Trevor Boehm shares how Saturn Five started as a venture studio but found buying small businesses a better model. Topics in Trevor's interview:First rule of holdcos: Do No HarmBenefits of buying businesses in a single geographyWhat makes for a good owner-operator?How Saturn Five finds operatorsLoneliness as owner-operator of a small businessGreat hack for new owner-operatorsWhy "boring" businesses aren't boringAdvice to someone considering buying a small businessAdvice to entrepreneurs wanting to build a holdcoWho is Saturn Five (and why you haven't heard of them)Links & how to contact Trevor:Saturn FiveAcquiring Minds episode with Andrew Harbin discussing loneliness as a new SMB owner [at 1:02:10]Acquiring Minds episode with Cassi Neikamp discussing building an industry mastermind to combat loneliness & speed learning [at 58:19]LinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Shane Ehrsam went full-time in his search & used systematic broker outreach to buy a great business in his local market. Topics in Shane's interview:Why he didn't acquire a franchise resaleShane's experience in the Acquisition Lab, Walker Deibel's program to buy a businessWhy talking to other searchers is so important before beginning your own searchMechanics of his broker outreachImportance of cold calling brokersBuying a business in stock (vs. the more traditional asset purchase)All about the dealership businessFull standby note — what is it?Day 1 experienceHow being an SMB owner feels different than life in corporateLinks & how to reach Shane:Acquisition LabEpisode with Jordan Carter about full-time vs. part-time searching: A Brutal Search Rewarded with Success After 3 YearsEpisode with Jesse Sunquist on: Reflections After 1 Year of Searching Full TimeEpisode with Doug Johns about building rapport with sellers & brokers: Opening Up to Franchises to Buy a Great BusinessSurface area of luckNorth Texas TrailersLinkedInshane AT ntxtrailers DOT comGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Jordan Novgrod sold his house, tapped his 401k, and went all-in to buy an $800k SDE business he found on BizBuySell. Topics in Jordan's interview:Finding a great business on BizBuySellBlogging the search processKey rule of thumb on SDEImportance of buyer-seller chemistryMachine shop businesses - pros & consTransferring key relationships post-saleDay 1 speechHow Jordan built rapport with his new employeesLinks & how to reach Jordan:Rich Dad Poor DadSweaty StartupSearch Investment Group (SIG)Jordan's substack: Small Business Acquisition@JordanNovgrodLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Burk Adams tapped his 401k to buy a business that reinvented his career, gave him back time, and catapulted his wealth. Topics in Burk's interview:Using your 401k to buy a business with ROBSBuying a business being the most impactful thing he's done in his lifeRealities of a C corp vs. LLCTeaching his kids acquisition entrepreneurshipHow it seems easier to have bought a business in 2015 than nowThe feeling of giant SBA loan repayments every monthHis business acquisition being a full sendHow he thought about the failure riskWhy he liked PC EnclosuresAcquisition price & numbersBuying a $2.6m business while only having $100k in cashRevenue numbersHandling the brutal first 6 months (and how it was healthy for the future)What's worse: depression or panic?Strong growth in the last few yearsHow to think about one-off purchase vs. recurring revenue businessesHow to think about buying a manufacturing businessSmall business ownership vs. being a consultant2 new businesses that have come out of his acquisitionLinks & how to reach Burk:PC EnclosuresStorm Shell, Burk's outdoor TV enclosure business targeting consumersBackyard Snowstorm, the snowmaking business Burk started with his sonGuidant FinancialLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

