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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 Franchises: A Primer for Searchers Jan 24, 2023
    Show notes

    Twitter-famous Wolf of Franchises on why & how you should buy existing franchise businesses, including lots of examples.

    Themes from the conversation with Wolf:

    • Pros/cons of acquiring an existing franchise business
    • Why buy 1 franchise business (even if SDE is just $100k)
    • Opportunity & perils of rolling up franchises
    • If you can grow from 1 to 2 locations, magic
    • How to assess health of a franchise brand
    • Breaking into mature franchises as an acquisition entrepreneur
    • 4 mature franchise brands Wolf likes (plus 1 he hates)
    • Why to avoid food franchises
    • How to gauge risk of new franchise brands
    • Avoid these 2 common mistakes made by franchisees

    Links & how to reach the Wolf:

    • How a $40k Acquisition Led to a Franchise Empire - interview with James Temple, multi-unit Mathnasium owner
    • Michael Horowitz (Wingstop multi-unit owner)
    • Brian Beers (Midas multi-unit owner)
    • Lucas Mitchell (Five Guys multi-unit owner)
    • Wisconsin's franchise disclosure document (FDD) search
    • @franchisewolf
    • WolfOfFranchises.com

    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

    Buying a $3m Course Business (Whose Founder is the Face) Jan 19, 2023
    Show notes

    Online course businesses have dazzling margins but a key weakness. Dom Wells explains how to acquire one & make it work.

    Topics from the interview with Dom:

    • Opportunity for acquisition entrepreneurs to buy a course business
    • What to look for when acquiring a course
    • The role a course founder's personal story plays
    • How to ease the founder's face out of the brand
    • Why faces of successful students of the course are actually more valuable
    • How courses can charge so much ($500 and more)
    • Buying underperforming Udemy courses
    • Importance of marketing funnels to a course business
    • Ongoing development costs of a course (vs. SaaS)

    Links & how to contact Dom:

    • Proofread Anywhere
    • More backstory on Proofread Anywhere: How I Built A $200K/Month Business Selling Proofreading Courses
    • Udemy
    • @DomWellsOnfolio
    • LinkedIn
    • Onfolio

    Register for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:

    • 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

    The Wine Business: 5x Growth in a Tough but Fun Industry Jan 17, 2023
    Show notes

    David Page bought a Bay Area wine business in 2010, against the advice of colleagues. 12 years later, it's 5x larger.

    Topics in David's interview:

    • Don't avoid "buying a job"... because you ARE buying a job
    • Buying a business before "search" was well known
    • Buying a circus business (almost)
    • Humble, scrappy beginnings after acquiring
    • Buying in cash, no loan
    • Inevitable surprises you find post-acquisition
    • Brutal first 6 months
    • The niche of private wine grape growing
    • Growing 5x since acquisition
    • How to keep employees happy

    References & how to reach David:

    • FarmersOnly.com
    • Post & Trellis
    • LinkedIn

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

    • Oberle Risk Strategies - Search Fund Team

    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

    1 Year Later as Buyer of a $1m EBITDA Business Jan 12, 2023
    Show notes

    Chris Williams was a guest in 2021, just after his acquisition. He returns to share how it's going now, 14 months later.

    Topics from Chris's interview:

    • System Six's growth in the first 14 months
    • What Chris wishes he had done differently during transition
    • Hiring challenges and how to hire from within
    • How he has learned sales
    • Why he likes to serve searcher-acquired businesses
    • The first step in being a great workplace
    • Traditional vs. self-funded search
    • Why revenue growth does not always equal EBITDA growth
    • Pricing challenges in the bookkeeping industry
    • Does more investors mean more help & guidance?

    References & how to reach Chris:

    • His first episode on Acquiring Minds: ‍Stay Open to the Many Flavors of Search
    • System Six
    • LinkedIn, Twitter, chris@systemsix.com

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

    • The Acquisition Lab

    Register for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:

    • SMBash

    Connect with Acquiring Minds:

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

    The Wealth Potential of Self-Funded Search Jan 10, 2023
    Show notes

    Key findings from SIG's new study on self-funded search: financial outcomes, deal costs & terms, search lengths & more.

