Acquiring Minds Podcast Summary

Episode: “Trades Over Tech: Buying an Appliance Repair Business”

Host: Will Smith
Guest: Brian Seeling, owner of PGM
Date: October 9, 2025

Episode Overview

This episode features Brian Seeling, a former MSP (Managed Service Provider) co-founder who transitioned from the tech world to acquire and grow a blue-collar business: PGM, a $2.6M revenue company specializing in commercial kitchen equipment repair in Tampa, FL. The discussion dives into why Brian chose trades over tech, how he structured his acquisition, his management philosophy, and his playbook for growth, retention, and operational improvement in the appliance repair niche.

Key Discussion Points & Insights

1. Brian’s Background and Path to Acquisition

• Entrepreneurial Roots: Brian began with classic kid hustles like car washes to buy coveted Jordans as a teenager, learning early the power of providing value.
  • Quote: “If you provide value to people...you can make money.” (05:19)
• Tech Career: Spent 15 years in IT (including co-founding an MSP that hit ~$5.5M revenue) before getting the itch to be a principal again.
• Mid-Career Pivot: After a stint in a SaaS startup and growing family obligations, Brian decided that starting from scratch was too risky, turning his attention to ETA (Entrepreneurship Through Acquisition).

[08:33] – Realization: “I knew I didn’t want to start something from scratch, because I’d been down that road before and that road can be challenging...I needed to do something else.” – Brian

2. Why Blue Collar, Why Not Another MSP?

• Scalability & Stability: Brian sought a business that could scale geographically and operationally and didn’t face immediate AI or tech displacement risk.
• Management in Place: Wanted an existing manager to run ops, to allow a focus "on" the business strategically from Day 1.
• Valuing Trades Over Tech:
  • Quote: “Multiples on those [tech] businesses are more than I was willing to pay, and two, I just don’t know what AI is going to do...” (15:32)
• Picked service trades as an industry where his systems/process experience could add value to companies stalled at the 5–10 technician level.
  • Quote: “I could come in and provide the value from a back office and growth and technology perspective...” (17:18)

3. The Search & Acquisition Process

• Search Parameters: Wanted a southern location, scalability, existing management, and room for operational professionalization.
• Discovery: Found PGM as the first deal he reached out to on BizBuySell — after browsing 30–40 SIMs.
  • Quote: “I found it on BizBuySell. And it was the first business that I reached out to a broker about.” (22:11)
• Deal Turbulence: Took 11 months from interest to closing, involving failed LOIs, deal re-negotiation post-quality of earnings, and self-education at Sam Rosati’s SM Boot Camp.
• Lessons Learned:
  • Quote: “I can do it again a lot faster and a lot better...I didn’t have a deal team in place...I thought all SBA lending was the same. It is not.” (23:05)

Acquisition Terms

• Initial Listing: $1.8M for a $500K SDE business ($2.6M revenue)
• Final Purchase Price: $1.64M, just above a 3x SDE multiple.
• Funding: Approx. 75% SBA loan, 10% seller note, 15% from Brian and an investor (Capital Pad), with $100K in working capital added.
  • Quote: “I was willing to give up a little bit of equity to have a partner with access to capital...” (31:54)
• Business Structure at Acquisition: 7 techs (including the owner), a GM/office manager, with the previous owner still working as the senior field tech.

4. Taking Over and Professionalizing Operations

• Soft Landing: Having a hands-on GM meant Brian could indeed focus on working "on" the business from the outset.
  • Quote: “It did give me a nice soft landing inside the business.” (33:38)
• Early Wins:
  • Standardized email and communication systems (moved to Office365).
  • Replaced manual phone-forwarding with digital phone/IVR system.
  • Phased changes to minimize culture shock (“didn’t come in like a wrecking ball”), earning buy-in over time.
  • Quote: “Little wins, as the weeks went on...” (37:27)
• Culture Transition: Navigated delicate operational territory with veteran management, respectful of long-standing practices but insistent on necessary modernization.
  • Quote: “I didn’t want to call his baby ugly.” (38:28)
• Personnel Structure: Empowered field techs, encouraged growth paths.