It looked like a dream: $2m EBITDA, recurring, large market. Only after Judd Lorson bought it did he learn the truth. Topics in Judd's interview:Searchfund accelerator pros & consUnderstanding investors' role in your acquisitionImportance of 100% transparency with employees (even pre-acquisition)Debt collection business pros & consDiscovery that he's acquired a bad businessManaging hostility with sellersWhat is the proper attitude for buying a business?How to resign as CEO the right wayLinks & how to reach Judd:Original case note from Yale about Judd's storyThe Acquiring Minds debate about Self-Funded Search vs. Traditional Search Fundsjudd DOT lorson AT gmailLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Taylor Wallace was over tech. He acquired a small business and with it a renewed sense of impact (and opportunity). Topics in Taylor's interview:Tech burnoutWorking in tech vs. running a small businessBuying indy vs. franchiseInjecting tech-industry best practices & ambition into small businessHow do friends in tech respond to his foray into doggy daycares?Going from digital nomad to brick-and-mortar business owner in TampaIncreasing doggy daycare capacity 2xWill more than 2x revenue by next yearWhat he paid (roughly) for 1st and 2nd acquisitionsGrowth strategyBuying small vs. buying bigDoggy daycare business - should you do it?Links & how to reach Taylor:Paws 'n' RecBaton@taywallLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Episode 100! To celebrate, 5 early guests come back to share how things are going at their acquisitions, 1 year later. 2:48 - Chris Edwards acquired a flooring business18:15 - Philippe Vanderhoydonck, a B2B media business in the pets industry35:49 - Cassi Niekamp, a fencing business1:02:12 - Andrew Pierno is buying multiple small SaaS businesses1:25:54 - Mike Botkin bought a small landscaping business and has quickly parlayed that into becoming a player in the landscaping industryLinks to guests' previous episodes:Chris Edwards - How to Survive Acquiring a $3.5m Flooring Business.Philippe Vanderhoydonck - How to Acquire Your First Business in 3 MonthsCassi Niekamp - Buying a $1.2m Fencing Business & Earning Trust QuicklyAndrew Pierno - How to Build a Portfolio of Micro SaaS BusinessesMike Botkin, first ep - How to Buy a Landscaping Biz & Boost Profits QuickMike Botkin, second ep - How to Buy Landscaping BusinessesGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:YouTube channel (easy access to all interviews)Connect with host Will Smith on LinkedInFollow Will on Twitter

Andrew Harbin first bought an awning business, then bought a fencing franchise to keep his crew working through summer. Topics in Andrew's interview:Should you buy a seasonal business?Buying a second business to offset seasonality of first businessTwitter thread that opened his eyes to building wealth by buying  a businessBuying a business that is for sale by ownerRevenue + SDE of the awning business he acquiredGrowth he's achieved in first years of ownershipHow the awning business works (revenue sources, staffing, org chart)Buying a $300-400k SDE businessWhy hiring temps for seasonal businesses is unappealingFencing business: buying vs. starting from scratch vs. starting a franchisePros/cons of franchisesBig Jerry's fencing franchiseTips for entrepreneurs considering buying a fencing businessNature of stress in SMB vs. corporateLoneliness of being a small business ownerLinks & how to reach Andrew:Twitter thread that turned Andrew on to buying a businessVenango AwningBig Jerry's Fencing@ADHarbinGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:YouTube channel (easy access to all past + future interviews)Connect with host Will Smith on LinkedInFollow Will on Twitter

James Temple & his mother acquired a struggling Mathnasium franchise in 2009. Today, they do $7m across 19 locations. Topics in James' interview:Buying vs. starting a franchise locationIs rolling up easier in a franchise system?Turning around underperforming franchise locationsHow to assess the risk of a franchise system3 criticisms of franchises that MBA student always haveNumbers behind his first acquisitionGrowing to 19 franchise locations in 13 yearsHow a 19-unit franchise business is structured & operatedEvaluating franchise opportunities from a risk-adjusted perspectiveRevenue range of Mathnasium franchisesMathnasium feesWhat exactly do you get from a franchisor for the franchise fee?Passion and purpose — is it necessary?Franchise consultants (and how they are incentivized)How to start investigating opportunities if you're interested in a particular franchiseLinks & how to reach James:MathnasiumFDD ExchangeLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:YouTube channel (easy access to all past + future interviews)Connect with host Will Smith on LinkedInFollow Will on Twitter

Sumana Sanjeeva got into ecommerce by chance. 3 years later, she's acquired 4 ecom businesses & sold one for over $5m. Topics from Sumana's interview:Brick & mortar vs ecommerce businessesBest type of ecommerce to buy for a first-timerBuying an ecommerce business knowing very little about itLearning quickly how to sell on AmazonFinding an ecommerce business on BizBuySellTerms of her dealOne decision that made the business thrive during COVIDSelling to aggregatorsTalking to 14 of themTerms of her saleCash flow issues with a growing ecommerce businessHer 3 new ecommerce acquisitionsFocusing exclusively on FBARunning in-person learning center franchisesHow to reach Sumana:LinkedInsanjeevasumana AT gmailGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:YouTube channel (easy access to all past + future interviews)Connect with host Will Smith on LinkedInFollow Will on Twitter

