Acquiring Minds

Rick Ruback and Royce Yudkoff, Harvard Business School professors and co-authors of "HBR Guide to Buying a Small Business," discuss their impact on entrepreneurship through acquisition. They share how their class grew from 17 to nearly 300 students and the emotional challenges faced by students balancing family expectations with entrepreneurial dreams. Insights into the profitability of unconventional businesses and learning from failures are key topics, as well as their passion for educating future entrepreneurs through their podcast and innovative teaching methods.

Matthew Railla, owner of Top Termite, shares his remarkable journey from business broker to hands-on entrepreneur in the termite inspection field. He discusses the challenges of buying a $500k business and the importance of rigorous mentorship. Matthew reveals the pain of crawling under homes to learn the trade and the labor-intensive realities of pest control. He also touches on navigating SBA loan options and the strategic visions he has for expanding his business in a competitive market. His story reflects resilience and commitment to craftsmanship.

Iris Levine, the owner of The Porch Company, shares her remarkable journey from a challenging Nashville upbringing to becoming a successful entrepreneur. She discusses acquiring a 30-year-old construction firm and the unique obstacles she faced, including financing it with just 5% down. Iris highlights the importance of leveraging technology in project management and the strategic decisions that come with running a business. She also emphasizes finding work-life balance and the supportive community that has shaped her entrepreneurial path.

Dan Drake, owner of Industrial Applied Electric, shares his journey from CPA to entrepreneur, emphasizing family and community ties in Bend, Oregon. He dives into negotiation strategies, including seller-financed deals and the intricacies of bundling real estate with business acquisitions. Dan discusses overcoming challenges like sales dips and improving inventory management. He highlights the significance of understanding customer needs and maintaining a strong connection with the community, embodying the lifestyle change they sought through their business investment.

Gat Caperton, owner of Gat Creek, shares his journey of transforming a struggling furniture manufacturer in West Virginia. He discusses acquiring the business at just 29 and the lessons learned from iconic figures like Sam Zell. Gat dives into the importance of smart competition and lean manufacturing, revealing how he cut lead times in half. He also addresses the challenges posed by international trade and the successful lawsuit against unfair practices from China. With heartfelt reflections on family and community, he showcases the resilience of American manufacturing.

Nik Hulewsky, a dynamic entrepreneur, shares his exhilarating journey of acquiring a medical billing firm and a home health business during the pandemic. He delves into the surge in demand he predicted, the critical role of relationships with sellers, and learning from personal trials in tough negotiations. Hulewsky also reflects on the importance of aligning skills with industry trends and navigating the emotional roller coaster in entrepreneurship. His insights offer invaluable lessons for aspiring entrepreneurs aiming for success in challenging markets.

Christiana Laugen, a former tech professional, shares her daring leap into entrepreneurship by acquiring a 40-year-old pool maintenance business. She delves into her motivations for leaving the corporate world, emphasizing her desire to 'eat what she kills.' Christiana discusses the rapid changes she made, including restructuring her team and enhancing operational efficiency through technology. She also highlights the unique challenges of commercial versus residential services and the exciting potential for growth in what many consider 'boring businesses.'

In this conversation, Eric Bauer, a former Amazon employee turned entrepreneur, shares his journey into the world of small business ownership after acquiring Turner Hat, a $3 million apparel brand. He discusses the transition from corporate life to entrepreneurship and the challenges of managing a team in a new culture in Alabama. Eric highlights the skills he gained at Amazon, the intricacies of navigating business acquisitions, and the importance of employee motivation. He also reflects on personal growth amid the emotional rollercoaster of running a smaller brand.

Justin Willess, a former owner of a construction business in Northern Virginia, shares his harrowing journey after liquidating his 401k to buy an $8.5 million company. He reveals the frustration of discovering cooked books from the seller, leading to financial chaos and potential loss of his home. Justin reflects on the importance of due diligence and how emotional turmoil can impact leadership. He also expresses his desire to acquire again, bolstered by the resilience gained from his challenging experience.

Greg Bruns, a former banker turned entrepreneur, shares his journey into the world of business ownership with Allied Hydro Mulch, an erosion control company. He discusses the challenges of transitioning careers and reveals the unexpected realities of ownership. Topics include the critical importance of erosion control to infrastructure and the impact of weather on finances. Greg also highlights the intricacies of cash flow in project-based businesses and the benefits of involving employees in decision-making.