Acquiring Minds High Margin & Big Upside in Lice Treatment
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Nov 25, 2024 Derek Croft, a former Bain & Company consultant, shares his journey of acquiring Lice Doctors, a national lice treatment business. He discusses the unique challenges of running a niche business, including high staff turnover and competitive dynamics. Derek emphasizes the personal satisfaction derived from helping families in need while navigating early hurdles like a payroll crisis. He also highlights the importance of marketing strategies and technology improvements for operational efficiency, all while aiming to double the business size in five years.
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From Engineer to Lice King
- Derek Croft, a mechanical engineer, transitioned from the automotive industry to management consulting at Bain.
- He ultimately left Bain to pursue business ownership, landing in the unexpected niche of lice treatment.
Balancing Priorities
- Prioritize control over your life and time with family when considering career changes.
- Financial gains can be alluring, but personal fulfillment is equally valuable.
Broaden Your Search
- Expand your search criteria when buying a business to increase deal flow.
- Don't overly restrict yourself initially, be open to different industries and locations.