Toni Kononova bought a ghostwriting business for $500k to experiment with buy-then-build while limiting her downside. Topics in Toni's interview:What to love about a ghostwriting & editing businessThe business of self-publishingWhat is "vanity press"?Why a terrible website can be OKGetting close on a small B2B SaaS businessLowering her SDE criteriaNumbers & terms of her acquisitionDe-risking an acquisitionBuying a business while having a full-time jobWhy keeping her full-time job helped get the loanRunning the acquisition as a side hustleEmployee turnover & sales decline during transitionThe popularity of search among Silicon Valley workersSearch in RussiaLinks & how to get in touch with Toni:Write My Wrongstoni AT writemywrongs DOT coGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Frustrated searchers: this episode is for you. Jesse Sunquist shares 4 lessons from a year of hunting for a business. Topics in Jesse's interview:What he learned going from part-time to full-time searchingWhy brokers prefer working with full-time searchers"Spouse-funded" searcherHow TRULY difficult it is to get your first deal doneEmbrace change when it comes to your search criteriaHow personal each searcher's journey isThe perils of comparing your search to others'The temptation to buy (very) smallOpening your mind to acquiring a franchiseIsolation & loneliness during search and how to counteract itThe importance of just getting startedOver-investing in your tech stack, website, LLC formation, etc. is procrastinationHow to reach Jesse and other links:Original post on Searchfunder: Reflections after 1 year of searching full time@jsunquist on TwitterLinkedInjesse AT mtsophia DOT capitalJesse's search website, Mt Sophia CapitalGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

When most people would be considering retirement, Anne Ristic started a new chapter of her career by buying a business. Topics in Anne's interview:Deciding to buy a business at age 60How Ruth Bader Ginsburg inspired her to buy a businessHow she budgeted her target acquisition sizeRaising money from banks for an acquisition in CanadaCanadian banks' familiarity with searchAbout AES, the business she boughtGrowth potential for PEO in CanadaHow much industry research she didHow she envisions growing AESMeeting the managers during the transaction processNuances to search in CanadacommunEtA, the student-run investment group Being a woman when buying a businessReach Anne at:anne AT agencyemployment DOT caLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks:Agency Employment Services (AES)communEtA

A primer on lead gen businesses from Jaime Arias, who bought a 14-year-old biz that generates online leads for dentists. Topics in Jaime's interview:Choosing self-funded over a traditional search fundBuying tiny sites on FlippaThe opportunity with "old" internet businesses3 types of sellers on FlippaUsing BuiltWith to generate proprietary outreach listAbout Patients4youLowering acquisition targets from $750k - $1m cash flow to $200k - $400k"Rank & Rent" model for local lead genWhat are you really buying with a lead gen business?Lead brokersSEO vs. PPC for lead genIsn't Google Ads too competitive already for local lead gen?Getting comfortable with Google algorithm riskWhy Patients4you is an agency more than a lead gen websiteDeal termsUsing BizBuySell for digital businessesCenturicaHow he's growing Patients4youSlow feedback loop of local lead gen businessesReach Jaime at:jaimearias.comLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Kevin Swenson shares his story of buying a $3m real estate appraisal firm as a platform to roll up the fragmented space. Topics from Kevin's interview:Why the real estate appraisal industry?How to add value as the entrepreneur doing a roll-upRoll-up dynamicsAppraisal businesses vs. appraisal management companiesStory of his acquisition, the platform businessThe "Your Sure Thing" philosophyBuying in an industry where you DON'T have experienceThe nature of real estate service businessesHow to mitigate risk when buying a real estate service businessAcquisition opportunities in real estate services beyond appraisalHow it's going since the real estate market slowedPivoting a roll-up strategy to react to the marketReach Kevin at:@KevinWSwensonJrLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Ramon Van Meer bought an ecommerce business doing $30k/mo. A few tweaks & months later, it was up to $400k per month. Topics in Ramon's interview:What to look for in an underperforming ecommerce businessHow to quickly improve an ecommerce businessThe effect of turning on paid advertisingThe true nature of running an ecommerce businessThe power of nichesUser experience buying a digital business versus an offline businessWho should buy versus buildHow to make money in contentGrowing a content site from scratch to a $9m sale in 2.5 yearsThe dangerous temptation of buying too many businessesBuying a YouTube channelDecline of a YouTube channel business immediately after acquiring itSBA loan for a YouTube channel acquisitionBuying a SaaS businessReach Roman at:@ramonvanmeerGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Alpha PawRamon's viral Twitter thread: selling $35m of dog ramps

