BusinessEntrepreneurshipInvesting

Acquiring Minds

Will Smith

Buying a business is an amazing path for many successful entrepreneurs. Learn how to buy a business from the entrepreneurs who have already done it. 2x per week: stories, insights, & valuable advice about acquisition entrepreneurship. Hosted by Will Smith, who is on his own path to acquire a business.

Also on YouTube:
https://www.youtube.com/@AcquiringMinds

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Thursday · 53 min
Personal Guarantee Insurance: How It Works
Jason Hunt unpacks PGI, the new product category built for SBA buyers deterred by the risk of losing everything. Register for the webinars: The Wake-Up Call: From 'Someday' to Signed - TODAY!! - https://bit.ly/4ertdjE Personal Guarantee Insurance: What You Need to Know - Tue, Nov 17 - https://bit.ly/3Ws5PfJ Topics in Jason’s interview: Why personal guarantees deter experienced buyers The risks of SBA personal guarantees How personal guarantee insurance works Business collateral and downside protection How Ink determines coverage percentages Helping sellers feel comfortable rolling equity Balancing risk protection with skin in the game How claims and payouts work Which industries have the highest default rates? Ink’s tools for sizing PG exposure References and how to contact Jason: LinkedIn Ink Morli Desai on Acquiring Minds: Losing a $1m SDE Business to Bankruptcy Webinar: Personal Guarantee Insurance: What You Need to Know Get a complimentary IT audit for acquisition diligence or post-close transition. Visit inzotechnologies.com/eta. Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or hello@systemsix.com and mention Acquiring Minds The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
Monday · 1 hr 13 min
She Wanted to Run a Factory, So She Bought One
Leyla Sudbury left BCG after a decade and bought a printed circuit board assembler in Austin with $2–3m of EBITDA. Register for the webinar: The Wake-Up Call: From 'Someday' to Signed - Thu, Nov 12 - https://bit.ly/4iyRup2 Topics in Leyla’s interview: Childhood fascination with factories Manufacturing experience at Jaguar Land Rover Leaving BCG for entrepreneurship “New ventures start with 50 cups of coffee” Noticing the trend of onshoring Partnering with entrepreneur Andrew Cousin Semiconductor, aerospace, defense, and robotics growth Funding the factory purchase and investor negotiations What makes a manufacturing acquisition different Raising $200,000 for a “diligence fund” References and how to contact Leyla: LinkedIn BSU Electronics Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses: Pioneer Capital Advisory Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team Contact Jenny to learn how Engage can run people operations in your acquisition: Jenny Thear: jthear@engagepeo.com Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
November 5 · 1 hr 24 min
Growing a GC from $1m to $14m, Remotely
Jason Leisey bought a two-truck federal contractor in Las Vegas from New Jersey, two months before COVID hit. Register for the webinar: Franchisor Diligence 101 for Searchers - TODAY!! - https://bit.ly/4szlXaW Topics in Jason’s interview: Military service, Iraq injury, and recovery Leaving Wall Street for more family time Losing a deal to a SpaceX supplier Risks of subcontracting Jason takes 51%, sellers retain 18% each Ran the business remotely with on-site partners Building rapport with field employees Taking a vacation to test operations Long-term plans for liquidity and exit Exploring a new vegetation-management business References and how to contact Jason: LinkedIn Aventus NV Contact Jenny to learn how Engage can run people operations in your acquisition: Jenny Thear: jthear@engagepeo.com Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or hello@systemsix.com and mention Acquiring Minds Get a complimentary IT audit for acquisition diligence or post-close transition. Visit inzotechnologies.com/eta. Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
November 2 · 1 hr 23 min
When the Business Is Just You: A $650k Garage Biz
