Acquiring Minds

Register for the webinar: Anatomy of a Franchise Holdco - Thu May 1 - https://bit.ly/4jreo0UDan Angel knew he wanted to buy this B2B travel company with $3m top line. But the sale would shock the key number-two.Topics in Dan Angel’s interview:Leaving his dream career at a hedge fundComing in a little too hot as the new ownerAdding 3 offshore employeesGrowth isn’t freeRunning a fully remote teamTrying to change the world by 9:00 amTopics in Jayme Moylan’s interview:Her 15 years working for Lodging SourceBeing blindsided by the acquisitionUncertainty over who to answer to while the seller was still thereFiguring out how to interact with DanReferences and how to contact Dan and Jayme:Dan Angel LinkedInJayme Moylan LinkedInLodging SourceSelf-Funded Search vs Traditional Search FundsSam Rosati on Acquiring Minds discussing Big 3, Little 2: How to Shorten Your Search to Buy a BusinessChris Williams on Acquiring Minds: System Six: One Year UpdateGet a free review of your books & financial ops from System Six (a $500 value):Book a call with Tim or hello@systemsix.com and mention Acquiring MindsLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton RohozovProduced by Pam Cameron

Jan Roll, the owner of Victoria Renovations, transitioned from a banking career to acquire a $6M residential contracting business. He shares his challenging journey, discussing the steep learning curve of managing multiple trades and the importance of building trust in a low-trust industry. Jan highlights key lessons such as the significance of paying vendors promptly, the pitfalls of unclear legal agreements, and the impact of SEO on lead generation. His experience underscores the vital role of community support and adaptability in navigating business ownership.

Matt Kopp, Managing Partner at Enduring Investment Partners, started by acquiring a supplier to schools and now leads a portfolio of education businesses. He shares insights on navigating the Australian business buying market, including innovative outreach strategies and the impact of COVID-19 on growth. Kopp discusses challenges in transitioning ownership, improving operations with technology, and competing with private equity for acquisitions. His journey highlights the significance of building relationships and recruiting top talent to drive success in the education sector.

Joe Ziolkowski, an entrepreneur who transitioned from real estate to business acquisitions, shares his journey of securing an $800k restoration company and a wood veneer manufacturing business. He discusses the importance of expanding search filters on BizBuySell to find lucrative deals. Joe shares lessons from hiring challenges, the complexities of cash flow management in the restoration industry, and strategies for selling businesses quickly at a profit. He emphasizes the significance of employee welfare during acquisitions and the value of mentorship for success.

Chris Fredericks, the Founder and CEO of Empowered Ventures, delves into the transformative world of Employee Stock Ownership Plans (ESOPs). He shares insights on finding meaning and dignity at work, the importance of transparent communication, and how ESOPs can reshape company culture. Chris discusses his journey from finance to entrepreneurial leadership, the complexities of transitioning businesses to employee ownership, and the innovative strategies that can mitigate risks and enhance employee engagement in this unique ownership model.

Adam Goldberg, owner of Seracon, a Montreal-based candle manufacturer and former costume jewelry entrepreneur, shares his fascinating journey of reinvigorating a struggling business. He discusses the crucial lesson of never going into business with friends and reflects on his mistakes, like over-hiring and trying to be an absentee owner. Goldberg also emphasizes the significance of employee engagement and recounts how he introduced unique maple syrup candles to help carve out their brand story, showcasing the blend of heritage and innovation in his approach.

Keegan Dum, former CEO of EGENuity, shares his journey from a challenging two-year search for a business to a successful acquisition and exit. He reveals the emotional toll of walking away from multiple deals and the importance of perseverance. Keegan discusses the role of software in the car wash industry and how effective pricing strategies can boost retention. He highlights the complexities of negotiating terms with investors and the significance of personal relationships in business transactions, showcasing his path to triumph after setbacks.

Ken Eyjolfson, the owner of Mr. Liquidator Mattress, shares his journey from a firefighter to a successful mattress retailer. He discusses the complexities of buying a business, revealing the ups and downs of navigating acquisitions in the Canadian mattress industry. Ken sheds light on his unique warehouse-style business model, the significance of social media, and strategies for expanding through pop-up shops. He also highlights the essential role of clean financial records and strong supplier relationships in achieving success.

Matt O'Brien, owner of Professional Fence Co., shares his entrepreneurial journey from managing FedEx routes to acquiring a fencing business. He discusses his strategic approach to buying and expanding businesses, emphasizing the importance of thorough research and operational efficiency. O'Brien reveals the challenges of leadership transitions and the necessity of keeping key employees during ownership changes. He also explores the impact of market trends on business valuations and the complexities of post-acquisition management.

Jared Benoff, owner of VacationEase, dives into the vibrant world of travel agencies, specifically destination weddings. After a nine-year stint at Twitter, he shares insights from acquiring his family business, debunking the myth that the internet has phased out travel agencies. Jared highlights the importance of niche markets, innovative marketing strategies, and exceptional customer service. He also discusses the financial advantages of family business acquisitions and the growth potential for modern travel agencies, showcasing their adaptability in a digital age.