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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 Allure of Buying a Marketplace Business May 06, 2024
    Show notes

    Zach Smith bought a 30-year-old membership business that connects patients with dentists to return it to former glory.

    Topics in Zach’s interview:

    • His exit from Uber
    • Difficulty of starting a marketplace business
    • When spreadsheets meet reality
    • Buying a shrinking business
    • Going with a stock sale instead of asset sale
    • Current problems with dental insurance plans
    • How American Dental Care differs from insurance
    • The view from the bottom of the J curve
    • His plan to grow all sides of the marketplace
    • Forgoing an SBA/bank loan

    References and how to contact Zach:

    • LinkedIn
    • Twitter
    • American Dental Care

    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

    Connect with Acquiring Minds:

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

    How an American Bought a Canadian Business May 02, 2024
    Show notes

    Most first-timers shy away from buying across borders. Not Christi Loucks, whose Canadian acquisition did $550k of SDE.

    Topics in Christi’s interview:

    • Buying a business for personal fulfillment
    • Painful broken deals
    • Challenges of buying a cross-border business in Canada
    • The positive role emotions play in dealmaking
    • Losing (and regaining) 55% of her clients after transition
    • The line between cold outreach and spam
    • Constant change in the tech industry
    • Unexpected expenses after transition
    • Planning for her maternity leave
    • Her husband’s return to a corporate job

    References and how to contact Christi:

    • LinkedIn
    • Revenue Accelerator
    • Neil Bearden

    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

    Selling $100k of Dog Training… Per Day Apr 29, 2024
    Show notes

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 11th:

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


    Garth Fasano searched part time for 5 years before finding a target with very sticky revenue & great business-buyer fit.

    Topics in Garth’s interview:

    • Searching for 5 years
    • Benefiting from the SBA looking at calendar-year financials (not TTM)
    • Top Dog’s unique business model
    • Why this business should be bought, not built
    • His relationship to a dog training franchise
    • Impact of outcome-based pricing
    • Purposely hiring less-experienced sales people
    • How Top Dog differs from online marketing
    • Expanding to industries outside of dog training
    • His passion project: ski huts

    References and how to contact Garth:

    • Garth@topdogsalescenter.com
    • LinkedIn
    • Top Dog Sales Center

    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

    Rolling-Up to $15m EBITDA Apr 25, 2024
    Show notes

    Robert Graham & Aaron Blick's first acquisition did $1.2m SDE. Four years later, their roll-up generates $15m in EBITDA.

    Topics in Robert & Aaron’s interview:

    • Going from lifelong friends to business partners
    • Impact of private equity on industry roll-ups
    • Running their companies remotely
    • A competing business poaching employees
    • Financial shocks after taking ownership
    • Why they believe in buying big
    • Necessity of hiring presidents to operate their businesses
    • Company presidents guaranteeing the SBA loan
    • Blending SBA loans with a roll-up model
    • How buyer-seller power dynamics shift after purchase

    References and how to contact Robert & Aaron:

    • Episode #149 Home Care Business: How to Buy and 2x an Agency
    • Episode #218 Taking the Plunge into Extreme Ownership
    • Robert Graham LinkedIn
    • Aaron Blick LinkedIn
    • Robert Graham Twitter
    • Pillar Health Group
    • SIG Partners

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

    • Contact mark@aspenhr.com or visit Aspen HR

    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

    The Double Life of Owning a Business 2.5 Hours Away Apr 22, 2024
    Show notes

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 11th:

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


    John Murphy pushed through divorce, $500k debt, and a bad broken deal to finally buy a 60-year-old business doing $8m.

    Topics in John’s interview:

    • Losing a deal one week before closing
    • Value of peer groups
    • How real estate compares to business ownership
    • Taking over a company before the deal closed
    • Unforseen transition expenses
    • Carl Allen’s business buying course
    • Leaving his W-2 to search for a business
    • Value of joining industry associations
    • Restructuring his workforce to increase margins
    • Buying a company with a management layer

    References and how to contact John:

    • LinkedIn
    • Dave Cole Decorators
    • John@dcd-inc.com

    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

    Connect with Acquiring Minds:

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

    The Gritty, High-Capex Road to Millions Apr 18, 2024
    Show notes

    Reid Tileston bought a business that relied on $800k trucks, capex he came to love for the fat margins they produced.

