In this episode, we continue the conversation with Sam Turner, a successful entrepreneur who shares his insights and experience on the acquisition process, from the very first day to the consolidation of the businesses. He talks about the importance of being consistent with your time and being present in your business to create a strong culture that aligns with your vision. He also shares his experiences transitioning from a large corporate to an SME - and how getting the business culture right is critical to business success.
He also introduces the Entrepreneurial Operating System (EOS) and explains how it can be applied to optimize business operations.
Key Highlights
[01:40] What happened on day 1 of the acquisition
[02:55] Being consistent with the time
[04:38] The benefit of being present in your business
[07:33] The culture shock of moving from a big company to a small company
[09:09] Importance of cultural aspect in a business
[12:30] Importance of CFO and how Sam incorporated that in his business plan
[15:47] The Entrepreneurial Operating System
[19:36] Why Sam has not done the retained equity
[20:26] How Sam is applying what he has learned from acquisitions
[22:47] The classic case of funding the business
[25:11] Sam’s deal team
[28:19] What makes you succeed in the long-term
[30:12] Advice to people who are yet to make their first step
Notable Quotes
- I don't think you can over-communicate. And I think communication is something that's really, really important. Being consistent with that and holding to what you're saying.
- If you want to grow the business, build on top of the good performance that I've had because it's a profitable business, has good brand equity, etc., is being open and honest.
- So I think the danger in deals is that the first deal is that you got the due diligence, your legal, your financial, and to a certain extent, your commercial due diligence. And you can get anal about every single point, you know. And you just need to know what matters and what doesn't matter.
- What makes you succeed or not in the medium term is how good your teams are in the businesses.
- You are what you do, so what you do consistently is who you are. So if you want to be somewhere, do it consistently.
Resources
Buying a business is only the start, which is why we are now teaching what happens next on the Mastermind program. Now, if you've already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria on hello@thedealmakersacademy.com for more information.
If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at johnandrews.deallawyer@jmw.co.uk.
If you would like to take the next step to learn the best ways of buying a business, without risking your own cash, you can access my free training at: www.dealmakerspodcast.co.uk
Watch my Webinar Training Video: https://www.dealmakerspodcast.co.uk
You can also request a free copy of my book at: https://www.thedealmakersacademy.com/free-book-giveaway/
If you want to jump straight to my live Zoom FastTrack course, please go to: https://www.thedealmakersacademy.com/fast
Connect with Jonathan Jay at: Website: https://www.thedealmakersacademy.com/ LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/ YouTube: https://www.youtube.com/c/TheDealmakersAcademy
Business Buying Strategies from The Dealmaker's Academy