5. Growth and Revenue Strategies

• Service Model: Historically focused on “hot side” kitchen equipment, leaving “cold side” (refrigeration) as a major growth lever.
  • Quote: “We don’t do all kitchen equipment...it’s only hot side...so another area of potential growth [is] adding in cold side.” (26:51)
• Revenue Enhancements:
  • Operational professionalization (improved communication, workflow).
  • Launched a Preventive Maintenance (PM) program branded as a “preferred membership,” offering priority service and discounted rates.
    • Quote: “We have a preventive maintenance program that I call a preferred membership...priority service, discount on our labor and parts, and PMs...” (56:52)
  • Expanded manufacturer warranty relationships — from 4-5 to 15+ — to capture inbound warranty work.
  • Preparing to (selectively) add cold-side services with new technical hires.
  • Quote: “If we add services, let’s make sure we’re doing it well...” (61:51)
• Compensation Model:
  • Unique commission structure for techs, incentivizing efficiency and revenue.
    • Quote: “We pay our guys a little bit below scale...but they get a commission every month based on their total sales revenue...” (43:31)

Growth Potential

• Tampa Only (Hot Side, No Expansion):
  • Conservative estimate is a doubling to $5M revenue is possible just with hot-side services, added PMs, more installations, and expanded ASA work.
  • Quote: “Just in Tampa, we could probably...double it to get to $5 million. Just on hot side.” (64:27)
• Long-Term: Step-by-step expansion to cold-side services and additional territories.

6. People, Culture, and Retention

• Core Motivation: Creating pathways for employee growth, from “short order cook” to trained technician; mentorship is central to Brian’s philosophy.
  • Quote: “That...is the most rewarding part of it. Sure, the revenue is all great and fun, but...being able to provide that pathway. Because I didn’t have that growing up...” (47:22, 47:57)
• Talent Challenge: Hot-side techs are hard to find — often require “ground-up” training, as formal trade schools for this field are rare.
  • Quote: “There is no formal trade school...Most of the people...gotta grab them from another company...or we gotta train them from nothing to something.” (48:54)

Notable Quotes & Memorable Moments

• Entrepreneurial Genesis:
  • “If you provide value to people...you can make money.” (05:19)
• On Acquisition Strategy:
  • “I found it on BizBuySell. And it was the first business that I reached out to a broker about.” (22:11)
• On Professionalizing a Small Business:
  • “Billionaires do business with billionaires...stop thinking like a small business and start thinking and operating like a big business.” (40:14)
• On Management and Culture:
  • “I didn’t want to call his baby ugly.” (38:28)
• Core Purpose:
  • “Being able to provide that value...is what I enjoy doing at my core.” (46:35)

Important Timestamps

• Brian’s Introduction & Early Hustle: 04:17–06:19
• MSP Career, Exit, and SaaS Interlude: 06:19–09:17
• ETA Decision and Search Start: 10:18–12:24
• Why Blue Collar over Tech: 15:32–17:45
• Setting Acquisition Criteria: 14:46–21:30
• Acquisition & Process Details: 22:11–33:38
• Operational Improvements & Culture Shift: 33:38–41:33
• Revenue Strategies (PM Program & ASAs): 53:51–59:35
• Expanding to Refrigeration (Cold Side): 59:46–62:08
• Growth Potential in Tampa: 64:16–65:04
• Philosophy on People & Retention: 46:35–48:54
• Lessons Learned (Deal Teams, Education): 23:05–25:56

Key Takeaways for Acquisition Entrepreneurs

• Build a Deal Team Early: Don’t skimp on expertise—SBA lenders, capital advisors, and experienced attorneys are crucial.
• Professionalize Gradually: Change management is as important as operational improvements; respect existing culture.
• Value Trades Businesses: There are significant opportunities in niche trades with operational bottlenecks where process-focused acquirers can unlock growth.
• Find or Build Your Management Bench: A strong manager in place makes acquisitions—especially industry pivots—much more viable.
• Create Paths for Employee Growth: In sticky, technician-driven businesses, career ladders and incentives boost morale and retention.

How to Connect with Brian Seeling

• LinkedIn: Brian is open to networking, mentorship, and advice: “Happy to help, as much as I can, or provide any insight...I can’t say no to people if they ask.” (68:22)

This summary captures the heart of the conversation and practical insights for current and aspiring acquisition entrepreneurs. For more details, visit Acquiring Minds https://acquiringminds.co or reach out to Brian on LinkedIn.