Jason Cline left corporate at age 50 to buy a flower distribution business (in cash). SDE is up 3x after just one year. Topics in Jason's interview:Pivoting from 20+ years in corporate to SMB ownership3 criteria for what business to buyBuying a business in cash (no SBA loan)The business of flower distributionSelling to big retailers like 7-Eleven & Circle KHow to detect growth potential in a distribution business2 ways to retain drivers in distribution/route businessesDistribution businesses are really car businessesScan-based trading2 key techniques Jason used to transition successfully into the businessWorking "in" the business for the first 6 monthsTesting changesThe numbers behind flower distributionIdeal size of SDE for target businessWhat's more important than SDEJason's growth since acquisition and plans for expansionReach Jason at:LinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Jordan Carter started as a part-time, generalist searcher. 3+ years later, he bought a biz doing $2.4m with 40% margins. Topics in Jordan's interview:Part-time vs. full-time searchingConsulting in order to generate income while searchingMisconceptions about how easy it is to find a business to buyHow much cash Jordan saved for his self-funded searchGeneralist vs. industry-specific searchUsing interns for searchValue of speaking with owners (even if they don't want to sell)Optimal percentage of time to devote to deal sourcingAccessing equity capitalAdding value to a super niche business you're completely new toGrowing a business 40% in 2 years after acquisitionBuying a grant-writing businessThe pain of losing an LOIReach Jordan at:@jordanpcarterLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:B&A Grant Services & SoftwareSearch Investment GroupEpisode 41, featuring Jordan and partner Robert Graham at SIG: The Argument for Self-Funded Search

A deep-dive into the market for SaaS businesses with Thomas Smale, founder of leading SaaS brokerage FE International. Topics in Thomas's interview:Pros & cons of SaaSSaaS valuationsSaaS vs. ecommerceCompeting with private equity for SaaS dealsUsing an SBA loan to buy a SaaS businessMicro-SaaSFirst-time buyers doing a career pivot by acquiring a businessMost common mistake among first-time buyersPassive nature of online businessesSaaS products unlikely to go zero?Acquisition strategy: converting on-premise software to cloudProprietary outreach to find SaaS sellersHow economic climate is affecting SaaS valuations & multiplesEcommerce valuations & multiplesYoung ecommerce businesses - dangerous?Advice for first-timer buyersReach Thomas at:@ThomasSmaleLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:FE International

Kinza Azmat arrived in the US at age 6, speaking little English. Today she's the new owner of a thriving RE brokerage. Topics from Kinza's interview:Becoming a business broker to learn acquisition & access deal flowThinking that finding a business to buy would be easyHow business brokerages generate deal flowFinancial & location criteria of her searchUnlocking deal flow by expanding geographic criteriaDealing with gender, racial, and other biases in sellersTying seller note to business performanceThe business of apartment locatorsCompetitive moats for apartment locatorsRebrandingSmall business owner life vs. corporate cog lifeGetting your spouse on boardPregnant as a new ownerType D and Type F reorganizationFollowing (and breaking) the Asian-American patternAmerica as land of opportunityReach Kinza at:LinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:WTA Realty

Lisa Forrest shares key findings from a survey of 49 entrepreneurs who bought a business after a self-funded search. The findings discussed were based on these questions:How did you find your deal?Did you conduct a full-time search?How long did you search before you found the deal you closed on?Do you think your acquisition price valuation was fair?How long did it take you to discuss valuation with the seller?Did you have a competitive deal process where multiple buyers were vying for the LOI?What do you think the critical success factors were in sourcing and closing your deal?Did you go up or down market compared to your original expectations?Reach Lisa at:lisa DOT forrest AT liveoak DOT bankLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:The report will be published at Live Oak Bank's search fund resources page... but not for 2 weeks.If you can't wait, email Lisa at the address above👆 and she'll get you the raw data now.

