Impact with Eddie Wilson – Episode 40

From W-2 to Owner | Your Playbook to Buy Profitable Businesses
Guest: Matt Euler | Date: October 28, 2025
Host: Eddie Wilson

Episode Overview

In this episode, Eddie Wilson welcomes business acquisition expert Matt Euler to discuss the massive opportunity in buying small businesses as millions of baby boomer owners approach retirement. Drawing from their extensive experience—Eddie’s 125+ companies and Matt’s 800+ transactions—they build a practical roadmap for listeners interested in leaving a traditional W-2 job to become a business owner. Key topics include business valuation, finding the right fit, financing, negotiation best practices, risk management, and building a business empire with impact.

Key Discussion Points & Insights

1. The American Dream is Shifting

• Opening Opportunity
  • Eddie highlights an unprecedented opportunity with 2-3 million baby boomers set to retire and sell their businesses in the coming years.
  • The traditional “American Dream” of 50 years in a W-2 job is giving way to the dream of ownership and freedom through small business acquisition.
  • "I think the American dream has shifted. I think the American dream is about freedom. It's about owning something that you can control." (03:30, Eddie)

2. Matt Euler’s Journey: W-2 Employee to Serial Buyer

• Matt shares his transformation: W-2 job → business owner → sales after 9 years → business brokering → 35 businesses purchased, 20 still owned.
• His insights come from 28 years of experience and 800+ transactions.
• "It's a real opportunity for people to create the lifestyle they want... to maintain a lifestyle that you want is important." (03:51, Matt)

3. Why Most Businesses Don’t Sell

• Less than 5% of businesses on the market actually sell (04:54, Matt).
• The primary reason is poor preparation—owners lack succession plans and don’t view their business as an asset.
• “Most people that I talk with that own a business think about their business as a job. And they run it like a job as opposed to an asset.” (06:30, Matt)

4. Key Criteria When Buying a Business

• The “Recipe”: Is there a duplicatable system for success, or is knowledge trapped in the owner’s head?
• Financial Trends: Look for businesses with a consistent, positive financial trajectory.
• Avoid “Buying a Job”: Seek businesses that offer freedom, not operator dependency.
• “If the recipe is in the owner's head and a new owner can't extract it, the potential for failure goes up.” (07:55, Matt)
• “I would much rather buy their successes than their mistakes.” (10:16, Eddie)

5. Main Street vs. “Go Big” Acquisition Strategies

• Matt prefers buying small to mid-size “Main Street” businesses with sustainable, proven models—opting for marginal improvements rather than total turnarounds.
• Eddie often acquires larger companies aiming for scale but warns this can be overwhelming for newcomers.
• "You don't take a person who just got their pilot's license and stick them in a fighter jet." (16:01, Matt)

6. Lessons from Adversity: COVID-19 & Managing Downturns

• Matt recounts navigating three businesses through near-collapse during COVID-19, emphasizing teamwork, core values, and increased communication as survival tools.
• Importance of strong partnerships and resilient leadership during crises.
• “If I'm... I will not partner with somebody that I don't feel good about or that I don’t feel like we share similar values.” (18:06, Matt)

7. Financing Business Acquisitions

• Around 70% of Matt’s client deals involve arranged financing.
• Advocates for careful use of income-producing debt (like SBA loans) vs. consumer debt and retaining liquidity for emergencies or future opportunities.
• "I personally am not afraid of income producing debt if I've done my homework." (21:40, Matt)

8. Avoiding Pitfalls: The Importance of Representation & Due Diligence

• Don’t try to navigate business purchases alone; brokers, professional advisors, and proper education are crucial.
• Seek trusted advisors, just as you would in real estate.
• Learn to filter brokers and deal partners—many have their own interests or insufficient experience.

