Acquiring Minds

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

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