Acquiring Minds

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

Ramon Van Meer bought an ecommerce business doing $30k/mo. A few tweaks & months later, it was up to $400k per month. Topics in Ramon's interview:What to look for in an underperforming ecommerce businessHow to quickly improve an ecommerce businessThe effect of turning on paid advertisingThe true nature of running an ecommerce businessThe power of nichesUser experience buying a digital business versus an offline businessWho should buy versus buildHow to make money in contentGrowing a content site from scratch to a $9m sale in 2.5 yearsThe dangerous temptation of buying too many businessesBuying a YouTube channelDecline of a YouTube channel business immediately after acquiring itSBA loan for a YouTube channel acquisitionBuying a SaaS businessReach Roman at:@ramonvanmeerGet 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 TwitterLinks & mentions:Alpha PawRamon's viral Twitter thread: selling $35m of dog ramps

Jason Cline left corporate at age 50 to buy a flower distribution business (in cash). SDE is up 3x after just one year. Topics in Jason's interview:Pivoting from 20+ years in corporate to SMB ownership3 criteria for what business to buyBuying a business in cash (no SBA loan)The business of flower distributionSelling to big retailers like 7-Eleven & Circle KHow to detect growth potential in a distribution business2 ways to retain drivers in distribution/route businessesDistribution businesses are really car businessesScan-based trading2 key techniques Jason used to transition successfully into the businessWorking "in" the business for the first 6 monthsTesting changesThe numbers behind flower distributionIdeal size of SDE for target businessWhat's more important than SDEJason's growth since acquisition and plans for expansionReach Jason at: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:Connect with host Will Smith on LinkedInFollow Will on Twitter

Jordan Carter started as a part-time, generalist searcher. 3+ years later, he bought a biz doing $2.4m with 40% margins. Topics in Jordan's interview:Part-time vs. full-time searchingConsulting in order to generate income while searchingMisconceptions about how easy it is to find a business to buyHow much cash Jordan saved for his self-funded searchGeneralist vs. industry-specific searchUsing interns for searchValue of speaking with owners (even if they don't want to sell)Optimal percentage of time to devote to deal sourcingAccessing equity capitalAdding value to a super niche business you're completely new toGrowing a business 40% in 2 years after acquisitionBuying a grant-writing businessThe pain of losing an LOIReach Jordan at:@jordanpcarterLinkedInGet 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 TwitterLinks & mentions:B&A Grant Services & SoftwareSearch Investment GroupEpisode 41, featuring Jordan and partner Robert Graham at SIG: The Argument for Self-Funded Search

A deep-dive into the market for SaaS businesses with Thomas Smale, founder of leading SaaS brokerage FE International. Topics in Thomas's interview:Pros & cons of SaaSSaaS valuationsSaaS vs. ecommerceCompeting with private equity for SaaS dealsUsing an SBA loan to buy a SaaS businessMicro-SaaSFirst-time buyers doing a career pivot by acquiring a businessMost common mistake among first-time buyersPassive nature of online businessesSaaS products unlikely to go zero?Acquisition strategy: converting on-premise software to cloudProprietary outreach to find SaaS sellersHow economic climate is affecting SaaS valuations & multiplesEcommerce valuations & multiplesYoung ecommerce businesses - dangerous?Advice for first-timer buyersReach Thomas at:@ThomasSmaleLinkedInGet 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 TwitterLinks & mentions:FE International

Kinza Azmat arrived in the US at age 6, speaking little English. Today she's the new owner of a thriving RE brokerage. Topics from Kinza's interview:Becoming a business broker to learn acquisition & access deal flowThinking that finding a business to buy would be easyHow business brokerages generate deal flowFinancial & location criteria of her searchUnlocking deal flow by expanding geographic criteriaDealing with gender, racial, and other biases in sellersTying seller note to business performanceThe business of apartment locatorsCompetitive moats for apartment locatorsRebrandingSmall business owner life vs. corporate cog lifeGetting your spouse on boardPregnant as a new ownerType D and Type F reorganizationFollowing (and breaking) the Asian-American patternAmerica as land of opportunityReach Kinza at: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:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:WTA Realty

Lisa Forrest, Co-director at Live Oak Bank, sheds light on a survey of 49 entrepreneurs who've navigated self-funded searches. She discusses their strategies for finding deals, highlighting substantial insights about deal closure durations and the significance of leveraging personal networks. Forrest reveals key success factors, including nurturing seller relationships and navigating valuation discussions. She also notes a shift towards larger acquisitions, emphasizing the growing role of institutional funding in transformation within this entrepreneurial space.

Seasonal. Nonrecurring. Key person risk. Trish Higgins recounts how Chenmark got excited about an unlikely acquisition. Topics in Trish's interview:Building a holdco versus taking a job in private equityWhat Chenmark does, why it's specialChenmark's founders' goals: impact, interestingness, financialWhy isn't the holdco model taught in business schools?The story of Cap'n Fish CruisesUnit economics of a boat tour businessIs seasonality really so bad?Managing seasonalityAre boat tour businesses attractive generally?Finding differentiation in a crowded industryBait & tackle shop frameworkChenmark's second boat tour acquisitionHow Chenmark approaches learning an industry where they've acquired a businessReach Trish at:trish AT chenmark 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 TwitterLinks & mentions:Cap'n Fish's CruisesSubscribe to Chenmark's Weekly ThoughtsEpisode 55, featuring the other Chenmark co-founders: 7 Years Later: Leaving Wall Street to Buy Small BusinessesEpisode 64, featuring Trish: How & When to Make Changes at Your Acquisition

Ujwal Velagapudi acquired a multimillion dollar vending empire with thousands of machines & 7 figures of cash flow. Themes from Ujwal's interview:Big vending businesses vs. smallBuilding a big vending business by acquiring small routesEconomics of vendingLogistics of vendingTiny acquisitions to build confidence & experienceDifferentiating yourself as a buyer on MicroAcquireUsing phantom equity to hire general managerBenefiting from OnlyFans growthWorking with a dishonest sellerBuying an online businessBuying an FBA businessBuying a small gymBuying a historic neighborhood sports barBuying downmarket commercial real estateUsing Craigslist for acquisition of businesses & real estateReach Ujwal at:@UjwalVelagapudiLinkedInGet 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 TwitterLinks & mentions:Byron

Ryan Doyle, a searcher with a finance background, and Heather Anderson, co-director of Sponsor Finance for Search Fund Lending, delve into critical pitfalls for business buyers. They highlight eight major warning signs of a bad investment, including overvaluation and unsustainable margins. Ryan shares his list of time killers that can derail searches, while Heather discusses the challenges of financing smaller firms. Together, they emphasize the importance of due diligence and understanding market dynamics to avoid costly mistakes.