Acquiring Minds

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

Before embarking on his search, Alex Glasner interviewed 50 searchers & uncovered 2 key attitudes necessary for success. Themes from Alex’s interview:Wanting to run a business, but not knowing where to startLearning from people whose searches failedThe importance of moving quickly with sellersBuying a mission and not just a jobThe value of being decisive in a searchMerging proprietary and brokered search stylesPausing to understand the business before making another acquisitionReach Alex at:alex at workpays dot co dot uk

Looking to buy a part-time online biz as he neared retirement, Dave Bramlett found it in a resume service doing $1.5m. Themes from Dave's interview:Making a career of buying small businessesBuying a functioning business allows for immediate cash flowFinding businesses on BizBuySellBring in the experts for due diligenceMaintaining a positive relationship with the sellerKnow your strengths as a buyerAlways be open to new businesses for saleReach Dave at:dave at resume writing group dot com

Brandon Adams bought a $850k EBITDA ice delivery company only to discover he'd be doing deliveries himself for 6 months. Themes from Brandon's interview:Doing a local proprietary searchIdentifying brokers you can trustManaging purchase price after an anomalous yearThe silver lining of a due diligence oversightBeing a great leader as a new ownerThe appeal of owning businesses in various industriesReach Brandon at:brandon at k4inv dot com

In this podcast, Damon Chlarson shares his criteria for buying a business and how he found them in an insulation supplier. They discuss defining acquisition criteria, finding your niche, imagining yourself in the job, tapping into people's talents, and finding opportunities in times of crisis. Damon also talks about mental health and business success, looking back and growing ambition.

Frustrated after losing 3 jobs, Bruce Vann used savings to acquire a 25-employee, 7-figure curtain manufacturer for 2x. Themes from Bruce’s interview:Paying 2x for a growing 70-year-old businessBuying a business to pull out of a career rutWhy finding a business is like a full court shotThe need for persistenceAbandoning a proprietary search because of seller overvaluationsChasing down leads and not becoming complacentThe importance of documenting business processes in case of sudden staff departuresDealing with uneasy staff during the transition periodThe experience of acquiring a business as a Black man in the U.S.Reach Bruce at:bvann at luxout dot com

After seeing 9-figure businesses built through acquisition, Adrian Pinto bought a landscaping biz to build one himself. Themes from Adrian’s interview:Buying a $3-5M landscaping business with 15-20% marginsPaying 3x, but rapid growth making it more like 2xWhat a buy-side advisor is and when it might make sense to work with oneHow COVID helped his search processWhy doing his own search was less stressful than a traditional search would have beenThe excitement versus the reality of acquiring bolt-ons to your platform businessBeginning with the idea of building a strong base for future growth (chassis concept)Waiting & observing for months before introducing changes to company processesReach Adrian at:adrian at georgia scapes dot com@Adrian_Pinto2LinkedIn