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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

81:28

$14.5m Exit After 5 Years

Acquiring Minds ·

2026/01/08

Adam Vandermyde had to be persuaded to acquire the $15m business that he ultimately professionalized and exited for 7x.Register for the webinar: How to Present Your Deal for Maximum SBA Success - TODAY!! - https://bit.ly/3KW7aWLTopics in Adam’s interview:Leaving consulting 2 months from making partnerTaking on the CEO role at the target before closingFocusing on EBITDA over revenueA construction mistake that cost the company dearlyParsing data to understand “margin per labor

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93:35

Complexity Hides Fragility: Losing a $20m Business

Acquiring Minds ·

2026/01/05

Joe Odell and his partner acquired a business with over $4m in earnings and lots of green flags. It went sideways fast.Register for the webinar: How to Present Your Deal for Maximum SBA Success - Jan 8th - https://bit.ly/4snUKHYTopics in Joe’s interview:His blue collar, military backgroundVolunteering without pay for a consulting companyUltimately rejecting the tech industryFinding his search partner at business schoolSeeking out a complex businessDoing traditional search, on his wife’s

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103:10

Buying Small to Then Buy Larger ($1m SDE)

Acquiring Minds ·

2025/12/31

The first business Joe Soelberg bought did $400k SDE. The experience and cash flow enabled a second, larger acquisition.Topics in Joe’s interview:Leaving corporate for a chance to manage P&LHis toughest pitch was to his wifeAcquiring a 3D design firmPivoting hard during CovidHiring a manager with a design backgroundAcquiring a branding agencyDifference between branding and marketingRetainer model for recurring revenueOffering less than listing priceHis hand-off relationship with his

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110:53

Passion & Profit in an American Pastime

Acquiring Minds ·

2025/12/29

Former pro bowler Mike Fagan bought a $2m bowling center with a plan to roll up and rejuvenate these legacy businesses.Topics in Mike’s interview:His professional bowling careerConnecting with a bowling-specific brokerEconomic role of league bowlersThe decline of bowling in AmericaTraditional bowling vs BowleroBuying a traditional, older bowling alleyRunning leaner to pay down debtEmployee resistance to changeSuccess with online bookingsHis goal of managing remotelyReferences and how to

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105:16

When You Buy a Glorified Job, Not a Business

Acquiring Minds ·

2025/12/24

Tato Corcoran packed a lifetime of learning (and tears) into 18 months when she left tech & bought a tiny manufacturer.Topics in Tato’s interview:Connecting with sellers through direct mailHer “Say yes and figure it out later” approachDifficulty in hiring unskilled laborHow she solved her labor issueBeing a single woman in a male industryLearning Spanish to communicate with her employeesHemorrhaging money the first 8 monthsRaising prices 40% without losing customersThe difference

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114:33

Getting Unstuck by Buying a Business

Acquiring Minds ·

2025/12/22

The construction services business Christian Bateson bought will do $7.5m in 2024. It also rescued him from the depths.Topics in Christian’s interview:His front row seat to the 2008 financial crisisQualities of a top salespersonBusiness acquisition as a way out of a miserable careerShopping around for an SBA loanChoosing to play to his strengths and outsource his weaknessesDifficulty in hiring for constructionBouncing back and growing after Covid lossesRed flags he ignored when acquiring

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77:21

How to Buy a Generational Brand with $20m in Sales

Acquiring Minds ·

2025/12/18

Respected consumer brands are not common in lower middle market acquisitions, but Philip Hussey and Chenmark bought one.Topics in Philip’s interview:Chenmark’s acquisition of Thomas MoserLeading a furniture business as a non-craftsmanChenmark’s hold-forever intentionWait times for custom, hand-made furnitureLong tenure of craftsmenCommitment to world-class qualityGetting away from offering discountsBuilding talent through their woodworker schoolRunning a company with a strong legacy behind

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96:56

Reward for 17-Month Deal: $1.8m of EBITDA

Acquiring Minds ·

2025/12/15

Robert Gayden worked for over a year to buy a home care business. Revenue kept growing but the price remained the same.Register for the webinar: What Killed Deals in 2025 - TOMORROW!! - https://bit.ly/44r1pH5Topics in Robert’s interview:Influence of his late fatherThe “go bigger” search philosophyAppeal of the home health care industry17-month acquisition processChoosing to operate “in the weeds” of the businessLeading with high expectationsFocusing on increasing salesAchieving 15% growth

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99:16

The 7-Year Collapse of an SBA Acquisition

Acquiring Minds ·

2025/12/11

Scott Duncan endured brutal ups & downs — and personal depression — during his ownership of a doomed tool & die businessRegister for the webinar: How to Model an Investor-Backed Search Acquisition - TODAY! - https://bit.ly/3XysjZBTopics in Scott’s interview:Wishing he had listened to his gutThe risk of EBITDA (vs. revenue) concentrationManaging highly skilled primadonnas Employee theftLosing key employeesLong sales cycles and fixed quotesForced Covid shutdownRazor and blade business

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87:51

SBA Acquisition to $9m Cash Exit in 5 Years

Acquiring Minds ·

2025/12/08

Andy Rougeot launched remote territories of the blue collar business he bought, which led to $1.7m of EBITDA and an exitRegister for the webinars: How to Invest In SMBs (Without Buying One Yourself) - TOMORROW!! - https://bit.ly/4rBI4NbHow to Model an Investor-Backed Search Acquisition - Dec 11th - https://bit.ly/4owBkNWTopics in Andy’s interview:His experience as an Army intelligence officerWhen in doubt, do the dirtiest jobThe military concept of “left seat, right seat” trainingSearching

