Acquiring Minds Podcast: "$20m Net Worth After 25 Years Buying Businesses"

Host: Will Smith
Guest: Paul Lajoy
Date: February 9, 2026

Overview of the Episode

This episode features a deep-dive conversation with Paul Lajoy, a seasoned acquisition entrepreneur with a 25-year track record and a net worth nearing $20 million. Host Will Smith explores how Paul’s journey began with buying a single flooring business and evolved into a portfolio of twelve acquisitions—contrasted with four startups, most of which failed. Drawing from decades of real-world experience, Paul shares candid lessons on sacrifices, growth, partnerships, industry specifics, and his current efforts to help others follow in his footsteps. The episode offers invaluable insight into building generational wealth through business acquisition, emphasizing both the opportunities and the stark realities of entrepreneurship through acquisition (ETA).

Key Discussion Points & Insights

1. Beginnings: The First Acquisition

• Paul’s Background: CPA with Big Six accounting/auditing experience; corporate finance roles for 8–10 years.
• Motivation: Family planning—wanted to replace his wife’s income so she could stay home after their second child.
• Initial Plan: Sought a small, manageable business; open to any industry, not fixated on a specific sector.
• Serendipity & Partnership: Brother Bob (laid off with severance) joins—prompting a search for a larger business and a new family partnership.

2. Acquiring the Flooring Business (Heritage Hardwood Floors)

• Search & Acquisition: Found via a business broker friend; bought the first presented business—floors, retail storefront, $300k SDE, $900k purchase price (3x SDE).

• Deal Structure:

  • 10% seller note
  • 15–20% buyer down payment
  • 70–75% 10-year SBA loan

• Roles: Paul kept his W2 for 6 months; Brother Bob operated business; then Paul shifted to sales.

• Sacrifices: Downsized home from $450k to $220k, traded Lexus for a $5k Ford Ranger to lower expenses and free up capital—preparing for tough early years.

• Early Operations: 70+ hour weeks, hands-on work, both partners lived on $10k/month (post-debt service), resisted lifestyle inflation to enable future growth.

  • "Everybody out there paints that this is easy. No, you gotta make sacrifices." —Paul Lajoy (20:00)

3. Partnership Dynamics & Lessons

• Alignment: Emphasized importance of shared mindset and long-term vision—Paul and Bob were both frugal, long-term focused, and risk-balanced.
• Trust & Legal Protection: Vital to have robust (40+ page) partnership agreements, think through all scenarios—"There are two types of partnerships: ones that are failing and ones that will fail." (29:00)
• Advice: Do not rush into partnerships—properly vet and align incentives, engage lawyers, and anticipate life changes.

4. Growth Strategy—Luck, Networks, & Reputation

• Initial Growth: Doubled business in two years, largely by joining builders’ associations and networking—landed significant clients through these channels.
• Industry Headwinds: Growth was not linear—major client bankruptcies and the 2007–08 housing crash caused large revenue swings; business endured by shifting focus and leveraging existing relationships.
• Steady-State Value: Flooring company has operated steadily ($1.8M → ~$2.5M revenue today) and provided stable personal wealth.

5. The Real Truth About ETA—Sacrifice & Hard Work

• Realism: Paul is both an advocate and a realist:
  • "Ignorance is actually good getting into this… If you knew everything you were getting yourself into, you probably wouldn’t do it because it’s super scary." (10:49)
  • "It’s a path to generational wealth… but there’s a lot of sleepless nights… pinching pennies… You take it home at night.” (11:51)
• Learning Curve: Paul credits a major inflection in his success to finally finding a strong peer network/mentors (early 40s).

6. Industry-Specific Takeaways: Flooring & Home Services

• Resilience via Mix: Residential vs. commercial and, within residential, new construction vs. remodeling—company survived recessions/new-construction busts because remodeling demand often rises when housing slows.

• Customer Concentration: Learning hard lessons about revenue dependency—loss of Oakley Homes showed that concentration is a serious threat.

• Growth Mindset: Do not overpay based on “potential”—buy on what the business earns now; if you can grow later, even better, but don’t pay for hope.

  • “Don’t ever go in thinking you’re smarter than the seller... Buy it for what it’s worth today.” —Paul Lajoy (48:00–50:00)

7. Portfolio & Diversification Philosophy

• Subsequent Acquisitions: Pivoted away from home construction into oil & gas (sandblasting), real estate holdings, and both acquisition and startup ventures.
• Failures & Successes:
  • 12 acquisitions: 1 failed (92% success)
  • 4 startups: 3 failed (25% success)
• Risk Profile: Paul prefers diversification (multiple businesses, industries, real estate, and private placements) over concentration.
• Real Estate: Sees substantial value in holding commercial real estate alongside operating businesses—stable cash flow, asset diversification.
• Advice on Growth: Split between growing current business vs. acquiring new—Paul strongly favors diversification through new acquisitions.