Seasonal. Nonrecurring. Key person risk. Trish Higgins recounts how Chenmark got excited about an unlikely acquisition. Topics in Trish's interview:Building a holdco versus taking a job in private equityWhat Chenmark does, why it's specialChenmark's founders' goals: impact, interestingness, financialWhy isn't the holdco model taught in business schools?The story of Cap'n Fish CruisesUnit economics of a boat tour businessIs seasonality really so bad?Managing seasonalityAre boat tour businesses attractive generally?Finding differentiation in a crowded industryBait & tackle shop frameworkChenmark's second boat tour acquisitionHow Chenmark approaches learning an industry where they've acquired a businessReach Trish at:trish AT chenmark DOT comLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Cap'n Fish's CruisesSubscribe to Chenmark's Weekly ThoughtsEpisode 55, featuring the other Chenmark co-founders: 7 Years Later: Leaving Wall Street to Buy Small BusinessesEpisode 64, featuring Trish: How & When to Make Changes at Your Acquisition

Ujwal Velagapudi acquired a multimillion dollar vending empire with thousands of machines & 7 figures of cash flow. Themes from Ujwal's interview:Big vending businesses vs. smallBuilding a big vending business by acquiring small routesEconomics of vendingLogistics of vendingTiny acquisitions to build confidence & experienceDifferentiating yourself as a buyer on MicroAcquireUsing phantom equity to hire general managerBenefiting from OnlyFans growthWorking with a dishonest sellerBuying an online businessBuying an FBA businessBuying a small gymBuying a historic neighborhood sports barBuying downmarket commercial real estateUsing Craigslist for acquisition of businesses & real estateReach Ujwal at:@UjwalVelagapudiLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Byron

A lender and a searcher explain how to quickly identify a business you should NOT buy, saving you months of wasted time. Themes from Ryan & Heather's interview:Killer #1: ValuationKiller #2: Stupid MarginsKiller #3: Going Too SmallKiller #4: Bolt-on vs. PlatformKiller #5: Competing with Private EquityKiller #6: GeographyKiller #7: Red FlagsKiller #8: Needs to Support LeverageLinks & mentions:15 Time Killers in SMB Search - full document from Live OakAll of Live Oak Bank's search fund resourcesReach Ryan at:@smbquestLinkedInReach Heather at:@EndresenHeatherLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Alex Michael bought a wallet brand doing $650k on Amazon. Alex delves into how FBA works & what the growth levers are. Themes from Alex's interview:Why ecommerce?Difficulty competing to buy an ecommerce businessProcess of a ecommerce acquisition with a Quiet Light listingAnatomy of the first call with a sellerHow to be a good buyerWhat to say to a seller in a competitive environmentDiligencing an ecommerce businessCost breakdown of an FBA businessSupply chain risk in ecommercePromoting an FBA business on AmazonAmazon's PPC flywheelACoS and TACoSDaily ad spend, net margins, revenue, SDEPlatform risk with FBA businessesAdding a Shopify store to diversify distributionReach Alex at:LinkedIn**** Register here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Wallaroo WalletsCenturicaQuiet LightStephen Speer and eCommerce Lending

Multiples for ecom businesses jumped 50% since 2018, but Quiet Light's Joe Valley says that trend is about to reverse. Themes from Joe's interview:The ecommerce buying mania of 20212 pieces of advice for acquisition entrepreneurs looking at ecommerceHow ecommerce multiples will changeHow ecommerce deal terms will changeSeller financing in ecommerceFuture of the ecommerce aggregatorsHistory of the ecommerce aggregatorsReach Joe at:LinkedInjoe at quiet light dot com**** Register here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Download Joe's book The Exitpreneur's PlaybookSubscribe to Quiet Light listingsSubscribe to new listing alerts from CenturicaThrasioCarlos Cashman of ThrasioProfound CommerceSyed BalkhiRamon Van MeerWalker Deibel

How James Maxwell & his partner found a 22-year-old janitorial biz & successfully installed a GM in a city of 100,000. Themes from James' interview:Searching in a small marketChoosing NOT to outsource due diligenceJanitorial business pros & consPartnered searchWhat deal flow looks like in a 100k cityHiring a general managerDoes an MBA help with buying a business?Why self-funded over traditional?Reach James at:LinkedInTwitterjmaxwell 814 @ gmail dot comGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamRegister here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Connect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Business broker Clint Fiore explains how to most effectively work with brokers to find good businesses to buy. Themes from Clint's interview:Brokers' pet peeves about acquisition entrepreneurs......and how to avoid themMost important thing you communicate to a brokerLife cycle of a business for saleSearcher brandingThe reality of the "silver tsunami"Seller psychologyThe master skill right now for buying businessesReach Clint at:TwitterLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamRegister here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Connect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Clint's newsletter, Probably a Good DealTexas Business Buyers

