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PODCAST

Acquiring Minds

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 Sign up for episode summaries at: https://acquiringminds.co

business entrepreneurship

All Episodes

87:23

Buying $1m+ Ice Cream Shops to Expand Nationally

Acquiring Minds ·

2023/10/05

Shawn Allard didn't want a food business, but an ice cream shop with good margins & a local following changed his mind. Topics in Shawn’s interview:Realizing he’s not a zero-to-one guyMore reps = more rewardGetting brokers to take him seriously at age 26Why he was comfortable “buying small”Buying a local ice cream businessHorror stories of food and beverageKeeping his W-2 after buying the businessHis vision to open more locationsThe value of brand and reputationLearning the business

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98:46

Buy and 3x a Project-Based Business in Just 2 Years

Acquiring Minds ·

2023/10/02

In 2021, Johannes Hock bought an artificial turf installer business doing $5m. It's on track to exceed $15m in 2023. Topics in Johannes’s interview:Comparing opportunities in private equity vs searchSources of deal flow beyond BizBuySellMapping multiples to months for better perspectiveAcquiring an artificial turf companyThe luxury of finding a business with a GMHow to value and finance a fast-growing businessTracking data from day one of ownershipHow weather affects his cash flowUnexpected

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63:33

How to Buy the Business Where You Work

Acquiring Minds ·

2023/09/28

Corey Veverka acquired the business where he had worked for years, mitigating his risk & removing the need for a search. Topics in Corey’s interview:Corey bought a business without doing a searchAccepting that buying a $5m business can be "normal"How Corey felt about buying a business for millions of dollarsEducating the owner about SBA loansConvincing his wife & partner to do the dealLearning to think like an owner (increasing his financial goals)How Corey's risk was mitigated by

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90:31

The $295m Search Fund Exit

Acquiring Minds ·

2023/09/25

Sandy Paige struggled to raise a search fund as a mid-career executive, then grew EBITDA by 7x and exited for 9 figures. Topics in Sandy’s interview:Delaying search due to timingHurdles he overcame to raise fundsWhy he chose traditional searchHow he got a good deal on purchase priceRenting space to animal research labsImportance of hiring the right senior teamSimilarities between his company and WeWorkTerrifying risks with the real estate dynamicsAdvice for searchers over 40Selling to

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71:07

Hiring a General Manager & Buying Business #2

Acquiring Minds ·

2023/09/21

Shane Ehrsam & Brandon Adams return to discuss hiring a GM, buying business #2, the rewards of SMB life & managing envy. Topics in Shane’s interview:Most professionally rewarding year of his lifeGratification of making a positive impact on your employeesIntroducing new benefits for employees: 401k, health insurance, bonusesGrowing revenue even after COVID demand recedesNot a “searcher-friendly” businessReality of bumpy revenue in retailOwning a business bought as a stock sale rather

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93:36

Leaving a Big Salary in DC for Small Business in Wyoming

Acquiring Minds ·

2023/09/18

Eric Hayes was an accomplished executive in the DC area with 5 kids when he decided to buy a business in Laramie, WY. Topics in Eric’s interview:Walking away from a C-level career to buy a small businessDifficulty raising equityHow “smiling and dialing” investors paid offWillingness to take “key man risk”Negotiating a premium for his operations experienceThe business of restoring native ecosystems Costs to serve customers across the Mountain WestLearning to communicate with his

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88:42

Seller's View of a Searcher Buying His Business

Acquiring Minds ·

2023/09/14

Peter Wild fielded offers to buy his business for years but sold only after being introduced to the searcher community. Topics in Peter & Carlos’ interview:The psychology of a sellerRecognizing the business as “searcher friendly”Finding the right individual to buy the businessHistory of the organic tree health industryWhy this sale was a “reverse search fund”Upgrading to Salesforce from a 40-year-old custom databaseUpgrading to digital contracts from paperWhy he wouldn’t sell to a

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83:39

Buying a 45-Year-Old Industry Pioneer

Acquiring Minds ·

2023/09/11

After a successful military career, Don Gourley saw buying a business as the best means to "lead a unit" as a civilian. Topics in Don’s interview:Having a “plan Z” as a searcherImportance of being crystal clear about what you want to buyHis rigorous approach to a geographic searchHow to recruit & manage 10+ internsCultivating brokersAbout Boston Tree PreservationDigital transformation — is it actually that valuable?How to take over from a founder-visionaryWhy buying a business is such a

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102:51

Buy a Franchise Portfolio: How to Choose a Brand

Acquiring Minds ·

2023/09/07

AJ Wasserstein, Peter Mistretta & Mike Horowitz distill the selection of a franchise brand into 10 essential criteria. Topics in today’s interview with A.J., Michael, and Peter:Why you should (and should not) buy into a franchise systemLikelihood of becoming a billionaire, centi-millionaire, or deca-millionaire by acquiring franchise businessesThe importance of defining what success looks like to you“Blind” evaluation of a franchise systemHow to evaluate a brand & systemHow to

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91:21

Rocky Transition: How to Survive, Then Thrive

Acquiring Minds ·

2023/09/05

Collapsing sales, unhelpful sellers, and a GM who quit. But 1 year later, Chris Jones is contemplating acquisition #2. Topics in Chris’s interview:Buying a foundation repair businessFinding discrepancies in QuickBooks His chaotic transition to CEOThe GM leaving to start a competing companyA dispute over money the seller owedBurning through cash the first winterRestructuring roles in the businessImprovements in sales numbersPossibly acquiring a second businessOptimism about the future of the

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70:13

First-Time Buyer Recipe for Success: Action & Small...

