Acquiring Minds

Episode: A Few Hours Per Week, a Few States Away
Host: Will Smith
Guest: Brett Maxim, Owner of More Crete Construction
Date: September 4, 2025

Episode Overview

In this episode, Will Smith interviews Brett Maxim, who purchased a concrete flatwork/construction business (More Crete Construction) in Vancouver, Washington—despite living in Denver, Colorado. Brett shares his journey from private equity-adjacent executive to acquiring and operating a business remotely, spending surprisingly little time in the business week-to-week. The episode delves into remote business management, deal structure, working capital challenges, and the psychology and tactics that enabled Brett’s highly leveraged, low-touch acquisition to succeed.

Key Discussion Points & Insights

1. Brett's Background & Why Buy a Business?

• Career Path: Brett was an executive (primarily CFO, with some CEO experience) in private equity-backed companies for a decade.
• Motivation: After leading multiple acquisitions and exits, he wanted "all the equity and run the show" himself ([04:49]).
• Exposure: Learned the ropes by leading due diligence and integration for acquisitions, which seeded the idea of becoming a full owner ([06:04]).

“I can do that myself and have all the equity in the business and be running the show.”
— Brett Maxim, [04:49]

2. Initial Search Process & Criteria

• Location: Based in suburban Denver, started searching locally; focused on businesses with $700K–$1.5M SDE to support a $200K wage ([12:42]).
• Flexible Buy Box: No strict industry focus, but sought solid, cash-flowing SMBs.
• Setbacks: A nearly closed deal fell apart at the last moment, causing frustration but underscoring the competitive and uncertain nature of the market ([10:58]).

“We were two days before close... About 45 minutes before [a final meeting], the broker called and said, hey, I'm not sure what's going on. The deal's off.”
— Brett Maxim, [11:16]

3. Expanding Geography & Comfort with Remote Ownership

• Widening the Net: After struggles in Denver, opened the search to the Pacific Northwest and other western states ([15:51]).
• Remote Management Experience: Brett’s PE background included managing remote teams and regular travel, making him comfortable with the idea ([16:25], [17:16]).
• Family Considerations: Factored in quality of life, future relocation desires, and practicalities of regular travel ([18:35]).

“We were faced with a circumstance where we felt like we weren’t seeing anything in the Denver market... started looking in.”
— Brett Maxim, [18:12]

4. The Deal: More Crete Construction

• Business Model: Concrete flatwork (garages, driveways, patios, etc.) for high-production home builders; project-based, cyclical revenue tied to new home construction ([20:22], [21:13]).
• Market: Operates solely in Washington (Portland metro), with ambitions to expand to Oregon ([25:30]).
• Team: ~13 employees including a virtual accountant; foreman with 30+ years of tenure ([26:07]).
• Financials: $3.5 to $4M in revenue; SDE at "high six figures" ([29:51]), acquired for "less than $2 million" at a sub-3x multiple ([35:11]).

5. Managing Risk & Why the Deal Worked Remotely

• Operational Comfort: Previous owner had already stepped back; strong foreman and systems enabled remote management ([31:24]).
• Due Diligence: Spent time on-site pre-closing; confirmed that critical team members would stay ([32:37], [32:52]).
• Delegation: Early intentional focus on automating/admin work, hiring a virtual accountant, and empowering in-house staff ([34:11], [63:08]).

“I learned early on that I’d much rather hand something off to somebody and set the expectation that they’re going to make mistakes, and it’s not the end of the world.”
— Brett Maxim, [63:19]

6. Deal Structure Details

• Seller Financing: 70% seller note, <30% cash down; "very friendly terms" ([35:11], [37:19]).
• No SBA: Forgoing an SBA loan meant no personal guarantee and more flexible terms ([36:03]).
• Interest/Amortization: 5% fixed interest, 7–8-year amortization ([41:15], [43:47]).
• Seller Motivation: Seller’s focus was to secure a specific monthly income—enabling negotiation of terms favorable to Brett ([45:06]).

“I would look to see if the seller would take on a note for a majority of it. That was fairly positive.”
— Brett Maxim, [37:19]

• Personal Funds: Used a combination of 401(k) “ROBS” funds and personal savings; pro tip: establish a HELOC beforehand if considering SBA ([47:22], [50:01]).

7. Working Capital & Cash Flow Management

• Receivables: 20–45 days to payment from home builders ([54:17]).
• Risk: Fast project turnover, few fixed costs, ample ways to flex labor if pipelines shrink ([53:48]).
• Tool: Emphasized the value of a 13-week rolling cash flow forecast—critical for acquisition due diligence and ongoing management ([58:27]).

