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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:
    Factory Life: Buying a Manufacturer with $1m SDE Dec 18, 2023
    Show notes

    Ben Jasper made a change at age 40, acquiring a plastic bag manufacturer with 10 people & a daily start time of 4:30am.

    Topics in Ben’s interview:

    • Managing a portfolio of $500 million on Wall Street
    • Leaving finance to prioritize family
    • Buying a plastic bag manufacturer
    • Starting his work day at 3:30 AM
    • His intense 2-month initiation
    • Creating a manual and financial model to manage the business
    • Challenges of maintaining old machinery
    • Understanding his employees' personal values
    • Long-term vision to hire an operator
    • Negative revenue growth in the manufacturing industry

    References and how to contact Ben:

    • LinkedIn
    • Benjamin Ross Group

    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

    Scaling Sweaty Services with a Brokerage Model Dec 14, 2023
    Show notes

    Eddy Zakes has 2x'd revenue and 4x'd headcount at the snow removal brokerage he bought with a traditional search fund.

    Notes from the conversation with Eddy:

    • His highly-personal outreach approach
    • Earth Development’s unusual business model
    • Negotiating with an anxious seller
    • Acquiring during Covid
    • How being close to a target business changes rapport building
    • Buying a highly seasonal business
    • Operating across multiple states
    • Convincing a key employee to stay
    • Risk of customers taking relationships off the platform
    • Quadrupling staff to add management and redundancy

    References and how to contact Eddy:

    • LinkedIn
    • Twitter
    • Earth Development Inc.

    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

    2.5 Years from Buying to Exiting Dec 11, 2023
    Show notes

    Brian Lee Shields bought a barely-profitable property management business intending to improve, grow, & hold it forever.

    Topics in Brian’s interview:

    • Importance of energy vs talent
    • Brian's partner and their complementary roles
    • Buying property management companies
    • Improving their net promoter score (NPS)
    • Building a culture of completion rate measurement
    • Relocating positions and outsourcing
    • Importance of trust in property management
    • Successfully transitioning to a remote-first business
    • Deciding to sell the business
    • His burnout and recovery

    References and how to contact Brian:

    • Twitter
    • LinkedIn
    • Traction by Gino Wickman
    • High Output Management by Andy Grove
    • On the Nature of Long-term Holds: Why Entrepreneurs Should Embrace this Strategy

    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

    Hard but Fun: Transitioning a 77-Year-Old Business Dec 07, 2023
    Show notes

    Darryl Lindie did a geo-constrained search in Rhode Island to acquire a sign business with $650k of SDE & 25 employees.

    Topics in Darryl’s interview:

    • His background in the Navy
    • How getting an MBA might slow you down
    • Searching in a small geographic radius
    • Buying a signage company
    • Valuing a business with a lot of cash transactions
    • Getting comfortable with project-based revenue
    • Mistakes in due diligence
    • Improving the culture in 100 days
    • Hiring a supplier to be his GM
    • Raising a fund for New Majority Capital

    References and how to contact Darryl:

    • LinkedIn
    • darryl@newmajoritycapital.com
    • New Majority Capital
    • Why Should White Guys Have All the Fun?: How Reginald Lewis Created a Billion-Dollar Business Empire
    • The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

    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 Power of Conviction in Buying a Business Dec 04, 2023
    Show notes

    Matt Barnes bought a $400k SDE linen laundry business, channeling his conviction at big decision points along the way.

    Topics in Matt’s interview:

    • Doing a narrow geographic search
    • Pros and cons of door-to-door proprietary outreach to sellers
    • Importance of having his wife on board
    • Getting emotionally invested in deals
    • His values-based reason for acquiring a business
    • The business sustaining fire damage before purchase
    • Buying a commercial laundry business
    • Niches within the laundry industry
    • Realities of being an owner-operator
    • How hard work builds character

    References and how to contact Matt:

    • LinkedIn
    • Professional Touch Laundry Service
    • Zen and the Art of Motorcycle Maintenance
    • How to Shorten Your Search to Buy a Business | Sam Rosati Interview

    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

    3 Perspectives: A Panel on Buying Small Businesses Nov 30, 2023
    Show notes

    Recording of a live panel hosted by EO Silicon Valley with Acquiring Minds host Will Smith moderating.

