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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 a First-Timer Did a Turnaround (Including an Exit) Feb 26, 2024
    Show notes

    Ben Rizzo bought an unprofitable, 4th-generation elevator business then stabilized, doubled, and sold it within 2 years.

    Topics in Ben’s interview:

    • His wife-funded search in Pittsburgh
    • Sourcing deals through lawyers and accountants vs brokers
    • Acquiring an elevator repair business in distress
    • Quickly making changes after transition
    • Pouring his own money into the company to stay operational
    • Surviving the challenges of Covid
    • Doubling the business and selling to private equity
    • Calculating the risk of buying a turnaround
    • Buying a healthy business for his next venture
    • Competing with private equity for acquisitions

    References and how to contact Ben:

    • Hartwood Point
    • 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

    Saying No to Home Services, Yes to B2B Media Feb 22, 2024
    Show notes

    Nathan Gregory left the music industry to buy Autobody News, a business that could benefit from his experience in media.

    Topics in Nathan’s interview:

    • Building and exiting a beer koozie brand
    • Managing brand partnerships for pop stars
    • Educating himself on business acquisition
    • Pivoting away from home services
    • Buying a media company with a partner
    • Why print media isn’t dead
    • His audience-first approach
    • Commitment vs passion for the industry
    • Serving a hybrid workforce
    • The business model for trade publications

    References and how to contact Nathan:

    • LinkedIn
    • Twitter
    • Autobody News
    • Acquira

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

    • Contact mark@aspenhr.com or visit Aspen HR

    Book your free tax strategy session for business buyers today:

    • Steed - book your free session

    Connect with Acquiring Minds:

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

    8 Figs or Bust: Transitioning a Big Plumbing Business Feb 19, 2024
    Show notes

    Register here for the webinar, How to Raise Equity to Buy a Business

    • https://bit.ly/3SUJhzQ


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

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


    Peter deBaptiste bought a 35-person plumbing business with 2 very technical, hands-on owners 1 hour away from his house.

    Topics in Peter’s interview:

    • Building operational skills in a start-up
    • Acquiring Joe Cole Plumbing
    • His disappointing first day as owner
    • Buying from 2 co-owners
    • Surprises in employee turnover
    • Losing clients to a former employee
    • What he likes about the plumbing business
    • The complexities of working capital in construction
    • Why he recommends holding off on strategy
    • Underestimating his salary needs

    References and how to contact Peter:

    • LinkedIn
    • Twitter
    • Joe Cole Plumbing
    • Episode with Peter's friend, Morgan McCauley:
      Taking the Plunge into Extreme Ownership

    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

    Fire, Covid, Exit: 5 Years in a $12m Events Business Feb 15, 2024
    Show notes

    Register here for the webinar, How to Raise Equity to Buy a Business

    • https://bit.ly/3uwHx6y


    Will Wright bought a big event rental business in December 2018. When Covid hit, he turned crisis into opportunity.

    Topics in Will’s interview:

    • Benefits of a traditional search fund
    • Feeling like a “wartime president”
    • His brutal first year as owner
    • Value of a strong company culture
    • Scrambling to fulfill contracts after a large warehouse fire
    • Layoff and salary cuts during Covid
    • Building and strengthening the business during Covid
    • Creating an incentive strategy for employees
    • Texas as an attractive place for business
    • How sailing prepared him for leading people

    References and how to contact Will Wright:

    • Everybody Matters by Bob Chapman and Raj Sisodia
    • LinkedIn
    • Peerless Events and Tents

    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

    Taking a Blue Collar Biz from $900k to $2.4m in Earnings Feb 12, 2024
    Show notes

    Register here for the webinar, How to Raise Equity to Buy a Business

    • https://bit.ly/3SAWZXd


    Adam Borcz bought & unlocked growth in a niche-y, 35-year-old blue collar business, almost tripling earnings in 4 years.

    Topics in Adam’s interview:

    • Adam’s experience working for a fundless sponsor
    • Pros & cons of having the federal government as a customer
    • Doubling his work force in a “tough labor market”
    • Why overhead doesn't need to scale with labor force
    • Doing nothing for the first six months as owner
    • Why he invests in traditional search funds
    • Personal risk and work involved in self-funded search
    • Being on the right side of the SBA loan
    • Tying profit sharing to gross profit
    • Adam's decision to hold the business indefinitely

    References and how to contact Adam:

    • LinkedIn
    • Twitter
    • Delta Installation 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

    First-Timer Turns $20k into $900k in 19 Months Feb 08, 2024
    Show notes

    Only after taking a second look at a small wedding catering & venue business did Nick Patrick recognize an opportunity.

