Episode Summary: From Stalled Search to $750k SDE: The Power of Speed

Podcast: Acquiring Minds
Host: Will Smith
Guest: Nick Huber, Owner of Associated Photo and Imaging
Release Date: June 26, 2025
Transcript Duration: 80 minutes

1. Introduction to Nick Huber’s Acquisition Journey

Will Smith opens the episode by introducing Nick Huber, highlighting his unconventional path to acquiring a business without an MBA. Nick shares his background of working in Ecuador for 12 years with family businesses and his return to the United States in 2020. Faced with the challenge of finding a new direction while raising triplets, Nick discovered bizbuysell.com on his partner's suggestion, marking the beginning of his entrepreneurial acquisition journey.

[04:44] Nick Huber: "I do not have an MBA. I suppose we could start there. I actually had spent 12 years prior to coming back in 2020 in Ecuador working for family businesses."

2. The Initial Struggles and Mindset Shift

Nick discusses his year-and-a-half-long search for the perfect business, characterized by cautious LOI (Letter of Intent) submissions and keeping his search private to avoid skepticism. A pivotal moment occurs when a confidant challenges him with the question:

[00:00] Will Smith: "...What is it going to take for you to close? Let's say you had to close in four months. What would you do differently?"

This conversation sparks a crucial mindset shift for Nick, leading him to accelerate his search strategy.

[12:22] Nick Huber: "It was a very emotional ride and without the community that I had surrounded myself with, I'm, I'm, I'm sure that I would not be in this chair."

3. Accelerating the Search Process

Following the mindset shift, Nick begins sending out LOIs with increased frequency—from monthly to weekly, and eventually to daily submissions. This change significantly boosts his deal flow, resulting in over 100 broker deals and establishing relationships with influential brokers.

[22:15] Nick Huber: "I just gave myself the assignment. This needs to happen. This needs to be an everyday occurrence."

Nick's approach emphasizes consistency and speed, which transforms his acquisition trajectory, leading to a successful purchase within an expedited timeframe.

4. Selecting the Right Business: Associated Photo and Imaging

Nick successfully acquires Associated Photo and Imaging, a reputable large-format commercial printing and light manufacturing business in Miami, Florida. He highlights the company's stellar reputation, longstanding client relationships, and adaptability through technological shifts.

[26:57] Nick Huber: "I think I manifested this one. I wanted something that existed in the real world and printing and manufacturing exist in the real world."

The business aligns well with Nick's buy box criteria, featuring $3.5 million in revenue and $750k in SDE (Seller's Discretionary Earnings).

[36:13] Nick Huber: "Top line was 3.5. Earnings were 750. No add backs. Discretionary earnings."

5. Deal Structure and Negotiations

Nick details the financing structure of the acquisition, leveraging an SBA 7 loan covering 90% of the purchase price without needing to raise investor capital. He initially negotiated a 15% seller note, which he later simplified by eliminating it in favor of increasing his debt with the bank, thereby reducing monthly payments.

[43:33] Nick Huber: "This, this needs to happen. This needs to be an everyday occurrence."

Nick emphasizes the importance of trust and simplicity in deal structuring, ensuring manageable financial commitments post-acquisition.

6. Transitioning into Ownership

The transition day was a trial by fire as Nick had to deliver an ownership announcement in Spanish, a language that had become rusty due to his time in Miami. Despite the initial nervousness and challenges, Nick successfully communicated his new role to the team, fostering a smooth transition.

[59:09] Nick Huber: "She was sitting in this chair ... we realized that we had a connection from 20 years ago."

Nick also integrates the seller's daughter as a general manager with a 20% equity stake on a five-year vesting schedule, ensuring her continued involvement and the stability of the business.

7. Overcoming Post-Acquisition Challenges

Post-acquisition, Nick faces several people-related challenges, including employee resignations and the termination of a controller who was with the company for only a few months. He handles these situations with professionalism and empathy, maintaining morale and operational integrity.

[71:00] Nick Huber: "I have been listening to so many people who came before me ... there's a way forward and you'll find it."

Despite these setbacks, Nick remains committed to his role, leveraging his deal team of brokers, attorneys, and HR professionals to navigate complexities.

8. Financial Management and Reinvestment Strategy

Nick outlines his financial strategy, paying himself a modest salary of $125k to maintain personal sustainability while reinvesting the remaining funds into the business. He prioritizes working capital, recognizing the tight financial environment in the first year post-acquisition.

[73:36] Nick Huber: "I pay myself 125. I want to earn a high salary and use that to celebrate wins when they come."

Nick also plans for future growth by considering the acquisition of additional businesses, leveraging his current success as a springboard.

9. Key Takeaways and Inspirational Closure

In closing, Nick shares his motivation for acquiring businesses—to build an empire for his three daughters and demonstrate that women can thrive in traditionally male-dominated entrepreneurial spaces. He underscores the importance of having a clear "why" to navigate the challenges of acquisition entrepreneurship.

[78:40] Nick Huber: "I want to build an empire for my three daughters to watch and earn and inherit and see that in a man's world, women are perfectly capable of playing the game and sitting at the table."

Nick expresses gratitude towards Will Smith and the Acquiring Minds community for their support and inspiration throughout his journey.

Notable Quotes with Attribution and Timestamps

• Nick Huber on Mindset Shift:

  "[12:22] 'It was a very emotional ride and without the community that I had surrounded myself with, I'm, I'm, I'm sure that I would not be in this chair.'"

• Nick Huber on Consistency:

  "[22:15] 'I just gave myself the assignment. This needs to happen. This needs to be an everyday occurrence.'"

• Nick Huber on Financial Strategy:

  "[73:36] 'I pay myself 125. I want to earn a high salary and use that to celebrate wins when they come.'"

• Nick Huber on Motivation:

  "[78:40] 'I want to build an empire for my three daughters to watch and earn and inherit...'"

Conclusion

This episode of Acquiring Minds offers a comprehensive look into Nick Huber’s acquisition journey, highlighting the critical role of speed, mindset shifts, and community support in successfully purchasing and transitioning into a new business. Nick’s story serves as an inspiring blueprint for aspiring acquisition entrepreneurs, demonstrating that with determination and the right approach, overcoming acquisition challenges is attainable.

For more insights and detailed strategies on acquisition entrepreneurship, subscribe to the Acquiring Minds YouTube channel or sign up for episode summaries at acquiringminds.co.