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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:
    Building an ATM Empire Jul 24, 2023
    Show notes

    Mitchell Sorkin started by buying 3 ATMs in 2021. Today he has over 140 machines and is targeting $5m EBITDA in 3 years.

    Topics in Mitchell’s interview:

    • The difference between arbitrage and building a business
    • Mitchell's journey to acquiring 140 ATM machines
    • How to evaluate an ATM route
    • Revenue and margins in the ATM business
    • Challenges with SBA financing
    • His most controversial Twitter thread
    • Future plans to raise a fund
    • 3 ways to profit in the ATM business
    • Dealing with theft
    • How people underestimate ATMs

    References and how to contact Mitchell:

    • Stack Influence
    • ATM Brokerage
    • Mitchell’s Twitter thread about the Korean seller
    • info@sorkinatm.com
    • Marshall & Sterling

    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 Life-Changing Potential of Buying a Business Jul 20, 2023
    Show notes

    Chris Munn, Bakari Akil, and Bruce Vann reflect on being Black men who bought businesses & why this path is so powerful.

    Topics in this interview:

    • What inspires and motivates them as business owners
    • The three necessary factors for capitalism to work
    • Unclaimed opportunities for minority businesses
    • The impact of entrepreneurship on family and future generations
    • Changing your mentality to lead a company effectively
    • Being “buttoned up” vs. being authentic
    • Dealing with sellers who want to talk U.S. politics
    • Overcoming challenges and persisting in the face of adversity
    • The limitations of “climbing the ladder” in a W2
    • Why now is the best time for Black people to buy businesses

    References and how to contact:

    • Bakari Akil LinkedIn - Twitter - Graves Hall Capital
    • Elliot Holland LinkedIn - Twitter - Guardian Due Diligence
    • Bruce Vann LinkedIn - LuXout Products Inc - Blinds & More
    • Chris Munn LinkedIn - The Fairfield Company
    • Dame Dash Full Interview at The Breakfast Club Power 105.1
    • Early Career LBOs Using the Search Fund Model
    • HBR Guide to Buying a Small Business
    • Why Should White Guys Have All the Fun? by Reginald F. Lewis and Blair S. Walker

    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

    How One Tiny Acquisition Grew Into a Holdco Jul 17, 2023
    Show notes

    Matt Huggins bought a small water & cable utility doing $200k/year. 15 years later, his holdco is on track for $20m/yr.

    Topics in this interview:

    • Matt's decision to step off the academic track
    • Matt's career as a professional online poker player
    • Transitioning from poker to small business
    • Acquiring a utilities company for a group of condos
    • The surprising complexity of running a utilities company
    • Starting a manhole lining business
    • The stability and diversity of the water industry
    • Acquiring businesses from retiring owners without needing capital
    • The value of a fractional CFO
    • The reward of helping employees

    References and how to contact Matt:

    • Twitter
    • LinkedIn
    • Peak Group Companies
    • Advanced Lining
    • Peak Water Services
    • Advanced Pump & Equipment
    • Gordo 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

    5x in 5 Years: Buying Small to Grow Quickly Jul 10, 2023
    Show notes

    Holdco entrepreneur Chase Murdock buys very small businesses with potential for rapid growth & decades of staying power.

    Topics in Chase’s interview:

    • Starting a custom suit company with $750
    • Decata Group's “car wash integration process” for acquisitions
    • Workshop SLC’s 5x growth in the first year of acquisition
    • Getting out of the “small business death zone” ASAP
    • The knife fight of acquiring and growing small businesses
    • The #1 ingredient in company building
    • Maslow’s hierarchy of business needs
    • What surprised him about the trades industry
    • Conviction in the ability to 5x a business in 5 years
    • The intellectual challenge of building a holdco

    Links and how to contact Chase:

    • Twitter
    • LinkedIn
    • Decada Group
    • Tailor Cooperative
    • Workshop SLC
    • Built by Design Construction
    • Northern Electric Company
    • Tatton Baird

    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

    Snowball Effect: Getting to $45m in 3 Years Jul 06, 2023
    Show notes

    Amir Haboosheh was drawn to the double-opportunity in acquiring home services businesses: the financial, and the impact.

    Topics in Amir’s interview:

    • Why Amir wasn’t interested in a digital business
    • Offering blue collar employees shares in the company
    • Snowball’s plan for going public
    • Snowball’s playbook for operating businesses
    • How to hire a good GM for your business
    • How to incentivize operators
    • Acquiring a marketing company
    • Why SDE isn’t everything
    • How Anderson Air doubled revenue in 3 years
    • Retaining the brands post-acquisition

    Links and how to contact Amir:

    • LinkedIn
    • Twitter
    • Snowball
    • Acquira
    • Enduring Ventures
    • The Snowball: Warren Buffett and the Business of Life by Alice Schroeder
    • Anderson Air
    • Digitally Savvy
    • Traction: Get a Grip on Your Business by Gino Wickman
    • Get A Grip: How to Get Everything You Want from Your Entrepreneurial Business by Gino Wickman

    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

    Don't Overlook HR Diligence: 3 Items to Check Jul 03, 2023
    Show notes

    Mark Sinatra returns to explain what to diligence from an HR perspective when buying your business.

