Acquiring Minds

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.

Steve Carroll, CEO of Kelso Industries, shares his journey from SBA searcher to leading a MEP powerhouse grossing over $1 billion. He reveals the challenges of scaling and the importance of integrated MEP services. Carroll discusses learning from failed acquisitions, the myth of passive income, and the intensive work ethic required for success. He highlights how partnerships can drive value, his experience transitioning to a CEO role, and the formula for replicating growth in small businesses. Tune in for insights on entrepreneurship and managing high-stakes deals!

Jake Bittner, an entrepreneur and former CEO of a GovTech data analytics firm, shares his captivating journey from acquiring a struggling carve-out for $600k to selling it for $35m. He discusses the pivotal moment when he pivoted the business, leading to a revenue surge of $20m and ultimately attracting private equity interest. Bittner also delves into the importance of valuing a money-losing company, the intricacies of deal structuring, and the post-sale challenges he faced, while now focusing on investing and coaching the next generation of entrepreneurs.

Dave Gilbert, founder of Proven and former tech entrepreneur, shares his journey of acquiring a struggling accounting business. He details the challenges faced, such as unexpected revenue drops and staffing issues, after initially passing on the deal. Dave emphasizes the importance of adapting corporate culture and recruiting top talent, while also exploring the benefits of fractional executive roles in the evolving business landscape. He compares turnaround strategies to startup founding, highlighting the complexities involved, particularly under financial pressure.

Taylor Mattingly, Co-CEO of Energy Ogre and former management consultant, shares insights from his unique journey of acquiring a consumer-facing business he was once a customer of. He discusses navigating Texas’s confusing deregulated energy market and his decision to lead a co-CEO partnership with his best friend. The flat-fee model for Energy Ogre emphasizes customer retention, while AI integration aims to enhance service. Plus, Taylor reveals the importance of building trust with potential sellers during the acquisition process.

Linh Tran, a self-funded search entrepreneur and owner of Advanced Commercial Group, shares his inspiring journey of transforming a small refrigeration business into a multi-million dollar platform. He discusses his unique 'Three Rs' search criteria for acquisitions and his undercover approach to understanding the business culture. With insights on work-life balance, value-based pricing, and nurturing employee loyalty, Linh highlights the importance of building systems and maintaining a healthy work environment, all while focusing on long-term wealth and legacy.

Greg Geronemus, former co-CEO of Smart Tours and now a managing partner at Footbridge Partners, shares his journey in acquiring a profitable travel business. He discusses the unique challenges of searching in the competitive New York market and the innovative strategies used for outreach. Geronemus reveals how partnering with universities boosted growth and why direct mail proved to be more effective than digital marketing. He shares insights into the sale process, achieving a remarkable 9x EBITDA return, and highlights key lessons in acquisition discipline and risk management.