Acquiring Minds

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

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