First-Timer Buys a $15m Business in Distress

Mike Bourgeois bought an HVAC company bleeding $3m a year, all cash and no SBA, then cut $1.4m of costs in 2 weeks.Register for the webinar: The Deal I Almost Bought (And Why I Passed) - Thu, Sep 10 - https://bit.ly/4zKAGTNTopics in Mike’s interview:Led major Air Force medical practiceFound a search partner with complementary skill setsBet on distressed businesses with liquidation valueFound a deal through veteran ETA SlackSpeed beat the highest bidImmediately cut $1.4M in annualized expensesRaised gross margins from 7% to 49%Shifted from silos to teamworkEmphasis on ongoing staff trainingHis goal of being a capital allocator/investorReferences and how to contact Mike:LinkedInCardinal Heating & AirBook: The Compounders: From Small Acquisitions to Giant Shareholder ReturnsThe 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