Acquiring Minds – Episode Summary
Podcast: Acquiring Minds
Host: Will Smith
Guest: Jeremy Hunka, Owner of Summit Cabinet Coatings
Episode Title: Hiring a CEO to Run Things (and Get Life Back)
Date: September 8, 2025
Episode Overview
This episode takes a deep dive into the journey of Jeremy Hunka, who purchased Summit Cabinet Coatings and ultimately emerged from a grueling transition by hiring a CEO to regain stability and a sense of optimism. More than financials, the episode explores personal growth, leadership challenges, and what it really takes to own and lead a small business through difficult times. Jeremy’s honest and vulnerable story highlights the “people problems” at the heart of acquisition entrepreneurship and his evolution from operator to effective, boundaries-setting owner.
“The success of today's guest is not measured in revenue, not in ebitda, nor growth. The success is having emerged from a very difficult transition to a place where finally, Jeremy Hunka can own the business he bought on his terms.” – Will Smith (00:00)
Key Discussion Points & Insights
1. Jeremy’s Background & the Decision to Buy (04:50–14:47)
- Career Trajectory:
- Jeremy had no early entrepreneurial ambitions. Originally studying chemistry, he expected to go into research, teaching, or ministry.
- Exposure to commercial real estate changed his perception of business, showing that it could indeed be “win-win.”
- Experience managing operating portfolios developed Jeremy’s deal and analytical skills.
- Desire for schedule flexibility (“above average on the present scale”) for future family life was his main driver, not “being his own boss.”
- Real estate was the most logical path, but interest rates and limited capital led him to SMB (small business) acquisition.
- The idea of owning a small business emerged from discovering Cody Sanchez and browsing businesses for sale online.
“I always say I was never the lemonade stand kind of kid. …it was chemistry, ministry, or teaching. …My eyes opened to [business] as a potential career path for me.” – Jeremy Hunka (05:12–07:25)
2. The Search & Acquisition Process (14:40–35:37)
- Search Approach:
- Focused on broker listings (mainly BizBuySell), aiming for businesses with $300k+ SDE (Seller’s Discretionary Earnings); bought in the $500k SDE range, with revenue at ~$2 million.
- Avoided retail/restaurants; wanted recurring revenue, but ultimately settled for one-time sales.
- Deal came through a broker; business was on-market.
- Business Details:
- Summit Cabinet Coatings specializes in cabinet refinishing (not just painting), with a unique in-between niche between painting and full-cabinet replacement.
- 13 employees, 13 years established, W2 team (with benefits), strong SOPs.
- Deal Terms:
- Purchase price: $1.68 million (approx. 3.3x SDE).
- Buyer’s equity: ~$90k (primarily from a HELOC), seller note of $150k, SBA loan for the remainder.
- Notable that Jeremy’s offer was not the highest, but sellers preferred him (values alignment, youth vs. exec-buyer).
- Transition:
- Sellers were supportive but their lives were already a bit remote from day-to-day operations.
- Jeremy was based 70 miles away, and the sellers were comfortable with the distance/lifestyle fit.
"They talked to a few of their best offers and they just. We really hit it off. ...I was also, I think, young and eager and I think that caught their eye." – Jeremy (23:18)
3. Transition and Leadership Challenges (37:07–54:01)
- Unexpected Setbacks:
- During due diligence, the lead salesperson left (getting married, relocating), which increased transitional risk.
- The sellers recommended an office manager as potential GM, but when introduced, she was overwhelmed—crying at the meeting—and it was clear Jeremy would need to be hands-on.
- The First Day:
- During his introductory team meeting, Jeremy was confronted with skepticism (“Do you have any experience with this?” from a senior employee).
- Reality Of Leadership:
- Jeremy’s strengths in confidence and figuring things out didn’t immediately translate to trust with employees, especially given his youth (27 at acquisition) and lack of technical expertise.
"I always say I knew, like everyone says, it's harder than you can imagine. And I think I knew it was going to be harder than I could imagine. And eventually it was harder than I imagined it could be unimagined." – Jeremy (40:39)
4. Long Commute and Emotional Toll (54:01–69:34)
- Struggling With Burnout:
- Jeremy commuted 3 hours roundtrip daily; began sleeping in the office occasionally to break up the drive.
- As sales faltered in the off-season, stress peaked—leading Jeremy to break down emotionally and question the path forward.
- Deep concern for employee retention and reluctance to “rock the boat” prevented quick personnel changes, especially when the underperforming salesperson was liked by the team.
"I. I say it flippantly, but I did sort of like my life. I'd sort of jokingly flippantly say I hated my life. And it was really hard. I was a shell of myself...I was feeling at a loss of what to do about the sales." – Jeremy (57:54)
5. Reluctance, Hard Choices & People Pleasing (69:34–82:01)
- Scaling Back Presence:
- Jeremy tried to reduce his presence at the business (from five to two days per week), but the office “intervened,” insisting his support and leadership were needed in person.