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102:08

ETA Unicorn: $1 Billion in Revenue in 5 Years

Acquiring Minds ·

2025/12/04

Steve Carroll started as an SBA searcher before pivoting to a PE-backed roll-up. It's gone better than he ever expected.Register for the webinars: How to Run the SBA Deal Race - TODAY!! - https://bit.ly/3Xh3WQbHow to Invest In SMBs (Without Buying One Yourself) - Dec 9th - https://bit.ly/44Gylv1Topics in Steve’s interview:Experience working for WalMart corporateSearching while working full timeMyth of passive incomeLarge dead deal costs from a failed acquisitionPartnering with his childhood

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100:56

Buying for $600k, Selling for $35m

Acquiring Minds ·

2025/12/01

Jake Bittner bought an unprofitable carve-out doing $3m. A key pivot grew revenue to $20m and got the attention of PE.Register for the webinar: How to Run the SBA Deal Race - Dec 4th - https://bit.ly/44whqv6Topics in Jake’s interview:Building a nest egg before leaving his jobFallout from his father’s failed businessesCalculating the value of a business losing moneyDisliking the bureaucracy of large companiesJoining his friend to run a distressed companyEmployee war storiesChanging the

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75:18

When a $2.8m Acquisition Is More Like Zero-to-One

Acquiring Minds ·

2025/11/26

Dave Gilbert spent 2 years fixing the model and customer concentration of the $750k SDE family business he bought with SBA debt.Topics in Dave’s interview:Leaving tech to buy a white collar businessMeeting with 120 owners while searchingBuying a business he initially passed onRisks of family members as employeesFinancial surprises after the transitionLosing 23% of revenue when clients leftAccountants do not like changeRecruiting top talentImportance of listening to employeesTransferring his

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81:12

When to Buy a Large Consumer Business

Acquiring Minds ·

2025/11/24

Taylor Mattingly found high-quality revenue in an unusual and sizable B2C business that he happened to be a customer of.Topics in Taylor’s interview:Being Co-CEO with his best friendBuying a business he was a customer ofAcquiring a business in his hometownConfusing, deregulated Texas energy marketHow Energy Ogre differs from a typical brokerKeeping his call center in Texas“Set it and forget it” model“Listening tour” in the first 100 daysAdopting the EOS modelHigher leverage deal

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113:59

The Dream Outcome: From $300k to $5m EBITDA

Acquiring Minds ·

2025/11/20

From the acquisition of a tiny refrigeration business, Linh Tran has built an enterprise that earns millions annually.Register for the webinar: What a Good Investor Pitch Looks Like -TODAY!! - https://bit.ly/3LYM4H2Topics in Linh’s interview:The "Three Rs" search criteriaBeing an undercover owner for 18 monthsEliminating 70-hour workweeks for his techsStruggling with work-life balanceImplementing value-based pricing80% rule for delegationWhy he doesn’t want to exitFostering deep employee

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96:06

Buy Well, Exit Better: A $67m Win in 4 Years

Acquiring Minds ·

2025/11/17

Greg Geronemus bought a highly-profitable travel business at favorable terms, helping to ensure a great return on exit.Register for the webinar: What a Good Investor Pitch Looks Like - Nov 20th - https://bit.ly/47YbVXjTopics in Greg’s interview:Challenges of searching in New YorkCobbling together a search fund in earlier days of searchStrategy of cold email outreachAcquiring at age 26Partnering with a friendSignificant challenges of running a tour operatorDigital marketing did not move the

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116:16

Buying to $4m Across 7 Sites in 3 Years

Acquiring Minds ·

2025/11/13

Gail Azodo discovered a method of buying audiology practices with 100% financing. She's moving quickly to buy and build.Register for the webinar:Financing Your Deal: SBA vs. Non-SBA - TODAY - https://bit.ly/4p4J2Q7Topics in Gail’s interview:Managing brands at Proctor and GambleHer vision to run her own companyLife changing power of hearing aidsSwitching her search from Vision to AudiologyConsequences of untreated hearing lossFinancing through hearing aid manufacturersCross-licensing her

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87:12

Why Choose Ownership Over Being a CEO

Acquiring Minds ·

2025/11/10

After chafing under the constraints of being a CEO, Katherine Butler-Dines & Rahul Desai bought a business of their own.Register for the webinar:Financing Your Deal: SBA vs. Non-SBA - Nov 13th - https://bit.ly/47OQpUATopics in Katherine and Rahul’s interview:Katherine’s early CEO experienceBoard conflicts pushed her toward majority ownershipAcquiring without a traditional bank loanConvincing the seller to do a seller notePaying the seller note with float from advance bookingsRahul built

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90:51

How to Build a $5m Media Business Into a $20m Flywheel

Acquiring Minds ·

2025/11/06

Clayton Collins acquired HousingWire with a big vision for the small media business. 9 years later, it has come to life.Register for the webinar:Overcoming Risks from a Lender’s Perspective - TODAY! - https://bit.ly/3WxDKAsTopics in Clayton’s interview:Hire for your skill gapsFlying around the country to meet investorsAsking for warm introductionsSelling investors on his strategic visionWhat to look for in a media companyDirect relationships with advertisers vs. programmatic adsRebuilding

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117:25

Timing is Everything: Buying a $30m Tutoring Business

Acquiring Minds ·

2025/11/03

Both buyer Jared Lenner and seller Dave Serwitz share their perspectives on the acquisition of a 20-year-old business.Register for the webinars: Investor-Backed Search and SBA: Buy Bigger, Keep Control - TOMORROW! - https://bit.ly/4qABMgnOvercoming Risks from a Lender’s Perspective - Thu Nov 6th - https://bit.ly/4qDoJdVTopics in Jared & Dave’s interview:Jared buying Dave’s tutoring businessDave’s motivation to sellChoosing to work with Search Fund AcceleratorTheir agreement to “assume

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424 results

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