Acquiring Minds

Ben Bryer worked with a financial backer to find & buy a 65-year-old niche manufacturing business without an SBA loan.  Topics in Ben’s interview: Spending $150K and 18 months on dead deal The emotional toll of a failed deal Freelancing to partially fund his search Buying a pin gage manufacturer What attracted Ben to the business Choosing a conventional loan over SBA loan Building relationship...

Mike Okhravi left a cushy tech career to buy a towing business & a flooring business — and within 30 days of each other.  Topics in Mike’s interview: Why he passed on the Search Fund Accelerator His philosophy on taking more risk by moving fast Signs of a motivated seller Buying a 4-person garage flooring business Surprises after acquiring the business Why profit dips post-acquisition Discardi...

A fireside chat with veteran searcher & investor Kent Weaver recorded at the Self-Funded Search Conference in Dallas.  Topics in Kent's interview: Kent's history: his search & how he evolved into an investor in searchers How the first 2 or 3 years post-acquisition are different in a self-funded search vs. a traditional search fund How traditional search feels different today vs. its early...

Sean Moore looked at a handful of businesses, but a fine art gallery with over $1m SDE won the art collector's heart.  Topics in Sean’s interview: Pulling $1M out of his 401k to buy an art gallery How his gallery brings in $1M in SDE The ecommerce aspect of the gallery The additional revenue stream of a frame shop Opportunities to improve the gallery website His peer group that supported his searc...

John Hubbard returns to share how "chasing EBITDA over revenue" has benefited the trailer fabricator he bought in 2021.  Topics in John’s interview: Losing largest customer (25% of revenue) Earning $2m EBITDA on $6m revenue vs. $25m revenue Don't chase revenue, chase EBITDA Mentally transitioning from buyer of a business to the seller of it Why he's thinking about selling Selling vs. hiring an ope...

It CAN be done. Andrew Swiler acquired a SaaS business with $650k SDE using an SBA loan (and while living in Spain).  Topics in Andrew’s interview: Why he preferred buying a SaaS business to an ecommerce one Key trait to being a successful acquisition entrepreneur Downside protection in a SaaS business The appeal of the Microsoft ecosystem Deferred revenue (and explaining it to a seller) Buying a...

Chandler Reed reflects on buying a project-based business in 2021, seeing sales soar, then crash, then surge again.  Topics in Chandler’s interview: His unconventional entrance into the search space Buying a commercial lighting contractor Incentivizing the sole employee to stay on The challenges of managing people The ups and downs of project-based revenue How interest rates affected his deal flow...

Landon Mance bought a $1.7m tree business alongside a minority partner who's operated the business full-time from Day 1.  Topics in Landon’s interview: Crossing paths with a financial criminal Buying a tree service business with his friend as operator Where “follow your passion” falls short Why the business had high margins at acquisition Negotiating with the sellers over Zoom Burning through the...

Neil Finneran had worked in hedge funds & as a CFO when the opportunity to buy a pest control business presented itself.  Topics in Neil’s interview: His career pivot from finance to mosquito spraying Buying a business in mid-life The value of a supportive spouse Hiring, firing and incentivizing blue collar employees Importance of retaining customers in a recurring revenue business What he lik...

A year into his search Jesse Sunquist realized he needed to lower his SDE floor to find a business to buy in his market.  Topics in Jesse’s interview: Being motivated by achieving job flexibility Why he initially resisted franchises Buying 2 Mosquito Joe territories  What he loves about his franchisor Dealing with customer complaints Managing tricky situations with employees Calculating potential...

George Vallone returns to share how he has grown revenue 3x in 2.5 years and laid a foundation for multi-city expansion.  Topics in George’s interview: His incentive program to ensure quality from contractors How quality gives him pricing power Sales process for apartment turnover services How geographic expansion could track his existing client relationships Headcount & revenue growth at Nuve...

Chad Hildebrant knew the best deals have hair on them. The trick is finding the right hair, turning red flags green.  Topics in Chad’s interview: Buying a business that was not financeable Getting a 60% seller note Reconstructing 3 years of financial records Deal fatigue during negotiations Burning himself out in the first quarter post-transition 3 explanations for chaos in a business Comparing ma...

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 guy More reps = more reward Getting brokers to take him seriously at age 26 Why he was comfortable “buying small” Buying a local ice cream business Horror stories of food and beverage Keeping his W-2 after buying...

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 search Sources of deal flow beyond BizBuySell Mapping multiples to months for better perspective Acquiring an artificial turf company The luxury of finding a business with a GM How to value and finance a f...

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 search Accepting that buying a $5m business can be "normal" How Corey felt about buying a business for millions of dollars Educating the owner about SBA loans Convincing his wife & partner to do the de...

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 timing Hurdles he overcame to raise funds Why he chose traditional search How he got a good deal on purchase price Renting space to animal research labs Importance of hiring the right senior team Similarities between his compa...

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 life Gratification of making a positive impact on your employees Introducing new benefits for employees: 401k, health insurance, bonuses Growing revenue even after COVID demand recedes Not a “searche...

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 business Difficulty raising equity How “smiling and dialing” investors paid off Willingness to take “key man risk” Negotiating a premium for his operations experience The business of restoring native eco...

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 seller Recognizing the business as “searcher friendly” Finding the right individual to buy the business History of the organic tree health industry Why this sale was a “reverse search fund” Upgrading to Salesforce from...

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 searcher Importance of being crystal clear about what you want to buy His rigorous approach to a geographic search How to recruit & manage 10+ interns Cultivating brokers About Boston Tree Preservation Digital transformation...

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 system Likelihood of becoming a billionaire, centi-millionaire, or deca-millionaire by acquiring franchise businesses The importance of defining what success looks...

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 business Finding discrepancies in QuickBooks  His chaotic transition to CEO The GM leaving to start a competing company A dispute over money the seller owed Burning through cash the first winter Restructuring roles in the bu...

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 search Importance of taking action Competition in the web-to-print industry Pros and cons of an SBA loan The appeal of managing people His mistake of not accounting for working capital adjustments Feeling anxious before closing Transit...

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 search Buying a business with no money down How EOS transformed his business His 10-20 year outlook Comparing his military experience with business leadership Laser focusing on one target market Building thei...

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 startup Searching for a remote-friendly business Using his sales skills to find a business Buying Short-Term Copier  The types of customers they serve Comfort running a remotely-managed, multi-city business His vision to double...