Acquiring Minds

Tyler O'Connor bought a 20-year-old golf school he found on BizBuySell doing mid-7 figures with 35% margins. Topics in Tyler's interview:Why Tyler decided to buy a businessHow he got his wife on board with buying a businessThe two books he recommends to every searcherWhy he decided against buying a “boring” businessThe one worry that kept him up at nightWhy he had to decline an investor at the last minuteWhy he bought his first LOI: Bird Golf AcademyHis advice about who to invest withWhy he prefers older employees in his businessThe perks of owning a golf businessLinks & how to contact Tyler:Bird Golf AcademyBruce MarksHBR Guide to Buying a Small BusinessPursuant Capital Bootcamptyler@birdgolf.comLinkedInTwitterLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabOverhaul 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

Patrick Dichter shares his experiences and strategies in acquiring and growing a bookkeeping business. He discusses the factors that led to a 60% revenue increase in the first year, the shortage of accountants affecting the industry, and why rollups don't work in accounting. Patrick also shares insights on turning tax prep clients into year-round clients, the benefits of acquiring small businesses, and the challenges of offshoring tax prep. Additionally, he talks about the impact of marketing on acquiring new clients and the importance of accounting knowledge for successful acquisitions.

Multiple perspectives today as Chelsea Wood of the Acquisition Lab moderates a panel with 3 women who bought businesses. Topics from the panel:Cassie Niekamp bought the first company she looked at: a 40-year old fencing companyHow she dealt with a $200k valuation gapWhat went well with the transition and what didn’t go wellAnne Ristic left a 30-year career in law to buy a businessHow her collaborative leadership style has served herWhy it’s okay if you don’t have all the skills you needMorli Desai purchased an e-commerce skincare businessHer difficulty getting sellers to talk to herHow joining Acquisition Lab made all the difference in her searchAdvice from all the guests about successful acquisitionReferences and how to contact the panelists:Cassi Niekamp - LinkedInCassi's business, Bowden Fence CompanyMorli Desai - LinkedInMorli's business, Amaira Natural SkincareAnne Ristic - LinkedInAnne's business, AESChelsea Wood - LinkedInAcquisition Lab4000 Weeks by Oliver BurkemanBuy Then Build by Walker DeibelRegister 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:EversiteConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter

Jacob Lee signed up for 10 locations in the Scenthound franchise after deciding it was a better opportunity than search. Topics in Jacob's interview:Why starting franchise locations makes more sense than buying a businessReturn on equity in franchising vs. searchGetting over pride when choosing to franchiseHow Jacob selected Scenthound from 4,000 franchise optionsOther franchises Jacob consideredHow to analyze a franchise opportunity (especially a young one)All about Scenthound - concept, numbers, feesFranchising compoundsHow to build 10 units over 4 years (plus the 2 key hires that make it possible)Using SBA loans in franchisingReferences & how to reach Jacob:Jacob's Twitter thread cited in the interviewScenthoundBrent BeshoreTommy's Express Car WashThe Joint ChiropracticLinkedIn@jacoblee295j lee AT scenthound dot comGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamRegister 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

Jules Brenner searched for 2.5 years before buying a manufacturer with great tailwinds and a path to $100m in revenue. Topics in Jules' interview:Jules's background in mechanical engineering & California startupsStarting out with Searchfunder.comThe difficulty of searching during COVIDThe 4 tiers of manufacturing companiesWhat type of manufacturing business to buyHis deal with an architectural lighting manufacturer that fell throughSam Rosati's role as an advisorWhat Jules was doing wrong in his searchThe real purpose of a brokerHow sellers always gets what they wantAcquiring and growing American Sheet MetalResources and how to reach Jules:LinkedInEmail: jbrenner@industrialsuccession.comIndustrial SuccessionAmerican Sheet MetalLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabOverhaul 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

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