Marco Hsu took over a Porsche upgrade maker run by one person, and now faces the same limits its founder did. Register for the webinar: Franchisor Diligence 101 for Searchers - Thu Nov 5 - https://bit.ly/4ySdPnG Topics in Marco’s interview: “I never wanted to work for a company” Discovered Clewett Engineering through Quiet Light Submitted 3 LOIs for the same business Ran the business from a small garage Supplier changes disrupted the business for months Marco redrew fifty engineering drawings Profits initially went toward rebuilding inventory Goals: employees and dedicated workspace Earning less than his former job “We’re never fully aware of how hard it’ll be” References and how to contact Marco: LinkedIn Clewett Engineering Patrick Dunphy on Acquiring Minds: The $150k Hiding in the Business He Bought Adam Goldberg on Acquiring Minds: How to Reinvent a $1m Candle Manufacturer Chad Hildebrant on Acquiring Minds: How to Buy a $3m Business with No Books Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses: Pioneer Capital Advisory Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
October 29 · 1 hr 15 min
Run It for 6 Months Before You Buy It
Jeff Thompson took over an unprofitable elevator company as GM, with a pre-agreed right to buy it in pieces. Topics in Jeff’s interview: Why elevator companies attract private equity Turning operational chaos into repeatable processes Empowering employees to solve technical problems Improving pricing and expanding customer revenue Structuring a staged, three-year business acquisition Aligning incentives between buyer and sellers Building trust through transparency and fair dealing Growing revenue beyond $8 million annually Using hire-to-acquire to reduce acquisition risk Finding new acquisition opportunities in elevator services References and how to contact Jeff: LinkedIn careers@charterelevator.com Ben Rizzo on Acquiring Minds: How to Buy, Double & Exit a Turnaround (as a First-Timer) Mike Bourgeois on Acquiring Minds: First-Timer Buys a $15m Business in Distress Elias Youssef on Acquiring Minds: Take Over the Business Before You Buy It Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or hello@systemsix.com and mention Acquiring Minds Contact Jenny to learn how Engage can run people operations in your acquisition: Jenny Thear: jthear@engagepeo.com Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses: Pioneer Capital Advisory Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
October 26 · 1 hr 14 min
Zero to One, Then 1 to 4 by Acquisition
Rahib Diwan started a short-term rental company, then bought another one 3x its size without having to use more cash. Topics in Rahib interview: From healthcare to short-term rentals Building the business from scratch Choosing Nashville as the market Luxury properties as a niche Valuing the property management business Financing through an SBA expansion loan Sellers retaining 20% equity Preserving property-owner relationships Unexpected customer churn after acquisition Rebuilding operations and booking momentum References and how to contact Rahib: LinkedIn Visit Nashville Now Matt Orley on Acquiring Minds: Buying for Brand (Then Growing 4x) Megan McGee on Acquiring Minds: No SBA Loan and $75k Out of Pocket Get a complimentary IT audit for acquisition diligence or post-close transition. Visit inzotechnologies.com/eta. The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
October 22 · 1 hr 25 min
Buying a 138-Year-Old Navy Bell Maker
Jon Hyatt was under LOI on a dental practice when a late-night Craigslist search turned up one he couldn't resist. Register for the webinar: Structuring LOIs: Competitive Enough to Win, Bankable Enough to Close - TODAY!! - https://bit.ly/4s1pAWV Topics in Jon’s interview: Using Facebook groups for industry research Why labor became a search constraint The abandoned dental roll-up thesis Discovering E.J. Willis on Craigslist Falling for a 138-year-old heritage brand Buying a tiny business Navigating an asset purchase and carve-out Selling bells to defense shipbuilders Building direct-to-consumer bell demand Reviving forgotten products and company history References and how to contact Jon: LinkedIn E.J. Willis Co. The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or hello@systemsix.com and mention Acquiring Minds Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
October 19 · 1 hr 20 min
Take Over the Business Before You Buy It
Elias Youssef stepped into an unprofitable plumbing company as its GM, grew it 6x, then got an SBA loan to buy it. Register for the webinar: Structuring LOIs: Competitive Enough to Win, Bankable Enough to Close - Thu, Oct 22 - https://bit.ly/4B7XVHU Topics in Elias’s interview: Dropping out of community college Stacking cash as an appliance salesman Early real estate joint ventures Breaking even on an assisted living acquisition Seeking out HVAC mentorship The brutality of cold calling Operating before buying Majority equity is majority work Buying is easy. Running it is the hard part. Getting out of operations References and how to contact Elias: LinkedIn Frost and Flow Elias’s announcement of Kyle’s acquisition Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses: Pioneer Capital Advisory Get a complimentary IT audit for acquisition diligence or post-close transition. Visit inzotechnologies.com/eta. Contact Jenny to learn how Engage can run people operations in your acquisition: Jenny Thear: jthear@engagepeo.com Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
