Devin Wanzor went from a corporate gig with 50 employees to buying a $3M liquor store and playing golf 3 times a week. Themes from Devin's interview: What makes Devin's liquor store so profitable The major risk involved in acquiring a liquor store The self-image shift from corporate manager to liquor store owner Boosting revenue with an easy price cleanup Maintaining a 15-hour workweek Reach Devin at: @DevinWanzor...
Mike Curry bought a business only to struggle for years as its new CEO. He shares the lessons that unlocked 2x growth. Themes from Mike’s interview: Entrepreneurship through acquisition (ETA) isn’t just for MBAs Buying a business is art and science The perks of the traditional search fund model Building a strong community of fellow entrepreneurs Becoming CEO of an established company Earning your employees’ trust The need for diverse business leaders Reach Mike at: mcurry at apex physics dot com...
JD Klein bought a print shop for $100k, thinking such a small acquisition carried little risk. The opposite was true. 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...
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 ...
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 t...
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 Impo...
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...
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...
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 ...
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 se...
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-Fu...
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 a...
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 ...
Thanks to changing his search from traditional to self-funded, Chris Williams bought a $1m EBITDA bookkeeping business. Themes from Chris's interview: Traditional versus alternative search fund models The advantages of self-funded search (if you can afford it) The appeal of bookkeeping businesses How to stand out to potential sellers who have heard it all before The first six months after acquisition Reach Chris at: Chris [at] systemsix [dot] com System Six Official episode page & full show ...
Steve Divitkos shares tips from his acquisition, from the solitude of search to the delicate balance of being a new CEO. Themes from Steve's interview: The full lifecycle of a traditional search The biggest myth about entrepreneurship Surviving the search process Why he bought Microdea Managing relationships with the sellers (the price of peace) What to do in your first two weeks as CEO Why you should diagnose before you prescribe Reach Steve at: His blog & podcast In the Trenches Official e...
A podcast exposed Jason Budd to buying businesses. After 10 years in corporate, he'd found his path to entrepreneurship. Themes from Jason's interview: How Jason found the right business with the help of a mentor and a podcast Due diligence when it comes to finances and staff Keeping your options open in case a sale falls through Technical understanding of your acquired business What the history of an established business can tell you Getting to know the stories of the people who will work for y...
Closing on his 2nd acquisition in 10 months, Mike Botkin just became Central Florida's largest landscaping business. Themes from Mike's interview: Acquiring a second landscaping business Dropping customers to grow Developing a playbook for operating a landscaping business Treating your employees right Downsides of SBA loans and traditional search funds The invaluable resource of keeping the previous owner in the biz Viewing landscaping from a logistics perspective Why landscaping businesses are ...
Jessica Markowitz used a traditional search fund to search for & ultimately buy a great business. But the road was long. Themes from Jessica's interview: Acquiring a business through a traditional search fund Leveraging an army of interns to power the search Search fund partnership with a close friend Maintaining a good relationship with a business owner even after they decline you Running a legal services company without a law degree Reach Jessica at: LinkedIn Official episode page & fu...
There are many lenders out there eager to finance your acquisition. SBA loan expert Lisa Forrest explains how to choose. Themes from Lisa's interview: Working with lenders to secure an SBA loan Choosing the right lender for you How to prepare for your SBA loan conversation Getting an SBA loan for SaaS and eCommerce businesses How business owners can plan ahead for a cash crunch Why now is a great time for buyers Reach Lisa at: lisa [dot] forrest [at] liveoak [dot] bank Live Oak Bank Official epi...
Shannon Jones explains how acquisition entrepreneurs should navigate the realities of buying a blue collar business. Themes from Shannon's interview: Killing relations with a blue collar seller by being too "quant" Importance of vulnerability when negotiating How to know if a blue collar business is in an industry that’s right for you Managing blue collar employees and common pitfalls Transitioning as a new owner of a blue collar business When is the right time to make changes as a new owner? Re...
Due diligence expert Elliott Holland shares the top things he wishes he’d known when he first started buying businesses. Themes from Elliott's interview: Started the due diligence firm he wished he’d had himself For LOIs, don’t let perfect be the enemy of the good Early information on an acquisition is +/- 40% correct (and that might be OK) The information you get post-LOI is what matters Don’t be surprised if the seller doesn’t trust you right away Reach Elliott at: LinkedIn Guardian Due Dilige...
