Barker Squire, Owner of CraneWorks, shares his journey from Marine Corps leadership to successfully growing a crane servicing business threefold in six years. He discusses the importance of staying adaptable during seller meetings and the challenges of government contracts. Barker delves into the nuances of self-funded searches for acquisitions and the significance of maintaining company culture and safety in a high-risk industry. He also envisions building a holdco, emphasizing the value of strategic leadership transitions and employee empowerment.
Barker Squire highlights the significance of gradual growth and operational optimization in successfully tripling CraneWorks' size over six years.
His military background provided essential leadership skills that empowered him to effectively manage and inspire his growing team in business.
The challenges of finding the right acquisition led Barker to a strategic focus on business brokers and unique financing structures for successful deals.
Deep dives
Gradual Growth and Foundation Building
Barker Squire emphasizes the importance of slow but steady growth in his business, CraneWorks. Instead of rushing into acquisitions, he focused on solidifying and optimizing the operations of CraneWorks after acquiring it in 2019. This strategy allowed him to triple the company’s size while ensuring a strong foundation was established. By patiently developing the business over six years, Barker positioned himself to explore future acquisitions with a solid operational framework in place.
Focus on Leadership Experience
Barker's prior experience as a Marine Corps officer significantly shaped his approach to business ownership. He acquired valuable leadership skills while managing large teams, which gave him confidence in transitioning to a civilian leadership role. This background helped him navigate the complexities of running CraneWorks and effectively manage a growing team of employees. Barker believes that leading a small business offers a unique opportunity to influence the lives of employees and make a positive impact.
Navigating the Challenges of Search
Barker describes the search process as the most challenging aspect of his journey, taking nearly two and a half years to find the right business. His experience reflects the reality that searchers often face numerous rejections before finding a suitable opportunity. Despite this challenge, he utilized various channels for lead generation, ultimately focusing on business brokers after finding most success with that avenue. This determination and strategic approach ultimately led him to successfully acquire CraneWorks.
Unique Deal Structure and Financing
Barker's acquisition of CraneWorks involved a unique financing structure due to the need for a combination of seller notes and conventional loans, as he decided against using traditional SBA lending options. The deal consisted of seller equity, seller notes, and bank financing, with Barker contributing a percentage from his savings. This approach highlights the complexities that self-funded searchers may encounter in securing financing. Barker's persistence in finding the right financing partners demonstrates the need for adaptability in navigating the acquisition process.
Long-Term Vision for a Holding Company
Barker's ultimate goal is to build a small holding company, starting with CraneWorks and potentially expanding through future acquisitions. With a capable CEO now running CraneWorks, he can shift his focus to identifying complementary businesses for acquisition. This long-term vision will allow him to leverage his experience while creating a portfolio of businesses that can thrive independently. By maintaining involvement in operations, he aims to foster a culture of quality and growth across all acquired companies.