October 15 · 2 hr 7 min
Buying a 1-Product Business, Building It to a Big Exit
Jay Boren bought a tiny grease tool business run out of a living room, then grew it into a brand with 250 products. Register for the webinar: The Small Things That Sink First-Year Owners - TODAY!! - https://bit.ly/3VAOWiq Topics in Jay’s interview: Choosing Vermont over Silicon Valley Solving geography through ETA Discovering LockNLube through Tuck Turning a grease coupler into opportunity Navigating a hostile South African supplier Buying LockNLube as an intern Structuring a heavily seller-financed acquisition Expanding from one SKU to 250 Scaling through digital advertising and Amazon Exiting LockNLube and staying through integration References and how to contact Jay: LinkedIn LockNLube Jarrett Burke on Acquiring Minds: When a Restaurant Is a Great Business to Buy Contact Jenny to learn how Engage can run people operations in your acquisition: Jenny Thear: jthear@engagepeo.com Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or hello@systemsix.com and mention Acquiring Minds Get a complimentary IT audit for acquisition diligence or post-close transition. Visit inzotechnologies.com/eta. Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
October 12 · 1 hr 21 min
Side Hustle Acquisition to $5m in Revenue
Brendan Guerin was 21 when he and 3 friends bought a dog daycare on the side. Today: 6 Midwest locations. Register for the webinars: Debt Financing Your Deal (SBA & Independent Sponsor) - TOMORROW!! - https://bit.ly/4rRpQaY The Small Things That Sink First-Year Owners - Thu, Oct 15 - https://bit.ly/4idBtVx Topics in Brendan’s interview: He bought his first doggy daycare at 21 The first acquisition was a deliberate starter deal Four partners split ownership and responsibilities. The $1.1M deal included real estate EBITDA margins approached 50% before rent Buying real estate protects long-term business control Midwest real estate makes their model work Covid unexpectedly supercharged dog daycare demand Brendan eventually left finance to operate full-time Today, Argos spans six Midwest locations References and how to contact Brendan: LinkedIn brendan@argospartners.com Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses: Pioneer Capital Advisory The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
October 8 · 1 hr 42 min
The Roll-Up with No Investors & No Clock
Tyler Hoffman has bought 4 telecom companies with no outside equity, and works 15 hours a week to get to $50m. Topics in Tyler’s interview: Lessons from being fired repeatedly Finding and acquiring Metro Wireless Filling experience gaps with charisma Financing the $4.5 million acquisition Navigating a difficult ownership transition Discovering hidden operational problems post-close Losing half of earnings — and surviving Rebuilding Metro Wireless through operational improvements 3 tuck-in acquisitions Balancing business growth with personal autonomy References and how to contact Tyler: LinkedIn Hoffman Capital Metro Wireless Jeff Homer’s webinar: Architecture of an Entrepreneurial Roll-Up Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or hello@systemsix.com and mention Acquiring Minds The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses: Pioneer Capital Advisory Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
October 5 · 1 hr 2 min
$33m Holdco: Teddy Bears to Insurance Claims
Colin King and his 50/50 partner have paid themselves little since 2018, reinvesting profits back into their businesses. Topics in Colin’s interview: Growing Circle City Capital’s business portfolio Don’t call them private equity Why Colin stopped wanting operational roles Why critical mass matters for holdcos He still earn less than operators Holdco strategy versus industry-specific rollups The fox versus hedgehog framework Learning through hands-on operating experience Why chasing money can make things harder Costly mistakes and failed acquisitions References and how to contact Colin: colin@circlecitycapitalgroup.com LinkedIn Colin King’s first appearance on Acquiring Minds: How to Build a $28m Holdco (in 6 Years) Circle City Capital Group Get a complimentary IT audit for acquisition diligence or post-close transition. Visit inzotechnologies.com/eta. Contact Jenny to learn how Engage can run people operations in your acquisition: Jenny Thear: jthear@engagepeo.com Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
