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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:
    From Software to Concrete Cutting (and $1.4m of SDE) Jun 18, 2026
    Show notes

    When the owner refused a seller note in the $6m transaction to sell his business, Tom McCormick had to get creative.

    Register for the webinar:

    • Understanding a Quality of Earnings Analysis: What's Included and Why - TODAY!! - https://bit.ly/43sZcKn

    Topics in Tom’s interview:

    • From IBM executive to acquisition entrepreneur
    • Building banker relationships to source better deals
    • Closing on his first LOI
    • Consulting agreement replaced traditional seller note
    • “I wish I would've started this path 15 years ago.”
    • Winning seller’s trust through shared values
    • Using ROBS to buy a larger company
    • A costly lesson about accounts receivable valuation
    • Prioritizing keeping the blue collar workforce happy
    • “I am so much happier now.”

    References and how to contact Tom:

    • LinkedIn
    • Quality Cutting & Coring

    The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

    • The Acquisition Lab

    Get a complimentary IT audit for acquisition diligence or post-close transition.

    • Visit inzotechnologies.com/eta.

    Download the New CEO’s Guide to Human Resources from Aspen HR:

    • From this page or contact jenny@aspenhr.com

    Connect with Acquiring Minds:

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

    Edited by Anton Rohozov and produced by Pam Cameron


    Good Bones: Saving a $3m Business in Decline Jun 15, 2026
    Show notes

    Despite his love of operations, Himmat Singh intended to own his acquisition passively. Then the lead sales guy quit.

    Register for the webinar:

    • Understanding a Quality of Earnings Analysis: What's Included and Why - Thu, Jun 18 - https://bit.ly/4vhhY3t

    Topics in Himmat’s interview:

    • Operating a business for a billionaire in India
    • Ran traditional search, closed zero acquisitions
    • Targeted recession-proof home care opportunities
    • Became CEO of elder care company he couldn’t acquire
    • Grew EBITDA 4x through operational cleanup and systems
    • Sold company to private equity, remaining CEO
    • Life-changing exit from elder care company
    • Landed printing acquisition through relationships
    • Prefers operating to financial modeling
    • Structuring a screaming deal on a printing business

    References and how to contact Himmat:

    • LinkedIn
    • EPI-Colorspace
    • Circle of Life

    Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

    • Pioneer Capital Advisory

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

    • Oberle Risk Strategies - Search Fund Team

    Get a free review of your books & financial ops from System Six (a $500 value):

    • Book a call with Tim or hello@systemsix.com and mention Acquiring Minds

    Connect with Acquiring Minds:

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

    Edited by Anton Rohozov and produced by Pam Cameron


    How to Buy a $20m Business as a First-Timer Jun 11, 2026
    Show notes

    When Alan Turkus found a business with a mission, he knew he'd found the right fit for the final chapter of his career.

    Topics in Alan’s interview:

    • Background in book publishing
    • Post-MBA career in tech
    • Taking a career break to raise his son
    • From co-op cashier to co-CEO
    • Seeking security through business ownership
    • Acquiring a home health and hospice franchise
    • Raising equity from search investors
    • Retaining a little over 50% ownership
    • Structuring with 2 forgivable seller notes
    • The advantage of buying a bigger business

    References and how to contact Alan:

    • LinkedIn
    • Interim Healthcare of Twin Cities
    • Elliott Edge on Acquiring Minds: 1 Business vs Many: Deciding to Roll Up
    • Grant Hensel of Entrepreneurial Capital
    • Jacob Hall of Kando Capital
    • PROX Capital Group

    Connect with Acquiring Minds:

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

    Edited by Anton Rohozov and produced by Pam Cameron


    How to De-Risk the Personal Guarantee Jun 08, 2026
    Show notes

    Brendan Burdette and Ryan Conner have launched personal guarantee insurance to enable more — and stronger — SBA buyers.