Alex Mears draws on years of experience at Carlyle & Blackstone to support and invest in searchers (70 & counting). Themes from Alex's interview:The most valuable businesses of allAttractiveness (or not) of home service businessesSeller integrityWhen to require speaking with key employeesThesis-driven searchSearch acceleratorsNew accelerator The Brydon GroupAlex's pivot to entrepreneurship: why now?Reach Alex at:alexander dot mears @ brydon dot comLinkedInTwitterThe Brydon GroupApply to the first cohort here (deadline: June 15th)Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamRegister here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Connect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Steve ResslerGeorge DutileAlex's session on Searchfunder: Tutorial: Live Modeling an Example Self-Funded Deal & Key Factors InvolvedAlex's session on Searchfunder: Modeling for Traditional Search Deals - Intro to Building Financial Models

Jason Andrews paid $250k to a buy-side advisor to help find & acquire his first business — and would 100% do it again. Themes from Jason's interview:Paying a premium for a good businessWorking with a buy-side advisor: price, value, what they doSpeaking to 30 sellersBuying a business in your 40sTaking a big swingWhere he invested his time during due diligenceWhether he was "buying a job"The consulting agreement he structured with the previous ownersBuying big or buying smallGoing from corporate to small businessPros & cons of group purchasing organizations (GPOs)Reach Jason at:@Jandrews707LinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamRegister here for the live session with Chelsea Wood of the Acquisition Lab:What size of business should you buy?Connect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:The DVS Group

Chelsea Wood has worked with 250+ business buyers & identifies 7 challenges that commonly interfere with their success. Themes from Chelsea's interview:The irrational need to be an expert on every part of your acquisition‍Incessant need for more, more, MORE information‍Good ol' imposter syndrome‍You don't brand yourself‍You're too rigid‍You're too loose, get desperateYou don't put in the effort for deal flowReach Chelsea at:chelsea at buythenbuild dot comLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Apply to the Acquisition LabBuy Then Build Facebook group

How Chris Munn runs his first acquisition, a $800k cleaning business in Tampa, while being based in LA. Themes from Chris’s interview:Real estate vs. small business acquisitionThe importance of getting reps — modeling deals as practice for the real thingRunning an acquired business remotelyBuying a business that’s too smallBeing an African-American man and dealing with “pattern matching” from banksHow Chris gained 30k followers in six monthsReach Chris at:On LinkedIn: Chris MunnOn Twitter: Chris MunnConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Buy Then BuildHBR Guide to Buying a Small Business

Ex-cop John Hubbard bought a $5m trailer manufacturing biz from an absentee owner & expects to grow to $12m by 2024. Themes from John’s interview:Learning how to run a business, hands-on, before acquiring oneTransferring military skills to business acquisitionRaising money on Searchfunder.comAsking “dumb questions” to learn quicklyChoosing self-funded over a traditional search fund to achieve the lifestyle he wantedFiring half his customers in the first month of ownershipWhy your search shouldn’t ignore manufacturing businessesReach John at:By email: john at blue cord capital dot comOn LinkedIn: John HubbardConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Express Custom TrailersBlue Cord CapitalSam Rosati on TwitterSearchfunder

Digital business buyer Dom Wells shares where he looks for opportunities today in the shifting sands of online business. Themes from Dom's interview:Affiliate, e-commerce, and SaaS businesses and each one's pros/consOnline course and content businessesWhere Dom sees opportunities in digital acquisitionHow to source dealsLeading brokerages of digital businessesFlippa & MicroAcquireHow to approach the digital space as an outsiderConnect with Dom:Twitter: @DomWellsOnfolioLinkedIn: Dominic WellsConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Empire FlippersFE InternationalQuietLightMicroAquireFlippaOnfolio's S-1

