Transcript
Will Smith (0:00)
One of the classic pitfalls when buying a business is mistaking what is essentially a glorified job for the owner for an actual business. Case in point, today's guest Taito Corcoran bought a manufacturing business, but one that the owner had optimized for his own comfortable lifestyle, to the detriment of everything else about the enterprise. When Taito took the keys, the business was doing just $400,000 in revenue, employed three people, hadn't maintained equipment and hadn't raised prices in close to a decade. And oh, by the way, Taito knows nothing about manufacturing. For the first four months of her ownership, she cried on her kitchen floor every day. Well, 18 months later and Taito has more than doubled revenue. 2023 closed with over a million dollars in sales. There's a lot of detail in this episode. Taito shares everything, but let me call out a few to listen for how she used snail mail campaigns to reach owners during her search, how the value of the business's real estate factored into her risk analysis, and how she finally cracked the code on hiring Buckle up for this adventure with Tato Corcoran, owner of Brandt Molded Marble. Today's episode may sound familiar to longtime listeners. It was one of the most popular from last year, 2024, so please enjoy it while Team Acquiring Minds takes the week off.
Sam (1:39)
We will be back next week with new interviews.
Will Smith (1:42)
Merry Christmas and Happy Holidays everyone. Welcome to Acquiring Minds, a podcast about buying businesses. My name is Will Smith. Acquiring an existing business is an awesome opportunity for many entrepreneurs and on this podcast I talk to the people who do it. The team at Aspen HR recently published a short white paper targeted at searchers Entitled A New CEO's Guide to Human Resources. It lays out the key items you should be thinking about as you transition into CEO and owner of the business you bought. The link to download it is in the show notes. Aspen is a professional employer organization, or peo, run by a searcher for searchers. Search fund veteran Mark Sinatra runs the company, which provides HR compliance, flawless payroll, Fortune 500 caliber benefits and HR due diligence support for your acquisition, all for a fraction of the cost. Go to aspenhr.com or contact Mark directly@markspenhr.com.
Sam (3:00)
Tato Corcoran welcome to Acquiring Minds.
Tato Corcoran (3:03)
Thank you. I'm so excited. Thank you so much for having me.
Sam (3:06)
Tato, you bought a manufacturing business in Milwaukee, a very small business, almost a glorified job for the owner you eventually.