    Topics in Nick’s interview:

    • Buying a business that checked only one box
    • Getting past major key person risk
    • Nick's fear of lacking operational experience
    • Acquiring without an SBA loan or investors
    • Learning to lead and handle conflict
    • Operational intensity of a wedding catering business
    • Cash flow advantages due to up-front deposits
    • Improvements he made to the business
    • Realizing he won’t be able double business
    • Selling the business for a healthy profit

    References and how to contact Nick:

    • Nick's Linktree: http://linktr.ee/nick.patrick
    • Invest Like the Best

    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

    The Model Works: Reflections of a Plumbing Business Buyer Feb 05, 2024
    Show notes

    Doug Johns reflects on his balance sheet, lifestyle, and new identity as business owner after 9 quarters in the seat.

    Topics in Doug’s interview:

    • His wife's involvement in the business
    • Working 60 hours a week
    • His experience with ROBS structure and buyout
    • Slowdown in home services industry
    • Why he loves owning & operating
    • When & why to raise your prices
    • Moving to a small town in a metro area
    • Integration of business into daily life
    • Fierce competition in home services
    • Great benefit of franchises: in-network peer groups

    References and how to contact Doug:

    • LinkedIn
    • Doug John’s first appearance on Acquiring Minds: Opening Up to Franchises to Buy a Great Business

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

    • Oberle Risk Strategies - Search Fund Team

    Book your free tax strategy session for business buyers today:

    • Steed - book your free session

    Connect with Acquiring Minds:

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

    Buying a $4m Business (with 80% Recurring Revenue) Feb 01, 2024
    Show notes

    Register here for the webinar, The Anatomy of an LOI:

    • https://bit.ly/4263xl0


    It was only after Michael Young started an accounting practice that he found the much larger practice he would then buy.

    • How his father’s failed business influenced him
    • Being rejected by a search accelerator
    • Starting an accounting firm while searching
    • 18 months of dead deals before acquisition
    • Role of luck in business success
    • Role of his wife
    • How accounting practices are valued and priced
    • Red flags to look for during diligence
    • Role of PASBA in shaping accounting practices
    • His advice for searchers looking at accounting practices

    References and how to contact Michael:

    • michael@bay-biz.com
    • LinkedIn
    • PASBA
    • Patrick Dichter

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

    • The Acquisition Lab

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

    • Contact mark@aspenhr.com or visit Aspen HR

    Connect with Acquiring Minds:

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

    Taking the Plunge into Extreme Ownership Jan 29, 2024
    Show notes

    Register here for the webinar, The Anatomy of an LOI:

    • https://bit.ly/3U52srP


    At his job, Morgan McCauley saw a ceiling on his impact & earning potential. Buying a home care business uncapped both.

    Topics in Morgan’s interview:

    • His experience working in a family office
    • Investing 2 months in a deal that died
    • Trade-off between equity and salary in traditional search
    • Geographical search in South Florida
    • Challenges with healthcare regulations
    • Why Robert Graham didn’t like the deal
    • The decision to invest in business growth
    • Learning curve in the highly regulated home care industry
    • Investing in business growth vs aggressively paying down debt
    • Evaluating the lifetime value of clients

    References and how to contact Morgan:

    • LinkedIn
    • How to Buy & Double a Home Care Agency | Jérôme Bouillon Interview

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

    • Oberle Risk Strategies - Search Fund Team

    Book your free tax strategy session for business buyers today:

    • Steed - book your free session

    Connect with Acquiring Minds:

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

    Finding a Good Business After 2+ Years of Searching Jan 25, 2024
    Show notes

    Register here for the webinar, The Anatomy of an LOI:

    • https://bit.ly/3SsxKrt


    Ryan Doyle was 2 long years into searching when he walked away from a deal, but he was rewarded for the self discipline.

    Topics in Ryan’s interview:

    • Lessons learned from a failed deal
    • Value of a thorough quality of earnings investigation
    • Why “stupid good margins” are a bad sign
    • Buying a residential pool business in the Golden Isles of Georgia
    • Being ghosted by his bookkeeper after transition
    • His intern who stepped in after the bookkeeper disappeared
    • Why Ryan’s business doesn’t do pool construction
    • What he likes about seasonality
    • His plan to own the Georgia coast
    • His WhatsApp search support “pod”

    References and how to contact Ryan:

    • Twitter
    • Turner Point Capital

    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

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