- He struggled to balance self-care and the team’s expectations, plagued by people-pleasing tendencies.
- Firing the Salesperson—Leadership Evolution:
- Eventually, Jeremy fired the underperforming salesperson, but not without anxiety and confrontation from other team members.
- The process required Jeremy to learn to withstand employee dissatisfaction for the greater good and to be at peace with not being liked.
"I see it at the time that I was really able to hear someone's, like, deep frustrations with me...but not internalize them any more than I need to. And to stand by...being okay when they don't like me." – Jeremy (77:52)
6. Breakthroughs & Transformation (82:01–98:18)
- Leadership Maturity:
- The hardest parts accelerated Jeremy’s growth—a newfound ability to make tough calls, not internalize criticism excessively, and differentiate between legitimate people issues and people-pleasing traps.
- Business Turnaround:
- New salesperson hired; sales rebound; revenue grows above pre-acquisition levels.
- Business now reinvesting for growth, hiring more, with cash flows recovering.
- Major Step: Hiring a CEO (93:07–98:18):
- Jeremy reflects during a holiday break about the vision for the company and recognizes he’s better suited for numbers and strategy, not operations.
- Decides to hire a true CEO; his business coach steps in fractionally, bringing needed vision and operational leadership.
- The transition is well received by the team, especially since Jeremy now gets to work in his strengths—and life is finally sustainable and enjoyable.
- The GM-who-cried-now-excels under the new CEO, stepping into an even bigger role.
“He was like, guys, Jeremy made two really crazy decisions in the last few years, and one is buying this business, and one is realizing the things he's really good at and wanting the best for you guys and the things that he's not really good at.” – Jeremy, quoting his new CEO (96:37)
Notable Quotes & Memorable Moments
- On Business Ownership:
"I wanted to be able to still work full 40 plus hour weeks, but be able to do it on a schedule that could be dropping, picking the kids up for lunch at 11:30 someday and working at 10pm that night..." – Jeremy (09:56)
- On the Agony of Leadership:
“I think I went home. I think I cried. ...My childhood birthday meal growing up was Outback Steakhouse. And I came home and had a very bad day. ...My wife hates Outback Steakhouse. And she said, do you need to go to Outback? ...I said, yes, I do.” – Jeremy (47:21)
- On People Pleasing and Growth:
"The harder part was getting comfortable on the times that they weren't always going to like me. ...It was a big moment for me to be able to sort of sit with that...You might even see sales up 40% year over year or whatever they are right now and still not think back on that decision and think, Jeremy made the right decision." – Jeremy (77:49)
- Host Reflection on Leadership:
“One of the core features of good leadership...is the ability to use your… good judgment...and move forward…in the face of a lot of dissidents… also be at peace with being unpopular…for a moment, at least. Or maybe forever.” – Will Smith (82:01)
- On Life After CEO Hire:
“It feels like a complete 180 both in the performance of the business and in honestly my enjoyment and livelihood... I'm really excited about seeing my strengths and the things that I'm excited about. ...It was, how do we grow this? ...I came to realize that, to get to that vision... I might not be the one in the right seat.” – Jeremy (91:00–93:07)
Key Timestamps
- Jeremy’s Background & Motivation: 04:50–09:56
- Searching for a Business: 12:00–14:47
- Details of the Acquisition: 17:58–35:37
- First Employee Challenges & Transition: 37:07–47:14
- Being Confronted as a New Owner: 41:32–43:14
- Struggling through Burnout: 54:01–57:54
- Intervention by Office Staff: 69:34–70:58
- Firing the Salesperson and Growth as a Leader: 77:49–82:01
- Reflection by Host on Own Leadership Journey: 83:49–88:11
- Business Recovery and Hiring a CEO: 91:00–98:18
- Jeremy’s Advice to People-Pleasers: 104:17–106:46
Advice & Takeaways
- For Would-Be Acquisition Entrepreneurs:
- Be ready for emotionally taxing periods; burnout and self-doubt are common, especially when far away from the business.
- Don’t underestimate the challenges of people management and the temptation to people-please at the expense of the business.
- Leadership means making hard calls, standing firm in the face of disagreement, and being comfortable with not always being liked.
- Recognize your own strengths: Sometimes the best move is to step back and let others lead where you are not as strong.
- Seek therapy, mentorship, and community—this is a “lonely” journey, and support systems matter.
“Try to truly find ways that get to the point where…am I okay if someone never sees my perspective? ...You talk. A lot of guests talk about the loneliness of it...The loneliness only of the fact that like people will not see this the way that I see this was a hard challenge.” – Jeremy (105:10–106:46)
Connect with Jeremy:
LinkedIn ([link to be in the show notes]) – Open to conversations with current or aspiring small business owners.