Acquiring Minds

Jordan Carter and Robert Graham argue for self-funded search over traditional search funds or the 'buy small' approach. They discuss the benefits of self-funded search, including buying larger businesses and turning $200k into $4M+. They also highlight the financial aspects of self-funded search and the use of Biz Buy Sell and broker outreach. Additionally, they talk about assistance and support during the pre-LOI stage, geographic flexibility, and the low success rate of traditional searchers.

Sarah Romer bought a large but tired hair salon in Austin for $80k. Her first year as owner was the hardest of her life.Themes from Sarah's interview:The formula for estimating the value of a salon or beauty businessWhat to do when sellers overestimate the worth of their companyWhere to cut costs after you’ve made an acquisition Underestimating the importance of company cultureThe stress of owning and managing a retail businessThe process of exiting a business you’ve acquiredReach Sarah at:Sarah dot Romer at gmail dot comOfficial episode page & full show notes at AcquiringMinds.co:How to Buy a Salon as an Industry Outsider (and Survive)

Neil Granberry, an entrepreneur and MBA student, shares his journey of acquiring a bubble ball business. He discusses the benefits of starting with a small, profitable venture rather than chasing billionaire startup dreams. Neil emphasizes the significance of customer lists and detailed financial assessments in negotiations. He highlights the importance of delegating operations to prepare for future sales and encourages students to seize entrepreneurial opportunities, noting that even modest projects can lead to substantial returns.

Topics covered in this podcast include traditional vs alternative search fund models, advantages of self-funded search, the appeal of bookkeeping businesses, standing out to potential sellers, the first six months after acquisition, modernization opportunities in bookkeeping, challenges in finding qualified employees, and exploring different paths to starting a business search.

Steve Divitkos, a former private equity investor turned entrepreneur, shares his journey from the solitude of business searching to becoming a successful CEO. He discusses the emotional toll of acquisition, advising on the importance of managing loneliness and imposter syndrome. Steve addresses myths around entrepreneurship, emphasizing risk mitigation over mere risk-taking. He offers practical tips for new CEOs, detailing what to prioritize in the first two weeks and the significance of building strong relationships with sellers for smoother transitions.

A podcast exposed Jason Budd to buying businesses. After 10 years in corporate, he'd found his path to entrepreneurship.Themes from Jason's interview:How Jason found the right business with the help of a mentor and a podcastDue diligence when it comes to finances and staffKeeping your options open in case a sale falls throughTechnical understanding of your acquired businessWhat the history of an established business can tell youGetting to know the stories of the people who will work for youBeing the project manager of your own dealReach Jason at:MetasystemsLinkedInOfficial episode page & full show notes at AcquiringMinds.co:Buying a 45 Year Old Software Business

Closing on his 2nd acquisition in 10 months, Mike Botkin just became Central Florida's largest landscaping business.Themes from Mike's interview:Acquiring a second landscaping businessDropping customers to grow Developing a playbook for operating a landscaping businessTreating your employees rightDownsides of SBA loans and traditional search fundsThe invaluable resource of keeping the previous owner in the bizViewing landscaping from a logistics perspectiveWhy landscaping businesses are great acquisitionsReach Mike at:LinkedInOfficial episode page & full show notes at AcquiringMinds.co:How to Buy Landscaping Businesses

Jessica Markowitz used a traditional search fund to search for & ultimately buy a great business. But the road was long.Themes from Jessica's interview:Acquiring a business through a traditional search fundLeveraging an army of interns to power the searchSearch fund partnership with a close friend Maintaining a good relationship with a business owner even after they decline youRunning a legal services company without a law degreeReach Jessica at:LinkedInOfficial episode page & full show notes at AcquiringMinds.co:Anatomy of a Search: 40 Interns, 25 Months, 20 Offers

Lisa Forrest, a lender at Live Oak Bank with expertise in SBA financing, shares valuable insights into choosing the right lender for business acquisitions. She discusses the nuances of SBA loans, particularly for SaaS and eCommerce businesses. Lisa emphasizes the importance of preparing for conversations with lenders and understanding financial health. She also highlights common pitfalls, the significance of cash planning, and why the current market is favorable for buyers. Overall, her tips empower entrepreneurs to navigate the financing landscape confidently.

Shannon Jones explains how acquisition entrepreneurs should navigate the realities of buying a blue collar business.Themes from Shannon's interview:Killing relations with a blue collar seller by being too "quant"Importance of vulnerability when negotiatingHow to know if a blue collar business is in an industry that’s right for youManaging blue collar employees and common pitfallsTransitioning as a new owner of a blue collar businessWhen is the right time to make changes as a new owner?Reach Shannon at:s jones [at] halstattLinkedInHalstatt Legacy PartnersOfficial episode page & full show notes at AcquiringMinds.co:The Poetry of Buying a Blue Collar Business