8. Hard Lessons Learned

• Working Capital: Underestimated working capital needs (“even CPAs screw this up the first time!”)—led to near-insolvency in early months.
• Marketing: Spent years wasting money on ineffective ads before hiring marketing professionals.
• Know Thyself: “Look in the mirror, figure out what you’re good at, and hire to fill gaps.” —Paul Lajoy (58:12)
• Ego & Emotions: Failed fencing business was due to falling in love with the deal, letting ego override due diligence (“I bought a company I didn’t understand.”)

9. Lifestyle & Wealth Trajectory

• Current Holdings:
  • Flooring business (Heritage Hardwood Floors)
  • Oil & gas services business (Maxwell Pipeline Services)
  • Significant commercial real estate portfolio
  • Board roles/advisor in startups and diversified investments (private placements)
• Active Involvement: Works 20–30 hours/week across businesses; enjoys flexibility and time with family.
• Earnings & Net Worth:
  • "I make a little over $1 million a year in current income and my net worth is probably around $20 million." —Paul Lajoy (84:57, 88:36)
• Generational Wealth: Expects net worth to reach $50m within a decade; five children, aiming to pass $10m to each.
• Work-Life Balance: Relishes freedom over schedule—"That’s probably the number one benefit of small business ownership." (84:57)

10. Teaching & Mentoring—BizBuy Pro

• Motivation: Passionate about helping others avoid classic mistakes, accelerate learning.
• Offerings: Weekly live deal reviews, Q&A, detailed curriculum, direct mentorship (“You get me. Not some figurehead.”) (89:16)
• Pricing Model: Lifetime access to community ($2,900); deal-sourcing aggregation ($10,000); 14-day free trial.
• Contact: paul@bizbuypro.com; Cell: 214-207-8724

11. Perspective on Timing—“Never Too Late”

• Average millionaire age: 57
• Paul’s Example: 58 and still buying businesses; cites peer who went from bankruptcy at 50 to $16m net worth by 58
• Current climate: ETA now offers generational wealth opportunities similar to real estate in the 2000s—“That ship has sailed,” real estate returns won’t return; business buying is the new high-upside path. (93:31–95:12)

Notable Quotes & Memorable Moments

• "Ignorance is actually good getting into this… If you knew everything you were getting yourself into, you probably wouldn’t do it."
  — Paul Lajoy (10:49)

• "It’s a path to generational wealth… but there’s a lot of sleepless nights… You take it home at night."
  — Paul Lajoy (11:51)

• "There are two types of partnerships: ones that are failing and ones that will fail."
  — Paul Lajoy (29:00)

• "Don’t ever go in thinking you’re smarter than the seller... Buy it for what it’s worth today. If you can grow, great—but don’t pay for hope."
  — Paul Lajoy (48:00–50:00)

• "Of the businesses that fail, 89% fail because of lack of cash flow… Super important, and even after 25 years, still hard to forecast."
  — Paul Lajoy (56:45)

• "I make a little over $1 million a year in current income and my net worth is probably around $20 million."
  — Paul Lajoy (88:36)

• "It’s never too late. The average millionaire age is 57. At 50 you can go from broke to $16m in eight years if you commit."
  — Paul Lajoy (91:50)

Key Timestamps

• [05:35–15:27] — Paul’s background and story of the first acquisition
• [16:00–23:48] — Sacrifices and lifestyle reset during the acquisition
• [26:24–31:38] — Partnership philosophy and legal structure
• [33:03–37:49] — Value of mentorship and CPA skills; lessons on working capital
• [40:35–44:08] — Growth through networking and industry reputation
• [46:14–51:08] — Realistic growth expectations and not overpaying for “potential”
• [52:44–56:24] — Resilience and fragility in the flooring/home services industries
• [56:45–59:16] — Biggest mistakes: capital, marketing, and self-awareness
• [59:45–63:00] — Expansion into lighting, setbacks from the financial crisis
• [66:21–71:52] — Diversification, oil & gas, and acquiring real estate
• [74:50–78:42] — Fencing failure, industry lessons, acquisition vs. startup success rates
• [88:36–91:54] — Current net worth, income, advisory work through BizBuy Pro
• [93:31–95:12] — ETA vs. real estate, late starts, and generational wealth

Summary Takeaways

• Buying businesses is a proven, repeatable path to wealth—but it demands sacrifice, grit, and humility.
• Frugality, partnership alignment, and thorough legal/financial diligence are essential.
• Never overpay for potential—pay for what exists and let upside be a bonus.
• Diversification (acquiring multiple businesses/real estate) can smooth out inevitable bumps.
• Mentors and a supportive network can drastically shorten your learning curve and avoid costly mistakes.
• It’s never too late (or too early) to start on this path—commitment and action trump timing.
• Hands-on help from those who’ve walked this path can accelerate your journey.

Contact & Resources

• Paul Lajoy: paul@bizbuypro.com | 214-207-8724
• BizBuy Pro: Find, Acquire, Succeed

For more episode summaries and resources, visit AcquiringMinds.co