Acquiring Minds

Mark Olivito shares his experience of buying a construction business that defied conventional wisdom. He discusses the challenges of small business ownership and the importance of long-term holding. He also explores the unique risks and opportunities involved in acquiring a project-based business, and the shift in roles within the business. The podcast covers topics such as managing people, marketing strategies, financial growth, and overcoming challenges in small business ownership.

Topics in the podcast include: spending $150K and 18 months on a dead deal, the emotional toll of a failed deal, freelancing to fund the search, choosing a conventional loan over an SBA loan, tech debt as a liability, the benefits of having long-term employees.

Mike Okhravi, former tech professional turned entrepreneur, discusses his experience buying a towing business and a flooring business within a short time period. He shares his philosophy on taking risks and moving fast, signs of a motivated seller, surprises after acquiring the businesses, and the challenges of operating two businesses at once. Mike also talks about getting back up after business failures and his love for the towing business.

Kent Weaver, a veteran searcher & investor, shares his insights on the ups and downs of search. He discusses the differences between self-funded and traditional search, the power of choosing a quality industry to buy a business in, the importance of high-quality revenue and strong unit economics, and the qualities of a good search CEO. He also shares stories of search failures, emphasizes the need to dream bigger when buying a business, and talks about the long-term career benefits of doing a search.

Sean Moore, an art collector, shares his journey of buying a fine art gallery with over $1m SDE. He talks about pulling $1M from his 401k, the ecommerce aspect of the gallery, the additional revenue stream of a frame shop, improving the gallery website, and forming a connection with the seller. He also discusses using ROBS for acquisitions and negotiating earnest money with the seller.

John Hubbard returns to share how "chasing EBITDA over revenue" has benefited the trailer fabricator he bought in 2021. Topics in John’s interview:Losing largest customer (25% of revenue)Earning $2m EBITDA on $6m revenue vs. $25m revenueDon't chase revenue, chase EBITDAMentally transitioning from buyer of a business to the seller of itWhy he's thinking about sellingSelling vs. hiring an operator & holdingHow difficult finding a good operator isAppreciating how precious it is when you have a business doing wellThe appeal of investing in other search deals3 points about leadership in SMBReferences and how to contact John:Sam RosatiExpress Custom TrailersJohn’s first appearance on Acquiring Minds: Why Buy a Small Manufacturing BusinessRecent interview with Shane Ehrsam, who bought a trailer dealership business: Hiring a General Manager & Buying Business #2Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamGet a complementary pre-acquisition HR & PEO review for your target business:Contact mark@aspenhr.com or visit Aspen HRConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Topics in the podcast include buying a SaaS business using an SBA loan, downside protection in a SaaS business, the appeal of the Microsoft ecosystem, deferred revenue, buying a SaaS business as a non-technical person, valuing a SaaS business, terms of the deal, building a portfolio of B2B SaaS businesses, pros & cons of holding company and fund structures.

Chandler Reed reflects on his experience of buying a project-based business, the challenges of managing people, the ups and downs of project-based revenue, and the impact of interest rates on deal flow. He also discusses his preference for digital businesses, the importance of key individuals in acquisitions, and the transition to a more independent role. The speakers encourage growth and support in the self-funded search industry and discuss upcoming boot camps and conferences.

Landon Mance bought a $1.7m tree business alongside a minority partner who's operated the business full-time from Day 1. Topics in Landon’s interview:Crossing paths with a financial criminalBuying a tree service business with his friend as operatorWhere “follow your passion” falls shortWhy the business had high margins at acquisitionNegotiating with the sellers over ZoomBurning through the capex budget in 90 daysThe importance of putting everything in the contractHis operator’s equity stake in the companyContinuing to run his financial planning businessHis 5-8 year vision for the companyReferences and how to contact Landon:landon@backboneplanning.comLinkedInBackbone Planning PartnersTrent LeeNevada Tree ServiceTrevor MiltonRyan TansomElizabeth HolmesMicro Business AcademyLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with A-players who can run your business remotely:More StaffingConnect with Acquiring Minds: See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Neil Finneran, former hedge fund professional and CFO, talks about his career pivot to becoming a small business owner by buying a pest control business. He discusses the value of a supportive spouse, hiring and incentivizing blue-collar employees, retaining customers in a recurring revenue business, advantages of being part of a franchise, competitors in the pest control space, and decision-making for marketing spend.