Acquiring Minds

Dan Spracklin, acquired a septic pumping business and grew it to $3M and margins to 30% in 2 years. Topics include: septic business profitability, strategies for growth, benefits of acquiring an existing business, challenges in starting a new pumping business, and the potential of sewage conversion as a sustainable solution.

In this engaging discussion, Ben Grossman, co-president of Grossman Marketing Group, shares how he and his brother transformed their 110-year-old family business from printing to a thriving promotional products powerhouse through seven strategic acquisitions. He emphasizes the importance of maintaining strong relationships with sellers and brokers, using transparency and trust to navigate buyer-seller dynamics. Ben also reveals his innovative approach to sourcing leads and adapting to market changes, showcasing the exciting future of their evolved business model.

Online entrepreneur Paul Lemley teamed with a family office to acquire and grow a portfolio of 15 websites for over $2 million. He shares 5 lessons from this experience, including diversifying revenue streams, evaluating website worth, and the importance of clear objectives in acquisitions.

Rick Schmitz was an inexperienced 22-year-old with no money when he acquired a run-down ski resort and turned it around.Key points from Rick's story:Rick Schmitz was a 22-year-old graduating senior uninterested in pursuing a career in finance.He saw a small ski resort for sale in his native Wisconsin. It had been on the market (and losing money) for 5 years.Negotiated the original list price down from $1m to $625k.Most banks rejected him outright for a loan, but gradually he cobbled together the purchase price.17 years later, Rick has acquired and operates 2 other resorts in the upper Midwest.Reach Rick Schmitz at:LinkedInHis first acquisition, ‍Nordic MountainOfficial episode page & full show notes at AcquiringMinds.co:How to Buy a Ski Resort at Age 22

In just 9 months, Mike Botkin decided to acquire a business, negotiated a great deal, and dramatically improved profits.Key points from Mike's story:B & B Landscaping was generating around $800k in annual revenues.Acquired it for 2x of SDE.Paid 50% cash up front, then the remaining 50% was seller financed with a 4-year loan at zero interest.Turns out a third of customer accounts are unprofitable, costing the business money & weighing down margins terribly. Money-losing customers are let go, and prices raised for many others.In 9 months, acquisition entrepreneur Mike Botkin has the idea to buy a small business, negotiates a great deal, learns the business, and boosts profits dramatically.Reach Mike Botkin at:@MikeBotkin_LinkedInHis acquisition, B & B LandscapingOfficial episode page & full show notes at AcquiringMinds.co:How to Buy a Landscaping Biz & Boost Profits Quick

Nick Haschka, a former Silicon Valley professional turned entrepreneur, shares his journey from acquiring an office plant service to building a portfolio of nine businesses. He discusses the pivotal role of SBA loans and seller financing in funding his acquisitions. Nick highlights the operational efficiency of field service businesses and shares insights into their financial resilience. He explains his strategic approach to navigating the acquisition landscape and emphasizes the importance of aligning personal skills with business goals for success.

How first-time acquirer Philippe Vanderhoydonck found a 30-year-old trade media business & bought it in under 3 months.Reach Philippe Vanderhoydonck at:LinkedInHis acquisition, PETS InternationalKey points from Philippe's acquisition:PETS International is a 30-year-old trade publication that publishes 6 magazines and hosts 2 conferences per yearGenerates 20-35% margins on low-seven-figure revenuesOpportunity is to expand online presence and product offeringAcquired for low seven figures, a 3x multiple of annual earningsAcquisition went very quickly, only about 10 weeksOfficial episode page & full show notes at AcquiringMinds.co:How to Acquire Your First Business in 3 Months

How former management consultant Scott Whitt acquired and grew a small clinical trials business into the millions.Key points from Scott's acquisition:Triad was generating $850k in revenues & large 70% marginsScott acquired it in 2015 for 3.5x earningsUsed ROBS for part of the acquisition financingGrew revenues to $3m in 5 yearsPredicts business can grow to $6-7mReach Scott Whitt:scott_whitt@outlook.comLinkedInHis acquisition, Triad Clinical TrialsOfficial episode page & full show notes at AcquiringMinds.co:Buying a Clinical Trials Firm & Growing It to $3m

Tyler Deike bought a small manufacturer for the cost of property & equipment, making the business itself almost free.Key points from Tyler's acquisition:Blackhawk Fiberwerx was doing $500k in sales with $100k in profitSeller was a retiring and overwhelmed 80-year-oldTyler couldn't due-diligence the deal to death — had to "cross fingers and dive in"Huge margin of safety. Business was selling for the combined value of its assets, so if business collapsed Tyler could recoup loan by selling assets.SBA wouldn't make a loan without soil testing the land, so Tyler got a loan from a small regional bankReach Tyler Deike:LinkedInTyler's acquisition, Blackhawk FiberwerxOfficial episode page & full show notes at AcquiringMinds.co:Buying a Manufacturer for Just the Value of Assets

Mike Yarmo bought a struggling distributor & turned it into a local powerhouse in a different niche — then sold for 5x.Key points from Mike's acquisition:Owner was disengaged, retiring, and looking to sell his food distribution companyCompany was 25 years old but had terrible marginsMike & team acquired for low 7 figures, or ~2x earningsPivoted the company, grew aggressively over next few yearsSold 5 years later for 5x earnings, and 5x original acquisition priceReach Mike Yarmo:On Twitter: @michaelyarmoSubscribe to his newsletterOfficial episode page & full show notes at AcquiringMinds.co:How to Buy a $2m Dying Business Then Sell It for 5X