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 ra...
Dec 29, 2022•58 min
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....
Dec 27, 2022•1 hr 10 min
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...
Dec 22, 2022•5 min
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 r...
Dec 20, 2022•1 hr 28 min
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...
Dec 13, 2022•1 hr 12 min
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 ...
Dec 06, 2022•1 hr 7 min
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...
Nov 29, 2022•1 hr 26 min
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: Finding a great business on BizBuySell Blogging the search process Key rule of thumb on SDE Importance of buyer-seller chemistry Machine shop businesses - pros & cons Transferring key relationships post-sale Day 1 speech How Jordan built rapport with his new employees Links & how to reach Jordan: Rich Dad Poor Dad Sweaty Startup Search Investm...
Nov 22, 2022•1 hr 17 min
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 H...
Nov 15, 2022•1 hr 34 min
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 ri...
Nov 08, 2022•1 hr 27 min
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...
Nov 01, 2022•1 hr 10 min
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 g...
Oct 25, 2022•1 hr 46 min
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 (...
Oct 18, 2022•1 hr 5 min
James Temple & his mother acquired a struggling Mathnasium franchise in 2009. Today, they do $7m across 19 locations. Topics in James' interview: Buying vs. starting a franchise location Is rolling up easier in a franchise system? Turning around underperforming franchise locations How to assess the risk of a franchise system 3 criticisms of franchises that MBA student always have Numbers behind his first acquisition Growing to 19 franchise locations in 13 years How a 19-unit franchise busine...
Oct 11, 2022•1 hr 18 min
Sumana Sanjeeva got into ecommerce by chance. 3 years later, she's acquired 4 ecom businesses & sold one for over $5m. Topics from Sumana's interview: Brick & mortar vs ecommerce businesses Best type of ecommerce to buy for a first-timer Buying an ecommerce business knowing very little about it Learning quickly how to sell on Amazon Finding an ecommerce business on BizBuySell Terms of her deal One decision that made the business thrive during COVID Selling to aggregators Talking to 14 of...
Oct 04, 2022•1 hr 36 min
Toni Kononova bought a ghostwriting business for $500k to experiment with buy-then-build while limiting her downside. Topics in Toni's interview: What to love about a ghostwriting & editing business The business of self-publishing What is "vanity press"? Why a terrible website can be OK Getting close on a small B2B SaaS business Lowering her SDE criteria Numbers & terms of her acquisition De-risking an acquisition Buying a business while having a full-time job Why keeping her full-time j...
Sep 29, 2022•1 hr 11 min
Frustrated searchers: this episode is for you. Jesse Sunquist shares 4 lessons from a year of hunting for a business. Topics in Jesse's interview: What he learned going from part-time to full-time searching Why brokers prefer working with full-time searchers "Spouse-funded" searcher How TRULY difficult it is to get your first deal done Embrace change when it comes to your search criteria How personal each searcher's journey is The perils of comparing your search to others' The temptation to buy ...
Sep 27, 2022•47 min
When most people would be considering retirement, Anne Ristic started a new chapter of her career by buying a business. Topics in Anne's interview: Deciding to buy a business at age 60 How Ruth Bader Ginsburg inspired her to buy a business How she budgeted her target acquisition size Raising money from banks for an acquisition in Canada Canadian banks' familiarity with search About AES, the business she bought Growth potential for PEO in Canada How much industry research she did How she envision...
Sep 20, 2022•57 min
How Doug Johns overcame his reservations about being a franchisee to acquire a dream business with $1.8m EBITDA. Topics in Doug's interview: Buying a franchise vs. independent business Opening your mind to a franchise The many (overlooked) benefits to being a franchisee Calling yourself "independent investor" instead of "searcher" Running a search like a B2B sales process The appeal of a deal with few addbacks Why home service businesses are so appealing as acquisitions Loving, rather than runni...
Sep 13, 2022•1 hr 24 min
A primer on lead gen businesses from Jaime Arias, who bought a 14-year-old biz that generates online leads for dentists. Topics in Jaime's interview: Choosing self-funded over a traditional search fund Buying tiny sites on Flippa The opportunity with "old" internet businesses 3 types of sellers on Flippa Using BuiltWith to generate proprietary outreach list About Patients4you Lowering acquisition targets from $750k - $1m cash flow to $200k - $400k "Rank & Rent" model for local lead gen What ...
