Acquiring Minds How to Buy & Transform a 120-Year-Old Manufacturer
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Feb 20, 2025 Lucas Philips, the owner of Newark Auto, shares his journey of transforming a 120-year-old manufacturer into a thriving DTC e-commerce business. He discusses how his startup mindset helped him navigate the challenges of acquisition and staff motivation. At just 23, he made bold decisions, including modernizing operations with AI and investing in technology, while learning to trust his instincts. Lucas also talks about strategic acquisitions, expanding into the Porsche market, and highlights the emotional complexities of managing a legacy workforce.
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Startup to ETA
- Lucas Phillips, at 23, left a venture-backed startup for ETA.
- He sought a physical product business to transform digitally, avoiding slow bootstrapping and intense fundraising.
Family Influence
- Lucas comes from a family of small business owners, influencing his entrepreneurial drive.
- Witnessing his father's flexible lifestyle solidified his preference for business ownership over corporate America.
King vs. Rich
- Will Smith contrasts the "be king" vs. "be rich" framework.
- Lucas's upbringing exposed him to wealthy but time-poor parents, reinforcing his own "king" preference.
