Think Like an Owner Trilogy Search Series Ep.3: Tom Klein and Roland Lessard - Ep.118
My guests on this episode are Tom Klein and Roland Lessard, Tom and Roland launched a partnered search after running a background screening business together and acquired a language service business focused on intellectual property in 2016, which they sold last year in 2021. In both companies, growth through acquisition was a core to their playbook and we spend a ton of time diving into best practices and things to avoid in doing so.
This is one of the best episodes of the podcast for understanding M&A, synergies, and change management, and if any of these topics apply to your business, you'll want to tune in. This conversation covers all things M&A, shifting teams, understanding culture and structure, effective leadership, and integrations with new companies and teams.
We got on such a roll near the end that I entirely skipped my closing questions to make room for more discussion, and I think it paid off. By the end of this longer-than-usual episode, I hope you're in agreement. Enjoy.
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Topics:
(3:58) - Tom and Roland’s Backgrounds
(13:03) - How many companies within the industry did you speak with during your search?
(16:35) - What was the company you bought and how did you plan out growth?
(20:02) - Where were the biggest pains during your massive growth from $5mm to $30mm?
(26:25) - What strategies did you use to get up to speed with everyone’s role when making changes?
(32:08) - What’s your philosophy and experience with M&A?
(42:51) - What are some Do’s and Don’ts of tuck-in acquisitions?
(58:07) - How do you implement synergies and change management when you’ve acquired one of these companies?
(1:12:45) - Additional commentary on synergies