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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 $3m Candle Manufacturer That Had No Books Oct 09, 2023
    Show notes

    Chad Hildebrant knew the best deals have hair on them. The trick is finding the right hair, turning red flags green.

    Topics in Chad’s interview:

    • Buying a business that was not financeable
    • Getting a 60% seller note
    • Reconstructing 3 years of financial records
    • Deal fatigue during negotiations
    • Burning himself out in the first quarter post-transition
    • 3 explanations for chaos in a business
    • Comparing management to parenting
    • The 3 types of candle makers
    • How he generates new sales
    • The importance of having friends who are operators

    References and how to contact Chad:

    • LinkedIn
    • Twitter
    • A candle co.

    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

    Buy and 3x a Project-Based Business in Just 2 Years Oct 02, 2023
    Show notes

    In 2021, Johannes Hock bought an artificial turf installer business doing $5m. It's on track to exceed $15m in 2023.

    Topics in Johannes’s interview:

    • Comparing opportunities in private equity vs search
    • Sources of deal flow beyond BizBuySell
    • Mapping multiples to months for better perspective
    • Acquiring an artificial turf company
    • The luxury of finding a business with a GM
    • How to value and finance a fast-growing business
    • Tracking data from day one of ownership
    • How weather affects his cash flow
    • Unexpected costs of sales commissions
    • Benefits of having a partner in search

    References and how to contact Johannes:

    • LinkedIn
    • Twitter
    • DFW Turf Solutions
    • Buy Small Sell High

    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

    How to Buy the Business Where You Work Sep 28, 2023
    Show notes

    Corey Veverka acquired the business where he had worked for years, mitigating his risk & removing the need for a search.

    Topics in Corey’s interview:

    • Corey bought a business without doing a search
    • Accepting that buying a $5m business can be "normal"
    • How Corey felt about buying a business for millions of dollars
    • Educating the owner about SBA loans
    • Convincing his wife & partner to do the deal
    • Learning to think like an owner (increasing his financial goals)
    • How Corey's risk was mitigated by buying the business where he worked
    • How much they've grown the business
    • Takeaways for people who want to buy the business where they work
    • Why being a business owner is "life amplified"

    References and how to contact Corey:

    • TVS
    • Entrepreneurs' Organization
    • LinkedIn

    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

    The $295m Search Fund Exit Sep 25, 2023
    Show notes

    Sandy Paige struggled to raise a search fund as a mid-career executive, then grew EBITDA by 7x and exited for 9 figures.

    Topics in Sandy’s interview:

    • Delaying search due to timing
    • Hurdles he overcame to raise funds
    • Why he chose traditional search
    • How he got a good deal on purchase price
    • Renting space to animal research labs
    • Importance of hiring the right senior team
    • Similarities between his company and WeWork
    • Terrifying risks with the real estate dynamics
    • Advice for searchers over 40
    • Selling to competitor Charles River Laboratories

    References and how to contact Sandy:

    • LinkedIn
    • Explora Biolabs

    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

    Hiring a General Manager & Buying Business #2 Sep 21, 2023
    Show notes

    Shane Ehrsam & Brandon Adams return to discuss hiring a GM, buying business #2, the rewards of SMB life & managing envy.

    Topics in Shane’s interview:

    • Most professionally rewarding year of his life
    • Gratification of making a positive impact on your employees
    • Introducing new benefits for employees: 401k, health insurance, bonuses
    • Growing revenue even after COVID demand recedes
    • Not a “searcher-friendly” business
    • Reality of bumpy revenue in retail
    • Owning a business bought as a stock sale rather than asset sale
    • Dealing with envy in search
    • Identifying what is important to you in your journey to buy a business

    References and how to contact Shane:

    • shane@ntxtrailers.com
    • LinkedIn
    • North Texas Trailers
    • Shane’s first appearance on Acquiring Minds: 6 Months to Buy a Business with $1m+ in EBITDA

    Topics in Brandon’s interview:

    • Magic of hiring a GM (when it works)
    • How to decide when it’s time to hire a GM
    • Improving the lives of employees
    • How they’ve improved their hiring for blue-collar roles
    • When to buy a second business
    • Professionalizing a business “being run like a South Philly pizza shop”
    • Get in the arena and doors will open

    References and how to contact Brandon:

    • brandon@k4holdings.com
    • LinkedIn
    • Philadelphia Dry Ice & Jim's Ice
    • Brandon’s first appearance on Acquiring Minds: 6 Months in the Truck: Buying an Ice Delivery Biz

    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

    Leaving a Big Salary in DC for Small Business in Wyoming Sep 18, 2023
    Show notes

    Eric Hayes was an accomplished executive in the DC area with 5 kids when he decided to buy a business in Laramie, WY.

