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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:
    5 Businesses Acquired with a Long-Term Hold Model Aug 19, 2024
    Show notes

    Register here for the webinar, Legal Office Hours: Common Legal Diligence Issues

    • https://bit.ly/46OH4LN


    Ryan Sullivan's group is buying businesses with investor capital, SBA loans & operating partners — but it's not a fund.

    Topics in Ryan’s interview:

    • “Moneyball approach” to buying businesses
    • Making a career change at 48
    • Why it’s hard to find a good business
    • Buying and holding manufacturing businesses
    • Operating a holdco with 5 partners
    • Generating returns from cash flows, not exits
    • How soon to make changes (and exceptions)
    • What he loves about having partners
    • Funding deals one at a time
    • Moving a business and retaining 100% of staff

    References and how to contact Ryan:

    • LinkedIn
    • North Park Group

    Get a complementary pre-acquisition HR & PEO review for your target business:

    • Contact mark@aspenhr.com or visit Aspen HR

    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

    SBA Lender Roundtable: State of the Market Aug 15, 2024
    Show notes

    3 top players in SBA lending to the searcher ecosystem discuss what they're seeing in the market as of summer 2024.

    Topics in SBA Lender Roundtable:

    • Role of personal guarantee in SBA loan
    • Why valuations remain high
    • Rising amount of equity in deals
    • How to find the right lender
    • Industries: what’s hot, what’s not
    • Financing for fast-growth businesses
    • Increase in forgivable seller notes
    • More re-trading in recent years
    • Importance of buyer-seller trust
    • SBA rule changes and their impact

    References and how to contact panelists:

    • Lisa Forrest LinkedIn
    • Lisa Forrest Twitter
    • Lisa's weekly office hours on Wednesdays & Thursdays
    • Matt Dolsky LinkedIn
    • Brad Hettich LinkedIn

    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

    Get a complementary pre-acquisition HR & PEO review for your target business:

    • Contact mark@aspenhr.com or visit Aspen HR

    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

    One Couple, 4 Kids, and a Business 3 Hours Away Aug 12, 2024
    Show notes

    Gabe Perez sought a way out of corporate while Kristen sought a way back to working. Buying a $4m business offered both.

    Topics in Gabe and Kristen's interview:

    • The role Acquiring Minds played in their acquisition
    • Acquiring a cold storage manufacturer
    • Paying a premium for a growing company
    • Buying a business three hours away
    • Risks of taking on big projects
    • Implementing video conferencing
    • Impact of business ownership on their family
    • Keeping business and family time separate
    • Getting his lender comfortable with the business’s cyclicality
    • Their goal of creating a great workplace

    References and how to contact Gabe & Kristen:

    • Gabe’s LinkedIn
    • Kristen’s LinkedIn
    • kristen@rsofne.com
    • Refrigerated Structures of New England
    • New Majority Capital
    • Christian Bateson’s episode

    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

    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

    After 4 Years of Part-Time Searching, Success Aug 08, 2024
    Show notes

    Will Gano was rewarded for his persistence & vision when he bought an 8-figure, 125-year-old ingredients manufacturer.

    Topics in Will Gano’s interview:

    • Getting experience in the food industry
    • Doing outreach while working full time
    • Hiring a buy-side broker to search for him
    • Going through years of “search purgatory”
    • Writing a personal letter with his LOI
    • Buying a food ingredient manufacturer
    • The upside of losing a major client before the transaction
    • Importance of food safety
    • Jumping through hoops for licensing
    • Influence from his late grandfather

    References and how to contact Will Gano:

    • LinkedIn
    • Bear Stewart
    • Calder Capital

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

    • Matthias Smith of Pioneer Capital Advisory

    Get a complementary pre-acquisition HR & PEO review for your target business:

    • Contact mark@aspenhr.com or visit Aspen HR

    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

    Buy Fast: A Good Reason to Buy Small Aug 05, 2024
    Show notes

    Rob Carpenter was eager to start operating, so it only took 90 days to start searching then buy a $200k SDE business.

    Topics in Rob’s interview:

    • His background in AI and software development
    • His desire for a lower-stress lifestyle
    • Prioritizing speed in his business search
    • Changing his mind about franchises
    • Buying 3 Merry Maids territories
    • Digitizing processes in the business
    • How labor turnover affects customer turnover
    • Benefits of a negative cash cycle
    • Comparing startup culture with running a small business
    • Possibilities of bolt-ons in the future

    References and how to contact Rob:

    • rob@frostrivercapital.com
    • LinkedIn
    • Merry Maids

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

    • Oberle Risk Strategies - Search Fund Team

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

    • The Acquisition Lab

    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

    Tangible & Collectible: Buying a Consumer Product Company Aug 01, 2024
    Show notes

    Years after one venture ended in failure, Jeff Velker bought a $2.5m pen maker with a strong brand & devoted customers.