Mike Loftus started his landscaping business from scratch, then began buying others to accelerate growth to $4m/yr. Themes from Mike’s interview:Growing a landscaping business organically from the ground upAcknowledging your weaknesses and handing them off as soon as you canThe advantages familiarity with technology bring despite a lack of experienceFinding acquisition opportunities through unconventional methodsThe importance of recurring revenue in landscapingThe potential exit opportunities for landscaping ownersConnect with Mike:Twitter: @signthefrontsLinkedIn: Michael LoftusConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Connor's LandscapeBuilding a Blue Collar Empire: Adrian Pinto on Acquiring Minds7 Years Later: Leaving Wall Street to Buy Small Businesses with Chenmark founders James & Palmer Higgins, on Acquiring MindsHow to Buy Landscaping Businesses: Mike Botkin's second appearance on Acquiring MindsHow to Buy a Landscaping Biz & Boost Profits Quick: Mike Botkin's first appearance on Acquiring MindsJohn Wilson on TwitterMills Snell on Twitter

Lively debate between Greg Geronemus & Robert Graham about the 2 most common models searchers use to acquire a business. Covered in the debate:Quick definitions of each modelHow the economics differWhy are traditional search fund terms so fixed?CEO vs. OwnerAccountability, governance, boards, mentoringFlexibility & optionalityRelative risk of both modelsProbability of closeProbability of successAssembling the board as a self-funded searcherIs either model preferable for particular industry targets?Who is your model not for?Connect with the debaters on LinkedIn:Robert GrahamGreg GeronemusConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Stanford's 2020 Search Fund StudyRobert's investment firm SIGGreg's investment firm Footbridge Partners

How Keith Leimbach paid 6 figures for a business he saw on QuietLight, then exited for 8 figures two years later. *** Register for live episode here: https://bit.ly/3r6P1bD *** Themes from Keith’s interview:The difference between buying and starting a businessIt’s never “just add marketing,” even when it seems like it isGrowth by creating new products that customers are telling you they wantNot being afraid to outsource or delegateWhy Amazon FBA businesses aren’t for everyoneThe Smash My Trash franchiseBuilding laundromats from scratchKeith’s near-death plane crashConnect with Keith:On LinkedIn: Keith LeimbachConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:QuietLightEmpire FlippersWebsite ClosersTransworld Business AdvisorsSmash My Trash

Due diligence expert Elliott Holland looks at industry & owner/seller risk, and exactly what you can do to address them.  *** Register for live episode here: https://bit.ly/3NGoSKa *** How to reach Elliott:Guardian Due DiligenceLinkedIn

After big success with affiliate marketing online, @Gundwolf sought to acquire & build a more durable business.  *** Register for live episode here: https://bit.ly/3tXHIEH *** Themes from @Gundwolf’s interview:Appeal of durable offline businesses vs. online marketing businessesGetting up at 4am to work 4 hours before going to day jobAchieving success in the affiliate marketing world@Gundwolf’s personal philosophy of goalsNot being taken seriously as a 24-year-oldProtracted acquisition processThe importance of the buyer-seller relationshipEarning credibility among blue-collar crewsChallenges when both buyer & seller are doing their first acquisitionReach @Gundwolf at:On Twitter: @gundwolfConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Nathan Lenahan acquired an HVAC company with ~$1.2m in revenue for $400k. He's aiming to double sales in 2022 to $2.72m. Themes from Nathan’s interview:The appeal of HVAC over other businesses in the tradesAll the numbers behind Nathan's acquisitionBenefits of “buying small” in the SMB acquisition worldHigh professional satisfaction for skilled trades Acquiring an HVAC business without industry knowledgeThe importance of first-rate customer careLeveraging multiple acquisitions to create a platform for easier home ownershipReach Nathan Lenahan at:On Twitter: @n8lenahanLinkedInBart's Heating & AirConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

This is the rebroadcast of a panel that Acquiring Minds recently moderated at the annual ETA Summit at MIT. MIT's panel description:"First do no harm, then pull on the growth levers." Should you wait to make changes? Or take every opportunity you see? How and when should you make changes to your team or to your organizations that will help you get the most out of your organization?Speakers:Trish Higgins - Partner, Chenmark Holdings; CEO, Cap’n Fish Holdings. Trish Higgins is a founding partner at Chenmark Holdings, a Portland, Maine based firm focused on the acquisition and long-term ownership of small businesses throughout North America. Outside of work, Trish can be found spending quality time with her husband and business partner, James, and their two kids.Markus Scott - CEO, EyeQ Monitoring. Markus Scott is currently the CEO of EyeQ Monitoring, an AI-enabled surveillance and business intelligence technology company located in Atlanta, GA. He acquired the business in 2015 after raising a search fund at Kellogg in 2013. Prior to Kellogg, he worked in middle market private equity and played football at the University of Florida. He is married with two small kids, Ava (8) and AJ (7), and enjoys coaching, spearfishing and bourbon in his downtime.Kush Das - CEO, Ennoble Care. Former healthcare consultant, healthcare lawyer, and EMS provider with value-based and community-based care experience. Kush acquired Ennoble Care in 2021.