    Topics in Eric’s interview:

    • Walking away from a C-level career to buy a small business
    • Difficulty raising equity
    • How “smiling and dialing” investors paid off
    • Willingness to take “key man risk”
    • Negotiating a premium for his operations experience
    • The business of restoring native ecosystems
    • Costs to serve customers across the Mountain West
    • Learning to communicate with his foremen
    • Uncertainty of project-based business
    • Life in a small town vs. life in a big city

    References and how to contact Eric:

    • LinkedIn
    • Rocky Mountain Reclamation

    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

    Seller's View of a Searcher Buying His Business Sep 14, 2023
    Show notes

    Peter Wild fielded offers to buy his business for years but sold only after being introduced to the searcher community.

    Topics in Peter & Carlos’ interview:

    • The psychology of a seller
    • Recognizing the business as “searcher friendly”
    • Finding the right individual to buy the business
    • History of the organic tree health industry
    • Why this sale was a “reverse search fund”
    • Upgrading to Salesforce from a 40-year-old custom database
    • Upgrading to digital contracts from paper
    • Why he wouldn’t sell to a strategic
    • Overcoming skepticism about selling to a “searcher”
    • The owner’s life as a proxy for whether to buy a business

    Listen to Part 1 of this story:

    • Buying a 45-Year-Old Industry Pioneer

    References and how to contact Peter & Carlos:

    • Peter Wild
    • Carlos Laconi
    • Boston Tree Preservation
    • Don Gourley, the buyer of the business
    • Searchfunder.com, where Carlos posted the business for sale

    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

    Buying a 45-Year-Old Industry Pioneer Sep 11, 2023
    Show notes

    After a successful military career, Don Gourley saw buying a business as the best means to "lead a unit" as a civilian.

    Topics in Don’s interview:

    • Having a “plan Z” as a searcher
    • Importance of being crystal clear about what you want to buy
    • His rigorous approach to a geographic search
    • How to recruit & manage 10+ interns
    • Cultivating brokers
    • About Boston Tree Preservation
    • Digital transformation — is it actually that valuable?
    • How to take over from a founder-visionary
    • Why buying a business is such a good fit for veterans
    • Having the seller pay for the Q of E

    References and how to contact Don:

    • don@mountbericocapital.com
    • LinkedIn
    • Boston Tree Preservation
    • Peter Wild, the seller of the business
    • Carlos Laconi, the GM when the business sold

    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

    Buy a Franchise Portfolio: How to Choose a Brand Sep 07, 2023
    Show notes

    AJ Wasserstein, Peter Mistretta & Mike Horowitz distill the selection of a franchise brand into 10 essential criteria.

    Topics in today’s interview with A.J., Michael, and Peter:

    • Why you should (and should not) buy into a franchise system
    • Likelihood of becoming a billionaire, centi-millionaire, or deca-millionaire by acquiring franchise businesses
    • The importance of defining what success looks like to you
    • “Blind” evaluation of a franchise system
    • How to evaluate a brand & system
    • How to evaluate a franchisor
    • Assessing demographics of existing franchisee base
    • The importance of store-level economics
    • Can you even break into the franchise system?
    • “X factor” and unmasking a brand after your analysis

    References and how to contact A.J., Michael, and Peter:

    • A.J.: adam.wasserstein@yale.edu and all his case notes at Yale
    • Michael Horowitz
    • Peter Mistretta
    • Case note this episode is based on: Ten Essential Questions to Consider When Selecting a Franchise Brand for a Search Fund Journey
    • Related case note: Exploring Franchisees as a Post-MBA Entrepreneurial Path
    • Roark Capital
    • Wisconsin FDD Search
    • Gregg Flynn of Flynn Restaurant Group
    • Barry Dubin of KPB Brands, operator of 1,000+ KFC, Taco Bell, and Arby's restaurants.

    Acquiring Minds episodes referred to:

    • How to Build a Portfolio of 20 Franchise Locations (Michael Horowitz)
    • How a $40k Acquisition Led to a Franchise Empire (James Temple)
    • How to Roll Up Legacy Franchises (to $36m/yr) (Brian Beers)
    • Opening Up to Franchises to Buy a Great Business (Doug Johns)

    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

    Rocky Transition: How to Survive, Then Thrive Sep 05, 2023
    Show notes

    Collapsing sales, unhelpful sellers, and a GM who quit. But 1 year later, Chris Jones is contemplating acquisition #2.

    Topics in Chris’s interview:

    • Buying a foundation repair business
    • Finding discrepancies in QuickBooks
    • His chaotic transition to CEO
    • The GM leaving to start a competing company
    • A dispute over money the seller owed
    • Burning through cash the first winter
    • Restructuring roles in the business
    • Improvements in sales numbers
    • Possibly acquiring a second business
    • Optimism about the future of the company

    References and how to contact Chris:

    • LinkedIn
    • chistopherjones7@gmail.com
    • Falcone Crawl Space & Structural Repair

    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

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