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Acquiring Minds
How (and Why) to Buy an Electrical Business
Dec 12, 2024
Fred McGill, owner of Bray Electrical Services, shares his journey from real estate entrepreneur to acquiring a $3.2 million electrical business. He discusses the growth potential in the electrical sector, predicting a 25% revenue increase in the first year. Fred emphasizes the importance of digital marketing, effective hiring practices, and reassuring employees during ownership transitions. He contrasts the financial commitments of small businesses with real estate investments and offers insights into navigating SBA loans and licensing challenges in the trades.
01:35:24
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Quick takeaways
- Fred McGill transitioned from real estate to acquiring an electrical business, leveraging his entrepreneurial skills and industry insights for growth.
- Key challenges included securing licensing and hiring skilled electricians, which McGill navigated through strategic planning and operational understanding.
Deep dives
Fred McGill's Entrepreneurial Journey
Fred McGill transitioned from building an online real estate brokerage to acquiring an electrical services business, leveraging his extensive background in entrepreneurship. He co-founded Simple Showing, which grew from scratch into a profitable tech-oriented real estate company operating in multiple states. His experience in real estate allowed him to connect with various tradespeople, sparking his interest in the electrical services sector. McGill identified an opportunity in this often-overlooked industry, focusing on its significant upside potential and the integration of technology and marketing.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode