Acquiring Minds

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 He shares the challenges of acquiring a business with outdated practices and overcoming cash flow crises.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.

Alicia Miller, author of "Big Money in Franchising" and former franchise owner, shares her journey from corporate life to successful franchise ownership. She dives into the intricacies of acquiring and turning around Sylvan Learning Centers. Alicia offers invaluable tips on negotiating acquisitions and discusses the impact of private equity on franchising. Discover which brands appeal to investors and how emerging franchises disrupt traditional markets. Her insights on the challenges and opportunities of franchise ownership are both enlightening and inspiring.

In this engaging conversation, Simon Plummer, owner of BT Engineering and co-founder of Arbor Permanent Owners, shares his remarkable journey from a frustrated searcher to a successful business owner. He discusses the creation of Australia's 'BizBuySell' platform and the challenges of acquiring businesses down under. Simon dives into hands-on manufacturing experiences, lessons from cash flow mistakes, and the power of unique marketing strategies, including a collaboration with a YouTuber that skyrocketed sales. He also reflects on the emotional journey of hiring a CEO and building a long-term holding company.

Josh Key, a former plumbing business owner from Dallas-Fort Worth, shares his turbulent partnership journey. He reveals the pitfalls of inadequate due diligence when partnering with a master plumber and the chaos that ensued when his partner's wife became involved. The breakdown of trust led to clients and employees leaving, and ultimately, Josh had to close the business and file for bankruptcy. His story is infused with lessons about the importance of verifying partners and maintaining emotional control in business, guided by his faith.

Tom Matter, co-owner of ProDuct Cleaning, transitioned from tech to entrepreneurship, teaming up with his brother, Dawson Matter, to run a vent cleaning business. They discuss the challenges of operating a nocturnal business, from managing customer complaints to upgrading equipment. Tom juggles his tech job while Dawson handles operations. The duo also reveals their struggles with employee communication and the difficulties of chasing payments from clients, all while maintaining an impressive 42% profit margin.