    Topics in Mark’s interview:

    • Top 3 things to diligence in your acquisition when it comes to HR
    • How industry associations can be a source of deal flow (once you're already acquired)
    • "Book of business" acquisitions
    • Best type to execute add-on acquisitions
    • How to prioritize what to integrate in an add-on acquisition
    • How to recover from losing a big customer
    • Value of personality profiling tools in hiring

    Links and how to contact Mark:

    • LinkedIn
    • mark@aspenhr.com
    • ETAequity.com
    • AspenHR.com

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

    • More Staffing

    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

    How to Shorten Your Search: Big 3, Little 2 Jun 29, 2023
    Show notes

    Sam Rosati shares a framework to clarify your search criteria & reduce the months it takes to find a business to buy.

    Topics in Sam’s interview:

    • The reason search takes so long
    • How to speed up your search process
    • Underwriting criteria of SBA lenders
    • Knowing how to kill a deal
    • Considering the fit of the searcher as CEO
    • Understanding SBA loan framework
    • Importance of recurring or repeating revenue
    • Opportunities and risks in buying small
    • Managing criteria to get enough deals in the pipeline
    • Common mistakes searchers make

    Links and how to contact Sam:

    • Twitter
    • Links to all Sam’s projects
    • Pursuant Capital
    • Nick Haschka
    • Sam Rosati’s investor list
    • Raise $800k to Buy an $8m Business | Kevin Bibelhausen Interview

    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 Secret to $25m Success Jun 26, 2023
    Show notes

    James Bloom has 8x'd a small mechanical contractor he bought only 4 years ago, despite it being a competitive industry.

    Topics in James’s interview:

    • How his background in M&A informed his due diligence process
    • How he ensured a smooth transition
    • Commercial HVAC vs. residential HVAC
    • Why he funded growth out of his own pocket
    • Reducing his weekly work hours from 100 to 60
    • How his business differentiates itself in the construction industry
    • Growing his staff from 8 to 80
    • Growing revenue from $3M to $25M
    • Working with unions
    • Bringing in outside capital to grow

    Links and how to contact James:

    • jbloom737@gmail.com
    • LinkedIn
    • Excel Mechanical Contractors

    Buy your ticket to the ETA conference devoted to self-funded search:

    • The Self-Funded Search Conference (Sep 30 & Oct 1 in Dallas)

    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

    What Buying Small Is Like When Crises Happen Jun 22, 2023
    Show notes

    3 days into Monte Marcum's acquisition of an established franchise, key equipment breaks. Then the crises kept coming.

    Topics in Monte’s interview:

    • Buying 2 existing & adjacent franchise businesses at once
    • How Filta’s customer pricing is structured
    • Why commercial kitchens love his business
    • Combining two businesses
    • Equipment starts breaking on day three
    • Monte’s series of fetal position moments
    • What exactly is hard about running a business
    • How one rockstar employee guided him through a season of crisis
    • The biggest risk of buying small
    • The importance of a support system

    Links and how to contact Monte:

    • LinkedIn
    • monte@marcumbrick.com
    • Codie Sanchez: These “Boring Businesses” Will Make You Rich
    • Filta Environmental Kitchen Solutions
    • John Schooler update episode on Acquiring Minds

    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

    Self-Funded Search vs. Independent Sponsorship Jun 20, 2023
    Show notes

    Niklas James started off as a self-funded searcher, but evolved into being an independent sponsor of 7 acquisitions.

    Topics in Niklas’s interview:

    • Why he returned the funds raised for his traditional search fund
    • How the painful challenges of his first acquisition set him up for success on later deals
    • Why SaaS isn’t as sexy as it seems
    • Evolution from self-funded searcher to independent sponsor
    • Definition of an independent sponsor
    • Why HVAC is so attractive
    • Growing his home services business
    • What type of person should consider independent sponsorship
    • The difference between searchers and independent sponsors
    • The difference between a holdco and independent sponsorship

    Links and how to contact Niklas:

    • niklas.james@gmail.com
    • LinkedIn
    • McGuireWoods Independent Sponsor Conference

    Buy your ticket to the ETA conference devoted to self-funded search:

    • The Self-Funded Search Conference (Sep 30 & Oct 1 in Dallas)

    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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