“A 13-week cash flow is critical to running any business... It’s a simple Excel spreadsheet... take a step back and say: Do I have enough cash, or am I getting tight—when and where?”
— Brett Maxim, [58:27]

8. Operating Remotely: From 4 Days/Week to a Few Hours

• Initial Plan: Expected to commute 3–4 days/week for a year or two ([34:01]).
• Reality: Able to automate/streamline so much that he now spends as little as 2–3 hours per day (or less than 10 hours/week), traveling onsite every 2–3 weeks ([71:39]).
• Key Hires/Systems: Full-time virtual accountant (Philippines), digitizing what was paper-based, shifting routine tasks (e.g., measuring for invoicing) to crewmembers ([66:05], [69:41]).

9. The Learning Curve

• No Construction Experience: Steep curve, but managed it by being transparent with staff and clients, leveraging the experience of his foreman and the seller ([74:49]–[75:17]).
• Customer Service Focus: Prompt, honest communication when learning on the fly resonated with clients ([76:29]).

“If you don’t know the answer...say, 'I don’t know,' but get back to them in a couple of hours or a day.”
— Brett Maxim, [75:17]

10. Searcher Takeaways: Is This a Good Type of Business?

• Fragmented Industry: Many such “trade” businesses are ripe for small-scale rollups/acquisitions.
• Cyclical Risks: Tied to homebuilder demand, but Brett believes there are hedges—like shifting into residential replacements or adjacent services ([77:56]).
• Transferable Model: Operational improvements and systems he’s put in place could work for others, but success does depend on finding a long-tenured, competent on-site manager ([77:37]).

11. What’s Next?

• Growth vs. Shiny Objects: Brett considered leveraging his freed-up time to pursue new deals as an independent sponsor, but after advice from Adam Markley (and his wife), is focusing on growing More Crete’s SDE, client base, and potentially adding bolt-on services ([84:58]).

“Why wouldn’t I want to reinvest some of that time and really make sure that we succeed? There’s so much potential for organic growth.”
— Brett Maxim, [85:58]

• Personal Reflection: The freedom to work a few hours per week at a distance is real—but scaling further (or acquiring elsewhere) will likely require more on-site time ([86:47]–[89:03]).

Notable Quotes & Memorable Moments

• “You are working on, not in, the business—to say the least.”
  — Will Smith, [04:27]

• “One of the last items was the interest rate on [the seller note] ... we were able to get to 5% interest and just solved for the amortization period ...”
  — Brett Maxim, [41:15]

• “I learned early on that I’d much rather hand something off … and set the expectation that they’re going to make mistakes.”
  — Brett Maxim, [63:19]

• “This is just a classic case of you bringing fresh eyes, looking for operational improvements ... It’s kind of the searcher thesis in action.”
  — Will Smith, [69:41]

• “The 13-week cash flow is critical... modeled the business as part of my due diligence to say, here’s my base case, here’s my high, here’s my low. What do I need in working capital to make sure that six weeks out, I don’t have a problem?”
  — Brett Maxim, [58:27]

• “You didn’t know anything about this world or concrete even before you got into this?”
  — Will Smith, [74:43]
  “Very little… but our business, very much like other businesses, is customer service focused.”
  — Brett Maxim, [75:17]

• “Just be quiet. Be comfortable with silence, and let your counterparty talk and keep talking. … Often things will be revealed that are helpful to craft a deal.”
  — Will Smith, [46:30]

Timestamps for Important Segments

• 04:49 – Brett’s background, decision to buy a business
• 10:58 – The deal in Colorado that fell through last minute
• 12:42 – Search criteria and salary targets
• 15:51 – Expanding search regionally; rationale for remote ownership
• 20:22 – Discovering the Vancouver, WA business and assessing its model
• 26:07 – Business size: history, employees, revenue
• 31:24 – Operational challenges in a blue-collar, project-based business
• 35:11 – Deal terms: price, seller note, and rationale
• 41:15 – Seller financing details: 70% note, 5% fixed, 7–8-year amortization
• 50:01 – Using ROBS/401(k) funds; HELOC/SBA tips
• 54:17 – Working capital challenges and accounts receivable cycle
• 58:27 – The power of the 13-week cash flow model
• 63:08 – Delegation, hiring, and automation: keys to reduced time in the business
• 71:39 – Actual hours worked per week; travel schedule
• 75:17 – Learning curve and customer approach
• 77:37 – Is this type of business good for other searchers?
• 81:34 – Potential for diversification and growth
• 84:58 – Weighing more acquisitions vs. doubling down on the current business
• 89:03 – The remote ownership “cost”: psychological and logistical
• 90:43 – Closing: more crete spelled; how to reach Brett

Final Thoughts

Brett Maxim’s journey is a master class in leveraging prior experience, being open-minded about geography, creatively structuring deals, and rapidly systematizing a business to operate remotely. While his success highlights opportunities for other searchers, especially those with operational and financial acumen, the episode underscores the importance of strong on-the-ground teams, intentional delegation, and sober assessment of both deal risk and owner bandwidth.

Business Featured:
Morcrete Construction (More Crete Construction), Vancouver, WA
Connect with Brett Maxim via LinkedIn

For more episode summaries, visit Acquiring Minds.