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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:
    Doing It His Way: First-Timer Buys 2 at Once Nov 13, 2023
    Show notes

    Mike Okhravi left a cushy tech career to buy a towing business & a flooring business — and within 30 days of each other.

    Topics in Mike’s interview:

    • Why he passed on the Search Fund Accelerator
    • His philosophy on taking more risk by moving fast
    • Signs of a motivated seller
    • Buying a 4-person garage flooring business
    • Surprises after acquiring the business
    • Why profit dips post-acquisition
    • Discarding the “searcher rules”
    • What he loves about the towing business
    • Operating 2 businesses at once (including one 3 hours away)
    • Getting back up after business failures

    References and how to contact Mike:

    • Twitter
    • LinkedIn
    • mikeokhravi@gmail.com
    • Codie Sanchez

    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 Upside & Downside of Search, from a 20-Year Veteran Nov 09, 2023
    Show notes

    A fireside chat with veteran searcher & investor Kent Weaver recorded at the Self-Funded Search Conference in Dallas.

    Topics in Kent's interview:

    • Kent's history: his search & how he evolved into an investor in searchers
    • How the first 2 or 3 years post-acquisition are different in a self-funded search vs. a traditional search fund
    • How traditional search feels different today vs. its early days
    • What is a "3am business"?
    • The power of choosing a quality industry to buy a business in
    • The power of high quality revenue
    • The power of strong unit economics
    • The power of you as CEO
    • Ingredients of a good search CEO
    • How to handle it if the business you buy fails?
    • 2 stories of search failures
    • Staying too long in a bad business
    • When buying a business, dream bigger. No artificial ceiling.
    • Thinking beyond your first deal: what doing a search does for your career

    References and how to contact Kent:

    • The event where the fireside occurred: Self-Funded Search Conference (submit this contact form for next year's event)
    • Iron Mountain
    • LinkedIn
    • Kent’s investing vehicle, Granite Point Partners

    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

    Passion, Meet EBITDA: The Joy of Buying an Art Gallery Nov 06, 2023
    Show notes

    Sean Moore looked at a handful of businesses, but a fine art gallery with over $1m SDE won the art collector's heart.

    Topics in Sean’s interview:

    • Pulling $1M out of his 401k to buy an art gallery
    • How his gallery brings in $1M in SDE
    • The ecommerce aspect of the gallery
    • The additional revenue stream of a frame shop
    • Opportunities to improve the gallery website
    • His peer group that supported his search
    • Choosing a passion business over a “boring” one
    • Forming a connection with the seller
    • Using ROBS for acquisitions
    • Negotiating earnest money with the seller

    References and how to contact Sean:

    • LinkedIn
    • sean@fascinationst.com
    • Josh Levell
    • Fascination St. Fine Art
    • Jeff Baughman
    • Guesswork Investing

    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

    Growing EBITDA from $750k to $2m: Time to Sell? Nov 02, 2023
    Show notes

    John Hubbard returns to share how "chasing EBITDA over revenue" has benefited the trailer fabricator he bought in 2021.

    Topics in John’s interview:

    • Losing largest customer (25% of revenue)
    • Earning $2m EBITDA on $6m revenue vs. $25m revenue
    • Don't chase revenue, chase EBITDA
    • Mentally transitioning from buyer of a business to the seller of it
    • Why he's thinking about selling
    • Selling vs. hiring an operator & holding
    • How difficult finding a good operator is
    • Appreciating how precious it is when you have a business doing well
    • The appeal of investing in other search deals
    • 3 points about leadership in SMB

    References and how to contact John:

    • Sam Rosati
    • Express Custom Trailers
    • John’s first appearance on Acquiring Minds: Why Buy a Small Manufacturing Business
    • Recent interview with Shane Ehrsam, who bought a trailer dealership business: Hiring a General Manager & Buying Business #2

    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

    Connect with Acquiring Minds:

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

    How to Buy a SaaS Business with an SBA Loan Oct 30, 2023
    Show notes

    It CAN be done. Andrew Swiler acquired a SaaS business with $650k SDE using an SBA loan (and while living in Spain).

