approached about buying the golf course
    • Golf’s boom, recession, and post-COVID resurgence
    • Michigan’s surprisingly strong golf market
    • Revenue from golf, dining, events, and driving range
    • Improving Quail Ridge before buying the business
    • Valuing land worth more than operations
    • Negotiating from $6.5 million to $7.3 million
    • Financing with SBA, conventional, and seller debt

    References and how to contact Kyle:

    • LinkedIn
    • Quail Ridge Golf Club

    Contact Jenny to learn how Engage can run people operations in your acquisition:

    • Jenny Thear: jthear@engagepeo.com

    Get a free review of your books & financial ops from System Six (a $500 value):

    • Book a call with Tim or hello@systemsix.com and mention Acquiring Minds

    Get a complimentary IT audit for acquisition diligence or post-close transition.

    • Visit inzotechnologies.com/eta.

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Edited by Anton Rohozov and produced by Pam Cameron


    Buying a $12.5m Contractor to Create 1,000 Jobs Sep 21, 2026
    Show notes

    Manolo Diaz Corrada came home to Puerto Rico to build for decades and keep the wealth from leaving the island.

    Register for the webinars:

    • Working Capital: What Buyers Need to Know Before Closing - TOMORROW!! - https://bit.ly/4yJUdSX
    • Protect the Business: How to Diligence Insurance Pre-Close - Thu, Sep 24 - https://bit.ly/4rlZei3

    Topics in Manolo’s interview:

    • Building a career across engineering, business, and law
    • Fighting Puerto Rico’s brain drain
    • Launching a self-funded search in a tiny market
    • Why traditional search fund investor passed on Puerto Rico
    • Finding an acquisition through family connections
    • Navigating SBA financing challenges in Puerto Rico
    • Using reputation as a due diligence tool
    • Betting on Puerto Rico’s infrastructure boom
    • Using backlog to underwrite acquisition risk
    • Structuring a deal with seller financing

    References and how to contact Manolo:

    • LinkedIn
    • Bonneville Group

    Get complimentary due diligence on your acquisition's insurance & benefits program:

    • Oberle Risk Strategies - Search Fund Team

    Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

    • Pioneer Capital Advisory

    The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

    • The Acquisition Lab

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Edited by Anton Rohozov and produced by Pam Cameron


    Losing a $1m SDE Business to Bankruptcy Sep 17, 2026
    Show notes

    Morli Desai bought an e-commerce brand with an SBA loan. Three years later: liquidation, Chapter 11, and gratitude.

    Register for the webinars:

    • Equity Financing: From SBA Deals to Independent Sponsors - TODAY!! - https://bit.ly/4r81edB
    • Working Capital: What Buyers Need to Know Before Closing - Tue, Sep 22 - https://bit.ly/4gZWFxh

    Topics in Morli’s interview:

    • Acquiring a skincare brand
    • Why she felt confident in the company
    • Early red flags she minimized
    • Amazon shipping disaster
    • Rising cost per click
    • 8-12% customer retention rate
    • Unique challenges of ecommerce
    • Negotiating multiple loan deferrals
    • Stress of the personal guarantee
    • Filing subchapter V bankruptcy

    References and how to contact Morli:

    • LinkedIn
    • Morli’s first Acquiring Minds episode: How to Buy a $4m E-com Business with an SBA Loan

    Get a complimentary IT audit for acquisition diligence or post-close transition.

    • Visit inzotechnologies.com/eta.

    Contact Jenny to learn how Engage can run people operations in your acquisition:

    • Jenny Thear: jthear@engagepeo.com

    Get complimentary due diligence on your acquisition's insurance & benefits program:

    • Oberle Risk Strategies - Search Fund Team

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Edited by Anton Rohozov and produced by Pam Cameron


    $340k to $1.3m of Earnings in 14 Months Sep 14, 2026
    Show notes

    Rob Brooks bought a $1.9m Sarasota HVAC shop, then ignored the advice to wait 90 days before changing it.

    Register for the webinar:

    • Equity Financing: From SBA Deals to Independent Sponsors - Thu, Sep 17 - https://bit.ly/3VqwuZu

    Topics in Rob’s interview:

    • Choosing an industry where he had an edge
    • Buying smaller to reduce debt risk
    • Understanding prepaid customer obligations
    • Using ChatGPT to learn HVAC
    • Making changes immediately after acquisition
    • Inheriting a GM and long-tenured employees
    • Digitizing operations and increasing accountability
    • Transforming a blame culture into a problem-solving culture
    • Adding weekly employee training sessions
    • Practicing radical honesty with customers

    References and how to contact Rob:

    • LinkedIn
    • Gary Air
    • Grant Hensel
    • Jack Carr on Acquiring Minds: Back from the Brink When Everybody Quits Day 1

    Get a free review of your books & financial ops from System Six (a $500 value):

    • Book a call with Tim or hello@systemsix.com and mention Acquiring Minds

    The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

    • The Acquisition Lab

    Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

    • Pioneer Capital Advisory

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Edited by Anton Rohozov and produced by Pam Cameron


    Buy a Business with Your Tax Bill Sep 10, 2026
    Show notes

    Adam Whelchel paid himself instead of the IRS, putting $35k down on an escape room doing $365k with room to grow.

