Acquiring Minds

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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

Latest Episodes:

How to Buy & Operate a Plane Ride Away Feb 27, 2023

Show notes

Paul Quirk acquired a $800k EBITDA window & door business in the UK, continuing to live with his family in Switzerland.

Topics in Paul's interview:

Paul’s experience with JP Morgan in Geneva
3 biggest differences between acquisition in the UK vs the US
The variety of ways Paul reached out to businesses during search
His decision to start the Buy and Build podcast
How he decided to buy a window/door installation business
The changes he made to the company’s processes
Why he redesigned the company’s finance team
Pros and cons of a “first day speech”
His weekly commute between Geneva and Norwich, UK
The future of his own podcast

References and how to reach Paul:

SMBash

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

Recent Guest Exits for 8 Figures Feb 23, 2023

Show notes

Shortly after his first interview in June, Jason Andrews sold his business to a strategic buyer for a life-changing sum.

Topics in Jason's interview:

Jason's recent exit of the group purchasing organization (GPO) he acquired in 2016
How he had grown the business 50-60% without increasing staff
The downside of buying a super-niche business
The advantages of acquiring a bigger business
How his sales background influenced the way he restructured the company
Why he says “don’t pay down your debt too fast”
How he finds support in a local business leader group
The fun part of running his business
Why you may need to reconsider your growth model
What’s on his post-exit bucket list

Jason's original appearance on Acquiring Minds:

Buying a High 7 Figure Business with a Buy-Side Advisor

References and how to reach Jason:

Overhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:

Eversite

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

Reward for Being Systematic: $2m Dog Training Business Feb 20, 2023

Show notes

Chirag Shah applied systems from his days as a product manager to find & acquire a dog-training business with $600k SDE.

Topics from Chirag's interview:

Chirag’s background as a small business underwriter
His experience in the Acquisition Lab
How a virtual assistanct and a Notion database helped narrow his search
His decision to buy a Sit Means Sit franchise
Why 2021 was a banner year for dog training
How franchises compare in terms of flexibility
How much he pays in monthly franchise fees
The dog training method Sit Means Sit uses
Why Austin, Texas, is a prime location for dog training
How Profit First influences his practices

References and how to contact Chirag:

SMBash

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 Roll Up Legacy Franchises (to $36m/yr) Feb 16, 2023

Show notes

Brian Beers, owner of 30 Midas locations, teaches how to acquire an empire with seller financing for retiring owners.

Topics from Brian's interview:

How Brian’s family got him into owning Midas franchises
What makes the auto repair industry unique
What kind of person would enjoy running a franchise
Questions to ask before buying a franchise
How seller financing is different with franchisees
Service franchises vs retail franchises
How to approach buying a franchise
How a franchise broker can help you
What makes a good operator
Why buying small isn’t always bad

References & how to contact Brian:

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

Oberle Risk Strategies - Search Fund Team

SMBash

Connect with Acquiring Minds:

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

Using $100k to Buy a 7-Figure Dream Business Feb 13, 2023

Show notes

Tyler O'Connor bought a 20-year-old golf school he found on BizBuySell doing mid-7 figures with 35% margins.

Topics in Tyler's interview:

Why Tyler decided to buy a business
How he got his wife on board with buying a business
The two books he recommends to every searcher
Why he decided against buying a “boring” business
The one worry that kept him up at night
Why he had to decline an investor at the last minute
Why he bought his first LOI: Bird Golf Academy
His advice about who to invest with
Why he prefers older employees in his business
The perks of owning a golf business

Links & how to contact Tyler:

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

The Acquisition Lab

Overhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:

Eversite

Connect with Acquiring Minds:

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

One Year Later: 60% Growth + 2 More Acquisitions Feb 09, 2023

Show notes

Patrick Dichter returns to update us on a productive first year as CEO of a bookkeeping business he bought in late 2021.

