Acquiring Minds

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

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