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Acquiring Minds: Daily Summaries Delivered
by Will Smith
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.
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- Today1h 24m
Growing a GC from $1m to $14m, Remotely
Jason Leisey bought a two-truck federal contractor in Las Vegas from New Jersey, two months before COVID hit.Register for the webinar: Franchisor Diligence 101 for Searchers - TODAY!! - https://bit.ly/4szlXaWTopics in Jason’s interview:Military service, Iraq injury, and recoveryLeaving Wall Street for more family timeLosing a deal to a SpaceX supplierRisks of subcontractingJason takes 51%, sellers retain 18% eachRan the business remotely with on-site partnersBuilding rapport with field employeesTaking a vacation to test operationsLong-term plans for liquidity and exitExploring a new vegetation-management businessReferences and how to contact Jason:LinkedInAventus NVContact Jenny to learn how Engage can run people operations in your acquisition:Jenny Thear: jthear@engagepeo.comGet 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 MindsGet 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 channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron
- 3 days ago1h 23m
When the Business Is Just You: A $650k Garage Biz
Marco Hsu took over a Porsche upgrade maker run by one person, and now faces the same limits its founder did.Register for the webinar: Franchisor Diligence 101 for Searchers - Thu Nov 5 - https://bit.ly/4ySdPnGTopics in Marco’s interview:“I never wanted to work for a company”Discovered Clewett Engineering through Quiet LightSubmitted 3 LOIs for the same businessRan the business from a small garageSupplier changes disrupted the business for monthsMarco redrew fifty engineering drawingsProfits initially went toward rebuilding inventoryGoals: employees and dedicated workspaceEarning less than his former job“We’re never fully aware of how hard it’ll be”References and how to contact Marco:LinkedInClewett EngineeringPatrick Dunphy on Acquiring Minds: The $150k Hiding in the Business He BoughtAdam Goldberg on Acquiring Minds: How to Reinvent a $1m Candle ManufacturerChad Hildebrant on Acquiring Minds: How to Buy a $3m Business with No BooksGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamThe ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:The Acquisition LabWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron
- 1 weeks ago1h 15m
Run It for 6 Months Before You Buy It
Jeff Thompson took over an unprofitable elevator company as GM, with a pre-agreed right to buy it in pieces.Topics in Jeff’s interview:Why elevator companies attract private equityTurning operational chaos into repeatable processesEmpowering employees to solve technical problemsImproving pricing and expanding customer revenueStructuring a staged, three-year business acquisitionAligning incentives between buyer and sellersBuilding trust through transparency and fair dealingGrowing revenue beyond $8 million annuallyUsing hire-to-acquire to reduce acquisition riskFinding new acquisition opportunities in elevator servicesReferences and how to contact Jeff:LinkedIncareers@charterelevator.comBen Rizzo on Acquiring Minds: How to Buy, Double & Exit a Turnaround (as a First-Timer)Mike Bourgeois on Acquiring Minds: First-Timer Buys a $15m Business in DistressElias Youssef on Acquiring Minds: Take Over the Business Before You Buy ItGet 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 MindsContact Jenny to learn how Engage can run people operations in your acquisition:Jenny Thear: jthear@engagepeo.comWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron
- 1 weeks ago1h 14m
Zero to One, Then 1 to 4 by Acquisition
Rahib Diwan started a short-term rental company, then bought another one 3x its size without having to use more cash.Topics in Rahib interview:From healthcare to short-term rentalsBuilding the business from scratchChoosing Nashville as the marketLuxury properties as a nicheValuing the property management businessFinancing through an SBA expansion loanSellers retaining 20% equityPreserving property-owner relationshipsUnexpected customer churn after acquisitionRebuilding operations and booking momentumReferences and how to contact Rahib:LinkedInVisit Nashville NowMatt Orley on Acquiring Minds: Buying for Brand (Then Growing 4x)Megan McGee on Acquiring Minds: No SBA Loan and $75k Out of PocketGet 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 LabGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron
- 2 weeks ago1h 25m
Buying a 138-Year-Old Navy Bell Maker
Jon Hyatt was under LOI on a dental practice when a late-night Craigslist search turned up one he couldn't resist.Register for the webinar: Structuring LOIs: Competitive Enough to Win, Bankable Enough to Close - TODAY!! - https://bit.ly/4s1pAWVTopics in Jon’s interview:Using Facebook groups for industry researchWhy labor became a search constraintThe abandoned dental roll-up thesisDiscovering E.J. Willis on CraigslistFalling for a 138-year-old heritage brandBuying a tiny businessNavigating an asset purchase and carve-outSelling bells to defense shipbuildersBuilding direct-to-consumer bell demandReviving forgotten products and company historyReferences and how to contact Jon:LinkedInE.J. Willis Co.The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:The Acquisition LabGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamGet 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 MindsConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron
- 2 weeks ago1h 20m
Take Over the Business Before You Buy It
Elias Youssef stepped into an unprofitable plumbing company as its GM, grew it 6x, then got an SBA loan to buy it.Register for the webinar: Structuring LOIs: Competitive Enough to Win, Bankable Enough to Close - Thu, Oct 22 - https://bit.ly/4B7XVHUTopics in Elias’s interview:Dropping out of community collegeStacking cash as an appliance salesmanEarly real estate joint venturesBreaking even on an assisted living acquisitionSeeking out HVAC mentorshipThe brutality of cold callingOperating before buyingMajority equity is majority workBuying is easy. Running it is the hard part.Getting out of operationsReferences and how to contact Elias:LinkedIn Frost and FlowElias’s announcement of Kyle’s acquisitionWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryGet a complimentary IT audit for acquisition diligence or post-close transition.Visit inzotechnologies.com/eta.Contact Jenny to learn how Engage can run people operations in your acquisition:Jenny Thear: jthear@engagepeo.comConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron
- 3 weeks ago2h 7m
Buying a 1-Product Business, Building It to a Big Exit
Jay Boren bought a tiny grease tool business run out of a living room, then grew it into a brand with 250 products.Register for the webinar:The Small Things That Sink First-Year Owners - TODAY!! - https://bit.ly/3VAOWiqTopics in Jay’s interview:Choosing Vermont over Silicon ValleySolving geography through ETADiscovering LockNLube through TuckTurning a grease coupler into opportunityNavigating a hostile South African supplierBuying LockNLube as an internStructuring a heavily seller-financed acquisitionExpanding from one SKU to 250Scaling through digital advertising and AmazonExiting LockNLube and staying through integrationReferences and how to contact Jay:LinkedInLockNLubeJarrett Burke on Acquiring Minds: When a Restaurant Is a Great Business to BuyContact Jenny to learn how Engage can run people operations in your acquisition:Jenny Thear: jthear@engagepeo.comGet 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 MindsGet 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 channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron
- 3 weeks ago1h 21m
Side Hustle Acquisition to $5m in Revenue
Brendan Guerin was 21 when he and 3 friends bought a dog daycare on the side. Today: 6 Midwest locations.Register for the webinars: Debt Financing Your Deal (SBA & Independent Sponsor) - TOMORROW!! - https://bit.ly/4rRpQaYThe Small Things That Sink First-Year Owners - Thu, Oct 15 - https://bit.ly/4idBtVxTopics in Brendan’s interview:He bought his first doggy daycare at 21The first acquisition was a deliberate starter dealFour partners split ownership and responsibilities.The $1.1M deal included real estateEBITDA margins approached 50% before rentBuying real estate protects long-term business controlMidwest real estate makes their model workCovid unexpectedly supercharged dog daycare demandBrendan eventually left finance to operate full-timeToday, Argos spans six Midwest locationsReferences and how to contact Brendan:LinkedInbrendan@argospartners.comGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryThe ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron
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About 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.
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