Acquiring Minds

Ben Bortner couch-surfed, drove Uber, and racked up credit card debt while finding a pool business to buy. It went well. Topics in Ben’s interview:Buying a pool service business, putting in only $100 of his own money for equityChanges he made to employee compensation (and why)Acquiring a second pool businessWhy Ben became certified to do pool maintenance himselfHow Ben improved company cultureWhy he didn’t want to hire a GMSelling his company to Pool TroopersLaunching a fund for self-funded searchersThe type of searcher he wants to fundWhat a self-funded deal looks likeLinks and how to contact Ben:ben@slackwatercap.comLinkedInSlack Water CapitalGet a complementary pre-acquisition HR & PEO review for your target business:Contact mark@aspenhr.com or visit Aspen HRLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

9 months after Jesse Safir bought a printing biz, Covid cratered it. 3 years later, sales are nearing pre-Covid levels. Topics in Jesse’s interview:Finding ABG Printing by sending direct mailThe value of having a “forgettable” businessRenegotiating his deal before acquisitionThe changes he made in the first 9 monthsCutting 80% of his staff during COVIDManaging cash flow after revenue plunged 95%Staffing post-COVIDHow their printing projects have diversifiedThe landscape of the printing industryJesse’s vision for a holdcoLinks and how to contact Jesse:LinkedInjesse@abgprint.comabgprintThe Dip by Seth GodinJesse on Let’s Buy a BusinessGet 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

2 searchers, Kaustubh Deo & Kevin Bibelhausen, share how they found investors to provide money to buy their businesses. Topics in Kevin and Kaustubh’s interview:How Twitter helps searchers learn and networkHow Kevin found investors after his funding fell throughHow they selected investorsWhat a good pitch meeting looks likeHow they communicate with investors post-acquisitionThe power of superconnectors when raising fundsThe size of their cap tablesHow they organized their contacts while pitching investorsHow to get the most equity in your businessThe most gratifying and stressful parts of running their businessesLinks and how to contact Kevin and Kaustubh:Kaustubh’s LinkedInKevin’s LinkedInKevin’s TwitterInvestor ListHBR Guide to Buying a Small BusinessSam RosatiTony CappaertLisa ForrestMike BotkinLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition Lab Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

It CAN be done: Matthew Saskin recently acquired a big towing business, hiring an operator to run it from day 1. Topics in Matthew Saskin’s interview:Why he chose a towing companyPutting in an operator from day oneImprovements he made right awayWhy he kept his day job (and how he manages it)His COO’s compensation packageWhat is phantom equity (and how it’s different from true equity)How real estate investment is different from SMB ownershipThe landscape of the towing industryRevenue streams for towing companiesHow they recruit driversLinks and how to contact Matthew:Matt's business plan. We decided not to link to it directly. Email Matt to request a copy, and he'll share it with you directly 👇👇msaskin@eastcoasttowing.comLinkedInTwitterEast Coast TowingLearn 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 channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

Caroline Chapdelaine seized opportunity when a biomed company needed to sell a $2m unit that made special defense tech. Topics in Caroline’s interview:About the defense contracting industryBuying a business in the defense industry (and why it’s hard)Buying a carve-out businessThe unusual terms of a carve-out dealUnforeseen costs after purchasing a carve-outThe benefits of having partnersAssessing the strategic value of your business to its customersRunning out of money months after purchaseGetting an SBA loan against her business assetsRemotely running a California business from UtahLinks and how to contact Caroline:LinkedInCaroline.chapdelaine@northstarphotonics.comNorthstar PhotonicsConnect with A-players who can run your business remotely:More Staffing Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

Despite dire warnings against it, Reg Zeller bought a foundry. He's since bought 6 more & sees a clear path to $100m/yr. Topics in Reg Zeller’s interview:Why he bought a foundry (against everyone’s advice)The famous fetal position storyThe importance of a peer groupHis journey from one acquisition to a holdcoWhy searchers should spend 2 years operating the business they buyReg’s plan to get to $100 millionHow to eliminate key man riskHow Reg found his rockstar COOOpportunities in non-manufacturing spacesThe opportunities in onshoringLinks and how to contact Reg:Twitter CaneKastThe Twitter thread Reg mentionedShoe Dog by Phil KnightHoldCo ConferenceLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition Lab Get 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 channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

Adrian Pinto returns to reflect on his 1.5 years as owner of a landscaping business that he's grown from $3m to $6m/yr. Topics in Adrian’s interview:Buying and growing Georgia ScapesGrowth through acquisition in landscaping Doubling revenue in 18 monthsHis B2B sales processCompetition in landscapingCommercial vs residential landscapingMaintenance work vs project workDue diligence for a landscaping companyBeyond EBITDA: evaluating size of business to buyRisks in acquiring a landscaping businessLinks and how to contact Adrian:adrian@georgiascapes.comTwitterLinkedIn Georgia ScapesAdrian’s first appearance on Acquiring MindsMike Bodkin on Acquiring MindsLogan and Bradley on Acquiring MindsLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition Lab Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Michael Horowitz was looking to buy an independent business when a different path opened up. Today he owns 20 Wingstops. Topics in Michael’s interview:Pros and cons of searching within franchisesWhy Michael was attracted to QSR’s (quick service restaurants)Buying 7 Wingstop locations in OhioWriting an operating agreement for 3 co-ownersDevelopment agreements with franchisesOperating QSR’s during CovidOpening and closing a ghost kitchenDaily operations of owning 20 Wingstop locationsMotivating hourly restaurant employees Michael’s advice for searchers considering QSR’sLinks and how to contact Michael:LinkedInTwitterMichael Horowitz on Franchise EmpiresConnect with A-players who can run your business remotely:More StaffingGet 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

Kaustubh Deo reflects on his first year as the owner of a tree business versus his former life in NYC private equity. Topics in Kaustubh’s interview:Buying a tree service businessBuyer’s vs seller’s discretionary earningsReflecting on 13 months as a business ownerPossibility for roll-upsBeing an outsider in the tree industryChange managementHis thoughts on holdcosMeasuring success for his businessLife as a business owner vs. life in private equityHis advice for searchersLinks and how to contact Kaustubh:LinkedInkd@bloomatree.com Kaustubh on Think Like an OwnerBlooma Tree ExpertsGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter

Adam Duggins had 650 meetings to find his first business in 2013, not expecting he'd buy 3 more over the next 10 years. Topics in Adam Duggins’s interview:Meeting with 650 people (in person!) during his searchHow Adam found his partner & structured their ownershipHow Adam became a holdco without meaning toHow motivating blue collar workers versus white collar careerists is differentWhy Adam prefers working with blue collar versus white collarBuying businesses in overlooked geographiesA bit about each of Adam's 4 businesses: steel fabrication, commercial HVAC, Jet-Hot, boiler servicesWhat to love about businesses in the construction industryStability vs. growthEarly mistakes as an ownerLinks and how to contact Adam:New Page Capital W.C. Rouse Engineered Steel American Industrial ContractorsJet-HotAdam’s email: adoug@newpagecapital.comGet a complementary pre-acquisition HR & PEO review for your target business:Contact mark@aspenhr.com or visit Aspen HRConnect 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