Acquiring Minds

In this engaging discussion, Adam Vandermyde, an acquisition entrepreneur and former CEO of Petro West, shares his journey of turning a struggling company into a success. He reveals the challenges he faced when initially hesitant to buy the business due to financing and industry concerns. Adam emphasizes the importance of focusing on EBITDA over revenue and shares a costly construction mistake that nearly derailed his plans. His insights on shifting to a service-first strategy and the excitement of rewarding his employees post-sale provide a fascinating glimpse into the world of business acquisitions.

Joe Odell, an acquisition entrepreneur and former CEO of Pharmacy Specialists, shares his journey from a military background to navigating the complexities of business acquisition. He delves into the red flags that emerged post-acquisition, including a shocking cash crisis and the hidden loss of a key sales rep that decimated revenues. Joe discusses the emotional toll of the experience, the role of family support, and lessons learned about diligence and risk. He now focuses on consulting and acquiring a plumbing business, emphasizing smart growth strategies over debt.

Joe Solberg, acquisition entrepreneur and owner of branding agency Sonny and Ash, shares his journey from corporate life to business owner. He discusses his first acquisition of a 3D rendering firm, the challenges of pitching to his wife, and the strategic pivot during COVID. Joe highlights the differences between branding and marketing, how he built recurring revenue models, and the importance of hiring skilled managers. He also delves into the complexities of his second acquisition, Point B, including valuation strategies and the role of seller continuity.

Mike Fagan, a former professional bowler and PBA world champion, dives into his unique transition from the lanes to the business world. He discusses his acquisition of a bowling center and the strategy behind revitalizing traditional alleys. Fagan explores the economic importance of league bowlers, contrasts legacy bowling with modern chains like Bowlero, and shares insights on operational improvements using tech. He reveals challenges like employee resistance to change and innovative ways to boost revenue, including impactful online booking solutions and targeted marketing.

Tato Corcoran, an entrepreneur and owner of Brandt Molded Marble, shares her journey from tech to manufacturing. She discusses her bold strategy of using direct mail to find business deals and her initial struggles with a 'glorified job' that masked true operational costs. Tato reveals how she tackled labor shortages by hiring immigrant workers through Facebook groups and learning Spanish to bridge communication gaps. She also shares her success in raising prices by 40% without losing customers and ultimately doubling revenues.

Christian Bateson, an acquisition entrepreneur and former Wall Street analyst, shares his incredible journey from the financial crisis to buying Resolute Construction Cleanup Services. He reveals the qualities that make a top salesperson and how business acquisition helped him escape a miserable career. Christian discusses the challenges of hiring in construction, lessons from his second acquisition, and his ambitious $100 million revenue goal. He emphasizes the transformative power of small business ownership and the importance of leaning into one's strengths.

Philip Hussey, CEO of Thomas Moser and a key figure in Chenmark's acquisitions, shares insights on leading a premier furniture brand known for exceptional craftsmanship. He discusses the unique challenges of managing a legacy brand without being a craftsman himself and the importance of a strong quality culture. Hussey highlights the company's commitment to customer experience, talent development through their woodworker school, and plans for growth in luxury markets, all while preserving the Moser legacy.

Robert Gaden, an acquisition entrepreneur and owner of BrightStar Care of Greater Waukesha and Lake Country, shares his journey from finance to home care. He discusses the emotional impact of his father's passing on his career choices and the appeal of the home health care industry. Gaden describes his lengthy 17-month acquisition, revealing insights about revenue growth and the importance of strong seller relationships. With a focus on scaling, he emphasizes prioritizing sales over margins and how operational involvement shaped his success.

Scott Duncan, an entrepreneur and former owner of F&M Tool & Die, shares his rollercoaster seven-year journey in acquiring a business that ultimately failed. He discusses the harsh realities of customer concentration risk and the challenges of managing a skilled but temperamental workforce. Scott reveals painful lessons on employee theft, operational distress, and financial strain during COVID. Despite the collapse, he highlights the relief and insights gained, considering the possibility of pursuing another acquisition in the future.

Andy Rougeau, a former Army officer turned entrepreneur, talks about his impressive journey in scaling RG Maintenance, a blue-collar business. He shares how military leadership skills and a hands-on approach were pivotal in launching remote business territories. Andy discusses his $9 million exit to private equity and his transition to investing in self-funded searchers. He reflects on challenges like employee issues and market dynamics while highlighting the importance of treating all jobs with respect—no matter how dirty.