Podcast
Acquiring Minds
Hosted by Will Smith · EN
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
471episodes
Episodes
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Leaving $700s/Yr to Buy an Underperforming Printing Business
3d ago01:25:43Summary readyDominick Smith left a lucrative track in PE to pursue a path that offered more meaning. Buying a business has delivered.Register for the webinars: Overcoming Common Deal Sticking Points - TOMORROW!! - https://bit.ly/3Qx1g0WTransferable Skills: Crafting Your Resume for SBA Lenders - Thu, Jun 25 - https://bit.ly/4uOEqQDTopics in Dominick’s interview:Leaving a lucrative job in his late 20’sDodging bullets with due diligenceRenegotiating purchase priceManaging white collar vs blue collar employeesWasting money on ineffective marketingLearning budgeting and frugalityAdvantages of staying in the weedsAggressively pursuing new businessDiscovering and fixing poor website speedsHis intent to sell the businessReferences and how to contact Dominick:LinkedInPrintmoz.comHeather Endresen at Viso Business CapitalBrendan O’Brien at Huntington BankAizik Zimmerman on Acquiring Minds: Founder Mode for ETA: $6m to $25m in 3 YearsGet 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 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
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From Software to Concrete Cutting (and $1.4m of SDE)
1w ago01:38:10Summary readyWhen the owner refused a seller note in the $6m transaction to sell his business, Tom McCormick had to get creative.Register for the webinar: Understanding a Quality of Earnings Analysis: What's Included and Why - TODAY!! - https://bit.ly/43sZcKnTopics in Tom’s interview:From IBM executive to acquisition entrepreneurBuilding banker relationships to source better dealsClosing on his first LOIConsulting agreement replaced traditional seller note “I wish I would've started this path 15 years ago.”Winning seller’s trust through shared valuesUsing ROBS to buy a larger companyA costly lesson about accounts receivable valuationPrioritizing keeping the blue collar workforce happy“I am so much happier now.”References and how to contact Tom:LinkedInQuality Cutting & CoringThe ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:The Acquisition LabGet a complimentary IT audit for acquisition diligence or post-close transition.Visit inzotechnologies.com/eta.Download the New CEO’s Guide to Human Resources from Aspen HR:From this page or contact jenny@aspenhr.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
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Good Bones: Saving a $3m Business in Decline
1w ago01:49:05Summary readyDespite his love of operations, Himmat Singh intended to own his acquisition passively. Then the lead sales guy quit.Register for the webinar: Understanding a Quality of Earnings Analysis: What's Included and Why - Thu, Jun 18 - https://bit.ly/4vhhY3tTopics in Himmat’s interview:Operating a business for a billionaire in IndiaRan traditional search, closed zero acquisitionsTargeted recession-proof home care opportunitiesBecame CEO of elder care company he couldn’t acquireGrew EBITDA 4x through operational cleanup and systemsSold company to private equity, remaining CEOLife-changing exit from elder care companyLanded printing acquisition through relationshipsPrefers operating to financial modelingStructuring a screaming deal on a printing businessReferences and how to contact Himmat:LinkedInEPI-ColorspaceCircle of LifeWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryGet 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
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How to Buy a $20m Business as a First-Timer
2w ago01:31:05Summary readyWhen Alan Turkus found a business with a mission, he knew he'd found the right fit for the final chapter of his career.Topics in Alan’s interview:Background in book publishingPost-MBA career in techTaking a career break to raise his sonFrom co-op cashier to co-CEOSeeking security through business ownershipAcquiring a home health and hospice franchiseRaising equity from search investorsRetaining a little over 50% ownershipStructuring with 2 forgivable seller notesThe advantage of buying a bigger businessReferences and how to contact Alan:LinkedInInterim Healthcare of Twin CitiesElliott Edge on Acquiring Minds: 1 Business vs Many: Deciding to Roll UpGrant Hensel of Entrepreneurial CapitalJacob Hall of Kando CapitalPROX Capital GroupConnect 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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How to De-Risk the Personal Guarantee
2w ago01:11:07Summary readyBrendan Burdette and Ryan Conner have launched personal guarantee insurance to enable more — and stronger — SBA buyers.Register for the webinar: Score It or Skip It: A Framework for Fast Deal Evaluation - Thu, Jun 11 - https://bit.ly/3Q1D9qMTopics in Brendan & Ryan’s interview:Psychological weight of the personal guaranteeBuilding a personal guarantee insurance productTaking the risk from a 10 to a 5Sequence of events after defaultTargeting mid to late career operatorsPremiums decrease over timeBalancing risk between unequal partnersSolving the seller rollover conflictPhilosophy of “skin in the game”How they hope this affects ETA ecosystemReferences and how to contact Brendan & Ryan:Brendan Burdette’s LinkedInRyan Conner’s LinkedInPersonal Guarantee Insurance Get 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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The Origin Story of a Compounder ($80m and Counting)
