Acquiring Minds

James Bloom has 8x'd a small mechanical contractor he bought only 4 years ago, despite it being a competitive industry.  Topics in James’s interview: How his background in M&A informed his due diligence process How he ensured a smooth transition Commercial HVAC vs. residential HVAC Why he funded growth out of his own pocket Reducing his weekly work hours from 100 to 60 How his business differe...

3 days into Monte Marcum's acquisition of an established franchise, key equipment breaks. Then the crises kept coming.  Topics in Monte’s interview: Buying 2 existing & adjacent franchise businesses at once How Filta’s customer pricing is structured Why commercial kitchens love his business Combining two businesses Equipment starts breaking on day three Monte’s series of fetal position moments...

Niklas James started off as a self-funded searcher, but evolved into being an independent sponsor of 7 acquisitions.  Topics in Niklas’s interview: Why he returned the funds raised for his traditional search fund How the painful challenges of his first acquisition set him up for success on later deals Why SaaS isn’t as sexy as it seems Evolution from self-funded searcher to independent sponsor Def...

Martin Bispels updates us on the DTC ecommerce business he bought in 2020 and had grown to almost $2m/yr one year later.  Topics in Martin’s interview: Using the Entrepreneurial Operating System (EOS) Building and managing a great remote team Why he doesn’t sell on Amazon The difference between buying and shopping Opportunities for bolt-on products Marks of a good ecommerce business The power of s...

Derek Turner has done both a traditional search fund and self-funded. We hear both stories & explore the differences.  Topics in Derek’s interview: The advantages of a geographically-focused search His method for pitching business owners doing cold outreach Challenges within the laser van business Being a good soldier vs being a sucker The downside of growth The perils of buying from unpleasan...

2 previous guests, Mike Botkin & Adrian Pinto, are joining forces to grow a landscaping empire throughout the Southeast.  Topics in Adrian and Mike’s interview: Adrian and Mike meeting through Acquiring Minds Why it was difficult for Adrian to get a line of credit for his business Mike’s holding company acquired Adrian’s landscaping company The pros and cons of buying assets vs. stock How an S...

With no finance background, Kevin Bibelhausen learned to raise money from investors & buy a 20-year-old fabric business.  Topics in Kevin’s interview: His health crisis that led to a career change Losing funding at the last minute Raising $800k in 5 weeks Automating his money-raise process with investors The value of being active on Twitter Acquiring a $8m business using very little of his own...

Alex Michael was seeking to acquire not just a business, but freedom. One year later, he reports back on how it's going.  Topics in Alex’s interview: Top line growth in the last year How he diligenced Wallaroo Wallets How he uses Amazon PPC ads The limitations of an Amazon FBA business An expensive lesson about traffic diversification Launching new products Having his family involved in his busine...

How Austin Smoak raised money from investors to buy a very profitable roofing business that he found on BizBuySell.  Topics in Austin's interview: How Goldman Sachs prepared him for business ownership Passively owning franchises Why he recommends local brokers over proprietary search Finding “business-buyer fit” His plan to scale via roll-up His philosophy on change management Pros and cons of bei...

Jérôme Bouillon bought a home care agency doing $500k/yr in 2018. Today it exceeds $1m and he's added a second location.  Topics in Jerome’s interview: His cold calling strategy Buying a Visiting Angels franchise Seeing his employees as his customers The changes he made immediately to employee benefits Why he stopped penny-pinching in the business Why it’s important to know how to work in the busi...

Heather Shattuck-Heidorn was a tenure-tracked professor, but wanted out. Buying a business offered freedom & security.  Topics in Heather’s interview: What she loved about academia Why she initially resisted franchises How she found a custom closet franchise Being her husband’s employer Her thoughts on capitalism How small business ownership differs from academia What she likes about owning a...

Having only ever managed a few people when he bought his business, Alex Glasner shares how the trial by fire is going.  Topics in Alex's interview: The difference between searching and operating The challenge of improving processes How rapid growth affected the company Running the business with a partner How the economy impacts his industry Having the British government as his sole customer Ideali...

Ben Bortner couch-surfed, drove Uber, and racked up credit card debt while finding a pool business to buy. It went well.  Topics in Ben’s interview: Buying a pool service business, putting in only $100 of his own money for equity Changes he made to employee compensation (and why) Acquiring a second pool business Why Ben became certified to do pool maintenance himself How Ben improved company cultu...