    Topics in Andrew’s interview:

    • Why he preferred buying a SaaS business to an ecommerce one
    • Key trait to being a successful acquisition entrepreneur
    • Downside protection in a SaaS business
    • The appeal of the Microsoft ecosystem
    • Deferred revenue (and explaining it to a seller)
    • Buying a SaaS business as a non-technical person
    • How a SaaS business is valued
    • History of Lanteria, the business Andrew bought
    • Terms of the deal
    • Strategy of building a portfolio of B2B SaaS businesses
    • Pros & cons of holding company structure
    • Pros & cons of fund structure

    References and how to contact Andrew:

    • Tweet about how declining MRR affects SaaS enterprise value
    • Xavier Helgesen
    • Acquire.com
    • @swilera on Twitter
    • LinkedIn
    • Lanteria

    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

    Boom, Bust, Boom: Buying a Whiplash Business Oct 26, 2023
    Show notes

    Chandler Reed reflects on buying a project-based business in 2021, seeing sales soar, then crash, then surge again.

    Topics in Chandler’s interview:

    • His unconventional entrance into the search space
    • Buying a commercial lighting contractor
    • Incentivizing the sole employee to stay on
    • The challenges of managing people
    • The ups and downs of project-based revenue
    • How interest rates affected his deal flow
    • Involvement with Sam Rosati’s boot camp
    • Choosing a business based on desired lifestyle
    • Pros and cons of subcontracting
    • His preference for digital over physical businesses

    References and how to contact Chandler:

    • LinkedIn
    • Twitter
    • SMBootcamp
    • Pursuant Capital Bootcamp
    • SMBash

    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

    Partnering with an Operator to Buy a Business Oct 23, 2023
    Show notes

    Landon Mance bought a $1.7m tree business alongside a minority partner who's operated the business full-time from Day 1.

    Topics in Landon’s interview:

    • Crossing paths with a financial criminal
    • Buying a tree service business with his friend as operator
    • Where “follow your passion” falls short
    • Why the business had high margins at acquisition
    • Negotiating with the sellers over Zoom
    • Burning through the capex budget in 90 days
    • The importance of putting everything in the contract
    • His operator’s equity stake in the company
    • Continuing to run his financial planning business
    • His 5-8 year vision for the company

    References and how to contact Landon:

    • landon@backboneplanning.com
    • LinkedIn
    • Backbone Planning Partners
    • Trent Lee
    • Nevada Tree Service
    • Trevor Milton
    • Ryan Tansom
    • Elizabeth Holmes
    • Micro Business Academy

    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

    How to Survive Going from Hedge Funds to SMB Owner Oct 19, 2023
    Show notes

    Neil Finneran had worked in hedge funds & as a CFO when the opportunity to buy a pest control business presented itself.

    Topics in Neil’s interview:

    • His career pivot from finance to mosquito spraying
    • Buying a business in mid-life
    • The value of a supportive spouse
    • Hiring, firing and incentivizing blue collar employees
    • Importance of retaining customers in a recurring revenue business
    • What he likes about being part of a franchise
    • The view from 6 months of ownership
    • The advantage of knowing how to do the work himself
    • Competitors in the pest control space
    • Deciding how much to spend on marketing

    References and how to contact Neil:

    • LinkedIn
    • Twitter
    • Mosquito Joe

    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

    A Reward for Widening Search to $300k SDE Oct 16, 2023
    Show notes

    A year into his search Jesse Sunquist realized he needed to lower his SDE floor to find a business to buy in his market.

    Topics in Jesse’s interview:

    • Being motivated by achieving job flexibility
    • Why he initially resisted franchises
    • Buying 2 Mosquito Joe territories
    • What he loves about his franchisor
    • Dealing with customer complaints
    • Managing tricky situations with employees
    • Calculating potential earnings in a territory
    • Change management in a seasonal business
    • Operational improvements he made
    • Buying at the $300k SDE level

    References and how to contact Jesse:

    • LinkedIn
    • Twitter
    • jesse@mtsophia.capital
    • Reflections after 1 year of searching full time
    • Jesse’s first appearance on Acquiring Minds
    • Buy a Franchise Portfolio: How to Choose the Brand

    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

    When Buying Small Goes Right (3x Growth) Oct 12, 2023
    Show notes

    George Vallone returns to share how he has grown revenue 3x in 2.5 years and laid a foundation for multi-city expansion.

    Topics in George’s interview:

    • His incentive program to ensure quality from contractors
    • How quality gives him pricing power
    • Sales process for apartment turnover services
    • How geographic expansion could track his existing client relationships
    • Headcount & revenue growth at Nuveldy’s
    • Hiring a VP of operations
    • The power of being in a growing market
    • Building custom tech
    • Expanding to new geographies organically rather than acquiring a business there
    • How difficult it is to work in property management

    References and how to contact George:

    • george@georgevallone.com
    • LinkedIn
    • Nuveldy's Apartment Turnover Services
    • George’s first appearance on Acquiring Minds: How to Buy a Business Using Tactics from B2B Tech Sales

    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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