Sep 07, 2022•1 hr 13 min
Sam Turner is 3 acquisitions into a 5-year plan to buy HVAC businesses across the UK that together cash flow £6m/yr. Topics in Sam's interview: How the businesses he buys are run and by whom Buying without the benefit of an SBA loan Why HVAC? Why buying small business is more appealing than real estate Harbour Club with Jeremy Harbour The value in acquiring businesses in a highly-fragmented industry Deal structure for his first acquisition Sam's goal for revenue/EBITDA/multiple and his own wealt...
Aug 30, 2022•1 hr 26 min
Kevin Swenson shares his story of buying a $3m real estate appraisal firm as a platform to roll up the fragmented space. Topics from Kevin's interview: Why the real estate appraisal industry? How to add value as the entrepreneur doing a roll-up Roll-up dynamics Appraisal businesses vs. appraisal management companies Story of his acquisition, the platform business The "Your Sure Thing" philosophy Buying in an industry where you DON'T have experience The nature of real estate service businesses Ho...
Aug 23, 2022•54 min
Ramon Van Meer bought an ecommerce business doing $30k/mo. A few tweaks & months later, it was up to $400k per month. Topics in Ramon's interview: What to look for in an underperforming ecommerce business How to quickly improve an ecommerce business The effect of turning on paid advertising The true nature of running an ecommerce business The power of niches User experience buying a digital business versus an offline business Who should buy versus build How to make money in content Growing a...
Aug 16, 2022•1 hr 13 min
Jason Cline left corporate at age 50 to buy a flower distribution business (in cash). SDE is up 3x after just one year. Topics in Jason's interview: Pivoting from 20+ years in corporate to SMB ownership 3 criteria for what business to buy Buying a business in cash (no SBA loan) The business of flower distribution Selling to big retailers like 7-Eleven & Circle K How to detect growth potential in a distribution business 2 ways to retain drivers in distribution/route businesses Distribution bu...
Aug 09, 2022•1 hr 27 min
Jordan Carter started as a part-time, generalist searcher. 3+ years later, he bought a biz doing $2.4m with 40% margins. Topics in Jordan's interview: Part-time vs. full-time searching Consulting in order to generate income while searching Misconceptions about how easy it is to find a business to buy How much cash Jordan saved for his self-funded search Generalist vs. industry-specific search Using interns for search Value of speaking with owners (even if they don't want to sell) Optimal percent...
Aug 02, 2022•1 hr 23 min
A deep-dive into the market for SaaS businesses with Thomas Smale, founder of leading SaaS brokerage FE International. Topics in Thomas's interview: Pros & cons of SaaS SaaS valuations SaaS vs. ecommerce Competing with private equity for SaaS deals Using an SBA loan to buy a SaaS business Micro-SaaS First-time buyers doing a career pivot by acquiring a business Most common mistake among first-time buyers Passive nature of online businesses SaaS products unlikely to go zero? Acquisition strat...
Jul 26, 2022•1 hr 26 min
Kinza Azmat arrived in the US at age 6, speaking little English. Today she's the new owner of a thriving RE brokerage. Topics from Kinza's interview: Becoming a business broker to learn acquisition & access deal flow Thinking that finding a business to buy would be easy How business brokerages generate deal flow Financial & location criteria of her search Unlocking deal flow by expanding geographic criteria Dealing with gender, racial, and other biases in sellers Tying seller note to bus...
Jul 19, 2022•1 hr 13 min
Lisa Forrest shares key findings from a survey of 49 entrepreneurs who bought a business after a self-funded search. The findings discussed were based on these questions: How did you find your deal? Did you conduct a full-time search? How long did you search before you found the deal you closed on? Do you think your acquisition price valuation was fair? How long did it take you to discuss valuation with the seller? Did you have a competitive deal process where multiple buyers were vying for the ...
Jul 15, 2022•29 min
Seasonal. Nonrecurring. Key person risk. Trish Higgins recounts how Chenmark got excited about an unlikely acquisition. Topics in Trish's interview: Building a holdco versus taking a job in private equity What Chenmark does, why it's special Chenmark's founders' goals: impact, interestingness, financial Why isn't the holdco model taught in business schools? The story of Cap'n Fish Cruises Unit economics of a boat tour business Is seasonality really so bad? Managing seasonality Are boat tour busi...
Jul 12, 2022•1 hr 14 min
Ujwal Velagapudi acquired a multimillion dollar vending empire with thousands of machines & 7 figures of cash flow. Themes from Ujwal's interview: Big vending businesses vs. small Building a big vending business by acquiring small routes Economics of vending Logistics of vending Tiny acquisitions to build confidence & experience Differentiating yourself as a buyer on MicroAcquire Using phantom equity to hire general manager Benefiting from OnlyFans growth Working with a dishonest seller ...
Jul 06, 2022•1 hr 47 min
