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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:
    How to Build a Niche Holdco with $2m in Earnings Apr 24, 2025
    Show notes

    Register for the webinar:

    • Anatomy of a Franchise Holdco - Thu May 1st - https://bit.ly/3RWj0Qh

    In 2019, Matt Kopp bought a supplier to elementary schools with $350k SDE. 6 years later, he has a portfolio of them.

    Topics in Matt’s interview:

    • Business buying market in Australia
    • Eliminating interruptions at work
    • Tracking email open rates to improve his outreach
    • Buying a science class supplier
    • Challenge of selling to schools without a relationship
    • Overcoming people problems during transition
    • Weathering Covid lockdowns
    • Forming an education holdco
    • Beating out private equity for his last acquisition
    • Selling to private equity after growing the business

    References and how to contact Matt:

    • LinkedIn
    • Simon Plummer on Acquiring Minds: From Frustrated Searcher to $3.5m Owner to Holdco Builder
    • Pete Seligman on Acquiring Minds: Making a Career of Buying Businesses
    • Enduring Investment Partners
    • Southern Biological
    • Hands on Science
    • Junior Rockers
    • Primary Music Institute

    Learn more about Walker Deibel's done-with-you buy-side advisory:

    • The Acquisition Lab

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

    • Oberle Risk Strategies - Search Fund Team

    Download the New CEO’s Guide to Human Resources from Aspen HR:

    • From this page or contact mark@aspenhr.com

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 3rd:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS

    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
    Produced by Pam Cameron


    Hiding in Plain Sight on BizBuySell: $800k SDE for 2x Apr 21, 2025
    Show notes

    Register for the webinar:

    • Should You Buy a Business? A Live Panel with Lab Members - Wed Apr 23rd - https://bit.ly/3EBvXvN

    Joe Ziolkowski found the deal of a lifetime — a $10m manufacturing business — by expanding his filters on BizBuySell.


    Topics in Joe’s interview:

    • Investing with a friend in real estate
    • Backing out of a Mr. Rooter deal
    • Acquiring a restoration business
    • Dealing with insurance in restoration
    • Making a bad operations hire
    • Selling the business at a profit after 6 months
    • Acquiring a wood veneer manufacturing company
    • Getting a great deal on both businesses
    • Seller’s daughter staying on as VP
    • Why it’s impossible to start a wood veneer business

    References and how to contact Joe:

    • LinkedIn
    • joe@woodlandface.com
    • Woodland Face

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

    • Pioneer Capital Advisory

    Get a complimentary IT audit of your target business:

    • Email Nick Akers at nick@inzotechnologies.com, and tell him you’re a searcher

    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
    Produced by Pam Cameron


    How to Build a $100m Holdco: The Power of ESOPs Apr 17, 2025
    Show notes

    Register for the webinar:

    • Licenses & Regulatory Issues in Acquisitions - Thu April 17th - https://bit.ly/4i7vsY5

    With 300 employees across 5 companies, the holdco that Chris Fredericks is building has an uncommon feature at its core.

    Topics in Chris’s interview:

    • What is an Employee Stock Ownership Program (ESOP)?
    • Finding purpose and meaning at work
    • Concept of dignity at work
    • What ESOP employees do and don’t vote on
    • Using an internal podcast to communicate about employee ownership
    • Mitigating risks in ESOPs
    • Employee reactions to being acquired
    • Selling employees on the ESOP concept
    • His role as investor, not operator
    • Keeping a bad hire for too long

    References and how to contact Chris:

    • LinkedIn
    • Empowered Ventures
    • The Empowered Owners Podcast
    • The Great Game of Business

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 3rd:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS

    Download the New CEO’s Guide to Human Resources from Aspen HR:

    • From this page or contact mark@aspenhr.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 of your target business:

    • Email Nick Akers at nick@inzotechnologies.com, and tell him you’re a searcher

    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
    Produced by Pam Cameron


    How to Reinvent a $1m Candle Manufacturer Apr 14, 2025
    Show notes

    Register for the webinar:

    • Licenses & Regulatory Issues in Acquisitions - Thu April 17th - https://bit.ly/3G9vf9F

    Adam Goldberg had to adapt his corporate approach after buying a nearly-closed manufacturer whose sales were down 80%.