Topics in Patrick's interview:

How Patrick acquired a bookkeeping business without an accounting background
Three factors that led to 60% revenue increase in year one
Why there’s a shortage of accountants and how that affects his business
What makes tax prep difficult to offshore
Which kind of firms to “stay the f*** away” from
Why rollups don’t work in accounting
How he turns tax prep clients into year-round clients
Acquisition vs organic growth
The one thing he wishes he’d done differently
Why he advocates buying small

Links & how to reach Patrick:

First episode with Patrick: ‍Shut Out by Industry Brokers, an Entrepreneur Finds a Way
First episode with Chris Williams: ‍Stay Open to the Many Flavors of Search
Second episode with Chris Williams: ‍1 Year Later as Buyer of a $1m EBITDA Business
Appletree Business Services
Patrick's Twitter
Patrick's LinkedIn

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

Oberle Risk Strategies - Search Fund Team

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

Key Moments from 3 Entrepreneurs Who Bought Businesses Feb 06, 2023

Show notes

Multiple perspectives today as Chelsea Wood of the Acquisition Lab moderates a panel with 3 women who bought businesses.

Topics from the panel:

Cassie Niekamp bought the first company she looked at: a 40-year old fencing company
How she dealt with a $200k valuation gap
What went well with the transition and what didn’t go well
Anne Ristic left a 30-year career in law to buy a business
How her collaborative leadership style has served her
Why it’s okay if you don’t have all the skills you need
Morli Desai purchased an e-commerce skincare business
Her difficulty getting sellers to talk to her
How joining Acquisition Lab made all the difference in her search
Advice from all the guests about successful acquisition

References and how to contact the panelists:

Cassi Niekamp - LinkedIn
Cassi's business, Bowden Fence Company
Morli Desai - LinkedIn
Morli's business, Amaira Natural Skincare
Anne Ristic - LinkedIn
Anne's business, AES
Chelsea Wood - LinkedIn
Acquisition Lab
4000 Weeks by Oliver Burkeman
Buy Then Build by Walker Deibel

SMBash

Overhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:

Eversite

Connect with Acquiring Minds:

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

Former Searcher Opts to Franchise Instead Feb 02, 2023

Show notes

Jacob Lee signed up for 10 locations in the Scenthound franchise after deciding it was a better opportunity than search.

Topics in Jacob's interview:

Why starting franchise locations makes more sense than buying a business
Return on equity in franchising vs. search
Getting over pride when choosing to franchise
How Jacob selected Scenthound from 4,000 franchise options
Other franchises Jacob considered
How to analyze a franchise opportunity (especially a young one)
All about Scenthound - concept, numbers, fees
Franchising compounds
How to build 10 units over 4 years (plus the 2 key hires that make it possible)
Using SBA loans in franchising

References & how to reach Jacob:

Jacob's Twitter thread cited in the interview
Scenthound
Brent Beshore
Tommy's Express Car Wash
The Joint Chiropractic
LinkedIn
@jacoblee295
j lee AT scenthound dot com

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

Oberle Risk Strategies - Search Fund Team

SMBash

Connect with Acquiring Minds:

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

Manufacturing Opportunity: Look Where Others Aren't Jan 31, 2023

Show notes

Jules Brenner searched for 2.5 years before buying a manufacturer with great tailwinds and a path to $100m in revenue.

Topics in Jules' interview:

Jules's background in mechanical engineering & California startups
Starting out with Searchfunder.com
The difficulty of searching during COVID
The 4 tiers of manufacturing companies
What type of manufacturing business to buy
His deal with an architectural lighting manufacturer that fell through
Sam Rosati's role as an advisor
What Jules was doing wrong in his search
The real purpose of a broker
How sellers always gets what they want
Acquiring and growing American Sheet Metal

Resources and how to reach Jules:

LinkedIn
Email: jbrenner@industrialsuccession.com
Industrial Succession
American Sheet Metal

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

The Acquisition Lab

Overhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:

Eversite

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 Salon as an Industry Outsider (and Survive) Jan 26, 2023

Show notes

Sarah Romer bought a large but tired hair salon in Austin for $80k. Her first year as owner was the hardest of her life. (This is a rebroadcast from November 2021.)

Themes from Sarah's interview: