Acquiring Minds

Digital business buyer Dom Wells discusses the pros and cons of affiliate, e-commerce, and SaaS businesses. He also talks about opportunities in digital acquisition, how to source deals, and leading brokerages. The podcast explores trends in the digital business sector, including content-based platforms. It discusses different marketplaces for acquiring digital businesses and the challenges of cold outreach. The chapter concludes with discussions on going public and acquiring businesses.

Mike Loftus started his landscaping business from scratch, then began buying others to accelerate growth to $4m/yr. Themes from Mike’s interview:Growing a landscaping business organically from the ground upAcknowledging your weaknesses and handing them off as soon as you canThe advantages familiarity with technology bring despite a lack of experienceFinding acquisition opportunities through unconventional methodsThe importance of recurring revenue in landscapingThe potential exit opportunities for landscaping ownersConnect with Mike:Twitter: @signthefrontsLinkedIn: Michael LoftusConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Connor's LandscapeBuilding a Blue Collar Empire: Adrian Pinto on Acquiring Minds7 Years Later: Leaving Wall Street to Buy Small Businesses with Chenmark founders James & Palmer Higgins, on Acquiring MindsHow to Buy Landscaping Businesses: Mike Botkin's second appearance on Acquiring MindsHow to Buy a Landscaping Biz & Boost Profits Quick: Mike Botkin's first appearance on Acquiring MindsJohn Wilson on TwitterMills Snell on Twitter

Robert Graham, an acquisition entrepreneur at SIG, and Greg Geronemus, an investor at Footbridge Partners who successfully utilized a traditional search fund, engage in a spirited debate about self-funded versus traditional search funds. They discuss the economic differences and fixed terms of traditional funds. The conversation dives into governance dynamics, success probabilities, and the flexibility of self-funded searches. Both guests share insights on board assembly challenges and the evolving accessibility of these funding models for aspiring entrepreneurs.

How Keith Leimbach paid 6 figures for a business he saw on QuietLight, then exited for 8 figures two years later. *** Register for live episode here: https://bit.ly/3r6P1bD *** Themes from Keith’s interview:The difference between buying and starting a businessIt’s never “just add marketing,” even when it seems like it isGrowth by creating new products that customers are telling you they wantNot being afraid to outsource or delegateWhy Amazon FBA businesses aren’t for everyoneThe Smash My Trash franchiseBuilding laundromats from scratchKeith’s near-death plane crashConnect with Keith:On LinkedIn: Keith LeimbachConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:QuietLightEmpire FlippersWebsite ClosersTransworld Business AdvisorsSmash My Trash

Elliott Holland, founder of Guardian Due Diligence, shares his expertise in navigating risks in business acquisitions. He highlights the unexpected operational secrets buyers may uncover post-purchase, emphasizing the necessity of thorough due diligence. Elliott discusses the critical risks related to industry and seller dynamics, offering practical strategies to mitigate them. He also explores the significance of recurring revenue in certain industries and stresses the need for transparency during seller discussions to reveal valuable insights.

After big success with affiliate marketing online, @Gundwolf sought to acquire & build a more durable business.  *** Register for live episode here: https://bit.ly/3tXHIEH *** Themes from @Gundwolf’s interview:Appeal of durable offline businesses vs. online marketing businessesGetting up at 4am to work 4 hours before going to day jobAchieving success in the affiliate marketing world@Gundwolf’s personal philosophy of goalsNot being taken seriously as a 24-year-oldProtracted acquisition processThe importance of the buyer-seller relationshipEarning credibility among blue-collar crewsChallenges when both buyer & seller are doing their first acquisitionReach @Gundwolf at:On Twitter: @gundwolfConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

Nathan Lenahan acquired an HVAC company with ~$1.2m in revenue for $400k. He's aiming to double sales in 2022 to $2.72m. Themes from Nathan’s interview:The appeal of HVAC over other businesses in the tradesAll the numbers behind Nathan's acquisitionBenefits of “buying small” in the SMB acquisition worldHigh professional satisfaction for skilled trades Acquiring an HVAC business without industry knowledgeThe importance of first-rate customer careLeveraging multiple acquisitions to create a platform for easier home ownershipReach Nathan Lenahan at:On Twitter: @n8lenahanLinkedInBart's Heating & AirConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on Twitter

This is the rebroadcast of a panel that Acquiring Minds recently moderated at the annual ETA Summit at MIT. MIT's panel description:"First do no harm, then pull on the growth levers." Should you wait to make changes? Or take every opportunity you see? How and when should you make changes to your team or to your organizations that will help you get the most out of your organization?Speakers:Trish Higgins - Partner, Chenmark Holdings; CEO, Cap’n Fish Holdings. Trish Higgins is a founding partner at Chenmark Holdings, a Portland, Maine based firm focused on the acquisition and long-term ownership of small businesses throughout North America. Outside of work, Trish can be found spending quality time with her husband and business partner, James, and their two kids.Markus Scott - CEO, EyeQ Monitoring. Markus Scott is currently the CEO of EyeQ Monitoring, an AI-enabled surveillance and business intelligence technology company located in Atlanta, GA. He acquired the business in 2015 after raising a search fund at Kellogg in 2013. Prior to Kellogg, he worked in middle market private equity and played football at the University of Florida. He is married with two small kids, Ava (8) and AJ (7), and enjoys coaching, spearfishing and bourbon in his downtime.Kush Das - CEO, Ennoble Care. Former healthcare consultant, healthcare lawyer, and EMS provider with value-based and community-based care experience. Kush acquired Ennoble Care in 2021.

Having witnessed the power of clean books, Patrick Dichter was driven to buy a $1.2m bookkeeping & accounting business. Themes from Patrick’s interview:The appeal of bookkeeping for acquisition entrepreneursSeeing the power of clean books to transform a small businessMessaging used to reach out to owners of accounting & bookkeeping firmsDefinition of bookkeeping vs. accountingWhat it’s like to acquire a bookkeeping business when you’re not a CPAIndustry- and geography-specific searchBuilding a proprietary search funnelReach Patrick Dichter at:On Twitter: @patrickdichterAppletree Business ServicesConnect with Acquiring Minds:Connect with host Will Smith on LinkedInFollow Will on TwitterLinks & mentions:Cassi Niekamp on Acquiring Minds: Buying a $1.2m Fencing Business & Earning Trust QuicklyCasey Clark on Acquiring Minds: What to Acquire: 3 Hot Sectors for Business BuyersRevLocalCultivate AdvisorsProfessional Association of Small Business Accountants (PASBA)Chris Williams on Acquiring Minds: Stay Open to the Many Flavors of Search

George Vallone unpacks how he used cold outreach to find an off-market cleaning biz doing $1m and buy it for 2x EBITDA. Themes from George’s interview:Prioritizing recurring revenue in the search criteriaThe importance of messaging when approaching business ownersUsing a funnel approach in the searchThe differences between residential cleaning and commercial cleaningThe economics of apartment turnoverUsing customer service as a marketing toolGetting a good deal by betting bigHow to avoid cash flow crunch during transitionReach George at:george at george vallone dot comNuveldy’s Apartment Turnover Services