October 1 · 1 hr 30 min
The $150k Hiding in the Business He Bought
Patrick Dunphy acquired a low-seven-figure interpreter agency, then halved its collection times in year one. Topics in Patrick’s interview: From Army aviation to business ownership Why Patrick chose ownership over corporate success Three years searching while working full-time Turning red flags into acquisition opportunities Why intrinsic value matters beyond financial returns Building a scalable, contractor-driven service business Structuring an SBA acquisition without seller financing Cutting payment times in half through better invoicing Preserving trust through a quiet ownership transition Growing through new markets and government contracts References and how to contact Patrick: LinkedIn JS Languages Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses: Pioneer Capital Advisory Get a complimentary IT audit for acquisition diligence or post-close transition. Visit inzotechnologies.com/eta. Contact Jenny to learn how Engage can run people operations in your acquisition: Jenny Thear: jthear@engagepeo.com Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
September 28 · 1 hr 28 min
How to Buy a $2.1m Business Without the SBA
Jack Rauch left politics for a niche Florida business no bank would finance. He's doubled revenue twice since. Register for the webinar: Sizing an SBA Loan to the Cash Flow - TOMORROW!! - https://bit.ly/4hrFwge Topics in Jack’s interview: From the White House to entrepreneurship Discovering an overlooked private provider niche Customers helped save the business How private inspections accelerate construction projects Expanding beyond the seller's tiny territory Navigating licensing requirements without industry experience Financing the deal without SBA backing Raising prices and finding unexpected growth Doubling revenue during each ownership year Joining industry leadership to reduce regulatory risk References and how to contact Jack: LinkedIn Tew & Taylor The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or hello@systemsix.com and mention Acquiring Minds Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
September 24 · 1 hr 30 min
Buying a $7.3m Golf Course with No Money Down
Kyle Holmes spent 8 years running Quail Ridge for its investor owners. Then they asked if he wanted to buy it. Register for the webinars: Protect the Business: How to Diligence Insurance Pre-Close - TODAY!! - https://bit.ly/4xvNj2E Sizing an SBA Loan to the Cash Flow - Tue, Sep 29 - https://bit.ly/4y1Xr4a Topics in Kyle’s interview: Growing up in a golf family Running Quail Ridge before becoming an owner Being approached about buying the golf course Golf’s boom, recession, and post-COVID resurgence Michigan’s surprisingly strong golf market Revenue from golf, dining, events, and driving range Improving Quail Ridge before buying the business Valuing land worth more than operations Negotiating from $6.5 million to $7.3 million Financing with SBA, conventional, and seller debt References and how to contact Kyle: LinkedIn Quail Ridge Golf Club Contact Jenny to learn how Engage can run people operations in your acquisition: Jenny Thear: jthear@engagepeo.com Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or hello@systemsix.com and mention Acquiring Minds Get a complimentary IT audit for acquisition diligence or post-close transition. Visit inzotechnologies.com/eta. Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
September 21 · 1 hr 30 min
Buying a $12.5m Contractor to Create 1,000 Jobs
Manolo Diaz Corrada came home to Puerto Rico to build for decades and keep the wealth from leaving the island. Register for the webinars: Working Capital: What Buyers Need to Know Before Closing - TOMORROW!! - https://bit.ly/4yJUdSX Protect the Business: How to Diligence Insurance Pre-Close - Thu, Sep 24 - https://bit.ly/4rlZei3 Topics in Manolo’s interview: Building a career across engineering, business, and law Fighting Puerto Rico’s brain drain Launching a self-funded search in a tiny market Why traditional search fund investor passed on Puerto Rico Finding an acquisition through family connections Navigating SBA financing challenges in Puerto Rico Using reputation as a due diligence tool Betting on Puerto Rico’s infrastructure boom Using backlog to underwrite acquisition risk Structuring a deal with seller financing References and how to contact Manolo: LinkedIn Bonneville Group Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses: Pioneer Capital Advisory The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
