Buyers and Builders

Dive into the world of special situations and overlooked businesses. Discover how understanding human incentives can lead to the best investment opportunities. Learn about ghost ship companies that VCs misinterpret and how patience can yield better results than constant deal-making. Hear an intriguing negotiation story involving a $25 million LOI and a Ferrari. Explore six unconventional truths for making smarter business decisions and see why a unique perspective is key to spotting mispricings and creating value.

Jeremy Yamaguchi, a serial entrepreneur in home services and founder of Cabana, shares insights from his impressive journey of acquiring 10 companies in 18 months. He reveals the untapped tech opportunities in traditionally 'boring' home services and discusses the fragmented nature of the industry. Jeremy highlights his strategy for growth through M&A and vertical software, emphasizing the importance of good-faith transactions and hands-on operations. He also shares valuable lessons like the significance of comparing strengths and the value of deep industry networks.

Discover how hiring a Chief Investment Officer can transform a profitable business's approach to excess cash. Learn from real-world examples, like a fruit importer that shifted its focus to investments and boosted profits significantly. Find out why traditional methods like reinvestment and dividends may not be the best option. Delve into the importance of capital allocation as a growth engine and how treating cash strategically can lead to remarkable financial outcomes.

Todd Saunders, co-founder and CEO of Broadloom, reveals how he transformed his business by focusing on the niche of independent flooring retailers. He discusses discovering a high-value customer base with remarkable retention, leading to an 8-company roll-up that propelled revenues past $30M. Todd emphasizes the importance of brand and community over product, credits Facebook groups for growth, and shares insights on navigating challenges during acquisition integrations. His bold moves culminated in a $100M exit, showcasing the power of vertical focus.

Dive into the fascinating insights of Justin Ishbia, where he discusses the art of buying small businesses and rolling them up for greater success. Learn how prioritizing capital for add-ons can yield impressive returns. Discover that 'luck' is not random but earned through hard work and repetition. Emphasizing the importance of copying successful strategies, Ishbia highlights a focus on industries with growth potential. It’s all about the system's effectiveness rather than just promises. This conversation is a must-listen for aspiring entrepreneurs!

Steve Lawrence, founder of Uncomplicated Group and expert in injection molding, shares his journey from corporate life to acquiring five businesses. He reveals the harsh realities of his first failed deal, emphasizing the emotional and financial toll. The conversation dives into essential lessons on seller readiness, the importance of a strong 'why' in acquisitions, and how operational systems like EOS transformed his factories. Steve candidly discusses the challenges and surprises of small business ownership while offering practical advice for aspiring acquirers.

The classic private equity playbook is dead as rising rates and pricier debt make old strategies obsolete. A new mindset prioritizing operational capabilities over mere financial engineering is emerging. Specialization is key, as it builds credibility with founders and enhances sector focus. Founders are urged to ask crucial questions to vet potential buyers. Opportunities in the lower middle market abound, driven by speed, niche expertise, and effective execution. It's a transformative era for those eager to adapt.

In this engaging discussion, John Seiffer, a seasoned operator and consultant with decades of experience across various industries, shares insights on scaling businesses effectively. He emphasizes the importance of understanding key metrics like CAC and LTV for sustainable growth. John debunks the myth of blind reinvestment, advocating for output-focused management instead. He provides practical advice on delegation and structuring a company to avoid operational chaos while retaining ownership benefits. Plus, don't miss his one-week playbook for assessing business systems!

The podcast dives into the exodus of private equity talent seeking ownership opportunities. It discusses how diluted carry and operational roles are deterring professionals from traditional paths. Many are frustrated with the lack of a clear route to wealth within large firms. Instead, smaller funds offer immediate equity participation and significant influence. Various entrepreneurial models like search funds and self-funded deals are on the rise, promoting a shift that rewards builders and democratizes ownership in the industry.

Uncover the liberating insight that success isn't about following a set path—it's about creating your own. Explore why talent is common but intentionality sets winners apart. Hear the cautionary tale of the perfect resume that led to disappointment and learn about a pathless entrepreneur who built a $200M company on her own terms. Discover practical steps to forge your unique career path and why paths only make sense in retrospect. Embrace uncertainty and enjoy your work for lasting success!