Acquiring Minds

Sarah Romer bought a large but tired hair salon in Austin for $80k. Her first year as owner was the hardest of her life. (This is a rebroadcast from November 2021.)Themes from Sarah's interview:The formula for estimating the value of a salon or beauty businessWhat to do when sellers overestimate the worth of their companyWhere to cut costs after you’ve made an acquisition Underestimating the importance of company cultureThe stress of owning and managing a retail businessThe process of exiting a business you’ve acquiredReach Sarah at:Sarah dot Romer at gmail dot comRegister for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:SMBashOverhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:EversiteOriginal episode page & show notes at AcquiringMinds.co:How to Buy a Salon as an Industry Outsider (and Survive)Connect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Twitter-famous Wolf of Franchises on why & how you should buy existing franchise businesses, including lots of examples. Themes from the conversation with Wolf:Pros/cons of acquiring an existing franchise businessWhy buy 1 franchise business (even if SDE is just $100k)Opportunity & perils of rolling up franchisesIf you can grow from 1 to 2 locations, magicHow to assess health of a franchise brandBreaking into mature franchises as an acquisition entrepreneur4 mature franchise brands Wolf likes (plus 1 he hates)Why to avoid food franchisesHow to gauge risk of new franchise brandsAvoid these 2 common mistakes made by franchiseesLinks & how to reach the Wolf:How a $40k Acquisition Led to a Franchise Empire - interview with James Temple, multi-unit Mathnasium ownerMichael Horowitz (Wingstop multi-unit owner)Brian Beers (Midas multi-unit owner)Lucas Mitchell (Five Guys multi-unit owner)Wisconsin's franchise disclosure document (FDD) search@franchisewolfWolfOfFranchises.comGet 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 channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Online course businesses have dazzling margins but a key weakness. Dom Wells explains how to acquire one & make it work. Topics from the interview with Dom:Opportunity for acquisition entrepreneurs to buy a course businessWhat to look for when acquiring a courseThe role a course founder's personal story playsHow to ease the founder's face out of the brandWhy faces of successful students of the course are actually more valuableHow courses can charge so much ($500 and more)Buying underperforming Udemy coursesImportance of marketing funnels to a course businessOngoing development costs of a course (vs. SaaS)Links & how to contact Dom:Proofread AnywhereMore backstory on Proofread Anywhere: How I Built A $200K/Month Business Selling Proofreading CoursesUdemy@DomWellsOnfolioLinkedInOnfolioRegister for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:SMBashLearn 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

David Page bought a Bay Area wine business in 2010, against the advice of colleagues. 12 years later, it's 5x larger. Topics in David's interview:Don't avoid "buying a job"... because you ARE buying a jobBuying a business before "search" was well knownBuying a circus business (almost)Humble, scrappy beginnings after acquiringBuying in cash, no loanInevitable surprises you find post-acquisitionBrutal first 6 monthsThe niche of private wine grape growingGrowing 5x since acquisitionHow to keep employees happyReferences & how to reach David:FarmersOnly.comPost & TrellisLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamOverhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:EversiteConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Chris Williams was a guest in 2021, just after his acquisition. He returns to share how it's going now, 14 months later. Topics from Chris's interview:System Six's growth in the first 14 monthsWhat Chris wishes he had done differently during transitionHiring challenges and how to hire from withinHow he has learned salesWhy he likes to serve searcher-acquired businessesThe first step in being a great workplaceTraditional vs. self-funded searchWhy revenue growth does not always equal EBITDA growthPricing challenges in the bookkeeping industryDoes more investors mean more help & guidance?References & how to reach Chris:His first episode on Acquiring Minds: ‍Stay Open to the Many Flavors of SearchSystem SixLinkedIn, Twitter, chris@systemsix.comLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabRegister for a live gathering of SMB, Micro-PE, and ETA owners, operators and investors:SMBashConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Key findings from SIG's new study on self-funded search: financial outcomes, deal costs & terms, search lengths & more. Topics from the interview with SIG:What is the self-funded search study & why it mattersEffect of self-funded search on entrepreneurs' net worthsSearch performance: how many acquisitions saw EBITDA shrink, maintain, or grow How much is too much to pay for legal fees & due diligenceThe pros and cons of a seller noteWhy you don’t need an MBA to acquire a businessValue of a good relationship with a sellerHow long search takes, on averageWhy acquisition will only get more competitive in the futureDrawback of a private equity backgroundWhat critics get wrong about self-funded searchMethodology & shortcomings of the studyDownload the study:2023 Self-Funded Search StudyLinks, References, and Contacts:Self-Funded vs. Traditional Search Fund debate between Robert Graham & Greg GeronemusRobert Graham - LinkedIn and TwitterJordan Carter - LinkedIn and TwitterSearch Investment Group (SIG)Stanford Search Fund Study 2022Overhaul your website with ongoing support & unlimited edits, all for a flat monthly fee:EversiteGet 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

Logan Brown and Bradley Roofner discuss the challenges of running a landscaping business, transitioning from construction to maintenance, the importance of responsiveness and quality, competition and growth strategies in the market, overcoming a cash crunch, offering scalable service with customization, and the significance of making a first acquisition.

How Bradley Roofner & Logan Brown transformed a tough, project-based landscaping biz into a recurring revenue machine. Themes from the interview with Bradley & Logan:Buying, growing, and selling a local service business for $20m+Why landscaping still has lots of opportunityHow to transform a project-based business into a recurring-revenue businessHow to build a sales function in a local service businessWhy building a sales function is better for growth than acquiring tuck-insHow to convert 25% of sales opportunitiesWorking capital as oxygenWhite-glove service in a blue-collar industryWhy you should build a credit departmentWhat it's like to sell to a publicly-traded corporationLinks & how to reach Bradley & LoganLinkedIn: Bradley Roofner, Logan BrownBrightViewBuilt To Sell, the book that informed their productization strategyBrent BeshoreArticle 1 referenced in valuation estimate: BrightView and the need for growthArticle 2 referenced in valuation estimate: LM150: 2020 rankingsGet 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 channelConnect with host Will Smith on LinkedInFollow Will on Twitter

A husband & wife bought a therapy practice for $120k, almost dumped it, then grew it for 8 years when PE came knocking. (This is a rebroadcast from November 2021.) Themes from Neil's interview:Growing a mental health practice from $615k/year to $2M. How working in your acquired business (not on it) can save youOwning a business with your spouseEquipment leasing as a solution to keeping overhead costs low To sue or not to sue (the seller, post-acquisition)Preferring businesses for sale rather than cold outreach to ownersWhen to sell a fast-growing businessReach Neil at:@neilsaidwhatLinkedInGet 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 channelConnect with host Will Smith on LinkedInFollow Will on Twitter

JD Klein bought a print shop for $100k, thinking such a small acquisition carried little risk. The opposite was true. (This is a rebroadcast from December 2021.) Themes from JD's interview:Running a strong-growth, low-margin businessSelling your house to make ends meetWhy very small businesses come with higher riskAcquirers should hire a financial plannerPivoting your strategy when uncontrollable roadblocks emergePros & cons of the printing industry for acquirersPersonal victories vs. financial victoriesReach JD at:@jdklein33LinkedInGet 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 channelConnect with host Will Smith on LinkedInFollow Will on Twitter