    Register for the webinar:

    • Score It or Skip It: A Framework for Fast Deal Evaluation - Thu, Jun 11 - https://bit.ly/3Q1D9qM

    Topics in Brendan & Ryan’s interview:

    • Psychological weight of the personal guarantee
    • Building a personal guarantee insurance product
    • Taking the risk from a 10 to a 5
    • Sequence of events after default
    • Targeting mid to late career operators
    • Premiums decrease over time
    • Balancing risk between unequal partners
    • Solving the seller rollover conflict
    • Philosophy of “skin in the game”
    • How they hope this affects ETA ecosystem

    References and how to contact Brendan & Ryan:

    • Brendan Burdette’s LinkedIn
    • Ryan Conner’s LinkedIn
    • Personal Guarantee Insurance

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

    • Oberle Risk Strategies - Search Fund Team

    Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

    • Pioneer Capital Advisory

    The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

    • 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

    Edited by Anton Rohozov and produced by Pam Cameron


    The Origin Story of a Compounder ($80m and Counting) Jun 04, 2026
    Show notes

    Greg Shapiro & Zach Cooper-Vastola are building a long-term, compounding business they see as the anti-PE of the trades.

    Register for the webinar:
    Franchising for the ETA Buyer: Resales, Roll-Ups, and Real Deals - TODAY - https://bit.ly/49sKF4H


    Topics in Greg and Zach’s interview:

    • Founders combined technical and financial expertise
    • Shifted from SaaS to long-term ownership
    • Acquired century-old Manhattan HVAC company
    • High cost and complexities of New York market
    • Avoided SBA limits to scale acquisitions
    • What “Anti-PE” means to them
    • Digitization takes longer than you think
    • Living lean on low salaries
    • Predicting HVAC roll-up market shakeout ahead
    • Influence and investment from Will Thorndike

    References and how to contact Greg and Zach:

    • Hickory
    • Greg Shapiro LinkedIn
    • Zach Cooper-Vastola LinkedIn
    • Will Thorndike
    • Steve Carroll on Acquiring Minds: ETA Unicorn: $1 Billion in Revenue in 5 Years

    Get a complimentary IT audit for acquisition diligence or post-close transition.

    • Visit inzotechnologies.com/eta.

    The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

    • 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

    Edited by Anton Rohozov and produced by Pam Cameron


    Started as SBA Searcher, Built to a PE Fund Jun 01, 2026
    Show notes

    The first business Joe Wechsler bought had $280k of SDE. Seven years later, he runs a fund with $50m of buying power.

    Register for the webinar:

    • Franchising for the ETA Buyer: Resales, Roll-Ups, and Real Deals - Thu, June 4 - https://bit.ly/4vnGP5u

    Topics in Joe’s interview:

    • Background in management consulting
    • Inspired by Rich Dad Poor Dad to own assets
    • Joining an early cohort of the Acquisition Lab
    • Searching is more fun with a partner
    • First deal died 10 days before closing
    • Discovering employees had never been paid overtime
    • Total office staff turnover in first 4 months
    • Acquiring 4 diverse businesses
    • Launching a $25M equity fund with 5 partners
    • It’s all about the people

    References and how to contact Joe:

    • LinkedIn
    • Blueline Ventures
    • Who by Geoff Smart and Randy Street
    • Rich Dad, Poor Dad by Richard T. Kiyosaki

    Get a free review of your books & financial ops from System Six (a $500 value):

    • Book a call with Tim or hello@systemsix.com and mention Acquiring Minds

    Download the New CEO’s Guide to Human Resources from Aspen HR:

    • From this page or contact jenny@aspenhr.com

    Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

    • Pioneer Capital Advisory

    Connect with Acquiring Minds:

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

    Edited by Anton Rohozov and produced by Pam Cameron


    Buying $1.5m of Earnings Without an SBA Loan May 28, 2026
    Show notes

    As a South African in the US, Justus Luttig had to get creative to search then buy 2 trades businesses at the same time.

    Register for the webinar:

    • New $10m Limit for SBA Loans: What You Need to Know - TODAY!! - https://bit.ly/4v3zKXh

    Topics in Justus’s interview:

    • Growing up on a cattle ranch in South Africa
    • Disillusioned with the venture capital bubble
    • Perception of white collar work as “the dream”
    • Meeting successful owners of blue-collar businesses
    • Big deal failure on his birthday
    • Structuring a deal without the SBA
    • Challenges of searching on an H1B visa
    • Merging an HVAC with a plumbing business
    • The magic happens when you leave your desk
    • Acquiring during the slow season

    References and how to contact Justus:

    • LinkedIn
    • Copeland Home Services

    The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

    • The Acquisition Lab

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

    • Oberle Risk Strategies - Search Fund Team

    Download the New CEO’s Guide to Human Resources from Aspen HR:

    • From this page or contact jenny@aspenhr.com

    Connect with Acquiring Minds:

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

    Edited by Anton Rohozov and produced by Pam Cameron


    The Magic of Low Multiple + Growth May 25, 2026
    Show notes

    David Graf went after a business that had sat on the market, acquiring $750k of EBITDA for 2.7x. It's going well.