    Topics from the interview with SIG:

    • What is the self-funded search study & why it matters
    • Effect of self-funded search on entrepreneurs' net worths
    • Search performance: how many acquisitions saw EBITDA shrink, maintain, or grow
    • How much is too much to pay for legal fees & due diligence
    • The pros and cons of a seller note
    • Why you don’t need an MBA to acquire a business
    • Value of a good relationship with a seller
    • How long search takes, on average
    • Why acquisition will only get more competitive in the future
    • Drawback of a private equity background
    • What critics get wrong about self-funded search
    • Methodology & shortcomings of the study

    Download the study:

    • 2023 Self-Funded Search Study

    Links, References, and Contacts:

    • Self-Funded vs. Traditional Search Fund debate between Robert Graham & Greg Geronemus
    • Robert Graham - LinkedIn and Twitter
    • Jordan Carter - LinkedIn and Twitter
    • Search Investment Group (SIG)
    • Stanford Search Fund Study 2022

    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

    (Part 2) 8-Figure Exit: How to Buy, Transform & Sell in 3.5 Years Jan 05, 2023
    Show notes

    How Bradley Roofner & Logan Brown transformed a tough, project-based landscaping biz into a recurring revenue machine. (This is the second part of a 2-part interview.)

    Themes from the interview with Bradley & Logan:

    • Buying, growing, and selling a local service business for $20m+
    • Why landscaping still has lots of opportunity
    • How to transform a project-based business into a recurring-revenue business
    • How to build a sales function in a local service business
    • Why building a sales function is better for growth than acquiring tuck-ins
    • How to convert 25% of sales opportunities
    • Working capital as oxygen
    • White-glove service in a blue-collar industry
    • Why you should build a credit department
    • What it's like to sell to a publicly-traded corporation

    Links & how to reach Bradley & Logan

    • LinkedIn: Bradley Roofner, Logan Brown
    • BrightView
    • Built To Sell, the book that informed their productization strategy
    • Brent Beshore
    • Article 1 referenced in valuation estimate: BrightView and the need for growth
    • Article 2 referenced in valuation estimate: LM150: 2020 rankings

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

    • Eversite

    Register for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:

    • SMBash

    Connect with Acquiring Minds:

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

    8-Figure Exit: How to Buy, Transform & Sell in 3.5 Years Jan 03, 2023
    Show notes

    How Bradley Roofner & Logan Brown transformed a tough, project-based landscaping biz into a recurring revenue machine.

    Themes from the interview with Bradley & Logan:

    • Buying, growing, and selling a local service business for $20m+
    • Why landscaping still has lots of opportunity
    • How to transform a project-based business into a recurring-revenue business
    • How to build a sales function in a local service business
    • Why building a sales function is better for growth than acquiring tuck-ins
    • How to convert 25% of sales opportunities
    • Working capital as oxygen
    • White-glove service in a blue-collar industry
    • Why you should build a credit department
    • What it's like to sell to a publicly-traded corporation

    Links & how to reach Bradley & Logan

    • LinkedIn: Bradley Roofner, Logan Brown
    • BrightView
    • Built To Sell, the book that informed their productization strategy
    • Brent Beshore
    • Article 1 referenced in valuation estimate: BrightView and the need for growth
    • Article 2 referenced in valuation estimate: LM150: 2020 rankings

    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

    Buying a Therapy Practice & Selling for Millions Dec 29, 2022
    Show notes

    A husband & wife bought a therapy practice for $120k, almost dumped it, then grew it for 8 years when PE came knocking. (This is a rebroadcast from November 2021.)

    Themes from Neil's interview:

    • Growing a mental health practice from $615k/year to $2M.
    • How working in your acquired business (not on it) can save you
    • Owning a business with your spouse
    • Equipment leasing as a solution to keeping overhead costs low
    • To sue or not to sue (the seller, post-acquisition)
    • Preferring businesses for sale rather than cold outreach to owners
    • When to sell a fast-growing business

    Reach Neil at:

    • @neilsaidwhat
    • 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

    A Cautionary Tale of Buying Too Small Dec 27, 2022
    Show notes

    JD Klein bought a print shop for $100k, thinking such a small acquisition carried little risk. The opposite was true. (This is a rebroadcast from December 2021.)

    Themes from JD's interview:

    • Running a strong-growth, low-margin business
    • Selling your house to make ends meet
    • Why very small businesses come with higher risk
    • Acquirers should hire a financial planner
    • Pivoting your strategy when uncontrollable roadblocks emerge
    • Pros & cons of the printing industry for acquirers
    • Personal victories vs. financial victories

    Reach JD at:

    • @jdklein33
    • 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

    State of the Pod, 2022 Dec 22, 2022
    Show notes

    Acquiring Minds will start publishing twice per week. Host Will Smith explains the rationale for this decision.

    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

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