September 17 · 1 hr 11 min
Losing a $1m SDE Business to Bankruptcy
Morli Desai bought an e-commerce brand with an SBA loan. Three years later: liquidation, Chapter 11, and gratitude. Register for the webinars: Equity Financing: From SBA Deals to Independent Sponsors - TODAY!! - https://bit.ly/4r81edB Working Capital: What Buyers Need to Know Before Closing - Tue, Sep 22 - https://bit.ly/4gZWFxh Topics in Morli’s interview: Acquiring a skincare brand Why she felt confident in the company Early red flags she minimized Amazon shipping disaster Rising cost per click 8-12% customer retention rate Unique challenges of ecommerce Negotiating multiple loan deferrals Stress of the personal guarantee Filing subchapter V bankruptcy References and how to contact Morli: LinkedIn Morli’s first Acquiring Minds episode: How to Buy a $4m E-com Business with an SBA Loan Get a complimentary IT audit for acquisition diligence or post-close transition. Visit inzotechnologies.com/eta. Contact Jenny to learn how Engage can run people operations in your acquisition: Jenny Thear: jthear@engagepeo.com Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
September 14 · 1 hr 31 min
$340k to $1.3m of Earnings in 14 Months
Rob Brooks bought a $1.9m Sarasota HVAC shop, then ignored the advice to wait 90 days before changing it. Register for the webinar: Equity Financing: From SBA Deals to Independent Sponsors - Thu, Sep 17 - https://bit.ly/3VqwuZu Topics in Rob’s interview: Choosing an industry where he had an edge Buying smaller to reduce debt risk Understanding prepaid customer obligations Using ChatGPT to learn HVAC Making changes immediately after acquisition Inheriting a GM and long-tenured employees Digitizing operations and increasing accountability Transforming a blame culture into a problem-solving culture Adding weekly employee training sessions Practicing radical honesty with customers References and how to contact Rob: LinkedIn Gary Air Grant Hensel Jack Carr on Acquiring Minds: Back from the Brink When Everybody Quits Day 1 Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or hello@systemsix.com and mention Acquiring Minds The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses: Pioneer Capital Advisory Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
September 10 · 1 hr 7 min
Buy a Business with Your Tax Bill
Adam Whelchel paid himself instead of the IRS, putting $35k down on an escape room doing $365k with room to grow. Register for the webinar: The Deal I Almost Bought (And Why I Passed) - TODAY!! - https://bit.ly/4hVeKik Topics in Adam’s interview: Built a $1.5M accounting firm Business brokerage opened the acquisition door Wanted a business his daughter could appreciate An escape room caught his attention Fixed costs created massive operating leverage Bought the business for roughly $220K Put about $35K into the deal Business acquisition as a tax strategy Re-engaged customers and local businesses Plans to double capacity to 20% References and how to contact Adam: LinkedIn Axis Accounting & Tax Jeff Homer on Acquiring Minds: 1 Music School to $100m in Revenue Adam’s slides Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses: Pioneer Capital Advisory Get a complimentary IT audit for acquisition diligence or post-close transition. Visit inzotechnologies.com/eta. Contact Jenny to learn how Engage can run people operations in your acquisition: Jenny Thear: jthear@engagepeo.com Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron
September 7 · 1 hr 23 min
First-Timer Buys a $15m Business in Distress
Mike Bourgeois bought an HVAC company bleeding $3m a year, all cash and no SBA, then cut $1.4m of costs in 2 weeks. Register for the webinar: The Deal I Almost Bought (And Why I Passed) - Thu, Sep 10 - https://bit.ly/4zKAGTN Topics in Mike’s interview: Led major Air Force medical practice Found a search partner with complementary skill sets Bet on distressed businesses with liquidation value Found a deal through veteran ETA Slack Speed beat the highest bid Immediately cut $1.4M in annualized expenses Raised gross margins from 7% to 49% Shifted from silos to teamwork Emphasis on ongoing staff training His goal of being a capital allocator/investor References and how to contact Mike: LinkedIn Cardinal Heating & Air Book: The Compounders: From Small Acquisitions to Giant Shareholder Returns The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or hello@systemsix.com and mention Acquiring Minds Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron

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