Acquiring Minds How to Survive Buying into a Terrible Industry
75 snips
Jan 23, 2025 
Ayo Phillips, an acquisition entrepreneur, shares his five-year rollercoaster of buying and exiting a resurfacing business in a flawed industry. He candidly discusses the ethical challenges he faced, like losing 19 employees to competitors. Ayo also reveals his journey from Nigeria to the U.S. and how personal crises intersected with his business challenges. He emphasizes the need for honesty in motivations and shares his '16 Commandments of Search'—essential wisdom for aspiring business owners looking to navigate tough markets.
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Rocky Start to Ownership
- Ayo Phillips's wife suffered a traumatic delivery, keeping him in Chicago during the crucial first days of his business transition in Houston.
- Payroll checks bounced, Hurricane Harvey hit, and sales plummeted, creating a difficult start to his ownership.
Unethical Industry Practices
- Ayo discovered unethical practices were common, like hiring women to solicit favors or paying maintenance men for work orders.
- This highlighted a broader market problem where service quality and pricing weren't enough to win customers.
Importance of Market Dynamics
- Ayo's industry had low barriers to entry, many competitors, and gatekeepers who controlled significant spending.
- Diligence both the industry and specific market dynamics, including relationship concentration and gatekeeper influence.