Acquiring Minds

In this engaging discussion, Mike Dey, a former aerospace engineer turned entrepreneur, reveals his journey into business ownership by acquiring a manufacturing company. He shares insights on the risks and rewards of entrepreneurship, particularly in his 40s, and the importance of valuing a business. Mike also highlights the challenges of transitioning from corporate life, managing a blue-collar workforce, and navigating complex financing hurdles. His story serves as an inspiring guide for anyone considering a major career shift.

Matt Bauer, an entrepreneur with five years of experience in the scale business, and his military buddy Chris Hartman, discuss their grueling journey in a demanding industry. They candidly share the challenges of building a successful sales team, training technicians, and navigating operational chaos. Their strategic decision to sell the business after doubling its earnings led to an impressive 8-figure exit. Matt and Chris also dive into their new venture investing in a port-a-potty startup, mixing humor with valuable insights on the trials of entrepreneurship.

Meredith and Michael Schlinkert, co-owners of Background Connect, share their unique journey from attorneys to entrepreneurs. They discuss acquiring an employment screening company and managing the seller's transition. The couple highlights strict industry regulations as a barrier to entry, their focus on upgrading technology, and the personal impact of running a family business. With insights on navigating business dynamics while starting a family, they emphasize the importance of communication and support in both their professional and personal lives.

Niklas James, Adam Borcz, and Tony Cappeart share their expertise on self-funded search investing. Niklas dives into the risk-reward balance of the model, while Adam highlights key traits investors look for in searchers. Tony reveals common pitfalls in financial modeling, stressing the need for realistic growth expectations. The trio discusses the importance of trust and transparency in deals, the significance of industry experience, and how operational skills can trump financial knowledge. Their insights illuminate the evolving landscape of search investments.

Ryan Sullivan, a business acquisition expert who uses investor capital and operates with partners, shares his insights on acquiring small to mid-sized businesses. He discusses his unique "Moneyball approach" to business buying and the challenges of locating quality companies. Ryan emphasizes the value of cash flow over exits and maintaining staff after acquisitions. He also reflects on his late career change and the significance of building credibility in negotiations, highlighting the balance between quick adaptations and long-term strategic planning.

Three top experts in SBA lending share insights on the current market dynamics as of summer 2024. They discuss the growing importance of personal guarantees and the rising equity in deals. The conversation highlights the most profitable industries, such as HVAC and senior care, while cautioning against challenges in landscaping. They explore the complexities of financing, including forgivable seller notes and the impact of new SBA rules. Trust between buyers and sellers is emphasized as crucial for successful transactions.

Gabe Perez, a former corporate employee turned entrepreneur, and Kristen, a professional returning to work to manage their new family business, discuss their journey to acquiring a $4 million cold storage manufacturer. They reveal how they balance family life with business challenges, emphasizing the importance of communication and teamwork. Gabe shares insights on securing lender confidence despite the business's cyclicality, while Kristen talks about the emotional toll of entrepreneurship and their goal to create a supportive workplace for their family.

Will Gano, an entrepreneur with a rich background in the food industry, shares his remarkable journey of purchasing an 8-figure, 125-year-old ingredients manufacturer. He discusses the challenges of balancing a full-time job while engaging a buy-side broker for his search. Gano reveals his strategic use of personal letters to attract sellers, navigating licensing hurdles, and the emotional weight of family legacy in his journey. His insights on resilience, networking, and the importance of food safety add depth to his inspiring story.

Rob Carpenter, a professional with a tech background and a focus on a lower-stress lifestyle, shares his entrepreneurial journey. He discusses buying a Merry Maids franchise just 90 days into his business search, emphasizing the benefits of quick action. Rob touches on digitizing processes, the impact of labor turnover on customer retention, and the advantages of a negative cash cycle. He also compares the responsibilities of startups with those of small business ownership, highlighting sustainable growth strategies and operational efficiency.

Jeff Velker, a former franchisee who bounced back from bankruptcy, shares his intriguing journey of acquiring a $2.5 million pen company, Retro 51. He discusses the lessons learned from his past failures and the nuances of entrepreneurship. Velker highlights the appeal of pens in a digital world and the complexities of negotiating with sellers. He also reflects on the risks of working with overseas manufacturers and his ambitious goal of reaching $10 million in sales within a decade. His story is one of resilience, passion, and strategic growth.