    Register for the webinar:

    • The Deal I Almost Bought (And Why I Passed) - TODAY!! - https://bit.ly/4hVeKik

    Topics in Adam’s interview:

    • Built a $1.5M accounting firm
    • Business brokerage opened the acquisition door
    • Wanted a business his daughter could appreciate
    • An escape room caught his attention
    • Fixed costs created massive operating leverage
    • Bought the business for roughly $220K
    • Put about $35K into the deal
    • Business acquisition as a tax strategy
    • Re-engaged customers and local businesses
    • Plans to double capacity to 20%

    References and how to contact Adam:

    • LinkedIn
    • Axis Accounting & Tax
    • Jeff Homer on Acquiring Minds: 1 Music School to $100m in Revenue
    • Adam’s slides

    Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

    • Pioneer Capital Advisory

    Get a complimentary IT audit for acquisition diligence or post-close transition.

    • Visit inzotechnologies.com/eta.

    Contact Jenny to learn how Engage can run people operations in your acquisition:

    • Jenny Thear: jthear@engagepeo.com

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Edited by Anton Rohozov and produced by Pam Cameron


    First-Timer Buys a $15m Business in Distress Sep 07, 2026
    Show notes

    Mike Bourgeois bought an HVAC company bleeding $3m a year, all cash and no SBA, then cut $1.4m of costs in 2 weeks.

    Register for the webinar:

    • The Deal I Almost Bought (And Why I Passed) - Thu, Sep 10 - https://bit.ly/4zKAGTN

    Topics in Mike’s interview:

    • Led major Air Force medical practice
    • Found a search partner with complementary skill sets
    • Bet on distressed businesses with liquidation value
    • Found a deal through veteran ETA Slack
    • Speed beat the highest bid
    • Immediately cut $1.4M in annualized expenses
    • Raised gross margins from 7% to 49%
    • Shifted from silos to teamwork
    • Emphasis on ongoing staff training
    • His goal of being a capital allocator/investor

    References and how to contact Mike:

    • LinkedIn
    • Cardinal Heating & Air
    • Book: The Compounders: From Small Acquisitions to Giant Shareholder Returns

    The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

    • The Acquisition Lab

    Get complimentary due diligence on your acquisition's insurance & benefits program:

    • Oberle Risk Strategies - Search Fund Team

    Get a free review of your books & financial ops from System Six (a $500 value):

    • Book a call with Tim or hello@systemsix.com and mention Acquiring Minds

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Edited by Anton Rohozov and produced by Pam Cameron


    An Engineer's Mini Berkshire: 2 Auto Shops in 1 Year Sep 03, 2026
    Show notes

    Sujith Shankar left 25 years in corporate to buy cash-flowing businesses: a $1.2m repair shop and a $2m body shop.

    Topics in Sujith interview:

    • How Rivian layoffs changed everything
    • Falling down the Warren Buffett rabbit hole
    • Why auto repair beat real estate
    • Funding a deal without an SBA loan
    • Running a business while keeping a W-2
    • Winning over skeptical employees after closing
    • Planning a mini Berkshire Hathaway
    • Is EV adoption really a threat?
    • Buying a second business just months later
    • Collision shops vs. repair shops

    References and how to contact Sujith:

    • LinkedIn
    • The Billionaire Who Wasn’t by Conor O’Clery
    • Edgar Galindo on Acquiring Minds: How 1 SBA Loan Brought Down 2 Businesses

    Contact Jenny to learn how Engage can run people operations in your acquisition:

    • Jenny Thear: jthear@engagepeo.com

    Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

    • Pioneer Capital Advisory

    The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

    • The Acquisition Lab

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Edited by Anton Rohozov and produced by Pam Cameron


    Right-Tail Outcome for a Husband & Wife Search Fund Aug 31, 2026
    Show notes

    Courtney and Jonathan Dunn bought a fast-growing SaaS at 3-4x ARR, doubled it, then merged for a life-changing exit.

    Register for the webinar:

    • Architecture of an Entrepreneurial Roll-Up - TOMORROW!! - https://bit.ly/4gXkwPt

    Topics in Jonathan & Courtney’s interview:

    • Their background in oil & gas
    • Turning down an offer from Apple
    • Improving their investor pitch
    • Traveling extensively to search
    • Acquiring a niche healthcare software company
    • Using all equity, no debt, for the deal
    • Using an earn-out to resolve valuation disagreements
    • Having a baby during the acquisition process
    • The hire they wish they’d made sooner
    • Advice for couples considering building a business together.

    References and how to contact Jonathan & Courtney:

    • Jonathan’s LinkedIn
    • Courtney’s LinkedIn
    • Cerbo
    • Ned Tomasevic spelling on Acquiring Minds: How to 4x EBITDA in 3 Years Without Growing Sales

    Get complimentary due diligence on your acquisition's insurance & benefits program:

    • Oberle Risk Strategies - Search Fund Team

    Get a free review of your books & financial ops from System Six (a $500 value):

    • Book a call with Tim or hello@systemsix.com and mention Acquiring Minds

    Get a complimentary IT audit for acquisition diligence or post-close transition.

    • Visit inzotechnologies.com/eta.

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Edited by Anton Rohozov and produced by Pam Cameron


    1 2 3 50 Next

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