Acquiring Minds How a First-Timer Did a Turnaround (Including an Exit)
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Feb 26, 2024 Ben Rizzo shares his journey of acquiring and selling a distressed elevator business, including funding the search, making quick changes after acquisition, doubling the business, and competing with private equity. He discusses surviving challenges, calculating risks, and buying healthy businesses for his next venture.
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Networking for Deals
- Network with local accountants and lawyers, not just brokers, to source deals.
- Their broader client base and different motivations can give searchers an edge, especially in smaller markets like Pittsburgh.
Hadfield's Distress
- Hadfield Elevator, a fourth-generation business, struggled due to mismanagement and a large, unpaid project.
- Ben saw value in their recurring revenue contracts and offered to assume their debts, giving the family a chance to continue.
Building Trust
- Ben built trust with Bob Hadfield by spending time with him, discussing their backgrounds and goals.
- This relationship was crucial, as Ben needed Bob's expertise to fix elevators and turn the business around.