3w ago01:25:23Summary readyGreg Shapiro & Zach Cooper-Vastola are building a long-term, compounding business they see as the anti-PE of the trades. Register for the webinar:Franchising for the ETA Buyer: Resales, Roll-Ups, and Real Deals - TODAY - https://bit.ly/49sKF4HTopics in Greg and Zach’s interview:Founders combined technical and financial expertiseShifted from SaaS to long-term ownershipAcquired century-old Manhattan HVAC companyHigh cost and complexities of New York marketAvoided SBA limits to scale acquisitionsWhat “Anti-PE” means to themDigitization takes longer than you thinkLiving lean on low salariesPredicting HVAC roll-up market shakeout aheadInfluence and investment from Will ThorndikeReferences and how to contact Greg and Zach:HickoryGreg Shapiro LinkedInZach Cooper-Vastola LinkedInWill ThorndikeSteve Carroll on Acquiring Minds: ETA Unicorn: $1 Billion in Revenue in 5 YearsGet 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
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Started as SBA Searcher, Built to a PE Fund
3w ago01:46:09Summary readyThe first business Joe Wechsler bought had $280k of SDE. Seven years later, he runs a fund with $50m of buying power.Register for the webinar: Franchising for the ETA Buyer: Resales, Roll-Ups, and Real Deals - Thu, June 4 - https://bit.ly/4vnGP5uTopics in Joe’s interview:Background in management consultingInspired by Rich Dad Poor Dad to own assetsJoining an early cohort of the Acquisition LabSearching is more fun with a partnerFirst deal died 10 days before closingDiscovering employees had never been paid overtimeTotal office staff turnover in first 4 monthsAcquiring 4 diverse businessesLaunching a $25M equity fund with 5 partnersIt’s all about the peopleReferences and how to contact Joe:LinkedInBlueline VenturesWho by Geoff Smart and Randy StreetRich Dad, Poor Dad by Richard T. KiyosakiGet 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 MindsDownload the New CEO’s Guide to Human Resources from Aspen HR:From this page or contact jenny@aspenhr.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
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Buying $1.5m of Earnings Without an SBA Loan
4w ago01:23:05Summary readyAs a South African in the US, Justus Luttig had to get creative to search then buy 2 trades businesses at the same time.Register for the webinar: New $10m Limit for SBA Loans: What You Need to Know - TODAY!! - https://bit.ly/4v3zKXhTopics in Justus’s interview: Growing up on a cattle ranch in South AfricaDisillusioned with the venture capital bubblePerception of white collar work as “the dream”Meeting successful owners of blue-collar businessesBig deal failure on his birthdayStructuring a deal without the SBAChallenges of searching on an H1B visaMerging an HVAC with a plumbing businessThe magic happens when you leave your deskAcquiring during the slow seasonReferences and how to contact Justus:LinkedInCopeland Home ServicesThe 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 TeamDownload the New CEO’s Guide to Human Resources from Aspen HR:From this page or contact jenny@aspenhr.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
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The Magic of Low Multiple + Growth
May 2501:33:33Summary readyDavid Graf went after a business that had sat on the market, acquiring $750k of EBITDA for 2.7x. It's going well.Register for the webinars: Negotiating Working Capital in SMB Acquisitions - TOMORROW!! - https://bit.ly/4a2ozGeNew $10m Limit for SBA Loans: What You Need to Know - Thu, May 28 - https://bit.ly/49j3V4tTopics in David’s interview: Drive to earn money as a kidChoosing to skip business schoolAdvantages of acquiring in TexasPreparing his case to convince his wifeWorking full time while searchingGrowth is often underpricedWholesaling real estate he didn’t wantHow to decide whether to keep an employeeJoining a group for manufacturing ownersNear-crisis days before closingReferences and how to contact David:LinkedInDanhardRand LarsenScalepathGet a Grip by Mike PatonWork 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.Get 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
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Rolling Up an Industry with 1.5x Multiples
May 2101:55:48Summary readyTruc Nguyen has acquired 2 nail salons, an overlooked but fragmented industry where businesses trade at low multiples.Register for the webinar:Negotiating Working Capital in SMB Acquisitions - Tue, May 26 - https://bit.ly/4eQfCTRTopics in Truc’s interview:Why she chose the nail salon industryHer vision for a rollupAnalyzing a current nail salon business listingLow multiples in the nail spaceBargaining power of good nail techsSquare footage and number of chairs mattersDocumenting SOPs for her first salonStaffing a 7-day-a-week businessCreating a great company cultureThe changing face of nail salonsReferences and how to contact Truc:LinkedInSarah Romer on Acquiring Minds: How to Buy a Salon as an Industry Outsider (and Survive)Get 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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