    Topics in Adam’s interview:

    • Building & exiting a wholesale costume jewelry business
    • Deciding he was too young to retire
    • Acquiring a small, distressed candle business
    • Never go into business with friends
    • Mistakes in over-hiring
    • Trying to be an absentee owner
    • Apologizing to his team
    • Why he prefers small business to corporate
    • Expanding beyond candles
    • Carving out their brand story

    References and how to contact Adam:

    • LinkedIn
    • Seracon

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 3rd:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS

    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

    Learn more about Walker Deibel's done-with-you buy-side advisory:

    • 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
    Produced by Pam Cameron


    Stars Align After 4 Broken Deals Apr 10, 2025
    Show notes

    Register for the webinar:

    • 5 Stages of the Business Buying Process - Fri Apr 11 - https://bit.ly/4ljGigo

    Keegan Dum wound down his search fund after 2 years without a deal, but he went on to acquire & create a great outcome.

    Topics in Keegan’s interview:

    • Choosing traditional search
    • No deal after 2 years of searching
    • Selling the business after 18 months
    • Finding a business on his own through consulting
    • Role of software in car washes & auto shops
    • Renegotiating terms with previous investors
    • Low churn for you means low churn for your competitors
    • The “always on” nature of running an essential business
    • Spreadsheet vs reality of operating the business
    • Profitable exit after 18 months

    References and how to contact Keegan:

    • LinkedIn
    • Matt Bauer & Chris Hartman on Acquiring Minds: Exited but Tired: 5 Years in a Hard Business

    Get a complimentary IT audit of your target business:

    • Email Nick Akers at nick@inzotechnologies.com, and tell him you’re a searcher

    Download the New CEO’s Guide to Human Resources from Aspen HR:

    • From this page or contact mark@aspenhr.com

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

    • Oberle Risk Strategies - Search Fund Team

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 3rd:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS

    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
    Produced by Pam Cameron


    When Buying a Retail Business Makes Sense Apr 07, 2025
    Show notes

    Register for the webinar:

    • 5 Stages of the Business Buying Process - Fri Apr 11 - https://bit.ly/4ji2UMu

    Ken Eyjolfson looked at tons of businesses before deciding on a mattress outlet with $500k SDE and 700 5-star reviews.

    Topics in Ken’s interview:

    • 8 years with the Soccer Shots franchise
    • Spending too long searching for the perfect deal
    • Buying a discount mattress retailer
    • How the Canadian mattress industry works
    • Buying from a “shady seller”
    • Getting the lowest wholesale mattress prices
    • Starting with a large Facebook following
    • Expanding through pop-up shops
    • Private equity acquiring mattress companies
    • Financing without the SBA

    References and how to contact Ken:

    • ken@mrliquidator.ca
    • LinkedIn
    • Mr. Liquidator
    • Built to Sell by John Warrillow
    • Seller’s reality TV show The Liquidator

    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

    Learn more about Walker Deibel's done-with-you buy-side advisory:

    • The Acquisition Lab

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

    • Pioneer Capital Advisory

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 3rd:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS

    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
    Produced by Pam Cameron


    FedEx & Fencing: A Pivot into Ownership Apr 03, 2025
    Show notes

    Register for the webinar:

    • 5 Steps to the Business Buying Process - Thu April 10th - https://bit.ly/41RC4oN

    After his foray into SMB ownership went well with FedEx routes, Matt O'Brien bought & doubled a $2.5m fencing business.

    Topics in Matt’s interview:

    • Buying and expanding FedEx routes
    • Nuances of buying a FedEx route
    • Selling his routes at peak value during Covid
    • Acquiring a commercial fencing business
    • Keeping the seller’s son on as president
    • Injecting more money for working capital
    • Impact of equipment on debt
    • Trucking acquisition that failed
    • Where he finds high quality employees
    • Private equity in the fencing industry

    References and how to contact Matt:

    • LinkedIn
    • Professional Fence Co.
    • Chris Edwards on Acquiring Minds: Buy, Grow, Exit for a 24x Return in 3.5 Years
    • Brett Kennedy on Acquiring Minds: Reflections on 2 Years in the Knife Fight
    • Sam Rosati on Acquiring Minds: How to Become an Independent Sponsor

    Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

    • Matthias Smith of Pioneer Capital Advisory

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

    • Oberle Risk Strategies - Search Fund Team

    Download the New CEO’s Guide to Human Resources from Aspen HR:

    • From this page or contact mark@aspenhr.com

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 3rd:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS

    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
    Produced by Pam Cameron


    Why Buy a Travel Agency (Because They Can Crush It) Mar 31, 2025
    Show notes

    You thought the internet killed them off, but the travel agency Jared Benoff bought does $1m SDE by dominating a niche.