Having witnessed the power of clean books, Patrick Dichter was driven to buy a $1.2m bookkeeping & accounting business. Themes from Patrick’s interview:The appeal of bookkeeping for acquisition entrepreneursSeeing the power of clean books to transform a small businessMessaging used to reach out to owners of accounting & bookkeeping firmsDefinition of bookkeeping vs. accountingWhat it’s like to acquire a bookkeeping business when you’re not a CPAIndustry- and geography-specific searchBuilding a proprietary search funnelReach Patrick Dichter at:On Twitter: @patrickdichterAppletree Business ServicesConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Cassi Niekamp on Acquiring Minds: Buying a $1.2m Fencing Business & Earning Trust QuicklyCasey Clark on Acquiring Minds: What to Acquire: 3 Hot Sectors for Business BuyersRevLocalCultivate AdvisorsProfessional Association of Small Business Accountants (PASBA)Chris Williams on Acquiring Minds: Stay Open to the Many Flavors of Search

George Vallone unpacks how he used cold outreach to find an off-market cleaning biz doing $1m and buy it for 2x EBITDA. Themes from George’s interview:Prioritizing recurring revenue in the search criteriaThe importance of messaging when approaching business ownersUsing a funnel approach in the searchThe differences between residential cleaning and commercial cleaningThe economics of apartment turnoverUsing customer service as a marketing toolGetting a good deal by betting bigHow to avoid cash flow crunch during transitionReach George at:george at george vallone dot comNuveldy’s Apartment Turnover Services

Before embarking on his search, Alex Glasner interviewed 50 searchers & uncovered 2 key attitudes necessary for success. Themes from Alex’s interview:Wanting to run a business, but not knowing where to startLearning from people whose searches failedThe importance of moving quickly with sellersBuying a mission and not just a jobThe value of being decisive in a searchMerging proprietary and brokered search stylesPausing to understand the business before making another acquisitionReach Alex at:alex at workpays dot co dot uk

Looking to buy a part-time online biz as he neared retirement, Dave Bramlett found it in a resume service doing $1.5m. Themes from Dave's interview:Making a career of buying small businessesBuying a functioning business allows for immediate cash flowFinding businesses on BizBuySellBring in the experts for due diligenceMaintaining a positive relationship with the sellerKnow your strengths as a buyerAlways be open to new businesses for saleReach Dave at:dave at resume writing group dot com

Brandon Adams bought a $850k EBITDA ice delivery company only to discover he'd be doing deliveries himself for 6 months. Themes from Brandon's interview:Doing a local proprietary searchIdentifying brokers you can trustManaging purchase price after an anomalous yearThe silver lining of a due diligence oversightBeing a great leader as a new ownerThe appeal of owning businesses in various industriesReach Brandon at:brandon at k4inv dot com

Damon Chlarson had 3 key criteria, and he found them in an insulation supplier doing $380k EBITDA and selling for $1.1m. Themes from Damon’s interview:Defining your acquisition criteria Finding your niche in the marketImagining yourself doing the job before buying the businessTapping into people’s talentsMental health and business successFinding opportunities in times of crisisLooking back and growing ambitionReach Damon at:@LumberyardDamon

Frustrated after losing 3 jobs, Bruce Vann used savings to acquire a 25-employee, 7-figure curtain manufacturer for 2x. Themes from Bruce’s interview:Paying 2x for a growing 70-year-old businessBuying a business to pull out of a career rutWhy finding a business is like a full court shotThe need for persistenceAbandoning a proprietary search because of seller overvaluationsChasing down leads and not becoming complacentThe importance of documenting business processes in case of sudden staff departuresDealing with uneasy staff during the transition periodThe experience of acquiring a business as a Black man in the U.S.Reach Bruce at:bvann at luxout dot com