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
463episodes
Episodes
Newest firstAll episodes
The Magic of Low Multiple + Growth
2d ago01:33:33Summary 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
6d ago01:55:48Summary 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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The Origins and Future of a 9-Figure SMB Holdco
1w ago01:49:57Summary readyGant Elmore and Matt Moldenhauer each bought $2m businesses they built over years. Today their holdco does over $200m. Register for the webinar:Revenue Recognition & Quality of Revenue in SMB Deals - TOMORROW!! - https://bit.ly/4dMvx4wTopics in Matt & Gant’s interview:3 generations of acquisition entrepreneursMatt started as operator, became partnerBain mentors warned Matt not to do ETAGoal of owning 50 companies by 2050Being the Ferrari in a price-competitive industryWhy they prefer holding to exitingChallenge of giving control to an operatorGant and his dad teach ETA togetherWar stories from small business operationsDemand exceeds supply of great businessesReferences and how to contact Matt & Gant:Elmore Companiesmatt.moldenhauer@elmorecompanies.comMatt’s LinkedInGant’s LinkedInDownload the New CEO’s Guide to Human Resources from Aspen HR:From this page or contact jenny@aspenhr.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
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Too Good to Be True: Year 1 in a $700k SDE Business
2w ago01:24:52Summary readyZack Mutnik thought he bought a $1.5m electrical contracting business for 2.3x. The numbers weren't what they seemed.Register for the webinar:Kill It Early: Spot Red Flags Before Spending on Diligence - TODAY!! - https://bit.ly/4eBVO6ETopics in Zack’s interview:Learning leadership in the NavyManaging chaos with ADHDUndisclosed surprises after acquisitionReplacing 8/10 employeesHeavy emphasis on company cultureDeciding to change the business nameTraining his employees to be independentGrowing revenue despite a rocky startMarketing is not a quick fixFinding employees in a rural marketReferences and how to contact Zack:TikTokFacebookLinkedInGet 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.comGet 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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How to Structure Around Risk in a $250k SDE Acquisition
2w ago01:17:16Summary readyAlicia Powers wanted to buy a general contractor but understood the risks in such businesses and negotiated accordingly.Register for the webinar: Kill It Early: Spot Red Flags Before Spending on Diligence - Thu, May 14 - https://bit.ly/4wqiYU3Topics in Alicia’s interview:Air Force construction experienceCorporate job at an elevator companyLeading a shower remodeling startupLayoff motivated her toward acquisitionWhy franchising isn’t for herAcquiring a small construction businessGetting her general contractor licenseSpecializing in home additions/ADUsTailwinds in the San Diego areaSurprisingly long sales cycleReferences and how to contact Alicia:LinkedInPrice BuildersGet 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 MindsThe 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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Buying Small to Build for the Long Term ($300k SDE)
3w ago01:23:53Summary readyBrendan Duebner's goal is to build a healthy, long-term business of 20-40 people. Buying a $1.2m MSP was his first step.Topics in Brendan’s interview:Learning to lead in the ArmySummer internship with Josh MedowCold calling is unpleasant but effectiveLiving and acquiring in the Bay AreaWorking in the business before closingSigns of seller integrity85% seller note with no personal guaranteeImplementing EOS himselfChoosing to only hire localHis mission of building a tribeReferences and how to contact Brendan:LinkedInIT Total CareJosh Medow on Acquiring Minds: How to Unlock Growth in a 40-Year-Old Business You BuyAbhi Ravishankar on Acquiring Minds: The $50m Lifestyle HoldcoConnect 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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A $800k Business to Start, $60m Portfolio Today
3w ago01:05:55Summary readyAndrew Blazenko has made 6 acquisitions over the last ten years. Pairing businesses with operators is key to his model.Topics in Andrew’s interview:Background as a business brokerWanted the exit joy for himselfDanger of low barrier to entryFinding great operators to run his businessesBusiness acquisition requires repsExecutive in Residence programRequiring operators to invest in the businessDifficulty of raising equity in CanadaShipping costs as a natural moatLiving as a “gentleman of leisure” References and how to contact Andrew:LinkedInProSafeEterna EquityTrueFoamConnect 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 Then Losing a $2.1m HVAC Business
4w ago01:53:21Summary readyDan Burnside thought he got a great deal on an $800k SDE business. Instead he'd bought bad faith and years of struggle.Register for the webinar: Add-Ons and Carve-Outs: How to Get Banks on Board - TODAY!! - https://bit.ly/4sO0MAtTopics in Dan’s interview:Buying in a small, rural areaDiscovering seller fraud after acquisitionKey employee leaves and starts competing businessWorking to integrate himself into the communityHVAC techs resisted technology changesWife and kids unhappy in the new placeGetting his Master Mechanical Contractor licenseCustomers not paying their invoicesHiring challenges in rural areasBankruptcy and his new AI ventureReferences and how to contact Dan:LinkedInJan Roll on Acquiring Minds: 21 Months to Stability Buying a $1.2m SDE BusinessGet 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 MindsThe 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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From $1m to $25m in 6 Years
Apr 2701:56:07Summary readyJeff Flannery is a great example of how franchising complements ETA, having rolled up 17 units since starting in 2019.Register for the webinars: Advanced Deal Mechanics: NWC, Net Debt & Purchase Price Adjustments - TOMORROW!! - https://bit.ly/4u9KyD6Add-Ons and Carve-Outs: How to Get Banks on Board - Thu, Apr 30 - https://bit.ly/3OpzRgxTopics in Jeff’s interview:Difference between a practice and a business18 years of running a procurement recruiting firmAcquiring a failing Hand and Stone locationImproving the franchisee playbookAsk franchisees for the actual profit marginsMastering the business from the bottom upWorking 100-hour weeks for yearsImplementing enrollment feesRunning spas in California through CovidBuilding an inbound and outbound offshore call centerReferences and how to contact Jeff:LinkedInjflannery@purpleeaglespas.comHand & StoneDownload 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 AdvisoryGet 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
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The Searchers Building a $10m EBITDA Powerhouse
Apr 2301:08:11Summary readyNicolás Lulli bought a document storage business in Peru. 6 years later, it is a $25m leader in the Andean region.Register for the webinar: Advanced Deal Mechanics: NWC, Net Debt & Purchase Price Adjustments - Tue, Apr 28 - https://bit.ly/490Ms0qTopics in Nicolás’s interview:First employee at Relay Investments search fundLaunched Peru’s first search fund, Colca CapitalCovid lockdowns erased profits almost overnightRebuilding the business into a tight submarineFrom $0 EBITDA to $5m in one yearShifted focus toward acquisitions for faster growthRecords storage is a real estate businessInvests in other searchers to pay it forwardThe cradle-to-grave strategy in records managementBuilding a searcher community in PeruReferences and how to contact Nicolás:LinkedInColca CapitalGet 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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