    Topics in Jared’s interview:

    • His 9.5 year stint at Twitter/X
    • Helping his dad with the family business
    • Buying his parents’ destination wedding business
    • Evolution of travel agencies
    • His dad’s successful YouTube videos
    • Advantages of buying the family business
    • Standing out with customer service
    • The pain of 4-star reviews
    • Working with a loan broker
    • Buying for 2x SDE

    References and how to contact Jared:

    • LinkedIn
    • Twitter
    • Vacationeeze
    • Shell Zhang on Acquiring Minds: Awakening to Entrepreneurship to Buy a Not-Boring Business
    • Jordan Evans on Acquiring Minds: White Collar Roll-Up from $700k to $12m

    Learn more about Walker Deibel's done-with-you buy-side advisory:

    • The Acquisition Lab

    Get a complimentary IT audit of your target business:

    • Email Nick Akers at nick@inzotechnologies.com, and tell him you’re a searcher

    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 $200 off your ticket to the M&A Launchpad Conference in Houston on May 3rd:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS

    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
    Produced by Pam Cameron


    Deciding to Start, Not Buy, a Small Business Mar 27, 2025
    Show notes

    Initially drawn to buying a business, Kevin Moyer instead decided to start a project-based blue collar business instead.

    Topics in Kevin’s interview:

    • Is the franchise fee worth it?
    • Buying 3 de novo Smash My Trash territories
    • His appreciation for reversible decisions
    • A small business is an extension of the owner
    • Recurring revenue is overrated
    • Simple is nice, but complexity is a moat
    • Starting a business with his friend
    • Advantages of having a business partner
    • Resiliency of physical world businesses
    • Simplicity of a binary outcome business

    References and how to contact Kevin:

    • LinkedIn
    • Twitter
    • Smash My Trash
    • Golden Home Access
    • Nick Haschka on Acquiring Minds: Building a $10m EBITDA Leader in a Fragmented Space
    • Kevin’s substack
    • Kevin’s substack post: Changing My Mind & What’s Next
    • Johannes Hock on Acquiring Minds: Buy and 3x a Project-Based Business in Just 2 Years

    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 of your target business:

    • Email Nick Akers at nick@inzotechnologies.com, and tell him you’re a searcher

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 3rd:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS

    Smithlist is a job board for leadership roles at small businesses. If you're not ready to buy a business but want to lead one:

    • Smithlist - Operate & Lead a Business

    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
    Produced by Pam Cameron


    How to Buy a Multinational Mar 24, 2025
    Show notes

    Register for the webinar:

    • How to Reduce Surprises with Operational Diligence - Wed Mar 26 - https://bit.ly/4hxp0tj

    Seeking a fit with his industrials experience, Adam Salmen bought an 8-figure business with locations around the world.

    Topics in Adam’s interview:

    • Looking beyond “arts and crafts” businesses
    • Partnering with Novastone to search and acquire
    • Acquiring a multinational industrial company
    • China's dominance in steel production
    • Tariffs and the steel industry
    • Crowdfunding attempt that failed
    • Don’t buy a PowerPoint presentation
    • False summits in business ownership
    • Being inspired by Naval Ravikant
    • Putting your name on a business

    References and how to contact Adam:

    • LinkedIn
    • Novastone
    • Cliff & Christine on Acquiring Minds: Behind Every Great Searcher: A Wife’s Journey with Search

    Download the New CEO’s Guide to Human Resources from Aspen HR:

    • From this page or contact mark@aspenhr.com

    Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

    • Matthias Smith of Pioneer Capital Advisory

    Learn more about Walker Deibel's done-with-you buy-side advisory:

    • 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.
    Produced by Pam Cameron.


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