Acquiring Minds How to 4x a Contracting Business in 3 Years
93 snips
Jan 16, 2025 
In this enlightening conversation, Mike Heath, co-owner of Stateline Products, discusses his rapid growth in the garage door installation sector. He shares the challenges of acquiring a business with outdated practices and overcoming cash flow crises. Mike discusses strategic hiring and partnering with consultants to boost profitability. He also reveals his experiences with acquiring pool businesses, emphasizing the importance of adapting to technology and effective financial management to navigate the ups and downs of the contracting industry.
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Real Estate Setback
- Mike Heath lost $80-100k on a real estate flip, which discouraged him.
- His dad, a retired carpenter, helped him recover financially.
Buy, Don't Build
- Consider buying established businesses instead of starting from scratch.
- Established businesses have a lower failure rate than startups.
Cleaning Business Rejection
- Mike almost bought a commercial cleaning business but backed out.
- He didn't like the employee management challenges and wanted a more established business.
