Acquiring Minds How to Survive Acquiring a $3.5m Flooring Business
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Aug 19, 2021 Chris Edwards, a recent acquirer of a flooring business, shares his tumultuous journey through the first six months of ownership. He reflects on the challenges of high stress, integrating new systems, and the emotional toll of leadership transitions. Chris emphasizes the importance of being a 'shock absorber' for your team and the value of gradual change. Despite the hurdles, he projects optimistic profits of $750k this year, revealing the competitive edge that guided his acquisition in the booming flooring industry.
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Chris's Background
- Chris Edwards, growing up in a family of entrepreneurs, developed an early interest in business.
- His experience at Zayo Group exposed him to acquisitions and finance, further fueling his entrepreneurial drive.
Corporate vs. Startup Life
- Witnessing his father's stressful startup experiences, Chris was drawn to the stability of corporate life initially.
- However, he later realized that the long-term stress in the corporate world was not aligned with his personal goals.
The Search and Acquisition
- During his search, Chris prioritized brokered deals in the Rocky Mountain region, focusing on businesses within a specific EBITDA range.
- His acquisition of Affordable Flooring Warehouse was driven by its location, his familiarity with the industry, and its fit with his financial criteria.