9. Key Metrics & Red Flags

• Focus foremost on financials—ensure the business can pay for itself and your return.
• Qualitative factors: owner trustworthiness, culture (e.g., via Google reviews), and talking with long-term employees or customers.
• Watch for messy books and unsubstantiated “add-backs.”
• "If the books are such a mess that I can't work my way through them... I move on and find another one." (29:46, Matt)

10. What to Do After Acquisition

• Step 1: Ensure reliable, third-party accounting.
• Step 2: Preserve the seller’s proven “recipe” before making changes.
• Matt’s approach: “emulate” before “innovate,” especially in the early days.
• "I want to make sure the accounting is something we can count on as an accurate indicator moving forward." (30:54, Matt)

11. Negotiation Masterclass: Build Relationships, Not Adversaries

• Negotiate from mutual benefit and respect, not just leverage.
• Sellers care deeply about legacy, not just money—validation and legacy matter.
• A "win-win" keeps former owners engaged and invested in your success post-sale.
• “I would not do a deal where I didn’t care about the other person… I want this gentleman, his wife, who are running this business, to feel good about it and to continue on their legacy.” (41:40, Matt)
• "Whenever you put somebody in a corner... they typically fight back. Now it's an adversarial role versus a complementary role." (40:05, Eddie)

12. Common Cautions for First-Time Buyers

• Stay within your core competency—don’t buy a business in an industry you know nothing about.
• Make sure financials make sense; don’t leap because a business is “different.”
• "The safest way is to find the aspects of what they know… and then convert that into the business they're going to buy." (44:14, Matt)

Notable Quotes & Memorable Moments

• The Opportunity:
  "The American dream is about freedom. It's about owning something that you can control, that supports the lifestyle you want." (03:30, Eddie)

• Buying the Recipe:
  "If the recipe is in the owner's head and a new owner can't extract it, the potential for failure goes up." (07:55, Matt)

• On Negotiation:
  "Whenever you put somebody in a corner... they typically fight back." (40:05, Eddie)

• On the Importance of People:
  "I would not do a deal where I didn’t care about the other person... I want this gentleman, his wife... to feel good about it and to continue on their legacy." (41:40, Matt)

• Biggest Red Flag:
  “If the books are such a mess that I can't work my way through them... I move on and find another one.” (29:46, Matt)

• Defining Success/Estate:
  "My empire... gives me the opportunity that I could change my course with my day to day operation... and I could still survive and thrive financially." (50:59, Matt) "The way that I define my empire today is... the impact that it's making by its sheer existence on people that couldn't impact themselves." (52:19, Eddie)

Timestamps for Important Segments

• (00:45) Introduction to topic and guest
• (03:30) The new American dream: from employee to owner
• (04:54) Why only 2-5% of businesses on the market actually sell
• (06:30) Most owners are unprepared for exit
• (07:55) The importance of a business “recipe”
• (10:16) Why buy successes, not mistakes
• (16:01) Stacking wins vs. “fighter jet” approach for new buyers
• (18:06) Navigating crisis: COVID lessons
• (21:40) Smart business financing strategies
• (25:59) Use of metrics & key financial KPIs
• (29:46) Handling messy books/add-backs
• (30:54) First steps after buying a business
• (35:07) Managing the seller relationship post-acquisition
• (40:05) Best practices (and masterclass) in negotiation
• (44:14) Cautions for first-time buyers
• (45:55 & 46:42) Stories of walking away from bad deals
• (50:59 & 52:19) Defining a “business empire”
• (53:00) The journey from surviving to impacting others

Closing Advice

• Start Within Your Strengths: Target businesses related to your knowledge base and skills.
• Do Your Homework: Thorough due diligence isn’t optional—dig into the real financial trends and operator.
• Be Relationship-Driven: Legacy and relationships matter more than price alone.
• Think Beyond the Price: Sometimes the best deal is the one you decline.
• Define Your Empire: Your business journey can (and should) evolve—from personal security to greater impact.

For more from Matt Euler, visit AmpedSuccess.com.

Connect with Eddie Wilson: Social @eddiewilsonofficial

This summary captures the practical wisdom and encouragement to pursue business ownership with intention, empathy, and strategy that permeates this inspiring episode.