This week we meet Darren Jacobs, who since joining my business buying courses has bought a total of 25 businesses in just eight months. He’s already sold four of them and has an ambitious target to do 100 deals.
Darren bought his first salon for his daughter, a qualified hair stylist, in May 2020. But when he started sending enquiry letters out, he quickly built a pipeline of potential acquisitions.
This is a two part episode, and in this part we will hear about the deals, and next week we are going to learn about the pains of integration and consolidation.
Business Buying Strategies is the leading podcast for people who want to buy a business. Each week I interview deal makers who've been on my business acquisition Mastermind program and find out about their deals and behind the scenes of their acquisitions. If you want to know how to get started in mergers and acquisitions, then take my free online course.
You can find it at www.dealmakerspodcast.co.uk
Key Highlights
[01:47] Why the switch from IT group to salons?
[05:50] The criteria for selecting salons to buy
[07:40] Opening twenty salons at once after lockdown
[10:50] Financing the acquisitions
[16:45] Motivations for salon owners to sell their business
[18:35] Overview and structure of the salon group
[21:05] What has Darren learned?
[25:40] The acquisition strategy moving forward
Notable Quotes
In comparison to buying an IT business, buying a hair salon was ridiculously easy. In June 2020 we sent out a bunch of letters, about 1500. We had just over 300 people contact us from them. We've had to do a lot of work on consolidation and integration. I tell people that we've got a lot of salons, we're not that interested in buying many more at the moment, but if it works for us, we'll take a look at it.
Resources
Buying a business is only the start, which is why we are now teaching what happens next on the Mastermind program. Now, if you've already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria on hello@thedealmakersacademy.com for more information.
If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at johnandrews.deallawyer@jmw.co.uk.
If you would like to take the next step to learn the best ways of buying a business, without risking your own cash, you can access my free training at: www.dealmakerspodcast.co.uk
Watch my Webinar Training Video: https://www.dealmakerspodcast.co.uk
You can also request a free copy of my book at: https://www.thedealmakersacademy.com/free-book-giveaway/
If you want to jump straight to my live Zoom FastTrack course, please go to: https://www.thedealmakersacademy.com/fast
Connect with Jonathan Jay at: Website: https://www.thedealmakersacademy.com/ LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/ YouTube: https://www.youtube.com/c/TheDealmakersAcademy
Business Buying Strategies from The Dealmaker's Academy