Acquiring Minds ·

2023/08/31

Connor Pera shares how taking incremental steps led to buying his first business much sooner than expected. Topics in Connor’s interview:Trade-offs of a part-time searchImportance of taking actionCompetition in the web-to-print industryPros and cons of an SBA loanThe appeal of managing peopleHis mistake of not accounting for working capital adjustmentsFeeling anxious before closingTransitioning to ownership and fatherhood at the same timeThe importance of knowing oneselfThe value of his

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85:50

Unlocking Growth in a 40-Year-Old Business

Acquiring Minds ·

2023/08/28

Josh Medow brought a mindset to his search that he would reshape whatever business he bought into a high-growth company. Topics in Josh’s interview:Calling over 1,000 business owners during searchBuying a business with no money downHow EOS transformed his businessHis 10-20 year outlookComparing his military experience with business leadershipLaser focusing on one target marketBuilding their own SaaS tool for their customersHis most transformational leadership hireWhat matters to him more

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82:42

From Startup Founder to Buying a Small Business

Acquiring Minds ·

2023/08/24

Tim Ericson brings lessons from 13 years as a startup founder to the $4m printer rental company he recently bought.Topics in Tim’s interview:His experience in a VC-backed startupSearching for a remote-friendly businessUsing his sales skills to find a businessBuying Short-Term Copier The types of customers they serveComfort running a remotely-managed, multi-city businessHis vision to double the business Installing an operations managerBoring is the new sexyInvesting in other searchers’

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74:40

Buying a Small Business to Build for Decades

Acquiring Minds ·

2023/08/21

August Felker did a search fund, then later a self-funded search so he could own & build his business for years to come.Topics in August’s interview:Buying a business without an MBAHow cold calling led to his first dealBuying an “elevator asset business”Early lessons in leadershipWhat he loved about traditional searchThe resiliency of the insurance industryThe normalcy of 3-year earnouts Self-funding his second dealHis vision for building a brandThe niche of working with

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41:25

Holdco Entrepreneurs: A Peek Behind the Curtain

Acquiring Minds ·

2023/08/17

HoldCoConf co-founder Kelcey Lehrich shares key findings from a survey of 100+ holdco operators about their businesses. Topics in Kelcey’s interview:How HoldCoConf startedWhy holdcos are so popularArguments against holdcosThe “everything tastes like chicken” layer of businessSurprising survey resultsWhat becomes possible at $50M in revenueHiring leadership in holdcosDebating centralized vs decentralized modelsUse of global hiringConcerns about a recessionReferences and how to contact

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78:00

A Non-Financial Reason to Buy a Business

Acquiring Minds ·

2023/08/14

Nick Akers had a vision for supportive, employee-first leadership. Buying a business enables him to realize this vision.Topics in Nick’s interview:His background as an inventorHow the TV show Succession mirrors real lifeWhy he chose Swiss search accelerator NovastoneWhat motivates him more than moneyHis focus on building a positive company cultureThe MSP industry and its appeal for searchersHis plan for bolt-ons in the MSP industryThe importance of cash flow and working capitalHis first 2

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54:22

Postmortem of a Broken Deal

Acquiring Minds ·

2023/08/10

Nick Wheeler reflects on investing countless hours to buy a beautiful business, only to have the seller kill the deal.Topics in Nick’s interview:Finding a commercial landscaping businessWinning the sellers’ trustHow he interpreted early red flags Lessons learned about due diligenceConflict with sellers over working capitalWhy the deal fell apartThe financial cost of the broken deal The emotional cost of the broken dealHow brokers can help (or hurt) your dealWhat Nick is most grateful

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80:37

The Joys & Pain of Owning a $10m City Bus Business

Acquiring Minds ·

2023/08/07

George Goates bought a small shuttle business that he's grown 4x in 8 years, partly by running buses for municipalities. Topics in George’s interview:Buying a transport/bussing companyPivoting into operating city busesImportance of relationships in securing contractsImpact of CovidGovernment corruption in urban transitPromotion opportunities for his employees Nasty cost of doing business in bussing: frivolous lawsuitsPotential for inorganic growth through acquisitionsDifferent niches within

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69:27

How (and Why) to Buy a B2B Services Business

Acquiring Minds ·

2023/08/03

Sajama Mitta wanted to make strategic decisions at the head of an organization. Buying her own business was the answer. Topics in Sajama’s interview:Using her investing background to evaluate businessesBuying an environmental health and safety consulting companyHow the founders made themselves replaceable How they keep their clients in compliance with regulationsThe fragmented nature of the industry and opportunities for growthHow California compares to other states on regulationsThe

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99:54

16 Months to Exit: Cleaning Up in Street Sweeping

Acquiring Minds ·

2023/07/31

Manny Saxena quickly bought 3 street-sweeping businesses to become the largest player in NorCal. A big PE fund noticed. Topics in Manny’s interview:The importance of maintaining a strong pipeline during searchWhy he chose a street-sweeping business during COVIDThe transition into running a blue-collar business and motivating the teamWhy he recommends in-person conversations with sellersAdvice for other immigrants in businessThe importance of attitude and soft skills in hiringManaging

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429 results

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