Acquiring Minds

Devin Wanzor went from a corporate gig with 50 employees to buying a $3M liquor store and playing golf 3 times a week. Themes from Devin's interview:What makes Devin's liquor store so profitableThe major risk involved in acquiring a liquor storeThe self-image shift from corporate manager to liquor store ownerBoosting revenue with an easy price cleanupMaintaining a 15-hour workweekReach Devin at:@DevinWanzor

Mike Curry bought a business only to struggle for years as its new CEO. He shares the lessons that unlocked 2x growth. Themes from Mike’s interview:Entrepreneurship through acquisition (ETA) isn’t just for MBAsBuying a business is art and scienceThe perks of the traditional search fund modelBuilding a strong community of fellow entrepreneursBecoming CEO of an established companyEarning your employees’ trustThe need for diverse business leadersReach Mike at:mcurry at apex physics dot comOfficial episode page & full show notes at AcquiringMinds.co:It's All Your Fault: How to Become CEO of Your Acquisition

JD Klein, a seasoned entrepreneur who navigated the ups and downs of owning a Minuteman Press franchise, shares his cautionary tale of small business ownership. He discusses the hidden risks associated with seemingly low-risk acquisitions. JD emphasizes the importance of hiring a financial planner and adapting strategies to overcome unforeseen obstacles. He also explores the printing industry’s unique challenges, the effects of urban disruption on local businesses, and the value of resilience and community support in tough times.

Geoff Oliver bought 2 laundromats in rural Texas. He shares his numbers & what to consider when acquiring a laundromat. Themes from Geoff's interview:How working as an SBA lender lit a fire for acquisitionsLooking for a real estate investment and finding a great business insteadWhat makes laundromats competitiveSelf service vs. full serveWhy quality of laundromat equipment can matter more than earningsUnderstanding your customers’ preferences before making changesThe growth potential of asset-heavy businessesThe appeal of “zombiemats”How to hire a manager for your laundromatReach Geoff at:@GeoffOliverATX on Twitter

Michael Ledecky, Co-president of Harvard’s Entrepreneurship Through Acquisition Club, shares insights from the recent ETA conference. He emphasizes the importance of acquiring businesses in thriving industries and introduces the 4+1 search model. Ledecky discusses the growing role of women in acquisition entrepreneurship and mental health challenges faced during searches. He highlights success stories, like Thai Lee's billion-dollar journey, and offers predictions for the future of search. This engaging conversation is rich with resources and names for aspiring entrepreneurs.

Having searched, acquired, and exited a business himself starting back in 2007, today Mark Sinatra invests in searchers. Themes from Mark's interview:Running a traditional search fundHow search has changed over the last 15 yearsThe challenge of staying optimistic during a traditional searchThe capacity of small and mid-sized companies to absorb changeClient management during a recessionDealing with clients’ attachment to familiar processesWhat a search investor looks for in searchersImportance of bringing a deal to investors sooner than laterReach Mark at:mark [at] etaequity dot comLinkedIn

Casey Clark, an expert in identifying growth potential in a business for sale, discusses 3 hot industries for acquisition, the importance of industry selection, and attention to detail when buying a business. He also highlights digital marketing transformation and tech enablement as key indicators for business growth, and explores the personal satisfaction of becoming a custom house builder for high wealth individuals.

Resisting at first, Mark Litton eventually realized that buying the family biz was the perfect path to entrepreneurship. Themes from Mark's interview:Buying a business from a family memberRedefining “real” entrepreneurshipStructuring a deal with 100% financingUnderstanding the business’s numbers before you buyGetting through struggles in your first yearRecession-proofing your businessFree resources for aspiring acquisition entrepreneursReach Mark at:mark at howard medical dot comHoward Medical Company

Learn how to find a lawyer for your deal, how much you'll spend, what to look for, and how to avoid suing the seller. Themes from the interview with @SMB_Attorney:Absolutely necessary: a good lawyerWhat to look forReferences? Reviews? Hmm, difficultWhat you'll payDon’t be afraid to negotiate priceDo they need to be in the same location as your deal?You don’t want to sueIndemnification: Get familiar with itOfficial episode page & full show notes at AcquiringMinds.co:How to Hire an Attorney for Your Acquisition

A husband & wife bought a therapy practice for $120k, almost dumped it, then grew it for 8 years when PE came knocking. 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:@neilsaidwhatOfficial episode page & full show notes at AcquiringMinds.co:Buying a Therapy Practice & Selling for Millions