Acquiring Minds

Andrew Harbin first bought an awning business, then bought a fencing franchise to keep his crew working through summer. Topics in Andrew's interview:Should you buy a seasonal business?Buying a second business to offset seasonality of first businessTwitter thread that opened his eyes to building wealth by buying  a businessBuying a business that is for sale by ownerRevenue + SDE of the awning business he acquiredGrowth he's achieved in first years of ownershipHow the awning business works (revenue sources, staffing, org chart)Buying a $300-400k SDE businessWhy hiring temps for seasonal businesses is unappealingFencing business: buying vs. starting from scratch vs. starting a franchisePros/cons of franchisesBig Jerry's fencing franchiseTips for entrepreneurs considering buying a fencing businessNature of stress in SMB vs. corporateLoneliness of being a small business ownerLinks & how to reach Andrew:Twitter thread that turned Andrew on to buying a businessVenango AwningBig Jerry's Fencing@ADHarbinGet 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 past + future interviews)Connect with host Will Smith on LinkedInFollow Will on Twitter

James Temple, an entrepreneur who acquired a struggling Mathnasium franchise, discusses topics such as buying vs. starting a franchise, turning around underperforming locations, assessing franchise system risks, criticisms of franchises, the numbers behind his first acquisition, growing to 19 locations, evaluating franchise opportunities, revenue range and fees of Mathnasium franchises, passion and purpose in franchise ownership, franchise consultants, and how to start investigating opportunities.

Sumana Sanjeeva got into ecommerce by chance. 3 years later, she's acquired 4 ecom businesses & sold one for over $5m. Topics from Sumana's interview:Brick & mortar vs ecommerce businessesBest type of ecommerce to buy for a first-timerBuying an ecommerce business knowing very little about itLearning quickly how to sell on AmazonFinding an ecommerce business on BizBuySellTerms of her dealOne decision that made the business thrive during COVIDSelling to aggregatorsTalking to 14 of themTerms of her saleCash flow issues with a growing ecommerce businessHer 3 new ecommerce acquisitionsFocusing exclusively on FBARunning in-person learning center franchisesHow to reach Sumana:LinkedInsanjeevasumana AT gmailGet 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 past + future interviews)Connect with host Will Smith on LinkedInFollow Will on Twitter

Toni Kononova bought a ghostwriting business for $500k to experiment with buy-then-build while limiting her downside. Topics in Toni's interview:What to love about a ghostwriting & editing businessThe business of self-publishingWhat is "vanity press"?Why a terrible website can be OKGetting close on a small B2B SaaS businessLowering her SDE criteriaNumbers & terms of her acquisitionDe-risking an acquisitionBuying a business while having a full-time jobWhy keeping her full-time job helped get the loanRunning the acquisition as a side hustleEmployee turnover & sales decline during transitionThe popularity of search among Silicon Valley workersSearch in RussiaLinks & how to get in touch with Toni:Write My Wrongstoni AT writemywrongs DOT coGet 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:Connect with host Will Smith on LinkedInFollow Will on Twitter

Frustrated searchers: this episode is for you. Jesse Sunquist shares 4 lessons from a year of hunting for a business. Topics in Jesse's interview:What he learned going from part-time to full-time searchingWhy brokers prefer working with full-time searchers"Spouse-funded" searcherHow TRULY difficult it is to get your first deal doneEmbrace change when it comes to your search criteriaHow personal each searcher's journey isThe perils of comparing your search to others'The temptation to buy (very) smallOpening your mind to acquiring a franchiseIsolation & loneliness during search and how to counteract itThe importance of just getting startedOver-investing in your tech stack, website, LLC formation, etc. is procrastinationHow to reach Jesse and other links:Original post on Searchfunder: Reflections after 1 year of searching full time@jsunquist on TwitterLinkedInjesse AT mtsophia DOT capitalJesse's search website, Mt Sophia CapitalGet 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:Connect with host Will Smith on LinkedInFollow Will on Twitter

Anne Ristic, a former managing partner at a law firm, took a bold leap into entrepreneurship by acquiring Agency Employment Services at age 60. She shares how Ruth Bader Ginsburg inspired her decision and discusses the unique challenges of financing a business in Canada. Ristic highlights her extensive industry research and growth vision for her company, alongside the nuances of navigating bank loans. She also addresses the importance of representation, encouraging more women to enter the business acquisition space.

How Doug Johns overcame his reservations about being a franchisee to acquire a dream business with $1.8m EBITDA. Topics in Doug's interview:Buying a franchise vs. independent businessOpening your mind to a franchiseThe many (overlooked) benefits to being a franchiseeCalling yourself "independent investor" instead of "searcher"Running a search like a B2B sales processThe appeal of a deal with few addbacksWhy home service businesses are so appealing as acquisitionsLoving, rather than running from, managing peopleWhy the top home service businesses have more sophisticated funnels than the Fortune 500ServiceTitanWhere the opportunity is when the business you buy is already well-run and matureOwning a plumbing company without knowing anything about plumbingThe numbers of Doug's dealThe exact multiple is way less important than you thinkUsing ROBS to buy the businessWhy high growth can make a business harder to financeUnderstanding debt service coverage ratio (DSCR) thresholdsDoug's tip for choosing an SBA lenderThe $500k value of Doug's appeal to the sellerGoing to meet a seller face to faceReach Doug at:doug DOT johns AT couffley DOT comLinkedInGet 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:Connect with host Will Smith on LinkedInFollow Will on Twitter

Topics discussed include choosing self-funded over traditional search funds, buying small websites on Flippa, the opportunity with old internet businesses, using BuiltWith for outreach lists, the 'rank and rent' model for local lead gen, lead brokers, SEO vs PPC for lead gen, dealing with Google algorithm risk, growing the business, and the appeal of lead gen businesses with older websites.

Sam Turner is 3 acquisitions into a 5-year plan to buy HVAC businesses across the UK that together cash flow £6m/yr. Topics in Sam's interview:How the businesses he buys are run and by whomBuying without the benefit of an SBA loanWhy HVAC?Why buying small business is more appealing than real estateHarbour Club with Jeremy HarbourThe value in acquiring businesses in a highly-fragmented industryDeal structure for his first acquisitionSam's goal for revenue/EBITDA/multiple and his own wealthBuying small vs. buying bigBuying an HVAC with mostly new construction vs. maintenance revenueWhite collar people buying blue collar businessesReach Sam at:sam DOT turner AT advantos DOT comLinkedInGet 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:Connect with host Will Smith on LinkedInFollow Will on Twitter

Kevin Swenson shares his story of buying a $3m real estate appraisal firm as a platform to roll up the fragmented space. Topics from Kevin's interview:Why the real estate appraisal industry?How to add value as the entrepreneur doing a roll-upRoll-up dynamicsAppraisal businesses vs. appraisal management companiesStory of his acquisition, the platform businessThe "Your Sure Thing" philosophyBuying in an industry where you DON'T have experienceThe nature of real estate service businessesHow to mitigate risk when buying a real estate service businessAcquisition opportunities in real estate services beyond appraisalHow it's going since the real estate market slowedPivoting a roll-up strategy to react to the marketReach Kevin at:@KevinWSwensonJrLinkedInGet 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:Connect with host Will Smith on LinkedInFollow Will on Twitter