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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:
    Buying a Business to 20x a Real Estate Empire Jan 22, 2024
    Show notes

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

    • https://bit.ly/492E8eh


    Buying a property management business (which he's doubled) helped Brandon Laughridge balloon his real estate portfolio.

    Topics in Brandon’s interview:

    • Why he changed his mind about service businesses
    • Modernizing and professionalizing a property management business
    • Growing from 12 to 25 employees
    • The pain of owning a business with no pricing power
    • Setting boundaries with clients around service offerings
    • Pros and cons of property management
    • How SMB owners can incentivize Google reviews
    • The myth of “passive income” in real estate
    • Managing tenant relationships
    • Who should buy a property management business (and who shouldn’t)

    References and how to contact Brandon:

    • My First Million podcast
    • Brian Shields' recent episode on Acquiring Minds: 2.5 Years from Buying to Exiting
    • Twitter
    • North Terrace Property Management
    • brandon@northterrace.com
    • Brandon’s popular Twitter thread from 2020

    Book your free tax strategy session for business buyers today:

    • Steed - book your free session

    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

    4 Acquisitions In, Holdco Builder's Goal is £150m Jan 18, 2024
    Show notes

    Holdco entrepreneur Sam Turner shares his vision to build the leading platform for independent M&E businesses in the UK.

    Topics in Sam’s interview:

    • Importance of patience and flexible timelines
    • Getting through fetal position moments
    • Balancing diversification and integration
    • Gurus in the business buying space
    • Lessons from his first acquisition
    • Change management in blue collar businesses
    • Increasing holdco revenue target from £60m to £150m
    • Extending his 5-year plan to 10 years
    • His vision to improve the lives of 30,000 people
    • Shared services among his four businesses

    References and how to contact Sam:

    • LinkedIn
    • sam.turner@advantos.com
    • Empire Builder: The Road to a Billion by Adam Coffey
    • Sam’s first interview with Acquiring Minds: Building an HVAC Holdco to £60m in Revenue

    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

    14 Months from Searcher to $5.5m EBITDA Jan 16, 2024
    Show notes

    Luis Aguilar found a $1.5m SDE commercial laundry business on BizBuySell, then a second acquisition followed quickly.

    Topics in Luis’s interview:

    • Geographical search in Florida
    • Working with SIG (Search Investment Group) to raise capital
    • Pitching investors and overcoming rejection
    • Negotiating a dead deal back to life
    • Acquiring a linen rental business
    • Second order effects of raising employee wages
    • Learning all the jobs in the business
    • Mental weight of being the chief decision maker
    • Doing a second big acquisition in the first year
    • Increasing profit in both businesses

    References and how to contact Luis:

    • LinkedIn

    Book your free tax strategy session for business buyers today:

    • Steed - book your free session

    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

    Shutting Down After a 4-Year Struggle Jan 11, 2024
    Show notes

    Watch the recording of our webinar on Financial Modeling a Self-Funded SBA Acquisition:

    • https://acquiringminds.co/webinars/how-to-model-a-self-funded-sba-acquisition


    The cemetery services biz Philip Blackett bought in 2019 was finally squeezed to insolvency & shuttered 2 months ago.

    Topics in Philip's interview:

    • Searching locally due to having twins
    • Buying a cemetery management business
    • The downside of flat monthly billing
    • Increasing expenses straining his bottom line
    • Covid deaths affecting his customers
    • Working a second job for a year
    • Unforeseen weather challenges
    • Taking high-interest loans to keep the business going
    • Importance of a support system
    • His decision to close the business

    References and how to contact Philip:

    • LinkedIn
    • Twitter
    • Business Wealth Without Risk

    Book your free tax strategy session for business buyers today:

    • Steed - book your free session

    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

    Buying a Big $7m Trade School Jan 08, 2024
    Show notes

    Watch the recording of our webinar on Financial Modeling a Self-Funded SBA Acquisition:

    • https://acquiringminds.co/webinars/how-to-model-a-self-funded-sba-acquisition


    In a world of tight labor supply, Tyrel Sulzer & Bob Boniface saw the benefits of buying a school that trains truckers.

    Topics in Tyrel and Bob’s interview:

    • Choosing to do a partnered search
    • Why they chose a traditional search fund
    • Interviewing prospective investors
    • Potential in blue collar businesses
    • The future of trade schools
    • Buying a CDL school
    • The demand for CDL training
    • Job opportunities for graduates of their CDL school
    • High turnover in long-haul trucking
    • Competition in the CDL training industry

    References and how to contact Tyrel and Bob:

    • TransTech
    • Bob Boniface LinkedIn
    • Tyrel Sulzer LinkedIn

    Connect with Acquiring Minds:

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

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

    • Oberle Risk Strategies - Search Fund Team

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

    • Contact mark@aspenhr.com or visit Aspen HR

    Moving to a Small Town to Buy an SMB Jan 04, 2024
    Show notes

    When he bought an HVAC business in east Tennessee, John Mahony moved in next door & became a member of the community.