    Topics discussed:

    • 3 stories of buying businesses
    • What the search, due diligence, transition was like for each of the 3 entrepreneurs
    • Silicon Valley-style entrepreneurship vs. entrepreneurship through acquisition (ETA)
    • The napkin math of a business acquisition with an SBA loan
    • Moving from white collar to blue collar environments
    • Is there a "type" who buys a business?
    • Graduating from buying your 1st business to your 2nd, 3rd, and beyond
    • How buying a first business can quickly lead to more acquisition opportunities
    • Inorganic growth vs. organic growth
    • What being an investor in search deals looks like
    • Scariest moment from each entrepreneur's journey
    • Question: How do you think about due diligence?
    • Question: Does the softness in the macro M&A market affect activity in search?
    • Question: Thoughts on roll-ups.

    References and how to contact George, Corey, or Nick:

    • LinkedIn for the panelists: George Goates, Corey Veverka, Nick Haschka
    • George Goates’ previous interview on Acquiring Minds: The Joys & Pain of Owning a $10m City Bus Business
    • Corey Veverka’s previous interview on Acquiring Minds: How to Buy the Business Where You Work
    • Nick Haschka’s previous 2 interviews on Acquiring Minds:
      • How One Small Acquisition Led to 9 More in 5 Years
      • 6 Ways Buying a Business Has Changed Since 2016
    • EO Silicon Valley
    • Club Sportiva in San Jose, site of the panel

    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

    Escaping Golden Handcuffs by Buying a Business Nov 27, 2023
    Show notes

    While not a CPA herself, a clear list of buying criteria led Gretchen Roberts to acquire a 16-person accounting firm.

    Topics in Gretchen’s interview:

    • Overcoming mental blocks about leaving a good job
    • Using her marketing skills for proprietary search
    • Acquiring an accounting firm without accounting experience
    • Building rapport and trust with the team
    • Changing the business’s name
    • Being comfortable managing a remote team
    • Balancing business ownership and family
    • Her plan to recruit accountants through part-time roles
    • What makes her accounting firm stand out
    • Buying based on revenue instead of SDE

    References and how to contact Gretchen:

    • LinkedIn
    • Red Bike Advisors
    • Robert Kiyosaki's Cashflow Quadrant
    • The Epic Challenge by Roland Frazier
    • Chris Williams on Acquiring Minds: System Six: One Year Update | Chris Williams Interview
    • Patrick Dichter on Acquiring Minds: Shut Out by Industry Brokers, an Entrepreneur Finds a Way
    • Patrick Dichter on Acquiring Minds: How I Achieved 60% Growth in My Bookkeeping Business |Patrick Dichter

    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

    7 Takeaways from 200 Episodes Nov 22, 2023
    Show notes

    Acquiring Minds host Will Smith reflects on 200 episodes, tells the podcast backstory, and teases what's coming in 2024.

    Topics in today’s episode with Will:

    • Essential lessons from 200 interviews with acquisition entrepreneurs
    • How Acquiring Minds got started
    • Is Will going to search for a business to buy?
    • Plans for Acquiring Minds in 2024

    References and how to contact Will:

    • Episode 183 with Brandon Adams: Hiring a General Manager & Buying Business #2
    • Connect with Will on LinkedIn
    • Follow Will on Twitter

    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

    Cash Flows Over Exits: Buying for the Long Term Nov 20, 2023
    Show notes

    Sensing untapped potential, Mark Olivito paid cash for a project-based construction business with less than $100k SDE.

    Topics in Mark’s interview:

    • Buying a business that checked all the wrong boxes
    • Why he “overpaid” to acquire PAVERART
    • What attracted him to the business
    • His passion for building a successful blue-collar business
    • Glamorization of entrepreneurship
    • The importance of showing up and “eating last”
    • The trades as a lucrative alternative to college
    • Mental health challenges in small business ownership
    • Building resiliency before trying to grow
    • His advice for those interested in buying a business

    References and how to contact Mark:

    • LinkedIn
    • Twitter
    • PAVERART
    • molivito@paverart.com
    • Hustle or Bust

    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

    Skip the SBA: Buying a $4m Biz with a Conventional Loan Nov 16, 2023
    Show notes

    Ben Bryer worked with a financial backer to find & buy a 65-year-old niche manufacturing business without an SBA loan.

    Topics in Ben’s interview:

    • Spending $150K and 18 months on dead deal
    • The emotional toll of a failed deal
    • Freelancing to partially fund his search
    • Buying a pin gage manufacturer
    • What attracted Ben to the business
    • Choosing a conventional loan over SBA loan
    • Building relationships with lending partners
    • Tech debt as a liability
    • The benefits of having long-term employees
    • Importance of time allocation

    References and how to contact Ben:

    • bbryer@highspireholdings.com
    • LinkedIn
    • Twitter
    • Meyer Gage

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

    • Contact mark@aspenhr.com or visit Aspen HR

    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

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