Acquiring Minds

A significant shift is on the horizon with the podcast moving to a twice-weekly format, aimed at delivering even more valuable content. The host shares insights into the motivation behind this change, highlighting the desire for greater engagement. Listeners can expect exciting new topics in upcoming episodes, along with a heartfelt thank you for their ongoing support.

When Fraser Voll first learned about buying businesses, he couldn't stop reading about it. That passion paid dividends. Topics in Fraser's interview:What working for a boutique M&A advisory taught him about buying businessesAnatomy of a self-funded search deal WITHOUT an SBA loanHow to get a good multiple (3x) on a $600-800k EBITDA businessWhat Fraser bought: revenue, margins, price, terms, etc.Getting comfortable with high customer concentrationHow to de-risk buying a business whose revenue doubled in prior 2 yearsHow to structure an earnoutJanitorial industry: how to achieve high margins, retain labor, and moreSearch in CanadaWhy small business became more attractive than softwareLinks & how to reach Fraser:Fraser's LinkedInPortage M&A AdvisoryConstellation SoftwareMario Nigro, searcher connector in CanadaGet 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

Chris Koerner acquired a bitcoin mining facility he found on BizBuySell for $750k and now employees 11 people. Topics in Chris's interview:Bitcoin mining 101Challenge of finding real estate to host bitcoin minersEconomics & ROI of bitcoin miningUsing BizBuySell to find bitcoin mining facilitiesPrice & deal terms to acquire a bitcoin mining facility in TexasThe business of hosting bitcoin minersWhy it's difficult to buy minersThe business of reselling bitcoin minersHow the crypto winter has affected profitabilityCrazy story of partnering with the late John McAfeeLinks & how to reach Chris:Mining Syndicate (Chris's bitcoin mining facility)Video tour of Mining SyndicateBizyJohn McAfee's tweet of Chris's project No BSJohn McAfee interview by the Australian film crew (filmed the day Chris visited)LinkedInGet 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

Trevor Boehm shares how Saturn Five started as a venture studio but found buying small businesses a better model. Topics in Trevor's interview:First rule of holdcos: Do No HarmBenefits of buying businesses in a single geographyWhat makes for a good owner-operator?How Saturn Five finds operatorsLoneliness as owner-operator of a small businessGreat hack for new owner-operatorsWhy "boring" businesses aren't boringAdvice to someone considering buying a small businessAdvice to entrepreneurs wanting to build a holdcoWho is Saturn Five (and why you haven't heard of them)Links & how to contact Trevor:Saturn FiveAcquiring Minds episode with Andrew Harbin discussing loneliness as a new SMB owner [at 1:02:10]Acquiring Minds episode with Cassi Neikamp discussing building an industry mastermind to combat loneliness & speed learning [at 58:19]LinkedInGet 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

Shane Ehrsam went full-time in his search & used systematic broker outreach to buy a great business in his local market. Topics in Shane's interview:Why he didn't acquire a franchise resaleShane's experience in the Acquisition Lab, Walker Deibel's program to buy a businessWhy talking to other searchers is so important before beginning your own searchMechanics of his broker outreachImportance of cold calling brokersBuying a business in stock (vs. the more traditional asset purchase)All about the dealership businessFull standby note — what is it?Day 1 experienceHow being an SMB owner feels different than life in corporateLinks & how to reach Shane:Acquisition LabEpisode with Jordan Carter about full-time vs. part-time searching: A Brutal Search Rewarded with Success After 3 YearsEpisode with Jesse Sunquist on: Reflections After 1 Year of Searching Full TimeEpisode with Doug Johns about building rapport with sellers & brokers: Opening Up to Franchises to Buy a Great BusinessSurface area of luckNorth Texas TrailersLinkedInshane AT ntxtrailers DOT 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

Jordan Novgrod sold his house, tapped his 401k, and went all-in to buy an $800k SDE business he found on BizBuySell. Topics in Jordan's interview:Finding a great business on BizBuySellBlogging the search processKey rule of thumb on SDEImportance of buyer-seller chemistryMachine shop businesses - pros & consTransferring key relationships post-saleDay 1 speechHow Jordan built rapport with his new employeesLinks & how to reach Jordan:Rich Dad Poor DadSweaty StartupSearch Investment Group (SIG)Jordan's substack: Small Business Acquisition@JordanNovgrodLinkedInGet 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

Burk Adams tapped his 401k to buy a business that reinvented his career, gave him back time, and catapulted his wealth. Topics in Burk's interview:Using your 401k to buy a business with ROBSBuying a business being the most impactful thing he's done in his lifeRealities of a C corp vs. LLCTeaching his kids acquisition entrepreneurshipHow it seems easier to have bought a business in 2015 than nowThe feeling of giant SBA loan repayments every monthHis business acquisition being a full sendHow he thought about the failure riskWhy he liked PC EnclosuresAcquisition price & numbersBuying a $2.6m business while only having $100k in cashRevenue numbersHandling the brutal first 6 months (and how it was healthy for the future)What's worse: depression or panic?Strong growth in the last few yearsHow to think about one-off purchase vs. recurring revenue businessesHow to think about buying a manufacturing businessSmall business ownership vs. being a consultant2 new businesses that have come out of his acquisitionLinks & how to reach Burk:PC EnclosuresStorm Shell, Burk's outdoor TV enclosure business targeting consumersBackyard Snowstorm, the snowmaking business Burk started with his sonGuidant FinancialLinkedInGet 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

It looked like a dream: $2m EBITDA, recurring, large market. Only after Judd Lorson bought it did he learn the truth. Topics in Judd's interview:Searchfund accelerator pros & consUnderstanding investors' role in your acquisitionImportance of 100% transparency with employees (even pre-acquisition)Debt collection business pros & consDiscovery that he's acquired a bad businessManaging hostility with sellersWhat is the proper attitude for buying a business?How to resign as CEO the right wayLinks & how to reach Judd:Original case note from Yale about Judd's storyThe Acquiring Minds debate about Self-Funded Search vs. Traditional Search Fundsjudd DOT lorson AT gmailLinkedInGet 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

Taylor Wallace discusses her transition from the tech industry to owning doggy daycares in Tampa and the impact of his foray into small business. They explore the growth potential of doggy daycares, strategies for increasing revenue and capacity, and the pros and cons of buying indie vs. franchise. The speakers also touch on incorporating tech-industry best practices into small businesses, financial aspects of growing a small business, and the importance of customer service and building a customer-centric culture.

Episode 100! To celebrate, 5 early guests come back to share how things are going at their acquisitions, 1 year later. 2:48 - Chris Edwards acquired a flooring business18:15 - Philippe Vanderhoydonck, a B2B media business in the pets industry35:49 - Cassi Niekamp, a fencing business1:02:12 - Andrew Pierno is buying multiple small SaaS businesses1:25:54 - Mike Botkin bought a small landscaping business and has quickly parlayed that into becoming a player in the landscaping industryLinks to guests' previous episodes:Chris Edwards - How to Survive Acquiring a $3.5m Flooring Business.Philippe Vanderhoydonck - How to Acquire Your First Business in 3 MonthsCassi Niekamp - Buying a $1.2m Fencing Business & Earning Trust QuicklyAndrew Pierno - How to Build a Portfolio of Micro SaaS BusinessesMike Botkin, first ep - How to Buy a Landscaping Biz & Boost Profits QuickMike Botkin, second ep - How to Buy Landscaping BusinessesGet 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:YouTube channel (easy access to all interviews)Connect with host Will Smith on LinkedInFollow Will on Twitter