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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:
    Choosing Laundromats over Real Estate Dec 16, 2021
    Show notes

    Geoff Oliver bought 2 laundromats in rural Texas. He shares his numbers & what to consider when acquiring a laundromat.

    Themes from Geoff's interview:

    • How working as an SBA lender lit a fire for acquisitions
    • Looking for a real estate investment and finding a great business instead
    • What makes laundromats competitive
    • Self service vs. full serve
    • Why quality of laundromat equipment can matter more than earnings
    • Understanding your customers’ preferences before making changes
    • The growth potential of asset-heavy businesses
    • The appeal of “zombiemats”
    • How to hire a manager for your laundromat

    Reach Geoff at:

    • @GeoffOliverATX on Twitter

    5 Takeaways from Harvard's ETA Conference Dec 13, 2021
    Show notes

    Harvard's acquisition entrepreneurship conference took place last week. Organizer Michael Ledecky shares 5 takeaways.

    Themes from Michael's interview:

    • Buy a good business in a great industry
    • 4+1 Model for searching
    • 3 industries for acquisition entrepreneurs to consider
    • Mental health in search
    • Women in search
    • Thai Lee, acquisition entrepreneur who became a billionaire
    • Diversifying paths of search
    • Predictions for search in 2022 & 2023

    Tons of names & resources cited in this episode. Here they all are:

    • Michael Ledecky
    • 2021 ETA Conference
    • Entrepreneurship Through Acquisition Club at HBS
    • The book that inspired Michael, HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company
    • The authors and HBS professors: Royce G. Yudkoff & Richard S. Ruback
    • Pacific Lake, and partners Coley Andrews & Jim Southern
    • The 4 + 1 Industry Search Framework by Pacific Lake
    • Steve Divitkos' episode on Acquiring Minds, From Search Misery to Successful CEO
    • Paul Thompson's Search Fund Manifesto
    • Andrew Mondi
    • Thai Lee
    • Jim Sharpe's blog
    • Trish Higgins of Chenmark
    • Andrew Saltoun
    • Search Fund Accelerator (SFA)
    • Broadtree Partners
    • Irv Grousbeck, developer of the traditional search model

    Lessons from 14 Years in Search Dec 09, 2021
    Show notes

    Having searched, acquired, and exited a business himself starting back in 2007, today Mark Sinatra invests in searchers.

    Themes from Mark's interview:

    • Running a traditional search fund
    • How search has changed over the last 15 years
    • The challenge of staying optimistic during a traditional search
    • The capacity of small and mid-sized companies to absorb change
    • Client management during a recession
    • Dealing with clients’ attachment to familiar processes
    • What a search investor looks for in searchers
    • Importance of bringing a deal to investors sooner than later

    Reach Mark at:

    • mark [at] etaequity dot com
    • LinkedIn

    What to Acquire: 3 Hot Sectors for Business Buyers Dec 06, 2021
    Show notes

    Casey Clark talks hot industries, identifying growth potential in a business for sale, and avoiding common SMB pitfalls.

    Themes from Casey's interview:

    • Choosing the right industry for you
    • 3 hot industries for acquisition
    • Acquisition opportunity checklist
    • How to convince a seller to let you speak with management
    • The “propeller” methodology
    • 3 common traps for small business owners

    Reach Casey at:

    • LinkedIn

    Buying the Family Business & Growing 4x During COVID Nov 30, 2021
    Show notes

    Resisting at first, Mark Litton eventually realized that buying the family biz was the perfect path to entrepreneurship.

    Themes from Mark's interview:

    • Buying a business from a family member
    • Redefining “real” entrepreneurship
    • Structuring a deal with 100% financing
    • Understanding the business’s numbers before you buy
    • Getting through struggles in your first year
    • Recession-proofing your business
    • Free resources for aspiring acquisition entrepreneurs

    Reach Mark at:

    • mark at howard medical dot com
    • Howard Medical Company

    How to Hire an Attorney for Your Acquisition Nov 23, 2021
    Show notes

    Learn how to find a lawyer for your deal, how much you'll spend, what to look for, and how to avoid suing the seller.

    Themes from the interview with @SMB_Attorney:

    • Absolutely necessary: a good lawyer
    • What to look for
    • References? Reviews? Hmm, difficult
    • What you'll pay
    • Don’t be afraid to negotiate price
    • Do they need to be in the same location as your deal?
    • You don’t want to sue
    • Indemnification: Get familiar with it

    Official episode page & full show notes at AcquiringMinds.co:

    • How to Hire an Attorney for Your Acquisition

    Buying a Therapy Practice & Selling for Millions Nov 22, 2021
    Show notes

    A husband & wife bought a therapy practice for $120k, almost dumped it, then grew it for 8 years when PE came knocking.

    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

    Official episode page & full show notes at AcquiringMinds.co:

    • Buying a Therapy Practice & Selling for Millions

    The Argument for Self-Funded Search Nov 15, 2021
    Show notes

    Jordan Carter & Robert Graham argue for self-funded search over traditional search funds or the "buy small" approach.

    Themes from the interview with Jordan & Robert:

    • Self-Funded Over Traditional
    • Buy Bigger
    • Turning $200k into $4M+
    • How Much Money You'll Need
    • Be Prepared to Move
    • No Deal Experience? No Problem
    • What Makes a Good Searcher

    Reach Jordan & Robert on LinkedIn:

    • Jordan Carter
    • Robert Graham

    Official episode page & full show notes at AcquiringMinds.co:

    • The Argument for Self-Funded Search

    How to Buy a Salon as an Industry Outsider (and Survive) Nov 08, 2021
    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.

    Themes from Sarah's interview:

    • The formula for estimating the value of a salon or beauty business
    • What to do when sellers overestimate the worth of their company
    • Where to cut costs after you’ve made an acquisition
    • Underestimating the importance of company culture
    • The stress of owning and managing a retail business
    • The process of exiting a business you’ve acquired

    Reach Sarah at:

    • Sarah dot Romer at gmail dot com

    Official episode page & full show notes at AcquiringMinds.co:

    • How to Buy a Salon as an Industry Outsider (and Survive)

    Starter Acquisition: Buying a $25k Business Nov 04, 2021
    Show notes

    Neil Granberry bought a bubble ball business to prove himself as an entrepreneur while pursuing an MBA at the same time.

    Themes from Neil’s interview:

    • The advantages of a small starter business as a first acquisition
    • Looking past media hype that paints billionaire startup founders as the only entrepreneurs
    • The value of a customer list
    • The beauty of acquiring a small business that is already profitable
    • Taking a hard look at a company’s books to negotiate a better sale price
    • Delegating operations to trusted employees to better position yourself for a sale later on

    Reach Neil at:

    • @NeilGranberry
    • Nashville Bubble Ball

    Official episode page & full show notes at AcquiringMinds.co:

    • Starter Acquisition: Buying a $25k Business

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