    Topics in Jeff’s interview:

    • His experience as a franchisee
    • Bankruptcy after the 2008 crash
    • The difference between buying a job and owning a business
    • Losing his favorite pen led him to a pen company
    • Appeal of pens in our digital age
    • Acquiring with 2 partners
    • Negotiating with a seller who won’t go lower
    • Getting buy-in from spouses
    • The risks of having his manufacturer in Taiwan
    • His goal of $10M in 10 years

    References and how to contact Jeff:

    • LinkedIn
    • jeff@retro51.com
    • Retro 51

    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

    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

    White Collar Roll-Up from $700k to $12m Jul 29, 2024
    Show notes

    Jordan Evans left tech & bought a tiny, decades-old language services business. 6 years later, revenue is 17x larger.

    Topics in Jordan’s interview:

    • Acquiring his parents’ language services business
    • Spending 2 years preparing the deal
    • Overpaying for a 180k SDE business
    • Doubling the businesses through organic growth
    • Pros and cons of seller notes
    • “We’re buying a bucket of people and problems”
    • Bolting on language companies as a growth strategy
    • How fast they integrate newly acquired businesses
    • Opportunities for white-collar rollups
    • Growing from 4 to 42 employees

    References and how to contact Jordan:

    • LinkedIn
    • Twitter
    • Language Network
    • Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential by Greg Crabtree

    Get a complementary pre-acquisition HR & PEO review for your target business:

    • Contact mark@aspenhr.com or visit Aspen HR

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

    • Oberle Risk Strategies - Search Fund Team

    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

    Reflections on 2 Years in the Knife Fight Jul 25, 2024
    Show notes

    Register for the webinar:

    • How (and Why) to Choose a Franchise as an Acquisition Entrepreneur - https://bit.ly/4fa3CKB


    Brett Kennedy has doubled & strengthened the sub-$1 million moving business he bought — but it hasn't been without pain.

    Topics in Brett’s interview:

    • Being raised in an entrepreneurial family
    • Buying Furniture Taxi, a moving company
    • Driving the truck himself when employees don’t show
    • Surprises the seller failed to mention
    • Good and bad of buying small
    • Daily stressors of running a small business
    • Hiring a GM
    • Doubling the business despite a shrinking market
    • Your employees are your customers
    • The next company he wants to buy

    References and how to contact Brett:

    • LinkedIn
    • Adrian Pinto’s episode
    • Atlanta’s Furniture Taxi

    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

    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

    The Scrappy Path of a One-Man Holdco Jul 22, 2024
    Show notes

    Register for the webinar:

    • How (and Why) to Choose a Franchise as an Acquisition Entrepreneur - https://bit.ly/3WwZqNR


    When Dustin Carreon reached a ceiling in his first small business, he used the profits to start buying other businesses.

    Topics in Dustin’s interview:

    • Growing up in his parents’ scrapping business
    • Inheriting and growing Freelance Electronics
    • Learning the most from a difficult acquisition
    • Timing and luck matters
    • Key person risk in small-staff businesses
    • His mistake of expanding before establishing expectations
    • Cross-training employees as part of his holdco vision
    • An investor attitude compared with an entrepreneur attitude
    • Building a holdco without a college education
    • Challenge of writing down processes

    References and how to contact Dustin:

    • LinkedIn
    • Twitter
    • COI Holdings

    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

    Get a complementary pre-acquisition HR & PEO review for your target business:

    • Contact mark@aspenhr.com or visit Aspen HR

    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

    Getting Reps: Helping Others Look at Deals Led to a Holdco Jul 18, 2024
    Show notes

    Register for the webinars:

    • Search Investor Roundtable: State of the Market - https://bit.ly/4cvUOwV
    • Overcoming Common Deal Sticking Points - https://bit.ly/4cD9z17
    • How (and Why) to Choose a Franchise as an Acquisition Entrepreneur - https://bit.ly/3LpQEuK


    How Adam Markley evaluated thousands of businesses for sale and bought a handful of his own (6 in his portfolio today).

    Topics in Adam’s interview:

    • Using online courses to teach business acquisition
    • SBA loans vs. seller notes
    • Raising your potential with partnerships
    • His holdco of 6 diverse companies
    • How acquisitions in the UK and US differ
    • Power of personalized outreach
    • 2 main tracks to business acquisition
    • An operating partner who emptied the bank accounts
    • Working in a medical staffing agency before buying it
    • Looking at both on and off-market businesses

    References and how to contact Adam:

    • LinkedIn
    • Twitter
    • amarkley@proxcapitalgroup.com
    • PROX Capital Group
    • Adam’s fractional CFO firm, Veracity CFO
    • Tato Corcoran’s episode

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

    • The Acquisition Lab

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

    • Matthias Smith of 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

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