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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:
    Dream Fulfilled: Buying a $2m, 50-Year-Old Business Dec 20, 2022
    Show notes

    When Fraser Voll first learned about buying businesses, he couldn't stop reading about it. That passion paid dividends.

    Topics in Fraser's interview:

    • What working for a boutique M&A advisory taught him about buying businesses
    • Anatomy of a self-funded search deal WITHOUT an SBA loan
    • How to get a good multiple (3x) on a $600-800k EBITDA business
    • What Fraser bought: revenue, margins, price, terms, etc.
    • Getting comfortable with high customer concentration
    • How to de-risk buying a business whose revenue doubled in prior 2 years
    • How to structure an earnout
    • Janitorial industry: how to achieve high margins, retain labor, and more
    • Search in Canada
    • Why small business became more attractive than software

    Links & how to reach Fraser:

    • Fraser's LinkedIn
    • Portage M&A Advisory
    • Constellation Software
    • Mario Nigro, searcher connector in Canada

    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 Bitcoin Mining Facility Dec 13, 2022
    Show notes

    Chris Koerner acquired a bitcoin mining facility he found on BizBuySell for $750k and now employees 11 people.

    Topics in Chris's interview:

    • Bitcoin mining 101
    • Challenge of finding real estate to host bitcoin miners
    • Economics & ROI of bitcoin mining
    • Using BizBuySell to find bitcoin mining facilities
    • Price & deal terms to acquire a bitcoin mining facility in Texas
    • The business of hosting bitcoin miners
    • Why it's difficult to buy miners
    • The business of reselling bitcoin miners
    • How the crypto winter has affected profitability
    • Crazy story of partnering with the late John McAfee

    Links & how to reach Chris:

    • Mining Syndicate (Chris's bitcoin mining facility)
    • Video tour of Mining Syndicate
    • Bizy
    • John McAfee's tweet of Chris's project No BS
    • John McAfee interview by the Australian film crew (filmed the day Chris visited)
    • 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

    Birth of a Holdco (with 15 Acquisitions to Date) Dec 06, 2022
    Show notes

    Trevor Boehm shares how Saturn Five started as a venture studio but found buying small businesses a better model.

    Topics in Trevor's interview:

    • First rule of holdcos: Do No Harm
    • Benefits of buying businesses in a single geography
    • What makes for a good owner-operator?
    • How Saturn Five finds operators
    • Loneliness as owner-operator of a small business
    • Great hack for new owner-operators
    • Why "boring" businesses aren't boring
    • Advice to someone considering buying a small business
    • Advice to entrepreneurs wanting to build a holdco
    • Who is Saturn Five (and why you haven't heard of them)

    Links & how to contact Trevor:

    • Saturn Five
    • Acquiring Minds episode with Andrew Harbin discussing loneliness as a new SMB owner [at 1:02:10]
    • Acquiring Minds episode with Cassi Neikamp discussing building an industry mastermind to combat loneliness & speed learning [at 58:19]
    • 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

    6 Months to Buy a Business with $1m+ in EBITDA Nov 29, 2022
    Show notes

    Shane Ehrsam went full-time in his search & used systematic broker outreach to buy a great business in his local market.

    Topics in Shane's interview:

    • Why he didn't acquire a franchise resale
    • Shane's experience in the Acquisition Lab, Walker Deibel's program to buy a business
    • Why talking to other searchers is so important before beginning your own search
    • Mechanics of his broker outreach
    • Importance of cold calling brokers
    • Buying a business in stock (vs. the more traditional asset purchase)
    • All about the dealership business
    • Full standby note — what is it?
    • Day 1 experience
    • How being an SMB owner feels different than life in corporate

    Links & how to reach Shane:

    • Acquisition Lab
    • Episode with Jordan Carter about full-time vs. part-time searching: A Brutal Search Rewarded with Success After 3 Years
    • Episode with Jesse Sunquist on: Reflections After 1 Year of Searching Full Time
    • Episode with Doug Johns about building rapport with sellers & brokers: Opening Up to Franchises to Buy a Great Business
    • Surface area of luck
    • North Texas Trailers
    • LinkedIn
    • shane AT ntxtrailers DOT 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 Business to Escape the Middle Class Nov 22, 2022
    Show notes

    Jordan Novgrod sold his house, tapped his 401k, and went all-in to buy an $800k SDE business he found on BizBuySell.

    Topics in Jordan's interview:

    1. Finding a great business on BizBuySell
    2. Blogging the search process
    3. Key rule of thumb on SDE
    4. Importance of buyer-seller chemistry
    5. Machine shop businesses - pros & cons
    6. Transferring key relationships post-sale
    7. Day 1 speech
    8. How Jordan built rapport with his new employees

    Links & how to reach Jordan:

    • Rich Dad Poor Dad
    • Sweaty Startup
    • Search Investment Group (SIG)
    • Jordan's substack: Small Business Acquisition
    • @JordanNovgrod
    • 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

    How to Buy a $2.3m Business with $100k in Cash + Your 401k Nov 15, 2022
    Show notes

    Burk Adams tapped his 401k to buy a business that reinvented his career, gave him back time, and catapulted his wealth.