    Register for the webinars:

    • Negotiating Working Capital in SMB Acquisitions - TOMORROW!! - https://bit.ly/4a2ozGe
    • New $10m Limit for SBA Loans: What You Need to Know - Thu, May 28 - https://bit.ly/49j3V4t

    Topics in David’s interview:

    • Drive to earn money as a kid
    • Choosing to skip business school
    • Advantages of acquiring in Texas
    • Preparing his case to convince his wife
    • Working full time while searching
    • Growth is often underpriced
    • Wholesaling real estate he didn’t want
    • How to decide whether to keep an employee
    • Joining a group for manufacturing owners
    • Near-crisis days before closing

    References and how to contact David:

    • LinkedIn
    • Danhard
    • Rand Larsen
    • Scalepath
    • Get a Grip by Mike Paton

    Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

    • Pioneer Capital Advisory

    Get a complimentary IT audit for acquisition diligence or post-close transition.

    • Visit inzotechnologies.com/eta.

    Get a free review of your books & financial ops from System Six (a $500 value):

    • Book a call with Tim or hello@systemsix.com and mention Acquiring Minds

    Connect with Acquiring Minds:

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

    Edited by Anton Rohozov and produced by Pam Cameron


    Rolling Up an Industry with 1.5x Multiples May 21, 2026
    Show notes

    Truc Nguyen has acquired 2 nail salons, an overlooked but fragmented industry where businesses trade at low multiples.

    Register for the webinar:

    • Negotiating Working Capital in SMB Acquisitions - Tue, May 26 - https://bit.ly/4eQfCTR

    Topics in Truc’s interview:

    • Why she chose the nail salon industry
    • Her vision for a rollup
    • Analyzing a current nail salon business listing
    • Low multiples in the nail space
    • Bargaining power of good nail techs
    • Square footage and number of chairs matters
    • Documenting SOPs for her first salon
    • Staffing a 7-day-a-week business
    • Creating a great company culture
    • The changing face of nail salons

    References and how to contact Truc:

    • LinkedIn
    • Sarah Romer on Acquiring Minds: How to Buy a Salon as an Industry Outsider (and Survive)

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

    • Oberle Risk Strategies - Search Fund Team

    Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

    • Pioneer Capital Advisory

    The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

    • 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

    Edited by Anton Rohozov and produced by Pam Cameron


    The Origins and Future of a 9-Figure SMB Holdco May 18, 2026
    Show notes

    Gant Elmore and Matt Moldenhauer each bought $2m businesses they built over years. Today their holdco does over $200m.

    Register for the webinar:

    • Revenue Recognition & Quality of Revenue in SMB Deals - TOMORROW!! - https://bit.ly/4dMvx4w

    Topics in Matt & Gant’s interview:

    • 3 generations of acquisition entrepreneurs
    • Matt started as operator, became partner
    • Bain mentors warned Matt not to do ETA
    • Goal of owning 50 companies by 2050
    • Being the Ferrari in a price-competitive industry
    • Why they prefer holding to exiting
    • Challenge of giving control to an operator
    • Gant and his dad teach ETA together
    • War stories from small business operations
    • Demand exceeds supply of great businesses

    References and how to contact Matt & Gant:

    • Elmore Companies
    • matt.moldenhauer@elmorecompanies.com
    • Matt’s LinkedIn
    • Gant’s LinkedIn

    Download the New CEO’s Guide to Human Resources from Aspen HR:

    • From this page or contact jenny@aspenhr.com

    Get a free review of your books & financial ops from System Six (a $500 value):

    • Book a call with Tim or hello@systemsix.com and mention Acquiring Minds

    Get a complimentary IT audit for acquisition diligence or post-close transition.

    • Visit inzotechnologies.com/eta.

    Connect with Acquiring Minds:

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

    Edited by Anton Rohozov and produced by Pam Cameron


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