Nick Haschka shares what's changed in the market since acquiring his first small business in 2016. (Hint: it’s harder.) Themes from Nick's interview: The rise and fall of the “silver tsunami” Private equity’s pivot from hands-off to getting dirty MBAs jump into the acquisition arena The labors of labor shortages Why B2C is beating B2B Saying yes to no-code Reach Nick at: LinkedIn Cub Investments The Wright Gardner Official episode page & full show notes at AcquiringMinds.co: 6 Ways Buying a ...
Less than a year after acquiring a $1m medical billing business, Curt Neider is already looking for his second deal. Themes from Curt's interview: Buying a medical billing company doing ~$1 million/year The appeal of medical billing businesses Becoming a certified professional biller to understand the business How Curt immediately improved operations Separate line of credit for working capital (not rolled into SBA loan) Acquiring with a partner "Altruistic kicker" of buying a business that helps...
Key lessons for acquisition entrepreneurs from Andrew Finn, who has grown a service business & acquired SaaS businesses. Themes from Andrew's interview: Opportunity in sub $1m EBITDA businesses SaaS vs. services business Grooming an operator to extract yourself from the business What makes a good SaaS acquisition Your acquisition journey — just start Jumping from labor to capital Capital Camp Reach Andrew at: andrew at g64 ventures dot com G64 Ventures Official episode page & full show n...
Don't have the 10-20% cash to buy a business with SBA? Search investor Steve Ressler explains how to attract investors & structure the deal. Themes from Steve's interview: The 4 flavors of search Choosing the right investors SBA loan math Raising the 10% Buying a business in an industry you don't know Setting investor expectations Common mistakes to avoid Reach Steve at: sressler @ gmail @steveressler LinkedIn His newsletter, ETA Musings Official episode page & full show notes at Acquiri...
Sales had dropped to zero when Martin Bispels acquired Upper Park Disc Golf. A year later, they are nearing $2 million. Themes from Martin's interview: Buying a business on Flippa What Martin asks himself every day to be a good CEO Criteria used to identify a business to buy Hiring the seller of the business True cost of buying a business Making a detailed plan before acquiring the business Building a team before acquiring the business Reach Martin at: martin at upper park disc golf Upper Park D...
Hard-won lessons about buying micro SaaS businesses from Andrew Pierno, who has acquired 3 and plans to buy many more. Themes from Andrew's interview: Breakdown of the XO Capital portfolio How to source micro SaaS acquisitions Micro SaaS due diligence Paying for operators The appealing product roadmap of tiny software vs. large Bottlenecks of the tiny model Whether moving upmarket make sense Wins so far MicroAcquire & Flippa Reach Andrew at: @AndrewPierno His blog at XO Capital Official epis...
Pete Seligman stepped off a comfortable corporate path to buy a small business in 2013. He's since acquired 4 more. Themes from Pete's interview: Why Pete exited the corporate track to acquire a company How risky is acquiring a business? Role of passion when deciding which business to buy Role of industry experience when deciding which business to buy How long it takes to succeed in acquisition entrepreneurship The type of person who should buy a company Reach Pete at: LinkedIn His website Offic...
After years of struggling to launch products from scratch, Casey Allen pivoted to buy a $1.7m coffee supplies business. Themes from Casey's interview: Struggling for years to launch products from scratch The benefits of acquiring a company instead Buying an e-commerce business as COVID sales take off Buying a 24-year-old content site with 12 million annual visitors Content vs. e-commerce Advice for acquirers who have $10k, $50k, or $250k in cash to buy a business Reach Casey at: LinkedIn His fir...
Due diligence pro Ahmed Raza on the 3 key things to evaluate when buying a business in e-commerce, SaaS, or content. Themes from Ahmed's interview: 3 things to evaluate in an e-commerce business you might buy 3 things to evaluate in a SaaS business you might buy 3 things to evaluate in a content/affiliate business you might buy Reach Ahmed at: LinkedIn His firm, Rapid Diligence Official episode page & full show notes at AcquiringMinds.co: Top 3 Pitfalls When Buying an Online Business...