    Topics in Burk's interview:

    • Using your 401k to buy a business with ROBS
    • Buying a business being the most impactful thing he's done in his life
    • Realities of a C corp vs. LLC
    • Teaching his kids acquisition entrepreneurship
    • How it seems easier to have bought a business in 2015 than now
    • The feeling of giant SBA loan repayments every month
    • His business acquisition being a full send
    • How he thought about the failure risk
    • Why he liked PC Enclosures
    • Acquisition price & numbers
    • Buying a $2.6m business while only having $100k in cash
    • Revenue numbers
    • Handling the brutal first 6 months (and how it was healthy for the future)
    • What's worse: depression or panic?
    • Strong growth in the last few years
    • How to think about one-off purchase vs. recurring revenue businesses
    • How to think about buying a manufacturing business
    • Small business ownership vs. being a consultant
    • 2 new businesses that have come out of his acquisition

    Links & how to reach Burk:

    • PC Enclosures
    • Storm Shell, Burk's outdoor TV enclosure business targeting consumers
    • Backyard Snowstorm, the snowmaking business Burk started with his son
    • Guidant Financial
    • 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

    How to Survive Buying a Bad Business Nov 08, 2022
    Show notes

    It looked like a dream: $2m EBITDA, recurring, large market. Only after Judd Lorson bought it did he learn the truth.

    Topics in Judd's interview:

    • Searchfund accelerator pros & cons
    • Understanding investors' role in your acquisition
    • Importance of 100% transparency with employees (even pre-acquisition)
    • Debt collection business pros & cons
    • Discovery that he's acquired a bad business
    • Managing hostility with sellers
    • What is the proper attitude for buying a business?
    • How to resign as CEO the right way

    Links & how to reach Judd:

    • Original case note from Yale about Judd's story
    • The Acquiring Minds debate about Self-Funded Search vs. Traditional Search Funds
    • judd DOT lorson AT gmail
    • 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

    Buying Doggy Daycares After 10 Years in Tech Nov 01, 2022
    Show notes

    Taylor Wallace was over tech. He acquired a small business and with it a renewed sense of impact (and opportunity).

    Topics in Taylor's interview:

    • Tech burnout
    • Working in tech vs. running a small business
    • Buying indy vs. franchise
    • Injecting tech-industry best practices & ambition into small business
    • How do friends in tech respond to his foray into doggy daycares?
    • Going from digital nomad to brick-and-mortar business owner in Tampa
    • Increasing doggy daycare capacity 2x
    • Will more than 2x revenue by next year
    • What he paid (roughly) for 1st and 2nd acquisitions
    • Growth strategy
    • Buying small vs. buying big
    • Doggy daycare business - should you do it?

    Links & how to reach Taylor:

    • Paws 'n' Rec
    • Baton
    • @taywall
    • 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

    Would They Do It Again? 1 Year Later with 5 Early Guests Oct 25, 2022
    Show notes

    Episode 100! To celebrate, 5 early guests come back to share how things are going at their acquisitions, 1 year later.

    • 2:48 - Chris Edwards acquired a flooring business
    • 18:15 - Philippe Vanderhoydonck, a B2B media business in the pets industry
    • 35:49 - Cassi Niekamp, a fencing business
    • 1:02:12 - Andrew Pierno is buying multiple small SaaS businesses
    • 1:25:54 - Mike Botkin bought a small landscaping business and has quickly parlayed that into becoming a player in the landscaping industry

    Links to guests' previous episodes:

    • Chris Edwards - How to Survive Acquiring a $3.5m Flooring Business.
    • Philippe Vanderhoydonck - How to Acquire Your First Business in 3 Months
    • Cassi Niekamp - Buying a $1.2m Fencing Business & Earning Trust Quickly
    • Andrew Pierno - How to Build a Portfolio of Micro SaaS Businesses
    • Mike Botkin, first ep - How to Buy a Landscaping Biz & Boost Profits Quick
    • Mike Botkin, second ep - How to Buy Landscaping Businesses

    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:

    • YouTube channel (easy access to all interviews)
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    How to Buy a Seasonal Biz: Buy Another for Low Season Oct 18, 2022
    Show notes

    Andrew Harbin first bought an awning business, then bought a fencing franchise to keep his crew working through summer.

    Topics in Andrew's interview:

    • Should you buy a seasonal business?
    • Buying a second business to offset seasonality of first business
    • Twitter thread that opened his eyes to building wealth by buying a business
    • Buying a business that is for sale by owner
    • Revenue + SDE of the awning business he acquired
    • Growth he's achieved in first years of ownership
    • How the awning business works (revenue sources, staffing, org chart)
    • Buying a $300-400k SDE business
    • Why hiring temps for seasonal businesses is unappealing
    • Fencing business: buying vs. starting from scratch vs. starting a franchise
    • Pros/cons of franchises
    • Big Jerry's fencing franchise
    • Tips for entrepreneurs considering buying a fencing business
    • Nature of stress in SMB vs. corporate
    • Loneliness of being a small business owner

    Links & how to reach Andrew:

    • Twitter thread that turned Andrew on to buying a business
    • Venango Awning
    • Big Jerry's Fencing
    • @ADHarbin

    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:

    • YouTube channel (easy access to all past + future interviews)
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

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