9 months after Jesse Safir bought a printing biz, Covid cratered it. 3 years later, sales are nearing pre-Covid levels.  Topics in Jesse’s interview: Finding ABG Printing by sending direct mail The value of having a “forgettable” business Renegotiating his deal before acquisition The changes he made in the first 9 months Cutting 80% of his staff during COVID Managing cash flow after revenue plunge...

2 searchers, Kaustubh Deo & Kevin Bibelhausen, share how they found investors to provide money to buy their businesses.  Topics in Kevin and Kaustubh’s interview: How Twitter helps searchers learn and network How Kevin found investors after his funding fell through How they selected investors What a good pitch meeting looks like How they communicate with investors post-acquisition The power of...

It CAN be done: Matthew Saskin recently acquired a big towing business, hiring an operator to run it from day 1.  Topics in Matthew Saskin’s interview: Why he chose a towing company Putting in an operator from day one Improvements he made right away Why he kept his day job (and how he manages it) His COO’s compensation package What is phantom equity (and how it’s different from true equity) How re...

Caroline Chapdelaine seized opportunity when a biomed company needed to sell a $2m unit that made special defense tech.  Topics in Caroline’s interview: About the defense contracting industry Buying a business in the defense industry (and why it’s hard) Buying a carve-out business The unusual terms of a carve-out deal Unforeseen costs after purchasing a carve-out The benefits of having partners As...

Despite dire warnings against it, Reg Zeller bought a foundry. He's since bought 6 more & sees a clear path to $100m/yr.  Topics in Reg Zeller’s interview: Why he bought a foundry (against everyone’s advice) The famous fetal position story The importance of a peer group His journey from one acquisition to a holdco Why searchers should spend 2 years operating the business they buy Reg’s plan to...

Adrian Pinto returns to reflect on his 1.5 years as owner of a landscaping business that he's grown from $3m to $6m/yr.  Topics in Adrian’s interview: Buying and growing Georgia Scapes Growth through acquisition in landscaping  Doubling revenue in 18 months His B2B sales process Competition in landscaping Commercial vs residential landscaping Maintenance work vs project work Due diligence for a la...

Michael Horowitz was looking to buy an independent business when a different path opened up. Today he owns 20 Wingstops.  Topics in Michael’s interview: Pros and cons of searching within franchises Why Michael was attracted to QSR’s (quick service restaurants) Buying 7 Wingstop locations in Ohio Writing an operating agreement for 3 co-owners Development agreements with franchises Operating QSR’s d...

Kaustubh Deo reflects on his first year as the owner of a tree business versus his former life in NYC private equity.  Topics in Kaustubh’s interview: Buying a tree service business Buyer’s vs seller’s discretionary earnings Reflecting on 13 months as a business owner Possibility for roll-ups Being an outsider in the tree industry Change management His thoughts on holdcos Measuring success for his...

Adam Duggins had 650 meetings to find his first business in 2013, not expecting he'd buy 3 more over the next 10 years.  Topics in Adam Duggins’s interview: Meeting with 650 people (in person!) during his search How Adam found his partner & structured their ownership How Adam became a holdco without meaning to How motivating blue collar workers versus white collar careerists is different Why A...

Bruce Vann returns to update us on his manufacturing business, and a thesis around the roll-up of window blinds stores.  Topics in Bruce Vann’s interview: Buying a stage curtain/shades business Profitability of the business Their curtain and shades products Acquiring a blinds company Integrating his businesses Bruce’s vision for expansion The possibilities for search in window treatments The feast...

John Ikalowych shares his traumatic journey of going all-in to buy a hail-repair business, then having to shut it down.  Topics in John Ikalowych’s interview: John’s background in commercial banking Buying a car hail repair business Losing half his staff just months after acquisition The disaster that tanked their finances Pivoting from B2C to B2B Shutting down the business How the business failur...

Morli Desai left corporate to scratch her entrepreneurial itch, using an SBA loan to buy an ecommerce biz with $1m SDE.  Topics in Morli Desai’s interview: Leaving her corporate job at 40 Joining the Acquisition Lab Purchasing an ecommerce business How to approach brokers Transitioning an ecommerce business Purchasing an Australian entity Marketing with PPC Assessing risk in ecommerce Proprietary...