Think Like an Owner

My guest on this episode is Badge Stone. Badge started his search journey with a Stone Pump & Trench that was on the verge of bankruptcy when he acquired it. After turning it around, he acquired another company called Perimeter Security. He sold both and made investing in searchers his full-time role through his firm, WSC & Company, alongside two other partners. Badge has invested in over a hundred searchers and has extensive experience as both an investor and operator. WSC's seven-person team is based in Charlotte, North Carolina and is investing and of its second fund, a $100 million fund closed earlier this year focused on the traditional search fund model. During our discussion, we talk about turning stone-pumping trench around, lessons learned from over a hundred search fund investments, a few notable companies, he's been a part of, what's typically missing in a new company, and a wide range of discussion on board construction, and usage for entrepreneurs and investors alike. This episode is fantastic and I learned a ton and I think you will too. Listen weekly and subscribe on iTunes, Spotify, Google Podcasts, Stitcher, Breaker, and TuneIn.

My guests on this episode are Andrew Soon and Michael Novielli, co-founders of Due West Education. Due West counsels and helps Chinese students apply to top American universities and study abroad programs. I visited China in college on a school trip and it was one of the most incredible experiences I've ever had. Since then I've been looking for interesting businesses abroad to study and invite on the podcast. Andrew and Michael are incredible examples of US entrepreneurs creating new businesses in other countries around the world and I think you'll love our conversation. We discuss China's cultural view of US education, tailwinds pushing Due West's business along, how data factors into process of helping students apply to the most elite colleges, fighting inherent incentives in the education industry with great internal communication, and how their business might be impacted by moves against after school tutoring in China. For the full episode transcript and more, visit alexbridgeman.com/podcast.

This is a special episode of Think Like an Owner. In this episode, Tim Ludwig turns the microphone around to interview me on where my interest in small companies came from, starting and building Think Like an Owner, memorable moments from running the podcast, my answers to my own closing questions, and much more. We also discuss a new media company I'm incredibly excited to announce called The Operator's Handbook. The Handbook is a print publication interviewing small company operators to find new ideas on how to operate, improve, and grow small companies more effectively. Tim has been very impactful in starting The Operator's Handbook and is a close advisor of mine as I build this new media company. If you want to learn more about the Handbook, visit theoperatorshandbook.com and sign up to receive updates as we prepare the first issue for release. Tim believed in me when I had very little to show for my ambition and has continued to be an impactful mentor in my life and career. He was the perfect person to host this special episode and I am incredibly grateful for all the time and wisdom he's shared with me. Please enjoy this turn-the-tables episode with Tim Ludwig and myself. For the full episode transcript and more, visit alexbridgeman.com/podcast.

My guest on this episode is Reg Zeller. Reg worked in corporate engineering roles for many years before deciding to leave and do his own thing. His own thing ended up being rolling up foundry businesses through his holding company CaneKast, with five companies acquired so far. These companies are very hard to acquire and operate and Reg spends a lot of time sharing why most buyers can't acquire foundries and why he's best suited instead. Over the course of this episode, Reg and I talk about how foundries operate, how he looks to acquire others, finding your strengths and leveraging them, some of his operations playbook for new foundries, and drinking too much coffee. For the full episode transcript and more, visit alexbridgeman.com/podcast. I'm also the founder of The Operator's Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

My guest on this episode is Mia Jackson. Prior to searching and acquiring her health care supply business, Vital Care Industries, Mia worked in consulting, engineering and supply chains, a friend's start-up for a time, and received her MBA and Masters of Science in Engineering Management from Northwestern. She brought a ton of great experience into her search business and we talk about how impactful that was in being a CEO for the first time. I haven't had too many health care entrepreneurs on the show so we also spend some time diving into Vital Care's product line and where it fits in a hospital setting. I found this part fascinating and I think you will too. During our conversation, we also discuss her passion for health care, supply chains, and going paperless, how she wants her company culture to evolve, how she motivates her team, and how she helps team members advance in their careers and their ongoing education. This was such a fun episode and Mia's energy is impossible to ignore, I hope you enjoy the episode! For the full episode transcript and more, visit alexbridgeman.com/podcast. I'm also the founder of The Operator's Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

My guest on this episode is Craig Fuller. Craig is the founder of FreightWaves, a data and media business focused on freight and supply chains. FreightWaves is a VC backed company with $19 million in revenue with editorial content, a data product, job board, video content, and multiple podcasts. Prior to FreightWaves, Craig had no background in media but has built quite a playbook for media businesses with a data component. Craig, as of a month ago, is also the new owner of Flying Magazine, an iconic, blue-chip publishing brand in the general aviation community which we discuss extensively in this episode. For a deeper background on FreightWaves, I highly recommend his episode on A Media Operator, which we'll link to in the show notes. During our conversation, we discuss his fascinating background in his family's trucking business, starting a tech business before FreightWaves, launching FreightWaves, and his acquisition of Flying Magazine and his plans for growth and improvement. For the full episode transcript and more, visit alexbridgeman.com/podcast. I'm also the founder of The Operator's Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

My guest on this episode is John Rood. John started an education business with his wife that began as a SAT and other tests prep business and eventually found its niche in MCAT testing. Together they grew the business adding tutors and a management team before selling to private equity. John has also invested in a few search funds and is contemplating a search himself in the education space. During this episode, we talk about starting their education business, how they pivoted from tutoring to content, building a business in the context of operating systems and learning from others, and the value of organizations like Traction and Entrepreneurs Organization to small business operators. We also talk broadly about education businesses and where future business models in the space might lead. For the full episode transcript and more, visit alexbridgeman.com/podcast. I'm also the founder of The Operator's Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

My guest on this episode is Peter Bell. Peter and Justin Turner were guests on my fourth ever podcast episode and were very early supporters of the show. Their firm, along with two other partners, is Traction Capital Partners in Tacoma, WA. Traction is an independent sponsor which now owns 3 companies with a potential 4th on the way in the next few weeks. Peter joined in late 2018 and set to work at their first portfolio company, SeaWestern, in Kirkland, WA. SeaWestern is a distributor of firefighting equipment across the Pacific Northwest and Peter was tasked with learning the business and looking for avenues of growth and improvement. Needless to say, in the two and a half years since, he's learned a lot. During this episode we talk about stepping into a new leadership role, learning a new business model, growth opportunities at SeaWestern, and why your resume doesn't matter in a small business. And for a thorough background on Traction, I highly recommend listening to episode 4 where Peter and Justin share Traction's mission and investment model. And now, enjoy the episode. For the full episode transcript and more, visit alexbridgeman.com/podcast. I'm also the founder of The Operator's Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

Brent Beshore, founder and CEO of Permanent Equity, discusses their marketing strategy, creating a margin of safety in operations, lessons learned from acquiring family-owned businesses, and the art of deal making. They also share their personal journey of changing beliefs and finding faith, as well as humbling experiences and misconceptions about religion.

Peter Kang, co-founder of Barrel, shares his journey in the digital branding and design industry. He discusses key milestones in Barrel's evolution, including the strategic shift towards direct-to-consumer brands. Peter reflects on the importance of systems thinking in management and how embracing change can fuel growth. He also highlights the need for a dedicated sales team to enhance client satisfaction and improve scaling. Insightfully, he considers innovative investment strategies that align with Barrel's expanding services in a tech-driven landscape.