Acquiring Minds

Elliott Holland, a due diligence expert and founder of Guardian Due Diligence, shares his invaluable insights on acquiring small businesses. He highlights the pitfalls of seeking perfection in Letters of Intent and the crucial role of post-LOI information. Elliott emphasizes that early acquisition data can be misleading, and trust issues with sellers are common. He advocates for the importance of professional guidance and practical experience in navigating the complexities of financial analysis and broker influence during the acquisition process.

Nick Haschka, who grew a successful indoor plant services business in the Bay Area since 2016, shares his insights on the transformed landscape of business acquisitions. He highlights the effects of the 'silver tsunami' as baby boomers retire, making it tougher for newcomers. The shift from a hands-off approach in private equity has changed the game, while labor shortages complicate hiring. Also, the rise of no-code tools has revolutionized operations, allowing small businesses to thrive despite the competition in both B2C and B2B sectors.

Less than a year after acquiring a $1m medical billing business, Curt Neider is already looking for his second deal.Themes from Curt's interview:Buying a medical billing company doing ~$1 million/yearThe appeal of medical billing businessesBecoming a certified professional biller to understand the businessHow Curt immediately improved operationsSeparate line of credit for working capital (not rolled into SBA loan)Acquiring with a partner"Altruistic kicker" of buying a business that helps peopleSecond acquisition less than a year after the firstReach Curt at:LinkedInIlluminate Billing AdvocatesOfficial episode page & full show notes at AcquiringMinds.co:How to Buy a Medical Billing Business

Key lessons for acquisition entrepreneurs from Andrew Finn, who has grown a service business & acquired SaaS businesses.Themes from Andrew's interview:Opportunity in sub $1m EBITDA businessesSaaS vs. services businessGrooming an operator to extract yourself from the businessWhat makes a good SaaS acquisitionYour acquisition journey — just startJumping from labor to capitalCapital CampReach Andrew at:andrew at g64 ventures dot comG64 VenturesOfficial episode page & full show notes at AcquiringMinds.co:Investing Like an 1880s Businessman

Don't have the 10-20% cash to buy a business with SBA? Search investor Steve Ressler explains how to attract investors & structure the deal.Themes from Steve's interview:The 4 flavors of searchChoosing the right investorsSBA loan mathRaising the 10%Buying a business in an industry you don't knowSetting investor expectationsCommon mistakes to avoidReach Steve at:sressler @ gmail@steveresslerLinkedInHis newsletter, ETA MusingsOfficial episode page & full show notes at AcquiringMinds.co:Using Investors to Buy a Business with SBA

Sales had dropped to zero when Martin Bispels acquired Upper Park Disc Golf. A year later, they are nearing $2 million.Themes from Martin's interview:Buying a business on FlippaWhat Martin asks himself every day to be a good CEOCriteria used to identify a business to buyHiring the seller of the businessTrue cost of buying a businessMaking a detailed plan before acquiring the businessBuilding a team before acquiring the businessReach Martin at:martin at upper park disc golfUpper Park Disc GolfOfficial episode page & full show notes at AcquiringMinds.co:Growing a Flippa Business to $2 Million

Andrew Pierno, an entrepreneur with a knack for acquiring micro SaaS businesses, shares his insights from his journey owning three and counting. He delves into sourcing acquisitions, the due diligence process, and the appeal of a micro SaaS product roadmap versus larger counterparts. Pierno candidly discusses the importance of skilled operators, navigating due diligence challenges, and leveraging monthly recurring revenue to attract investors. He also compares micro acquisition platforms and emphasizes building relationships to secure deals.

Pete Seligman stepped off a comfortable corporate path to buy a small business in 2013. He's since acquired 4 more.Themes from Pete's interview:Why Pete exited the corporate track to acquire a companyHow risky is acquiring a business?Role of passion when deciding which business to buyRole of industry experience when deciding which business to buyHow long it takes to succeed in acquisition entrepreneurshipThe type of person who should buy a companyReach Pete at:LinkedInHis websiteOfficial episode page & full show notes at AcquiringMinds.co:Making a Career of Buying Businesses

After years of struggling to launch products from scratch, Casey Allen pivoted to buy a $1.7m coffee supplies business.Themes from Casey's interview:Struggling for years to launch products from scratchThe benefits of acquiring a company insteadBuying an e-commerce business as COVID sales take offBuying a 24-year-old content site with 12 million annual visitorsContent vs. e-commerceAdvice for acquirers who have $10k, $50k, or $250k in cash to buy a businessReach Casey at:LinkedInHis first acquisition, Barista WarriorHis second acquisition, Interactive MathematicsOfficial episode page & full show notes at AcquiringMinds.co:Buying a $1m Coffee Biz After Years of Starting from Scratch

Ahmed Raza, a due diligence pro, shares the 3 things to evaluate when buying e-commerce, SaaS, or content businesses. Topics include product defendability, competition from Amazon, financial aspects, operational side of online businesses, importance of staging environment for SaaS, SEO importance and defendability of content, vulnerabilities of affiliate-based businesses with reliance on Amazon and Google.