    Topics in Reid’s interview:

    • Working on the business instead of in it
    • Writing a book about acquisition
    • People are the worst and best part of business
    • Power of feedback and relationships for business owners
    • The company’s slow temp-to-hire process
    • Getting his CDL to be hands-on
    • Moving paper processes to the cloud
    • Pros and cons of an Employee Stock Ownership Program
    • Personally testing field service management tech
    • Risks of informing employees of a business sale

    References and how to contact Reid:

    • LinkedIn
    • Twitter
    • Grit It Done by Reid Tileston

    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

    Watching Warren: How to Build a Mini-Berkshire Apr 15, 2024
    Show notes

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 11th:

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


    Rafael Quinn shares the story & principles behind buying 3 businesses in Panama then raising $28m to buy more in the US.

    Topics in Rafael's interview:

    • Selling everything on Craigslist to move to Panama
    • Buying his first business Panama from a billboard ad
    • How to buy a business with an operator
    • How he decided to build a holdco
    • Self-identity as investor vs. entrepreneur
    • 3-year dry spell not buying any businesses
    • Being in "search mode" your whole career
    • Breaking his own rule by buying a restaurant
    • Why he turned his sights to the US
    • How to raise $28m & structure a holdco
    • Why buy a furniture retailer

    References and how to contact Guest:

    • Twitter
    • LinkedIn
    • Athens Pizza
    • Hickory Park
    • Alternative Holdings

    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 Unstuck by Buying a Business Apr 11, 2024
    Show notes

    The construction services business Christian Bateson bought will do $7.5m in 2024. It also rescued him from the depths.

    Topics in Christian’s interview:

    • His front row seat to the 2008 financial crisis
    • Qualities of a top salesperson
    • Business acquisition as a way out of a miserable career
    • Shopping around for an SBA loan
    • Choosing to play to his strengths and outsource his weaknesses
    • Difficulty in hiring for construction
    • Bouncing back and growing after Covid losses
    • Red flags he ignored when acquiring his second business
    • How his finance background benefited him
    • His $100 million goal

    References and how to contact Christian:

    • LinkedIn
    • Resolute Services

    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

    Connect with Acquiring Minds:

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

    Buy & Build a Trash Business to a $4.4m Exit Apr 08, 2024
    Show notes

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 11th:

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


    Patrick Norris bought a small trash business doing $625k. Five years later and 4.5x bigger, a strategic got interested.

    Topics in Patrick’s interview:

    • Why acquiring a trash business is easier than starting one
    • Intricacies of trash disposal pricing
    • Niches within trash services
    • Competition and cooperation in trash services
    • The first question you should ask when considering a trash business
    • Why he regrets not hiring a manager
    • Hiring for dangerous, strenuous jobs
    • 4xing revenue through customer service and Google ads
    • The cycle of building and selling a trash business
    • Buying a business without an MBA

    References and how to contact Patrick:

    • LinkedIn

    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

    Roofing + Florida = Path to $100m Apr 04, 2024
    Show notes

    Only after Matt Jackson bought a roofing business in the hurricane state did he realize just how big the opportunity is.

    Topics in Matt’s interview:

    • His experience with Acquira
    • Keeping the seller as an employee
    • Why he likes roofing despite drawbacks
    • How he satisfied his licensing requirement
    • Moats around spray foam roofing
    • Standing out in the roofing industry
    • His vision for organic growth
    • How insurance companies drive demand for new roofs
    • Using ROBS for financing
    • Why he won’t buy the ROBS ownership interest back from his 401k

    References and how to contact Matt:

    • matt@usiroofing.com
    • LinkedIn
    • USI Roofing
    • The MLS-style site with for-sale businesses in Florida

    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

    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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