    Topics in John’s interview:

    • Moving from Nashville to rural Appalachia
    • His vision to build a holding company
    • Buying an HVAC business in a small town
    • Transferring skills he learned in the Marines
    • Hiring veterans for their leadership capabilities
    • Learning about HVAC through ride-alongs
    • Changes he made after transition
    • Revenue growth and increasing headcount
    • Cyclicality of HVAC revenue
    • Preserving traditions from the previous owners

    References and how to contact John:

    • LinkedIn
    • Twitter

    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

    The Appeal of Buying a Food Product Business Jan 02, 2024
    Show notes

    Pat Lazure explains why Flavor-Crisp, a food product business that uses co-packers, was such a great business to buy.

    Topics in Pat’s interview:

    • Doing a “spouse-funded” search
    • Starting a shear-sharpening business while searching
    • Growth, churn, & margins in his shear-sharpening business
    • Why he wanted to buy a breading and batter mix company so badly
    • Similarities between food businesses & dropshipping businesses
    • The role of co-packers in the food industry
    • Challenges & risks in his food business
    • Psychology of having an SBA loan
    • Reflections on owning 2 small businesses
    • The value of BizBuySell’s Insight Report

    References and how to contact Pat:

    • LinkedIn
    • Rock Paper Shears
    • Flavor-Crisp

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

    • The Acquisition Lab

    Connect with A-players who can run your business remotely:

    • More Staffing

    Connect with Acquiring Minds:

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

    Building an HVAC Holdco to £60m in Revenue Dec 28, 2023
    Show notes

    Sam Turner is 3 acquisitions into a 5-year plan to buy HVAC businesses across the UK that together cash flow £6m/yr. (Rebroadcast from August 2022.)

    Topics in Sam's interview:

    • How the businesses he buys are run and by whom
    • Buying without the benefit of an SBA loan
    • Why HVAC?
    • Why buying small business is more appealing than real estate
    • Harbour Club with Jeremy Harbour
    • The value in acquiring businesses in a highly-fragmented industry
    • Deal structure for his first acquisition
    • Sam's goal for revenue/EBITDA/multiple and his own wealth
    • Buying small vs. buying big
    • Buying an HVAC with mostly new construction vs. maintenance revenue
    • White collar people buying blue collar businesses

    Reach Sam at:

    • sam DOT turner AT advantos DOT com
    • 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

    Opening Up to Franchises to Buy a Great Business Dec 26, 2023
    Show notes

    How Doug Johns overcame his reservations about being a franchisee to acquire a dream business with $1.8m EBITDA. (Rebroadcast from September 2022.)

    Topics in Doug's interview:

    • Buying a franchise vs. independent business
    • Opening your mind to a franchise
    • The many (overlooked) benefits to being a franchisee
    • Calling yourself "independent investor" instead of "searcher"
    • Running a search like a B2B sales process
    • The appeal of a deal with few addbacks
    • Why home service businesses are so appealing as acquisitions
    • Loving, rather than running from, managing people
    • Why the top home service businesses have more sophisticated funnels than the Fortune 500
    • ServiceTitan
    • Where the opportunity is when the business you buy is already well-run and mature
    • Owning a plumbing company without knowing anything about plumbing
    • The numbers of Doug's deal
    • The exact multiple is way less important than you think
    • Using ROBS to buy the business
    • Why high growth can make a business harder to finance
    • Understanding debt service coverage ratio (DSCR) thresholds
    • Doug's tip for choosing an SBA lender
    • The $500k value of Doug's appeal to the seller
    • Going to meet a seller face to face

    Reach Doug at:

    • doug DOT johns AT couffley DOT com
    • LinkedIn

    Connect with A-players who can run your business remotely:

    • More Staffing

    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

    Building a $350m Holdco of Farms Dec 21, 2023
    Show notes

    Jack McCarthy has acquired 27 pistachio & almond farms from retiring owners, with a plan to build & hold for decades.

    Topics in Jack’s interview:

    • Jack’s fascination with overlooked businesses
    • Gold Leaf’s unique business model
    • Appeal of farmland as a safe and attractive asset
    • How farms are valued
    • How specialty crops compare to row crops
    • What makes a farm high quality
    • Using technology to farm efficiently
    • Incentivizing farm managers
    • Converting conventional farms to organic
    • Long-term nature of agriculture

    References and how to contact Jack:

    • Linkedin
    • jack@goldleaf.ag
    • Gold Leaf

    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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