Acquiring Minds

Join Shell Zhang, the owner of Nada's Italy, who transitioned from corporate life to entrepreneurship, as she discusses her journey in acquiring a $600k travel business. She shares insights about overcoming key-person risk, the challenges of moving from regional to national operations, and the importance of digital marketing. Discover her strategies for evaluating travel business opportunities and her vision for growth, all while balancing the pleasures of travel with the realities of entrepreneurship.

Ray and Dana Cherry left successful tech careers to buy Monsam Portable Sinks, showcasing their journey into manufacturing. They share insights on how they outmaneuvered 50 competitors to secure the business, emphasizing the importance of communication and shared goals in their partnership. The Cherrys discuss innovating their product offerings in a niche market that boomed during COVID-19 and their plans for significant growth. They also reflect on the balance of financial management and strategic relationships, providing inspiration for aspiring entrepreneurs.

Ayo Phillips, an acquisition entrepreneur, shares his five-year rollercoaster of buying and exiting a resurfacing business in a flawed industry. He candidly discusses the ethical challenges he faced, like losing 19 employees to competitors. Ayo also reveals his journey from Nigeria to the U.S. and how personal crises intersected with his business challenges. He emphasizes the need for honesty in motivations and shares his '16 Commandments of Search'—essential wisdom for aspiring business owners looking to navigate tough markets.

Abhi Ravi Shankar, co-owner of Trust One Partners, shares his journey from a BCG partner to small business acquirer. He discusses the unique holdco model he developed with friends to grow businesses collaboratively. Topics include their quick acquisition of a pool business and future plans for a Seattle franchise. Abhi emphasizes work-life balance, the importance of strategic partnerships, and how setting clear agreements among partners is vital for success in the entrepreneurial landscape.

In this enlightening conversation, Mike Heath, co-owner of Stateline Products, discusses his rapid growth in the garage door installation sector. He shares the challenges of acquiring a business with outdated practices and overcoming cash flow crises. Mike discusses strategic hiring and partnering with consultants to boost profitability. He also reveals his experiences with acquiring pool businesses, emphasizing the importance of adapting to technology and effective financial management to navigate the ups and downs of the contracting industry.

Carlo Santelli, an acquisition entrepreneur and owner of Tri-M Industries, shares his journey of buying a $13 million revenue business without traditional financing. He discusses his unique strategies, like sale-leaseback and asset-based lending, that empowered him to secure ownership. Carlo also delves into his transition from finance to entrepreneurship, emphasizing the importance of proprietary deals and maintaining deal momentum. His experiences navigating challenges, learning along the way, and ambitious goals for future acquisitions provide listeners with valuable insights into strategic business ownership.

Pete Ciaverilla, owner of Sharon's Heating and Air Conditioning in Metro Detroit, made waves by acquiring a $12M HVAC business and boosting its earnings by 50% in just three years. He discusses the challenges of transitioning the seller's family out of the business while maintaining employee morale. The conversation dives into the strategic advantages of larger acquisitions, how private equity views HVAC, and the complexities of financing—especially with minimal personal investment. Ciaverilla emphasizes leveraging buy-side advisors and navigating the unique seasonality of the HVAC sector.

Michael Jacobson, an entrepreneur who turned his uncle's struggling flower shop into a thriving brand, shares his journey from a corporate career to revitalizing a 45-year-old business. He discusses innovative strategies that grew sales from $600k to $9 million in just four years. Topics include leveraging technology, improving online presence, and why traditional flower shops face unique challenges. Jacobson also delves into franchising plans and the delicate balance between digital and physical retail in the floral industry.

Tim Lahey, owner of r:home, a dynamic residential technology company, shares his remarkable journey of tripling his business since acquisition. He discusses the concept of searching for 'dusty, not rusty' companies for investment opportunities. Tim reveals insights on navigating cash flow challenges and managing customer complaints, emphasizing the significance of active involvement in operations. He also explores evolving company culture and the transformative impact of listening to customer needs as keys to sustainable growth in today’s competitive market.

Nick Molina, a serial entrepreneur known for taking companies public and achieving multiple exits, shares his unique journey of acquiring a 275-employee property management business in Minneapolis, all while living in Miami. He discusses the pitfalls of start-ups, the importance of effective listening in sales, and why he avoids doing business in California. Nick emphasizes the value of family legacy in entrepreneurship and offers insights into using loan brokers for smoother acquisitions. His story reveals the thrill of navigating new ventures while managing established firms.